Sep 06, 2022

Business Update – 7 September 2022

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

Property values experience biggest drop in nearly 40 years

In August, Australian property values suffered their biggest monthly drop since 1983 as the market’s downturn accelerated. Every capital city apart from Darwin is now in a housing downturn.

Large percentage of ParentsNext facilitators filing false claims

Job agencies running the federal government’s ParentsNext welfare scheme have been making invalid claims for taxpayer-funded bonuses, a recent audit has found. The program sees companies and charities provide guidance and support to single parents on benefits. They receive a cash bonus when a participant completes a course.

Women tend to neglect their super more than men

Author, business owner, and public speaker Jane Turner has spoken on stage in front of thousands of fellow women on the importance of empowerment and confidence. But she is unsure about when she can retire because she didn’t adequately fund her super.

PM defends tax cuts for the wealthy

Prime Minister Anthony Albanese is under fire for defending Labor’s decision to not scrap the previous government’s tax cuts for the wealthy.

Could retirees be the way out of the labour shortage?

As the labour shortage continues, “help wanted” signs are popping up everywhere and calls to increase the number of migrant workers are getting louder. However, one untapped market could be retirees, if we don’t dock their pensions to allow them to work to get us through the shortage.

The gender pay gap will see rich men benefit the most from tax cuts

The independent Parliamentary Budget Office has calculated that men who earn over $180,000/year are set to benefit the most from the Stage 3 tax cuts coming into force in 2024. Female workers who earn less than $45,000/year stand to benefit the least.

ATO releases data revealing record number of SMSFs worth over $100 million

The number of self-managed super funds (SMSFs) worth more than $100 million continues to grow year over year.
Some critics are calling it a “taxpayer-funded inheritance scheme.”

Elysian energy has been removed from the grid

Melbourne-based Elysian energy collapsed last week, and was taken off the market Friday. The closure comes three months after the solar electricity provider urged its customers to find a new provider as rising wholesale costs were forcing them to double prices.

More than 192,000 Australians received doubled Centrelink payment last month

To obtain the concession, you must live at a property and receive a Centrelink payment, hold an eligible card, or meet low income provisions. Find out if you’re eligible here.

How much could you be earning in your job?

Updated data from SEEK has revealed average salaries by industry. See how your earnings stack up here.

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