CHOICE Shonky Awards 2024: Calling Out the Worst in Products and Practices

IAN ROGERS

The CHOICE Shonky Awards, now in their 19th year, continue to spotlight the most misleading, disappointing, and outright shonky products and business practices in Australia. This year’s awards shine a light on five standout offenders that failed to deliver on their promises—or fairness.

The 2024 CHOICE Shonky Award Winners

1. Meta – Failing to Protect Aussies from Scams: With social media scam losses hitting a record $95 million in 2023, Meta earned its spot by not

Hayes and others argue that Bitcoin’s long-term trajectory is shaped by fundamental drivers rather than political developments.

Broader Factors

Driving Bitcoin’s Rally

The current Bitcoin rally reflects pent-up demand from its April halving, a programmed reduction in mining rewards that historically precedes significant price increases. Jesse Myers, co-founder of Onramp Bitcoin, noted, “The incoming Bitcoinfriendly administration has provided a catalyst, but the real story is the post-halving bubble.”

Bitcoin’s appeal as a hedge against inflation and currency debasement also remains a critical factor. Analysts argue that mounting national debt and inflationary spending could bolster Bitcoin’s position as a store of value.

Hayes highlights the inevitability of increased monetary easing, regardless of political leadership, as a reason for Bitcoin’s potential to thrive in inflation-prone economies.

Still, Bitcoin’s behaviour as a risk asset, closely tied to market sentiment, underscores the challenge it faces in proving its efficacy as an inflation hedge.

Institutional Adoption: A Game-Changer

Wall Street’s growing involvement has further legitimized Bitcoin.

Financial institutions like Goldman Sachs and Morgan Stanley have increased their Bitcoin holdings, signalling a shift in how the asset is perceived by institutional investors. Matt Hougan, CIO of Bitwise Asset Management, suggests that this adoption enhances Bitcoin’s credibility and stability, paving the way for it to become a portfolio staple rather than a speculative asset.

“Institutions see Bitcoin’s transformative potential for financial processes,” Hougan stated, highlighting the role of institutional engagement in reducing volatility and fostering long-term growth.

Outlook adequately addressing scams on platforms like Facebook, Instagram, and WhatsApp. CHOICE reported suspicious ads to Meta, but poor response times and loopholes allowing repeat offenses highlight a lack of commitment to user safety.

As political and economic factors align, Bitcoin is poised to sustain its upward momentum. While Trump’s presidency might accelerate short-term gains, the enduring impact of Bitcoin’s fundamentals, macroeconomic conditions, and institutional interest will determine whether it can cross—and maintain— the $100,000 threshold. The coming weeks could mark a pivotal moment for cryptocurrency markets as Bitcoin solidifies its status as both a hedge and an innovative financial asset.

2. Acerpure Clean Lite Stick Vacuum – The Worst Stick Vacuum Ever Tested: Acerpure’s $199 vacuum promised “great suction power” but delivered abysmal results in CHOICE’s performance tests, scoring just 10% on hard floors. Prone to clogs and requiring excessive maintenance, this vacuum creates more work than it solves.

3. NIB – Unfairly Charging Single Parents: Health insurer NIB imposes significantly higher costs on single parents compared to couples for equivalent policies. Single parents face nearly double the premiums to add a child, with their policies sometimes costing more than those for childless couples—exposing systemic inequity in health insurance pricing.

4. Daily Juice Co –

Misleading ‘Green’ Juice Claims: Daily Juice Co’s “green” juices contain no vegetables and rely solely on food coloring for their green hue. CHOICE’s experiment with the listed ingredients revealed the juice’s true color—orange—proving there’s nothing “green” about it.

5. GroundingWell Grounding Socks – Unsubstantiated Health Claims: GroundingWell’s $40 socks promised to alleviate pain, improve sleep, and reverse aging but failed to provide evidence for any of these benefits. Worse, the poorly constructed socks fell apart after two uses, making them doubly shonky.

CHOICE CEO: Shonkys Still Needed More Than Ever “As we near 20 years of the Shonky Awards, it’s clear they remain essential,” said CHOICE CEO Ashley de Silva. “From Meta’s inaction on scams to NIB’s inequitable pricing, and products like the Acerpure vacuum and GroundingWell socks, shonkiness is alive and well.”

CHOICE urges consumers to remain vigilant and encourages regulators to hold companies accountable for misleading practices. For More Information Visit CHOICE Shonky Awards to learn more about this year’s winners and how to protect yourself as a consumer.