OAW Weekly Business Update – 26 April 2023
Welcome back to our OAW Weekly Business Update. Read on for the latest news from the week.
Why the RBA should not use interest rates to target the housing market or debt
A panel reviewing the Reserve Bank of Australia RBA has recommended against using interest rates to target the housing market or address concerns about high levels of debt held by Australians.
Collaboration to bring more EV charging stations
The Australian government and NRMA are collaborating to install electric vehicle charging stations across the country along highways to prevent battery depletion, but the opposition has raised some concerns.
Local shares and the Australian dollar drop ahead of Anzac Day
The Australian share market has experienced a decline, primarily due to a drop in iron ore prices, while investors await the latest consumer inflation data, which is due to be released later this week.
Melbourne childcare company accused of “price gouging”
A Melbourne parent has accused Explorers Early Learning childcare company of “price gouging” after experiencing a series of “significant” fee hikes, with prices increasing by $29 per day in just two years.
2 in 3 Aussies believe it will never be possible to own a home
The concerning statistic highlights the cost of living crisis and is particularly pronounced among lower middle-class families.
Tradies set to lose instant write-off on utes under Budget changes
Tradies will no longer be able to immediately write off the cost of their utes as small businesses will have to pay more taxes under changes to the instant asset write-off measures that will take effect soon.
Review finds RBA board had “limited challenge” to executive, recommends overhaul
A review of the RBA has found that its board provided “limited challenge” to the RBA executive and had a skill set mismatched to the complex economic environment. The review recommended creating a specialist monetary policy board to set interest rates, which reflects its criticism of the existing board structure.
Popular Australian restaurant chains under threat due to cost-cutting measures
Rumours are circulating that several beloved restaurant chains in Australia, including El Camino Cantina, Fratelli Fresh, and Munich Brauhaus, may be in danger of closing as part of cost-cutting measures. See if your favourite is on the chopping block here.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.
We would also greatly appreciate your support by following us on Facebook, Linkedin, Instagram-Oracle and Instagram-Kountable for more great tips, support and the latest tax news and headlines!
Oracle Accounting & Wealth is located at Suite 31, 89-97 Jones Street ULTIMO NSW 2007. Phone: 02-9715 2977
Liability limited by a Scheme approved under Professional Standards Legislation.
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.