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  1. FWO recovers record $500m in unpaid wages

    The ombudsman also doubled the number of matters filed for litigation compared to last year. The FWO recovered a record $532 million in unpaid wages and entitlements for more than 384,000 workers in 2021-22 financial year. The ombudsman said that the...

  2. Excess overtime ‘fuels quiet quitting epidemic’

    increases demands on existing staff but the result will be a backlash, says recruiter. An “alarming” increase in overtime last year caused by the acute skills shortage could inflame the epidemic of “quiet quitting”, according to the head of recruitment...

  3. Budget: Share buy-back change ‘needs scrutiny’

    One of the few surprises last week will have to be examined for unintended consequences once the details are released, says Gavan Ord of CPA Australia. Changes to the treatment of off-market share buybacks was one of the few surprises in the budget and...

  4. ASIC’s top 10 ways to sniff out fraud before it’s too late

    Cryptocurrency scams cost a record $701 million last year and is rising fast, says the regulator. If your online romantic partner is asking for financial favours, or that celebrity ad fails the sniff test, you might be looking at a crypto scam in the...

  5. Airwallex partners with American Express 

    The Melbourne start-up now offers 60 payment methods and was valued at $5.5 billion late last year. Airwallex has partnered with American Express to expand its card payment capability beyond Visa and MasterCard. Airwallex said the partnership meant...

  6. ASIC to target environmental frauds in wider agenda

    After achieving $76.3 million in civil penalties in the second half of last year, the commission has expanded its focus areas for 2023. The Australian Securities and Investments Commission (ASIC) has warned businesses that misleading sustainability...

  7. Zeller launches online invoicing system

    Around 48 per cent of invoices were paid late last year but the firm says its software will help fix the problem. Melbourne fintech Zeller has launched an online invoicing system which it claims will help fix the problem of almost one in two payments...

  8. Why safety-first budget yields bonanza of questions

    cautious support measures for small business are short on detail. Targeted relief for the most vulnerable The measures in last week’s budget were not unexpected. It understandably seeks to assist those most in need, the most vulnerable, those most...

  9. Bullying, racism, sexual harassment and overwork ‘endemic’ at EY

    Review of workplace culture makes more than two dozen recommendations for change in the wake of tragic death last year. Bullying, sexual harassment, racism and overwork emerge as key issues in a report on workplace culture at EY in the wake of the...

  10. FWO forces big business to hand back $500m in unpaid wages

    and promote compliance through education. The FWO forced big business to hand back more than $500 million in unpaid wages last year by putting corporations and universities at the top of its hit list. Over a quarter of a million workers received back...

  11. Bank lending to small business leaps 28% in FY2022–23

    to small business up by one-third, the ABA says. Lending to small- to medium-sized enterprises increased by 28 per cent last financial year to push total outstanding credit to the sector to almost $600 billion, according to data from the Australian...

  12. Inflation cools in wake of rent, energy subsidies

    Changes to housing, food, non-alcoholic beverages and transport prices meant inflation slowed down to 4.9 per cent last month. Inflation eased to 4.9 per cent over the year to October from 5.6 per cent as Commonwealth rent assistance and electricity...

  13. ATO pursues Coca-Cola for $174m diverted profits tax

    The Tax Office’s arguments echo those raised in its landmark win against Pepsi last week. The Coca-Cola Company shifted around $435 million in profits overseas and is liable for $174 million in diverted profits tax if withholding tax does not apply,...

  14. Productivity turnaround ‘halts post-COVID freefall’

    are needed to achieve sustainable, long-term growth, the Productivity Commission says. A turnaround in labour productivity last quarter has halted a post-pandemic “freefall” but sluggish long-term growth remains a cause for concern, the Productivity...

  15. The year accountants met AI

    it’s for better or worse, one thing is certain – ChatGPT and its ilk have irrevocably changed the industry. In February last year, Will Buckley, manager of Xero Australia, told Accountants Daily he had tested an AI tool called ChatGPT and believed it...

  16. CSLR appoints former UniSuper CEO to board

    member of a three-person board when the government’s compensation scheme commences in April. The Compensation Scheme of Last Resort (CSLR) transitional board has appointed the former CEO of UniSuper as a non-executive director before the scheme’s...

  17. Why finance will welcome fewer systems, but more AI, fraud defence

    Software consolidation, automation with a human touch and fortified scam prevention are on this year’s agenda. Last year marked a breakthrough for emerging technologies and many finance leaders began thinking about how they can integrate new tools into...

  18. Declining business conditions ‘improve inflation outlook’

    growth remains on a downward trajectory, helping to ease the growth of prices and costs. Business conditions declined last month while confidence remained in negative territory, a sign economic growth is slowing down and inflation is easing, according...

  19. Quarterly inflation drops to 2-year low

    inflation, helped by Commonwealth rent assistance and falling meat and seafood prices. Inflation eased to 0.6 per cent last quarter, down from 1.2 per cent in the September quarter and the slowest rise since March 2021, according to ABS data released...

  20. Personal insolvencies continue to soar in early 2024

    Personal insolvencies increased by almost a third in January compared with the same period last year, according to the latest AFSA data. The total number of personal insolvencies climbed to 1,015 for January, rising from 805 in December. This was also...

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