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Entertainment

‘This was her dream’: Olivia Newton-John’s legacy lives on at cancer research center | Olivia Newton-John

It’s not often a medical institute has to say it is unable to take calls because of overwhelming demand, but that was the case on Tuesday at Melbourne’s Olivia Newton-John Cancer Wellness & Research Centre, after the death of the 73-year-old singer and actor.

Newton-John has been one of Australia’s most high-profile campaigners for the advancement of cancer research and treatment since her initial diagnosis of breast cancer in 1992 at the age of 44.

The Cancer Council Victoria said the entertainer’s impact on cancer research and awareness had been far reaching.

“Olivia was a pioneer in the cancer field and her work provided inspiration for many,” the chief executive, Todd Harper, said in a statement.

“Her advocacy enabled the work of dedicated scientists advancing scientific discoveries and offered hope to many affected by a cancer diagnosis.

“She led the focus on wellness and the importance of physical, emotional and spiritual support not only for the person going through a cancer diagnosis but their carers, families and friends.

“Olivia’s impact can’t be overstated, and her legacy will continue in the work of world-leading research, treatment and care.”

The cancer center sits within Austin Health, one of Victoria’s major public health providers.

The chief executive of Austin Health, Adam Horsburgh, told Guardian Australia that Newtown-John’s commitment over the past decade had been integral to Austin’s scientific developments, breakthrough therapies and advancements in patient psychological care.

“Without her drive and her commitment, the center would not be here,” he said. “And her ongoing support from her over many years has ensured the success of the centre.

“It has enabled us to provide care and support to thousands of patients over the past 10 years.”

The ONJ center opened in June 2012, beginning as an outpatient ambulatory center then expanding to provide inpatient wards.

It is involved in about 200 clinical trials for a variety of cancers, including brain, bowel, breast, melanoma, gastrointestinal, head and neck, pancreatic, prostate and lung cancer.

The director of the Austin Health Foundation, the organization’s fundraising arm, Debbie Shiell, told ABC radio on Tuesday the center would not have been created if not for Newton-John.

“There’s no two ways about it,” Shiell said.

“This was her dream and this was her legacy, and it was something that she was really proud of.

“I remember when I was talking with her about it, and she drove around the corner and saw her name up on the building, she said it was better than any billboard she has ever seen.

“She’s so proud of the work she’s done with us here.”

On Instagram, Newton-John’s husband, John Easterling, requested that instead of flowers, mourners make donations to the ONJ centre.

After her original 1992 diagnosis, the entertainer underwent further treatment for a recurrence in 2013.

In September 2018, Newton-John announced her breast cancer had returned for the third time, metastasising in her lower spine.

Following the third diagnosis she told the Seven Network’s Sunday Night program that she was attempting to treat the illness “naturally”.

By this stage Newton-John had become a strong proponent of the use of cannabis oil to treat her pain symptoms, sourced from Easterling’s California marijuana farming business.

Compared with a significant swathe of OECD countries, Australian’s access to medicinal cannabis is limited and remains fraught with bureaucratic obstacles.

Australian entertainment icons who have faced their own battles with cancer, Kylie Minogue and Delta Goodrem, have both paid tribute to the UK-born, Melbourne-raised singer, who was admitted to Aria’s Hall of Fame in 2002 and made a Companion of the Order of Australia in 2019.

“Since I was 10 years old, I have loved and looked up to Olivia Newton-John. And, I always will,” tweeted Minogue, who was diagnosed with breast cancer in 2005 at the age of 36.

“She was, and always will be, an inspiration to me in so many, many ways.”

Goodrem, who was diagnosed with Hodgkin’s lymphoma at the age of 18 and who played Newton-John in the 2018 miniseries Hopelessly Devoted to You, posted on Instagram: “The whole world will feel this heartbreak today because the entire world felt Olivia’s unmatched light. ”

“I don’t have all the words I would like to say today, but I hope everyone will join in celebrating our beloved Olivia, her heart, soul, talent, courage, grace … I love you forever.”

In 2020, Goodrem launched her own foundation, in conjunction with Sydney’s St. Vincent’s hospital and the Kinghorn Cancer Centre, to raise funds for blood cancer research.

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Sports

Warriors v Bulldogs: So back in No.6; Edwards gets a shot

Go back a month and Warriors fans were probably licking their lips at the thought of facing a struggling Bulldogs side at home in Auckland, but come Friday night they will find themselves playing a revitalized Dogs team who pushed the second-placed Cowboys all the way in Round 21.

