OAW Weekly Business Update – 22 March 2023

Plane Flying Over Sydney Harbour Sydney Nsw Australia.

Welcome back to our Weekly Business Update. Read on for the latest updates from the week.

Why Australian banks will come out the other side of the global crisis

According to Reserve Bank of Australia assistant governor Chris Kent, Australia’s banks are “unquestionably strong” and are equipped to handle a prolonged period of market strain. The banks are already well advanced on their bond issuance plans for the year and could defer their issuance for a while.

Government supports another wage rise but won’t say how much

Labor says it supports another wage rise for workers. However, they have been avoiding the question of what they feel that amount should be. The government is currently finalising its submission to the Fair Work Commission’s annual wage review.

Relief as Credit Suisse and UBS strike a deal

Though not out of the woods yet, fundies feel that the UBS-Credit Suisse deal should do a great deal to curb an impending worldwide financial crisis. In an all-share deal, UBS will pay 3 billion Swiss francs ($4.5 billion) for its former rival.

High fares and reduced capacity hurting airline recovery

Sydney Airport’s chief executive, Geoff Culbert, blamed high airfares and reduced airline capacity for stagnant domestic passenger recovery, as the airport reported 2.7 million travellers for February.

4.7 million Australians getting a cash boost to their social security payments

The federal government is doing what it can to support Australians “feeling the pinch”. Singles and couples on the Age Pension, Disability Support Pension and Carer Payment will receive a $37.50 per fortnight increase, while people over 22 without children will receive a $27.40 per fortnight increase.

Recession-proof suburbs do exist

As economists predict Australia could fall into a recession this year, four NSW suburbs have been marked as safe from any potential downturn. Learn where they are here.

Adelaide gets the first mobile phone detection camera

South Australia started a pilot program where cameras are installed on some of the state’s most high-risk roads to reduce driver distraction. Drivers caught using their phones while driving won’t face penalties until next year due to a grace period.

Virgin Australia IPO dampened amid Credit Suisse collapse

Global banking turmoil and share market volatility could cause a delay in the planned initial public offering and relisting of Virgin Australia. It was initially scheduled for June.

Further losses are expected this week for shareholders

Though there are plenty of reasons for optimism as world exchanges try to recover from last week’s turmoil, experts say that shareholders should expect further losses this week.

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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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