Business Update – 19 October 2022

Business Update – 19 October 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Rental market still under considerable stress

At the beginning of 2020, a mass exodus of people from Australia as borders closed led many to believe that the pressure on our housing market would be alleviated. However, the opposite has happened, with rents still sky high across the country.

Six months paid parental leave promised by 2026

The Albanese government announced that it will add an additional six weeks to the current Parental leave scheme (PPL), with two weeks to be added each year to the currently available 18 weeks until reaching 26 weeks in 2026.

Stage three tax cuts explained

With the federal budget just days away and calls to cut the Stage 3 tax cuts growing ever louder, news.com.au offers a breakdown of what the tax cuts might mean for you. It can be found here.

Users turn to social media to complain about Osko outage

A major Osko outage last week has affected millions of people, leaving “an incredible amount of people with no money”. The BPAY service is used by the majority of Australian financial institutions.

Not having enough to eat affects unexpected groups, including those who have jobs

The charity Foodbank’s annual Hunger Report is due next week, and is expected to show that inflation and inadequate welfare are fuelling Australia’s food insecurity crisis.

The future of Australia’s job market will have to look different

With less than one candidate applying for each job opening on average, employers are beginning to realise that increased benefits, ability to work from home, and willingness to hire from overseas will become necessary to attract talent.

Retailers hopeful that Christmas shopping season will be strong

The 2022 Deloitte Retailers’ Holiday Survey revealed last week that despite increased pressures due to rising cost of living, retailers are feeling cautiously optimistic that shoppers will turn up.

Australia’s economic outlook isn’t looking great amid global deterioration

Next week’s federal budget is expected to reveal increasingly poor forecasts for the global economy, with those conditions expected to be felt here at home. Treasurer Jim Chalmers warned that world markets and key trading partners are on “an increasingly perilous path”.

Zoomo blames economic climate for massive staff layoff

Months after raising huge amounts of capital and poaching executives from Uber and Lyft, Australian e-bike start-up Zoomo is experiencing an unexpected downfall. This week they were forced to lay off 16% of their staff.

Rent for $520/week in Sydney if you’re okay with a toilet in the kitchen

The apartment first made headlines two years ago when it was last available to rent for $380/week. The increase in price underscores how sharply prices have risen since 2020.

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Contact us if you have any questions or want to discuss the next steps for your business.

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