Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Banks ordered to refund millions of Aussies Nearly two million Aussies could soon receive hundreds of dollars after multiple major banks were ordered to issue more than $28m in refunds. A report by ASIC reveals that some banks have kept low-income customers in high-fee accounts, leading to financial strain.… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Survey reveals Australian CEOs confident of economic improvement KPMG CEO Andrew Yates has revealed some of the big economic pressures that chief executives are currently feeling at the moment. Mr Yates joined Sky News Business Reporter Ed Boyd to discuss KPMG’s annual CEO survey that revealed one in two… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Leading Australian economists tip interest cut rate in February Leading Australian economists say the RBA will deliver a gift to cash-strapped households in February, but one key player is holding firm on a rate cut this year. Polling of 34 keen Australian economic minds shows 15 of the experts… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Roy Morgan Business Confidence jumps due to increased confidence about the economy In August 2024, Roy Morgan Business Confidence was 101.3 (up 6.2pts since July 2024) due to increasing confidence from businesses about the performance of the Australian economy. The boost to Business Confidence came after the Stage 3… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Despite all the doom and gloom on Australia’s economy, could the worst be behind us? We hear about the ‘weakest growth in decades’ and being ‘smashed’ by the RBA, but positive tidings abound – if you want to look for them. Economists think a rate cut is coming. Michele… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. How Australian spending habits are weathering the high cost of living Many Australian businesses are feeling the pinch as customers can no longer afford the armchairs, gadgets, clothing brands and new bathrooms they could before the cost of living shot up. But spending patterns remain uneven, and at times counterintuitive,… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Business confidence nudges up across Australia The Roy Morgan Business Confidence index was 95.1 in July 2024, up 3.6 points from a month ago and up 7.6 points from the same month last year. It comes after Stage 3 income tax cuts to consumers boosted the spending power of… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Conflicting data: Is wage growth cooling down or heating up? While the official ABS data showed the Wage Price Index (WPI) rose 0.8% in June quarter 2024, and 4.1% for the year, the reality on the ground might be over double that, according to payroll platform Employment Hero. E-commerce… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Australian shares follow Wall Street’s lead after jobs data calms recession fears A week after US jobs data sent global financial markets into a panic, a strong rally on Wall Street has seen the S&P 500 record its best day since November 2022 — erasing almost all of the losses… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Hope for homeowners as RBA tipped to slash interest rates by Christmas The Reserve Bank of Australia (RBA) is tipped to keep interest rates on hold next week, but hard-pressed mortgage holders should expect a cut by Christmas. From 36 economic experts canvassed in the latest Finder Cash Rate… Read more
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy. Hints on state of economy as cost relief kicks in Experts will scour the first trickle of financial data for early clues on the state of Australia’s economy since tax relief kicked in. The purchasing managers’ indexes for the manufacturing and services sectors land this week, as pay packets rise… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Latest NAB survey shows growing concerns among businesses about Australia’s economy Australian businesses are becoming more concerned about the outlook for the economy as forward-looking indicators in National Australia Bank’s fresh survey revealed a softening. The bank’s latest quarterly business survey on Thursday revealed expected business conditions fell at… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The Australian dollar is showing some strength, and that could be good news for travellers For a relatively small, open economy, Australia’s currency is heavily traded. In fact, it’s on the podium for one of the world’s most traded. So it’s known to be pushed and pulled on global… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘Rippling effect’: 3000 companies collapse Despite a desperate demand for new homes, the “rippling effect” of an economic downturn has seen a staggering number of building companies go bust in the past year with nearly 3000 failing. Mortgage holders reducing monthly repayments adding years to borrowing term Mortgage holders… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s competitiveness hits 13-year high Australia rose to 13th from 19th place out of 67 nations for competitiveness, according to the Swiss-based IMD World Competitiveness Yearbook 2024. It was Australia’s highest ranking in 13 years. Employers call for more overseas workers as Australian ‘skills gaps’ hurt productivity Australian workers… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Small businesses hoping for spending boost at tax time Small businesses are hoping for a spending boost next month fuelled by tax returns starting to land in the pockets of Australians. How to check if you’re owed a share of up to $580 million in unclaimed money Revenue NSW… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Tips for the upcoming tax cuts Every Aussie taxpayer will receive a pay rise on July 1 with the new stage three tax cuts kicking in, and it couldn’t come at a better time as millions struggle with a cost of living crisis. No doubt some of this pay… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Treasurer knocks back recession concern but admits ‘uncertain times’ Treasurer Jim Chalmers has insisted Australia is not heading for a recession, despite the economy recording its weakest growth in nearly three years. GDP growth falls to just 0.1% as household cutbacks put handbrake on Australia’s economy Australia’s economy all… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Fair Work Commission increases minimum wage by 3.75% The Fair Work Commission (FWC) will increase the minimum wage for employees by 3.75%, factoring in tough economic conditions with long-term goals such as closing the gender pay gap. The new National Minimum Wage and awards wages will go into effect… Read more
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Have you made payments to non-residents? If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax. Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities Development and construction giant Lendlease Group has taken a major step to scale back… Read more