SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

SYDNEY APPRENTICE SHORT-CHANGED ALMOST $25,000

AN APPRENTICE floor layer has been back-paid almost $25,000 by a western Sydney business, following an investigation by the Fair Work Ombudsman. Pampost Pty Ltd, trading as Bass Floor Company in Guildford West, paid the full-time adult apprentice at junior rates over two years. The company also kept tool allowances in a fund for emplo...

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SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

SPIKE IN JOB ADS SUGGESTS MARKET ON THE MEND

FOLLOWING a rocky end to the financial year, the employment market has once again a boost as ANZ economists reveal a jump in the number of job listings posted nationally in August. Job advertisements bounced a solid 1.8 per cent to more than 160,000, despite a steep drop recorded for the previous month of July. While this slump may ha...

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AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

AUSTRALIA, TIME TO GET REAL ABOUT TOUGH TIMES

THE European banking crisis remains a ticking time bomb and Australians need a reality check if they are to cope with another global financial crisis, according to former Commonwealth Bank CEO David Murray (pictured). The seasoned corporate executive, who chaired the federal government's inquiry into the banking system in 2014, has al...

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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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FORECASTER SEES THREE MORE YEARS OF PAIN

FORECASTER SEES THREE MORE YEARS OF PAIN

IF YOU thought the last couple of years were tough then get used to it, says BIS Shrapnel. The economic forecaster is tipping Australia's economic growth to weaken each year over the next three years, buffeted by a stubbornly high dollar and continued structural change in the economy. BIS Shrapnel's Long Term Forecasts: 2016-2...

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RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY SHARES PEAK ON HEALTHY PROFIT

RAMSAY Health Care (ASX: RHC) shares were given a tonic today as the company reported a 16.8 per cent surge in net profit to $481.4 million. The latest result was aided by a suite of acquisitions and expansions across the private hospital operator's international portfolio. This led to an 11.6 per cent increase in EBIT (earnings b...

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RECKON JOINS FORCES WITH MONEY TRANSFER AGENCY

RECKON JOINS FORCES WITH MONEY TRANSFER AGENCY

ACCOUNTING software provider Reckon (ASX:RKN) has teamed up with one of the world's largest international money transfers businesses. The Sydney-based company has formed a strategic partnership with OzForex trading as OFX (ASX:OFX) to streamline international payments. Reckon's Australian customers that are registered with OFX...

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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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SPORTSCRAFT WEARS PENALTY FOR MISLEADING CONDUCT

SPORTSCRAFT WEARS PENALTY FOR MISLEADING CONDUCT

CLOTHING retailer Sportscraft has paid a $21,600 penalty following an industry-wide investigation by the Australian Competition and Consumer Commission (ACCC). During its inquiry, the ACCC issued infringement notices to Sportscraft citing reasonable grounds for believing that the retailer had been making false or misleading representation...

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STORM DAMAGE CLAIMS HIT $38M

STORM DAMAGE CLAIMS HIT $38M

THE severe storms that pummelled the east coast over the weekend have been declared an insurance catastrophe with claims tipping $38 million. The Insurance Council of Australia (ICA) has recorded more than 11,150 claims from across the east coast of Queensland and NSW over damage related to heavy rainfall. ICA acting CEO Karl Sullivan...

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TAX OFFICE RETIRES E-TAX FOR FASTER SYSTEM

TAX OFFICE RETIRES E-TAX FOR FASTER SYSTEM

ALL taxpayers will have to switch to myTax this year after the Australian Taxation Office shut down its legacy online lodgement tool e-tax. The ATO upgraded the replacement tool over the past year to make it suitable for any Australian lodging their own return regardless of their tax affairs. First introduced in 2014, myTax reduces th...

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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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ECONOMIC OPTIMISM SET TO BOOST COMPANY SPENDING

ECONOMIC OPTIMISM SET TO BOOST COMPANY SPENDING

AUSTRALIA'S largest companies have a renewed sense of optimism for the economy and plan to spend big this year to facilitate growth, a new study reveals. The American Express/CFO Research Global Business and Spending Monitor shows 64 per cent of CFOs anticipate economic growth in Australia over the next 12 months, with 81 per cent indi...

