Business Update – 19 October 2023 - Astrolabe Accountancy Pty Ltd

Business Update – 19 October 2023

19/10/2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Concerns raised as small businesses suffer a spending ‘cold snap’

New data from MYOB reveals that small businesses are experiencing what is called a spending ‘cold snap’ with cash and EFT deposits on a decline since June this year.

Australia Post unveils cutting-edge parcel facility to meet soaring e-commerce demand

In response to the ever-increasing demand for e-commerce services, Australia Post has recently inaugurated a state-of-the-art parcel facility that embodies innovation and efficiency.

Albanese government moves towards regulating digital payment wallets, phasing out cheque payments

In a significant development in the world of finance and payments, the Albanese Government of Australia has taken strides towards regulating digital payment wallets, such as Google Pay and Apple Pay, on par with other traditional payment methods.

IMF sees bleaker economic times ahead for Australia, but the picture’s not all bad

This week the International Monetary Fund released its latest six-monthly world economic outlook and global financial stability report. As you might imagine with reports that have “world” and “global” in their titles, they cover a wide range of issues, so let’s breakdown what you need to know.

Innovation is imperative, but Australian businesses held back by fear of failure in uncertain economy

New survey findings from Miro®, show Australian leaders and information workers near unanimously agree that innovation is urgent and critical to business success. However, a triple threat of economic uncertainty, fear, and outdated business practices, means few are prioritising innovation—defined as the design, development, and launch of new products and services.

Deloitte: Businesses should brace for worker-led AI disruption

A new study from professional services firm Deloitte has determined that more than one quarter of the Australian economy faces imminent and significant disruption due to generative AI – calculated to be equivalent to almost $600 billion worth of upended economic activity. Yet, so far, only 1.4 percent of all Australian businesses and less than 10 percent of the country’s larger employers have officially adopted the rapidly emerging technology.

State seizes money from 5,000 accounts for overdue hotel quarantine debts

Australians taken to quarantine hotels during COVID-19 now face state-backed garnishing orders for overdue payments. Revenue New South Wales (NSW) has issued orders to take money from 5,190 bank accounts of residents with hotel quarantine debts.

Securing Australians’ superannuation

As announced in the 2023–24 Budget, employers will be required to pay their employees’ superannuation guarantee entitlements on the same day that they pay salary and wages. The consultation paper provides industry and stakeholders an opportunity to provide input on implementing payday superannuation and a redesigned compliance framework to encourage employers to pay their super as close as possible to payday. All interested parties are encouraged to provide input on the consultation paper by 3 November 2023.

Atlassian acquires video messaging platform Loom for $1.5b

In an effort to ramp up its software offering for hybrid workplaces, Australian-founded tech giant Atlassian Corporation (NASDAQ: TEAM) has announced it has acquired video messaging platform Loom for US$975 million ($1.5 billion).

Households urged to switch off potentially dangerous LG solar batteries immediately

The Australian Competition and Consumer Commission (ACCC) has warned all households with a solar storage system to check if their system at home contains recalled LG batteries and, if so, switch them off immediately.

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