This week, the business world welcomed the NSW Liberal government’s first budget, which will deliver a payroll tax rebate to employers, and was rocked by the news that Rick Damelian has been placed in administration with debts of $80 million. The RBA decided to hold interest rates at 4.75 percent and unemployment jumped unexpectedly. Miss anything? We’ve wrapped up the week in news for you.
Dymocks launches web-based publishing service
Dymocks CEO Don Grover unveiled a new web-based book publishing service to the world on Monday, designed to enable authors to take control of the professional creation, publishing and distribution of books and eBooks, without the need for previous experience or expertise.
D Publishing will allow up and coming local authors to see their works in published form and available for purchase online, with a selection to be made available in Dymocks stores across the country.
Inflation dips in August
Inflation fell 0.1 percent in August after rising 0.3 percent in July, with sliding prices of fruit and vegetables more than offsetting price rises for private motoring, furniture and furnishings, and household services.
According to The TD Securities – Melbourne Institute Monthly Inflation Gauge, in the 12 months to August, the Inflation Gauge rose by 2.9 percent, following a 3.2 percent rise for the twelve months to July.
$80m debt forces Rick Damelian into receivership
The Damelian Group and its nine vehicle franchises in Sydney have been placed into receivership, with $80 million owing to the National Australia Bank.
Ferrier Hodgson Receivers and Managers Steven Sherman and Jim Sarantinos have been appointed to pursue the provisions of a registered debenture charge created by the companies, and will deliver more news to customers and suppliers when it becomes available.
Budget delivers payroll tax rebate to employers
New South Wales Treasurer Mike Baird has unveiled his first budget, delivering a deficit of $718 million in 2011/12 and promising to return the budget to surplus in 2012/13.
According to Baird, to deliver on its commitment to jobs growth the Government is targeting 100,000 new jobs by providing a payroll tax rebate to employers, the equivalent of one year’s average payroll tax bill for each new employee for their first year on the job. 40 percent of these new jobs are reserved for regional areas, and 60 percent for metropolitan areas.
RBA leaves rates unchanged at 4.75 percent
The Reserve Bank of Australia (RBA) announced on Tuesday it would leave the cash rate unchanged at 4.75 percent for the tenth consecutive month. Governor Glenn Stevens said the outlook for the global economy is less clear than earlier in the year.
Household expenditure up 38 percent
The ABS’ latest Household Expenditure Survey revealed an increase of 38 percent on money spent on household goods and services, since the previous 2003-4 survey.
The ABS also found that the greatest increases in average weekly spending were housing costs; up $80, and miscellaneous goods and services; up nearly $40, and that we’re allocating more spending than ever to indulgences like recreation; up almost $50 per week, and food and non-alcoholic beverage; $51.
Unemployment rate sees unexpected jump
The jobless rate rose 0.1 percent last month to take unemployment to 5.3 percent, a 10-month high, despite widely held expectations the rate would remain steady.
The number of people unemployed increased by 18,400 people to 636,800 in August.
“The disappointing jobs report adds to the sense that the Australia economy is slowing,” Westpac Senior Currency Strategist Rob Rennie said, according to the Wall Street Journal.
Good Guys trumps Retravision, Betta in customer satisfaction
The Good Guys is leading the electrical retail industry when it comes to customer satisfaction, according to new Roy Morgan research, beating out rivals Retravision, Betta Electrical and Dick Smith.
The Roy Morgan Retail Satisfaction Report for June found The Good Guys lead in the electrical stores category, with 90 percent of its customers either ‘very’ or ‘fairly satisfied’, ahead of Retravision with 88 percent, Betta Electrical at 86 percent and Dick Smith at 84 percent.