BUDDY UP FOR COVER WITH NEW INSURANCE MODEL

BUDDY UP FOR COVER WITH NEW INSURANCE MODEL

A GERMAN peer-to-peer insurance platform is heading to Australia in a bid to make the industry more 'friendly'. Friendsurance, established in 2010, aims to make the process of finding an insurer more simple and affordable. Friendsurance Australia will be supported by the company's head office in Berlin, while Ellerston Cap...

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RETAILERS TIPPED TO LOSE ON GRAND FINAL FRIDAY

RETAILERS TIPPED TO LOSE ON GRAND FINAL FRIDAY

AS the AFL grand final reaches fever pitch it won't be cause for celebration for many Victorian businesses, according to the Australian Retailers Association (ARA). The Victorian Government added Grand Final Friday as a public holiday last year to recognise the sporting event. ARA executive director Russell Zimmerman says many ret...

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SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER AND GORDON TARGETS UK COMPANY FOR $86M

SLATER and Gordon (ASX:SGH) plans to sue the UK company behind the acquisition that triggered the law firm's ASX downfall. The Melbourne-based law firm plans to bring claims against Watchstone Group Plc, formerly known as Quindell Plc, for the $1.3 billion purchase of its professional services division last year. In a statement to...

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TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

TOURISTS CASHED UP AND HEADING FOR AUSTRALIA

INTERNATIONAL tourists flocked to Australia in FY16 with the tourism industry growing three times faster than the broader economy. Figures from Tourism Research Australia show there was a record 7.2 million international visitors in the 12 months to June 30, up 10 per cent on the previous year. The level of spending grew at a faster r...

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MACAU SALE MASKS WEAKER RESULT FROM CROWN

MACAU SALE MASKS WEAKER RESULT FROM CROWN

THE sale of its Macau joint venture has masked an otherwise weaker performance by James Packer's Crown Resorts (ASX:CWN) which reported a massive spike in earnings to $948.8 million profit in FY16. The result, up 164 per cent from a year ago, was boosted by a net gain of $555.2 million after Crown offloaded its interest in Melco Crown...

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AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

AUSTRALIANSUPER HITS $100B WITH GLOBAL INVESTMENTS

RETIREMENT savings in AustralianSuper have hit more than $100 billion for the first time. The industry super fund hit the milestone with a strong growth in returns for more than two million members. AustralianSuper CEO Ian Silk says the fund is exploring global investments as the membership base continues to grow. "We are ver...

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MANUFACTURER FACES COURT FOR IGNORING COMPO CLAIMS

MANUFACTURER FACES COURT FOR IGNORING COMPO CLAIMS

A MELBOURNE manufacturer will front court for failing to compensate an overseas worker it had unfairly dismissed. The Fair Work Ombudsman has commenced legal proceedings in the Federal Circuit Court against Monochromatic Engineering over an Iranian worker. The service technician was in Australia on a 485 temporary graduate visa and la...

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NEW NATIONAL MINIMUM WAGE KICKS IN FROM TOMORROW

NEW NATIONAL MINIMUM WAGE KICKS IN FROM TOMORROW

AUSTRALIA'S new minimum wage comes into effect tomorrow. The hourly rate for adult workers will increase from $17.29 to $17.70 starting from the first pay period on or after July 1. Fair Work Ombudsman Natalie James says the agency's online pay tools can assist employers to calculate their new wage rates to ensure they meet wo...

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PRICE WARS DRIVE RETAIL SPENDING

PRICE WARS DRIVE RETAIL SPENDING

AUSTRALIANS are taking advantage of sales and price wars by spending big on groceries, household goods and clothing. National retail spending increased 3.6 per cent year-on-year in April while food retailing lifted 2.4 per cent, according to the Australian Bureau of Statistics. The Australian Retailers Association (ARA) says the figur...

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BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUDGET 2016: WHAT IT MEANS FOR BUSINESS

BUSINESS is at the forefront of the 2016 federal budget, with SMEs set to see their company tax rate fall to 27.5 per cent from July 1 this year. Treasurer Scott Morrison announced the company tax break in his first budget overnight, a further 1 percentage point reduction for small businesses with annual turnover less than $2 million. ...

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EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS URGED TO CHECK EASTER PAY RATES

EMPLOYERS are being urged to check the pay rates and entitlements that apply to their business over Easter, to avoid having egg on their face with Fair Work. Fair Work Ombudsman Natalie James says most underpayments are inadvertent and the result of employers failing to check their minimum obligations under workplace laws. "Wheth...

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$10 MILLION FUND SEEKS AUSSIE STARTUPS WITH 'SIGNAL'

$10 MILLION FUND SEEKS AUSSIE STARTUPS WITH 'SIGNAL'

A NEW early stage $10 million Australian venture capital fund is going where few have before on our shores and seeking signal deep in the startup trenches. 

Backed by support from prominent early stage American investors, the appropriately named Signal Ventures has launched in Melbourne.

