Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for August 27:
Payroll jobs fall in NSW
The Australian Bureau of Statistics reported that payroll jobs declined by 2 per cent in the last weeks of July, with a significant drop in locked-down NSW. According to the report, payroll positions in NSW fell by 3.7 per cent in the two weeks leading up to July 31.
“The latest fortnight of data coincided with growing restrictions in NSW in the fourth and fifth weeks of the lockdown, including a standstill in construction activity,” said Bjorn Jarvis, the ABS’s head of labour statistics.
More than 1000 businesses apply for support
On the first day of a government-funded scheme, nearly 1400 Canberra firms affected by the Covid-19 lockout applied for support payments, and a further 1000 have begun their applications.
Chief health officer Dr Kerryn Coleman updated the ACT government on potential changes to public health settings. Businesses may now apply for up to $10,000 in support payments from a $75 million joint ACT and federal government scheme.
More than 8700 enterprises are likely to apply, having expressed an interest in the scheme previous to its launch.
Bank app alerts customers to benefits and rebates they’re missing out on
After being inspired by a bank’s helpful new tool, Australians are pocketing millions of dollars they may not have realised they were entitled to.
Every year, 10 to 30 per cent of government benefits and rebates go unclaimed in practically every industrialised country throughout the world. Customers have filed over 1.5 million claims, up from over 1 million in February of this year.
CBA’s chief data and analytics officer, Andrew McMullan, said the rise occurred when the bank began using its data and analytics capabilities, as well as artificial intelligence and machine learning, to contact and help customers who were potentially affected by various degrees of lockdown.
NAB hit with $18.5 million fine for misleading customers
The Federal Court has ordered NAB to pay a $18.5 million penalty for repeated violations of fee disclosure statements. The Australian Securities and Investments Commission (ASIC) initiated the lawsuit against the big-four member in December 2019.
According to ASIC, the court determined that NAB violated the law on multiple occasions by charging fees for personal advice without providing clients with compliant fee disclosure statements.
The court also decided that NAB had failed to send timely fee disclosure statements to clients and had deceived them about how much they had paid for services and what services they had got.
Afterpay sees synergy with Cash App
Buy now, pay later (BNPL) participant Afterpay stated that functionality from Square’s Cash App may be merged into its own Money by Afterpay service.
Money by Afterpay is the company’s own finance app, built on Westpac’s cloud-based banking-as-a-service platform, which provides Afterpay and its customers with some banking functions.
Money by Afterpay has been in staff pilot since July and is slated to become national in October of this year.
UK recovery begins to dwindle amid shortage of workers and supplies
According to a Guardian analysis, Britain’s economic rebound from the winter lockout is slowing due to a lack of personnel and supplies as a result of the double whammy of COVID-19 and Brexit.
Despite the government’s relaxation of most pandemic restrictions, consumer scepticism appears to have increased in the last month as the Delta strain drives a stubbornly high infection rate. Meanwhile, global supply chain instability and workforce shortages have put a strain on UK enterprises.
India to boost EV charging infrastructure
The Indian government has increased its efforts to accelerate the country’s adoption of electric vehicles. The Heavy Industries Minister has stated that the government is aiming to build charging infrastructure across the country in order to encourage more people to purchase electric automobiles. He stated that many ministries and government departments are working together to establish charging stations on highways and in cities.
According to the minister, the government has announced a 1.5 trillion rupee production-linked incentive scheme to encourage automakers to produce more electric vehicles.
India allows Boeing 737 Max to fly again
After making the necessary safety improvements, the Directorate General of Civil Aviation (DGCA) approved the Boeing 737 Max, to fly again in Indian airspace. After two crashes in five months, Boeing 737 Max jets were grounded worldwide in March 2019.
These planes were recently approved to fly again by regulators in several nations, including the United States, the European Union, and the United Arab Emirates, after receiving necessary hardware and software changes for safety.
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