Welcome to News Beyond markets – a special show that will get you all the news that matters to kickstart your day.
• First up on News beyond the markets is a detailed report on scams by Australian Competition & Consumer Commission (ACCC). Last year scammers stole close to $34 million collectively from people who identified as culturally and linguistically diverse (CALD), people with disability, and Indigenous Australians.
• ACCC's latest Targeting Scams report released earlier this week shows losses to the CALD community represented a 60 per cent increase compared to 2019, across 11,700 reports.
• ACCC Deputy Chair Delia Rickard said that they saw a big increase in losses to scams affecting culturally and linguistically diverse communities.
• The Chinese authority scam is a common threat based scam which cost people from the CALD community $4.3 million last year.
• Scamwatch received 3,455 reports with over $2 million in losses from Indigenous Australians.
• The ACCC has translated the Little Black Book of Scams into ten languages to help the community understand and avoid scams. The ACCC regularly engages in Indigenous outreach programs and shares scam warnings on the Your Rights Mob Facebook page. Consumers can follow @scamwatch_gov on Twitter and subscribe to Scamwatch radar alerts.
• The Government has confirmed that new builds will be exempt from planned changes to the tax treatment of residential investment property today.
• JBS USA, subsidiary of Brazilian firm JBS SA, said in a statement on Wednesday that the company paid an $11 million ransom in a cyberattack that disrupted much of its North American and Australian operations