Stay up to date with all the news that matters to small business owners. Here’s what you need to know on Monday, August 26, 2019.
The Aussie share market opened to a hammering this morning dropping over $30 billion in shares following increased tensions between the US and China. The dollar also took a dive to 67.17 cents as the market and investors react to US President Donald Trump’s escalation of the US China trade war. Energy and tech shares have been amongst the worst affected following China’s announcement of plans to introduce tariffs on oil.
Australia’s education system is set for sweeping reforms if the government accepts recommendations by The Grattan Institute to up teachers’ pay rates, and increase the ATAR score of graduates to 85. The report suggests increasing teachers’ wages will allow the sector to attract a higher achieving workforce. The reform package would cost approximately 1.6 billion. The recommendations include the introduction of two new roles: an Instructional Specialist and Master Teacher. These teachers would be paid more and have responsibility for improving teaching at their schools and in their regions. Specialists could be expected to get paid around $140,00 pa, while Master Teachers could earn $180,000 per year.
The best financial products and hottest innovations of 2019 have been named in this year’s Finder Awards. Products and services across a range of industries including banking, insurance, property, technology, retail, travel were all put under the microscope during the 12 month assessment period. Winners who took out multiple categories included household names such as Westpac, American Express and Budget Direct, as well as new disruptors such as Up Bank and Spriggy, while The ICONIC took out Best Online Customer Service Innovation.
Deliveroo has announced that it has reached more than 1,000 partner restaurants through its Marketplace+ service, a feature that allows restaurants to expand their delivery service by combining their own rider fleet with Deliveroo’s 8,000-strong rider network. Almost one year since its introduction in Australia, Deliveroo reports there are now more than 1,000 small takeaways restaurants in over 390 suburbs using the service.