Your Weekly Business Update – 12 October 2022
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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