🚀Treasurer Chalmers Announces Tax Breaks for Businesses in Federal Budget
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The S&P/ASX 200 closed 11.2 points higher, up 0.14%.
With a final value of 7,804.5, the S&P/ASX 200 (XJO) finished 11.2 points higher than its session low and 0.13% higher than its high. A narrow 141 to 120 split separated advancers and decliners in the more general S&P/ASX 300 (XKO).
There was little movement in any of the sectors—7 were up and 4 were down. Industrials (XNJ) (+0.73%) was the best performer among the winners. [ Read more]
💡Here are a few headlines from this morning:
After manslaughter charges were dropped, Brett Button entered a guilty plea to charges of dangerous driving related to the bus crash in NSW that claimed ten lives.
The Albanese government has been successful in keeping information about the efficiency of electronic monitoring secret, claiming that doing so would incite former immigration detainees to violate the terms of their ankle bracelet visas.
Cumberland's blanket ban on same-sex parenting books from local libraries violates the state's library act and possibly anti-discrimination laws, but a Western Sydney councillor has defended it.
🗳️ HEADSTART
Impact of Remote Work on Job Market Trends
For quite some time, the job market in Australia has given employees and job seekers a significant amount of control. However, this is about to undergo a major transformation.
Following the pandemic, employees found themselves in a position of increased bargaining power. With the rise of remote and hybrid work, the job market has shifted dramatically. Job seekers now have more leverage to negotiate salary and flexibility due to the high demand for workers.
Nevertheless, industry insiders have forecasted that this era is rapidly drawing to a close, as workplaces are already witnessing a significant shift in favour of employers.
According to a recent report by people2people Recruitment, there has been a noticeable shift in the job market. Workers are becoming increasingly concerned about the rising cost of living and the possibility of job cuts. As a result, they are now prioritising job security over the pursuit of new employment opportunities.
The 2024 Employment and Salary Trends Report gathered insights from over 10,000 employees, 2500 job seekers, and 1000 employers in Australia, New Zealand, and the UK.
Over 70% of employees expressed hesitancy in pursuing new roles, citing global economic uncertainty as the main reason. Additionally, 64% of respondents reported increased financial concerns compared to the previous year.
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🔥 HOT COPY
Greens Senator's Plea: Australia, Don't Delay Palestinian Statehood Vote
Senator for the Greens and spokeswoman for foreign affairs Jordon Steele-John says that Australia shouldn't wait to vote on whether to recognise Palestine as a state; it should "just vote yes."
Meanwhile, The Foreign Affairs Minister, Penny Wong, has received a warning letter urging her to vote against a resolution that calls for Palestine to be admitted as a full member of the UN, citing concerns that it would be seen as a reward for "acts of mass terrorism" and further distance the two-state solution from reality. [Read more ]
🛒 MARKET EDGE
Treasurer Chalmers Announces Tax Breaks for Businesses in Federal Budget
The federal budget for next week will include tax breaks for businesses, according to Treasurer Jim Chalmers, who spoke with ABC Radio.
The government's upcoming Future Made in Australia Act will include this.
The budget, which Mr. Chalmers unveiled on Tuesday, will prioritise tax reform and providing incentives for investment in Australian companies.
Additionally, he pointed out housing as the budget's focal point and disregarded adjustments to negative gearing.
The Treasurer declared on Wednesday morning, "We are ready to use the tax system in the service of our major national economic objectives."
Below is an extract from the interview, courtesy of ABC Radio:
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🌎 World Tonight
A senior administration official said Tuesday that the U.S. halted a bomb shipment to Israel last week due to concerns that Israel was considering a full-scale assault on Rafah against its wishes. [AP]
Officials said Russian missiles and drones hit nearly a dozen Ukrainian energy infrastructure facilities on Wednesday, damaging three Soviet-era thermal power plants and causing regional blackouts. [ REUTERS]
Florida Judge Aileen Cannon has indefinitely postponed former President Donald Trump's classified documents trial due to classified evidence issues that must be resolved before the federal criminal case goes to a jury. [CNN]
🏅VIEWPOINT
Ending violence in the Pacific means consulting women
By Nicole George, The University of Queensland in Brisbane
Asking women about the relevance of rules on gender violence should be the first step to confronting this issue. Stronger laws on their own just don’t cut it.
“Look. It’s like a prison inside,” a young working woman told a researcher in the Fijian capital Suva.
The woman, Kuini*, was referring to a photograph of two women talking. One was standing under the doorway of her village home, a man watching them intently from inside the house. A scowl on his face, eyebrows furrowed — anger directed at the women.
The photograph was one of a series about the situations that can trigger gender violence in families or the broader community.
The series, shot in and around Suva and featuring local actors, was prepared with a local theatre group.
The photographs were then used in research with almost 300 women from Fiji, Bougainville and Kanak communities in New Caledonia, to explore how rules on gender violence operate in their communities. [Read more]
📰 Good News, Inspiring, Positive Stories
South Australia's Largest Manufacturing Sector 'Celebrates Excellence' at Premier's Food and Beverage Industry Awards Launch
The 2024 South Australian Premier’s Food and Beverage Industry Awards program has been officially launched at the South Australian Food, Bev & Tech Trade Show at the Adelaide Showgrounds, revealing a program of recognition across the entire food value chain, from paddock to plate.
Proudly hosted and managed by Food South Australia (Food SA), the annual awards program has been instrumental in celebrating excellence in South Australia’s food and beverage manufacturing industry for over 25 years.
This year’s program encourages participation from all contributors to the South Australian food and beverage industry and reflects the topics of greatest importance and concern faced by businesses today, including mental health & wellbeing as well as ESG (Environment, Social, and Governance).
Ray Borda, Food SA Chair, highlighted the value of aligning this prestigious awards program to changing industry conditions and priorities. “We are committed to creating practical and actionable opportunities for industry-wide growth and development, while also celebrating excellence, quality and innovation,” he stated.
The 18 award categories for 2024 feature new additions which include the Business Improvement Award, sponsored by Visy, the Industrial Foodservice Award, sponsored by Mitani Group, and the Agritourism Award, sponsored by the South Australian Tourism Commission. Also, the addition of the EatDrink Local SA Award, sponsored by MBL, will celebrate the foodservice businesses that support and serve local food and beverages on their menus. The Foodland Supermarkets Consumer Choice Award, renamed in line with its popularity, will once again be decided by public vote.
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