Business Update – 30 August 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Australia’s nervous watch for any great fall of China
Economic troubles in China could hit Australian jobs and growth. Treasurer Jim Chalmers said the slump in China’s economy painted a worrying picture.
Intergenerational report 2023: six key points for Australian businesses
The latest Intergenerational Report has arrived, projecting what the Australian population and economy will look like in 40 years. Here’s what you need to know.
ASIC alleges IAG misled home insurance customers on loyalty discounts
The nation’s corporate watchdog has launched civil proceedings against two IAG (ASX: IAG) subsidiaries, alleging the companies misled customers about the loyalty discounts available for certain types of home insurance.
Major warning over tax return fraud
Australians have been warned to stay alert as a surge of elaborate scams impersonating the tax office emerge.
Qantas faces class action lawsuit for not refunding tickets for COVID cancelled flights
Qantas has been hit with a class action lawsuit seeking millions of dollars in refunds and compensation for customers who had flights cancelled following the COVID outbreak. Echo Law filed the lawsuit against Australia’s national carrier in the Federal Court on Monday, alleging the airline misled customers about their refund options, withheld funds, and engaged in a “pattern of unconscionable conduct”.
‘We can’t stop it’: The reality of Australia’s soon-to-be cashless society
An expert has predicted Australia will ditch bank notes and loose change in the next three to five years, and she’s shared a warning. While a move away from cash offers many benefits, Ms Wells warned we don’t often think about the “unintended consequences” that comes with it.
Net zero transition to create energy shortage in Western Australia
Western Australia (WA) is heading toward energy shortages in the next few years as a result of the transition to renewable energy, a wholesale market forecast has found. The report forecasted that the state could face a potential shortage of 945 megawatts of electricity in 2025-26 and around 4,000 megawatts by 2032-33, which was much worse than what was predicted in the 2022 outlook.
Australia needs to build fast to export decarbonisation to the world
Australia can reap a $435 billion economic dividend by capitalising on the global race to achieve net-zero emissions, according to a new report commissioned by NAB from Deloitte Access Economics (DAE).
Sky-high airfares on the radar as Australia seeks to meet emission targets
Travellers might need to brace for soaring airfare costs as airlines attempt to cut their emissions simultaneously while the demand for travel increases. This follows the federal government’s updated safeguard mechanism—which came into effect in July—that has set limits on the greenhouse gases from Australian companies to reduce emissions to 43 percent below 2005 levels by 2030 and net zero by 2050. But airline bosses have said this change will come at a price.
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