{"id":10430,"date":"2023-12-19T06:26:21","date_gmt":"2023-12-18T19:26:21","guid":{"rendered":"https:\/\/countax.com.au\/?post_type=weekly-digest&p=10430"},"modified":"2023-12-19T07:12:05","modified_gmt":"2023-12-18T20:12:05","slug":"business-update-20-december-2023","status":"publish","type":"weekly-digest","link":"https:\/\/countax.com.au\/weekly-digest\/business-update-20-december-2023\/","title":{"rendered":"Business Update \u2013 20 December 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
REA Group Economic Research Director Cameron Kusher says the growth in house prices has been \u201cway better than expected\u201d<\/a> as it was predicted last year’s price falls would continue. According to NAB forecasts: Sydney, Melbourne, Brisbane and Adelaide house prices are expected to grow five per cent or more in 2024, while Perth is at 1.2 per cent and Hobart is at zero.<\/p>\n The Australian Retailers Association has estimated that South Australians will spend just under $4.3 billion in the month leading up to Christmas<\/a>, with that forecast tipping that SA will be the only state to increase festive sales compared to last year.<\/p>\n Jim Chalmers has said Australians could receive more help with cost-of-living relief in the budget next May<\/a> and confirmed the government is working up new policy measures to accelerate the transition to net-zero emissions.<\/p>\n On 22 December 2022, the Fair Work Commission (FWC<\/strong>) issued the\u00a04 yearly review of modern awards\u2014Plain language\u2014Shutdown provisio<\/em>ns [2022] FWCFB 246 (Determination<\/strong>) to vary clauses about temporary shutdown periods in 78 modern awards. On 1 May 2023, new clauses were inserted into those awards to reflect the FWC\u2019s Determination. As a result, the upcoming Christmas period is likely the first time many businesses will shutdown under the new provisions. To avoid breaching the relevant award (and therefore breaching the\u00a0Fair Work Act 2009<\/em>), it is critical that employers covered by these awards understand their new obligations<\/a>.<\/p>\n Suburbs in western Sydney and south-east Queensland dominate the list of areas that have the highest risk of business failure for 2024, according to CreditorWatch\u2019s November Business Risk Index<\/a>.<\/p>\n In a sobering update on the Australian economy, it is apparent that business confidence has crumbled<\/a> at year end.<\/p>\n Australia said it would tighten visa rules<\/a> for international students and low-skilled workers that could halve its migrant intake over the next two years as the government looks to overhaul what it said was a “broken” migration system.<\/p>\n There is a multi-billion dollar fight on for your superannuation that you should be very aware of. A group of the large industry funds, led by AustralianSuper, are pushing for a system in which members could be \u201cdefaulted\u201d into retirement products when they reach retirement age<\/a>.<\/p>\n The landscape of employment contracts is evolving, and it’s essential for employers to be aware of the changes concerning fixed-term contracts<\/a> effective 6 December 2023.<\/p>\nSouth Australians estimated to defy national spending trend ahead of Christmas<\/h2>\n
Australians may get more cost-of-living relief in the next budget, Jim Chalmers says<\/h2>\n
New shutdown rules for awards<\/h2>\n
Aussie business collapse hotspots revealed<\/h2>\n
Confidence \u201ccrumbles\u201d, Australia\u2019s economy \u201cbuckles\u201d<\/h2>\n
Australia plans to halve migrant intake, tighten student visa rules<\/h2>\n
The multi-billion dollar fight over your superannuation<\/h2>\n
New rules for fixed term contracts<\/h2>\n
Farmer fury in Australia signals tough road to renewable energy<\/h2>\n