Business Update – 22 November 2023

By Xperion | Business Articles, Business essentials, Business growth, Business Updates, Firm News, Government Updates, Tax, Tax updates | 16/11/2023

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

How much Aussies plan to spend on Christmas presents this year

Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies, found shoppers intend to spend 16 per cent more on clothing, footwear and accessories, compared to last year.

Australian SMEs are embracing strategic spending for growth

The recent Amex Trendex: B2B Edition survey, focusing on business-to-business spending, reveals a strategic growth mindset among Australian businesses.

Sharp drop in Australia’s economic competitiveness

Deteriorating energy infrastructure, lacklustre entrepreneurship and poor competition rules are holding back the Australian economy, with a new report suggesting a drop in competitiveness is putting at risk future prosperity.

All eyes on RBA messaging for hints on rates outlook

Borrowers will be hoping for signs the Reserve Bank can stop lifting interest rates in the minutes from the last meeting and public appearances from the top central bankers.

Higher GST? Negative gearing changes? Why we’ve got to talk about tax

As our population ages, Australia is going to need to spend more on increasingly expensive services such as health and aged care, while facing fewer people of working age to pay income tax – which happens to make up the greatest proportion of federal income. The problem is one that all economists (who can never usually agree on anything) are in furious unison over: Australia needs tax reform.

Job ads dive in Australia’s most populous states, according to nation’s biggest employment website

Job ads slumped 5 per cent in October and are nearly 20 per cent lower over the past year, with hospitality and tourism leading the drop despite the looming peak summer holiday season.

Black Friday and Cyber Monday ‘surge has already started’

Australia Post Executive General Manager Gary Starr says the Black Friday and Cyber Monday “surge has already started”.

Up to one in ten homes in Australia may be empty. Could they ease the housing crisis?

Up to one in 10 homes may be vacant at any one time in Australia, with land banking, short-stay accommodation and legal matters just some of the reasons properties may be kept empty. So what’s being done to help open more housing up to people?

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