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Business Update – 11 December 2023

Strategic Wealth Management | 10 Dec 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Jim Chalmers welcomes OECD prediction RBA has reached interest rate peak

The treasurer, Jim Chalmers, has welcomed a projection by the OECD that the Reserve Bank has probably reached its interest rate peak but played down the prospect of the government posting a second successive budget surplus.

$392 million Industry Growth Program open for business

The Australian government has launched a $392 million Industry Growth Program to help start-ups and small businesses commercialise and grow their companies.

New insights on barriers to innovation highlight Australia’s missing band of medium-sized businesses

Improving Australia’s capacity to be resilient and to grow the economy requires more innovative small businesses scaling up to medium-sized businesses, according to a new report released by Industry Innovation and Science Australia (IISA).

Black Friday no “be all and end all” for sales as marketing costs bite

November is often dubbed the new December of retail sales with Black Friday as the jewel in the online crown, but the market has become more saturated in the past year with an increased cost of consumer acquisition.

Understanding Australia’s declining R&D performance

The rate of both business and government R&D has declined over the last decade, despite it being a time when technological change is accelerating. This decline is also an Australian problem, as rates have been stable or increasing in our advanced economy peers. So, what’s going wrong? This Research Note examines the dynamics of Australia’s business R&D performance and focuses on business R&D which accounts for just over half of the national total.

The 40-year-old change that has made the Reserve Bank’s job easier

This month marks the 40th birthday of the floating Aussie dollar, which has helped us steer through some huge crises. But what is it? And how does it help?

ChatGPT celebrates one year: A year of breakthroughs in conversational AI

On November 30, we celebrated the first anniversary of ChatGPT, marking a year filled with remarkable progress since its initial introduction in the research preview phase.

The Australian goose that lays the (multi-billion dollar) iron ore eggs

China’s demand for Australia’s iron ore is the gift which keeps on giving. It took off in the second half of 2005 and has helped to deliver the Australian economy an amazing $1.2 trillion since then.

Major cruise company to pull some ships from Melbourne ports over tax hike

A major cruise ship company will pull two of its largest brands from Melbourne ports to protest an “unreasonable” tax hike. Carnival Australia’s Princess Cruises and Cunard will instead visit other interstate docks from 2025, in a move that will likely have a major impact on the state’s tourism economy.

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