Want to know what’s happening in the world of small business? Grab your dose of the daily juice and wrap your peepers around today’s news briefs.
- Online sales may be the future of bricks and mortar retailers, but the switch to eCommerce is burning a hole in the pockets of consumers according to new research by CouriersPlease. The rise of buy-now-pay-later options such as Zip and AfterPay and increased credit card use has seen one in three Aussie admitting to overspending. In fact, 30 per cent of survey respondents said online shopping has given them more credit card debt. Questioned further, 42 per cent admitted to forgoing their debit card and using their credit card for online purchases compared with 35 per cent credit card use in a physical store.
- Roy Morgan’s Inflation Expectations Index has been released and the verdict is in. The majority of Australians are expecting an annual inflation rate rise of 4.1 per cent over the next two years. Why? Blame it on the Reserve Bank of Australia. The RBA cut interest rates for two consecutive months for the first time in seven years in June and July, bringing our interest rate to a record low of 1 per cent. It’s these cuts that are causing most Aussies to predict a rise. However, not everyone is in agreeance with how much inflation increase, with Baby Boomers and Millennials predicting significantly lower inflation rates than their Gen Y and Gen X counterparts. Roy Morgan CEO Michele Levine suggests the decline in the property market may have something to do with these differing opinions. “As Baby Boomers watch their wealth decline slightly from recent highs and Millennials eye an opportunity to jump on the property ladder in the months and years ahead.”
- A new report by cybersecurity service provider Sophos has revealed the majority of business owners believe the biggest threat to their security is a lack of expertise in their organisation. The report’s findings highlight the need for business owners to be more proactive in their approach to threat protection, suggesting education will play a large role in the success of cybersecurity practices. In fact, 87 per cent of those surveyed believe the biggest challenge to their cybersecurity in the next 24 months will be improving awareness amongst their employees.
- Is Wollongong set to be the next small business hotspot? According to research by Advantage Wollongong, the city’s CBD is set to rival that of Sydney. Melbourne and Parramatta. The report cites low salaries, and lower operational and real estate costs as major drawcards. Mark Grimson, Economic Development Manager at Wollongong City Council comments, “Apart from our vibrant coastal lifestyle, Wollongong is undoubtedly an attractive hub for small and big businesses to establish in. Not only do local businesses have access to a constant supply of world-class University of Wollongong graduates, but they are also able to tap into the 23,000 highly talented and educated commuter population.”