Impact of stage 3 tax cuts on your wallet

what about the future?

Author

Maziar Foroudian
July 13, 2024

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With the recent implementation of Stage 3 tax cuts, Australians are experiencing a boost in their take-home pay. But what does this mean for the economy in the long run? Experts from UNSW Business School weigh in on the implications and potential consequences.

Learn from a former TV journalist's experience on how to effectively communicate your brand's unique message and stand out in the ever-growing market. From utilizing media to social media, find out the secrets to success.

From legal briefs to case law guidance, AI is transforming the legal profession. Discover the two types of AI - extractive and generative - and the implications of each in the courtroom. Learn how Holding Redlich is leveraging AI and the guidelines set by the Victorian Supreme Court for responsible AI use.

From carbon capture technology to hypersonic vehicles, these startups are making waves in their industries with recent funding developments. Stay informed and updated on the latest breakthroughs from Australia, India, the US, and more.

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Top stories

Erika Kullberg, a successful creator with over 21 million followers, has made significantly more money on YouTube than TikTok or Facebook. With new features like Text to Speech and Add Yours sticker, YouTube Shorts aims to draw in more creators and viewers, showcasing its growing platform.

After Series B funding, focus shifts to revenue growth, sales efficiency, churn, and cash burn. Investors look for at least 30% growth rate for continued funding, with emphasis on sales efficiency. Optimizing spending is key for long-term success.

Australia

In the face of escalating challenges in the small business sector, SMEs must adapt, strategize, and consider mergers & acquisitions to survive. Proactive growth, adaptability, and core focus will be crucial in navigating the tough economic climate ahead.

Australia's transport sector must rapidly decarbonize to meet emissions targets in line with the 1.5 degrees Celsius warming limit. With EVs accounting for just 7.2% of new light vehicle sales in 2023, a diverse solutions approach is crucial to reducing emissions effectively.

In Wellington, pharmacist Sofoni West Soliman connects her community with healthcare. Overcoming educational challenges, she emphasizes the importance of perseverance and support. Her story inspires others to pursue education and strive for excellence.

Australian Economy

The highest-paid ASX 200 CEOs earned a total of $161.4 million in the 2023 financial year, with Mick Farrell of ResMed taking home $47.5 million. News Corp's Robert Thomson and Goodman Group's Greg Goodman also made the list.

Australian businesses have the second-highest corporate tax rate globally, leading to decreased investment and lower wages for workers. Last year, companies paid an average tax rate of 28.5%. OECD data highlights the need for tax reform.

World

Apple has reached a settlement with the European Commission, allowing iPhone users in the EU to use any mobile wallet for "tap and go" payments. Apple agreed to provide NFC technology access to developers without fees.

The Small Business Anti-Displacement Toolkit highlights strategies to support small businesses, emphasizing equity, opportunity, and community ownership. Dr. Willow Lung-Amam of SBAN discusses groundbreaking efforts to prevent displacement and promote inclusive economic development.

Softbank has acquired UK AI chip firm Graphcore for a reported $500m, raising questions about UK tech competitiveness. Despite challenges, CEO Nigel Toon sees potential for growth and competition in the AI market.

Amid the rise of UPI-based instant payments in India, street vendor Arun Kumar finds transactions smoother. However, with increasing fraud reports, caution and awareness are needed. UPI is expanding to rural areas and globally.

Tech

Want to make managing projects easier? Microsoft Project 2021 Professional, on sale for $19.97 until July 21, offers features like pre-built templates, timesheet organization, and scenario analysis to streamline project management. Rated 4.4/5 stars, it's a valuable tool for project success.

Apple has sent spyware warnings to iPhone users in 98 countries, alerting them of targeted attacks. The notifications advise users to take proactive measures against potential compromise. The attacks are likely aimed at individuals based on their identity or profession.

"Paints-Undo" project aims to provide AI-generated time-lapse videos of drawings to help artists conceal AI use in finished works. However, challenges arise with AI inconsistencies and potential for fraud detection. AI tool use impacts traditional art details.

Curated for you

Miri Offir, CEO of 911 Restoration, shares her journey from office manager to executive leadership in the restoration industry. She emphasizes the importance of setting clear goals, adapting leadership style, and focusing on personal growth and human connection for business success.

Rising inflation and home prices are pushing American parents to take on second jobs through side hustles, with nearly half of those with children under 18 participating. The average monthly side hustle income is $891, helping families pay bills and build savings.

MIT researchers have introduced an innovative method, IF-COMP, to improve uncertainty estimates in machine-learning models, crucial in high-stake scenarios such as medical diagnosis. This scalable technique enhances model accountability and can be applied across various settings.

MIT CSAIL researchers examined the reasoning abilities of large language models (LLMs) by testing them in both familiar and novel scenarios. Results show that while LLMs perform well in common tasks, they struggle with unfamiliar situations, indicating a limited ability to generalize beyond their memorization skills.

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