Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
Australia’s economy growing at slowest pace in decades, propped up by government spending
Household spending did not pick up in the September quarter in the way economists were hoping. Australia’s economy recorded its weakest annual growth rate in decades in the September quarter, outside of the pandemic. Private demand was negative, with overall economic activity being propped up by government spending.
What’s working for SMEs during Australia’s economic slowdown?
It’s clear that the economic landscape is shifting, and while some businesses might be feeling the pressure, there are ways to make the most of these changes. Here’s a look at how SMEs can stay resilient and even thrive in the current environment.
AEMO calls for ‘emergency’ powers to turn off rooftop solar
The body tasked with keeping the lights on across Australia’s largest power grids, is calling for “emergency backstop” powers to turn down, or off, rooftop solar systems in extreme situations. Close to 1.8 million Australian homes and businesses rely on solar power, part of a renewables boom supported by government. But there are concerns excessive power could be generated through solar panels and onto the national grid, overwhelming it and leading to black-outs and damaged infrastructure.
Ten facts of the Australian Economy in September quarter 2024
The September quarter of 2024 painted a mixed picture for the Australian economy. While annual growth hit its lowest rate since 2020 and inflation sharply declined, employment remained resilient. Notable shifts in public and business investments, alongside increased household disposable income, showcased resilience amid challenges, offering insights into the nation’s economic dynamics.
Australian lender offers 40-year mortgage amid housing crisis
Non-bank lender Pepper Money has announced Australia’s first 40-year mortgage, with terms extending until December 2065. The start-up is offering the package to ease housing affordability pressure with lower monthly repayments, though it will result in higher total costs over time.
A new battleground is starting to open up over superannuation
There’s a saying that trust is hard to earn and easy to lose. When Cbus chair Wayne Swan fronted a Senate inquiry into super late last week, he played the dual role of showing contrition at the scandal engulfing the super fund he chairs and promoting the performance and governance structure of industry funds, but he didn’t mention trust.
Business Council says productivity is central to Australia’s economic prosperity
The Business Council said demands by the United Workers Union to remove productivity measures from Woolworths’ distribution centres, while demanding significant pay increases, is a bad precedent for Australia’s future prosperity and economic growth. Business Council Chief Executive Bran Black said it is fundamental that businesses should be able to measure productivity.
Australia’s Digital ID comes into force
The Digital ID Act 2024 has now officially come into force in Australia on Dec. 1 after “many years of hard work.” As of Dec. 1, state and territory government services can now apply to join the Australian Government Digital ID System, while the private sector will join from December 2026.
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