Starbucks Australian Outlets Snapped Up – The family behind Australia’s 7-Eleven stores plans to turn around the struggling Starbucks chain in Australia following the recent purchase of 24 outlets. Starbucks is regarded as an international success but has always struggled in Australia with its established strong coffee culture.
Consumer Confidence Takes Biggest Hit Since GFC – the government’s tough budget has had a huge impact on consumer confidence with a 15% fall over the past 5 weeks. The ANZ-Roy Morgan Consumer Confidence Report says the consumer spending outlook is still expected to improve this year but has been inhibited by the response to the budget.
ACCC Takes Action Against Egg Industry – the ACCC is taking the Australian Egg Corporation and two egg companies to court over what it says was a deliberate attempt to influence the price of eggs by restricting supply. Executives of two egg companies who also happen to be on the board of the Australian Egg Corporation are involved in the proceedings.