Business Update – 13 November 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Australia ‘not immune from trade tensions’, Chalmers says
Australia’s economy will not be immune from escalating trade tensions, Jim Chalmers has warned, as the Albanese government prepares itself for an incoming Donald Trump administration. In a speech on Monday, the treasurer will outline the risks of an “uncertain world characterised by economic vulnerability and volatility” but will say the Australian government is “well-placed and well-prepared”.
What Trump’s second term means for Aussie investors
The results are in, and Donald Trump is set to return to the White House. If it was any other country, Australians, some 15,000 kilometres away, wouldn’t even bat an eye about an election in a far-off land. How many people down the pub are talking about the upcoming elections in Romania? Yet, the influence of the United States in global affairs is undeniable – and with Trump’s policies likely to create waves, Australian investors might want to pay attention.
High house prices culprit for city exit
The high cost of housing is seeing more Aussies move to regional areas, decimating a key part of Australia’s economy. Aussies are financially better off taking a lower paid regional job over living in the city with a higher salary, causing a flow-on effect that could have devastating effects on the economy, a new report has found.
Here’s the average superannuation balance at age 55 in Australia
As Australians approach 55, retirement planning becomes all the more critical, and the question arises—how does your account stack up against the average superannuation balance? Recent data from the Association of Superannuation Funds of Australia (ASFA) shows that Aussie savers are concerned about their retirement.
‘Unemployment could rise significantly’: Expert reveals ‘warning signs’ for Aussie economy
In the long history of Australia’s economy, it has earnt a reputation as “The Lucky Country”, dodging economic downturns and recessions even as other developed nations or those in our region grappled with them. But behind the headlines of success, is the nation’s economy still worthy of that title – or does delving into the details reveal quite a different picture?
Australia and Thailand partner to boost green economy trade
A recent Australia Southeast Asia Business Exchange mission to Thailand showcased Australia’s extensive green economy capabilities. Led by Peter Fox, Linfox Executive Chairman and Business Champion for Thailand, the mission explored trade and partnership opportunities with Thai businesses and government. Mr Fox was accompanied by 25 delegates from 17 Australian companies.
A new report expects Australia’s AI economy to generate $18.8 billion by 2035
Australia is well placed to capitalise on the global artificial intelligence boom due to its infrastructure, startup ecosystem, and construction of new data centres. A new report released this week by Microsoft expects the AI economy in Australia to generate $18.8 billion in revenue by 2035.
Australia is in a white-collar recession: Here’s what to expect in 2025
The Reserve Bank of Australia (RBA) has spent the last two years aggressively raising interest rates to bring runaway inflation under control. And while price inflation is forecast to return to the RBA’s target range of 2-3 per cent by early 2025, this victory has come at a steep cost to jobs, growth, and business confidence. One of the most concerning trends is the onset of what many economists call a “white-collar recession”. Highly qualified, senior professionals across industries have been laid off over the last eight to 12 months, a trend that reflects deeper structural challenges within the economy.
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