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Rebuilding credit card profitability post COVID-19
The current pandemic is having far reaching consequences across all aspects of society. Compared to other industries the impact on the credit card industry is relatively mild and from a customer perspective the value of on-demand liquidity is now clearer than ever. However, there will be significant impacts on industry profitability. Reduced international travel will severely impact foreign currency fees, a major revenue driver for credit card issuers. Likewise, stresses on borrowers will drive market increases in bad debt. Both issues are likely to be with us for some time so what steps should issuers take to adjust to the new normal?
Jobkeeper wage subsidy - how you can use the subsidy to engage your employees and build your business
Jobkeeper applications opened with the ATO as of 20 April 2020. Those employers who are approved for the wage subsidy will have many options available to them in terms of how they utilise existing staff and how they bring back staff who have previously been stood down or made redundant.
Land Tax Relief - Qld, NSW & Vic responses to COVID-19
The evolving COVID-19 pandemic has compelled the Queensland, New South Wales and Victorian Governments to offer land tax relief. The earlier forms of Government relief were aimed at projecting jobs by subsidising wages and reducing PAYG and payroll tax costs. This week, State Governments have focussed on commercial and residential tenants in financial distress who cannot keep up with rental payments.
Commercial leasing principles for SMEs and their landlords during COVID-19
The National Cabinet has released a mandatory Code of Conduct (the Code) that applies to commercial tenancies, including retail, office and industrial leases. The Code aims to support small and medium enterprises (SMEs) that are suffering financial stress or hardship due to the COVID-19 pandemic.
JobKeeper Stimulus Package - What, Why, Who and When
We've summarised the latest information on the JobKeeper Stimulus package to help businesses and not for profit organisations. Here is an overview of what you need to know including the what, why, who and when.
Jobkeeper wage subsidy – what does it mean for your business?
On 8 April 2020 the Australian Parliament passed the legislation necessary to introduce the Jobkeeper wage subsidy. The legislation was given Royal Ascent on Thursday 9 April 2020. Although this gives us greater clarity in relation to what may change at the workplace, questions around timing and eligibility for employers and which employees are to be covered remain in need of some additional clarity.
How COVID-19 is impacting insurance policies - what you need to know
COVID-19 is impacting our lives in ways we never expected. We are forced to swiftly adapt and change the way we run our business and go about our daily lives. What we may not realise is that these changes forced by the current crisis may directly impact various insurance policies we have in place, and it’s therefore important to make sure we have every angle covered.
COVID-19: Early Childhood Education and Care Relief Package
As the COVID-19 pandemic’s impact on Australians continues the Australian Government has announced its support to parents with a new Early Childhood Education and Care Relief Package.
The package announced on Thursday 2 April 2020, aims to provide financial relief for parents and keep early childhood education workers employed. The childcare overhaul and JobKeeper payments to early childhood education workers will see the sector receive an estimated $1.6 billion over three months.
The package announced on Thursday 2 April 2020, aims to provide financial relief for parents and keep early childhood education workers employed. The childcare overhaul and JobKeeper payments to early childhood education workers will see the sector receive an estimated $1.6 billion over three months.
Fair Work Commission announces proposal to vary a large number of Modern Awards
On 1 April 2020, the Fair Work Commission (FWC) announced a preliminary view regarding the variation of many Modern Awards to provide an entitlement to “unpaid pandemic leave” and annual leave at half pay. This action is being proposed by the FWC on its’ own motion as it can do under section 175 of the Fair Work Act, 2009. A final determination will be made following a short consultation period, and if necessary, a hearing. A hearing will only occur if submissions opposing the proposal are received by the FWC. If there is a hearing, it will be held on 8 April 2020.
COVID-19: Government Introduces ‘Sensible’ Jobkeeper Payment
Stage 3 of the Federal Government’s Covid-19 stimulus was announced on 30 March 2020.
The sensible stimulus centres on the idea of supporting employers to keep individuals employed, rather than providing support to individuals that have lost their jobs.
The sensible stimulus centres on the idea of supporting employers to keep individuals employed, rather than providing support to individuals that have lost their jobs.