Small businesses in Australia have found themselves in a precarious financial situation, with billions of dollars owed to the Australian Taxation Office (ATO) in uncollected GST and withheld employee wages. Rob Heferen, the newly appointed commissioner of the ATO, has expressed deep concern over this mounting debt, which totals approximately…

As Swifties flocked to seven sold-out shows in Sydney and Melbourne, their enthusiasm reverberated through the economy, leaving statisticians to marvel at the consequential surge in spending. The Australian Bureau of Statistics (ABS) revealed that the influx of more than 600,000 concertgoers contributed to a staggering $35.9 billion in retail…

Godfreys, a stalwart in Australia’s retail landscape for nearly a century, has reached the end of its journey. After an arduous search for a buyer, administrators have announced the inevitable winding down of the company’s operations. Despite initial optimism fuelled by 55 expressions of interest, no viable offers materialized to…

The recently released climate risk assessment report by the federal government serves as a stark warning about the multifaceted threats posed by climate change. Detailing the potential impacts on various sectors including healthcare, finance, infrastructure, and national security, the report underscores the urgent need for action. According to Assistant Minister…

Thursday saw the Australian Stock Exchange climb to an “all-time high”, which was helped largely by strong gains in the Australian banking sector. Australia’s 4 main banks all rallied on Thursday, with Commonwealth Bank of Australia breaking company records. Ed Boyd, Business Report for Sky News, tempered the good news…

According to the latest data from CoreLogic, the Home Value Index, which tracks the prices of houses and units in the country, experienced a national increase of 0.6 per cent. This surge was observed across all major cities except Hobart, with Perth leading the pack with a significant rise of…

The Australian economy finds itself grappling with a sobering reality as unemployment in the country surges to a two-year high at the outset of 2024. This uptick underscores a notable cooling in the labour market, prompting repercussions across various sectors and sparking speculation about potential policy responses. Data released by…

Michelle Bullock, RBA Governor, has warned “the job’s not done” after the bank’s recent decision to maintain interest rates. The RBA’s choice to keep the cash rate target steady at 4.35 per cent comes amid a backdrop of economic uncertainty and inflation concerns. During a historic press conference following the…

After reaching a record high, the Australian stock market experienced a significant drop, reflecting investor concerns and a shift in expectations regarding interest rates. Chair Powell’s comments, delivered at the January Federal Open Market Committee (FOMC) meeting, sent ripples through global markets. Despite speculation and market bets on rate cuts,…

The Australian Bureau of Statistics (ABS) released the data on Thursday, revealing a sharp drop in the participation rate from a record 67.3 per cent in November to 66.8 per cent in December. Despite the alarming decrease in employment, the unemployment rate for the month held firm at 3.9 per…