Business Update – 12 April 2023

12/04/2023 | Love Your Numbers

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Federal Court decision shakes up public holiday rostering rules for employers

A recent ruling by the Federal Court requires employers to request their employees’ availability to work on public holidays in advance instead of just rostering them to work. Employers must introduce a mechanism for making such requests before issuing any direction to work on public holidays or risk being in breach of the Fair Work Act.

Tesla announces new Megapack factory in China to stabilize energy grids

Tesla is building a new factory in Shanghai, China, to produce 10,000 “Megapack” energy storage units per year, which are large batteries used to stabilize energy grids and prevent power outages. This plant is in addition to Tesla’s current Megapack factory in California. CEO Elon Musk announced the expansion on Twitter.

Tupperware has “substantial doubt” over its ability to continue operating

Tupperware, the iconic brand known for its food storage containers, is facing potential extinction as shares fell almost 50%. The 77-year-old company has struggled in recent years due to increased competition and declining demand for home products.

Essential workers spend 6 hours pay per week on rent

Essential workers in Australia are struggling with the housing affordability crisis. Many spend up to two-thirds of their income on housing and lose an average of six hours from their weekly income to rent increases, exacerbating staff shortages across the country.

Sydney terrace just wider than a car park sells for $1.3 million

A renovated terrace in Sydney’s Glebe neighbourhood, measuring only three meters wide, has sold for $1.3 million. Although not the thinnest house in Australia, the two-bedroom property at 5 Avon Street, Glebe, offers an intriguingly compact impression and has pretty café-style windows facing the street.

Australian consumer confidence surges after pause in key rate

Consumer confidence in Australia has surged to the highest level in two years as the central bank opted to keep interest rates steady in its April policy meeting. The Westpac-Melbourne Institute Index of Consumer Sentiment rose 6.2% in April from March, reflecting improved sentiment towards economic conditions and financial prospects.

Farmers and students concerned about working hours cap

Australian farmers are worried that the new cap on working hours for international students will lead to a shortage of farm workers. The cap comes into effect on July 1.

Middle-income earners face one of the largest tax increases in history

The federal government is reportedly planning to let the low and middle-income tax offset expire in the upcoming budget, leading to one of the largest tax increases in history for more than 10 million middle-income Australians.

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