Weekly Digest – 05 June 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Fair Work Commission increases minimum wage by 3.75%

The Fair Work Commission (FWC) will increase the minimum wage for employees by 3.75%, factoring in tough economic conditions with long-term goals such as closing the gender pay gap. The new National Minimum Wage and awards wages will go into effect from July 1 – with the commission factoring in lingering inflation, living standards, and a relatively strong labour market.

2024 Tax time summary of non-individual form changes

The ATO has provided a summary notification of the changes made to non-individual tax return forms and schedules for the 2023–24 income tax reporting period.

Aussie businesses boost investment in assets

Australian businesses have stepped up their investment plans over the past 12 months despite the slowing economy, with new data from the Commonwealth Bank of Australia’s business bank showing a 22 per cent uplift in vehicle and equipment financing compared to the same period last year.

Australia’s big nuclear fuel dilemma

Lithium. Nickel. Graphite. Australia’s ideally positioned in an international struggle to control the critical minerals behind the transition to an all-electric economy. Is uranium next?

The cost-of-living crisis is seeing retailers have near-constant sales, and experts say it’s a warning sign for the economy

Paul Zahra, the chief executive of the Australian Retailers’ Association, said the sector is already experiencing weak conditions and, with the cost of living keeping customers’ wallets shut, it’s exacerbating the pain for businesses.

Australian Budget looks to private and foreign investment to help secure economic future

The 2024–25 Australian Budget will invest A$22.7 billion over 10 years to fulfil the Australian Government’s Future Made in Australia plan.

Australia’s housing construction data continues to worsen

The Urban Development Institute of Australia (UDIA) has launched a new benchmarking tool that provides a quarterly assessment of the residential development and construction market.

6 economic buzzwords from swiftflation to polycrisis

Any conversation involving the economy is bound to involve a certain amount of jargon, which can be confusing for anyone who is not familiar with economic terminology. It is no wonder then that experts often introduce simplified words or terms to explain complex concepts, sometimes with a humorous twist, that join the vernacular as buzzwords.

Prime RMBS arrears hit 1%

S&P Global Ratings’ (S&P) RMBS Performance Watch: Australia quarterly report (ended 31 March 2024) found that RMBS prime mortgage arrears rose to 1 per cent, up from 0.95 per cent the year prior and from a historical low of 0.58 per cent.

APRA releases superannuation statistics for March 2024

The Australian Prudential Regulation Authority (APRA) has released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the March 2024 quarter.

Boomer ‘wave’ of outflows starts to hit super

Australia’s biggest retail superannuation funds are paying out billions more dollars in cash than they are bringing in as the wave of baby boomers reaching retirement age starts to hit the $3.6 trillion sector.

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