Business Update – 6 December 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Austudy, carer payments, and youth allowance to get a boost

Social security payments for young people, students, and carers will increase by 6.1% on 1 January – the biggest raise in over six decades.

Women are 200 years behind men for income equity

A new report revealed that Australian women have poorer health, lower incomes, and less engagement in the labour force than men. It’s estimated that at the current pace, it would take 70 years to reach full-time employment equality, and 200 years for income equity.

Lower fixed-term deals coming from one of the big banks

ING is expected to decrease most of its fixed interest rates for owner-occupiers and investors this week, despite rising RBA cash rates.

Food distributor has a grim outlook on food prices for the holidays

Metcash, Australia’s largest wholesale food distributor, is sounding the alarm about rising inflation. They stated that food costs jumped by 8.8 per cent in November alone.

Photo of average grocery haul sparks outrage online

Further illustrating the struggle for affordable food, a photo of an average Australian grocery haul has gone viral after it was revealed how much it cost. Thousands of comments followed from Australians facing the same squeeze at the checkout.

Government appears increasingly divided over stage-three tax cuts

Government Services Minister Bill Shorten claims inflation and other cost-of-living pressures are harming Australians earning over the $100,000 threshold.

Australians urged to keep a look out for scams over the holidays

The ACCC is urging shoppers to exercise extreme caution when buying gifts online this festive season, with online fraud on the rise. There was more than $2bn worth of scams last year, and that number is expected to double.

Miners and energy stocks lift the ASX

Despite the lacklustre opening of US markets on Monday, the Australian share market managed to pull ahead. The promising performance reflects investors’ tentative hope that interest rate hikes are coming to an end.

Renewable hydrogen enters the Perth power grid

ATCO supplied about 2700 businesses and households in Perth’s south with a blend of 98 per cent gas and two per cent hydrogen on Monday. It’s the first time hydrogen has been blended into the natural gas network.

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