5 things you need to know in Australian tech today

Marianna Massey/Getty Images for Woolworths

Here’s the tech news for Tuesday:

1. Zero brokerage trading for US stocks is about to start in Australia. Sydney fintech Stake is set to open the service to the public in the coming days, allowing Australians to directly buy shares in companies like Amazon, Facebook and Google. Co-founder Matt Leibowitz said that zero brokerage is fairly common in the US due to competition, even though it’s a foreign concept to local consumers. Read more here.

2. There are 16 publicly listed tech companies that spend more on staff than what they earn in revenue. Clare Capital has calculated the percentage of staff costs to annual revenue for all ASX-listed tech companies, and it’s amazing how much they vary. Read more and check out the full league ladder.

3. Thousands of Woolworths customers were double-billed for purchases in March. News.com.au reports the error has been attributed to payment provider Cuscal, which serves the customers of many smaller banks and credit unions. The false transactions will be reversed this week, according to the organisation.

4. The corporate regulator has signed up the tech company that processed the Panama Papers to investigate corporate fraud. ARN reports Nuix, whose founder Eddie Sheehy is in the Business Insider Tech 100, signed a new $3.7 million contract with ASIC to provide it digital investigation capabilities.

5. Australia Post has signed up its first customers for its Digital ID service. iTnews reports Credit Union Australia and the Queensland Police Service are among the first group to get on board, which has already been integrated into the post office’s own products.

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