Weekly Digest – 13 March 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Australian economy grows ‘a little but not a lot’

Australia’s economy grew by 0.2 per cent in the December quarter, the smallest increase in more than a year but one that nonetheless pushed the nation to nine successive quarters of growth.

Almost 1 million Australians are working at least two jobs as cost-of-living pressures bite

Almost 1 million Australians are working at least two jobs as many workers struggle to meet cost-of-living pressures amid rising underemployment. The latest figures from the Australian Bureau of Statistics released on Friday show 970,700 people held multiple jobs in December 2023, up from 957,100 three months earlier.

Stronger ASEAN business engagement critical to Australia’s future economic prosperity

The Business Council is calling for a greater level of investment and collaboration between Southeast Asian countries, to boost economic growth, as regional business leaders meet in Melbourne to take part in ASEAN.

Cost of living and digital economy shape 2024-25 compliance and enforcement priorities

Consumer and competition issues in the supermarket sector and essential services including electricity and financial services are among the ACCC’s compliance and enforcement priorities for the year ahead, ACCC Chair Gina Cass-Gottlieb announced.

Australia’s LNG shipments slump for the first time in years

An eight-year growth streak for Australian liquefied gas exports that turned the nation into one of the world’s biggest shippers of the fossil fuel has come to an end as production fell last year for the first time since 2015.

Australian bank closes 45 branches to become digital only

Bankwest will become a digital-only bank, closing 45 branches in Western Australia and transitioning 15 to Commonwealth Bank of Australia (CBA) branches.

‘Force you’: ATO’s warning on business debts

After three years of “lenient payment terms”, the ATO is back to collecting an estimated $50 billion of outstanding tax debts.

GDP growth slightly below RBA’s forecast

The Australian economy has grown just shy of the central bank’s predictions, ABS data has revealed. Australian gross domestic product (GDP) rose by 0.2 per cent during the December quarter (seasonally adjusted, chain volume measure) according to the latest Australian National Accounts data released by the Australian Bureau of Statistics (ABS).

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