The federal budget deficit could reach $20 billion next financial year, following a $17 billion shortfall in the current budget. The news has prompted speculation about pressure on the Reserve Bank to cut rates at its official board meeting today. “That case is the high Australian dollar, the lack of consumer confidence, the lack of business confidence, and the relatively low level of growth that's in the economy," Westpac chief executive Gail Kelly told The Australian. Speculation George Soros could be shorting the Australian dollar There is mounting speculation in financial markets that financier George Soros could be shorting the Australian dollar and was planning a raid ahead of the Reserve Bank’s official rate announcement later today. “Someone ... seems to be betting on a rate. I've heard the George Soros rumour tonight. A billion dollars sounds like a lot, but it's not enough to move the Australian dollar and it's not a lot for George Soros, but there is a play happening in the FX market,” one Sydney-based foreign exchange trader told Fairfax. "If it is him, it's probably a bet on a rate cut. These days a billion bucks can't do much to the Aussie.” Tabcorp and Tatts threaten to sue the Victorian government over poker machine levy demands Victorian Treasurer Michael O'Brien is demanding the full-year rate of $82 million in poker machine levies, rather than a pro-rata rate, despite the fact the companies ceased operating the machines 46 days into the financial year. “The Health Benefit Levy is applied consistent with the Gambling Regulation Act, and has been levied in the same way for more than a decade. There is no discretion under the (legislation) to apply the levy in any other way,” a government spokesperson said. The news has prompted the gaming giants to threaten legal action against the state government unless a lower pro-rata rate is applied. “Tabcorp is considering whether to commence legal proceedings to ensure the levy is applied on a pro rata basis,” a Tabcorp spokesperson said. Overnight The Dow Jones Industrial Average is down slightly to 14968.9. The Aussie dollar is up to US102.53 cents.
The Victorian business community says the resignation of Ted Baillieu as premier may represent a good opportunity for the state government to be more open about its intentions with regard to any change in business policy.
Ted Baillieu has resigned as premier of Victoria, with Denis Napthine sworn in as his replacement overnight, amid mounting turmoil in the state government.
This week’s Secret Soloist is answered by Griffin+Row founder Marcia Griffin Yes, there is a lot to do when starting up a business.
The South Australian government will provide $1 million to help establish Hub Adelaide, which joins Hub Melbourne and Hub Sydney, to try and capitalise on the city’s “entrepreneurial boom”.
The NSW Government has introduced legislation to establish the state’s first small business commissioner as a statutory officer, more than a year after the role was created and filled.
Four NSW digital ventures have been backed with a total of $291,000 in state government funding, including, unusually, backing for a start-up to further develop its business plan.
I’m a little overwhelmed by the amount of red tape involved in starting up and running a business. What should I do?
Mining giants BHP Billiton, Rio Tinto and Xstrata have threatened to scrap projects in Queensland after the state government hiked royalties by $1.6 billion in its budget.
Australia is set to overtake debt-stricken Spain to become the world’s 12th largest economy, following the release of the latest GDP figures.
Government grants are notoriously hard to snare for start-up businesses and can involve completing a mountain of time-sapping paperwork in the application process.
A new co-working space is set to open its doors in Adelaide, understood to be the city’s first business-collaboration space, modelled on the likes of Fishburners and the York Butter Factory.
The founder of Dolphin Tank, a new support network for female entrepreneurs, caused a bit of a stir this week by claiming that start-up pitching events were male-centric.
Tech start-up incubator ilab is offering competitive grants of up to $50,000 for Queensland entrepreneurs, after opening its doors to new premises and programs today.
NSW Trade & Investment has scrapped its small business events programs, claiming the events often failed to provide adequate advice and assistance to small business operators.
Sydney Population: 4.5 million Start-up survival rate: 73.4% (2007 to 2009) While few people – even Melburnians – would dispute Sydney’s position as the financial and big business hub of Australia, the city has suffered from a series of setbacks in recent years.
The South Australian Government will scrap start-up program Innovate SA this year, but Small Business Minister Tom Koutsantonis insists State Government support for start-ups is still strong.
Adelaide Population: 1.2 million Start-up survival rate: 75.7% (2007 to 2009)
The City of Melbourne council has defended its record of supporting retailers, despite ongoing fears of CBD small businesses being overlooked by consumers in favour of large suburban shopping centres.
Tech start-ups are being invited to attend ilab’s annual investment summit, where they will gain insight into the investment strategies of angel investors and venture capitalists.