Economy

One of the main focuses of the Job and Skills Summit this week will be how Aussie workers can get wage increases while companies find and keep talented employees. Data from an RMIT Online survey released reveals inflation is pressuring workers to ask for pay raises and that the talent war hasn't been enough to make them satisfied with their current paychecks.

Adobe (NASDAQ: ADBE) announced the latest data and insights on the Creator Economy from the Adobe Future of Creativity Study. The study finds that the Creator Economy grew globally by more than 165+ million creators over the past two years to 303 million. In Australia, the Creator Economy has increased by 3 million new creators (48%) since 2020.

Recent research shows that Aussies are feeling the pinch given the rising cost of living, with three in five saying they find it hard to cope. While some Australians have resorted to curbing non-essential spending (58%), others have chosen to try and boost their cash flow, with 77% of people interested in taking on a side hustle to make additional income. Car Next Door, the peer-to-peer car sharing platform, makes it simple to turn any car into a shared car through their app. The rise in Aussies interested in starting a side hustle comes at a time where people are looking to boost their income. Aussies like Melbourne based, Issy and her mum Kristen, have earned $5874 since listing Issy’s car in November 2021.

In July, Moldova Innovation Technology Park (MITP) hosted its biannual Sum IT Up event to report on the status of the tech industry. MITP, an innovative e-Park that provides residents with a 7% flat tax rate, has been working to carry out the strategic plan for 2021-25, while also adapting to the shifting economic and political context driven by the war in Ukraine.

Australian technology employment numbers continue to boom, with over 1.2 million people expected to be working in the sector by 2027, according to the new ACS Australia’s Digital Pulse 2022 report released in Brisbane. Digital Pulse 2022 reveals technology jobs are paying better than equivalent industries and proposes ways the nation can address the chronic IT worker shortage, including boosting the sector’s diversity and building the skills pipeline.

The Australian government is losing billions in excise tax as illicit tobacco consumption hits 2.2 million kilograms, subsidising dangerous criminal enterprises, KPMG UK’s latest ‘Illicit Tobacco in Australia’ research report has revealed. The report found illicit tobacco now accounts for 19.3% of all tobacco consumed in Australia. If the 2,242 tonnes of illicit tobacco had been consumed legally, it would have generated an estimated additional $3.4 billion in tax revenue.

NielsenIQ previews findings from the Brand Balancing Act, a study providing a perspective on how consumers perceive small and medium-sized brands in the new inflationary marketplace.

AlixPartners announced the findings of its 17th Annual Turnaround and Transformation Study, which reveal that over 600 of the finance professionals most experienced in responding to the downside of economic volatility see a period of widespread business distress looming.

JCDecaux New Zealand released its IRIS audience study, revealing consumers are scrutinising FMCG spend as the cost of living rises and household budgets are put under pressure. The study also reveals that the emotion or promise of brands can overcome price sensitivity. Consumers seek validation to define which brands remain as necessities on shopping lists. Brands without meaningful quality cues may be swapped out for cheaper alternatives.

The United States has plummeted to 6th place in the Top 10 countries globally in terms of net inflows and outflows of millionaires projected for 2022, according to the forecast high-net-worth-individual (HNWI) figures published by Henley & Partners in the Henley Global Citizens Report, which tracks private wealth and investment migration trends across the globe.