Business Update – 6 May 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
More Australians turning away from home ownership
A new study suggests that younger Australians are choosing to invest their money in stocks over buying a home. Around 43 percent said they would choose to invest their money instead of spending it, and 38 percent of those saying they would choose the stock market over a property.
Australia faces rental affordability crisis
A survey by Anglicare Australia has found that of 46,000 rental listings, and only one percent were affordable for someone receiving an age pension.
Public health measures eased in WA
As of 29 April, some of the public health and social measures enacted for COVID-19 in Western Australia have been eased. These include the removal of masks in most settings and new asymptomatic close contact protocols.
Some areas of Australia may be uninsurable by 2030
Extreme weather conditions may make some Australian homes uninsurable by 2030, potentially affecting as much as one in 25 households. The most at-risk areas were in flood and cyclone-prone areas of Queensland and Victoria.
Interest rates to increase
The Reserve Bank of Australia lifted the offical cash rate to 0.35%, the first increase in more than 11 years. More rises are expected to come after consumer prices saw the highest increase in more than 20 years. This could result in more people exploring fixed-rate home loans.
Inflation hit 5.1 percent
Australia’s annual inflation rate hit 5.1 percent, the most rapid inflation increase since GST was introduced more than 20 years ago. Though this rate is high, the US and Europe have seen even higher inflation rates.
Sydney startup company given millions to develop nuclear fusion capabilities
HB11 Energy, a Sydney-based tech startup, has been awarded $22 million to develop Australia’s sovereign nuclear fusion energy capacities.
Qantas sees revenue increase
Qantas expects to be profitable again by 2023, following an increase in revenue over the March quarter. The airline’s debts have now fallen to below the pre-COVID levels, at $4.5 billion, although it still expects it will still see losses for 2022.
Pandemic Leave Disaster Payment
People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.
Support for Small Businesses
If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties. Learn more about the available support, and the small business debt helpline for free, independent advice.
Get in touch
Contact us if you have any questions or want to discuss the next steps for your business.