OAW Weekly Business Update – 24 May 2023
Welcome to our Weekly Business Update – stay in the know with recent news updates relevant to business and the economy.
First Aussie social media platform for business owners launched
A new social media platform, called ‘Business Connect’, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with other business owners, share ideas, and access resources. It also provides a platform for businesses to promote their products and services.
Do you have a pre-2010 employment agreement
The Australian Tax Office (ATO) reminds employers that they may have pre-2010 employment agreements in place that are still legally binding. These agreements may include entitlements such as leave, overtime, and redundancy payments. Employers should review their agreements to ensure they are compliant with current legislation.
Major change to buy now, pay later schemes
The Australian government is introducing a new system to regulate buy now, pay later services, treating them like credit cards. This will include a ban on late fees, a minimum repayment requirement and a cap on the number of services a customer can use. The aim is to protect consumers from irresponsible lending.
RBA hints more rate rises ‘may be required’
The Reserve Bank of Australia (RBA) has stated that further rate increases may be necessary in order to keep inflation in check. The RBA has also noted that the current rate of 1.5% is still low and that the economy is in a good position.
Government did not have ‘proper consultation’ with peak bodies prior to IR reforms
The government has been criticised for not consulting with peak bodies prior to their industrial relations reforms. This has been seen as a lack of respect for the organisations and their members, and a lack of understanding of the issues they face.
Angus Taylor Declares Rising Inflation is Due to Federal Government Decisions: The Cost of Living Crisis in Australia
Angus Taylor has declared that rising inflation in Australia is due to decisions made by the Federal Government. This has caused a cost of living crisis in the country.
Childcare will be cheaper in Australia from July. Could it ever be free?
From July, childcare in Australia will become cheaper, with the government introducing a new subsidy system. This will replace the current system of childcare rebates and will be means-tested, with the amount of subsidy varying depending on family income. The government has not yet discussed the possibility of free childcare.
Bunnings’ shorter working week trial sparks questions
Bunnings has announced that it will be trialling a four-day work week for its staff in an effort to improve work-life balance. The trial will involve a select group of employees and will involve a reduction in hours, but no reduction in pay. The trial is part of a larger effort to improve the wellbeing of Bunnings’ staff.
Big Change to Aussie student loans
The Australian Government has changed the repayment thresholds for HELP loans due to inflation, meaning that those earning over $45,881 will now have to start repaying their loans. This change will affect over 1.2 million Australians and will help to reduce the national debt.
Rising Unemployment Rate
The Australian Bureau of Statistics (ABS) reported that the unemployment rate rose to 7.3% in April, up from 6.4% in March. This is the highest rate since August 2020 and is the result of the COVID-19 pandemic. The ABS also reported that the number of employed people decreased by 39,100 in April.
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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.