The Economic Picture Is Mixed Across Australia

The low interest rates have caused a “boom” in house construction, particularly in Sydney and Melbourne. Reports have indicated that local councils are approving plans for new houses and apartments at a record rate of more than 220,000 a year. This is great news for a whole range of industries relating to new house and apartment construction – from builders to appliance sales businesses!

The weakening Australian dollar versus US dollar is also leading to some optimism within the tourism industry that more overseas visitors will holiday in Australia. This will be particularly evident in Queensland. The lower currency is also beneficial to every exporter. However, every imported product is costing a lot more when landed in Australia.

On the downside, the mining industry has retreated and has suffered substantial price reductions for iron ore, coal and other minerals. This downturn is having some significant effects in some cities and towns around Australia that are heavily reliant on the mining industry.

Businesses will need to be vigilant on the amount of money that’s invested in debtors, stock and work in progress during these difficult times, until consumer confidence improves.

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Changes to Superannuation Contribution CapsChanges to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024 From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation....
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