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Discover why Australian SMEs are struggling to innovate in the face of economic pressures. From funding challenges to talent shortages, we break down the data and explore how businesses are finding cost-effective ways to stay ahead in a changing market.

Are you a non-EU company looking to tap into the lucrative B2B market within the economic bloc? Discover the key benefits of having an EU Fiscal Representative, from simplified VAT compliance to local expertise and valuable advisory services, in this must-read article.

Is the Australian economy heading towards a slowdown? The latest NAB Monthly Business Survey reveals concerning drops in business confidence and consumer spending, while employment sees a slight improvement. What does this mean for the future? Find out more in this insightful article.

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Top stories

The Australian government is making the Food & Grocery Code of Conduct mandatory for major supermarkets, protecting small business suppliers. Fines could reach billions for rule-breaking supermarkets, aiming to create fair competition.

July 1, 2024 brings significant changes for small businesses in Australia, including an increased instant asset write-off, minimum wage rise, energy rebates, superannuation guarantee increase, and penalties update. More details and guidelines are available for each adjustment.

Australia

As the consulting industry faces a downturn, consultants are struggling to find new roles in sought-after companies. Competition for "transformation" and "strategy" positions is fierce, creating a bleak situation for many advisors.

Metcash's CEO notes increased grocery store visits with lower purchases due to discount hunting during cost-of-living pressures. The food sector shines amid cutbacks in dining out. Resilience seen as shoppers seek deals.

Legislation for a $20,000 instant asset write-off for small businesses is likely to pass, as the Coalition backs away from expanding the scheme. The bill must be passed by June 30 to benefit SMEs.

Australian Economy

AustralianSuper invests $500 million in Melbourne apartments, offering tenants the opportunity to buy after five years of renting. The fund avoids build-to-rent, favoring Assemble's rent-to-own model for lower risks and clear exit paths.

Regulators are now looking closely at the risks posed by the growing non-bank financial sector, which now holds over 50% of the world's financial assets. Interconnections with regulated banks raise concerns about systemic risks.

World

Small businesses are receiving a higher percentage of government contracting dollars, despite a decrease in the number of businesses securing contracts. Strict reporting and compliance requirements may be scaring away small businesses, but the potential for larger contracts makes it a worthwhile opportunity.

Negotiations between the EU and China regarding import taxes on Chinese electric vehicles could help prevent soaring prices in the EU. Frictions remain, but officials are engaging in constructive talks to address subsidies and trade rules.

Google is retiring Universal Analytics for Google Analytics 4, impacting businesses reliant on the former. Historical data will be deleted after July 1, prompting urgency to export data and transition to GA4. Marketers find GA4 lacking, but it reflects Google's pivot towards privacy and adaptability.

Tech

Google has decreased AI overviews in search results following backlash over accuracy. Study shows over 90% of searches no longer yield AI responses. Runner's World and Healthline now top 10 sites linked to. Google prioritizes expertise in content sources.

MosaicML, founded by MIT researchers, aims to democratize access to powerful AI models. Acquired by Databricks for $1.3 billion, they released DBRX, a high-performing open-source model. The company believes in open-source innovation for AI progress.

Curated for you

Discover the benefits of help desk outsourcing for small and medium-sized businesses (SMBs). Cost savings, access to expertise, scalability, improved customer satisfaction, and a competitive edge are just a few advantages highlighted in this informative article by business IT consultant Allan McDermont.

Bofu Marketing Agency focuses on creating a unified message across multiple platforms to reach the right audience. From inbound marketing to SEO and paid advertising, their data-driven approach ensures effective customer acquisition and engagement.

Fear of failure can lead to chaos when a leader steps away. To combat this, create a culture that tolerates mistakes, builds trust through transparency, and drives accountability for cultural evolution. Building resilience and adaptability in your team is key.

In the fast-paced digital world, engaging graphics are essential for successful marketing. Choosing the right graphic designer is crucial. Look for a strong portfolio, relevant experience, adaptability, and a results-driven approach to ensure effective and impactful visuals.

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