Economy

The Tax Institute is calling for the Federal Government to double the duration of its planned two-day Tax Forum in October, and place the carbon tax at the top of the agenda.

Profit and employment expectations have hit a two-year low, according to the latest Dun & Bradstreet Business Expectations Survey, with key indices revealing figures returned to levels seen just prior to the worst of the GFC.

The Reserve Bank of Australia (RBA) has decided to hold interest rates at 4.75 percent, leaving the official cash rate at the same level it’s sat at since November 2010, when the RBA last increased it by 0.25 percent.

25 not-for-profit business advisory organisations have been granted $2.5 million worth of Government funding, slated to help small businesses impacted by recent natural disasters.

Retail turnover fell a seasonally adjusted 0.6 percent in May, following a rise of 1.2 percent the month prior.

Employer confidence remains strong despite a predicted drop in sentiment over the July-September 2011 quarter, with just under a third of employers set to grow staff numbers over the next three months.

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Over 145,000 businesses experienced a risk downgrade in the March quarter, according to Dun & Bradstreet, as rising payment terms and bleak expectations for sales and profits put pressure on cash flow.

Median superannuation fund growth retreated 0.2 percent due to faltering share markets in May this year, but the news isn’t all bad with the return to date for the financial year reaching 10 percent.

The Geelong Investment and Innovation Fund will create some 37 new jobs in the Geelong region, thanks to a partnership between the Federal and Victorian governments and Ford Australia.

An expansion in part time employment is expected to take effect between 2014 and 2016, as Baby Boomers choose to work part time when they reach retirement age.

Just 26% of Australian businesses expect to increase hiring in the next three months, according to the Manpower Employment Outlook Survey, which found the Retail and Manufacturing sectors are holding back the rest of the employment market.

Australian businesses feel they are performing better than in 2010 but confidence in the economy remains lukewarm and as a result businesses report only a marginal increase in confidence for the year ahead.

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New Fringe Benefits Tax (FBT) regulations applying to company vehicles may assist in reducing carbon emissions and ease road congestion, according to leading fleet solutions company FleetPartners. But this will come at a big cost to all businesses requiring the use of vehicles. The Federal Government introduced changes to the FBT concession on companyprovided cars […]

The Government has listened to long-held concerns of tax professionals and reformed excess superannuation contribution tax traps that have tripped-up as many as 30,000 taxpayers each year, The Tax Institute said today.

Australian SME business leaders have shown overwhelming dissatisfaction with the Federal Government’s proposed tax on carbon.

A survey of 300 SME chiefs, who are members of Australia’s leading executive mentoring organisation, The Executive Connection (TEC), found only 19 per cent supported the tax.

Australians aged 18-24 years have abandoned the notion of owning many of life’s necessities in favour of renting, loaning and swapping due to lack of affordability, according to a major study of consumer spending trends.

Serious national skills shortages are re-emerging after a brief oversupply in the December quarter as Australia faces increasing demands from the rebuilding phases after natural disasters this year and the ongoing resources boom, according to the latest Clarius Skills Index.

Despite the tragedy unfolding in Japan following the massive earthquake and tsunami, the Australian share markets are holding firm so far.