Business Update – Week 52 2023

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

Australia’s GDP is going backwards

We have now had three consecutive quarters of falling GDP on a per capita basis. That last happened 40 years ago during the 1982-83 recession. That is not good. And it doesn’t get any better when you break down what drove what little growth there was.

Loan repayments will overtake NDIS to become fastest-growing spending pressure on federal budget

A mid-year budget update will show the Commonwealth is also wearing the pain of higher interest rates, with new figures revealing interest payments will overtake the National Disability Insurance Scheme (NDIS) to become the fastest-growing spending pressure on the budget.

Speedy shipping a core driver of online sales

Same-day or next-day shipping has become one of the biggest drivers of online sales according to new research.

Australian businesses to pull back on borrowing and investing in 2024

Businesses in Australia are planning to pull back on their loans and investments in the upcoming year, according to a survey commissioned by Small Business Loans Australia, a business loan comparison site.

Australian housing trends in 2024: Prices forecast to rise, slower growth

Australian housing prices are predicted to increase in the next year, though at a slower pace than in 2023, driven by tax cuts, robust population growth, and sluggish housing supply.

Roy Morgan business confidence dropped 4.6pts in November

In November 2023 Roy Morgan Business Confidence was 85.8 (down 4.6pts since October). The fall in Business Confidence came after the RBA increased interest rates by 0.25% on Melbourne Cup Day to 4.35% – the highest official interest rates have been since December 2011.

How AI and immersive tech will impact e-commerce in 2024

Today’s consumers want to know exactly what they’re getting before they make a purchase. But this often isn’t possible when they shop online, where many e-commerce websites still display static and incomplete product images that don’t tell the full story. That said, there are a few immersive technologies—CGI and 3D imaging, augmented reality, AI and automation—that can help e-commerce companies to convey their merchandise’s full look and feel.

ATO Lodgement Dates

These dates are from the ATO website and do not take into account possible extensions. If you are a My Bookkeeping Buddy Client you may be entitled to an extension. You remain responsible for ensuring that the necessary information is with us in time.

Final dates for lodgements and payments:

BAS/IAS Monthly Lodgements
November 2023 Activity Statement: 21 December 2023
December 2023 Activity Statement: 21 January 2024

BAS Quarterly Lodgements
2nd Quarter 2023-24 (incl. PAYGI): 28 January 2024
3rd Quarter 2023-24 (incl. PAYGI): 28 April 2024
When a due date falls on a Saturday, Sunday or Public Holiday (a day that is a public holiday for the whole of any state or territory in Australia), you can lodge or pay on the next business day.

Superannuation Guarantee contributions:
2nd Quarter 2023-24: 28 January 2023
3rd Quarter 2023-24: 28 April 2024
(Contributions must be in the fund by this date. Late payments of superannuation are not tax deductible. If your business has overdue superannuation guarantee payments and you are unsure of how to proceed, please contact us to discuss.)

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business. Book a time to talk here

Christmas Closure

Please note we will be closing for our Christmas Break from Wednesday 20th December 2023 and reopen on Monday 8th January 2024. We will have intermittent access to emails only during this time.

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