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​  Despite the RBA’s decision, data from Employment Hero’s August Employment Report shows the economy is still struggling. Aussies could be looking at job instability and unpredictable pay coming into the holiday season, a further strain on already tight household budgets. Key Insights: Wages are still growing at an unsustainable moving average of 6.2% annually, yet median hours worked fell by 2.4% month on month, and 2.0% annually, indicating businesses are struggling to manage the soaring cost of operating. Casual employment has surged by 9.8% annually, but has been met with a 4.9% decrease in hours worked, suggesting employers are leaning on flexible workers over permanent employees. Sectoral divide: Construction and trade services have seen +9.8 per cent YoY wage growth to $50.50, while Healthcare is lagging behind with just a 3.7 per cent increase to $46.30. Gen Z job insecurity: Young Australians aged 18-24, saw a 6.7% month-on-month and 4.4% year-on-year decline in hours worked across all sectors. While wages in the Retail, Hospitality & Tourism sector grew by 4.4% year-on-year, there was a 2.7% decrease in hours. Ben Thompson, CEO and Chief Economist, Employment Hero said “Wage growth is outpacing productivity, which is completely unsustainable, particularly for small businesses folding under the surging cost of operating. “It’s becoming harder for business owners to strike the right balance between maintaining staff and managing wageflation, which means more Australians will inevitably be grappling with job insecurity and inconsistent wages. Wageflation over the long term creates problems on both sides of the market, particularly where a paypacket boost today could spell a layoff in the future.” The post Why the Australian Economy Stutters Despite RBA Rate Hike appeared first on Small Business Connections.  

​  The People’s Bank of China (PBoC) has taken significant steps to try and stabilize the economy, but they will not be enough to hit this year’s annual growth target of about 5% and revive the world’s second-largest economy. This analysis from Nigel Green, CEO of global financial advisory giant  deVere Group , comes as the central bank cut both the reserve requirement ratio (RRR) and a key policy interest rate in a coordinated move not seen in over a decade. “The new policies clearly reflect the pressing economic challenges China faces, from the ongoing struggles in the property market to diminishing global demand. “Although these moves are a positive development, we expect that they will not be sufficient on their own to hold off China’s deepening economic slump. “These measures are necessary, but they must serve as the starting point of a broader strategy – not the end. “To truly stimulate recovery, additional monetary easing, alongside substantial fiscal intervention, will be essential for China to regain economic momentum as we approach the final quarter of 2024.” By reducing the RRR, the People’s Bank of China (PBoC) has freed up additional liquidity in the banking sector, encouraging banks to lend more and stimulate both investment and consumption. At the same time, the rate cut lowers borrowing costs across the economy, providing relief to businesses and consumers alike. The market reaction to these measures was positive, with Asian stocks advancing and Hong Kong shares outperforming other major markets. European stocks also opened higher on Tuesday. However, financial markets are only one aspect of the recovery story. To achieve sustained, broad-based economic growth, more action is needed. While the PBoC’s efforts today are commendable, “we believe there’s ample room for additional monetary easing in the coming months,” notes Nigel Green. “China’s inflation is relatively contained compared to other major economies, giving the central bank more flexibility to lower interest rates without risking a surge in prices. Moreover, with many central banks around the world now shifting to rate-cutting cycles, the PBoC has an opportunity to continue down this path to remain competitive on the global stage.” Further rate cuts could help alleviate some of the ongoing issues in the property sector by making it easier for developers to refinance their debt and for consumers to access affordable mortgages. Additionally, small and medium-sized enterprises (SMEs) could benefit from lower financing costs, driving entrepreneurship and employment, which would, in turn, boost domestic demand. However, monetary easing alone will not be enough. The deVere CEO says: “For China to achieve a robust recovery, it must complement these efforts with substantial fiscal stimulus. “Surprisingly, despite its aggressive use of monetary tools, the Chinese government has yet to unveil a large-scale fiscal stimulus package. “This is a missed opportunity. Fiscal stimulus can directly support growth by increasing public spending on infrastructure projects, cutting taxes, and providing financial incentives to encourage consumer spending.” He continues: “A targeted fiscal package would address the current demand shortfall by injecting funds into the real economy. “Infrastructure investments could create jobs and improve long-term growth prospects, while tax relief would provide immediate support to businesses and households, boosting spending and investment. “Such measures, paired with further monetary easing, would create a powerful combination capable of driving China’s recovery.” Global investors – who have been very much on the sidelines when it comes to China in recent years – will be eyeing potential next steps and the positive impact they would have before piling back into Chinese equities. “Today’s actions by the PBoC are a step in the right direction, but the job is far from done. A more aggressive and balanced policy response is still needed before international investors’ interest is fully rekindled in China”. The post Why China’s New Measures aren’t Enough to Reverse Economic Slump appeared first on Small Business Connections.  

