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Shoppers are expected to fork out more than $8 billion on food and liquor this festive season, IBISWorld forecasts. IBISWorld analyst Raghu Rajakumar said shoppers were snubbing specialised food outlets to get a cheaper version of Christmas goodies at the supermarket, with the food bill tipped to hit $8 billion. Woolworths and Coles are expected […]
As house prices continue to rise, first home buyers have been searching for cheaper homes away from city centres, a new survey shows. Research by Bankwest-Mortgage and Finance Association of Australia (MFAA) found that of the 850 people surveyed, 47.9 percent of first time buyers are now looking to purchase a cheaper property than they […]
NSW shoppers have been spending up big this Christmas in comparison to last year, official Australia Bureau of Statistics data reveal. NSW shoppers have spen an extra $12 million per day compared to last year – a 10.2 percent increase. NSW Treasurer Eric Roozendaal said in a statement on Wednesday that he was confident retailers […]
Treasury secretary Ken Henry’s proposed tax reforms will help to strengthen the economy in the long term, according to a prominent business lobby group. Australian Chamber of Commerce and Industry chief executive Peter Anderson said the Federal Government has a once-in-a-decade opportunity to make sweeping changes in a major reform of the tax system, claiming […]
House prices are tipped to grow about five or six percent in 2010, according to some of the nation’s top housing analysts. Australia’s house prices grew 6.2 percent to September 2009, the latest Australian Bureau of Statistics data reveal, while investor demand and upgrader demand picked up in the last few months of 2009. BIS […]
Members of Generation Y are finding it hard to be accepted for a home loan as a result of their job-hopping tendencies, a new report has found. Data collected over the last six months by mortgage broker Loan Market Group found that more than one in 10 mortgage applications from the Generation Y age group […]
Rumours are abound that the Australian tax system is set for a major overhaul, after Treasury boss Ken Henry spent 18 months reviewing the current system. According to reports, Henry is expected to recommend the Government scrap many of its 125 taxes, which could see wealthy Australians lose lucrative tax breaks covering work expenses, and […]
Australia’s superannuation funds seem to have recovered from the global financial crisis and are on track for further growth in 2010. Research consultants SuperRatings say the median balanced super fund option grew 1.3 percent in November, the eighth positive monthly return in the past nine months. Managing director Jeff Bresnahan expects total returns for calendar […]
Despite climate change talks in Copenhagen being branded a ‘failure’, Climate Change Minister Penny Wong has vowed to press ahead with the Government’s emissions trading scheme (ETS). Senator Wong said Australia must take action to build on the outcome of the climate summit and will press ahead with plans to reintroduce the ETS legislation in […]
Christmas trade will be well below the expectations of Australian retailers this year, according to the executive director of the Australian Retailers Association, Russel Zimmerman. Zimmerman said that shoppers will spend almost $39 million this Christmas, but will be more cautious with their money. “We think the Christmas trading will be up but we don’t […]
A rise in first home owner grants along with skyrocketing motor vehicle sales has helped to boost the NSW economy, according to state Treasurer Eric Roozendaal. The latest ABS figures released on Monday, reveal motor vehicle sales raced to their highest level in 17 months, with a total of 85,943 vehicles sold across the country […]
The next four days will be extremely busy for retailers, with 65 percent of Australians admitting they either haven’t started or are yet to finish their Christmas shopping, the Australian National Retailers Association said today. A survey of 1,000 people conducted late last week found that only 35 percent had fully completed their shopping, 29 […]
Australia Post has claimed that the postie strike scheduled for this week should not affect the delivery of Christmas mail.
The Australian Competition and Consumer Commission’s (ACCC) latest report into the prices of petrol will be carefully examined and taken into consideration by the governement, according to Minister for Competition Policy and Consumer Affairs, Craig Emerson. Emerson said the report’s finding that the weekly fuel price cycle is getting bigger and more regular, is concerning. […]
The Federal Government has released draft laws for a new R&D (research and development) Tax Credit aimed at cutting red tape and boosting the economy’s competitiveness. Treasurer Wayne Swan and Minister for Innovation Senator Kim Carr said in statement on Friday that this will be the “biggest reform to business innovation policy in over a […]
Interest rates may be put on hold in early 2010 as a result of major banks lifting their interest rates higher than the RBA’s, according to Commonwealth Bank chief executive Ralph Norris. The Reserve Bank’s 25 basis point rate rise to 3.75 percent in December was followed by Westpac’s controversial 45 basis point rate hike […]
The Copenhagen climate change summit has been branded a failure after world leaders were unable to agree on targets to reduce greenhouse gas emissions; but no one should be surprised at the outcome, climate change expert and government adviser Ross Garnaut said. In the final hours of the two-week summit, world leaders put forward a […]
Consumers are being warned to be extra wary online this festive season, with spammers hard at work generating Christmas-related spam to target unsuspecting consumers. The Symantec Security Response Team has detected a number of Christmas-related spam doing the rounds including gift shopping offers, greeting cards and courier services. Many of them have Christmas-themed key words […]
With just four shopping days left until Christmas, the Council of Small Business of Australia (COSBOA) is calling on Australian shoppers to ‘think small’ this Christmas – small business that is. Jaye Radisich, CEO of COSBOA, is calling on Australian shoppers to consider the small business retailers this Christmas. “Every dollar that gets spent in […]
The deadline for the small business tax break is fast approaching, and small business operators are being urged to take advantage of the rebate and update their desktop or notebook PCs. Under the small business tax break, small businesses may be able to claim up to 50 percent when they purchase new assets, including computers, […]
