Global Pulse

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大洋洲

  • Iconic retailer Barbeques Galore sold in last-minute rescue deal, but all company-owned stores to shut

    Iconic retailer Barbeques Galore sold in last-minute rescue deal, but all company-owned stores to shut

    One of Australia’s most iconic outdoor lifestyle retail brands, Barbeques Galore, has narrowly avoided total collapse after a Victorian-based wholesale firm Acom International sealed an 11th-hour acquisition deal, but the rescue comes with significant caveats that underscore ongoing pressures facing brick-and-mortar retail across the country.

    Acom International confirmed the purchase on Monday, revealing it has acquired Barbeques Galore’s full intellectual property holdings, established brand portfolio, and existing wholesale inventory from the business’s receivers. The acquisition covers the company’s entire stable of well-known regional brands, including Ziegler Brown, Ziggy, Turbo, Beefmaster, Firehawk, Arrosto Pizza Ovens, Downunder, Saxon, Maxiheat, and Kent.

    Under the new ownership structure, Barbeques Galore will transition to a hybrid operating model focused on a refreshed national online platform and expanded wholesale distribution, rather than retaining company-operated physical storefronts. The terms of the deal require the permanent closure of all company-owned retail locations, though independently franchised Barbeques Galore outlets will be permitted to continue operations under their existing licensing agreements.

    Since the retailer first entered voluntary administration in February, putting roughly 500 Australian jobs at risk, the future of those positions remains unresolved following the latest acquisition. No details have been released on how many roles will be retained through the transition to the new operating model.

    As part of the deal, long-time Barbeques Galore executive Mike Ainsworth has been appointed as the business’s new chief executive officer. Outlining Acom’s strategic vision for the brand, Ainsworth said the company’s core goal is to make Barbeques Galore and its popular line of barbecue and wood-heating products accessible to more consumers across Australia. “We will do that by supporting our independent Barbeques Galore stores, expanding distribution through wholesale customers and other retailers, growing our export markets, and maintaining a strong national online presence,” he added.

    Monday’s successful acquisition marks the second attempt to rescue the struggling retailer after a prior last-ditch rescue plan fell through in June. Barbeques Galore first entered voluntary insolvency protection in February, and by June, U.S.-based investment firm Gordon Brothers had tabled a recapitalization proposal that would have also shuttered all 62 company-owned stores. Though the Gordon Brothers plan won backing from the retailer’s creditors, negotiations failed to secure acceptable commercial trading terms with key stakeholders including suppliers and property landlords. The $5 million creditor payment that was central to the original proposal will now never be disbursed, as the deal collapsed entirely before implementation.

    The outcome of the Barbeques Galore rescue highlights the ongoing challenges facing traditional physical retail in Australia, even when iconic local brands are able to avoid full liquidation through acquisition.

  • Essendon great Tim Watson backs Leigh Matthews over scathing club attack

    Essendon great Tim Watson backs Leigh Matthews over scathing club attack

    A bombshell critical assessment of Essendon Football Club from AFL legend Leigh Matthews has drawn surprising backing from one of the Bombers’ own greatest-ever players, with Tim Watson agreeing the club faces far more pressing challenges than retaliating against the Brisbane Lions board director.

    Matthews, a premiership-winning player and coach widely regarded as one of the most influential figures in AFL history, pulled no punches during a radio interview on 3AW last week when discussing Essendon’s ongoing search for a new senior head coach. He openly stated that any reputable coach with alternative job opportunities would never consider taking the vacant role at the struggling Melbourne club.

    “If you desperately want a job, you just go for it, right? But anyone who has choices ain’t going to Essendon,” Matthews said, adding: “Leigh Matthews wouldn’t go anywhere near Essendon.” He went on to argue that a coach’s success depends entirely on the quality of playing talent, support staff and leadership from the club’s top ranks, saying he had no confidence in the club’s current governance structure.