​   LinkedIn, the world’s largest professional network, has released the 2024 LinkedIn Top Startups Australia list – an annual ranking of the emerging companies where professionals want to work. These companies are not only experiencing rapid growth and attracting significant interest from investors and job seekers, but they are also pioneering innovative solutions that are transforming their respective industries. From manufacturing lab-grown meat and facilitating easier access to medicinal cannabis, to developing next-generation computers and designing 3D-printed hypersonic rockets, they are shaping the future. The Top Startups list is fuelled by data based on actions of more than 1 billion LinkedIn members globally across four core areas: employee growth, jobseeker interest, member engagement within the company and its employees, and how well these startups have pulled talent from the flagship LinkedIn Top Companies list. To be eligible, companies must be headquartered in Australia, be fully independent and privately held, have 30 or more full-time employees and be 5 years old or younger.   2024 LinkedIn Top Startups list Australia – Top 10 1 Montu   Headquarters: Melbourne | Year founded: 2019 | What they do: Montu is an Australian medical cannabis company that connects Australians with qualified doctors through its telehealth platform. 2 Eucalyptus Headquarters: Sydney | Year founded: 2019 | What they do: Eucalyptus is a telehealth platform serving patients across four key brands, such as contraception and fertility, skincare, men’s health and sexual wellness. 3 ProcurePro  Headquarters: Brisbane | Year founded: 2020 | What they do: ProcurePro creates software for construction firms to manage and consolidate their procurement processes into a single digital platform. 4 Heidi Health Headquarters: Melbourne | Year founded: 2021 | What they do: Melbourne-based Heidi Health built an AI tool that enables medical practitioners to automate administrative tasks, such as writing clinical notes, case histories and referral letters. 5 Constantinople Headquarters: Sydney | Year founded: 2022 | What they do: Constantinople is an all-in-one software and operational platform that helps banks manage everything from customer service and banking products to operations, compliance and anti-money laundering. 6 Vow Headquarters: Sydney | Year founded: 2019 | What they do: Vow is a food biotech company that uses animal cells to grow meat-like products in laboratories and factories, rather than farms and abattoirs. 7 Ofload  Headquarters: Sydney | Year founded: 2019 | What they do: Ofload is a freight logistics company that aims to digitise Australian trucking fleets into a more sustainable and centralised supply chain. It connects companies looking to deliver products with shippers and carriers. 8 Howatson+Company Headquarters: Sydney | Year founded: 2021 | What they do: Howatson+Company is a full-service advertising company that has recorded rapid growth since it was founded in 2021. 9 Zeller Headquarters: Melbourne | Year founded: 2020 | What they do: Zeller is a payment and financial services startup for small to medium-sized businesses that helps owners accept and make payments and manage their finances. 10 Safewill Headquarters: Sydney | Year founded: 2019 | What they do: Safewill is an end-of-life planning platform where users can digitally create a will more easily. Cayla Dengate, Linkedin Australia Career Expert, said: “Linkedin’s 2024 Top Startups list showcases Australia’s vibrant entrepreneurial ecosystem and features dynamic companies across a wide-variety of industries. Based on unique LinkedIn data, the list can help Aussie professionals discover emerging companies across multiple sectors and help provide valuable insights for those looking to grow their career.” The post LinkedIn reveals Australia’s Top Startups of 2024 appeared first on Small Business Connections.  

