Weekly Digest – 24 January 2024

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

NAB CEO’s 2024 economic outlook

NAB CEO Ross McEwan says Australia is well-placed to recover in 2024 as Australians respond quickly to sharp cost of living increases.

Blockchain start-up backed by major banks collapses into liquidation owing $14 million

An Australian blockchain start-up lauded as the future of banking and with key backers from some of the country’s biggest financial institutions has collapsed.

Neither a pandemic nor interest rate rises: can anything dent the Australian housing market?

Just in case you were ever worried that the Australian housing market might crumble, the latest ABS housing loan figures show that in November the value of new housing finance was 13% above that of a year earlier. And because of the strong link between growth loans and house prices, this suggests that house prices should continue to rise very solidly through the next six months.

Navigating turbulence: insights from the 2023 Small Business Data Report by COSBOA and Square

In the face of unprecedented challenges, the Council of Small Business Organisations Australia (COSBOA) and Square Australia have jointly unveiled their illuminating 2023 Small Business Data Report. This comprehensive analysis delves into the struggles and triumphs of Australia’s small business sector against the backdrop of a turbulent economic landscape.

Rents highlight Australia’s economic Achilles heel, but it’s not what you might think

Aside from the obvious one, that home ownership is becoming increasingly out of reach for the third of Australians who aren’t already there, there’s another huge problem with prices surging far above rents.  It’s indicative of a massive misallocation of capital … a waste of money. The average gross rental yield on residential property nationally was 3.7 per cent in December, according to CoreLogic.

Government making it harder to employ Australians as 100,000 full-time jobs go in December

More than 100,000 full-time jobs were lost in December and hours worked plunged, making it the worst possible time for the Government to introduce new workplace relations laws that make it harder for business to grow and employ Australians, according to the Business Council of Australia (BCA).

Australia’s economy among best in the world, but IMF says a slowdown on the way

The International Monetary Fund has warned a slowdown is on the cards for Australia’s economy, despite the recovery post-COVID being stronger than most other nations.

Focus on overseas data as Australian economy cools off

Australians will look to the US and China for economic sneezes as the nation tries to avoid catching a fiscal cold.

Ready for 2024? Small business experts predict this year’s storylines

Constrained consumer spending, interest rate anxiety, and sheer exhaustion are likely to weigh on small businesses in 2024, advocates say, as entrepreneurs seek opportunity in what could be another challenging year.

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