    Following the public backlash to Matthews’ comments, journalist Caroline Wilson revealed on Channel 7’s Monday night broadcast that Essendon’s leadership had escalated the issue to AFL headquarters, asking the governing body to intervene. “Essendon CEO Tim Roberts was made aware of these comments and sent a transcript to the AFL and asked them what the AFL was going to do about it,” Wilson explained. The AFL, however, dismissed the complaint, framing the row as an internal club matter rather than a league-wide issue.

    Speaking on SEN radio on Tuesday morning, Tim Watson — a three-time premiership winner who played 307 games for Essendon over a 17-year career — pushed back against his former club’s decision to report Matthews. Watson argued that the Bombers should be focused on fixing their deep-seated problems instead of targeting Matthews for his blunt comments, noting the club “has much bigger things to worry about than trying to dob him in.”

    Watson added that Matthews has never been one to chase cheap media clicks, and that the Lions great’s harsh words contained a large dose of truth. “There’s enough evidence to suggest that what he’s saying is not completely untrue either,” Watson said. “I think the best thing that you can do in this business is point at the scorecard. At the moment their scorecard looks miserable.”

    Those miserable on-field results are impossible to ignore. The Bombers have notched just two wins from their last 30 matches, with only one victory coming since they sacked former senior coach Brad Scott back in May. Currently sitting at the very bottom of the AFL ladder, Essendon holds a 2-18 win-loss record and a paltry 64.4 percent points percentage.

    The club’s struggles stretch far beyond the current season, too. As of Tuesday, Essendon’s drought without a finals win has hit 21 years and 334 days, with their last September victory coming all the way back in 2004. Interim head coach Dean Solomon is the 12th different person to lead the club in that 21-year window, a statistic that underscores the constant instability that has plagued the Bombers for decades.

  • ‘Turn up and answer questions’: Pauline Hanson draws fire after media ban

    ‘Turn up and answer questions’: Pauline Hanson draws fire after media ban

    A fresh controversy has erupted in Australian federal politics after One Nation leader Pauline Hanson barred three major independent media outlets from a candidate announcement press conference for the upcoming Victorian state election, drawing sharp calls for accountability from a sitting Labor cabinet minister.

    On Monday, journalists working for the Australian Broadcasting Corporation (ABC), Melbourne-based broadsheet *The Age* and national publication *The Guardian* were turned away at the door of Hanson’s Melbourne event, where the One Nation leader was set to unveil the party’s slate of candidates for the approaching state poll. When questioned by attending reporters about the exclusion, Hanson made clear the move was a deliberate response to what she frames as consistent unfair coverage of her and her party. “I’m sorry that democracy doesn’t happen on the ABC at all. And I’m sick of it, it’s not fair and just in their reporting,” she told reporters on site.

    The following day, Employment and Workplace Relations Minister Amanda Rishworth publicly pushed back on Hanson’s decision, arguing that all elected representatives and political leaders have an obligation to engage with scrutiny regardless of whether questions are comfortable. Speaking to Nine Network’s *Today* program, Rishworth questioned the logic of the exclusion, noting Hanson had claimed she has nothing to hide from public scrutiny. “By saying you’ve got nothing to hide. I don’t know why she would want to, well, bar ABC, The Age, The Guardian,” Rishworth said. The minister referenced multiple past instances where Hanson had been called out by these outlets for inconsistencies in her policy positions, specifically pointing to her shifting stance on paid parental leave, but emphasized that even critical coverage does not justify barring accredited media from public political events. “I’m not sure who was left at her press conference, but, quite frankly, you need to be accountable. You need to turn up. Sometimes the questions are uncomfortable,” she added.

    Hanson pushed back against the criticism in subsequent radio interviews, defending her decision as a temporary protest against biased coverage rather than a permanent break from media engagement. She stressed the ban would be lifted once the outlets begin providing what she describes as fair coverage of One Nation, drawing a parallel to a similar nine-year blackout of the ABC she implemented in 1996 that she says eventually resulted in more balanced reporting. “It won’t be forever and a day but it’s like putting out a message – give us a fair go,” Hanson said.

