News
Japan’s economy is in crisis, according to Prime Minister Taro Aso, as a ¥15.4 trillion stimulus package is announced. “Japan’s economy is worsening rapidly with exports and production tumbling. Job conditions are also deteriorating sharply,” Aso told a media conference. The new stimulus package, designed to lift the world No.2 economy out of recession, is […]
Technology retailer JB Hi-Fi Ltd has said it will benefit greatly from the government’s latest $900 stimulus payments, believing many younger consumers will spend their money on tech products to ‘treat themselves.’ JB Hi-Fi chief executive Richard Uechtritz believes that the younger generation will spend their payments on new products as many are not tied […]
The recent cut in interest rates by the RBA to three percent has put the spotlight on the banks, who are being urged by the Rudd Government to pass on the rate cuts to business and consumers. Laiki Bank Australia has announced it will reduce its home loan rate by 10 basis points, making it […]
Businesses are being encouraged to attend the 2009 Australian Innovation Festival, running from 26 April to 30 May to help them through downturn by implementing innovative business solutions. The Australian Innovation Festival encourages and supports networking and business opportunities, along with increasing the awareness and importance of innovation and entrepreneurship. With a 2009 theme of […]
The Labour Force data for March 09 released last week, paints a bleak picture for the Australian economy with the unemployment rate reaching 5.7 percent, and Australia’s top 10 trading partners falling into recession. According to the ABS figures, the number of people in full time work decreased by 38,900 while the number of people […]
Written by Lance Scoular “World trade is in free fall and should decline by 13.2 percent in 2009 as the economic crisis cuts demand across the globe,” the Organisation for Economic Co-operation and Development said on Tuesday 31st March 2009. To survive the current economic downturn as an importer or exporter, as well as cutting […]
With the Easter break about to commence, IBISWorld general manager (Australia) Robert Bryant has predicted that this year people will most likely streamline their Easter celebrations, with total retail spending expected to fall by 0.8 percent from last year, amounting a loss of $1.3 billion. Mr Bryant believes more families will be eating in as […]
Today’s labour force report for March is expected to reveal another jump in the unemployment rate to atleast 5.4 percent. Economists are warning that around 30,000 jobs may have been lost in March, with Michael Blythe, chief economist at Commonwealth Bank research predicting the unemployment rate will rise once again. “The consensus is for a […]
It seems consumers are still thinking positively, despite the fact that Australia is now in a recession with The Westpac-Melbourne Institute Index of Consumer Sentiment increasing by 8.3 percent in April, from 85.6 in March to 92.7. Westpac Chief Economist, Bill Evans was surprised by such a big jump. “This is a surprisingly strong result. […]
Online retail spending experienced a much needed boost in March 2009, according to online marketing and business solutions company Coremetrics. Consumers who shopped online in March purchased nearly 12 percent more items compared to the previous month, while the average dollar value increased by more than four percent, suggesting that not only are consumers buying […]
QBE Insurance Group says it will be pleased if it can maintain profits this year in the face of a declining economy. The Sydney-based insurer says that the majority of its businesses are outperforming their peers. At the company’s annual general meeting in Sydney yesterday, chairman John Cloney said the insurer “expects 2009 will be […]
Westpac’s decision to pass on this week’s official interest rate to small business borrowers has been welcomed by small business industry groups, with the other big four banks urged to follow suit. The Franchise Council of Australia (FCA), and the Council of Small Business of Australia (COSBOA) have welcomed the move, and have lobbied all […]
The Australian National Retailers Association (ANRA) has welcomed the Reserve Bank’s latest cut to interest rates, believing that it is a modest, but necessary step to sustain economic growth. The retail body believes that while the cut of 25 basis points (a quarter of a percent) to take interest rates to an all-time low of […]
St George Bank has continued its support of small business by running the second annual Small Business Mentor Program, together with business coaching organization, ActionCOACH. The mentor program aims to provide businesses with an opportunity to gain practical advice on how to achieve business success, covering everything from business planning, recruitment and time management, to […]
With unemployment reaching record highs, MYOB is encouraging small to medium businesses to focus their attention on finding and retaining high quality staff in the downturn. MYOB CEO Tim Reed believes small businesses will need to be fully equipped to handle issues brought on by the economic downturn and come out on the other side […]
The economic crisis has led to an increased interest in Australians taking on contract work, according to a Robert Walters survey. The survey of over 4,288 respondents from 17 countries found that 59 percent of Australian respondents said they would be happy to take on a contract role, as opposed to a worldwide average of […]
Time is running out for small to medium businesses to nominate themselves or other businesses, for the 2009 Telstra Business Awards. With only two and a half weeks to go until the extended entry deadline of Friday 24 April, Telstra Business Group managing director and Telstra Business Awards ambassador, Deena Shiff is encouraging small businesses […]
A new Australian-first website for women in home business has been launched to provide helpful advice for women wanting to start their own home business, or for those already working from home and seeking greater success. Home Biz Chicks is designed to provide women with the support, guidance and motivation needed to start a home […]
With the economic downturn affecting the travel industry, Flight Centre has forecast its profits will fall by more than two-thirds in the next year. In a statement on Tuesday, the travel agency network said it expected to report a net profit of between $36 million and $44 million for the year to June 30 2009, […]
The Government’s proposed $43 billion national broadband strategy has come into question, with the Opposition sceptical of the Government’s ability to raise so much money in a global recession, along with making broadband affordable for Australians. The Government abandoned its plan for a smaller, privately built network, instead opting to deliver a super-fast broadband to 90 […]
