💳 Sneaky Surcharges | GC Daylight Saving Referendum | King Charles III On Our Coins By Christmas | Our Population Decline and more!
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💳 Sneaky Surcharges | GC Daylight Saving Referendum | King Charles III On Our Coins By Christmas | Our Population Decline and more!
Today’s newsletter is 1348 words: 5 minute read.
Happy Thursday, October 5!
Looking back on a one-year window of sports finals we love to forget as Queenslanders, the Gold Coast, and Brisbane have had four teams in the AFL, NRL, AFLW and NRLW grand finals, who all lost by a cumulative 16 points.
AFL: Collingwood 90 - Brisbane Lions 86
AFLW (2022): Melbourne 19 - Brisbane Lions 15
NRL: Penrith 26 - Brisbane Broncos 24
NRWL: Newcastle 24 - Gold Coast Titans 18
With the AFLW Gold Coast Suns still in the mix for the 2023 grand final, there’s still hope to break the cycle before what we think will be a Queensland clean sweep across all codes in 2024 💪
In today’s email
The War On Sneaky Surcharges: Calling out the un-Australian trend
Local Population Growth To Decline: But property to remain strong?
Kingly Coinage: The King’s effigy to be on our currency by Christmas
Trending: Someone’s first time on the M1…
Around The Web (Snippets): Tom Tate calls for a referendum on daylight saving, a $40 million bookkeeper payout, secret WWII tunnels, local Gold Coast entrepreneur awards and more!
Councillor’s Corner
Upcoming Events
GC Weekend Weather and Surf
Live Gold Coast Housing Price Index
1. One Big Thing: A Pandemic Of Sneaky Surcharges
What’s Happening
Since COVID came into play in 2020, the country has grappled with an increasingly inconvenient truth: an influx of businesses passing on surcharges instead of building them into the advertised price.
Payments provider Tyro shows that in May this year, 40 per cent of cafes and restaurants levied surcharges, compared to 25 per cent in May 2022 when inflation started to rise.
Meanwhile, 41 per cent of pubs and bars were surcharging compared to 29 per cent a year earlier.
Why It Matters
The increase from 2022 to 2023 is not just a numerical uptick; it's creating a growing rift between consumers and businesses.
Many patrons feel that these surcharges should be a cost absorbed by businesses and included in the advertised prices.
This raises serious questions about pricing transparency and the morals and ethics of these business owners who no longer care about the customer experience.
Are Surcharges Even Legal?
The Australian Competition and Consumer Commission (ACCC) has confirmed that credit card surcharges are legal, albeit with stipulations.
They also confirmed that charging more than the processing fee is illegal.
Zoom In
Merchants can only charge a surcharge equivalent to what payment processors charge them.
For Eftpos, this hovers at 0.5%, while MasterCard and Visa fees can range between 0.5% and 1.5%.
American Express is the most expensive, with varying rates depending on merchant agreements, sometimes as high as 3.5%.
Payment types like PayPal, Diners Club, BPAY, and directly issued American Express cards are exempt.
The Big Picture
The growing prevalence of surcharges reveals a disconnect between consumer expectations and business practices.
The situation calls for either regulatory intervention or innovative private-sector solutions that can close the gap.
What To Look For Next
As public dissatisfaction swells, we could witness the rise of alternative payment solutions or perhaps even regulatory changes that aim to restore transparency and fairness in pricing.
Final Thoughts
The evolution of surcharging is not a mere annoyance; it signals a more profound, systemic issue that challenges the very fabric of consumer trust and transparency.
Given the accelerating trend, evidenced by the 30% rise from 2022 to 2023, it is high time for the regulatory bodies and the hospitality industry to return to focusing on good customer experience and the right thing to do.
See the ACCC’s enforcement policy here.
2. Local Population Growth Slowdown But Property Resilience
What’s Happening?
Population projections for the Gold Coast are revised downward, yet the property market continues to thrive.
City's population to reach 915,611 by 2041, down from previous estimates.