    This latest incident aligns with longstanding criticism Hanson has leveled at national public broadcaster the ABC, a stance she reinforced during a June address to the National Press Club in Canberra. At that event, Hanson doubled down on her position that she does not answer to critical media, repeating claims that the ABC exhibits overt political bias against One Nation and her leadership. “The ABC has proven itself completely in denial about its profoundly transparent political bias and the activists in its ranks … the arrogance is stunning in its scope,” she told the room in June. “It is partly for this reason I have, at times, refused ABC interviews. I will continue to do so because, as media outlets go, the ABC is very low on my list of priorities and their bias against One Nation and me is obvious.”

    Closing out her comments Tuesday, Rishworth emphasized that transparency should be a core expectation for all political parties operating in Australia, noting that even the Australian Electoral Commission has strengthened its transparency rules in recent years to build public trust. “The (Australian Electoral Commission) has very clear rules and they have become more transparent. Every political party should do so,” she said.

  • Watch: Wild police chase in Queensland ends in two arrests

    Watch: Wild police chase in Queensland ends in two arrests

    A dramatic high-speed police chase that unfolded across two major Queensland regions, Ipswich and Brisbane, has come to a close with law enforcement officers successfully taking two individuals into custody. The pursuit, which captured the attention of onlookers across the southeast Queensland corridor, saw police units track the targeted vehicle across multiple suburban and arterial routes before executing the final arrest operation. While specific details surrounding the initial reason for the pursuit, the speeds reached during the chase, and whether any bystanders or officers suffered injuries have not yet been released to the public, the incident highlights the ongoing work of Queensland Police to apprehend individuals wanted in connection with potential offenses across the state. The operation wrapped up after authorities coordinated across local policing units to contain the vehicle and end the dangerous cross-city chase, bringing the incident to a decisive conclusion with both suspects now in police custody.

  • Qantas eyes cutting 1000 office jobs in major artificial intelligence overhaul

    Qantas eyes cutting 1000 office jobs in major artificial intelligence overhaul

    Australian aviation giant Qantas is once again at the center of industrial controversy, as reports emerge that the company is considering cutting or offshoring up to 1,000 back-office roles to India amid a company-wide push to integrate artificial intelligence into core operations. The airline has confirmed it is in early-stage consulting discussions with global professional services firm Accenture around an initiative dubbed Project iQ, which focuses on optimizing operational workflows through expanded AI adoption. A final decision on restructuring roles across marketing, finance, human resources and other corporate support departments is expected to be finalized by the end of 2024. In a statement to NewsWire, a Qantas spokesperson emphasized the company’s goal of modernizing work processes to improve outcomes for both customers and employees, noting that no formal partnership agreement or final restructuring decisions have been reached to date. The company also pushed back on criticism of its employment strategy, pointing to thousands of new operational roles added across Australia in recent years, as well as a new 400-position technology hub currently being developed in Adelaide. The airline is set to release its full-year 2024 financial results in late August, after reporting a largely flat first-half performance that delivered a statutory after-tax profit of $925 million – a marginal $2 million increase compared to the same period in 2023. The proposed restructuring has drawn sharp condemnation from the Australian Services Union (ASU), which has warned it will mount a vigorous campaign to protect every at-risk position. ASU Assistant National Secretary Scott Cowan called for urgent direct talks with Qantas Chief Executive Vanessa Hudson on Tuesday, noting that the airline has given public assurances that no Australian roles will be offshored. “If that commitment turns out to be empty, it will not just be a broken promise to our union – it will be a profound breach of trust with the Australian public, which stood by this airline through every crisis it has faced,” Cowan said. This is not the first time the union has had to seek formal guarantees from Qantas that AI integration will not be used as justification for layoffs, Cowan added, calling on the airline to use new AI tools to augment its skilled workforce rather than cut roles. The controversy also renews scrutiny of Qantas’ long history of outsourcing and offshoring, including a high-profile illegal layoff during the COVID-19 pandemic. In that case, Qantas outsourced 1,800 to 2,000 ground handling roles to third-party contractors, a move that Australian courts ultimately ruled unlawful. The company was ordered to pay a $90 million fine for the violation, making the current proposed cuts a particularly sensitive issue for both the union and the traveling public.

