Weekly Digest – 17 July 2024
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
The Australian dollar is showing some strength, and that could be good news for travellers
For a relatively small, open economy, Australia’s currency is heavily traded. In fact, it’s on the podium for one of the world’s most traded. So it’s known to be pushed and pulled on global currency markets on a daily basis. Fancy a trip to Europe? The strong Australian dollar means it could be cheaper than usual.
ABS data shows fall in May business turnover
It’s been a difficult few months for business in Australia and there’s no end in sight, with turnover down for the month of May.
Study reveals insufficient visibility over SMEs’ processes and tech infrastructure automation
The newly-released Digital Intensity in Australia Study by ManageEngine reveals that 54 per cent of SMEs identified infrastructure modernisation as the primary focus of their organisation’s tech strategy. The report also highlights a significant barrier preventing organisations from adopting a digital-first mindset, which is the challenge of managing complex IT environments and the lack of visibility over them.
NAB monthly business survey
Business conditions edged down further in the month, continuing the long running trend since peaking in late 2022. Conditions declined in wholesale, construction, manufacturing and finance, business & property in the month, with the non-mining goods sectors now clearly softer than the services sectors. Retail, despite increasing in the month, remains weakest (and the only industry in negative territory) in trend terms. Business confidence – driven by a broad-based increase across industries – rose sharply in the month to its highest level since early 2023.
ATO flags important super changes for FY25
The ATO is reminding taxpayers of important changes that will impact their superannuation from 1 July.
Stop fishing for red herrings and start fixing the issues
Business Council Chief Executive Bran Black says Australian leaders have a grave responsibility to lessen the cost-of-living crisis, provide more homes for Australians and drive investment into the country. We’ve got to stop fishing for red herrings and start fixing the real issues.
World leaders to meet over de-banking fears
Concern that small Pacific nations may lose access to banking will be addressed at a forum starting on Monday, as China eyes ways to increase its influence in the region by filling the gap.
MYOB releases SME performance indicator for May
The MYOB Business Monitor: SME Performance Indicator reveals the small business sector is waning in terms of economic performance compared to GDP.
Roy Morgan Business Confidence drops 5.5pts to 91.5 in June to lowest so far this year after Federal Budget
In June 2024, Roy Morgan Business Confidence was 91.5 (down 5.5pts since May 2024), a second straight monthly fall and its lowest level so far this year. There were mixed results in June with businesses less confident about the prospects for the Australian economy going forward but more confident about their own outlook over the next year.
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