Welcome back to our Weekly Business Update. Read on for the latest from the past week. RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay the same until 2024. Workers should expect to earn… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. More than one-third of Australians experiencing financial hardship New data from NAB has revealed that a third of us are really feeling the pinch – with some unable to pay bills. The bank encouraged those struggling to seek help early if having trouble paying on time. The “buy now, pay later” free-for-all… Read more
Welcome back to our Weekly Business Update! Read on for the latest headlines and news from the week. Commonwealth, ANZ, and Westpac ordered to pay up Up to one million customers could be eligible for compensation from the big banks after a major class action win. The lawsuit was over consumer credit insurance which customers were sold while taking out personal loans and credit cards. VOLY quietly deletes social media… Read more
Welcome back to our Weekly Business Update full of the latest news from the week. ASX inches up after news of strong US jobs report The stock markets opened the week strong, with the ASX climbing after the most recent US jobs report. Stock markets around the world followed suit. Senators launch inquiry over phoenix operations The illegal practice of “phoenixing” costs the economy between $2.85 billion and $5.13 billion… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates from the week. ASX rises in anticipation of RBA rate hike The stock market rallied a bit on Monday in anticipation of the latest rate hike from the Reserve Bank. The performance mirrored other world markets, with many investors hoping that the end of runaway inflation is in sight. Why grocery staples cost more New data from… Read more
Welcome back to our Weekly Business Update. Read on for the latest updates and news from the week. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending to be slashed After an audit of… Read more
Welcome back to our Weekly Business Update. Rental market still under considerable stress At the beginning of 2020, a mass exodus of people from Australia as borders closed led many to believe that the pressure on our housing market would be alleviated. However, the opposite has happened, with rents still sky high across the country. Stage three tax cuts explained With the federal budget just days away and calls to… Read more
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… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and news from the week. Renewed hope for small business sector New data from Xero and the Australian Bureau of Statistics suggests that small businesses are doing better than before, but economists warn there may be more beneath the promising numbers. We have more millionaires than ever before According to Credit Suisse’s most recent annual Global Wealth Report,… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and events from the past week. Permit and dining fees set to return to Melbourne To ease the burden of the pandemic, the city allowed alfresco dining options at restaurants without having to pay a fee. Now that business is bouncing back, Melbourne is seeking to reestablish the permits traditionally required after waiving $2.36 million worth of fees… Read more
Welcome back to our Weekly Digest. Read on for the latest weekly updates! Unprecedented rental demand could affect interest rates As the RBA raises the cash rate to ease inflation, the astounding rise in rent prices will begin to factor into the inflation data – leading to higher interest rates. Air New Zealand flies nonstop from Auckland to New York for the first time It’s the first nonstop AKL-JFK flight,… Read more
Welcome back to our Weekly Digest. Read on for the latest updates from the week. Public holiday may hurt small businesses, critics say The Government announced that Australia will observe a public holiday on September 22 to mourn and honour Queen Elizabeth II. However, not everyone is enthused – critics say that a forced closure will be hard on already-suffering businesses. Summit makes it clear that we need more women… Read more
Welcome back to our Weekly Digest. Read on for the latest updates from the week. Property values experience biggest drop in nearly 40 years In August, Australian property values suffered their biggest monthly drop since 1983 as the market’s downturn accelerated. Every capital city apart from Darwin is now in a housing downturn. Large percentage of ParentsNext facilitators filing false claims Job agencies running the federal government’s ParentsNext welfare scheme… Read more
Welcome back to our Weekly Digest. Read on for the latest updates during the past week! Consensus emerging on how to fill gaps in the workforce Big business is calling for a two-year boost to the annual migration intake of 220,000 for all jobs earning more than $90,000. Qantas optimistic despite posting loss Qantas revealed its full-year results last week – a $1.86 billion loss. Despite the poor showing for… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Sellers still making massive profits despite interest rate rises New data from PropTrack has revealed the suburbs where sellers are still making a lot of money off of selling their homes. As interest rates started to climb in May, property values have decreased, but some areas are holding steady.… Read more
Welcome back to our Weekly Digest. Read on for the latest news and headlines over the week! Economist predicts rising interest rates will soon finally ease Independent economist Saul Eslake predicts that interest rates will settle somewhere around 2.5% by the end of the year. Vegetable prices set to get back on track Growers are reporting that they are starting to catch up after flooding devastated farms in large areas… Read more
Welcome back to our Weekly Digest. Read on for the latest updates. Markets continue to wobble The ASX followed Wall Street’s shaky lead last week, closing flat. Traders are reacting to a handful of uncertainties including surging inflation, recession fears, ongoing supply chain issues, and record low unemployment. What rising interest rates mean for those who don’t have a mortgage It’s no secret that interest rates have been steadily rising,… Read more
Welcome back to our Weekly Business News. Read on for the latest updates. The surprising reason people are turning to meal kits A new study revealed that with rising prices, up to 90% of supermarket shoppers will make an impulse purchase if something they didn’t plan to buy is on sale. Some Australians have found that switching to meal delivery kits actually saves money on their weekly shop to avoid… Read more
Welcome back to our Weekly Digest. Read on for the latest updates. Mortgage payment struggles lie ahead for homeowners RBA Deputy Governor Michelle Bullock estimates that 30 percent of homeowners will struggle to make mortgage payments as interest rates rise. Payment increases of 40 percent may be seen among homeowners who took advantage of record low fixed rates just five years ago. Job market may be affected by economic uncertainty… Read more
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… Read more