  • Trapped by war, Bangladesh seafarer recounts Gulf ordeal

    Trapped by war, Bangladesh seafarer recounts Gulf ordeal

    After surviving a 115-day ordeal stranded in the volatile Gulf waters amid escalating regional conflict, 51-year-old Bangladeshi ship captain Mohammad Shafiqul Islam has returned home to share his harrowing experience of leading 31 crew members through near-constant missile attacks, resource shortages, and blocked shipping lanes.

    As captain of the bulk carrier *Banglar Joyjatra*, chartered by a Singapore-based firm, Islam arrived in the Gulf region in January 2024, one month ahead of the outbreak of open hostilities between the US-Israel alliance and Iran in February. The conflict quickly paralyzed the Strait of Hormuz, the economically critical chokepoint through which nearly 20% of the world’s daily oil trade passes, and Iranian attacks repeatedly targeted commercial shipping traffic across the Gulf.

    In an exclusive interview with AFP from his home in Cumilla, eastern Bangladesh, Islam laid out the sequence of events that trapped his vessel. After loading 39,000 tonnes of steel coils at Qatar’s Mesaieed Port, the *Banglar Joyjatra* reached the outer anchorage of the United Arab Emirates’ Jebel Ali Port on February 26. Even before the first strike, the captain recalled an unnerving, ominous tension hanging over the water. That tension erupted in the early hours of February 28, when a missile slammed into an oil storage facility just 200 meters from the anchored bulk carrier, engulfing the tanks in raging flames that tugboats fought for hours to contain.

    Bangladesh’s ambassador to the UAE urged Islam to evacuate his crew immediately, but the veteran captain made the risky decision to remain aboard, clinging to hope that the regional situation would de-escalate quickly. Instead, more missile strikes followed. In the chaos of the attacks, the ship’s electronic navigation system failed, forcing Islam to fall back on decades-old skills to manually plot the vessel’s position, using lighthouses to keep the ship anchored safely.

    When attacks slowed a few days later, the *Banglar Joyjatra* unloaded its cargo and received orders to sail east through the Strait of Hormuz. By that point, however, Iran had effectively blockaded the key waterway. Just 25 nautical miles off Hormuz, the Islamic Revolutionary Guard Corps turned the vessel away, blocking it from proceeding. Repeated attempts to cross the strait over the following weeks ended with the same result, leaving the ship stranded offshore with dwindling supplies.

    As fresh water ran low and food stocks grew thin, Islam implemented strict rationing to stretch supplies for the 31-person crew. He noted that many of the sailors were young, on their first international voyage, and left deeply traumatized by the constant threat of attack. To calm frayed nerves, the captain organized informal support: some crew members found comfort in reciting the Quran for hours each day, while others passed the anxious time on TikTok, trying to distract themselves from the danger surrounding them.

    Even after a ceasefire was announced in April, the crew’s ordeal continued: a fresh attempt to cross the strait was still turned away by Iranian authorities. It was not until June 23 that the *Banglar Joyjatra* finally received official permission to traverse the Strait of Hormuz. Only after clearing the waterway did the exhausted crew allow themselves to relax. “We breathed a sigh of relief. God guided us,” Islam said.

    The captain added that his family back in Bangladesh had spent months of sleepless nights worrying about the crew, and every time he returns from a long voyage, they urge him to retire from seafaring. But despite the 115 days of fear and uncertainty he just endured, Islam says he has no plans to leave the sea he has spent his career on: “But I have decided to keep sailing for many more years.”

  • Betting giants Sportsbet, Tabcorp front inquiry into Albanese reforms

    Betting giants Sportsbet, Tabcorp front inquiry into Albanese reforms

    A fiery Senate inquiry into Australia’s planned 2026 gambling reform package has erupted into controversy this week, after leading faith and advocacy figure Reverend Tim Costello tabled explosive allegations against two of the nation’s largest wagering operators, Sportsbet and Tabcorp.

