Oct 05, 2022

Business Update – 5 October 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Renewed hope for small business sector

New data from Xero and the Australian Bureau of Statistics suggests that small businesses are doing better than before, but economists warn there may be more beneath the promising numbers.

We have more millionaires than ever before

According to Credit Suisse’s most recent annual Global Wealth Report, Australia gained nearly 400,000 millionaires in 2021, and the number is expected to continue to rise this year. Those who joined the ranks mostly got there by gains enjoyed in stock and real estate investments.

What $1 million can get you across the country

Although the housing market shows signs of finally cooling off, prices remain about 15% above pre-pandemic levels. The Guardian summarises where all these new millionaires can get the best value for their money when purchasing a home.

CPAs call for change in the accounting industry

Two of Australia’s leading accounting associations are calling on the Albanese government to mandate digital reporting in the industry, as recommended by a parliamentary committee in February 2020.

Homeowners warned to tighten their belts ahead of rate hike

The Reserve Bank is urging Australian homeowners to start making cutbacks, as this week’s rate hike is expected to be a major blow for most.

Inflation rate eased slightly last month

The Australian Bureau of Statistics said this week that pricier fruit and vegetables helped maintain Australia’s inflation rate at about 7%, while modest fuel price increases moderated the pace of growth.

Will working from home keep us productive enough?

In our post-pandemic world, workers of all generations now expect to be able to work at least part of the time from home. Experts wonder if the next generation will make their career decisions based on their ability to do so, and if the model will be able to sustain our economy.

Most of us favour sound economic policies over tax cuts

A recent poll from the Australia Institute found that over half of respondents were in favour of forgetting Stage 3 tax cuts in favour of sound economic policies, while nearly a quarter wanted to keep them.

Five jobs likely to be automated in the next decade

A Future of Australian Jobs Report completed by workforce data and analytics platform Faethm provides a list of the 5 jobs that will likely be automated within the next 10 years. The platform uses AI to analyse millions of data points.

Who should appear on our $5 note?

Suggestions for who should replace Queen Elizabeth II run the gamut from inspirational to completely wacky. The Reserve Bank would like to remind us that any change to the note would take 18 months to occur after a decision has been made.

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