After leading with half an hour to go, the Bulldogs fell just short of jogging it with North Queensland but will have taken plenty of confidence from the performance and still have two wins from their last three matches, with their key players in good form.

The Warriors on the other hand were never in the contest against the Rabbitohs in an eventual 48-10 defeat, with a number of worrying defensive lapses which saw South Sydney at times stroll through for tries both in the middle of the park and on the edges .

Neither side will be playing finals football this year, but the Warriors will be desperate to perform well in their third game at Mt Smart Stadium this year, while Canterbury-Bankstown will want to continue their late-season resurgence with another victory.

The Rundown

teamnews

Warriors: Another change at five-eighth with Daejarn Asi back in the halves and Wayde Egan moving from No.6 back to his usual position of hooker. Freddy Lussick goes back to the bench and Taniela Otukolo drops to the reserves. Viliami Vailea is back in the centers for his first NRL game since breaking his jaw in Round 12, so Euan Aitken goes back to the pack in place of Bayley Sironen. Josh Curran is the new lock, replacing Aaron Pene who is out with a leg injury.

Bulldogs: Tevita Pangai Jnr has remained in Australia for family reasons and was unavailable for selection so Raymond Faitala-Mariner will start at lock as he did last week. Rookie Harrison Edwards joins the interchange after serving as the Bulldogs’ replacement player in Round 21.

key match-up

Tohu Harris vs. Josh Jackson: The forward leaders for their respective teams. Both topped the tackle count in their game last week, with Harris also averaging 10 meters each time he carried the ball against South Sydney. Jackson has been somewhat of an unsung hero in the Bulldogs’ improving attack, last week handling the ball more than anyone outside of his side’s halves and hooker.

Stat Attack

The Bulldogs thrive off the second-phase play generated by the likes of Tevita Pangai Junior, with Matt Burton and co always sniffing around for an offload, which the Bulldogs produce more of than any team bar the Eels and Raiders this year, at an average of 11.3 per game. The Warriors on the other hand have the lowest offload count in the competition at an average of 6.4 per game, despite having players like fullback Reece Walsh who are dangerous when plays can be extended.

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US

FBI search at Trump’s Mar-a-Lago home tied to classified material, sources say

A senior government official told NBC News that the FBI was at Mar-a-Largo “for the majority of the day” and confirmed that the search warrant was connected to the National Archives.

Trump this year had to return 15 boxes of documents that were improperly taken from the White House, the National Archives and Records Administration, or NARA, said in February.

“In mid-January 2022, NARA arranged for the transport from the Trump Mar-a-Lago property in Florida to the National Archives of 15 boxes that contained Presidential records, following discussions with President Trump’s representatives in 2021,” the National Archives said in a statement Feb. 7.

The same month, the National Archives and Records Administration asked the Justice Department to examine whether Trump’s handling of White House records violated federal law, a story first reported by The Washington Post and subsequently confirmed by NBC News sources.

The New York Times on Monday first reported the FBI focus on the National Archives materials.

Just hours before agents searched Trump’s residence, the FBI notified the Secret Service about the bureau’s plans to execute the warrant, according to a Secret Service official. The Secret Service facilitated access to the property, the official said, but did not participate in any aspect of the search.

At Justice Department headquarters, a spokesperson declined to comment. An official at the FBI Washington field office also declined to comment, and an official at the FBI field office in Miami declined to comment as well.

A senior law enforcement official in Florida confirmed that there was “law enforcement activity” at Mar-a-Largo on Monday.

The White House said it was not given a heads up.

“We did not have notice of the reported action and would refer you to the Justice Department for any additional information,” a White House official said.

Trump is not at Mar-a-Lago, his winter residence. He often spends his summers at Trump National Golf Club Bedminster in New Jersey.

The FBI search came days after Attorney General Merrick Garland told NBC News that the “most wide-ranging investigation” in Justice Department history was examining not only the rioters who invaded the Capitol and physically attacked officers, but also whether anyone was “criminally responsible for interfering with the peaceful transfer of power from one administration to another.”

The search of Trump’s Mar-a-Lago estate came just over six years after another FBI action surrounding classified material that set the stage for Trump’s 2016 Electoral College victory: former FBI Director James Comey’s July 5, 2016, news conference about Trump’s Democratic rival, former Secretary of State Hillary Clinton.

Comey, who broke with the Justice Department protocol, declared at the time that Clinton and her colleagues were “extremely careless in their handling of very sensitive, highly classified information,” even though he said the facts did not support bringing criminal charges.

