Blog

As mortgage rates continue to rise around the globe and are widely tipped to keep increasing into 2023, there are a great many analyses on how different nations may end up faring amid this challenging environment of higher interest rates and high inflation. While different methodologies produce slightly different results depending on the approach taken, there are two findings that are consistent regardless: Australia is one of the worst placed nations in…  Read more

Reserve Bank governor Philip Lowe has apologised to Australians who may regret taking out a home loan off the back of guidance that interest rates would remain unchanged until 2024. Appearing before a Senate estimates hearing on Monday morning, Dr Lowe said it was “regrettable” that the RBA did not make it clear the commentary was conditional on the state of the economy. “I’m sorry that people listened to what…  Read more

Welcome back to our Weekly Business Update. Read on for the latest from the past week. RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay the same until 2024. Workers should expect to earn…  Read more

The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the previous 12 months.…  Read more

The holiday season is typically busy, whether you run a retail business or a service-based one. If you’re not helping shoppers, you’re helping your clients fit in their appointments before year end. There’s a lot to do and the time passes quickly. Take this opportunity to show clients and customers how much you appreciate their business. After all, it’s less expensive to retain existing clients than it is to attract…  Read more

Real Australian wages are contracting at a record rate, with the wage price index increasing in the September quarter at less than half the pace of headline inflation, official data shows. The WPI came in at an annual rate of 3.1%, far shy of the 7.3% pace of consumer price increases for the period, the Australian Bureau of Statistics (ABS) said. The gap of 4.2 percentage points eclipsed the previous…  Read more

Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. More than one-third of Australians experiencing financial hardship New data from NAB has revealed that a third of us are really feeling the pinch – with some unable to pay bills. The bank encouraged those struggling to seek help early if having trouble paying on time. The “buy now, pay later” free-for-all…  Read more

Australians wanting to use a “buy now, pay later” service like Afterpay or Zippay could soon require a thorough financial check similar to getting a credit card. It’s one way the federal government is considering an overhaul of the system in order to protect customers from getting into “debt spirals” as a result of the interest-free credit system that has little checks and balances in place. Finance Minister Katy Gallagher…  Read more

Welcome back to our Weekly Business Update! Read on for the latest headlines and news from the week. Commonwealth, ANZ, and Westpac ordered to pay up Up to one million customers could be eligible for compensation from the big banks after a major class action win. The lawsuit was over consumer credit insurance which customers were sold while taking out personal loans and credit cards. VOLY quietly deletes social media…  Read more

Hundreds of thousands of Australians could be eligible for compensation after a major class action win against Australia’s biggest banks and their insurers. Law firm Slater and Gordon reached settlements with Commonwealth Bank (CBA), ANZ and Westpac worth a combined $126 million over consumer credit insurance which customers were sold while taking out personal loans and credit cards. Many customers who were sold insurance were ineligible or unlikely to make…  Read more

The holidays are officially upon us, and chances are you’re starting to feel a bit spendy. It’s only natural. We want to spread that feeling of good cheer around by buying presents for those we love. There’s nothing wrong with that, but keep your pocketbook in mind. Nothing kills the joy of the season like a giant credit card bill come January. Keep your spending in check by following these…  Read more

Nervous home buyers are holding back at auction because they are worried about their new property being worth less money in the future as the housing market falls. Buyer confusion about how much to spend and the uncertain outlook for interest rate rises have also led to a string of homes passing in and selling after. The preliminary auction clearance rate in Sydney was 66.8 per cent this weekend, its…  Read more

Welcome back to our Weekly Business Update full of the latest news from the week. ASX inches up after news of strong US jobs report The stock markets opened the week strong, with the ASX climbing after the most recent US jobs report. Stock markets around the world followed suit. Senators launch inquiry over phoenix operations The illegal practice of “phoenixing” costs the economy between $2.85 billion and $5.13 billion…  Read more

The cost-of-living crisis has hit Aussies hard in their wallets – and now in their pantries and stomachs too, it seems. Shoppers have accused Australian food companies and supermarkets of “shrinkflation”, the practice of charging the same price for a smaller quantity or serving. Cereal and dip companies, burger chains and cafés have been gradually decreasing the size of products and meals without a price reduction, according to some Reddit sleuths. The changes have been…  Read more

The holiday season is without a doubt the busiest time of year for many retail businesses. It’s a great opportunity to showcase all that you have to offer and bring in new products to see how they do. But, the excitement probably wears off when you think about managing all that inventory. Don’t despair. With a bit of preparation you can manage your inventory during the holiday season, and glide…  Read more

House prices across the nation have continued to fall despite the spring selling season getting underway. Prices have fallen by 0.06 per cent nationally, with a 0.11 per cent drop in Australia‘s capital cities according to PropTrack’s Home Price Index, the smallest fall since the March peak. Hobart and Canberra led the declines with 0.46 per cent and 0.37 per cent dips respectively, followed by Sydney at 0.21 per cent.…  Read more

Welcome back to our Weekly Business Update. Read on for the latest updates from the week. ASX rises in anticipation of RBA rate hike The stock market rallied a bit on Monday in anticipation of the latest rate hike from the Reserve Bank. The performance mirrored other world markets, with many investors hoping that the end of runaway inflation is in sight. Why grocery staples cost more New data from…  Read more

Finally there are some facts to bring to the table in the never-ending argument between millennials, boomers and gen Xers about who had it worse. The Australian Bureau of Statistics has taken census data for baby boomers in 1991, when they were aged 25 to 39, generation X at the same age in 2006 and millennials in 2021, and compared where they were at in life. Defining generational cohorts Baby Boomers Generation…  Read more

Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending to be slashed After an audit of…  Read more

There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you have it, that is…  Read more