Business Update – 5 July 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Electricity prices rising
In May, the Australian Energy Regulator (AER) confirmed that energy prices would rise by 19.6 per cent and 23.9 per cent in NSW, SA and southeast Queensland. Electricity prices are set to increase by up to 25% from 1 July.
Chinese travellers invited to Come and Say G’day
Tourism Australia has officially launched its major global campaign, Come and Say G’day into China, inviting Chinese travellers to plan and book their next holiday to Australia.Come and Say G’Day first launched into other key markets around the world last October, but this is the first time China has been introduced to the campaign and Brand Ambassador Ruby the kangaroo.
$700 million boost to regional city
Townsville will be home to the Australian Defence Force’s newest asset, the AH-64E Apache helicopters. The federal government is investing $692.4 million into the RAAF Townsville base to renovate and build new facilities to accommodate the Apache attack helicopters and their crews from 2025.
Shrinkflation – it’s here and it’s getting bigger (smaller)
A growing list of companies are increasing profits and passing on costs by shrinking their products, meaning customers pay the same amount for less with most changes never publicised and the shoppers left to detect the changes. Shrinkflation is not without consequence. When the Australian Bureau of Statistics tracks the prices of goods and services that make up household costs, it takes into account changes in product sizes.
Charting a greener path: Australia hosts World Mining Congress amid net zero aspirations
At a showcase of its strength this week, the mining industry has sent a clear message it’s here to stay, as divisions on how the sector will progress towards net zero were highlighted, and a battle on higher taxes came to a head.
Questions raised over $223m Wellcamp quarantine facility’s hefty price tag
An independent report has found the Queensland government’s decision-making over Wellcamp was reasonable, but slammed the secrecy surrounding the huge cost.
Job mobility ‘highest in a decade’ as data sheds light on why so many Aussies are changing employers
The Australian Bureau of Statistics (ABS) on Friday released their Participation, Job Search and Mobility report, covering the 12 months to February, revealing why so many Aussies are changing jobs, with the numbers now at their highest point in a decade.
Medibank Private hit with $250 million penalty from regulator after hacking scandal,
Financial regulator APRA said Medibank still had “further work to do” to beef up its cybersecurity and data management after a breach last October saw up to 9.7 million Australians lose their personal medical details.
Should SMEs pay a ransom demand from hackers?
The 2022 Data Breach Investigations Report by Verizon further emphasises the vulnerability of very small businesses. It reveals that these businesses are at a particularly high risk of facing malware, ransomware, brute-force attacks, and social attacks. The report even suggests that a single incident of a data breach can be catastrophic for these small businesses, potentially jeopardising their survival.
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