Trump was a persistent critic of Clinton’s handling of classified material, claiming in 2016 that it was “the biggest political scandal since Watergate.” It was Comey’s handling of the Clinton matter that was used as justification for Trump’s decision to fire Comey. Trump eventually replaced Comey with Christopher Wray. He remains in the position.

Dozens of vehicles, many adorned with “Trump 2020” and US flags, were parked outside Mar-a-Lago on Monday night in an apparent show of support for the former president.

Meanwhile, Republicans rallied around their party’s de facto leader, who is weighing another run for president.

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Sports

Roosters v Cowboys: Verrills named to play; McLean back on deck

After making a statement by beating the Broncos last week, the Roosters have another chance to prove their mettle against the second-placed Cowboys, who will hunt their fourth win on the trot.

The Tricolours have now put a win between themselves and the ninth-placed Raiders, with skipper James Tedesco in fine touch as he led them to a comfortable win over Brisbane, who up until that result had been among the frontrunners to claim a top-four place.

The Cowboys were made to work for it against the Bulldogs last week, with a late double to Scott Drinkwater helping them to a win which keeps the slim chance of them jumping past Penrith for the minor premiership alive for the time being.

When they met earlier this year it was the Roosters who were convincing 28-4 winners on the road.

The Rundown

teamnews

Roosters: Hooker Sam Verrills has been named but will need to pass the NRL’s HIA protocol this week after suffering a head knock against the Broncos. Egan Butcher returns after serving a one-game ban, replacing Ben Thomas on the bench. Lindsay Collins (concussion) and Siosiua Taukeiaho (cheekbone) remain sidelined.

Cowboys: After suffering a hamstring injury which denied him a place in the Origin decider, Jordan McLean is back on the Cowboys bench but winger Kyle Feldt remains sidelined with his own hamstring issue. Reuben Cotter comes into the starting side with Jamayne Taunoa-Brown going back to the bench.

key match-up

James Tedesco vs. Scott Drinkwater: Two of the NRL’s form fullbacks all year, who head into this clash fresh off impressive showings for their side in round 21. Drinkwater ran for a game-high 183 meters last week, helped by making three line breaks, with his two tries in the final 12 minutes helping his side get past the stubborn Bulldogs. While he didn’t get on the scoring sheet, Tedesco did just about everything else from the back last week, clocking 264 run meters to go with 14 tackle breaks and a pair of line-break and try assists.

Stat Attack

Gone are the days when a trip to Sydney would have been daunting for the Cowboys, with Todd Payten’s men now boasting the second-best away record in the competition with just two away defeats all year. They will fancy their chances even more given the Roosters’ rocky experience at the Sydney Cricket Ground so far this season, having lost four of seven games there.

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US

FBI search at Trump’s Mar-a-Lago home tied to classified material, sources say

A senior government official told NBC News that the FBI was at Mar-a-Largo “for the majority of the day” and confirmed that the search warrant was connected to the National Archives.

Trump this year had to return 15 boxes of documents that were improperly taken from the White House, the National Archives and Records Administration, or NARA, said in February.

“In mid-January 2022, NARA arranged for the transport from the Trump Mar-a-Lago property in Florida to the National Archives of 15 boxes that contained Presidential records, following discussions with President Trump’s representatives in 2021,” the National Archives said in a statement Feb. 7.

The same month, the National Archives and Records Administration asked the Justice Department to examine whether Trump’s handling of White House records violated federal law, a story first reported by The Washington Post and subsequently confirmed by NBC News sources.

The New York Times on Monday first reported the FBI focus on the National Archives materials.

Just hours before agents searched Trump’s residence, the FBI notified the Secret Service about the bureau’s plans to execute the warrant, according to a Secret Service official. The Secret Service facilitated access to the property, the official said, but did not participate in any aspect of the search.

At Justice Department headquarters, a spokesperson declined to comment. An official at the FBI Washington field office also declined to comment, and an official at the FBI field office in Miami declined to comment as well.

A senior law enforcement official in Florida confirmed that there was “law enforcement activity” at Mar-a-Largo on Monday.

The White House said it was not given a heads up.

“We did not have notice of the reported action and would refer you to the Justice Department for any additional information,” a White House official said.

Trump is not at Mar-a-Lago, his winter residence. He often spends his summers at Trump National Golf Club Bedminster in New Jersey.

