Business Update – 1 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
ASX carries momentum into a new week
The local sharemarket started the week at a three-week high, coming off a rally from last week. Tech and payment firms were among the industries leading the charge.
Bubs jumps 80% as deal struck to aid US
Baby formula manufacturer Bubs Australia soared in value after an agreement was reached on the weekend to send 1.25 million tins of baby formula to the United States. A bacterial infection forced the country to close a major formula manufacturing plant, leading to widespread shortages.
AGL demerger fails, top brass resigning
AGL Energy, Australia’s biggest polluter, has abandoned its plans to split the company’s assets, which would have allowed them to continue burning coal for 20+ years. Mounting opposition from shareholders forced the decision.
Analysts disagree over how rising interest rates will affect inflation
Up until the pandemic, short-range predictions among analysts typically did not diverge very much. However, there is now a broad range of guesses as to what measures are needed to bring inflation under control as interest rates continue to rise.
Power bills set to surge 18%
Anthony Albanese is set to face his first major hurdle as Prime Minister as petrol prices are about to soar. Meat, fruit, and vegetable prices could all follow suit in the coming months.
NAB enters buy now, pay later space
National Bank of Australia announced that it is launching a new buy now pay later service, in an attempt to take a bite out of competitors such as Afterpay and Zip Co. Unlike those services, NAB is advertising no late fees, no account fees, and no interest.
Social housing at crisis point as demand far outstrips supply
A new study has found that low-income households are facing decade-long wait times for social housing, and the worst is likely still to come.
Crypto donations subject to tax regulations
The ATO has published a list of guidelines for those wishing to donate crypto assets. An overview can be found here.
Passport applications face huge delays
Australians are experiencing waits of up to 3 months to receive passports. Many people are reporting that they cannot get through to the APO to check the status of their applications.
Retailers seek seniors to address labour shortages
The Australian Retailers Association (ARA) is calling on the government to make retail work exempt from Age Pension income test, as the industry faces its biggest employee shortage in half a century due to a lower inflow of international students and working holiday makers.
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