Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Business confidence nudges up across Australia
The Roy Morgan Business Confidence index was 95.1 in July 2024, up 3.6 points from a month ago and up 7.6 points from the same month last year. It comes after Stage 3 income tax cuts to consumers boosted the spending power of millions of Australian taxpayers, according to the Australian research firm.
Petrol prices at a 13-month low
Petrol prices have dropped to their lowest levels in 13 months across several capital cities. Following peak prices of up to 230.6c in mid-April and early May, petrol prices in all capital cities have fallen dramatically.
Australia’s economic growth slows as unemployment rises
From cars to coffee machines, here’s how Australian spending habits are weathering the high cost of living
Many Australian businesses are feeling the pinch as customers can no longer afford the armchairs, gadgets, clothing brands and new bathrooms they could before the cost of living shot up. But spending patterns remain uneven, and at times counterintuitive, leading to a mixed corporate earnings season marked by subdued but not collapsing demand.
Fresh warnings Australia’s economy could be on path to recession
Deloitte says the private sector has entered an external hiring freeze as 100,000 Australians are expected to hit unemployment queues. The deterioration in the unemployment rate has some economists signalling a recession is imminent without immediate government support.
Australian businesses face cash flow and credit challenges
CreditorWatch has released their Business Sentiment Survey that highlighted Australian small businesses are significantly disappointed with their current levels of working capital. The survey results demonstrated a “stark contrast” between large and small businesses regarding their cash flow satisfaction.
Business failures set to increase across the country
Aussie businesses are doing it tough and, according to recent forecasts, it’s only set to get worse as business failures are expected to rise nationally. CreditorWatch’s July Business Risk Index (BRI) has revealed that 87.2 per cent of Australian regions will experience an increase in business failure rates over the next 12 months. If you’re struggling, reach out to us for help today.
Don’t focus on the wrong superannuation number
At the end of each financial year, the top-performing super funds over the past 12 months are put in the spotlight, leading many people to question whether they should be rolling over into this ‘top performing’ fund. While it is always encouraging to see people take an interest in their superannuation and seek to engage more with it, it is important not to focus on the wrong numbers.
Do you understand your payroll obligations?
As an employer, keeping on top of payroll can be tricky. The ATO has a summary to help you stay on top of your payroll requirements.
Mental health support for business owners
Ahead for Business helps small business owners take action on their mental health and wellbeing through personalised resources and tools tailored to their specific needs.
Australia’s digital economy forecast to grow by a third in five years
Analyst firm Forrester estimates the Australian digital economy to grow from US$146 billion, to US$195 billion in 2028. This puts Australia in the 12th spot globally, behind Spain and ahead of Mexico and Brazil.
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