The FBI search came days after Attorney General Merrick Garland told NBC News that the “most wide-ranging investigation” in Justice Department history was examining not only the rioters who invaded the Capitol and physically attacked officers, but also whether anyone was “criminally responsible for interfering with the peaceful transfer of power from one administration to another.”

The search of Trump’s Mar-a-Lago estate came just over six years after another FBI action surrounding classified material that set the stage for Trump’s 2016 Electoral College victory: former FBI Director James Comey’s July 5, 2016, news conference about Trump’s Democratic rival, former Secretary of State Hillary Clinton.

Comey, who broke with the Justice Department protocol, declared at the time that Clinton and her colleagues were “extremely careless in their handling of very sensitive, highly classified information,” even though he said the facts did not support bringing criminal charges.

Trump was a persistent critic of Clinton’s handling of classified material, claiming in 2016 that it was “the biggest political scandal since Watergate.” It was Comey’s handling of the Clinton matter that was used as justification for Trump’s decision to fire Comey. Trump eventually replaced Comey with Christopher Wray. He remains in the position.

Dozens of vehicles, many adorned with “Trump 2020” and US flags, were parked outside Mar-a-Lago on Monday night in an apparent show of support for the former president.

Meanwhile, Republicans rallied around their party’s de facto leader, who is weighing another run for president.

Categories
Business

Big lenders cut fixed rates despite Reserve Bank of Australia cash rate hikes

In the past week, eight lenders on the RateCity database have cut at least one fixed rate.

This includes Westpac, CBA, Firstmac, Loans.com.au, Macquarie Bank, Suncorp, Homestar Finance investment loans and Athena Home Loans.

Eight lenders cut fixed rates despite official cash rate rising.
Eight lenders cut fixed rates despite official cash rate rising. (9News)

Millions of borrowers have been tempted by ultra-low fixed rates, most locking in at or below two per cent, after the national interest rate rises.

For Shelley Fitzerald, insuring herself against rising interest rates by fixing her loan last year seemed like the best option.

“I think I’ll just look at that next year. At least this way I know exactly what I owe in terms of repayments until next year,” she said.

But the majority of these loans will expire mid to late next year which could expose borrowers to a new loan rate that could be double, even triple, what they’re paying now.

According to the online home loan marketplace Joust, variable loans are making a comeback due to fixed rates rising sharply.

“We’ve seen over the last 12 months, the number of customers specifically seeking a fixed rate mortgage has almost halved,” Joust chief executive Carl Hammerschmidt said.

“Because the cost of funding for fixed mortgages has declined,” AMP Capital chief economist Shane Oliver said.

Many Australians fixed their rates after multiple national cash rate hikes.
Many Australians fixed their rates after multiple national cash rate hikes. (9News)

Now borrowers are facing a big gamble – do they fix rates again or roll the dice on the variable rate?

“Whether you go fixed or whether you go variable is a difficult decision,” Sally Tindall of RateCity said.

“But the one thing people should do is look for a competitive deal.”

After four recent official rate rises, some economists are now predicting rate cuts next year.

Of the big banks, Commonwealth Bank has the most optimistic outlook, believing the rate will be 2.60 per cent by November before dropping to 2.10 per cent by the same month next year.

ANZ holds the most negative outlook, seeing rates rise to 3.35 per cent by November before dropping to 2.85 per cent by late 2024.

If you're browsing second-hand sites and see a deal that's too good to be true, think twice.  Scamwatch has issued a warning on social media, posting a fake ad selling a $10 'antique piano'  to illustrate.

Aussies warned about fresh scam on second-hand sites

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Sports

Manchester City teams with St Laurence’s College for football coaching program in Brisbane

A Brisbane school has clinched a deal with Manchester City to train the next generation of soccer champions through a new football program.

English Premier League’s Manchester City has established the state’s only Manchester City Football School at St Laurence’s College.

The football school will involve coaching programs delivered by a Manchester City coach for the St Laurence’s College students, making use of the FIFA-certified artificial football pitch at the college’s South Brisbane campus.

St Laurence’s College principal Chris Leadbetter told ABC Radio Brisbane the partnership had been in the works for some time, and he had struggled to not tell the students the exciting news.

Young soccer players with arms over shoulders and a man in a suit on a soccer pitch.
Manchester City Football School has launched at St Laurence’s College in Brisbane.(Supplied: St Laurence’s College)

“They’ll implement a program in Year 5 to 7, it will be within the curriculum and also outside school hours,” Mr Leadbetter said.

“In Year 8 to Year 12 it will be a co-curriculum program, so before and after school, at our fields at the school or at our fields at Runcorn.

