Weekly Digest – 29 June 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Lack of Chinese investment worrying

A new report shows that Chinese investment in the Australian economy fell a staggering 69 per cent in the last financial year, reaching 2007 levels. The shift signals a change in the international financial landscape.

ATO cracks down on family trust fraud, worrying tax advisors

Tax professionals worry that the ATO could now scrutinise past family trust behaviours, resulting in scenarios where people must repay enormous sums.

The pay rise ‘anchor’ explained

With inflation set to hit 7% by year’s end, critics say that the Reserve Bank of Australia’s 3.5% figure on what most people should get for a pay rise won’t cut it. The Guardian has created an explainer on how it will keep the economy moving.

Used car prices reach never-before-seen heights

New statistics from financial intelligence group Moody Analytics show that used cars are costing a staggering 65 per cent more than pre-Covid levels.

Sydney and Melbourne property prices set to fall

Analysts predict that Sydney and Melbourne are at the beginning of a housing market downturn that will go on for at least another 12 months.

RBA warns of future interest rate hikes

Reserve Bank governor Philip Lowe says interest rates are still very modest for an economy with low unemployment and high inflation, and that further rises should be expected by year’s end.

What expenses can be claimed if you work from home?

Though pandemic lockdowns have eased, the way people work has shifted. Brush up on what the ATO says you can claim on your tax return here. Ask us if you have any questions.

Government excludes crypto from foreign currency tax arrangements

The Australian Government has confirmed crypto currencies will continue to be excluded from foreign currency tax arrangements. The decision comes after El Salvador moved to allow Bitcoin as legal tender.

Russia defaults on foreign debt for first time since 1918

Strict international sanctions have made it impossible for Russia to pay its billions in debt back to international investors through American banks.

Lettuce seed sales skyrocket

Frustrated Aussies have started taking matters into their own hands as the cost of fresh produce reaches new heights. With supply chain issues sending prices through the roof, some consumers have reported prices of $12 for a single head of lettuce.

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