Weekly Digest – 07 August 2024 - Cadenze Partners Pty Limited

Weekly Digest – 07 August 2024

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

Hope for homeowners as RBA tipped to slash interest rates by Christmas

The Reserve Bank of Australia (RBA) is tipped to keep interest rates on hold next week, but hard-pressed mortgage holders should expect a cut by Christmas. From 36 economic experts canvassed in the latest Finder Cash Rate Survey, 81 per cent believe the central bank will hold the rate at 4.35 per cent when it wraps up its meeting next Tuesday.

Scammers are targeting myGov accounts during tax time. How can users protect their ATO refunds?

Scammers are duping Australian taxpayers out of thousands of dollars by fraudulently accessing online government accounts during the annual rush to complete tax returns. Federal government platforms are not immune to scams – with users of myGov being targeted in recent weeks. How do victims fall prey to those criminal scammers and how can people protect themselves?

RBA to hold rates steady in August; first cut seen in early 2025 predicted by economists

The Reserve Bank of Australia will hold interest rates on Tuesday at near a 13-year high and wait until the first quarter of 2025 before reducing them, according to economists polled by Reuters, as price pressures remain elevated.

SA tops Australia’s economic ladder again

South Australia’s economy has once again been recognised as a nation-leader for its robust jobs market and strong building activity.

ANZ-Roy Morgan Consumer Confidence eases due to concerns about the Australian economy after biggest weekly jump in over three years

ANZ-Roy Morgan Consumer Confidence eased 1.3pts to 83.1 this week after last week’s big weekly jump – the largest in over three years since mid-April 2021. Looking longer-term the index has now spent a record 78 straight weeks (equivalent to 18 months) below the mark of 85.

2 factors that will ‘materially impact’ your superannuation returns

In a recent article, Vanguard’s Chief Investment Officer Duncan Burns said two factors will “materially impact your superannuation balance at retirement”. They are investment performance, and the fees charged by your superannuation provider.

Mercer to pay $11.3m penalty in landmark ‘greenwashing’ case brought by ASIC

Mercer Superannuation (Australia) has been ordered pay an $11.3 million penalty after the financial services group admitted to making misleading statements about the sustainable nature of some of its superannuation products.

ASBFEO’s small business indicator reveals decline in conditions

The Small Business Pulse recently launched by the Australian Small Business and Family Enterprise Ombudsman’s (ASBFEO) ‘Pulse’ has shown that conditions over the last 12 months for small businesses have deteriorated by 3.5 per cent. ASBFEO Bruce Billson said the ‘Small Business Pulse’ is an innovative combination of non-traditional and traditional data to produce an indicator of small business health.