Weekly Update – Week 39 2024

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

Leading Australian economists tip interest cut rate in February

Leading Australian economists say the RBA will deliver a gift to cash-strapped households in February, but one key player is holding firm on a rate cut this year. Polling of 34 keen Australian economic minds shows 15 of the experts believe a February cut to the cash rate is in the offing.

Unemployment steady as RBA mulls interest rates call

Australia’s unemployment rate has remained steady at 4.2 per cent for August, offering few clues as to whether the RBA will move to cut interest rates. About 47,000 new jobs were created in August, according to the latest figures from the Australian Bureau of Statistics, as the labour market remains at historically tight levels despite the relatively weak economy.

Warranty expired? Here’s why you might still be entitled to a refund

Even though your warranty might be expired, you could still get your money back. Let’s run through the basics of warranties and Australian consumer law.

Business leaders eye economic light at end of tunnel

Australian business leaders are broadly optimistic about the state of the economy and more than half plan to hire and bolster workforces. Nearly nine in 10 Australian chief executive officers surveyed were confident about the economy despite a sluggish few quarters of growth engineered by policymakers trying to tamp down inflation.

Overheated market could burn first-time home buyers

Pushing people to enter the “overheated” housing market is a bad idea, an expert says, with new data finding first-time buyers want to purchase property as soon as possible.

Business Council of Australia boss Bran Black hits out at government spending

Business leaders have warned Australia is at risk of taking “noticeable” steps backwards, with chief executives issuing fears Australia’s “national prosperity” is at risk due to industrial relations policies and failure to prepare for an ageing population.

Parents receiving government paid parental leave to get superannuation from July next year

Parents accessing the government-funded paid parental leave will receive superannuation on their payments from July next year, after the federal government’s legislation passed parliament on Thursday morning.

NAB September 2024 report

Australia’s economy is navigating weak growth, driven by soft private sector activity and consumer sentiment. The September 2024 NAB report highlights the challenges and outlines cautious expectations for future recovery.

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 Quarterly Lodgements
1st Quarter 2024-25 (incl. PAYGI): 28 October 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.
Ask us how you can get an automatic 4 week lodgement and payment extension.

Superannuation Guarantee contributions:
1st Quarter 2024-25 (incl. PAYGI): 28 October 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 https://calendly.com/mybookbuddy

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