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Insolvency Levels Surged

Posted on by Laze Spasevski
Insolvency Levels Surge
In worrying news for the small business sector, insolvency levels have surged to their highest point in nine years. Insolvency levels in the March quarter were 41.1% higher than the year before and 145.7% higher than the year before that, according to the latest data from credit bureau Equifax. Business owners in the construction and hospitality sectors are doing it particularly tough, b...
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Wages Increased 0.8% in the March Quarter

Posted on by Laze Spasevski
The wages of the average Australian worker increased 0.8% in the March quarter. This takes annual wages growth to 4.1%, according to the Australian Bureau of Statistics. The industries with the biggest annual increases in wages were: Health care & social assistance: 5.3% Electricity, gas, water & waste services: 4.4% Retail trade: 4.4% Transport, postal & warehousi...
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Homebuilding Costs Increased by 40%

Posted on by Laze Spasevski
  Homebuilding costs have increased by nearly 40% since late 2019, according to a speech by Reserve Bank assistant governor Sarah Hunter. Meanwhile, general inflation (referred to as headline CPI in the graph) has been less than 20%. So why have residential construction costs grown twice as fast? Ms Hunter said one reason is that building materials and labour have “risen sharply” si...
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ATO Warns Investors

Posted on by Laze Spasevski
ATO Warns Investors.
The ATO (Australian Taxation Office) warns property investors it will pay close attention to their reported income and deductions this tax time. Based on official data, 90% of investors make mistakes on their tax returns. ATO assistant commissioner Rob Thomson emphasized the importance of correctly categorizing expenses related to rental properties. He said that general repairs and maintena...
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Housing Scheme Milestone

Posted on by Laze Spasevski
Housing Scheme Milestone
Housing Australia's Home Guarantee Scheme has achieved a significant housing scheme milestone by supporting more than 150,000 buyers since its inception in January 2020. First home buyers or single parents seeking assistance in purchasing a property will find this information interesting. The program limits eligibility, with property price caps varying by state and income caps set at $125,0...
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Variable-rate Loans Scaled to New Heights of Popularity

Posted on by Laze Spasevski
Variable-rate loans scaled to new heights of popularity, as demonstrated by the dramatic shift in borrowing trends. In March 2020, at the start of the pandemic, 13.38% of new borrowers chose fixed-rate loans and 86.62% chose variable. But in March 2024, a staggering low of only 1.40% of new loans were fixed, compared to 98.60% variable. This is based on the report by the Australian Bureau of S...
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ATO Warned Businesses With Tax Debts

Posted on by Laze Spasevski
The Australian Taxation Office ATO has warned businesses with tax debts. The Government’s principal revenue collection agency revealed that it has issued Notices of Intent to disclose business tax debts. At least 9,000 businesses are at risk of having their business debts sent to the credit reporting agencies for the month of October. ATO warned the businesses: That we are behind on th...
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Commercial Sales Set To Rebound

Posted on by Laze Spasevski
  Commercial sales are set to rebound as transaction activity in the Australian commercial property market appears to be trending up. However, sales activity in 2023 will almost certainly be well down on last year's results. There were $29.2 billion of sales in the office, logistics & industrial, and retail sectors during 2022, according to JLL. Which is considerably higher comp...
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Tax Deadline Nears

Posted on by Laze Spasevski
As the tax deadline nears, the Australian Taxation Office (ATO) has reminded taxpayers to lodge their taxes. You may lodge through myGov or engage with a registered tax agent by the October 31 deadline to avoid late lodgment penalties. If you have simple tax affairs, you can lodge online, often in under 30 minutes, through the myGov portal. Most of the information you need will already be p...
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How Government Is Helping First Home Buyers

Posted on by Laze Spasevski
A new report from Housing Australia (previously NHFIC), demonstrates how the Government is helping first-home buyers. The report revealed that about one in three of all first-home buyers in the 2022-23 financial year used the federal government’s Housing Guarantee Scheme (HGS). Here’s what the typical participants looked like: First Home Guarantee: the median participant was in the ...
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