{"id":10301,"date":"2023-08-22T14:34:56","date_gmt":"2023-08-22T04:34:56","guid":{"rendered":"https:\/\/countax.com.au\/?post_type=weekly-digest&p=10301"},"modified":"2023-08-22T15:19:50","modified_gmt":"2023-08-22T05:19:50","slug":"weekly-digest-23-august-2023","status":"publish","type":"weekly-digest","link":"https:\/\/countax.com.au\/weekly-digest\/weekly-digest-23-august-2023\/","title":{"rendered":"Weekly Digest \u2013 23 August 2023"},"content":{"rendered":"
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.<\/p>\n
Inflation is a challenge for all businesses, but the sting is especially painful for SMEs. With limited resources, they can find themselves struggling to absorb costs associated with inflation, potentially leading them down the path of price increases and lost customers. This leaves SMEs struggling with the eternal question: pass on increasing costs to customers, or continue to absorb as much of it as possible?<\/a><\/p>\n Outgoing Reserve Bank of Australia governor Philip Lowe has confirmed a “modest” rise in joblessness will be part of bringing inflation down<\/a>. Lowe, who steps down from his role in September, faced a parliament grilling for the final time.<\/p>\n Australians travelling overseas can’t help notice how weak the dollar currently is compared with other major currencies, but there is a warning it could plunge to a record-low 40 US cents<\/a> in coming years.<\/p>\n The Australian Taxation Office has \u201ca lot of questions\u201d to answer after a fraudulent scheme promoted by social media influencers cost Australian taxpayers more than $1.6 billion<\/a>. The fraud involved more than 50,000 people creating fake businesses and income statements to receive unwarranted General Service Tax (GST) refunds from the ATO.<\/p>\n Australia\u2019s unemployment rate experienced a notable uptick<\/a>, reaching 3.7% in July, according to recent data from the Australian Bureau of Statistics (ABS).<\/p>\n Migration remains central to the Australian success story. It enriches the social fabric of our nation, brings new ideas and international connections and strengthens our economy, Business Council chief executive Jennifer Westacott said<\/a>.<\/p>\n Hopes have been raised of a soft landing for the global economy, although a number of headwinds remain. For Australia, our forecasts for GDP growth have strengthened marginally but we continue to expect growth to be well below trend in 2023 and 2024 as the impact of rate rises flows through, according to recently released NAB economic commentary<\/a>. Cost-of-living pressures and financial stress could make dipping into your superannuation tempting, especially when you have \u201ccontrol of the chequebook\u201d as\u00a0the trustee of an SMSF. If you\u2019re considering\u00a0pulling money out of your SMSF<\/a>, don\u2019t do it \u2013 even if you intend to put it back in.<\/p>\n Contact us if you have any questions or want to discuss the next steps for your business.<\/p>\n","protected":false},"featured_media":0,"comment_status":"close","ping_status":"closed","template":"","format":"standard","weekly-digest-topic":[],"weekly-digest-type":[],"weekly-digest-region":[],"acf":[],"yoast_head":"\nWorst is over’, RBA boss declares<\/h2>\n
Forecast Aussie dollar will plunge to record low over next five years<\/h2>\n
\u2018A lot of questions\u2019 for ATO after $1.6 billion paid to GST scammers<\/h2>\n
July sees unemployment rise: 3.7%<\/h2>\n
Migration essential for our national prosperity<\/h2>\n
NAB\u2019s ‘World on Two Pages’<\/h2>\n
\nRead More<\/a><\/p>\nHow to access your super early when times are tough<\/h2>\n
Get in touch<\/h2>\n