Business Update – 19 July 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Tradies say raising pension age “unfair” after a life of hard work takes its toll
Hardworking Aussies fear a decision to lift the pension age to 67 means they will be forced to work even longer in labouring jobs.
Consumer watchdog says Australians paying too much for electricity
As millions of Australians have been hit with electricity price surges since July, the Australian Competition and Consumer Commission (ACCC) has raised concerns that electricity bills are too high.
Australia joins G7-backed ‘climate club’ and promises to cut emissions
Australia is joining the “climate club” backed by the Group of Seven major economies to take more ambitious action in tackling global warming, Prime Minister Anthony Albanese has announced.
NSW govt to fast track housing development approvals
The New South Wales government has unveiled five suburbs where it will fast track approvals for development in a bid to address the state’s housing shortage.
Key question remains unanswered after robodebt royal commission
The robodebt royal commission, which handed down its findings on Friday, July 7, has dominated headlines all week. One question remains largely unanswered: What can be done for the hundreds of thousands of victims who remain voiceless?
Weather, economic factors drive smallest Australian wine grape vintage in more than 20 years
Challenging conditions have dropped the 2023 Australian wine grape vintage to its lowest recorded harvest since 2000. Wine Australia’s National Wine Vintage Report estimates 1.32 million tonnes of wine grapes have been harvested this year, down 26 per cent on the 10-year average.
Aussies spending less on non-essential items as cost of living bites
Australians are spending less on items for their homes and clothing with the latest household spending data revealing the impact of consecutive interest rate hikes and cost of living pressures.
Trans-Pacific trade pact is gathering information on aspiring partners as UK joins the group
The CPTPP requires countries to eliminate or significantly reduce tariffs, make strong commitments to opening services and investment markets and has rules around competition, intellectual property rights and protections for foreign companies.
Australia’s plastic emissions equals amount produced by 5.7 million cars annually
In a new study, the Australian Marine Conservation Society and WWF-Australia found that if Australia continues on its current path, the country’s plastic emissions will more than double to 42.5 million tonnes annually by 2050.
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