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LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

LENDERS 'VULNERABLE, DOWN A BLACK HOLE'

THE corporate watchdog put a spotlight on the cash loan market when it ordered Nimble Australia to repay borrowers $1.5 million last month over allegations that it was not adhering to responsible lending obligations. But now the National Credit Providers Association (NCPA) has launched its own offensive against the authorities, blaming lo...

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'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

'DUMB' LENDING RULES GIVE FOREIGN INVESTORS THE EDGE

TOUGHER lending rules by Australian banks are giving foreign investors an unfair advantage in the property market, according to Aussie Home Loans founder John Symond (pictured). The finance industry veteran says that while he is comfortable with a broad range of initiatives introduced by the Australian Prudential Regulation Authority (APR...

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RETAIL MOMENTUM COULD HIT THE WALL IN 2016

RETAIL MOMENTUM COULD HIT THE WALL IN 2016

AUSTRALIAN retail had a healthy 2015, but experts say this upward trend might hit a wall in 2016. A market forecast conducted by Deloitte spells the end of retail growth nationally as the Aussie market is battered by a number of national and international economic factors. Despite an underperforming Australian economy in 2015, retail ...

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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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ACQUISITIONS BOLSTER BGA CAPITAL LISTING

ACQUISITIONS BOLSTER BGA CAPITAL LISTING

RETIREMENT outfit BGA Capital has announced plans to acquire a portfolio of up to 10 retirement villages, in preparation for an initial public offering. BGA has appointed Colliers International to assist in aggregating a portfolio of eight to 10 assets across New South Wales, Victoria, South Australia and Queensland. "We are look...

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BUSINESS OUTLOOK LIFTS AS YEAR ENDS

BUSINESS OUTLOOK LIFTS AS YEAR ENDS

BUSINESSES are expecting to see increased profit, sales and employment activity towards the end of the year, according to Dun & Bradstreet's latest Business Expectations Survey. Data from the survey shows the percentage of businesses with a positive outlook has increased to its highest level since January this year, with 66 per ce...

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THE POWER TO RESTORE CONFIDENCE IN MONEY

THE POWER TO RESTORE CONFIDENCE IN MONEY

WHEN Peter Lord discovered his mother's retirement fund was running dry following a divorce that left her without a viable financial plan, he was determined to find a way to restore her confidence in money. From the initial experience in guiding his mum back to financial happiness, Lord developed a general desire to empower people, pa...

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ACCC BLASTS DANOZ OVER 'ELECTRONIC ABS' DEVICE

ACCC BLASTS DANOZ OVER 'ELECTRONIC ABS' DEVICE

IT WAS billed as the dream solution for couch potatoes looking to tone their flabby stomachs, but for infomercial group Danoz Direct it has resulted in a firm slap on the wrist from the consumer watchdog. The Australian Competition and Consumer Commission has taken to task the promoter of the Abtronic X2 Fitness System for misleading cons...

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NEW ALGORITHM BOOST FOR MICRO-LENDING

NEW ALGORITHM BOOST FOR MICRO-LENDING

PAYDAY loans up to $2000 are traditionally slapped with large fixed interest rates, high costs and exorbitant late fees, however new financial technology developed by a Sydney-based company may have the potential to alter this system for good. Due to a newly developed reference-checking algorithm which more efficiently mines large sets of...

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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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TOP SYDNEY NOSHERIES ON RADAR FOR FAIR WORK WATCHDOG

TOP SYDNEY NOSHERIES ON RADAR FOR FAIR WORK WATCHDOG

A HIGH-profile Sydney Harbour restaurant has been chipped by the Fair Work Ombudsman for underpaying its staff. While the restaurant's identity has not been disclosed, Fair Work Ombudsman Natalie James says it is one of many top nosheries that are being monitored following complaints her office has received from employees. In the ...

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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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