Economy

Moving superannuation payments to align with wages could give millions of Australians $50,000 more at retirement and drastically curb Australia’s unpaid super scourge which has cost workers $33 billion over seven years. The federal government should be commended for announcing in this Budget that super should be paid on payday and not at least once a quarter, a policy change that will get more workers all the super they have earned.

On 9th May 2023, the second budget was presented by Treasurer Dr. Jim Chalmers. It consisted of several measures related to tax and superannuation, with an emphasis on aiding SMBs, promoting investment in sustainable housing and buildings, modifying the Petroleum Resource Rent Tax, and executing Pillar Two of the Organisation of Economic Cooperation and Development / G20 Two-Pillar Solution to tackle digital transformation of the economy.

Every Tax Time, the Australian Taxation Office (ATO) focuses on certain hotspots where taxpayers are prone – either accidentally or deliberately – to make errors. So, what is expected to be on the Australian Taxation Office’s list this year? Well, essentially, they will look at two main areas; work-related expenses and claims made by investment property owners.

Digital businesses in the Australian states of New South Wales, Queensland and Tasmanian have seen their annual turnover jump by up to 13 per cent, even as Australians’ online spending dropped by more than $124 million across the Asia Pacific nation. The first Digital Economy Index released by payments fintech Airwallex shows Australians have spent $124.1 million less online than a year ago as people buy fewer clothes and products online, and redirect their spending into booking travel and signing up for education courses.

Aussies are leaning on their nearest and dearest as cost of living pressures grow, according to new research by Finder. A survey of 1,085 revealed that 1 in 3 (30%) Aussies – equivalent to 6 million people – have leaned on family and friends for financial support in the past 12 months.

Atradius, a world-famous trade insurance firm, has released its 2023 Regional Economic Outlook report, setting out growth forecasts for key economies in Asia, including the outlook for a newly reopened China, and offering a long-term view on the risks of geo-economic fragmentation resulting from ongoing supply chain reconfigurations and geopolitical tensions.

DHL and New York University's Stern School of Business released the new DHL Global Connectedness Index 2022, an in-depth report on the state of globalization and its prospects. Analyzing data from 171 countries and territories, it reveals how flows of trade, people, capital, and information move around the world.

Australia job seekers can expect the strong hiring momentum from 2022 to extend into the first quarter of 2023 amidst continued country wide talent shortage. According to ManpowerGroup’s latest Employment Outlook Survey report, out of 1020 employers surveyed, 48% of the employers surveyed in Australia reported intentions to increase their headcount, 14% anticipate a decrease in employees while 36% expect no changes to their staff numbers.

Financial decision-makers across regions are investing in automation (37%) and supply chain tech (37%) as businesses respond to inflation and lingering concerns about a recession, according to research from Taulia, the working capital management solutions provider. The survey, which was carried out amongst more than 500 senior financial decisions-makers in the United States, the UK, Germany and Singapore found that businesses in Singapore and the U.S. are more likely to invest in technology and infrastructure than undertake cost-cutting measures, such as seeking cheaper suppliers, reducing staff expenses, and working more efficiently with raw materials and energy, as economic uncertainty continues.

Grant Thornton International's recent International Business Report (IBR) research has revealed that there is a downturn in overall general business confidence countrywide among Australians as we enter the new year of 2023 – dropping 17 per cent (17%) from the first half of 2022.