Economy Archives - Small Business Connections

Australia’s recovery has been “quicker and stronger than we previously expected”, S&P says as it affirms AAA rating

June 7, 2021

In a expression of confidence in the Morrison Government’s economic management S&P have affirmed Australia’s AAA credit rating and revised up its credit outlook to stable from negative, praising the “government’s swift and decisive fiscal and health response” and “strong economic recovery”. Australia remains one of just nine countries to hold a AAA credit rating from the three

Analysing Australia’s $4 trillion record foreign investment in 2020

June 3, 2021

Australia’s investment performance in 2020 was impressive. Despite drought, bushfires and COVID-19 lockdowns, foreign investment still grew by 2.5%. This result caps an equally amazing two-decade track record. Over the past 20 years, investment has grown by about 8.0% per year. The takeaway is that overseas investment is playing an ever-larger role in Australia’s economic

How an Australia–UK trade deal could help spur post-pandemic recovery

May 25, 2021

When Australia and the UK began discussing a free trade agreement in 2020, they issued a joint statement with remarkably similar objectives. It now seems that a meeting of minds is imminent. The countries’ shared language, history and similar legal systems mean a deal should be relatively easy to finalise. It will also be highly significant, seen by

Why Victoria’s budget is a mixed bag

May 25, 2021

Victoria’s budget shows a Treasurer engaged in a high-wire balancing act: ensuring a job-rich economic ‘soft landing’ on one hand, while trying to improve the state’s long-term fiscal position on the other. The budget partly delivers on both goals but, like any difficult circus act, it is part hard work and skill, part luck, and

Did someone drop a zero? Why the digital economy budget spend should be 10x bigger

May 20, 2021

The federal budget for 2021-22 promises A$1.2 billion over the next six years to support the Digital Economy Strategy, a plan to make Australia “a leading digital economy and society by 2030”. The Digital Economy Strategy proclaims We are well placed to be a leading digital economy and have strong foundations, but many countries are investing heavily

Budget Q&A with an economist: the deficit is ‘desirable and absolutely affordable’

May 19, 2021

Last week Treasurer Josh Fyenberg released another groundbreaking Federal Budget. This year’s budget has been labeled a ‘Jobs Budget’ due to its focus on curbing unemployment and for businesses, especially small-to-medium businesses, to lead the nation’s economic recovery. SBC Media sat down with economist David Robertson, Head of Economic and Markets Research at Bendigo and

Why we must prepare economic assistance measures before the next pandemic

May 18, 2021

In 2019 it was unfathomable that an Australian government could close the country’s borders and mandate that businesses close and people stay in their homes. It was inconceivable that there would be a reason to create a government program to pay wages for millions of workers. What happened in 2020 was outside the realm of

COSBOA rates Federal Budget 7.5 out of 10

May 18, 2021

COSBOA believes that the 2021-22 Federal Budget provides the sound foundations needed for small business owners to rebuild their businesses and grow jobs in the wake of the economic damage wrought by the COVID-19 pandemic. COSBOA CEO Peter Strong said, “this budget delivers substantial benefits for small business owners in five key areas, namely: business

Anthony Albanese calls for wage underpayment laws to be put back on the Federal Agenda

May 18, 2021

The issue of wage underpayment is not simply one of employees receiving the money for which they are legally entitled – important as that objective is. “Businesses engaging in deliberate wage underpayment behaviours are gaining an unfair advantage over the majority of businesses who are doing the right thing by paying correct wages which is

2021 Federal Budget: What it means for small and medium business

May 12, 2021

The 2021 Federal Budget delivered extensions to tax schemes and apprenticeship/training schemes, while tourism and aviation were big winners. Group Economics overview of the budget The Treasurer wasn’t kidding when he said budget repair has been put on hold until unemployment was below 5%, with a raft of new spending measures offsetting the cyclical improvements