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Business news and updates: Australia’s vehicle sales climb further in August

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 6:

Over 1.2 million Australians have been scammed in 12 months: Westpac

According to a new study, more than 1.2 million Australians have been scammed in the last 12 months, with people under 30 being twice more likely to have been targeted during Covid-19. 

According to Westpac, one in every ten people under the age of 30 has been a victim of a scam in the last year, compared to only 6% of their older counterparts. 

The analysis also indicated that scammers are increasingly targeting Australians, with investment scams increasing by 180 per cent and remote access scams increasing by 370 per cent since 2020.

Australia’s vehicle sales climb further in August

Vehicle sales in Australia rose again in August, as ongoing supply challenges and the impact of lockdowns in NSW and Victoria were offset by strong demand elsewhere.

According to the Federal Chamber of Automotive Industries, vehicle sales increased 33.1 per cent year on year in August, with 81,199 new cars and trucks sold across the country. 

This brings total sales for the first eight months of the year to 732,828, a 27.2 per cent increase over the same period the previous year.

Australia reports record online retail sales

Retail trade declined by 2.7% in July, bringing the year-to-year figure to 3.1%. However, internet retail sales increased by 19.3 per cent to new highs. 

U.S. employment growth stalls after Delta variant hits restaurants

The US created the fewest jobs in seven months in August, as hiring in the leisure and hospitality sector slowed due to an increase in COVID-19 infections, which weighed on-demand at restaurants and hotels.

Bitcoin rises back above $50k

Bitcoin increased 0.49 per cent to $50,188.4, gaining $245.24 over its previous closing. The world’s largest and most well-known cryptocurrency is up 81 per cent from its low of $27,734 on January 4 of this year. 

Ether, the cryptocurrency tied to the Ethereum blockchain network, climbed 1.16 per cent to $3,932.07, up to $44.97 from its previous closing.

Flipkart boss challenges Indian enforcement agency probe

According to court records, Sachin Bansal, the co-founder of e-commerce giant Flipkart, has filed a lawsuit against India’s financial crime-fighting agency, which has accused him and others of violating foreign investment laws.

China to launch Beijing stock market

China will set up a new stock exchange in Beijing, President Xi Jinping said in an attempt to persuade domestic businesses to list in the country rather than abroad. Shanghai and Shenzhen are the country’s two primary stock exchanges. 

Xi said in a speech at a trade show that the new stock exchange would help small and medium-sized businesses grow, but he didn’t go into detail.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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