What's New – 31 May 2023 - About Business Bookkeeping

What’s New – 31 May 2023

Welcome to our Weekly Digest – stay informed with recent news updates that are relevant to the business and economic landscape.

Scammers exploit secondhand sales with major PayID scam

A significant scam targeting Australians has emerged in the secondhand sale market, resulting in a theft of over $260,000. Scammers are creating fraudulent PayID accounts to receive payments from unsuspecting buyers. This has prompted buyers to exercise more caution when making payments, impacting the secondhand sale market.

Economist raises concerns about RBA’s control over cash rate

An economist has expressed apprehension that the Reserve Bank of Australia (RBA) may lose control over the cash rate if it continues to reduce interest rates. Such a situation could hinder the RBA’s ability to raise rates to combat inflation, potentially leading to an economic crisis.

Nationwide cost of living crisis triggered by surging rental prices – Up to $600 weekly increase reported in certain regions

Rental prices throughout Australia have been skyrocketing, with some areas witnessing a staggering weekly increase of up to $600. This surge in prices has created a cost of living crisis for numerous Australians, exacerbating the severity of the situation.

ASX to introduce new trading and settlement system by May 26, 2023

By the close of business on May 26, 2023, the Australian Securities Exchange (ASX) will implement a new system for the trading and settlement of securities. This upgraded system will replace the current CHESS system, providing enhanced security, efficiency, and cost savings for investors.

Contingency plan urged if Voice referendum fails

In the event that the Voice to Parliament referendum, which aims to grant Indigenous Australians a voice in the federal parliament, does not succeed, there is a call for Labor to establish a contingency plan. This plan would ensure Indigenous Australians maintain representation in parliament, potentially through a parliamentary committee or a legislatively mandated body to ensure their voices are heard.

Could Australians adapt to a four-day work week? An exploration of work-life balance and productivity

Australia is contemplating the implementation of a four-day work week with unchanged pay to improve work-life balance and productivity. The proposal has received both support and criticism, with concerns raised about potential job losses and decreased wages. The government is presently examining the concept and will reach a decision in the near future.

China accused of sensational ‘hacking’ claim against Australia

China has been accused of launching a disinformation campaign against the Five Eyes Alliance, an international intelligence-sharing network. This campaign involves disseminating false claims about the alliance’s involvement in the COVID-19 pandemic and other matters. China has denied these allegations.

Regulatory changes impact Afterpay, Zip, and other ‘buy now, pay later’ providers – Implications for consumers and the industry

Buy Now Pay Later (BNPL) providers such as Afterpay and Zip are gaining popularity, but new regulations are being introduced to safeguard consumers. These regulations include limitations on late fees, spending caps, and improved transparency regarding the costs associated with BNPL services. Consumers should be aware of these changes to ensure responsible usage of BNPL services.

Weekly Digests