Business Update – 1 November 2023

31/10/2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Australia’s SMEs outshine global peers in latest Xero report

Recent Xero data reveals the ongoing resilience of Australian small businesses despite a deceleration in sales and wages growth. Sales growth remains stronger compared to other XSBI markets.

Experts say Australia at 1-in-3 risk of hitting recession next year

A panel of economists questioned by Finder for its RBA Survey have said there is a roughly one-in-three chance that Australia will find itself in a recession in 2024.

RBA’s horror rental prediction

In another cost of living blow, the availability of rental properties is “at critical levels” and the RBA said the situation is unlikely to improve in the short term.

PwC partner at centre of tax advice scandal banned by Asic for eight years

Australia’s financial watchdog has issued an eight-year ban to a former PwC partner at the heart of a confidentiality scandal that triggered a reputation crisis at the firm and a costly sell-off.

From Australia to the world

ANZ, along with the Australian Centre for International Trade and Investment, and the Australian Chamber of Commerce and Industry, have just released the 2023 National Trade Survey report. Australian businesses want to embrace the opportunity of international trade – but the landscape can often be harder than it should be. There’s a real opportunity for policymakers and industry to work together to help our home-grown businesses thrive in global markets.

Reserve Bank says cash orders have plunged by two-thirds in 3 years

Commercial bank cash orders declined two-thirds and cash payments halved over three years to 2022, according to the RBA.

Superannuation beneficiaries need to be considered for when you die

Superannuation is a major asset in many estates, but many people don’t realise that superannuation is not automatically left in accordance with their will.

NAB survey shows Gen Z Aussies are saving up to spend big on experiences

Gen Z Australians are saving hard to splash out on “once-in-a-lifetime” moments as part of a generational move to make up for time lost to the pandemic, according to the latest consumer survey from one of Australia’s biggest banks.

Australian share market drops to 2023 low as tech stocks plummet

The Australian share market fell to its lowest point of the year on Thursday after a mixed result from US tech giants overnight pushed Wall Street lower.

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