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Crypto

Australia cracks down on crypto ATMs amid surge in scams

Australia’s financial crimes watchdog, Austrac, has imposed new restrictions on cryptocurrency ATMs as the growing number of kiosks draws increased misuse by scammers and fraudsters. Under the new rules, cash deposits and withdrawals at crypto ATMs are now capped at A$5,000 (US$3,250) to better protect consumers. Austrac also announced it has refused to renew the […]

Iranian hackers target US elections, Microsoft warns
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Hackers steal pensioners $500,000 savings in Australian pension funds breach

Australia’s largest pension funds have been hit by a wave of coordinated cyberattacks, compromising more than 20,000 accounts and leading to significant financial losses for some members, including a reported theft of A$500,000 from four individuals. According to a source familiar with the matter, hackers infiltrated multiple funds, including AustralianSuper, Australian Retirement Trust, Rest, Insignia, […]

Australian children bypasses social media age limits - Report
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Australian children bypasses social media age limits – Report

A recent report by Australia’s online safety regulator has revealed that children in the country can easily bypass minimum age restrictions set by social media platforms. The findings come ahead of a landmark government ban that will prohibit access to these platforms for users under the age of 16. The eSafety Commission’s report combined data […]

Crypto Market sheds $130bn amid Trump tariff
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Australia fines crypto operator Kraken $5.1m for unlawful credit facility

Australia’s Federal Court has ordered Bit Trade, the local operator of cryptocurrency exchange Kraken, to pay an A$8 million ($5.1 million) fine for unlawfully offering a credit facility to more than 1,100 customers, the Australian Securities and Investments Commission announced on Thursday. The penalty follows civil proceedings initiated by ASIC last year, alleging Bit Trade’s […]

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Australia to cap international student enrollments in 2025.

Australia has announced a cap of 270,000 international student enrollments for 2025, a move aimed at managing record migration levels and addressing the surge in home rental prices. This decision follows a series of measures implemented since last year to phase out COVID-era concessions for foreign students and workers, which had been introduced to address […]

New Zealand drops translation requirement, eases visa process
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Australia raise minimum wage to $915 per week

Australia’s Fair Work Commission increased the minimum wage to $915.90 per week which took effect on July 1, 2024. This follows an announcement of a 3.75% increase in the National Minimum Wage, totaling $24.10 per hour. This review strives to improve remuneration in the face of economic developments and inflation, benefiting both local workers and […]

Australia hikes fee for citizenship applications
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Australia hikes fee for citizenship applications

The Australian government has unveiled a substantial increase in fees for citizenship applications and passports, effective from July 1, 2024. This new fee structure will impact various applicants, including permanent residents, adoption cases, and specific foreign applicants. Starting July 1, 2024, permanent residents, individuals seeking citizenship through adoption, and foreigners applying under specific international agreements […]

Australia researchers build brain-mimicking super computer
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Australia researchers build brain-mimicking super computer

Australian researchers are developing the first supercomputer in history, capable of simulating networks at the speed of the human brain. An exaflop, or a billion mathematical operations per second, can be processed by the human brain with just 20 watts of power. Known as the Deepsouth supercomputer, Western Sydney University is in charge of its […]

Brazil lifts ban on Starlink, X accounts after fine payment
News Tech

Australia fines X over child abuse contents

Elon Musk’s social media platform X has been fined A$610,500 ($386,000) by an Australian regulator for refusing to assist with an investigation into anti-child abuse procedures. The e-Safety Commission penalised X for not responding to inquiries about the processes it used to detect child abuse content on the platform and how long it took to […]

Australia moves to regulate digital payments
News Tech

Australia moves to regulate digital payments

The Australian government announced on Wednesday that it intended to submit legislation giving the central bank the authority to control companies that offer digital wallet services. Since they are not now recognised as payment systems, China’s WeChat Pay, Apple Pay, and Google Pay—all of which have experienced rapid growth in recent years—fall outside of Australia’s […]

Australian data brokers placed on competition watchdog's radar
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Australian data brokers placed on competition watchdog’s radar

Alex Omenye Australia’s competition watchdog requested consumers, businesses, and other key stakeholders for their opinions on the business practices of data brokers on Monday. In order to compile a report on the industry, the Australian Competition and Consumer Commission will look at the goods and services offered by significant data brokers such as Oracle, Equifax, […]

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