Weekly Digest – 23 October 2024

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

‘Every chance’: Massive rates prediction

A number of telltale signs have emerged indicating the Reserve Bank is planning a major, surprising pivot within a few short weeks.

Global payment processors issue warning to RBA over card fee restrictions

Global payment processors Mastercard and Visa have threatened to stop refunds for fraud victims in a pre-emptive move against the Reserve Bank of Australia, which is considering fee restrictions on these credit card companies.

Victorian apartment, unit and townhouse buyers to get stamp duty concession when they buy off-the-plan

The Victorian government is slashing stamp duty for new apartments, units and townhouses as it tries to give the state’s housing market a boost. Premier Jacinta Allan on Monday announced a 12-month stamp duty concession for anyone buying an apartment, unit or townhouse when they buy off-the-plan.

All businesses want for Christmas is an interest rate cut

The nation’s small businesses are preparing for a tough Christmas if the Reserve Bank fails to cut official interest rates in time for the nation’s peak retail period as shoppers continue to eye specials to deal with cost-of-living pressures. MYOB’s consumer spending survey suggests shoppers want to see a rate cut before they will loosen their purse strings.

Overdue B2B payments increase

The latest Business Risk Index (BRI) from CreditorWatch revealed that overdue B2B payments have hit their highest level since March 2021, as businesses grapple with challenging economic conditions, including rising interest rates and costs.

How a 0.5% difference in superannuation fees costs you $100,000 by retirement

Superannuation fund provider Vanguard says a 0.5% difference in fees can cost the typical full-time worker about 12% of their balance – equivalent to $100,000 – by the time they reach retirement. This explains why it’s so important for Australians to understand the fees they are paying to their superannuation funds.

Business Council of Australia calls for significant overhaul of housing approval process to drastically boost supply

The Business Council is calling for a major overhaul of Australia’s housing approval processes, putting forward new measures for local and state governments to speed up home approvals and boost supply, releasing the first recommendations in a landmark report.

How will China’s stimulus package affect the Australian economy?

AMP’s chief economist Shane Oliver says the announcement has boosted iron ore prices and the Commonwealth’s revenue.
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