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Welcome back to our Weekly Business Update. Read on for the latest updates from the past and upcoming week.

Albanese not backing down on tax cuts

On Monday, the Prime Minister confirmed that he would not be changing his mind and would go ahead with the contentious Stage 3 tax cuts by the May 2023 budget. The tax cuts are largely beneficial for the wealthiest Australians.

Banks pass along the cost to borrow to the customer

All of the Big Four banks have moved to raise their interest rates following the RBA’s recent sixth consecutive interest rate rise. The changes will be in place for all by October 18.

Rising interest rates to cause financial stress

Speaking of rising rates, the Reserve Bank has warned that it’s going to be difficult for some people to pay their debts. Following the twice-yearly financial stability review released on Friday, an RBA spokesperson said that though the job market is strong, income growth has not kept up with inflation.

Signs that Aussie businesses are gaining traction

New figures from the Australian Bureau of Statistics indicate that businesses are back on track. A number of key industries experienced an increase in their monthly turnover, suggesting increased shipping and importing activity.

Mortgages are out, small business loans are in

Small business loans are outpacing mortgages for the first time in decades, suggesting the conditions for small business are currently strong.

Calls for radical change grow louder as rents skyrocket

Greens leader Adam Bandt is calling on the federal government to freeze rent increases across the country as people grapple with the cost of living crisis. Rent increases are fast outpacing wage increases, and supply is nil, making it impossible for many people to find a place to live.

Pay rises come into effect this week

The increase will benefit minimum-wage workers in key industries and is the result of a decision made in June to help with the ever-increasing cost of living.

Macca’s Burger Challenge launched to try to find workers

McDonald’s has released an interactive video game in an attempt to attract workers to fill more than 14,000 vacancies in its Australian restaurants. The burger-building game is meant to give potential employees a glimpse of what it’s like to work at McDonald’s.

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Disclaimer

The information in this newsletter / factsheet is factual but general in nature. It should not and is not to be construed as advice at any level whatsoever. Because it contains general information that has not been tailored to your personal circumstances it may not be suitable information for you. You must always seek personal financial or taxation advice prior to acting on this information. Further, as many of the comments in this newsletter / factsheet are general in nature, anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.