The automotive industry has reached a consensus about the best way to transition from internal combustion engine technology to electric vehicles, according to the Federal Chamber of Automotive Industries. Australia’s automotive representative organisations – which represent thousands of manufacturers, suppliers, distributors, repairers and recyclers – “reached a historic agreement at an industry summit” about how…
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One of Australia’s leading commercial property analysts has given five predictions about what we can expect from the sub-$2 million commercial market in the 2022-23 financial year. Ray White Commercial Head of Research Vanessa Rader said, first, there would be a lot of buying activity from industrial owner-occupiers. “With vacancies remaining historically low, owner-occupiers will…
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The Australian Taxation Office has revealed the industries that have attracted the most tip-offs from the general public about shadow economy behaviour. The ATO received 43,000 tips-offs in the 2021-22 financial year, with these industries put under the greatest spotlight: Building & constructionHairdressing & beauty servicesCafés & restaurantsRoad freight transportManagement advice & related consulting services…
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There were five pieces of good news for businesses in the Australian Bureau of Statistics’ (ABS) most recent household spending data. household spending in June was 10.2% higher than the year before.spending increased in all states and territories on an annualised basis.it also increased in all nine spending categories monitored by the ABSthe categories most…
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Inflation is both impacting the housing market and itself being impacted by the housing market. CoreLogic Head of Residential Research Eliza Owen said one way in which inflation impacts the housing market is that it erodes the value of debt, making it easier to repay a mortgage. That’s because $1 today is worth less than…
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Australia’s vacancy rate fell to a record-low 0.9% in July, according to Domain. So for every 100 rental properties, less than one was vacant in July – an incredibly low share. The vacancy rate is low in every capital city: Adelaide = 0.2% (record-low)Perth = 0.5% (record-low)Hobart = 0.5%Brisbane = 0.6% (record-low)Darwin = 0.6%Canberra =…
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The Bureau of Meteorology has warned there is a 70% chance of La Niña returning this spring. The bureau’s three-month climate outlook shows a high chance of above-average rainfall for most of the eastern two-thirds of the Australian mainland between September and November. “With wet soils, high rivers and full dams, and the outlook for…
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One of Australia’s leading property and finance economists believes we will see “a slow down in interest rate rises” at the end of the year. Ray White Chief Economist Nerida Conisbee has forecast that inflation will peak at the end of 2022 – and that, as a result, the Reserve Bank of Australia (RBA) will…
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The Australian Taxation Office has urged businesses that can switch to Single Touch Payroll Phase 2, but haven’t yet done so, to start reporting as soon as possible. STP2 began on 1 January 2022. As of 14 June, there were about 144,000 businesses reporting STP2 information for 1.7 million staff. Some businesses can’t yet switch,…
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The federal government has increased the number of small and medium businesses that can benefit from government spending contracts. Under changes to the Commonwealth Procurement Rules, which took effect on July 1, the federal government will allocate at least 20% of its overall contract spend to SMEs, compared to the previous target of 10%. Value…
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