2023 is expensive. The cost of living is higher than ever, interest rates keep rising, and it keeps getting harder to stay afloat, let alone get ahead. As a result, carrying debt has become commonplace. But, with the challenges of the past few years, many of us have more debt than we’re comfortable with. How do you get ahead while you’re still trying to catch up? Here are some tips… Read more
New data highlights the ongoing rental crisis across Australia, with the number of relatively cheap rental listings almost halving over the last year. The latest PropTrack Market Insight Report shows properties listed on realestate.com.au for less than $400 per week fell to 17.6 per cent in February 2023 – the lowest it’s been since 2018. Compare that to the start of the Covid pandemic in March 2020 when 42.5 per… Read more
Welcome back to our OAW Weekly Newsletter. Read on for the latest news and updates from across the week. Inflation is still a concern as the economy slowly recovers Australia’s economy has recovered better than most from the COVID pandemic and is now 7% larger than before. But experts say that ongoing inflation is a continuing concern for everyday affordability. Centrelink payments set to rise to help with the cost… Read more
Australia has recovered better than most from the COVID pandemic. As measured by gross domestic product (GDP), the economy is now 7% larger than it was before the pandemic. Over 2022, the economy expanded by 2.7% — more than any of the seven largest advanced economies, and more than twice the average growth rate in the OECD. That’s the good news from the latest national accounts data from the Australian Bureau of Statistics,… Read more
Welcome back to our Weekly Business Update. Read on for the latest news and events from the week. Woolies half-year earnings reveal shoppers changing habits The supermarket chain says consumers are swapping red meat for more “affordable luxuries” such as exclusive cheese brands and ice creams. It’s believed to be part of a trend where people eat more at home instead of going out to deal with the increasing cost… Read more
The treasurer has opened the door for changes to Australia’s superannuation tax concessions, arguing there needs to be more of a focus on the long-term sustainability of the scheme. Jim Chalmers said Australia was on track to spend more on super tax concessions than the age pension by 2050, adding he was “not convinced that’s a sustainable way to get to our destination”. “While our immediate focus is consulting on… Read more
Dan Phillips bought a unit in Hobart’s outskirts last year, just as rates started to climb. “By the time I moved in, I’d had more letters about rate rises, than I’d had months living in the property, which was pretty confronting,” he says. It has been a stressful time for many home owners, after nine consecutive interest rate rises. The National Debt Helpline has seen a 28 per cent jump… Read more
Welcome back to our Weekly Newsletter. Read on for the latest updates, news and tips from the week. What to do if you can no longer afford your mortgage As rates continue to rise, many Australians find themselves unable to make payments on their home. Learn what to do if your mortgage payment obligations are becoming impossible to meet. Woolworths expands controversial surveillance tool Woolworths is expanding the rollout of… Read more
Welcome back to our Weekly Newsletter. Read on for the latest news & updates. RBA governor’s statement met with confusion Philip Lowe will appear before the senate this week to answer for the RBA’s rate hike strategy. Last week, he said that further interest rate hikes would be necessary to tame inflation, leaving observers confused as it seems to have already peaked. Faster internet is on the way Millions of… Read more
The year is well and truly in full swing and keeping on top of your financials is starting to become more complicated by the day. Monitoring your expenses, from supply chains to payroll, can be a headache at times. Whether it’s financial lightwork or heavy lifting, we have you covered! For tradies who’d rather be out on the tools than crunching the numbers, we can help with a number of… Read more
Flowers and Chocolates are high on the list for Australians purchasing Valentine’s Day gifts this year, with $485 million predicted to be splashed out as couples celebrate their first restriction-free day of love in three years. According to a survey conducted by the Australian Retailers Association (ARA) and Roy Morgan, the statistic reflects an increase of 16.9 per cent year-on-year, with people set to spend an average of $118 on… Read more
No matter what your financial goals are, consulting with a financial planner can help just about everybody. Not only will they help you refine your goals, they’ll guide you in creating strategies for your money, and keep you accountable to your plan. They’ll also help you navigate different saving and investment strategies, so you know your money is working for you. They’ll also make sure you have the information you… Read more
Welcome back to our Weekly Business Update! Read on for the latest news and headlines from across the week. Australian trade minister to meet Chinese counterpart next week as relationship thaws Australia and China’s top trade officials will have an online meeting to discuss their relationship. This will be the first meeting between Australia’s trade minister and the Chinese counterpart in over three years. The hope is that China will… Read more
Yet another interest rate hike has been imposed onto borrowers as the central bank tries to battle surging inflation and concerns Australia is headed for a recession in 2023 are coming to fruition. If Australia enters a recession it could lead to mass mortgage defaults, forced sales of homes, joblessness and a further heightening of the rental affordability crisis. But after the Reserve Bank of Australia hiked interest rates for a ninth consecutive time… Read more
As an employer, you previously needed to pay FBT on electric cars provided to your employees. From 1 July 2022, you will be exempt from paying FBT on benefits provided for electric cars that meet all the following criteria: the car is a zero or low emissions vehicle the first time the car is both held and used is on or after 1 July 2022 the car is used by a current… Read more
Welcome back to our Weekly Business Update. Read on for the latest news from the week. Interest rates are expected to keep rising despite softening inflation Economists generally believe that the worst of inflation is behind us, but they also say that the Reserve Bank will continue to raise interest rates until prices come down. Changes to FBT and providing employees with electric cars Employers are no longer required to… Read more
Received a Business Support Grant? Remember, when it comes to tax time, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income. However, some grants are formally declared non-assessable non-exempt (NANE) income. This means you don’t need to include these in your tax return if you meet certain eligibility requirements. You can check what non-assessable non-exempt government grants may be… Read more
Unfortunately, fraudsters are out there. They want your money, your identity, or both, and they’re getting more sophisticated all the time. There’s a wealth of opportunity for swindlers to take advantage of people because so much of what we do is now online. There are ways for you to protect yourself, both by taking action and being aware of what’s going on. Here are 8 ways to protect yourself from… Read more
We have 7 steps for a smooth set up with or over to Xero! Switching to a new accounting system can be daunting but this course will show you the ropes. Over the next 7 days, we’ll send you some informative emails that will help you get set up and running on Xero. Sign up now and we’ll get you up to speed with Xero – simple and intuitive cloud… Read more
Welcome back to our OAW Weekly Business Update! Read on for the latest news and updates from the week. Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research, rents in… Read more