Business Update – 08 May 2024

Business Update – 08 May 2024

Close-Up Shot of Keys on a Red Surface

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

New report reveals concerning reality about superannuation accounts

Two-thirds of Australians don’t feel that their superannuation is in a good position for their age, new research has revealed. Data from the Australian Retirement Trust (ART) found that only 37 per cent of Australians know how to manage their super investment options, despite the same amount planning to retire in the next 20 years.

Dire interest rate prediction as households suffer squeeze

Just over a week before the Reserve Bank meets for its next interest rates decision, one economist has predicted further increases are in store. Judo Bank chief economic adviser Warren Hogan said he predicted the strengthening economy would trigger more rises, in what would be a devastating blow to mortgage holders around the country.

The government wants to change how HECS debts are indexed. So what’s the new rate?

Over the weekend, the federal government announced it wanted to make big changes to how HECS debts are indexed. HECS — the Higher Education Contribution Scheme — is the most common form of university student loan in Australia, so these changes could affect millions of people.  Here’s a quick breakdown of what this announcement could mean for your HECS debt.

Mid-market businesses remain optimistic, but cost of living impacts growth

The majority of Australia’s mid-market businesses are still feeling cautiously optimistic, the annual KPMG Enterprise pre-Budget survey finds. But nearly a quarter say business growth is  being significantly impacted by the cost of living, while cost and margin pressures are the top concern of mid-market business leaders.

‘Rise’ in unemployment expected as Australia’s economy slows

S&P Global Ratings’ Anthony Walker says as the economy slows, there will be a “rise” in unemployment.

Small businesses at growing risk of collapse as big businesses become more financially secure

Australians are being told to brace for a tidal wave of businesses going bust, and the job losses that may come with that, with a leading credit agency reporting a 20 per cent surge in small firms at risk of not paying their bills.

Where rents are rising the fastest in Australia

Australia’s growing cohort of renters are being pushed further to the fringes of capital cities as rents hit a record high. The median rent in Australia is now $627 a week, according to property data provider CoreLogic.

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