Business Update – 20 July 2022
Welcome back to our Weekly Digest. Read on for the latest updates from the past week.
20-year comparison shows how drastically the housing market has changed
At the turn of the millennium, the median age of first-time homebuyers was 24.5 years, with mortgages generally taken out on 20-year terms. Today, the median age has risen by at least ten years and 30-year terms are commonplace.
China pleased by recent deal with Australia in its own currency
A ship of Australian iron ore arrived in China’s Shandong province last week – and was paid for in Chinese yuan instead of in US dollars.
Rent reaches a new high
The rapid increase in rental rates across Australia has many wondering – if your landlord increases your rent, how long must they wait before they can do it again?
Aussie creativity on full display at tax time
Australians are always looking to save money on their taxes, and some get very bold and creative with their deductions. A round-up of recent deduction attempts can be found here.
ANZ to acquire Suncorp’s bank
A deal between ANZ Banking Group and Suncorp worth $4.9 billion is expected to go through this week.
Money isn’t the only barrier to entering the housing market
Even after saving a deposit, getting into the housing market for first-time buyers typically takes several months due to ever-changing variables and other factors.
The surprising way people are making ends meet
With the cost of groceries skyrocketing, unexpected populations are turning to dumpster diving to fill their pantries. There are even Facebook groups dedicated to the practice.
Crypto company owes its users billions after crash
Celsius CEO and founder Alex Mashinsky said last week that its cryptocurrency lending platform Celsius Network owes its 1.7 million users billions of dollars.
Senior has to drive 250km to keep welfare benefits
A 63-year-old woman needs to make a 250km round trip to meet her mutual obligations and keep her benefits under the new Workforce Australia program. Others across the country have spoken out stating similar unreasonable requirements.
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