Rateseeker business and finance news round up March 2023
With the economy battling against inflation over the last few months, the Australian business and finance sector brings interesting news.
According to the ABS wages are on the rise, boasting the fastest growth in the last 10 years. Annual wages growth in the December 2022 quarter was 3.3% – the highest it’s been since December 2012, when wages rose 3.4%.
In an effort to expand protection to workers against sexual harassment, new workplace laws have come into effect as of March 6th. The Fair Work Act has been amended to prohibit sexual harassment in connection with work.
The Australian government is also calling upon the private sector to help boost prosperity across the country. Treasurer Jim Chalmers has outlined three big business and economic shifts that are dominating the federal government’s thinking that span across climate, data and digitalisation as well as service and care sectors.
Positive news for Aussie businesses sees revenue growth across all 13 industry sectors. With unemployment rates falling, businesses across the board are reporting year on year increases in their turnover.
Check out the latest business and finance news across March below:
Annual wage growth increases to 3.3%
Over the last 10 years, wages have never seen this kind of growth -according to the most recent data from the Australian Bureau of Statistics.
Annual wages growth in the December 2022 quarter was 3.3% – the highest it’s been since December 2012, when wages rose 3.4%.
If we look back to December 2020, wages growth sank to just 1.3%, due to the pandemic-induced recession that occurred previously that year.
Since then, as the economy has drastically improved and unemployment levels have fallen, employers have been forced to fight harder for talented employees, which has led to an increase in wages.
This is very positive news for those actively seeking new roles in the job market.
Nevertheless, some employers have had to fight much harder than others, with annual wages growth differing significantly from industry to industry:
- Wholesale trade 4.2%
- Manufacturing 4.0%
- Retail trade 3.9%
- Construction 3.8%
- Financial & insurance services 3.8%
- Professional, scientific & technical services 3.6%
- Accommodation & food services 3.5%
- Transport, postal & warehousing 3.3%
- Health care & social assistance 3.0%
- Public administration & safety 2.5%
If you own a business and you’re looking to expand your footprint and need a business loan, get in touch with us at Rateseeker and speak with one of our loan experts today.
Fair Work Act expands protections for sexual harassment
As of March 6th, Fair Work has implemented new workplace sexual harassment laws.
The Fair Work Act has been amended to prohibit sexual harassment in connection with work. These changes expand and cover more than the previous protections around sexual harassment in the workplace.
The protection applies to:
- Workers, including employees, contractors, work experience students and volunteers.
- People conducting a business or undertaking.
A person or company can be liable for sexual harassment conducted by an employee or agent in connection with work, including if they were involved in the employer’s contravention.
This applies unless the person or company can prove that they took all reasonable steps to prevent the sexual harassment.
The Fair Work Obudsman
The Fair Work Commission (FWC) now has greater powers to address and rectify workplace sexual harassment. In addition to its existing stop sexual harassment order powers, the FWC can deal with disputes about sexual harassment by:
- Conciliation
- Mediation
- Making a recommendation or expressing an opinion
Government calls on private sector to boost Australia’s prosperity
Treasurer Jim Chalmers has outlined three big business and economic shifts that are dominating the federal government’s thought pipeline for sustained economic growth.
In an address to the Australian Financial Review Business Summit, Treasurer Chalmers voiced that Australia’s success in the next decade would be decided on whether the nation was able to manage and maximise change, especially in these three areas:
- Using the climate and energy transition to build a bigger and better industrial base
- Supporting the broader adoption of data and digitalisation
- Ensuring that our services and care sectors are effectively and efficiently meeting growing demand
To benefit from the three big shifts depends on big questions,
Whether we can build a bigger and better‑trained workforce. Whether we can improve the path for productivity. And whether we can grow in a way that ensures more Australians are offered more opportunities, in more parts of the country.
Jim Chalmers – Australian Treasurer
This would require a more central, more constructive role for business and for investors, according to Treasurer Chalmers.
Chalmers believes that our success rests in large part on a thriving, profitable, successful, wealth-creating, opportunity-generating private sector.
All monitored industries report revenue growth, good news for the economy
According to the latest data, all of the 13 industries monitored by the Australian Bureau of Statistics (ABS) have recorded a positive year-on-year increases in their turnover.
After careful analysis of business activity statements, the ABS reveals that turnover increased by:
- Accommodation & food services 27.2% in the year to January
- Mining 26.3%
- Administrative & support services 22.8%
- Arts & recreation services 22.3%
- Transport, postal & warehousing 22.1%
- Manufacturing 19.9%
- Other services 19.2%
- Construction 15.2%
- Retail trade 11.5%
- Professional, scientific & technical services 10.8%
- Information media & telecommunications 9.8%
- Electricity, gas, water & waste services 9.1%
- Wholesale trade 6.0%
The latest ABS jobs data was also very encouraging, with the unemployment rate falling from 3.7% to 3.5% between January and February, and the number of people in work jumping by a net 48,100.
With good news on the economic growth front, you may be considering an investment, whether for business or property. Get in touch with our loan experts and we can help guide you through the process to find the best loan for your circumstances.
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