Weekly Digest – 11 September 2024
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 Bullock has bad news
RBA Governor Michele Bullock has poured cold water on the prospect of an interest rate cut anytime soon
9 insights on the Australian economy in June 2024
The Australian economy experienced modest growth of 0.2% in the June quarter of 2024. Key insights include wage growth, low household savings, rising inflation, and decreased household spending on discretionary items.
How to report if your social club is not income tax exempt
Your social club may not be eligible for income tax exemption and required to report as a taxable not-for-profit.
Australia’s economy is stalling and in need of better business conditions
The latest National Account figures revealed the economy is barely growing, with gross domestic product in real per capita terms down for an unprecedented sixth straight quarter. Business Council of Australia Chief Executive Bran Black said Australia was missing out on investment and economic growth because of increased red tape regulation, an inefficient tax system and uncertainty around project approvals.
Little progress on superannuation and other measures
In recent times, the government has proposed major, sweeping changes to the superannuation system. Although the measures were initially announced with years of lead time, little progress has been made on their implementation into law and much-needed preparation time is steadily ticking away.
Public spending keeps the economy going as the private sector is hit by rate rises
Fast rising interest rates have slowed the economy so sharply that only government spending is keeping it growing
Australia’s economy growing at slowest pace since 1990s recession, as households cut back on spending
Household consumption was weak in the June quarter, due to reduced discretionary spending.
New GDP figures ‘paint grim picture’ for businesses
The reflection of weak economic growth in the new GDP data will directly expose businesses to even tougher conditions and challenges, industry professionals have said.
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