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Business Update – 11 October 2023

Strategic Wealth Management | 10 Oct 2023

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

‘No rate cuts’: Horror call on Aussie economy

Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest degree in relative terms in Australian history, this is perhaps unsurprising.

‘Is my employer allowed to monitor my computer use?’

There’s a new way workplaces are tracking their employees – but it’s worth checking your contract to see if it’s illegal.

Experts say Australia at 1-in-3 risk of hitting recession next year

While Australians will be breathing easy after the Reserve Bank kept interest rates on hold for the fourth consecutive month, some experts are warning there is a chance the economy could fall into recession next year.

ATO residential rental properties working group

The Australian Taxation Office (ATO) is seeking expressions of interest from individuals to join the Residential Rental Properties Working Group, and calling for nominations from tax practitioners and professional industry associations to join and bring their experience and perspective to the our group.

‘Missed the mark’: Victoria’s new property tax criticised for targeting Airbnbs

The Victorian government has “missed the mark” with its new property tax which targets Airbnb and holiday homes, says Airbnb Australia Head of Policy Michael Crosby. Mr Crosby’s comments come after Victorian Treasurer Tim Pallas announced the new tax.

Retailers brace for challenges amid $2.9b online spending dip

The Q3 Digital Economy Index from Airwallex has revealed a significant drop in nationwide online spending, totalling $2.9 billion year-on-year (YoY).

Companies surprisingly busy despite slowing economy

Australian businesses remain in pretty good shape but stubbornly high costs for shipping, fuel and labour suggest inflation is lingering

Sheds go high as demand for e-commerce booms

Limited space and strong demand will see a significant push to develop high-rise industrial warehouses in major cities across the next three years, major investors have said.

Super objective remains rejected

The Institute of Financial Professionals Australia (IFPA) has again rejected the proposed objective of superannuation the government has put forward and maintained its opposition to having to legislate an official purpose for the country’s retirement savings.

Australians Hit With ‘Staggering’ Car Insurance Cost Rises

Australians pay 47 percent more than they did five years ago for car insurance, surging to an average cost of $1,472 (US$930) per year, or $123 monthly, according to a new car insurance report.

Superannuation tax targets balances of more than $3 million

Superannuation balances of $3 million or more will be targeted with a tax hike under new legislation released for discussion this week.

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Postal address: PO Box 497 Hurstville BC, NSW 1481