Consumers snapping up cars in “unprecedented” numbers Australian car buyers have set their second consecutive monthly record. After consumers purchased 96,859 new vehicles in July – the highest number ever for July – they followed up by purchasing 109,966 new vehicles in August – a record for the month, according to the Federal Chamber of … Read more
Australia’s small business ombudsman, Bruce Billson, has launched an inquiry to examine how reforms to commonwealth procurement rules have affected the small business sector. Mr Billson said many small businesses had told him they felt excluded from the chance to tender for federal government procurement contracts. “They have low awareness about procurement opportunities unless they … Read more
The Australian Taxation Office (ATO) has flagged that one of its “key focus areas” for this financial year will be to improve the tax compliance of the small business sector. As part of that focus, the ATO said it would take a digital-first approach and encourage small businesses to do likewise. This would allow … Read more
The shift to remote working has reduced demand for office space and affected how businesses interact with their workspaces, according to Ray White Commercial Head of Research Vanessa Rader. “Some businesses look to downsize their spaces and perhaps sub-lease, while others have reconfigured the working environment to provide flexibility and collaboration, or relocated to new … Read more
Employers will have to pay higher wages to workers on award wages and the National Minimum Wage (NMW), following a review by the Fair Work Commission. As of 1 July 2023, award wages will increase by 5.75%, while the NMW – which applies to employees who aren’t covered by an award or registered agreement – … Read more
Seventeen banks – including the big four – have signed up to a “near real-time reporting” system that is designed to reduce scam activity. The Fraud Reporting Exchange (FRX) will give the participating banks a way to quickly communicate with each other as fraudulent payments are transferred from one institution to another. That is expected … Read more
From 1 July, two entitlements – Parental Leave Pay and Dad and Partner Pay – will be combined into one payment. That means the current entitlement to 18 weeks’ paid parental leave pay will be combined with the current Dad and Partner Pay entitlement to two weeks’ pay. As a result, partnered couples will be … Read more
Just as employers are dreaming up perks to lure staff back into the office, office landlords are offering incentives to attract businesses to their premises. Ray White Commercial Head of Research Vanessa Rader said the incentives range from drinks and discount food to pilates sessions and special events, and have proved effective. “Post COVID-19 we … Read more
If you’ve been hearing lots of stories about people refinancing their home loans in search of lower interest rates, there’s a very good reason. Refinancing is at record levels, according to data from the Australian Bureau of Statistics. Borrowers refinanced $19.9 billion of mortgages in February – 22.6% higher than the year before, when refinancing … Read more
Consumers are confidently snapping up new vehicles, and while they continue to gravitate towards the biggest brands, they’re also showing increasing interest in greener vehicles. A total of 269,002 new vehicles were sold in the first three months of 2023, which was 2.5% more than the first quarter of 2022, according to the Federal Chamber … Read more
