Business Update – 20 September 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
The dream of business ownership is drifting out of reach for young Aussies
In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach.
August unemployment rate remains firm at 3.7%
The latest employment data released by the Australian Bureau of Statistics (ABS) reveals that the unemployment rate remained steady at 3.7 per cent in August, when adjusted for seasonal variations.
Piggybank killer: Cashless society unstoppable, expert warns
The move by a major Australian bank to phase out cash and cheques appears to be the latest chapter in the relentless march to a cashless society as more people embrace electronic payments.
Hands off superannuation: Calls to protect retirement funds
The objective of super could open the door for the government to use Australia’s $3.5 trillion superannuation savings for nation-building initiatives, said the head of one of Australia’s financial associations.
Huge miscalculation in population growth leaves Australia’s future uncertain
A whopping three million more people than anticipated are calling Australia home and that’s not the only miscalculation that was made 20 years ago
Incoming Productivity Commission Chair says Australians should pay inheritance taxes
Australians could soon be grappling with the possibility of taxes on inheritances after incoming Productivity Commission Chair Danielle Wood said there was “simply no policy justification” for how little tax retirees allegedly pay.
Full steam ahead: Gas industry pumps $120b into economy, up 42 per cent
The gas industry generated $121 billion for the economy last year, up 42 per cent on the previous COVID-19-impacted year, the head of the sector’s peak national body says.
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