​  Black Friday is just around the corner, and retailers are gearing up to offer massive discounts to entice shoppers. But what are Australians willing to sacrifice in their quest for a bargain? A new survey by Omnisend has revealed that many shoppers are willing to wait for weeks for their parcels to arrive if it means getting a lower price. E-commerce marketing automation platform Omnisend conducted a survey of 1,000 Aussies about their shipping time preferences and found: 64.6% of respondents are willing to wait for more than a week for their parcel to arrive if it means they’ll get the item for a lower price. 87% of people are willing to wait more than 3 days for their parcel to arrive if it means they’ll get the item for a cheaper price. While 40% can wait 9 days and more – at least 5 times more than the average parcel shipping time in Australia. Offering longer shipping windows in exchange for discounts can be a strategic move, as findings from a Shippom study reveal that 75% of online shoppers prioritize free over fast shipping. The post 65% of Aussies are Happy with 7-day Shipping…if it’s Free appeared first on Small Business Connections.  

​  Businesses operating in a dynamic market environment face significant cybersecurity challenges. Rapid technological advancements and increasing digital interconnectivity mean that threats are evolving constantly, requiring businesses to stay vigilant and adaptable. This shifting landscape demands a proactive and comprehensive approach to managing cybersecurity risks, especially those introduced by the adoption of artificial intelligence (AI), to safeguard operations and maintain competitive advantage, according to Trustwave. Craig Searle, director, consulting and professional services (Pacific), Trustwave, said, “AI-driven cyberthreats are sophisticated and can easily bypass traditional security measures. Cybercriminals can use AI to automate and enhance their attacks, such as creating more convincing phishing emails, generating deepfake videos, and launching automated attacks at scale. This makes them more effective and difficult to detect. “Business leaders need to better understand the multifaceted nature of the risks they now face so they can implement the best defence and increase their resilience. This includes recognising how AI can be manipulated to bypass security measures, the potential for AI-generated attacks to scale rapidly, and the new vulnerabilities introduced by integrating AI into existing systems. Understanding these dimensions is critical for developing effective countermeasures and staying ahead of sophisticated cyberthreats.” The unpredictable nature of AI-driven threats means businesses cannot rely solely on existing cybersecurity frameworks. Implementing AI in cybersecurity solutions helps identify patterns and anomalies in vast amounts of data, offering a layer of defence that evolves with the threat landscape. However, because this approach also introduces risks, such as false positives and the potential for AI systems to be manipulated, continuous assessment and adaptation are essential. Organisations must also integrate AI with human expertise to prepare for the impact of AI on cybersecurity. Human oversight ensures that AI systems are interpreting data correctly and making appropriate decisions; this collaboration is crucial in identifying and responding to threats that AI alone may miss or misinterpret. Craig Searle said, “Investing in advanced threat intelligence is another crucial step. Businesses can gain critical insights into emerging risks and develop strategies to counteract them by leveraging AI to gather and analyse threat data from various sources. Testing and validating AI systems based on the latest data is essential to ensure they function as intended and do not introduce new vulnerabilities. Regular audits and assessments help identify potential weaknesses and ensure that AI tools are robust and reliable. This proactive approach empowers organisations to stay ahead of cybercriminals and reduce the likelihood of successful attacks. This proactive approach should include: Development of AI-specific incident response plans:  incident response plans that address AI-driven threats should outline specific steps for detecting, containing, and mitigating such threats. Organisations should conduct regular drills and update these plans based on the latest threat intelligence to ensure an effective response to real incidents. Enhanced cybersecurity training to cover AI threats:  employees should be educated on recognising AI-driven threats, such as deepfake content or automated phishing attacks, and the importance of reporting suspicious activities. Ongoing training is crucial for creating a security-conscious culture that serves as the first line of defence. Investment in advanced threat intelligence and continuous auditing:  organisations should audit and validate AI systems regularly to ensure they operate as intended without introducing new security gaps. Collaboration with industry peers and share information:  participating in information-sharing initiatives will strengthen organisational defences against AI-driven threats. Collaborating with industry peers supports collective innovation, shared insights, and the development of best practices for dealing with emerging AI-driven cyberattacks. Alignment with regulatory compliance : organisations must stay abreast of legal and regulatory requirements regarding AI and cybersecurity, particularly in data privacy. This includes understanding the implications of data privacy laws and protecting sensitive information adequately. Craig Searle said, “Preparing for the impact of AI on cybersecurity requires a comprehensive and proactive approach. Businesses must integrate AI with human expertise, invest in advanced threat intelligence, develop robust incident response plans, and foster a culture of continuous learning and improvement. Organisations can safeguard their operations and maintain a competitive edge in an increasingly complex digital landscape by addressing these unseen risks.” The post Deepfakes and Deception: The New Face of SME Cybercrime appeared first on Small Business Connections.  

