OAW Weekly Business Update – 11 January 2023

2023 0111 Happy New Year Australia 2023

Hope you all had a safe, relaxing Christmas and New Year break!

Welcome back to our Weekly Newsletter. Read on for the latest updates and news from the week.

AussieSuper upgrade is still causing trouble

AustralianSuper had been struggling with technology issues for two months, with the new member portal and mobile app going live in mid-November.

China’s Covid woes could negatively affect Australia’s economy

A senior economist warns that China’s surging Covid cases could cause trouble for Australia’s economy and that rising interest rates could see Australia’s inflation rate rise again throughout 2023.

Migration levels struggled during the pandemic, but there are signs of hope

New data from the Centre for Population found that Australia has lost 473,000 potential migrants due to Covid-19 but that net inward migration is now on track to rebound to pre-pandemic levels.

Is Twitter going the way of MySpace?

Elon Musk’s antics during his takeover of Twitter have attracted some new fans and more engagement, but the amount of time spent on the app is trending downwards. If it continues, then Twitter has already peaked.

Labor’s industrial relations reforms are now active

As of January 7, employers are prohibited from listing pay rates below minimum wage, which would breach the Fair Work Act. They face fines of up to $16,500 for breaking the new rules.

Home values are declining almost everywhere

According to CoreLogic Australia’s Head of Research Eliza Owen, home values will continue to decline this year, and the housing downturn will likely carry on until interest rates stabilise.

Perth properties are bucking the downward trend

The Real Estate Institute of Western Australia (REIWA) predicts moderate growth of between 2 and 5 per cent in Perth’s house prices over the next 12 months, reflecting the cautious optimism of property analysts.

Swyftx’s Earn shutters quietly over the Christmas break

Australian cryptocurrency exchange Swyftx announced the closure of its Earn product. Earn was first launched in May 2022 and allowed users to earn daily interest on specific cryptocurrencies and stablecoins by loaning them to Swyftx.

Millennials are not leaning right as they age

Across the English-speaking world, voters tend to vote left when they’re young and shift to the right as they get older. Millennials are doing the opposite.

10 start-ups to watch in 2023

Australia’s start-up sector has seen tremendous talent, with many ventures into interesting spaces like death tech and cultured meat. You can find SmartCompany’s list of the top 10 startups to watch in 2023 here.

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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.

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