Business Update – 30 November 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford
At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay the same until 2024.
Workers should expect to earn less in real wages next year
Lowe also warned us to brace ourselves for fresh economic pain, saying that workers should not expect a pay rise in line with the rate of inflation – which he anticipates will continue to rise.
Bunnings expected to cut 300 staff
The hardware giant is one of Australia’s biggest employers, but multiple insiders report that a recent review of the company’s back office will result in mass layoffs. A Bunnings spokesperson denied the rumour but did say they are in the process of preparing their structure for the future.
Amazon workers strike during Black Friday
Amazon workers in over 40 countries staged Black Friday strikes and protests. Employees are demanding better wages and conditions.
Australian mortgages among the “worst” in the world
The majority of Australian mortgage holders have variable rate mortgages, meaning they’re at the mercy of rising interest rates. Many are approaching a point of complete mortgage affordability because of it.
Thousands more welders needed
Weld Australia says that we are facing a shortfall of 70,000 welders by 2030 unless radical action to attract more is taken. The shortage would disrupt our drive for renewable energy infrastructure.
Family dairy farm challenges the status quo by offering direct-to-consumer milk in a glass bottle
In 2018, dairy farmer Shane Hickey went viral with a video explaining that he made $2.46 per hour by providing his milk to big supermarkets, and calling on them to pay dairy farmers more. They didn’t respond, so Shane changed his business model – and now it’s truly fair and sustainable.
30,000 Australians lost money in the FTX collapse
Some people lost their life savings and then some in the spectacular collapse of the FTX cryptocurrency exchange earlier this month. The Guardian provides an in-depth view of some of their stories.
Traditional Christmas lunch may turn out just fine
Though floods, supply chain disruptions, war in Ukraine, and the rising cost of fuel and fertiliser have made food costs go through the roof this year, there is some good news – the makings of a traditional Christmas lunch might actually be attainable.
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