“So we’re very excited.”

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Categories
Australia

Was Suncorp fattened up for sale?

As a result, van Horen only pocketed $549,000 in cash short-term incentives in 2022 (well below the potential maximum of $882,000), in addition $296,000 in deferred short-term incentives (compared with a maximum $475,000).

If van Horen had achieved his target, he would have earned $905,000 in total short-term incentives, or around 7 per cent more than the $845,000 he received.

Still, it’s unlikely that van Horen will be feeling too disgruntled. He still received total remuneration of $2.4 million in 2022, making him the third highest earner in the group after Suncorp boss Steve Johnston (who received $4.9 million) and chief information officer Adam Bennett (whose total remuneration came to $2.7 million).

What’s more, although van Horen didn’t meet his ambitious home loan growth target, Suncorp Bank did well enough to attract the interest of Melbourne-based ANZ Bank, which three weeks ago unveiled a $4.9 billion bid for the lender.

Now, it’s not all surprising that ANZ boss Shayne Elliott is interested in acquiring Suncorp Bank.

In the first place, it is primarily a home loan lender, with total housing loans of $50.3 billion as at June 2022, compared with $11.8 billion in total business loans.

What’s more, Suncorp’s home lending book has a strong geographic focus on two states where ANZ has historically been under-represented: Queensland (which accounts for around 44 per cent of its housing portfolio), and NSW (which accounts for 29 per cent).

The other attribute that ANZ finds attractive is Suncorp’s fast growth.

After years of losing market share in the lucrative home lending market, ANZ has only just reached the stage where it is growing its home lending book at the same clip as its peers – which is not that extraordinary an achievement given that Commonwealth Bank, Westpac and NAB are all growing below system at present.

Meanwhile, Suncorp’s total home loan book grew by a respectable 9.0 per cent over the year to June 2022. And in the second half of the year, Suncorp’s total home loan book grew by a blistering 6.2 per cent.

As Suncorp Group noted in its results for the year ended June 2022 “growth momentum continued to build over the year, with 1.3 times system growth recorded.

“Overall home lending grew ahead of the system in the 2022 financial year, and gained 4.8 basis points of market share against competitors.”

Still, although ANZ boss Shayne Elliott has been effusive in his praise of Suncorp Bank, he might pause to question whether this growth is sustainable longer-term, or whether it was a short-term strategy designed to make Suncorp more attractive to potential purchasers.

After all, in a fiercely competitive home loan market, rapid growth comes at a cost. And Suncorp has paid a heavy price in terms of its net interest margin – the difference between a bank’s funding costs and how much it earns on its loans.

According to Suncorp, “lending pricing” was responsible for a savage 17 basis point fall in its net interest margin in the 2022 financial year.

This drop, it said, was “primarily due to reduced margins on variable and fixed home lending and the impact of repricing existing customer loans driven by significant competition in the market”.

However, Suncorp was keen to hose down suggestions that it was using aggressive pricing to win market share, saying that it “remained competitive in pricing, without leading the market”.

In addition, Suncorp’s net interest margin fell by a further 7 basis points due to the emerging popularity of fixed rate loans, on which banks earn a lower margin. Fixed rate loans made 35 per cent of Suncorp’s home loan book in 2022, up from 25 per cent the previous year.

Still, this pressure should soon abate. Because fixed rate home loans are now more expensive than variable rate loans, fewer borrowers are choosing to lock in their rates. Fixed rate loans made up only 6 per cent of Suncorp’s new home lending in the month of June.

Suncorp’s rapid growth spurt has also left the Queensland-lender increasingly dependent on mortgage brokers.

Loans originated from the broker network accounted for 76 per cent of home loans in June 2022, a sharp increase from 67 per cent a year earlier.

In contrast, the proportion of home loans coming through Suncorp’s branch network dropped to 24 per cent in June 2022, down from 33 per cent a year earlier.

This growing dependence on broker-originated home loans means that Suncorp will continue to feel intense pressure to be market-leading both in terms of pricing, and in terms of home loan approval times.

In its latest results, Suncorp said it had “delivered a material improvement to its turnaround time”, even though its total home loan applications jumped to $23.2 billion in the 2022 financial year, from $17.8 billion the previous year.

“The median turnaround time was 11 working days for the 2022 financial year, an improvement of around 5 working days from the previous corresponding period.”

But it’s clear that Suncorp strained to achieve this result, despite simplifying its processes, and introducing more technology to boost assessor productivity.

