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BUSINESS NEWSWIRE • Business NSW

Minimum wage increase | Cyber skills shortage | Workplace court case

7 June 2022

by Publicity Content

Written by Publicity Content

Minimum wage increase | Cyber skills shortage | Workplace court case

Business NSW

Business Australia

Module 1

ARTICLE

Three per cent pay rise hits the right balance

“This is a fiscally responsible move, and one the business community across the State supports,” said Business NSW Chief Executive Daniel Hunter.

Module 2

ARTICLE

SMEs hit by wage increases and skills shortage

The construction sector is one of the hardest hit industries from a sales slowdown, rising wages and difficulty finding staff.

Module 3

ARTICLE

Cyber skills shortage a risk to businesses

New research has found that 97% of Aussie cyber security professionals are aware of a significant skills gap across the profession.

Module 4

COURT CASE

FWO takes former bistro operators to court

The Fair Work Ombudsman has taken legal action against the former operators of a bistro on NSW’s Central Coast for alleged wage underpayments.

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Australian home values record the largest decline on recordThe CoreLogic Daily Home Value Index (HVI) hit a record decline of -8.40% on 7 January 2023 after peaking on 7 May 2022.The result takes the national housing downturn into new territory, breaking the previous record in peak-to-trough declines, when home values fell -8.38% between October 2017 and June 2019. While the housing downturn between 2017 and 2019 lasted 20 months, the new record-breaking price falls have played out in less than nine months, with further falls expected in the months ahead.The main force behind record home value falls is the recent cycle of rate hikes that have risen at the fastest pace on record. A 300-basis point increase in the underlying cash rate over just eight months has resulted in a rapid reduction in borrowing capacity, lowering the amount buyers can offer for homes. In addition to constrained borrowing capacity, higher interest costs may be dissuading potential buyers altogether.Australians are also more indebted today than through historic periods of rate rises, with the latest Reserve Bank of Australia’s estimate of housing debt-to-income ratio sitting at 188.5%. A decade ago this figure was 162.0% and in 2002 the ratio was 130.2%. Higher inflationary pressures, combined with a post-lockdown surge in spending, has also eroded household savings, which could be utilised for a home loan deposit. Softer housing demand may also reflect Australia’s ‘hangover’ from the elevated sales and listings activity through the 2021 boom, when an estimated 619,531 transactions occurred over the calendar year. Downturn frontrunnersThe bulk of the downturn is being led by Australia’s three largest capital cities, which also have the largest weighting in the national home value index. Sydney home values have seen a peak-to-trough decline of -13.0%, For perspective, the -8.4% drop has come off a high base. The sharp decline in dwelling values follows an upswing of 28.9% between September 2020 and May 2022, which was the fastest rise in home values nationally on record. The fall in national home values may be the largest peak-to-trough decline on record, ... See MoreSee Less

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