Business Update – 23 August 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Sellers still making massive profits despite interest rate rises
New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.
40,000 more migrant workers per year required to fill skills shortage
While unions and employers agree that a large increase in migrant workers is necessary to fill Australia’s skills shortage, there is disagreement on how the intake should be funded.
New average full-time wage revealed
The latest earnings report from the Australian Bureau of Statistics has revealed that $92,000 per year is the new average wage. While full-time earners got a 2.9% raise on average last year, it’s only about one third the rate of inflation, which means real wages are sliding backwards.
Ways for women to top up their super
On average, there is a $51,000 difference between men and women when it comes to how much is in their super for those ages 55 to 59. Several factors contribute to the difference, including time away from the workforce to raise children and lower comparative wages.
Flu and Omicron resulted in twice as many sick days taken in July
Millions of people were off work sick last month, as an Omicron wave was felt across the country and influenza rates were high. The number of sick days taken were double what they would be in an average July.
Unemployment and number of jobs falls further
With unemployment already at its lowest rate in nearly 50 years, it still fell even lower last month to 3.4%. However, the number of people working also dropped as over 40,000 jobs were lost last month overall.
The peaks and pitfalls of a side hustle
Some people are earning thousands from having a side hustle. An expert shares some tips on how to make it worth your while and to avoid surprise tax implications.
Chiropractors call for improvement to home workstations
More than 40 per cent of Australians working from home do not have a suitable workstation or the correct equipment, a new study from the Australian Chiropractors Association (ACA) has found. The organisation issued a health warning after a noticeable spike in people presenting with work-related injuries.
Fuel costs are the greatest concern for all age groups amidst cost of living crisis
The most recent Urban Mobility Trends report revealed that the single biggest cost of living concern for Australians is fuel. Groceries, electricity, insurance, and rent or mortgage payments round out the list of concerns.
Chicken schnitzel about to get more expensive
Soaring feed, fuel, and labour costs caused by the war in Ukraine and COVID-19 has caused Ingham’s, Australia’s largest poultry producer, to warn that the cost of chicken is expected to rise by the end of this year.
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