​  In the era of uncertainty with AI and an increase in cybersecurity breaches, Yubico, the leading provider of hardware authentication security keys, today shared the results of its 2024 Global State of Authentication survey, just in time for Cybersecurity Awareness Month kicking off next week. Conducted by Talker Research, the survey polled 20,000 people from around the world, including Australia, France, Germany, India, Japan, Poland, Singapore, Sweden, United Kingdom and the United States, to gauge perceptions and understanding of the global impact of cybersecurity both personally and in the corporate realm, explore the risks posed by inadequate security practices, the potential threat of technology like Artificial Intelligence (AI) and the impact this has on both personal and organisational safety. The results of the survey uncovered concerning patterns and behaviors when it comes to personal and workplace cybersecurity, including the extensive underutilisation of multi-factor authentication (MFA) and a generally reactive approach to addressing cyber threats. Key global findings include: Despite being the least secure form of authentication, the most common authentication method is username and password. 58% use username and password to login to personal accounts 54% use username and password to login to work accounts With the rapid advancements of artificial intelligence, 72% of respondents said that online scams and phishing attacks have become more sophisticated and 66% said they are more successful. Respondents show a lack of awareness of best practices for authentication 39% think username and password are the most secure and 37% think mobile SMS-based authentication is the most secure, both are highly susceptible to phishing attacks. 40% don’t think or aren’t sure if the online apps and services they use are doing enough from a security standpoint to protect their data, accounts and personal information. Even with this uncertainty, 22% have never done a personal cybersecurity audit (e.g. removing personal data from the internet, installing or updating cybersecurity software on their devices, changing compromised passwords, etc.) to better protect themselves online. Respondents report the most commonly compromised passwords are on the apps and services that hold their most confidential, financial and personal information. These include: ​​Social media account – 44% Payment app – 24% Online retailer account – 21% Messaging app – 17% Banking app – 13% For employees, even with security breaches increasing every year, 40% of respondents have never received cybersecurity training from the organisation they work for and only a small fraction (27%) believe the security options that their organisation has in place are very secure. When looking at the security aspect of onboarding employees, over 1/3 (34%) of respondents said they did not receive instructions to secure their work accounts with more than just a username and password when they first started at the company they work for. Despite the fact that every employee in an organisation is a potential target, 41% said security measures and requirements differ based on role and title at their company, leaving room for bad actors to infiltrate within several levels of an organisation. “The findings highlight the need for a holistic cybersecurity strategy that encompasses both home and work environments,” said Derek Hanson, vice president of standards and alliances at Yubico. “This includes adopting stronger authentication methods to become phishing-resistant, fostering a culture of security awareness through consistent employee training, and more. Ultimately, building a unified front against cyber threats requires a concerted effort to bridge the gap between perceived and actual security. By integrating advanced security measures into all aspects of our digital lives, we can better protect ourselves, our data, and our organisations.” Cybersecurity breaches and phishing schemes aren’t solely a worry for IT departments or tech-savvy individuals; they also pose serious risks to the general public, especially in the era of Artificial Intelligence (AI). As cyber attacks and online scams become increasingly sophisticated, it is more important than ever for everyone to stay vigilant in both their personal and professional lives. “When individuals fail to secure their personal accounts, they also put their workplaces at risk. This is why it’s crucial for enterprises to adopt a holistic approach to cybersecurity that considers the security of both work and personal environments,” Hanson continues. The post Employee Cybersecurity Training: Survey Highlights Risks appeared first on Small Business Connections.  

