Business Update – 15 November 2023

14/11/2023

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

Are you providing entertainment this holiday season?

Before you hire a restaurant or book an event, make sure you work out if the benefits you provide your employees are considered entertainment related, and therefore subject to fringe benefits tax (FBT).

Income outlook warning for Aussie households

Australians will not experience any real income growth until next year, with the Reserve Bank of Australia warning inflation is still “too high” and more persistent than usual. Reserve Bank reveals no real income growth until 2024, inflation targets not till 2025.

Ominous sign for tenants as national vacancy rate slumps to record low

New data released shows housing tenants are facing worsening conditions after the national rental vacancy rate plunged to a record low. The PropTrack report showed Australia’s vacancy rate dropped to a record low of 1.02 per cent for October, a fall of 0.06 percentage points.

Aussie sheep farmers navigate challenges amid plummeting prices

The Australian sheep farming industry is currently facing a crisis, as sheep prices have plummeted by a staggering 75 percent over the past year, sending shockwaves through the farming community. This dramatic drop in prices has left many Aussie sheep farmers scrambling to find solutions to address the financial turmoil they now find themselves in.

Report reveals record tax paid by large corporates

The Australian Taxation Office (ATO) has published the ninth annual Corporate Tax Transparency (CTT) report revealing large corporates paid a record $83.8 billion in income tax in 2021–22.

The RBA has only one tool to fight inflation with – and households are being hammered

From the moment the CPI figures were released two weeks ago, the general consensus of economists around the country was that the RBA would raise rates. And on Tuesday so it did, even if its reasons suggest it should not have.

Card payments shut down nationwide after telco suffers hours-long blackout

A nationwide outage suffered by Australia’s second-largest telecommunications provider, Optus, has left thousands of businesses and local government authorities unable to process money payments.

Payday super needs new penalty regime

A government plan for employers to pay superannuation guarantee (SG) contributions at the same time as salaries is a good move for employees, but should include a graduated penalty system to prevent undue punishment for those that face unforeseeable delays in making contributions.

Government should vote to support their own policy next week in Parliament

The Government should vote and pass their own policy in the House of Representatives next week, according to the Business Council, following the successful Senate vote today to split the massive and complex workplace relations omnibus Bill.

Australia Post will not go cashless: CEO

Australia Post CEO Paul Graham says the national postal service will continue supporting cash services throughout the country.

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