Weekly Digest – 29 May 2024

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

Have you made payments to non-residents?

If you make interest, dividend or royalty payments to non-residents, you may need to pay and report withholding tax.

Lendlease abandoning offshore markets to recycle $4.5b into Australian opportunities

Development and construction giant Lendlease Group has taken a major step to scale back and simplify its business with plans including an exit from international development activities. The move, which is aimed at “right sizing” the group’s cost base, will lead to Lendlease recycling $4.5 billion in capital by completing transactions either announced or under way and the acceleration of capital to be released from offshore projects and assets.

NAB May economic insights

The May Editions of NAB Economics Forward View has compiled the latest insights into the economic climate, including inflation, interest rates and employment. Australia’s growth remains modest as the higher cost of living weighs on consumers.

Australian lenders failing to assist struggling customers

The application process for financial hardship assistance is too hard, and many people who receive it simply go back into arrears immediately afterwards, a study by the Australian Securities and Investments Commission (ASIC) has found.

Qantas slashes route creating a $12b problem for Australia

Half the number of Chinese travellers are coming to Australia than before the pandemic. The stark figures are a major concern for the tourism industry, given Chinese visitors injected more than $12 billion into the Australian economy in 2019.

Warning one in 13 hospitality businesses could fail

A chilling warning has been issued that one in 13 hospitality businesses across Australia are facing going bust as the industry grapples with the crippling cost of living crisis. New data has revealed that the hospitality industry is most vulnerable to current economic conditions as consumers disposable income dries up and its hit by huge prices increases.

Housing and tax reform are needed to improve economic prospects of young people

Leading economist Ross Garnaut says broader reforms are needed to improve the economic prospects of young people and prevent generational inequality from worsening.

Your 30 June superannuation checklist

Five easy ways to get more into your super fund before the end of the financial year. With the end of the current financial year fast approaching, time is running out if you’re planning to boost your superannuation balance before 30 June.

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