Business News Update – 23rd June 2022

Welcome to this weeks edition of the Business News Update. Read on for the latest updates in regard to Regulations and Business News, hopefully providing information to help you to successfully move forward.

What an American recession means for Australia

Recession

What exactly does it means for Australia if the United States is headed for a recession? Sky News breaks it down here.

ASX continues to drop

Decrease

Most of Australia’s biggest companies continued to see major slides in the stock market last week, with a 2.5 per cent value drop overall.

Number of people involved in fake GST claim scam continues to balloon

Scam

A dozen arrest warrants have been issued for a viral tax scam that has allowed Australians to swindle over $1 billion in fake GST refunds. The ATO has put 70,000 people on notice for the scam, which spread via Facebook and TikTok.

We’ve all lost $3500 on average

Money, Loss

As interest rates rise, Australians have lost a significant amount of money in reduced super and property values, and to a lesser extent, crypto.

July 1st legal changes for businesses you need to know

A roundup of the changes coming for the new financial year can be found here.

Homes standing vacant amid severe housing shortage

Housing, Crisis

Over 87,000 properties in Queensland are likely empty, new figures from the Australian Bureau of Statistics show. The shocking number comes amid the worst housing crisis ever. Shelters are packed and many renters have been forced out of their homes.

Ministers to meet this week to address power crisis

Power

Federal and state energy ministers will consider financial support for small businesses facing massive gas price spikes, as this power crisis has hit small and medium businesses especially hard.

Government promises more help coming after minimum wage increase

Prime Minister Anthony Albanese is promising the 5.2 per cent minimum wage increase is “just the beginning”  and The Fair Work Commission handed down the inflation-beating increase earlier this week.

Shared equity scheme means more people will be able to buy a home

House

A new NSW government scheme makes homeownership more attainable for some. Single parents and older singles, as well as frontline workers like teachers, nurses and police, will be able to buy their home with just a two per cent deposit.

Some people angered over light show amid electricity crisis

Light, Show

The Vivid Sydney light show has been allowed to continue as-scheduled, even after politicians and regulators urged Sydney residents to conserve their electricity and switch off appliances or risk blackouts.

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Diary

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The 2 Peas Team

P: 1300 896 732

E: admin@twopeas.com.au