    Costello told the upper house committee that a soon-to-be-convicted financial adviser, who stole approximately $12.3 million from his employer over a 17-month period to feed a crippling gambling addiction, was the single biggest high-volume customer for both Sportsbet and Tabcorp. The gambling industry giants allegedly went to extreme lengths to retain the client, flying him to major Australian sporting grand finals, and offering illicit incentives including escorts and drugs to keep him placing bets. Costello added that the client processed more than $20 million in wagering turnover through the platforms each month, and is now behind bars for his crimes, leaving his family devastated.

    The allegations drew sharp condemnation from crossbench and opposition senators, who rounded on industry representatives during two days of public hearings. Greens Senator Sarah Hanson-Young slammed the companies for their treatment of at-risk gamblers, arguing that the addicted client had been relentlessly targeted with advertising, promotions, and inducements to keep betting. She pushed back against industry claims that rigorous “know your customer” rules prevent criminal activity, noting that many Australians living with gambling addiction are family members, not stereotypical criminals, and that the issue constitutes a widespread public health crisis.

    Independent Canberra Senator David Pocock further criticized the sector, telling representatives that Australians are “sick and tired of the BS” the industry pushes about responsible gambling. Pocock highlighted a recent incident where Sportsbet advertising was served to a user between Disney children’s songs on streaming platform Spotify, arguing that companies repeatedly deflect blame for regulatory failures rather than taking accountability. He displayed photos of children wearing junior sporting jerseys emblazoned with gambling logos, arguing that the industry continues to exploit every regulatory loophole to expose children to gambling harm, and that a full ban on gambling advertising is the only effective solution.

    In response to the allegations, senior executives from both companies issued categorical denials. Jules Norton Selzer, Corporate Affairs Director for Sportsbet, told the inquiry there is “zero evidence” to support Costello’s claims, and that the company has zero tolerance for the described deplorable conduct. He added that the company cannot comment on individual customer cases, but would gladly launch a full investigation if provided with supporting evidence. Julian Whealing, Head of Government Affairs for Tabcorp, similarly rejected the claims, stating that the alleged conduct does not align with the company’s commercial practices, and that Tabcorp maintains a zero-tolerance policy for illegal activity. Kai Cantwell, Chief Executive of industry body Responsible Wagering Australia, called the allegations “pretty egregious” and urged that any supporting evidence be referred immediately to law enforcement and regulators for investigation.

    Beyond the misconduct allegations, the hearing centered on the sector’s response to the Albanese government’s long-awaited Interactive Gambling Amendment (Gambling Reform) Bill 2026, which the industry claims “goes further than necessary” to achieve the government’s stated goals of reducing gambling harm. While all three industry representatives emphasized their support for evidence-based, practical reform, they argued that key provisions of the bill are unnecessarily broad, legally vague, and operationally unworkable. They called for major refinements to core definitions including wagering, advertising, content, and the classification of “notable persons” featured in promotions.

    Industry representatives also warned that overly strict restrictions on licensed Australian operators would push problem gamblers into unregulated offshore wagering markets, which offer far fewer consumer protections and would undermine the entire purpose of the reform package. They pointed to self-regulatory measures adopted by the sector in recent years following the 2023 Murphy review, including a voluntary 70% reduction in free-to-air advertising over five years, the adoption of the national BetStop self-exclusion register, bans on credit card betting, mandatory identity verification, customer deposit limits, and the rollout of real-time technology to identify and intervene with at-risk gamblers. Sportsbet’s Norton Selzer added that extreme restrictions on advertising would also create severe funding disruptions for Australian sport, racing, and public broadcasting, with a disproportionate impact that does not align with the bill’s policy goals.

    The inquiry also heard that around 70% of Australian adults participate in legal gambling, that licensed operators contribute approximately $6 billion to national economic activity, and support more than 32,000 full-time jobs across the country.

