7 tips to help your small business adjust for inflation

Inflation has ballooned worldwide in recent months, and there’s no question that small businesses are feeling the pinch. Supplies cost more, employees are hard to find, and your profits are shrinking. It’s undoubtedly challenging, but you can weather the storm with the following tips. 1. Study your data Your numbers are always helpful, but in times of rapid inflation, you’ll be especially thankful that you keep a nice, clean set…  Read more

Let’s set our business financial goals for 2023!

Businesses tend to progress more consistently if the owner sets financial goals and makes a plan to achieve them. The new year is a natural time to decide what you want to achieve and how. With that in mind, read on to learn the steps for setting financial goals for your business for 2023. 1. Review and evaluate your 2022 goals You’ve got to see where you’re coming from to…  Read more

Check out our article in The Tradie Mag + OAW Special Offer!

Check out our article in the Dec/Jan 2023 issue of The Tradie magazine. Brett Edmonds and the team here at Oracle Accounting & Wealth are ready to supply all bookkeeping, taxation and business-logistics needs to the ever growing building & construction industry. “Tradies are good at bringing the business in, and this is where their time should be spent, rather than worrying about the books and all the other things…  Read more

OAW Weekly Business Update – 18 January 2023

Welcome back to our Weekly Business Newsletter. Read on for all the latest across the past and coming week. Check out our article in the Dec/Jan 2023 issue of The Tradie magazine! Brett Edmonds and the Team here at Oracle Accounting & Wealth are ready to supply all bookkeeping, taxation and business-logistics needs to the ever growing building & construction industry. Click here to read the full article. For all…  Read more

As cost of living rises again, interest rate hikes are on the cards.

Further hikes in interest rates are expected this year after new figures showed inflation increased again in November. New Australian Bureau of Statistics (ABS) figures have found inflation rose 7.3 per cent over the year to November, as the cost of housing, food and travel increases. The data revealed the inflation rate was back up from 6.9 per cent in October, putting the pressure on the Reserve Bank of Australia…  Read more

Australian home values are declining, largest decline in recent times

Homes around Australia have lost an estimated average of $64,820 in value since May last year according to CoreLogic’s Daily Home Value Index. Between May 2022 and January 2023, Australian home prices saw a decline of -8.40 per cent, breaking the previous record in peak-to-trough declines, when home values fell -8.38 per cent between October 2017 and June 2019. “While the housing downturn between 2017 and 2019 lasted 20 months, the new record-breaking price…  Read more

AustralianSuper upgrade plagued by issues

AustralianSuper continues to be beset with technology issues that are limiting the ability of some customers to access their accounts, nearly two months after a system upgrade sparked ongoing issues at the nation’s largest superannuation fund. The $258 billion fund, which has almost 3 million members, has been working on a rebuild of its online member portal and mobile app for several years, with the new digital platforms going live…  Read more

OAW Weekly Business Update – 11 January 2023

Hope you all had a safe, relaxing Christmas and New Year break! Welcome back to our Weekly Newsletter. Read on for the latest updates and news from the week. AussieSuper upgrade is still causing trouble AustralianSuper had been struggling with technology issues for two months, with the new member portal and mobile app going live in mid-November. China’s Covid woes could negatively affect Australia’s economy A senior economist warns that…  Read more

10 Start-ups worth watching in 2023

It’s been a quieter year for funding in 2022, but that hasn’t stopped young Aussie businesses. This year we saw a huge amount of talent in the start-up sector. Between massive raises, the fight to save the planet and ventures into interesting spaces like death tech and cultured meat — Australian start-ups are firmly putting themselves on the map. Here are some that we’ll be keeping a close eye on…  Read more

David Jones to be back in Australian hands…

Department store chain David Jones will be back under Australian ownership, after being bought by a private equity firm. Anchorage Capital Partners announced it would acquire the 185-year-old brand after reaching an agreement with previous owners, South African-based Woolworths Holdings Limited. Woolworths bought David Jones in 2014 for $2.1bn, but neither group disclosed what the sale was worth. The deal is expected to be completed by the end of March next year.…  Read more

