12/10/2022
Welcome back to our Weekly Digest. Read on for the latest updates in tax, accounting and the economy.
12/10/2022
Albanese not backing down on tax cuts
On Monday, the Prime Minister confirmed that he would not be changing his mind and would go ahead with the contentious Stage 3 tax cuts by the May 2023 budget. The tax cuts are largely beneficial for the wealthiest Australians.
Banks pass along the cost to borrow to the customer
All of the Big Four banks have moved to raise their interest rates following the RBA’s recent sixth consecutive interest rate rise. The changes will be in place for all by October 18.
Signs that Aussie businesses are gaining traction
New figures from the Australian Bureau of Statistics indicate that businesses are back on track. A number of key industries experienced an increase in their monthly turnover, suggesting increased shipping and importing activity.
Pay rises come into effect this week
The increase will benefit minimum-wage workers in key industries and is the result of a decision made in June to help with the ever-increasing cost of living.
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