​  As AI technology progresses by leaps and bounds, fraudsters utilize it on a large scale to defraud unaware users by exploiting vulnerabilities existing in the financial system and platforms. Americans lost 10 billion dollars related to various AI-generated fraud schemes in 2023. However, the issue is not only a US phenomenon – various AI video, email, and phone schemes have been reported around the globe. “With the aid of AI, scammers will only become more proficient in their deception techniques, which are already quite complex. It is more difficult now than ever to distinguish between real people and AI interactions, especially when those involve well-developed deepfakes and voice manipulation. While the targets of scammers are often senior citizens who have not mastered modern technologies and are not aware of new ways of scam, no one is protected from these AI-driven attacks,” said Andrius Popovas, Chief Risk Officer at Mano Bank. The Irish Police Fraud Department claimed that in 2022, victims lost €13.5 million when criminals used AI to impersonate people and organizations to win their trust. Sophisticated emails and voices were produced by artificial intelligence that managed to persuade victims to send money or divulge passwords or personal information by impersonating family members or reputable financial institutions. Similarly, con artists in Australia utilized artificial intelligence (AI) that mimics the voices of family members, elected officials, or employees of respectable businesses to obtain financial and personal data. According to a recent study, 20 billion spam calls were placed globally in just the first half of 2024, many of which were AI-deepfake frauds that made use of voice cloning technology produced by artificial intelligence. “As the cases where AI is used for fraud will only increase, we need to have relevant information on how to protect ourselves from these types of fraud. We need to stay proactive and be more vigilant to identify red flags, which will help us not to fall victim to these frauds. I will share some tips that will help us,” continued Popovas. 1. Automated phishing attacks The latest AI tools and technologies allow fraudsters to create highly persuasive mass mailings. In the past, texts sent by scammers were easy to recognize due to the many language errors. Unfortunately, the development of AI is being exploited by criminals. Their messages look increasingly professional now. You need to scrutinize suspicious messages, even if the email you received looks legitimate. Always double-check the sender’s details, including email addresses and phone numbers. Avoid clicking links in unsolicited messages, and access important accounts, such as your bank directly through official websites, and not through the links provided in those messages. Enable two-factor authentication as it will add an extra layer of security to your accounts and make it harder for scammers to gain access to them, even if they might steal your login details. Typically, two-step authentication involves logging in using a user code and password, and then verifying your identity by other means, such as email. signature, Smart ID login, Microsoft or Google Authenticator, and other methods. 2. Social engineering and identity theft Using AI, fraudsters can collect and analyze large amounts of information. They can automate password selection processes and thus “guess” how you tend to log in. To keep your passwords safe enough, follow a few rules. Use strong and unique passwords. Most organizations that use sensitive personal data encourage users to create passwords of at least 8-16 characters, use a combination of upper and lower case letters and numbers, and other characters. Special password managers can help you create and store complex passwords. A strong password can be a long, but easy-to-remember text with embedded characters – a favorite phrase, a fragment of a poem or another longer sentence consisting of a sufficiently long sequence of characters. For example, it can be a famous person’s phrase “.well.done,Ist.bet2ter.than.well,Said” (Benjamin Franklin’s phrase), or a quote from the book “.the,Answer.to.the.ultimate.question.of.life. the.universe.and.everything,Ist,42” (a catchphrase from Douglas Adams’ book The Hitchhiker’s Guide to the Galaxy). Both of these passwords are long, and have all the standard password requirements, but are also very easy to remember. However, the main advantage of such passwords is not only that they are easy to remember – they are currently uncrackable by brute-force attacks. Also, although it seems easier to guess in the way of social engineering, it is very safe due to the additional characters, mixing of German and English, and the choice of upper and lower case letters. Always be critical if you are asked to disclose personal information. Don’t be in a hurry to provide information about yourself; it’s better to verify whether the people you’re communicating with are really who they claim to be. 3. Fake videos By using AI, it is possible to create highly evocative video and audio recordings that mimic real people – employees, representatives of institutions, and even family members. In this way, fraudsters try to create trust. Even if a video or audio looks realistic, do the following first: Check the source of the video. Contact the desired person directly and using official contacts. For example, you can always offer to call back on officially published phone numbers or by visiting the institution’s official website. Always beware of unusual or rushed requests. If the video asks you to make a payment as soon as possible, to provide sensitive personal data, be especially careful, because it is the rush or encouragement that is usually the main sign of fraud. True, there may be real-life situations where you have to make hasty decisions, especially when it involves loved ones, but remember that a video or audio recording is rarely the first message you receive. Analyze the video and involve people with expertise if you can. Watch the video many times. Watch for unnatural movements, synchronization errors (such as mismatched spoken words and lip movements), and whether the recording is “stuck together” from several fragments. 4. Extra tips Stay informed about fraud schemes fraudsters use, and follow information provided by well-known banks and other reliable sources.

