Business News Update – 12th May 2022
Welcome to this weeks edition of the Business News Update, read on for the latest updates in regard to Regulations, Business News and Covid Support, hopefully providing information to help you to successfully move forward.
GST fraud attempts circulating on social media lead to extra security measures
Due to a significant number of GST refund fraud attempts, businesses may face extra steps to receive their refunds as extra security measures are put in place. Tighter controls around ABN and GST registration have been established.
Australian markets tumble
Only six out of the 200 companies on the ASX index came out ahead by market close on Friday, after a staggering Wall Street plunge bled into other markets. Tech firms took the biggest hit.
Real wages projected to fall by 3% in 2022
Australia’s jobless rate is the lowest it’s been in 48 years at 4%, and wages are tipped to grow over the next 2 years. Despite this, real wages are projected to shrink by 3% due to runaway inflation.
More gender pay inequity campaign promises coming
Labor is set to announce additional gender pay gap measures in the campaign’s final fortnight, with Tanya Plibersek hinting that another policy push will be announced in the coming days.
Interest rates rise for the first time since 2010
The Reserve Bank of Australia has lifted cash interest rates by 0.25 percentage points, to 0.35%. The rise is expected to stoke the cost-of-living debate in the federal election.
Qantas gears up for a fresh battle with ACCC
Just one month after the ACCC finished investigating Qantas for its minority stake purchase of FIFO charter company Alliance Aviation in 2019, the national carrier announced plans to purchase the remaining 80% for an estimated $919 million.
China’s zero-covid policy sends ripple effect around the world
As China continues to strive for near-zero covid tolerance by mandating strict lockdowns, ships wait to dock at ports in China with no workers. As a result, the Chinese economy has ground to a halt, with supply chain issues being felt around the world.
ATO cracking down on GST scheme
The Australian Tax Office has launched an investigation into a widespread fraudulent GST scheme, which has cost the office $850 million. A suspected 40,000 people have listed fake businesses in order to claim GST refunds.
Real estate analysts worry about interest rate hike
With the rise in interest rates last week, real estate analysts warn that a drop of 15 percent could be on the horizon for home prices.
Rent prices reach a new record high
According to a recent rental report, the median cost of renting a house in Australia’s capital cities reached a new high of $508/week. With the buyers market also unaffordable, the new high makes it even harder for Australians to move from rental to home ownership.
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