  • Royal Commission told protest left Jewish Australians feeling unsafe in their country

    Royal Commission told protest left Jewish Australians feeling unsafe in their country

    Two days after Hamas launched a deadly cross-border attack on Israel that killed roughly 1,200 people in October 2023, a controversial pro-Palestine protest held on the forecourt of Australia’s iconic Sydney Opera House has emerged as a defining case study of rising antisemitism at the country’s ongoing Royal Commission into Antisemitism and Social Cohesion. The event, which unfolded the same evening the landmark’s signature sails were lit in the blue and white colors of the Israeli flag as a gesture of solidarity with Australian Jewish communities, left deep and lasting damage to the group’s sense of physical and psychological security across the nation, senior community leaders told the inquiry.

    Witnesses and officials testifying during the seventh tranche of hearings detailed the frightening atmosphere of the 9 October rally, which included explicit antisemitic chants such as “F*** the Jews” and one attendee shouting a threat “I am going to kill them all”. David Ossip, president of the New South Wales Jewish Board of Deputies, told the commission the demonstration, which saw participants march from Sydney’s Town Hall to the Opera House forecourt, was shockingly insensitive, with many participants openly celebrating the deadly Hamas attack that had killed civilians just two days prior.

    Most alarmingly, Ossip told the inquiry, Australian police had advised Jewish residents to avoid the Sydney Central Business District (CBD) entirely during the protest. He described the advisory as an extraordinary step that no other religious or racial group in the country’s history has ever received. “It was effectively the police saying, ‘we can’t keep your community safe’”, Ossip told commissioners. “In my view, it was effectively the police transferring control of the CBD to the protesters, and I thought the matter was very serious.”

    Ossip added that police had also urged against any counter-protest, arguing it would inflame tensions. The event upended plans for a peaceful Jewish vigil at the Opera House, where the lighting of the sails had initially been viewed as a comforting gesture of national support in the wake of a traumatic attack. Multiple Jewish workplaces in the CBD even issued internal communications allowing Jewish staff to leave early for their own safety, and the rally fell on a workday when Jewish children were attending school in the city center, compounding fears for their safety.

    Richard Lancaster SC, Counsel Assisting the commission, told hearings that the handling of the 9 October protest had left many in the Jewish community with the damaging impression that police prioritized protecting antisemitic demonstrators over their safety. While Lancaster emphasized that peaceful protests are a legitimate exercise of free speech, he clarified that no form of violence, incitement to violence, or racist vilification can be justified under the banner of protest activity.

    “Interpersonal violence does not become lawful or acceptable in the context of a protest, incitement to violence and racist vilification does not become lawful or acceptable in the context of a protest,” Lancaster said. “Anti-Semitism does not become acceptable in the context of a protest.”

    Lancaster told the commission the 2023 Sydney Opera House protest, alongside a 2025 neo-Nazi demonstration outside the state parliament, stands out as one of the critical events that fueled a documented rise in anti-Jewish hate across Australia. Witnesses have shared other disturbing accounts from recent antisemitic incidents, including instances of the Star of David, the central symbol of Judaism, being thrown into public rubbish bins, and footage of uniformed far-right extremists marching in formation. These events have collectively left a large portion of Australian Jewish communities reporting a permanent loss of the sense of safety they once felt in their own country.

    Ossip called the 9 October rally “among the clearest examples of anti-Semitism in recent years”, noting that the event had drawn international condemnation that damaged Australia’s global reputation. The royal commission is continuing to hear evidence on the drivers of antisemitism and gaps in government and law enforcement response to rising hate crime, with further testimony expected in upcoming tranches of hearings.

  • ‘Stung me’: How 2024 heartbreak resulted in top-secret plan to make Matt King next NSW coach

    ‘Stung me’: How 2024 heartbreak resulted in top-secret plan to make Matt King next NSW coach

    It was a bitter disappointment for Matt King when he walked away empty-handed from his 2024 bid for the New South Wales Blues State of Origin head coaching job. But that heartbreak has turned into a long-awaited breakthrough, after rugby league officials pulled back the curtain on a top-secret succession plan that had earmarked King as Laurie Daley’s successor from the very start.

