Business News Update – 5th 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.
More Australians turning away from home ownership
A new study suggests younger Australians are choosing to invest their money in stocks over buying a home. Around 43 percent said they would choose to invest their money instead of spending it, and 38 percent of those saying they would choose the stock market over a property.
Australia faces rental affordability crisis
A survey by Anglicare Australia has found of 46,000 rental listings, only two percent were affordable for a person earning a full-time minimum wage and only one percent were affordable for someone receiving an age pension.
Public health measures eased
As of 29th April 2022, some of the public health and social measures enacted for COVID-19 in Western Australia have been eased. These include the removal of masks in most settings and new asymptomatic close contact protocols.
Some areas of Australia may be uninsurable by 2030
Extreme weather conditions may make some Australian homes uninsurable by 2030, potentially affecting as much as one in 25 households. The most at-risk areas were in flood and cyclone-prone areas of Queensland and Victoria.
Interest rates expected to increase
The Reserve Bank of Australia is expected to raise cash rates to around 0.25 percent on 3rd May 2022, after consumer prices saw the highest increase in more than 20 years. Which could result in more people exploring fixed-rate home loans.
Inflation hits 5.1 percent
Australia’s annual inflation rate hit 5.1 percent, the most rapid inflation increase since GST was introduced more than 20 years ago. Though this rate is high, the US and Europe have seen even higher inflation rates.
Sydney startup company given millions to develop nuclear fusion capabilities
HB11 Energy, a Sydney-based tech startup, has been awarded $22 million to develop Australia’s sovereign nuclear fusion energy capacities.
Qantas sees revenue increase
Qantas expects to be profitable again by 2023, following an increase in revenue over the March 2022 quarter. The airline’s debts have now fallen to below the pre-COVID levels, of $4.5 billion. Qantas however still expects to see losses for 2022.
Pandemic Leave Disaster Payment
People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.
Support for Small Businesses
If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.
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The 2 Peas Team
P: 1300 896 732