Myer chief executive Bernie Brooks has warned the Gillard government its proposed increase in the Medicare levy surcharge, which will fund the government’s national disability insurance scheme, could hurt retailers. “Another 0.5% on the Medicare levy is not good for our customers and not good for the discretionary income world, and ideally that's another one that may have an impact,” Brooks says. “Remember, a lot of our customers have equity portfolios, they've got superannuation and they get the bills each week, and suddenly the Medicare levy costs them another $300 from July next year. That's $300 they might have spent with us.” Vodafone nearly breached $3 billion loan agreement, was bailed out by UK parent Vodafone Hutchinson Australia came close to breaching a $3 billion loan agreement earlier this year, amid an exodus of subscribers, with the company bailed out by its UK-based parent, Vodafone Group. According to filings with the corporate regulator, VHA is in ongoing negotiations with the international banking syndicate after Vodafone Group paid $173 million. VHA also reported losses of $899 million for calendar year 2012, up from $420 million in 2011, with current liabilities now at $3.9 billion. Telstra adds 600,000 devices in less than one quarter Telstra has announced it has added 600,000 new devices to its 4G mobile network since announcing its half-yearly profit in February, with the total growing 1.5 million to 2.1 million devices in less than a quarter. The total includes 1.4 million handsets and 150,000 tablets, with the company counting each device as a “customer”. “We have continued revenue, profit and customer growth. Our strategic focus remains unchanged, and, most importantly, we are on track for full-year guidance,” says Telstra’s chief financial officer Mark Hall. Overnight The Dow Jones Industrial Average is down 0.9% to 14701 points. The Aussie dollar is down to US102.76 cents.
The Gillard government is set to unveil a multi-million dollar taxpayer-funded advertising campaign, along with a new ‘Medicare-style’ levy to help fund the government’s $14 billion national disability insurance scheme. The new levy, set to begin next year, is expected to be set at 0.5% of income and raise $3.5 billion towards the federal government’s share of the scheme. Meanwhile, using the tagline “stronger, smarter, fairer”, the government’s new advertising campaign, in the lead-up to the September 14th election, will promote the Gonski school reforms, Medicare, the NDIS, Child Care Assistance, the NBN and 12% superannuation increase. BCA warns government has “lost control” of the budget Business Council of Australia chief executive Jennifer Westacott has lashed out at the federal government following the revelation earlier this week by Prime Minister Julia Gillard of a $12 billion black hole in the federal budget. “Let's be clear here – we don't have an economic problem, our economy is fundamentally strong. What we have is a budget management problem and it's a problem the government has had four years to address,” Westacott says. “Australia's fiscal problem was not created by the community. It was created through loss of control of fiscal strategy.” Telstra rolls out net promoter system to resellers Telstra has rolled out a net promoted system (NPS), which uses surveys to measure customers’ willingness to promote its brand, across its retail partner network. Under the system, Telstra franchisees are offered bonuses for reaching key customer satisfaction targets. “We've had a company-wide rollout of the net promoter system. Now NPS is both a system but also a cultural change and this has been one of the largest change programs that we've really ever undertaken in the country,” Telstra chief executive David Thodey said. Overnight The Dow Jones Industrial Average is up 0.1% to 14839.8 points. The Aussie dollar is up to US103.7 cents.
Business Council of Australia chief executive Jennifer Westacott is urging the federal government to aim for a surplus within three years and adopt a new set of fiscal rules for future federal budgets.
The business community was shocked last week when the Gillard government announced the appointment of yet another new small business minister, with Chris Bowen stepping up to the plate in a cabinet reshuffle. With so much attention on the small business portfolio, it’s easy to forget the government recently ushered in Australia’s first small business commissioner, Mark Brennan. Today, Brennan talks to StartupSmart about his priorities in the role. We also highlight the wishes of five different industry groups, which have high hopes for Brennan. Elsewhere, mentor Bella Katz uses a personal experience to highlight the importance of defining your target market, and the founders of Stufftopia tell their story. Finally, if you're running a fast-growing or innovative start-up, you should enter the 2013 StartupSmart Awards – the premier awards for start-ups in Australia. Click here to register.
The small business sector has been handed its fourth minister in two years, with former immigration minister Chris Bowen assuming the role as part of an unexpected cabinet reshuffle.
Mining giant BHP Billiton has called on the Gillard government to overhaul current executive pay disclosure laws.
Primary school students will be taught the fundamentals of business and economics under a new move by the Gillard government, but a small business group says a more specialised program should be implemented.
The federal government has delayed its response to a review into Australia’s venture capital industry, after previously indicating that it would outline its policy on the sector by the end of 2012.
Federal Opposition Leader Tony Abbott has promised to double the existing annual rate of small business growth to 1.5% if elected.
The Federal Government has resumed its Clean Technology Investment Programs following a two-month freeze, but there are fears that the pause will have had a negative impact on prospective grant recipients.
Small businesses are bracing themselves for a hit following the release of Treasurer Wayne Swan’s Mid-Year Economic and Fiscal Outlook, which has downgraded the 2012-13 projected surplus to $1.1 billion.
The Federal Government's control over the National Broadband Network has been questioned after it released an update for its corporate report yesterday, confirming the project will be delayed by six months and cost an extra $1.4 billion.
Start-ups are being warned to consider changes to the Privacy Act to avoid unwittingly exposing themselves to massive fines in the crucial set-up phase.
Green start-ups are becoming increasingly spoilt for choice with regard to funding programs, following the launch of the $200 million Clean Technology Innovation Program.
A group of SME manufacturers in the struggling food and wine sectors are among the recipients of $8.1 million in cash in the first grants from the Gillard government’s $1 billion Clean Technology Investment Programs.
The NSW Opposition has introduced a bill to give the state’s small business commissioner “real teeth”, amid criticism from both sides of politics that the role at state and federal levels is virtually meaningless.
Federal Shadow Treasurer Joe Hockey has branded the 2012 budget “confused”, claiming it fails to provide measures to aid economic growth and will ramp up future debt.
The mining industry has taken out a pre-budget advertising campaign against the Gillard Government to strike out against potential tax rises in the resources sector.
James Murdoch has stepped down as chairman of British Sky Broadcasting (BSkyB) in a bid to protect the company from being damaged by the News Corp phone-hacking scandal.
News Corporation chairman Rupert Murdoch has indicated he is preparing to “hit back” at what he describes as the “lies” directed towards his business.