News
Instagram users in Australia will no longer be able to see how many ‘likes’ a post has a received under trial changes to “remove pressure” on the digital platform’s users. Instagram will on Thursday begin rolling out the trial update removing the total number of likes on photos and viewings of videos on user feeds […]
Reserve Bank of Australia board members agreed back-to-back cash rate cuts were necessary to eat into spare labour market capacity, but a high participation rate and an expanding working age population means it will take “some time” to achieve the ideal jobless rate. Minutes from the RBA’s July 2 meeting show members agreed a consecutive […]
Nearly 40,000 small businesses in NSW are now up to $8,175 better off per year following a second cut to payroll tax in 12 months. The payroll tax bracket was lifted from $850,000 to $900,000 on July 1, as the NSW Government progressively raises the threshold from $750,000 to $1 million by 2021-22. NSW Treasurer […]
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
NAB faces potential class action proceedings over excess superannuation fees levied by its wealth arm. William Roberts Lawyers is inviting MLC Super fund customers to sign up to the no-win, no-fee action, which is backed by litigation funder IMF Bentham and will seek compensation plus interest for the excess fees. The action will allege that, […]
The Australian Taxation Office is being inundated by phone calls from taxpayers asking how much relief they can expect after the federal parliament passed personal income tax cuts laws tis week. But public sector union CPSU says the situation is not being helped by more than 6,500 jobs having been cut from the ATO in […]
New research by St.George Bank reveals that 75% of tradies have aspirations to be self-employed in the next 12-18 months and female tradies are alive and kicking with 40% of representation in the research. The St.George Bank Tradie Economy Report surveyed over 600 people across Australia who identify as a tradie or someone working in […]
The passing of $158 billion worth of personal income tax cuts will provide a much-needed short-term boost to economic growth but economists and business groups are already urging the Morrison government to do more. Prime Minister Scott Morrison hailed his government’s first major victory since the federal election as a win for all Australians. “This […]
Mr Gilman Edwin Wong, the former Chief Executive Officer and director of Sirtex Medical Limited, has pleaded guilty to one charge of insider trading. Appearing at the Downing Centre Local Court yesterday, Mr Wong pleaded guilty to one charge of insider trading. He was committed to the Sydney District Court for sentencing on a date […]
ANZ has again become the only big four bank to reduce variable mortgage rates in full following the Reserve Bank’s cash rate cut, while rivals CBA, NAB and Westpac will be passing on only part of the amount this time. ANZ was widely criticised last month when it passed on just 0.18 percentage points of […]
The Reserve Bank of Australia has cut the cash rate to a fresh record low of 1.0 per cent, reducing the cost of borrowing for two months in a row for the first time since 2012. The market had largely priced in a second straight 0.25 percentage point cut after RBA Governor Philip Lowe suggested […]
Byline: Arthur Hambas, Lawyer at McDonald Murholme When Victorian Premier Daniel Andrews commented that “every worker has the right to get a fair day’s pay for a fair day’s work”, it drew the public’s attention to an issue that has been plaguing a significant number of Australian workers for some time. While most employers do […]
Small business owners are encouraged to get on board with a new ‘Single Touch Payroll’ system that comes into effect from today for employers with less than 19 employees. Minister for Finance and Small Business Damien Tudehope said the NSW Government had been helping businesses prepare for Single Touch Payroll with workshops through its Business […]
With trade tensions between the US and China continuing to simmer, global trade growth could potentially grind to a halt this year, contracting by up to 2.3 per cent in 2020. (1) However, it is not just the risk of short-term suffering of the Chinese economy from trade restrictions that poses a risk to the […]
Employsure’s founder and managing director, Ed Mallett has welcomed the Prime Minister’s announcement that the Australian government will take a fresh look at refreshing the workplace relations system. “The federal government’s intention to review the workplace relations system is encouraging for the 24,000 small businesses we represent across Australia,” Mr Mallett said. “The overwhelming view […]
Global litigation funding provider Therium Litigation Finance is funding a class action against Domino’s Pizza Enterprises, claiming the Australian pizza giant and its franchises systemically underpaid workers. Law firm Phi Finney McDonald alleges that most delivery and in-store Domino’s workers were paid less than they should have from June 24, 2013 through January 24, 2018. […]
Consumer confidence edged up marginally over the weekend as respondents felt optimistic about their finances despite gloom about the economy at large. The ANZ-Roy Morgan Australian Consumer Confidence index gained 0.1 per cent from the previous week, with respondents’ perception of the country’s current economic conditions – including the outlook for the next 12 months […]
A new report from Xero, the global small business platform, reveals for the first time the magnitude and impact of late payments to Australian small businesses, putting the value of outstanding, late payments at $115 billion a year. The research finds that half of all trade credit invoices are paid late and that solving the […]
CEOs from business, community and government will sleep on the streets of Sydney tomorrow night in an effort to raise money for the 116,000 Australians experiencing homelessness. It’s a record turnout for the 14th annual Vinnies CEO Sleepout, which aims to raise over $7 million nationally for accommodation, counselling, healthcare, food and other homelessness support services. […]
ANZ’s NZ chief executive has left the bank after an internal review raised concern among board members over his personal expenses. ANZ on Monday said David Hisco had accepted that “characterisation of the expenses falls short of the standards required” and had been replaced as ANZ NZ CEO on an interim basis by Antonia Watson. […]
