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

Australian shares follow Wall Street’s lead after jobs data calms recession fears

A week after US jobs data sent global financial markets into a panic, a strong rally on Wall Street has seen the S&P 500 record its best day since November 2022 — erasing almost all of the losses from earlier last week.

RBA Holds Interest Rates Steady at 4.35%, Warns of Potential Hikes to Control Inflation

The Reserve Bank of Australia (RBA) has granted mortgage holders a temporary reprieve by keeping the official cash rate steady at 4.35 percent, a level it has maintained since November of last year.

3G network switch off will affect some 4G devices too

Since 2019, Australia’s mobile network operators have been preparing to switch off their 3G networks to boost the capacity, speed and reliability of their 4G and 5G networks. Telstra will switch off its 3G network on 31 August 2024, and Optus from 1 September 2024.

Qantas reroutes Perth-to-London flights to avoid Middle Eastern airspace as threat of conflict intensifies

Qantas’ direct service between Perth and London will be rerouted through Singapore, as fears of air strikes in the Middle East intensify.

Government to fund pay rise for early childhood educators – as long as childcare centres limit fee increases

Childcare providers have backed the federal government’s plan to fund a 15 per cent pay rise for early childhood education workers. The wage increase will occur over two years and be tied to a commitment from childcare centres to limit fee hikes.

Seven common financial mistakes to avoid

Running a small business from home comes with many challenges, especially when it comes to budgeting and managing resources. One of those challenges can be the cost of setting up a home office, whether it be as a sole-trader or as a business with multiple employees. Luckily, there are ways to reclaim some of your costs at tax time.

Gold medal investment in our elite athletes

A record $283 million in new funding will flow to our elite athletes, coaches and support staff over the next two years in a historic show of support on the path to Brisbane 2032.

ASBFEO launches Small Business Pulse

Earlier in August, the Australian Small Business and Family Enterprise Ombudsman launched a new quarterly index. The Small Business Pulse will capture how small businesses are faring across three broad areas. These areas are sentiment, business transformation, and business operation.

Australia’s lithium industry bearing brunt of supply cuts

Arcadium Lithium (ALTM.N), joined a growing list of producers reviewing lithium operations in Australia amid a rout in prices for the battery raw material that is expected to result in more production cuts.

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