RBA defends rate rise as mortgage holders tipped for more pain in 2023

The Reserve Bank has reserved the right to return to 50 basis point rate rises in the new year, as it delivered an alarming warning to Australian mortgage holders. Earlier this month, the central bank pushed up the cash rate by 25 basis points to 3.1 per cent. The minutes of the board meeting that prompted that decision, released last Tuesday, have revealed governor Philip Lowe and his fellow board…  Read more

OAW Weekly Business Update – 22 December 2022

Welcome back to our Weekly Business Update. Read on for the latest updates from the week. We also wish everyone a very merry, safe and relaxing Christmas and New Year break and we’ll be back next year with all the latest! Kevin Rudd is the next ambassador to the US Kevin Rudd will serve as Australia’s next ambassador to the United States. Anthony Albanese said Rudd’s appointment would strengthen Australia’s…  Read more

Gender pay gap progress stalls…

Australian women are earning nearly $26,000 less than their male colleagues as efforts to close the gender pay gap stall. The latest data released by the Workplace Gender Equality Agency shows the pay gap remains stuck at 22.8%. This means that for the first time, the gap in the 2021-22 financial year was the same as the year before, with women paid $0.77 for every $1 earned by men. Seven in 10…  Read more

4 end of the year financial planning tips

The end of the year is typically a reflective time. Something about that lull between holiday festivities and New Year’s Eve sets the stage for introspection and review. While you’re busy reflecting on the year that’s ending and the new one about to begin, make sure you take some time to consider your finances. Here are some financial tasks that should be on your must-do list before the calendar rolls…  Read more

Reserve bank open to digital currency…but wary

Australia is keeping an open mind on establishing a digital currency, but the Reserve Bank is unconvinced there is a case for it. The central bank is undertaking a pilot program for a digital eAUD currency. While it has attracted significant interest from industry, assistant governor Brad Jones is unsure of its role in Australia. “A strong public interest case would first need to emerge. On balance, we have yet…  Read more

OAW Weekly Business Update – 14 December 2022

Welcome back to our Weekly Newsletter. Read on for the latest updates and news from the week. NSW builder goes into voluntary administration due to rising costs and pandemic effects Elderton Homes, a major New South Wales builder, has plunged into administration after catastrophic weather events, the pandemic, and rising materials costs made business too costly to continue. ABS data shows that payroll jobs are up, and the labour market…  Read more

Youth allowance, Austudy and carer payments to rise

Young people, students and carers will receive the biggest boost to their social security payments in decades on New Year’s Day. Payments will increase by 6.1% from 1 January for people receiving youth allowance, Austudy and carer payments. The increase is part of a routine adjustment to keep up with increases in the consumer prices index. Amanda Rishworth, the social services minister, said the indexation increase would help to lessen…  Read more

Government appears increasingly divided over stage-three tax cuts

Cracks are emerging within the government’s plan to follow through on stage-three tax cuts, as a senior minister claims Australians earning $150,000 a year are struggling. Government Services Minister Bill Shorten – who as Labor leader fiercely opposed the former government’s income tax cuts – said inflation and other cost-of-living pressures were harming Australians earning over the $100,000 threshold. Speaking in defence of the government’s industrial relations reforms, which went…  Read more

OAW Weekly Business Update – 7 December 2022

Welcome back to our OAW Weekly Business Update. Read on for the latest updates from the week. Austudy, carer payments, and youth allowance to get a boost Social security payments for young people, students, and carers will increase by 6.1% on 1 January – the biggest raise in over six decades. Women are 200 years behind men for income equity A new report revealed that Australian women have poorer health,…  Read more

Australians warned of scam deals this Christmas

Christmas shoppers are being urged to exercise extreme caution while buying gifts for family and friends this festive season, with online fraud on the rise. Fake online toy shops , far-too-cheap puppies and text alerts for deliveries you never ordered are just some of the scams expected to do the rounds this year. The assistant treasurer, Stephen Jones, has urged people to shop with a crucial mantra in mind: “If…  Read more

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