OAW Weekly Business Update – 25 January 2023

Colleagues At Business Meeting In Conference Room

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

Some good news for energy prices

After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers.

Rent is coming down in one region

According to SQM Research, rents in Australia are rising at rates not seen in over 30 years, with Sydney rents rising by 30.1 percent over the past year. However, prices have peaked on the NSW North Coast and are trending downward.

Albanese hopes that the worst is behind us

Prime Minister Anthony Albanese expressed hope when he appeared on Today this week, saying that the worst of Australia’s rising inflation has likely passed. Whether or not we’ve dodged a recession remains unclear.

Big bank attracts new customers with an appealing offer, but there’s a catch

Commonwealth Bank has increased the introductory rate on its NetBank Saver by 0.25 percent to 4.0 percent, the highest rate of all the big four banks – but the rate drops to 1.60 percent after five months.

Look to the skies to understand the link between China’s and Australia’s economy

China Eastern is set to resume daily flights from Sydney to Shanghai starting 1 February. The expansion of flights between the two nations, cut drastically from pre-pandemic levels, is a signal of China’s economic rebound – and the good news that could bring for Australia.

5 New Years tax resolutions from the ATO

The ATO has some tips to help you get ahead and sort out your finances ahead of this tax season. Find them here.

A very tight labour market expected to continue

New figures from the ABS show that the unemployment rate remained steady at 3.5 percent in December despite nearly 15,000 jobs disappearing from the economy.

Price of iron ore bolsters the ASX

Iron ore prices continue to experience a surge, with the price of the commodity reaching $124 USD per tonne. The rally is likely due to new market confidence brought on by China’s reopening.

A bear market is bad, and a bull market is good, but what does it all mean?

In times of market uncertainty, certain phrases come to the forefront as we all try to make sense of what’s happening. Get a breakdown of what it all means in the Australian context here.

New ATO digital system met with scepticism from tax agents and clients

The ATO is discussing the digital client-to-agent linking process with several professional association members later this week. The aim is to make it harder for fraudsters to impersonate business leaders and submit fake tax refund claims through their tax agents.

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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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