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The National Cabinet met last Friday (8 May) to discuss the easing of COVID-19 lockdown restrictions in Australia, which are expected to be rolled out gradually within the coming months. The measures being introduced aim to get the country ready for a more ‘normal’ return to working lives and help to rebuild a sustainable economy. […]
Weploy, an on-demand staffing platform, has this week announced that it has launched a new platform called WeployConnect, which aims to help those who have lost their jobs in the economic decline caused by COVID-19. Unlike other labour exchange platforms that have emerged during this period, WeployConnect is a free service for both job seekers […]
The Reserve Bank says the economy could start to bounce back in the September quarter as government begins to ease coronavirus restrictions towards the middle of the year. RBA Governor Philip Lowe said easing COVID-19 restrictions will undoubtedly help the economy, though moving too quickly could entrench an already disastrous decay in jobs, wages, inflation, and […]
Virgin Australia has reportedly filed for voluntary administration as it’s overwhelmed by massive debt brought on by the coronavirus lockdowns. An airline spokesman wouldn’t comment on Monday evening about various media reports. The Sydney Morning Herald and the Age reported that a decision was expected to be made at tonight’s board meeting and that accounting […]
Charities will now find it much easier to access the JobKeeper wage subsidy program in comparison to casual workers. Treasurer Josh Frydenberg says not-for-profit charities can now apply for the JobKeeper benefit if they’ve suffered a 15 per cent hit to revenue because of the pandemic. But many charities are expected to still miss out because […]
Small businesses are pleading to be paid on time, with Ombudsman Kate Carnell urging big businesses not to use the COVID-19 economic downturn as an excuse not to pay up. The reports of big businesses using COVID-19 as an excuse to delay payments to their small business suppliers is disappointing. “Now is the time for […]
A $130 billion wage subsidy scheme (JobKeeper) has been announced by federal government to support businesses during the COVID-19 pandemic. The plan to subside wages, known as the JobKeeper payment, is historic, with Treasurer Josh Frydenberg stating to Sky News this morning that Australia has “never seen income support like this.” Prime Minister Scott Morrison […]
The federal government has temporarily tightened foreign investment rules following a fall in the value of Australian businesses due to the coronavirus. There are concerns cashed-up foreign predators could take advantage of the fall in asset values fuelled by a massive slump on the Australian Securities Exchange. The temporary change, which came into effect late […]
A third round of stimulus is expected soon in the hopes of keeping the economy afloat during the COVID-19 pandemic, with more details on Morrison’s reference to “hibernation” for small business included. Recent updates from the COVID-19 pandemic from the weekend include the limitation of gatherings to just two persons, and the government’s announcement of further […]
Yesterday the prime minister Scott Morrison announced a second stimulus package of $66 billion to help the economy survive the impacts of the COVID-19 outbreak. The federal parliament could sit for just one day today to pass the government’s stimulus measures as quickly as possible, before members of parliaments reduce meetings for social distancing purposes. […]
The Reserve Bank has cut the interest rate to a record-low 0.25 per cent in an historic suite of economic support to cushion the blow of the coronavirus pandemic. The widely anticipated emergency rate cut means the central bank has also pulled the trigger on its first-ever quantitative easing program in a bid to boost […]
Finance Minister Mathias Cormann has signalled an unprecedented economic stimulus package to fight the impact of the coronavirus pandemic. The Morrison government is considering a second round of measures to add to its $17.6 billion economic boost announced last week. Senator Cormann said businesses would close while people lost jobs during the pandemic that’s sweeping […]
Australian business leaders and regulators are trying everything in their power to prevent financial ruin from the coronavirus pandemic. Dedicated shopping hours for people with disabilities, social distancing at casinos and emergency cash injections by regulators – Australian business is responding to the coronavirus pandemic in inventive ways. COVID-19’s impact on Australia is changing daily life […]
As Australian businesses brace for the impact of Coronavirus, we take a look at how brands around the world are already adapting. In a much-shared blog post, Sequoia Capital – Silicon Valley’s biggest venture capital firm – declared coronavirus (COVID-19) the ‘black swan of 2020.’ A rare, unforeseen event that carries potentially severe consequences. I’m sure the […]
The Morrison government is looking to avoid a recession in the wake of the coronavirus outbreak, with a $23 billion stimulus package to boost the economy. Prime Minister Scott Morrison on Thursday outlined initial measures of the $22.9 billion package. The stimulus package aims to prevent the Australian economy entering a recession as the globe […]
All of the big four banks have passed on the full Reserve Bank of Australia cash rate which yesterday was cut to a record low of 0.5%. Westpac was the first to break the silence, with CBA, NAB and ANZ following suit in passing on the full cut to home loan customers. This is largely […]
The Reserve Bank of Australia has today made the decision to cut the cash rate to a record low of 0.5 per cent. Widely anticipated and expected, the decision was made in response to the economic effects of the coronavirus. The rate has come down from the 0.75 per cent rate which was announced last […]
Kate Carnell, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), urged senators to pass the Australian Business Growth Fund Bill on Wednesday. Ms. Carnell explained that the bill would significantly encourage growth and promote economic expansion for small and medium-sized businesses around the country. “We strongly support the investment by the Commonwealth in the […]
Age is the greatest barrier to opportunities at work, according to findings in LinkedIn’s 2020 Opportunity Index. The report sought to understand how people perceive employment opportunities and the gaps in achieving those opportunities. Baby Boomers are the most likely to perceive age as a barrier, with almost half of Baby Boomers concerned about age, followed […]
Only a few big businesses, such as Telstra and Rio Tinto, have done ‘the right thing’ according to Australian Small Business Ombudsman Kate Carnell, in terms of addressing late payments. Late payments is a huge problem for the Australian small business community, with a Xero report last June (2019) citing a loss of $7 billion per […]
