Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Small-business complaints to AFCA on the rise
The number of complaints raised by small businesses to the Australian Financial Complaints Authority (AFCA) reached a record high in 2023-24, the agency reported. Small businesses took 4,466 complaints to AFCA in 2023-24, a rise of 17 per cent on the previous financial year.
Australians overcharged billions in illegal merchant fees for federal services
Over the past two decades, Australians have unknowingly paid billions of dollars in illegal merchant fees for federal government services. These charges, levied for using credit and debit cards to pay for essential services such as passports, visa applications, and tax bills, were brought to light in a report by Nine Newspapers.
Copper is critical for the renewable energy transition, but the world is facing a serious shortage
When you check your phone, turn on your kitchen tap or drive your car to work, you’re using copper, a crucial mineral found in all these devices. Copper is also a necessity for renewable energy construction — think electric cars, solar panels, and wind turbines. Yet the world is headed towards a global copper shortage, and an expert says Australia could play a role in meeting the rising demand.
Australia’s economic luck is about to run out
Australia’s decades-long streak of economic resilience might be nearing its end, as shifting global dynamics and internal challenges threaten the foundation of its prosperity. Leith van Onselen, Chief Economist at the MB Fund and MB Super and co-founder of MacroBusiness explores the looming risks that could derail the nation’s economic “luck” and what it means for the future.
Google, Meta urge Australia to delay bill on social media ban for children
ATO urges Aussies to claim $1,000 superannuation payment boost
Aussies could get up to $1,000 paid into their superannuation fund from the government if they are a lower income earner. The Australian Taxation Office (ATO) has reminded Aussies to claim the payments if they are eligible.
E-commerce rebounds ahead of peak season on surging global demand
Online retailers are experiencing a turnaround after a rocky start to the year fuelled by surging international sales heading into the critical holiday shopping season. Third-quarter data from Airwallex’s Digital Economy Index showed a 16.4 per cent year-on-year increase in online spending from consumers, and over an 80 per cent spike in international sales.
Business failure rates soar to COVID levels, food and beverage worst hit
Australian businesses are failing at a rate not seen since the height of the pandemic lockdowns in October 2020. All sectors are affected, but food and beverage services are worst hit, according to the October Business Risk Index (BRI) from CreditorWatch.
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