Business News Update – 27th October 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.

A budget that is “resilient” but not “fancy”

Budget Header

The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year.

$21bn in government spending to be slashed

After an audit of all departments, the Labor government says it has identified ways to cut down on government spending that will claw back $21bn.

Most Australians lack the confidence to switch jobs

Jobs

Despite ideal conditions for seeking new employment, new data from SEEK reveals that the majority of those polled have no intention of switching jobs any time soon, even for better pay or conditions. The main reason cited was lack of confidence.

ATO launches publicity campaign as director ID deadline looms

The Australian Taxation Office will launch a $3.2 million publicity and advertising campaign to push directors who haven’t yet registered for their director ID to do so. The deadline is November 30.

Potential for significant rise in costs for mortgage holders

The combined factors of rising rental rates and increasing gas and electricity costs are set up to create a potential “nightmare scenario” for mortgage holders.

Rental squeeze expected to get a lot worse in the next 6 months

New figures show that rent increased by double digit figures all across Australia in the past year. The number of people requiring more space to work from home is a major contributing factor, and isn’t expected to revert to how it was before the pandemic.

Fruit and veggie prices will surge following floods

October floods affecting large swathes of agricultural land are expected to cause a major surge in prices for fresh produce. It’s too early to know exactly how much damage has been done, but it’s undoubtedly significant.

Those seeking work tend to come from marginalised groups

Diverse

Despite record low unemployment levels, there are still over 3 million people in Australia looking for work or wanting more work. New data shows that most of these people come from marginalised diversity groups.

Millennials really did get the short end of the stick

Millenials

The Australian Tax Office compared census data from 1991, 2006, and last year, to see the relative success of baby boomers, gen X, and millennials. Finally, some facts to prove that millennials truly do have it worse. They are less likely to own property, have been married, have children, or hold steady full-time careers.

Liz Truss is the UK’s shortest-serving prime minister

Once the replacement for Truss is found, the UK will have had five prime ministers over the course of six years – giving Australia a run for our money with the pace we set in the early 2010s. World leaders congratulated the Daily Star’s head of lettuce, which lasted longer than Truss’ time in office.

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