Business Update – 13 December 2022

Business Update – 13 December 2022

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

NSW builder goes into voluntary administration due to rising costs and pandemic effects

Elderton Homes, a major New South Wales builder, has plunged into administration after catastrophic weather events, the pandemic, and rising materials costs made business too costly to continue.

ABS data shows that payroll jobs are up, and the labour market is still tight

Payroll jobs increased by 0.7 per cent in the month to November 12, indicating tightness in the labour market and disruptions from people being sick and the impact of significant weather events.

Reserve Bank sceptically launches new program to explore digital currency

The Reserve Bank has started a pilot program for a digital eAUD currency, but assistant governor Brad Jones is unsure of its role in Australia.

The gender pay gap didn’t improve at all from last year

The latest data released by the Workplace Gender Equality Agency shows the pay gap remains at 22.8%, with women earning $0.77 for every $1 earned by men. In addition, women are under-represented in leadership positions, and seven in 10 employers have pay gaps favouring men.

Relief is coming to help with high energy bills

Federal and state governments have agreed to cap coal and gas prices and provide additional rebates for Australians on low and middle incomes as part of a $1.5bn intervention.

Aussies are going into debt to buy gifts this season

People increasingly rely on credit to fund their holiday spending, with 24 per cent turning to buy-now, pay-later services and 13 per cent using their credit cards.

Tools for managing cash flow in tough times

The ATO has created a Cash Flow Coaching Kit that offers solutions to help manage a range of small business pressures, including less income coming in the door.

Was your tax refund less than expected?

The ATO has started to offset credits as part of recommencing collection action after a pause due to COVID-19. This may include reactivating debts that have been on hold. Find more details here.

Inflation rate drops just in time for the holidays

Australian inflation fell to 6.9 per cent in October, well below market expectations, due to a significant fall in the costs of fruit and vegetables. The drop has some economists feeling optimistic that inflation has peaked sooner than expected.

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