Business Update – 12 June 2024

Business Update – 12 June 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.

Treasurer knocks back recession concern but admits ‘uncertain times’

Treasurer Jim Chalmers has insisted Australia is not heading for a recession, despite the economy recording its weakest growth in nearly three years.

GDP growth falls to just 0.1% as household cutbacks put handbrake on Australia’s economy

Australia’s economy all but stalled in the March quarter as households’ rising debt costs curbed spending, countering extra outlays from governments. The country’s gross domestic product rose 0.1% in the first three months of 2024, the Australian Bureau of Statistics said on Wednesday. On an annual basis, the economy grew 1.1%.

12 insights about the Australian economy during the March quarter

Key information from the Australian National Accounts and other recent economic releases, summarised by the Australian Bureau of Statistics.

Relatively moderate wage review decision still exposes business to high costs, employment pressures

“The decision in the Annual Wage Review to raise minimum and award wages by 3.75 per cent, while moderate relative to some claims, is a decision that will expose low wage employees to greater risks of unemployment and underemployment and will increase the difficulties being faced by many businesses,” Innes Willox, Chief Executive of the national employer association Ai Group, said .

Australia’s economy splutters to virtual standstill

Australia’s GDP figures show minimal growth, with economic activity expanding 0.1% over the first three months of this year and just 1.1% over the past year.

Centrelink, Tax, Superannuation: All the major law changes coming from July 1

The end of the financial year is fast approaching and that means a ton of new laws are about to kick in for Aussies. From July 1, new rules will affect almost everyone including individual taxpayers, families and retirees.

‘Patriotic choice’ needed: SPC cuts canned fruit orders as cheap imports dominate

A key farming body says if Australian shoppers don’t buy Australian fruit, it may end up unavailable. SPC will reduce its orders of Australian peaches and pears by 40 percent for the upcoming season, and says it hopes produce volumes can normalise in 2026. The food manufacturer said pressures around the cost of living have forced consumers to favour cheaper products from places like South Africa and China.

Rate cuts abroad won’t alter RBA’s path on interest rates

Freshly minted RBA deputy governor Andrew Hausen has said Australia’s central bank won’t be swayed by rate cuts in Europe and Canada

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