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Welcome back to our Weekly Business Update – stay in the know with some recent news updates relevant to business and the economy.

Suncorp forced to pay back $32 million to underpaid employees

Suncorp’s insurance arm paid $32m to over 15,800 underpaid staff for not paying them the minimum wage. Read More

Australian inflation is stubbornly high. Some countries don’t have that problem

There is no one underlying cause of inflation across different nations, but Australia could look to emulate Japan and Switzerland’s approach to regulating prices in vulnerable parts of the economy, such as the housing market, suggests RMIT associate professor of economics Bilgehan Karabay.

Conflict of interest should kill off the big four consulting industrial complex

There’ll be more McKinseys, more PwCs, as long as large consultants are used by governments. And public servants are either unwilling or unable to prevent it says Bernard Keane.

Rising prices could push buyers out of Brisbane and Gold Coast suburbs

Property prices in Brisbane and Gold Coast suburbs are rising, making it difficult for buyers to enter the market. This could lead to buyers being pushed out of these areas, as they are unable to afford the prices.

Checkmate, Perth-based Online Shopping Business, Secures $15M Funding from Global Sources for Consumer Technology Expansion”

Do you love online shopping but hate the endless search for discount codes?. Checkmate, the startup aiming to end the frustration of code hunting, just secured another $15 million in Series A funding. Checkmate’s founders, Australian-born Harry Dixon, Rory Garton-Smith, and Elliot Rampono, have big plans..

What to consider when using Chinese shopping app Temu

Temu is a Chinese app that provides security services to its users. It uses facial recognition technology to identify and authenticate users, and also provides a secure messaging service. It is currently being used by over 100 million people in China and is expected to expand to other countries in the near future. Is it risky?

More Australian businesses are embracing Essential Eight

More Australian businesses are adopting the Essential Eight, a set of cybersecurity strategies developed by the Australian Signals Directorate. These strategies are designed to protect businesses from cyber threats and reduce the risk of data breaches. The strategies are being adopted by businesses of all sizes, from small to large.

7 Unofficial indicators that could help us make sense of the economy

Can these seven unofficial indicators help people understand the economy? A light hearted look at these indicators including Big Macs, Champagne, Lipstick, Men’s underwear, Library Visits, Christmas, and even the iconic Sausage sizzle.

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Disclaimer

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.