41% projected population growth between now and 2041 despite the revisions
Why It Matters
A slowdown in population growth doesn't necessarily spell doom for the property market (kinda’ a big deal around here..).
Zoom In
The current Gold Coast population stands at 647,824, which has grown by 23% and exceeds Queensland's average growth rate of 17% over the past decade.
In 2022 alone, the Gold Coast marked the second-largest population growth among major Australian cities.
The Big Picture
The downgraded population estimates offer a breather to the property market but don't signal a plummet in housing demand anytime soon.
What The People Say
"Gold Coast is a maturing city with a maturing property market," says Steven King, Colliers Gold Coast director-in-charge.
"Driven by its position as one of the fastest-growing regions in Australia."
"The slowdown gives the property market a breather to catch up.”
What To Look For Next
The Ormeau region is expected to absorb an additional 103,000 people between 2021 and 2041.
Gold Coast North is expected to accommodate an extra 35,000 people, with Labrador and Biggera Waters playing a significant role in that population growth.
Keep an eye on infrastructure projects like the light rail extension and road upgrades slated for the 2032 Olympics to give insights into where the efforts and investment will be directed.
3. Kingly Coinage Here By Christmas
What’s Happening?
Say farewell to the Queen; a new royal has minted his place.
King Charles III will appear on Australian coins, commencing with the $1 cash by year's end.
Why It Matters
This marks the first significant transformation in our currency since the transition to decimal units in 1966.
Zoom In
King Charles III's (a.k.a Charles the Third, by the Grace of God King of Australia and His other Realms and Territories, Head of the Commonwealth) portrait will contrast his mother's by facing left, honouring a time-honoured and cultural tradition in coin design.
More than 10 million $1 coins will be minted for initial circulation.
Like the Queen's first image on Australian coins many decades ago, King Charles's first appearance on currency does not feature him wearing a crown.
The image of King Charles III is the official Commonwealth effigy and was designed by the Royal Mint in London, which gave the royal approval.
The Big Picture
Though this change reflects a generational shift, it’s worth noting that coins featuring Queen Elizabeth II aren't retiring any time soon; they'll continue to remain legal tender.
What the People Say
"For most Australians, this will be the first time they have held a coin with a king in their hands," notes Assistant Treasury Minister Andrew Leigh.
"The coins will last for 30 years or more," states Royal Australian Mint CEO Leigh Gordon.
"Queen Elizabeth's coins will be in circulation for many more decades to come, that’s for sure," confirms Leigh.
What To Look For Next
As you transact along the Gold Coast, anticipate the new $1 coins in registers before Christmas.
Additionally, collector versions are slated for early next year.
Thus, despite a change in our head of state and a wide-reaching impact on our daily lives, the value holds in currency and cultural resonance.
4. Trending
5. Around The Web (Snippets)
A $40m Australian record: For the biggest bookmaker payout in the country’s history after the Penrith Panthers won their third grand final in a row.
A referendum we really need: Has been called for by Mayor Tom Tate (following The GC Minutes articles last week..) for the City to get daylight savings (finally). It has been over 30 years since the previous referendum on the issue.
GC Young Entrepreneur Awards: Are tomorrow evening, which is the night of nights to celebrate our City's finest young game changers who are at the helm of not only successful but unique and top-rated businesses.
A landmark Supreme Court case on social media: Will wade into some pretty heavy questions that may reshape what platforms can control.
Secret World War II Tunnels: Are being turned into a new tourist attraction in London.
Australian Top Selling Electric Vehicles: So far in 2023 👇
Councillors’ Corner
Div 3 | Coomera and Wongawallan | Cr Donna Gates (Deputy Mayor):
Div 8 | Robina and Varsity | Cr Hermann Vorster
Upcoming Events
Australia's Biggest Cruise Sale: October 8 at the Carrara Indoor Sports Stadium
The Gold Coast Suns AFLW team: In a must-win against Richmond on Sunday October 8
World Title Boxing Blockbuster: October 15, Tim Tszyu is back for more
GC 500 Supercars: 27-29 October with tickets and details here
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