News
NSW is lagging behind in the savings department, with a recent Bankwest study indicating that 60 percent of NSW residents are failing to make sufficient savings in the current climate. The report shows one in three people have no savings, and only one in five save more than 10 percent of their salary each month. […]
Federal Health Minister Nicola Roxon has supported Malcolm Turnbull’s suggestion to increase tobacco taxes, but claims he is sending out mixed signals. Turnbull suggested 12.5 percent increase in the tobacco excise, equating to a tax of 3 cents per cigarette, a measure Ms Roxon claims “might be a good idea.” “I certainly agree that tax […]
Small businesses are being warned by the Australian Centre for Retail Studies (ACRS) that redundancies can cause lasting damage to the business and long-term harm to revenue. In an attempt to cut costs, small businesses have been turning to redundancies, but this can cause employee morale to stoop, a loss of trust in management, whilst […]
In yet another blow to Australian workers, a survey conducted by KPMG Econtech for specialist employment services group Clarius has shown that more than 43,000 skilled workers have been forced out of a job in the first quarter of 2009. Skilled employment has fallen to its lowest level in eight years as a slowing economy […]
Figures released by the Australian Bureau of Statistics have shown that commercial lending jumped up in March, an encouraging sign for the economy. The value of commercial lending commitments jumped 20.5 percent ($5.187 billion), to a five-month high of $30.498 billion in March. The figures show that the demand for credit by businesses is not […]
IMF chief Dominique Strauss-Kahn said he believes the global economy will recover in the first half of next year. In a news conference in the Austria over the weekend, Strauss-Kahn predicted we will see a recovery in the “first semester of 2010, and the beginning of the turning point in October, November or December this […]
The Government’s plan to increase the pension age to 67 and thus locking up superannuation funds until workers reach this age, will hurt the economy says the Australian Institute of Superannuation Trustees head Fiona Reynolds. According to Ms Reynolds, lifting the pension age to 67 does not benefit consumers, or the economy. “”Lifting the preservation […]
The Rudd Government is planning to dip into Australia’s superannuation savings to invest in infrastructure projects. The Government outlined $22 billion to transport and broadband infrastructure in last week’s Budget, with a focus on roads, rail and ports. However it has been revealed that they are short on funding, and must source funds from other […]
The ever growing hacking community turned their attentions to Facebook yesterday, launching an attack on the social networking site and its 200 million users in an effort to steal passwords and confidential information. The hackers obtained personal passwords through a “phishing” attack, breaking into members accounts, then sending emails to their contact list urging them […]
Former Woolworths chief executive Roger Corbett has said that a recession can act as a “cleansing process” by weeding out the bad companies and separating the strong from the weak. Mr Corbett, a board member of the Reserve Bank of Australia, said that the recession weeds out bad companies that should be allowed to fail. […]
FileMaker Inc. has unveiled a new personal organiser application for iPhone and iPod touch, making it easy for business owners to organize their daily activities. The Bento for iPhone and iPod touch is a portable version of the popular personal database and allows businesses to organize all transactions including: issue tracking, time billing, customers, expenses, […]
The Opposition have criticised the Government’s decision to delay increasing the pension age until 2023, believing it should come sooner. The Budget revealed that the Government plan to gradually raise the pension age to 67 by 2023, but Liberal frontbencher Tony Abbott said that it should come sooner. “I think raising the pension age makes […]
Optus chief executive said the telco has benefited from the Government’s stimulus package, attracting more shoppers. The company posted a 5.6 percent lift in annual profit, experiencing a greater consumer activity as a result of the stimulus measures. “The economic stimulus provided by the government has definitely made itself felt in terms of customer buying […]
With international airfares at their cheapest level in more than 10 years, and with the stimulus dollars flowing into bank accounts, budget conscious Aussies have been throwing caution to the wind and booking great holidays, without travel insurance. Edith Fink from ARTOG.com.au, a free online service that compares Australian travel insurances side by side has […]
The proposed changes to the employee share scheme in the Budget are a “disaster for employees and employers” according to Mr Michael Dundas, a Partner of Moore Stephens in Sydney. Under the current law, employee scheme participants can choose whether they want to pay tax on the schemes at the start or when they sell […]
Digital company Bush Australia has applauded the Government’s inclusion of digital television in the Federal Budget. The Government announced additional funding of almost $140 million over three years to help Australians prepare for digital television switchover, along with $185.3 million in additional funding allocated to the ABC and SBS. Bush Australia Managing Director Daniel Todd […]
Small businesses are being given the opportunity to gain helpful advice from financial experts on how they can best weather the finance crisis with the May Money Expo – How to fund your business in 2009 hosted by not-for-profit group, the Finance & Treasury Association. The expo will provide small businesses with access to vital […]
A radical plan by the West Australian Government to exempt small business from payroll tax for a year will help to protect jobs, says WA treasurer Troy Buswell. The WA Government plan to implement a one-off payroll tax rebate. Businesses with a payroll up to $1.6 million will get a full payroll tax rebate next […]
The latest findings from the Dun & Bradstreet Business Expectations Survey, have been mixed, with employment growth and capital investment confidence dropping, while sales and profit expectations increased. The findings show that business executives are seeing small signs of economic revival despite remaining in negative territory. The index for expected sales and profit increase is […]
In his response to the Federal Budget, Opposition leader Malcolm Turnbull has vowed to block the means tests on private health insurance, instead offering to replace the $1.9 billion by lifting tobacco taxes. The private health insurance rebate scheme delivered in the Federal Budget involves means testing the private health insurance rebates for the wealthy. […]
