Economy

Corporate foreign exchange strategies will be tested to new levels in 2023, due to continued pressure from rising interest rates, geopolitical tensions, and a worsening energy crisis, according to the new ‘Are You Ready for 2023?’ Report published recently by Convera.

Workers in Australia are looking for new jobs, asking for extra shifts, and switching to cheaper brands as everyday expenses eat up a bigger chunk of their paychecks, new research released recently from Qualtrics shows. 

Despite the rising cost of living, and contrary to popular belief, a new study from Afterpay reveals that Zillennials (Gen Z and Millennials) are one of the most financially savvy generations with almost three quarters (70%) saying they use thrifty saving techniques to balance spending priorities whilst keeping up with lifestyles.

Venture Insights latest New Zealand (NZ) consumer telco survey shows that telco spending looks robust going forward. The survey showed that more consumers expected to increase their usage of SVOD services, suggesting they see it as a choice for entertainment that could potentially replace more expensive options such as going to the movies, dining out, etc.

The spike in inflation isn't coming from input cost pressures, despite the rate rises; it comes from businesses broadening their profit margins while claiming higher energy costs and wage rises. Rising profits are the primary driver of inflation, not the cost of inputs or excessive demand. Many corporates say 'they've got no choice' but to lift prices when costs rise.

The southern city of Kaohsiung, known as the Maritime Capital and the Harbor Capital of Taiwan, serves as the best base for Taiwan to venture into marine technology. In recent years, with time evolution and industrial changes, the City Govt has been striving to promote the transformation of the Port of Kaohsiung from an industrial harbor to a people-oriented hub, while implementing strategic intelligence solutions in the advanced semiconductor industry and 5G-enabled applications and services with the aim of meeting the needs of future industrial transformation and achieving tech leadership in various fields.

In a keynote address at the Pastoralists and Graziers Association of Western Australia in Perth, Daniel Wild released a new research report by the IPA, Australia’s Green Tape Army: A comparative analysis of the growth of the environmental bureaucracy and the agricultural sector. The research report reveals that since the year 2000, the size of the federal environmental bureaucracy has grown three times faster than the agricultural sector itself.

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.