Weekly Digest – 8 November 2023

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

Cost of living rising faster than inflation for Aussie workers

The cost of living for Australian workers is climbing faster than inflation as households around the country fall off the fixed-rate mortgage cliff and battle surging petrol prices. New data released by the Australian Bureau of Statistics (ABS) revealed living costs for workers across the country jumped by 2 per cent for the September quarter, and 9 per cent compared to the same time last year.

IMF calls for stronger monetary policy in Australia amid inflation concerns

The International Monetary Fund (IMF) has issued a strong directive to Australia, calling for more aggressive monetary policy measures to tackle the country’s persistent inflation issues. In the IMF’s latest staff report, it noted that “while inflation has come off a peak, it remains well above the central bank’s 2 to 3% target.”

Superannuation trap: The cash boost that could cost you $200k in retirement

There’s a short-term cash boost millions of Australians are considering that could cost them hundreds of thousands of dollars, and potentially push back retirement age. A staggering 56 per cent of Australians – more than an estimated 11.3 million people – admitted they would withdraw their superannuation early if given the chance, according to a recent survey.

New Business Council president has a ‘secret sauce’

Outgoing Sydney Airport chief executive Geoff Culbert has been appointed the next Business Council of Australia president, as the peak business group refreshes its leadership team to navigate crucial policy negotiations with the Albanese government.

Australia’s newest unicorn is this HR startup

Managing payroll and other HR tasks is not necessarily “exciting,” admits Ben Thompson, cofounder and CEO of Sydney-based Employment Hero. But digitizing HR processes gave his team the opportunity to “do a lot more than just software-as-a-service (SaaS) business,” as part of the newly minted unicorn startup’s broader goal of empowering employees.

Push for national digital ID in Australia making ‘progress’: Minister

A national ID in Australia will be legislated “late this year” or “early next year” according to the new chair of an Australian government ministerial panel for digital ID.

Australia’s free trade negotiations with EU break down

Negotiations over a free trade deal between Australia and the European Union (EU) have broken down again as the two sides failed to overcome hurdles.

AI could alleviate rising Australian burnout rates

New research conducted by HubSpot, reveals that Artificial Intelligence (AI) could save the Australian workforce two days per week, as national levels of burnout increase amidst falling productivity levels. This research highlights the significant role AI is starting to play in Australian sales and marketing sectors.

Glencore exits Australian copper but future still bright for nation’s critical minerals sector, expert says

As copper grades declined at established mines and importers sought higher-quality product, budding Australian minerals miners had a golden opportunity. “The world still needs huge amounts of quality copper and investors are looking at Australia as a low-risk mining market with huge critical minerals potential” senior resource analyst with MineLife, Gavin Wendt said.

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