Signal Ventures is the brainchild of two...

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MELBOURNE BUSINESS CAUGHT UNDERPAYING MIGRANT WORKERS

MELBOURNE BUSINESS CAUGHT UNDERPAYING MIGRANT WORKERS

A MELBOURNE food wholesaler has been slapped with an $85,000 fine in Federal Circuit Court for underpaying migrant and overseas workers. Quality Food World underpaid 46 production and packing staff almost $150,000 from its warehouse at Mordialloc, an investigation by the Fair Work Ombudsman has found. The employees were mostly visa ho...

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ACCC ISSUES 'PLEASE EXPLAIN' TO FUEL RETAILERS

ACCC ISSUES 'PLEASE EXPLAIN' TO FUEL RETAILERS

THE consumer watchdog has put the petroleum industry on notice after revealing low global crude oil prices were not being fully reflected at the bowsers. The Australian Competition and Consumer Commission says it has written to major petrol retailers this month to explain what it says have been 'unreasonably high' retail petrol pr...

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DECEMBER RETAIL SALES PUMP, DESPITE HEATWAVE

DECEMBER RETAIL SALES PUMP, DESPITE HEATWAVE

IT MAY have been tough for Dick Smith Holdings (ASX:DSH), but the broader retail market enjoyed robust trading over December, according to the latest retail turnover figures. The Australian Bureau of Statistics has revealed that retail turnover was up 4 per cent to $24.8 billion during the peak retail month compared a year earlier. Th...

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DENTIST DRILLED FOR SHORT-CHANGING STUDENT

DENTIST DRILLED FOR SHORT-CHANGING STUDENT

A MELBOURNE dentist is in hot water for allegedly underpaying an international student studying at the clinic tens of thousands of dollars. Nobrace Dental Clinic recruited the student from South Korea on a 457 skilled worker visa based on a nominated annual salary of $50,000. Documents lodged with the Federal Circuit Court state the woman...

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PETROL STATION STUNG AFTER IGNORING FINE

PETROL STATION STUNG AFTER IGNORING FINE

A FORMER Victorian petrol station operator has been penalised by the Fair Work Ombudsman for a second time, after ignoring an order to pay compensation to an unfairly dismissed employee. Wedderburn Petroleum Pty Ltd, which formerly operated a petrol station near Bendigo, has been fined $20,000 by the Federal Circuit Court. The company...

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MELBOURNE EMPLOYERS FACE CRACKDOWN

MELBOURNE EMPLOYERS FACE CRACKDOWN

UP TO 250 businesses in Melbourne's Dandenong region will receive random spot checks from the Fair Work Ombudsman, as part of a new campaign to monitor employee care. The three-month campaign will have Fair Work inspectors check that employers are paying the correct minimum hourly rates, penalty rates, allowances, loadings and providi...

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DON'T BANK ON A RECESSION JUST YET, SAYS FORECASTER

DON'T BANK ON A RECESSION JUST YET, SAYS FORECASTER

THE Australian economy may have hit reverse gear in the June quarter, according to BIS Shrapnel, although don't bank on a recession just yet. Despite an overall upbeat view that the housing boom still has 18 months to run and that the end of the decade will bring better times, the economic forecaster has warned of a tough three years ...

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VICTORIAN RETAILERS BRACE FOR PENALTY RATE STRAIN

VICTORIAN RETAILERS BRACE FOR PENALTY RATE STRAIN

SMALL business owners in Victoria are preparing to feel the penalty rate pinch, after the government approved two extra public holidays for the state. The introduction of Grand Final Friday and Easter Sunday pushes Victoria's public holiday tally to 13 the most of any state. Australian Retailers Association (ARA) executive directo...

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DWS ACQUISITION TAPS INTO $40M REVENUE POOL

DWS ACQUISITION TAPS INTO $40M REVENUE POOL

IT services company DWS Limited is set to acquire a 75 per cent stake in Phoenix IT & T Consulting for $19.5 million. The deal will allow DWS to capitalise on more than $40 million annual revenue, diversified across industries including telecommunications, financial services, utilities and transport. Phoenix will operate as a sepa...

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EMPLOYEES FAIL TO MAXIMISE TAX

EMPLOYEES FAIL TO MAXIMISE TAX

AUSTRALIAN workers could be missing out on a hefty return come tax time by failing to lodge all entitlements, according to Officeworks. A survey conducted by the office supplies chain found that more than half of employees are not taking full advantage of their tax time opportunity by not collecting receipts. Young Australians make up...

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FIVE WAYS TO SAVE MONEY AT TAX TIME

FIVE WAYS TO SAVE MONEY AT TAX TIME

WITH the end of financial year fast approaching, it's time to start thinking about our finances. But with tax rules changing every year, it can be a little confusing when trying to understand what you can and can't claim. Scott Baker, director of Mobbs Baker Wealth, says a few small considerations now can help save you money and unn...

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