Good morning.

1. Westpac has announced it will pay a record-busting $1.3 billion fine for its breach of anti-money laundering laws and its failure to stop child exploitation payments. “We are committed to fixing the issues to ensure that these mistakes do not happen again,” said chief executive Peter King. “This has been my number one priority. We have also closed down relevant products and reported all relevant historical transactions.”

2. Victoria recorded 12 cases of coronavirus today, and 2 deaths. Premier Daniel Andrews confirmed yesterday more restrictions will be eased this weekend, and declared the state is winning the war against the coronavirus. However, he also said he would not reconsider October 26 as the date for the lifting of Melbourne’s curfew.

3. NSW residents can now travel to South Australia without needing to self-quarantine. Six new cases of coronavirus were reported in New South Wales yesterday, and all of them were in hotel quarantine.

4. Online investment adviser Stockspot has ranked the best and worst performing super funds for 2020. They show that Australian superannuation funds are returning anywhere between 9% and -2%. With fees having the potential to move retirement balances by $200,000 over a working life, CEO Chris Brycki says it pays to choose the right fund.

5. Regulator APRA has revealed some Australian banks plan on pushing customers to withdraw their superannuation early to make repayments on their loans. Australian borrowers could potentially withdraw up to $10,000 of their superannuation this financial year under the federal government’s scheme to pay back their debts. The regulator says that, while this is technically allowed, banks and lenders should tread carefully to avoid providing “unlicensed financial product advice.”

6. Foxtel says its sports streaming platform Kayo now has over 600,000 paying subscribers. “We’ve gone from really big lows to great highs. As we sit here today we have more sports subscribers than we’ve had in 25 years,” said CEO Patrick Delany. “[Kayo] is now sitting at over 600,000 paying subscribers which makes it one hell of a sports platform especially when you add it with the Foxtel premium platform, we now have close to 2 million sports subscribers.”

7. UK PM Boris Johnson’s latest attempt to control the rapid spread of coronavirus infections by placing a curfew on pubs was not recommended by his scientific advisers and will not be enough to contain the virus, experts have warned. Professor John Edmunds, who advises the government on its coronavirus response, said new measures including the move to shut pubs and restaurants at 10 p.m. would not go ‘anywhere near far enough’ in containing the virus. Health officials recorded 4,926 new cases across the UK by Tuesday, up by 558 compared to the day before.

8. Sweden is often held up as an example for people opposed to lockdowns and other coronavirus restrictions. But now the country is considering localised measures in Stockholm, where there are “worrying signs of increasing infection”. “The downwards trend is broken,” said the city’s health chief at a press conference. “We can only hope that this is a blip, that the spread starts decreasing again.”

9. Tesla lost around $US50 billion of its value after founder Elon Musk said it would take until 2022 for Tuesday’s ‘Battery Day’ announcements to reach high-volume production Tesla closed 6% lower on Tuesday and a further 7% in after hours trading. Musk said he is eyeing a cheaper vehicle with a target price of $US25,000, and planning to build 20 million vehicles.

10. Funny one to top us off. Mark Zuckerberg has addressed that viral photo of him surfing while slathered in sunscreen in leaked audio from a team meeting. “I’m not a person who’s under the illusion that I look particularly cool at any point with what I’m doing,” Zuckerberg said.

BONUS ITEM

The ASX has listed its first ever esports-focused ETF, from global investment firm VanEck. The fund has a holding of 25 major companies that generate half their revenue from video games and esports, including Tencent, Nintendo and NVIDIA. The company is pitching the ETF as a way to capitalise on the enormous interest in the video game industry and into the burgeoning world of esports.

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