​  Employment Hero’s August SmartMatch Employment Report reveals a growing divide in Australia’s economy, where rising wages and shrinking hours are creating challenges for businesses across sectors and regions. This month the Employment Report features a new wage growth metric: 12-month moving average, which demonstrates average wage growth Employment Hero’s August SmartMatch Employment Report reveals striking 6.2% moving average yearly wage growth across Australia,  while median hours worked fell 2.4% month-on-month, signalling productivity challenges and early signs of ‘labour hoarding’ Wage growth is significantly higher than the 4.1% reported by the ABS WPI in June, suggesting a hotter-than-reported jobs market contributing to sticky inflation Casual employment surged by 9.8% YoY, but workers saw a 4.9% decline in hours worked, deepening job insecurity, especially for younger Australians ACT leads wage growth at 6.9%, while South Australia trails at 2.6%, revealing significant regional disparities and uneven economic growth across the nation Over the past year, employment growth among SMEs in WA and QLD have led the nation at 7.2% and 5.3% indicating Aussies are still moving to industrial hubs for work. Despite a 6.2% annual moving average wage uptick in wages, productivity is suffering as businesses struggle to balance wageflation in August, with 2.4% fewer median monthly working hours in a bid to retain staff. This persistent wageflation is fuelling a hotter-than-reported jobs market, with verified wage growth among SMEs sitting well above the ABS wage growth figure of 4.1% reported in June. This trend was particularly pronounced in August casual employment, where a 9.8% rise in jobs was coupled with a 4.9% decline in hours worked, signalling growing job insecurity as employers grapple with the pressures of ‘wageflation’ while trying to stay afloat. The report is drawn from verified, aggregated real-time employment data from over 2 million employees and 300,000 businesses that are served by the Employment Hero platform globally. The figures are broken down by state, industry, age and employment type. Wageflation sparking productivity concerns and “labour hoarding” While wage growth is generally positive, the reduction in hours worked raises red flags. Businesses are grappling with balancing rising wages against declining productivity, with last quarter’s GDP indicating productivity per hour dropped 0.8% while the average unit cost of labour increased by 1.3%.  As the RBA pointed out in recent commentary, inflationary pressures continue to build as the job market remains strong, despite the cutback in hours. This dynamic is contributing to “wageflation”, where wage increases outstrip economic output, adding fuel to inflation without corresponding productivity gains. Small and medium-sized enterprises (SMEs) are bearing the brunt of rising wages, lopping employee hours despite the additional strain on their operations. This behaviour is an indicator of “labour hoarding”  where businesses are desperately trying to retain staff in anticipation of future labour shortages and the sting of the cost of recruitment. Regional and sectoral disparities: Australia’s two-speed economy Australia’s recovery remains uneven across regions and sectors. The ACT led the nation with wage growth of 6.9%, while South Australia lagged behind at 2.6%, illustrating the stark contrasts in economic performance. Meanwhile, sectors like Construction & Trade Services saw significant wage increases of 9.8%, while Healthcare & Community Services lagged at 3.7%, highlighting disparities in wage growth across industries.  Annual employment growth continues to remain the highest in WA at 7.2% and QLD at 5.3%, indicating Australians are still migrating to industrial hotspots to find jobs, and increase their earning potential. Median hourly rates in these regions are growing annually at 3.1% and 5.0% respectively, with the median hourly rate in Construction & Trade Services sitting at $50.50 and Manufacturing, Transport & Logistics at $40.40. State Breakdown – Median Hourly Rates State Median Hourly Rate MoM Change QoQ Change YoY Change ACT $43.40 -0.2% +1.8% +6.9% NSW $43.30 +0.1% +2.9% +4.9% NT $42.10 +4.0% +4.3% -0.2% QLD $41.70 +0.6% +3.1% +5.0% SA $39.30 -0.3% +3.7% +2.6% TAS $35.90 -1.0% +2.0% +3.5% VIC $41.40 +0.4% +2.3% +4.4% WA $40.70 +0.2% +1.2% +3.1% Industry Breakdown – Employee growth Industry MoM Change QoQ Change YoY Change Construction & Trade Services 2.3% 3.7% 5.0% Healthcare & Community Services 0.1% 0.5% 6.8% Manufacturing, Transport & Logistics 0.3% 1.4% 3.6% Retail, Hospitality & Tourism 0.9% 0.8% 1.5% Science & Technology -0.3% 1.2% 2.7% Casualisation of the workforce creating job insecurity for young Australians Casual employment has surged, but this has not translated into greater financial security for workers. Casual employees