Business Update – 1 March 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Woolies half-year earnings reveal shoppers changing habits
The supermarket chain says consumers are swapping red meat for more “affordable luxuries” such as exclusive cheese brands and ice creams. It’s believed to be part of a trend where people eat more at home instead of going out to deal with the increasing cost of living.
Logistics giant goes bust
Scott’s Refrigerated Logistics, one of Australia’s biggest trucking companies, entered administration this week. As a result, 1500 jobs are at risk.
The gender pay gap is as small as it has ever been
While that’s a positive thing, the problem is that it still exists at all. Women continue to earn just 87 cents for every dollar of their male counterparts.
Australian wages are surging, just not as much as inflation
While it’s good that advertised wages are way up, the numbers are a bit misleading. Due to the runaway cost of living and inflation, workers aren’t actually any better off.
Short-term rentals aggravate the housing crisis
Rental vacancies are at near-record lows across Australia. Families find it increasingly challenging to remain housed as house prices skyrocket. One factor driving this crisis is the rise of the short-term accommodation platform Airbnb.
The Super debate heats up again
The decision to consider changes to superannuation has started an ideological debate between the Labor Government and the opposition. However, the Prime Minister has insisted there will be no significant changes.
Britishvolt bought by an Australian firm
Recharge Industries has bought out Britishvolt, the company behind a planned battery factory to power electric cars in the UK. They will focus on making batteries for energy storage before moving to manufacture batteries for high-performance sports cars.
TikTok gets banned from federal government phones in Canada
The chief information officer in Canada announced earlier this week that the video-sharing platform TikTok will be removed and blocked from all federal government devices. He cited security concerns as the reason.
Twitter lays off 10% of its remaining workforce
About 200 employees awoke on Sunday to find they had been let go. It’s just the latest round of layoffs at Twitter, whose workforce numbered around 7500 before Elon Musk took over.
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