OAW Weekly Business Update – 15 February 2023

2023 0215 Oaw Weekly Business Update

Welcome back to our Weekly Newsletter. Read on for the latest news & updates.

RBA governor’s statement met with confusion

Philip Lowe will appear before the senate this week to answer for the RBA’s rate hike strategy. Last week, he said that further interest rate hikes would be necessary to tame inflation, leaving observers confused as it seems to have already peaked.

Faster internet is on the way

Millions of Australians will benefit from the government’s $2.4 billion funding boost to the NBN.

ATO seeks to boost the use of eInvoicing

eInvoicing is a digital system that allows businesses to send and receive invoices through their accounting software, eliminating the need for physical documents, scanned papers, or PDFs. However, less than 1% of businesses have adopted it.

Households spending power decreased due to inflation

Middle-income households are major drivers of the nation’s economy, spending over $1 trillion annually. However, the cost of living has increased significantly, increasing spending on necessities by 23 percent. That means less money to spend on anything else.

Homeownership becomes less likely the younger you are

Most Australians spend much of their working lives pursuing home ownership. Yet, many millennials still pay sky-high rent for small rooms. Owning anything has become further out of reach for each generation.

Real estate auctions pick up again

After a severe lull following the pandemic, auction volumes are gaining steam once more. The increase is attributed to the end of a holiday lull and stabilising real estate prices.

Money laundering is alive and well in Australia

Due to a lack of scrutiny and regulation in some professions, Australia is a facilitator for money laundering. Real estate is a popular vehicle for the shadowy practice, with few government regulations in place to prevent it.

The government seeks SME thoughts on payment times

Small Business Minister Julie Collins is urging small and medium businesses to share their thoughts for a government review regarding accelerating payment times between major companies and their suppliers.

Disney cutting 7000 jobs

Reinstalled Chief Executive Bob Iger is seeking to cut $5.5 billion USD from its annual costs to drive profits. He is also under pressure to make Disney+ profitable and find new ways to monetise the Disney catalogue.

UNSW psychiatry professor seeks to redefine burnout

Gordon Parker, the founder of the Black Dog Institute, argues that burnout is not just a syndrome resulting from chronic workplace stress that has not been successfully managed. Instead, it’s a more wide-ranging condition that must be redefined to learn how to prevent it.

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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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