    The pre-existing blueprint explains how the New South Wales Rugby League (NSWRL) was able to formally name King as Daley’s replacement just 24 hours after the incumbent confirmed he would step down from the role. King has signed a two-year contract with a third-year extension option, ending all speculation that Penrith Panthers mentor Ivan Cleary would take over the top job in 2028. Next year’s State of Origin series will also pit two former Melbourne Storm teammates against one another as rivals: King is set to go head-to-head with Billy Slater, who is widely expected to remain head coach of the Queensland Maroons.

    NSWRL chief executive David Trodden laid out the details of the long-term plan during King’s official unveiling to the press on Tuesday morning. “We’ve had this succession plan in place since 2024. We’ve spent every step of that period watching Matt develop and grow as a coach,” Trodden explained. “I share a very close, honest and open relationship with Loz [Daley], so when he decided not to continue, it didn’t come as a major surprise to me. We have had planning in place all along. The plan was always that Matt would take this role because he is the very best person for it – the only thing we needed to do was make small adjustments to our timeline.”

    Trodden added that the NSWRL board and its appointment subcommittee reviewed the original 2024 plan and confirmed that sticking to the prearranged strategy remained the right course of action. “Once we signed off, it was just a matter of executing the plan and moving forward. It’s actually a very comfortable feeling being in full control of a process like this. This didn’t happen by accident – it happened because it was carefully planned out,” he said.

    For King, the disappointment of 2024 was raw at the time, but he now says the rejection was the best possible outcome for his career. “Total honesty, that decision stung me,” he admitted of his unsuccessful 2024 interview. “I was really desperate for the job then, but you know that old saying – things happen for a reason. I understand the board made the right decision back then, even though I was disappointed. Getting the chance to work alongside Loz for the last couple of years has only helped me develop and grow as a coach. Troddo [David Trodden] is telling the absolute truth when he says they always saw me as the eventual successor.”

    King added that Daley retained the option to extend his tenure if the Blues had found success in his final two years in charge. “Troddo is a man of his word, and he kept the promise he made to me a couple of years ago, and I’m really appreciative of that,” he said.

    The NSWRL did not interview any other candidates for the head coaching role, a clear sign of the deep organizational trust in King, a former Blues representative who played nine games for his state and won the inaugural Brad Fittler Medal as NSW’s best player in 2005. King has put in a decade of apprenticeship work to prepare for his first senior head coaching role, including 10 years as an assistant coach at the Sydney Roosters, three seasons as a Blues assistant coach, and a stint with the Lebanon national team at the Rugby League World Cup.

    In his first message to players eligible to represent NSW, King said he will be tracking candidates across all clubs, and laid out the core traits he wants to see from his squad: players who are tough, play with clear strategic focus, and are prepared to step up in high-stakes moments.

    The rookie head coach will not have an easy road ahead, after watching Daley cope with intense public and media pressure over the past two years in charge. But King says he is ready to embrace the weight of expectations. “I am so aware of what’s coming my way, and I’m choosing to sign up for it,” King said, speaking at the press conference alongside his wife and children. He joked that his palms were just as sweaty walking into the announcement as they were when he asked his partner to marry him.

    King praised how Daley handled pressure during his tenure, noting that the outgoing coach never pushed stress onto his staff or playing group, absorbing all the pressure himself. “I really admired that, and I realize that absorbing pressure is a massive part of my job,” he said. “It’s a funny thing about pressure. I’ve got the weirdest love-hate relationship with it. We all face pressure at different points in our lives, and every time I’ve gotten through those moments, they’ve turned into some of the greatest moments of my life.”

