Business Update – 22 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
What an American recession means for Australia
What exactly does it mean for Australia if the United States is headed for a recession? Sky News breaks it down here.
ASX continues to drop
Most of Australia’s biggest companies continued to see major slides in the stock market last week, with a 2.5 per cent value drop overall.
Number of people involved in fake GST claim scam continues to balloon
A dozen arrest warrants have been issued for a viral tax scam that has allowed Australians to swindle over $1 billion in fake GST refunds. The ATO has put 70,000 people on notice for the scam, which spread via Facebook and TikTok.
We’ve all lost $3,500 on average
As interest rates rise, Australians have lost a significant amount of money in reduced super and property values and, to a lesser extent, crypto.
July 1 legal changes for businesses, what you need to know
A roundup of the changes coming for the new financial year can be found here.
Homes standing vacant amid severe housing shortage
Over 87,000 properties in Queensland are likely empty, new figures from the Australian Bureau of Statistics show. The shocking number comes amid the worst housing crisis ever, with shelters packed and many renters forced out of their homes.
Ministers to meet this week to address power crisis
Federal and state energy ministers will consider financial support for small businesses facing massive gas price spikes. The power crisis has hit small and medium businesses especially hard.
Government promises more help coming after minimum wage increase
Prime Minister Anthony Albanese is promising the 5.2 per cent minimum wage increase is “just the beginning.” The Fair Work Commission handed down the inflation-beating increase earlier this week.
Shared equity scheme means more people will be able to buy a home
A new NSW government scheme makes home ownership more attainable for some. Single parents and older singles, as well as frontline workers like teachers, nurses and police, will be able to buy their home with just a two per cent deposit.
Some people angered over light show amid electricity crisis
The Vivid Sydney light show has been allowed to continue as-scheduled, even after politicians and regulators urged Sydney residents to conserve their electricity and switch off appliances or risk blackouts.
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