Suncorp said: “High application volumes have led to increases in personnel costs to meet demand and market expectations around ‘Time to Yes’.

“The cost increases were partly offset by reductions in branch numbers and some third-party costs.”

Of course, ANZ is also attracted to Suncorp’s large $48.1 billion retail deposit base. The Queensland lender has $36.6 billion in very low cost at-call transaction and savings accounts.

But Suncorp’s customers are increasingly shifting their money into term deposits to take advantage of rising interest rates. Total term deposits stood at $11.5 billion at the end of June this year, up 42 per cent from a year earlier.

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US

ANDREW PEERY: Deputy, woman killed in El Paso County shooting

EL PASO COUNTY, Colo. (KDVR) — The El Paso County Sheriff’s Office says a deputy, woman and suspect are dead after a shooting Sunday.

The incident started around 5:30 pm when a shooting was reported near Ponderosa Drive and Grand Boulevard. The El Paso County Sheriff’s Office issued a shelter-in-place for the neighborhood in Security-Widefield.

Two deputies with EPSO and one officer from the Fountain Police Department responded to the area. When they arrived, they said they encountered gunfire from John Paz, 33.

Deputy Andrew Peery, 39, was shot while the other deputy and an FPD officer returned gunfire until additional officers and deputies arrived on scene. They immediately tried to save Peery’s life, EPSO said.

Around 8 pm, EPSO said that Peery had been killed in the line of duty.

EPSO said a woman was found dead in the front yard of a home in the area.

Detectives from the Colorado Springs Police Department arrived at the home and obtained a search warrant.

Once they were inside the home, they found the suspect, Paz, dead from a self-inflicted gunshot wound.

The coroner’s office will release the cause of death for the deputy, victim and suspect.

EPSO said they believe that Paz killed deputy Peery and the woman found in the front yard of the home, then took his own life.

CSPD will lead the investigation into the shooting.

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Categories
Business

Social media tech unicorn Linktree cuts 17pc of staff

Instead, tech valuations have taken a substantial hit in both public and private markets, as interest rates rise and the cost of capital goes up.

“Conditions changed faster than expected and those assumptions I made were wrong. I have many learnings to take into the next phase of building Linktree. That next phase involves narrowing our focus on our long-term strategy by reducing roles that are no longer aligned with our roadmap,” Mr Zaccaria said.

“Friday will be a company-wide mental health day at Linktree. For a company like ours, so focused on culture and camaraderie, this will be difficult news. I don’t expect anyone to be their normal selves.”

The company, which was founded by Mr Zaccaria alongside his brother, Anthony, and their business partner, Nick Humphreys, in 2016, has a host of high-profile users including Selena Gomez and Dwayne ‘The Rock’ Johnson and brands such as TikTok, Red Bull and HBO.

VC funds have been reducing their later stage investments in start-ups as valuations have slid and companies have had to make choices to extend their capital runways. The latest Cut Through Venture figures show Australian start-ups raised $228 million in July – about two thirds down on this time last year and down on the $409 million banked in June.

Linktree is just one of a growing group of tech start-ups and so-called scale-ups to reduce its headcount.

Other local tech companies to make layoffs include Sendle, Voly, 5B Solar, Brighte, and Eucalyptus. A number of start-ups have also collapsed under the funding market pressures, including grocery delivery players Send and Quicko, as well as property tech company Yabonza and IPO hopeful Metigy.

Globally, a website tracking public reports of tech company layoffs indicates the highest number of redundancies since COVID-19 in the past three months, with 486 tech companies reporting redundancies worldwide.

Linktree is providing the staff made redundant with an average payout of 11 weeks, accelerated vesting of their options, health insurance for US employees until October 31, mental health support for three months, and all their laptops and work from home equipment will be gifted to them.

Its talent acquisition team will also help the former employees try and find new jobs. On Friday, the company will publish an opt-in Airtable with details of the redundant staff in an effort to encourage other employers to snap up the talent.

Linktree declined an interview request on Tuesday.

“The opportunity for Linktree is immense, and I have no doubt we’ll achieve everything we intend to and more for our creators. The right path is rarely the easy path. Today’s change to our team is the hard way, but it puts us in a strong position to deliver on the opportunity we have in front of us, ”Mr Zaccaria said in his message from him to staff.

The move from the AirTree-backed company comes a week after the local venture capital fund marked down the value of some of its early funds by 18 per cent.

AirTree led LinkTree’s $US10.7 million Series A raise in 2020 alongside Insight Partners.