{"id":7161,"date":"2023-05-23T11:22:56","date_gmt":"2023-05-23T01:22:56","guid":{"rendered":"https:\/\/ngaa.com.au\/?p=7161"},"modified":"2023-05-23T12:56:11","modified_gmt":"2023-05-23T02:56:11","slug":"business-update-24-may-2023","status":"publish","type":"post","link":"https:\/\/ngaa.com.au\/business-update-24-may-2023\/","title":{"rendered":"Business Update \u2013 24 May 2023"},"content":{"rendered":"

Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy.<\/span><\/p>\n

First Aussie social media platform for business owners launched<\/b><\/h2>\n

A new social media platform, called<\/span> \u2018Business Connect\u2019<\/span><\/a>, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with other business owners, share ideas, and access resources. It also provides a platform for businesses to promote their products and services.<\/span><\/p>\n

Do you have a pre-2010 employment agreement<\/b><\/h2>\n

The Australian Tax Office (ATO) reminds<\/span> employers that they may have pre-2010 employment agreements in place that are still legally binding<\/span><\/a>. These agreements may include entitlements such as leave, overtime, and redundancy payments. Employers should review their agreements to ensure they are compliant with current legislation.<\/span><\/p>\n

Major change to buy now, pay later schemes<\/b><\/h2>\n

The Australian government is introducing a<\/span> new system to regulate buy now, pay later services<\/span><\/a>, treating them like credit cards. This will include a ban on late fees, a minimum repayment requirement and a cap on the number of services a customer can use. The aim is to protect consumers from irresponsible lending.<\/span><\/p>\n

RBA hints more rate rises \u2018may be required\u2019<\/b><\/h2>\n

The Reserve Bank of Australia (RBA) has stated that<\/span> further rate increases may be necessary in order to keep inflation in check<\/span><\/a>. The RBA has also noted that the current rate of 1.5% is still low and that the economy is in a good position.<\/span><\/p>\n

Government did not have \u2018proper consultation\u2019 with peak bodies prior to IR reforms<\/b><\/h2>\n

The<\/span> government has been criticised for not consulting with peak bodies<\/span><\/a> prior to their industrial relations reforms. This has been seen as a lack of respect for the organisations and their members, and a lack of understanding of the issues they face.<\/span><\/p>\n

Angus Taylor Declares Rising Inflation is Due to Federal Government Decisions: The Cost of Living Crisis in Australia<\/b><\/h2>\n

Angus Taylor has declared that rising inflation in Australia is due to decisions made by the Federal Government<\/span><\/a>. This has caused a cost of living crisis in the country.<\/span><\/p>\n

Childcare will be cheaper in Australia from July. Could it ever be free?<\/b><\/h2>\n

From July, childcare in Australia will become cheaper<\/span><\/a>, with the government introducing a new subsidy system. This will replace the current system of childcare rebates and will be means-tested, with the amount of subsidy varying depending on family income. The government has not yet discussed the possibility of free childcare.<\/span><\/p>\n

Bunnings\u2019 shorter working week trial sparks questions<\/b><\/h2>\n

Bunnings has announced that it will be trialling a four-day work week for its staff in an effort to improve work-life balance<\/span><\/a>. The trial will involve a select group of employees and will involve a reduction in hours, but no reduction in pay. The trial is part of a larger effort to improve the wellbeing of Bunnings\u2019 staff.<\/span><\/p>\n

Big Change to Aussie student loans<\/b><\/h2>\n

The Australian Government has<\/span> changed the repayment thresholds for HELP loans<\/span><\/a> due to inflation, meaning that those earning over $45,881 will now have to start repaying their loans. This change will affect over 1.2 million Australians and will help to reduce the national debt.<\/span><\/p>\n

Rising Unemployment Rate<\/b><\/h2>\n

The Australian Bureau of Statistics (ABS) reported that the<\/span> unemployment rate rose to 7.3% in April, up from 6.4% in March<\/span><\/a>. This is the highest rate since August 2020 and is the result of the COVID-19 pandemic. The ABS also reported that the number of employed people decreased by 39,100 in April.<\/span><\/p>\n

Get in touch<\/b><\/h2>\n

Contact us if you have any questions or want to discuss the next steps for your business.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy. First Aussie social media platform for business owners launched A new social media platform, called \u2018Business Connect\u2019, has been launched in Australia. It is designed specifically for business owners, allowing them to connect with … Continued<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[1],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nBusiness Update \u2013 24 May 2023 - NGA Accounting, Sydney<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ngaa.com.au\/business-update-24-may-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business Update \u2013 24 May 2023 - NGA Accounting, Sydney\" \/>\n<meta property=\"og:description\" content=\"Welcome to our Weekly Digest \u2013 stay in the know with some recent news updates relevant to business and the economy. 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