    King will wrap up his current duties as assistant coach with the Roosters by the end of the NRL season, and will officially begin his tenure as Blues head coach on November 1. He thanked a group of senior NRL coaches who unofficially served as his advisory board throughout his journey: Melbourne Storm head coach Craig Bellamy, Cronulla Sharks coach Craig Fitzgibbon, Brisbane Broncos coach Michael Maguire, and Sydney Roosters coach Trent Robinson – none of whom knew King had given them that unofficial title, but all of whom taught him the core qualities successful players and coaches need. Frank Ponissi will remain on the Blues staff as team performance manager through 2027 to support King, though King will need to hire a new assistant coach to replace him, working alongside existing assistants Boyd Cordner and Brett White.

  • Credit Corp shares plummet 15 per cent on full-year results amid US debt spree fears

    Credit Corp shares plummet 15 per cent on full-year results amid US debt spree fears

    Australia’s largest debt collection and purchasing firm, Credit Corp, has seen a sharp sell-off of its publicly traded shares after the company’s full-year financial results revealed an aggressive expansion push into the U.S. debt market that has spooked market participants.

    Listed on the Australian Securities Exchange (ASX), Credit Corp released its annual earnings report on Tuesday. Even with a solid 12.1% year-over-year jump in full-year profit and a 14% increase in total annual dividends compared to 2023, investor sentiment turned bearish almost immediately after the results hit markets. Within the first hour of trading, the company’s share price dropped 9%, and by midday local time, losses had deepened to 15%. The steep decline stands out against a broader market uptick, with the benchmark ASX 200 hitting a five-month intraday high on the same trading day.

    Credit Corp operates across four key markets: Australia, New Zealand, the United Kingdom and the United States. The firm specializes in two core lines of business: collecting outstanding delinquent debt, and extending lending to consumers who are considered too high-risk to access credit from mainstream banks and large lending institutions. Over the past 12 months, the company’s total lending volume surged 15% to reach AU$510.5 million. In its home region of Australia and New Zealand, annual debt collection revenue grew 4% to AU$260 million, according to the results. The most notable takeaway from the report, however, was the large volume of U.S. debt purchased by the company as part of its international growth strategy.

    In comments accompanying the earnings release, Credit Corp chief executive Thomas Beregi addressed ongoing macroeconomic pressures, pointing to the global cost of living crunch while highlighting the company’s strong record on consumer protection. “The impact of elevated costs of living has served to sharpen our focus on ensuring we respond to consumer hardship appropriately and engage respectfully with our customers,” Beregi said. He added that independent reporting from leading Australian financial counselling groups has ranked Credit Corp’s Australian debt purchasing division as the top-performing credit provider for consumer hardship response for three consecutive years. The company also maintains the lowest external dispute resolution complaint rate among large Australian debt buyers, a track record Beregi said the firm would preserve as it expands.

    Contrary to widespread concerns about rising consumer defaults amid cost of living pressures, Credit Corp’s financial results show that payment arrears and loan losses have remained within projected forecast levels, even as the company’s total loan book and purchased debt portfolio has expanded. “Arrears and losses remained within pro-forma levels despite the growth in the book and broader macro-economic uncertainty with continued cost-of-living pressures,” the report noted.

    Despite these reassuring metrics on consumer default risk, investors have focused heavily on the risks associated with the company’s U.S. debt buying spree. Industry analysts point to a key structural feature of the debt purchasing business that has left investors nervous: returns from newly acquired debt do not materialize until years after the purchase is made. “Debt buying earnings lag purchasing, so this is an FY2028 collections problem,” PAC Partners senior trader James Nicolaou explained in a market note following the earnings release. Nicolaou also noted that the stock had already rallied 25.7% over the three months leading up to the results, leaving it overpriced for an earnings report that failed to beat consensus analyst expectations. He added that earnings per share revisions had already been trending downward before Tuesday’s report.

    On a positive note for shareholders, the company declared a fully franked final dividend of 45.5 Australian cents per share. When combined with the earlier interim dividend of 32 cents per share, total annual dividends come in 14% higher than the previous year, outpacing the company’s profit growth for the period.