Business Update – 1 June 2023
Welcome to our Weekly Digest – stay in the know with recent news updates relevant to business and the economy.
The ASX is introducing a new system
At Close of Business on May 26, 2023, the Australian Securities Exchange (ASX) will be introducing a new system for trading and settlement of securities. This new system will replace the existing CHESS system and will provide improved security, efficiency and cost savings for investors.
‘Most significant’ scam targeting Aussies
Scammers have taken advantage of the second-hand sale market by using a PayID scam to steal over $260,000. The scam involves the scammers creating fake PayID accounts and using them to receive payments from unsuspecting buyers. This has caused a hit to the second-hand sale market, as buyers are now more cautious when making payments.
Economist warns RBA could lose control of cash rate
An economist has warned that the Reserve Bank of Australia (RBA) could lose control of the cash rate if external advisors on the new RBA review board outstrip the number of central bank officials. This could lead to a situation where the RBA is unable to raise rates to combat inflation, leading to a potential economic crisis.
What happens if the Voice referendum fails? Labor urged to have ‘contingency plan’
The Voice to Parliament referendum is a proposed referendum to give Indigenous Australians a voice in the federal parliament. If the referendum fails, Labor is being urged to have a contingency plan in place to ensure Indigenous Australians are still represented in parliament. This could include a parliamentary committee or a legislated body to ensure Indigenous voices are heard.
China makes sensational Australia ‘hacking’ claim
China has been accused of launching a disinformation campaign against the Five Eyes Alliance, a global intelligence-sharing network. The campaign includes false claims about the alliance’s involvement in the coronavirus pandemic and other issues. China has denied the allegations.
The rules for Afterpay, Zip and other ‘buy now, pay later’ providers are changing. What it means for you, and them
Buy Now Pay Later (BNPL) providers such as Afterpay and Zip are becoming increasingly popular, but new regulations are being introduced to protect consumers. These regulations include caps on late fees, limits on spending and more transparency about the cost of using BNPL services. Consumers should be aware of these changes to ensure they are using BNPL services responsibly.
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