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.
For all you Tradies and Builders looking to have your books taken care of, or if you know someone who could use an experienced and reliable hand, we have a Special Offer for the first 20 respondents!
Jobs and retail sales more robust than expected
New data from the ABS shows that consumer price inflation picked up in November, leading to higher-than-anticipated retail spending to finish the year.
Rent in cities is higher than ever
Rent has increased by nearly 15 percent over last year in Melbourne and Sydney. The two cities have reached a record high, averaging 550 dollars a week, according to Domain’s Chief of Research and Economics, Nicola Powell.
Australians are ready to build, but there’s nobody to do the work
Building challenges are starting to ease, but finding a tradie is tough. The loss of international workers during the pandemic exacerbated Australia’s pre-existing skills shortage, and demand remains high across all trades.
Government provides further funding for natural disasters
New figures show that last year’s flooding caused a $5 billion hit to the economy, driving an increase in the price of fruit and vegetables and disrupting the mining, agriculture, tourism and construction sectors.
The price of iron ore is on the rise
Iron ore reached its highest price in over 6 months, going for about $121 USD a tonne. As our most significant source of export revenue, it’s good news for the Australian economy.
Brace for more interest rate hikes
Further interest rate hikes are expected in 2023, as new figures from the ABS show that inflation rose 7.3 percent over the year to November as housing, food, and travel costs all increased.
Brambles dominates the shipping pallet industry, but for how long?
Brambles, an ASX-listed company, generates over $5 billion in sales each year from its product – the humble pallet. Everything in your home was shipped on one, but one analyst thinks the market is ripe for disruption.
Would you live in a 3D-printed house?
Ahmed Mahil, CEO of Luyten 3D Concrete Printing, says there are “no constraints with design” for 3D-printed houses, and they can be built in a few days.
Severe poverty is entrenched in Australian society
New Treasure research shows that children born into Australia’s poorest households have “little more than a 10% chance of becoming top income earners in their lifetime.”
Don’t rely on your Gen Z family members to handle cybersecurity for your business
A new survey found that two-thirds of Australia’s small business owners believe tech-savviness equates to cyber-safety skills. As a result, they regularly hand the reins to their younger family members to keep their businesses safe. Learn what to do instead here.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
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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.