Business Update – 26 July 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Why Aussies are ditching cash
New data by Reserve Bank of Australia has revealed that the number of Australians paying by cash has more than halved since 2019. Of the people who held cash in their wallet in 2022, the most important reason for doing so was for emergency transactions.
Why Tasmania’s economy is beating the rest of the country
Tasmania’s economy is still leading the nation but NSW is gaining fast, according to a prominent quarterly economic report card.
Key figure to be revealed in days is ‘make or break’ RBA rate hike
Economists say if prices have climbed by 1 per cent or more then it’s likely the Reserve Bank of Australia will hike rates again next month.
Aus markets to follow ‘positive lead’ from US and Europe
CommSec’s Craig James says the Australian markets are likely to follow the “positive” lead from the United States and Europe. “Should be a fairly positive start for our market, up around about 29 points or four-tenths of one per cent according to the futures market,” he told Sky News Australia.
Operation Underpitch smashes money laundering, tax evasion and foreign worker exploitation
A joint investigation between the Australian Border Force (ABF) and Australian Taxation Office (ATO) spanning almost two-and-a-half years has led to the disruption of serious criminal behaviour by four Chinese nationals within the NSW and ACT construction industries.
Dexus raises $200m for healthcare property fund
Property giant Dexus (ASX: DXS) has successfully raised $220 million for its unlisted healthcare real estate fund, which currently has $1.8 billion worth of properties including Cavalry Adelaide Hospital, the Australian Bragg Centre in Adelaide, the North Shore Health Hub in Sydney, and more.
Australians facing higher cocktail prices as government prepares to hike alcohol tax
Australians are facing even higher prices for cocktails and other spirit-based beverages as the federal government hikes taxes again this week. Australians are now paying the third-highest alcohol tax rates in the world
Gloomy forecast: Zero sales growth forecast for Aussie retailers
Australian online retailers are bracing for a challenging year ahead, as new research indicates that 90 per cent of them expect no sales revenue growth in 2023. The study highlighted challenges such as surging inflation rates, rising interest rates, and wage pressures, all of which are impacting consumer spending and demand.
Pacific workers in Tasmania, Queensland in limbo as large employer quits PALM scheme
More than 200 Pacific workers have been left in limbo after their employer Linx Employment agreed to end its participation in the Pacific Australia Labour Mobility (PALM) scheme amid worker treatment investigations.
Home owners to wait months for financial relief from cyclone insurance scheme, says broker
It could take up to 12 months before households see savings from a federal government initiative to subsidise home insurance costs in cyclone-prone areas
The unemployment rate is staying low at 3.5%. But behind the scenes the jobs market is slowing
Slower employment growth, faster population growth and a steady rate of unemployment are the main stories from the Bureau of Statistics’ latest labour force update.
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