experienced a 4.9% drop in hours worked year-on-year, compounding job insecurity. Full-time employees earned a median hourly wage of $50.50, compared to $37.50 for casuals, revealing a stark gap between the stability of full-time roles and the vulnerability of casual work. Young Australians aged 18-24, often heavily employed in Retail, Hospitality & Tourism, saw a 6.7% month-on-month and 4.4% year-on-year decline in hours worked across all sectors, exacerbating financial instability. While wages in the Retail, Hospitality & Tourism sector grew by 4.4% year-on-year, the 2.7% decrease in hours worked in that sector means these gains have not translated into improved financial security for young workers. Average Employee Growth – Employment  type % Change MoM Change QoQ Change YoY Change Full-Time +0.9% +2.1% +5.8% Part-Time +0.4% +0.7% +5.3% Casual +0.2% +1.6% +9.8% Age Breakdown – Median Hourly Rates Age Group Median Hours Worked MoM Change QoQ Change YoY Change 14-17 25.2 -18.5% -5.8% -4.5% 18-24 80.0 -6.7% -1.2% -4.4% 25-34 148.3 -1.1% -0.3% -1.3% 35-44 152.0 0.0% 0.0% 0.0% 45-54 152.0 0.0% 0.0% 0.0% 55+ 135.4 -1.8% -0.2% -2.3% Ben Thompson, CEO and Chief Economist at Employment Hero said Australia’s two-speed economy is becoming more pronounced, with inconsistent economic performance creating challenges for businesses across sectors and states alike: “Wage growth is outpacing productivity, which is completely unsustainable, particularly for small businesses folding under the surging cost of operating. “It’s becoming harder for business owners to strike the right balance between maintaining staff and managing wageflation, which means more Australians will inevitably be grappling with job insecurity and inconsistent wages. Wageflation over the long term creates problems on both sides of the market, particularly where a paypacket

​  Small trade businesses must be on alert for cyber attacks and review their digital security measures after a data leak hit major Australian hardware chain Total Tools. CEO of the Council of Small Business Organisations Australia (COSBOA) Luke Achterstraat has warned businesses in the construction and trades industry of the threat of secondary attacks following revelations of a data leak which could affect more than 38,000 customers. “It is critical for tradespeople and anyone in the construction industry with online hardware business accounts to be on heightened alert for suspicious activity in the coming hours, days and weeks, as cyber criminals try to use the stolen data for nefarious purposes,” he said. “We are warning businesses to be aware of scams and secondary attacks and take steps to secure your sensitive data, finances and client information. Enrolling in the free Cyber Wardens program, supported by the Federal government, only takes two minutes to help every small business and their employees  protect themselves from cyber attacks.” Customer data including names, credit card details, email addresses, Total Tools passwords, mobile numbers and shipping addresses have been compromised in the leak. COSBOA and its member organisations, including Master Builders Association, the National Timber and Hardware Association, and the Master Grocers Association, are working together to alert small business owners and their employees to take immediate steps to protect their personal and business information. The free  Cyber Wardens eLearning program, a COSBOA iniative funded by the Federal government, has been designed to help Australia’s 2.5 million small businesses fortify their digital doors against cyber crime. The post Tradies Urged Watch out for Scammers after “Total Tools” Data Leak appeared first on Small Business Connections.  

​  The Council of Small Business Organisations Australia (COSBOA) has expressed deep concerns over recent modifications to the superannuation payment system. The organization warns that these changes will disproportionately impact small businesses, leading to increased administrative burdens and financial costs. The Impact of Payday Super The government’s proposal to bring forward superannuation payments to every pay cycle, instead of the current quarterly requirement, aims to benefit superannuation members by ensuring more timely contributions. However, COSBOA believes this policy will have severe consequences for small business owners and employers. Increased Administrative Burden According to COSBOA CEO Luke Achterstraat, the proposed shift to pay day super contributions will significantly increase the administrative burden on small businesses. Employers will be required to make more frequent payments, handle more transactions, and ultimately incur higher costs to ensure super reaches their employees’ accounts. The Closure of the Small Business Superannuation Clearing House The policy change also coincides with the closure of the ATO-managed Small Business Superannuation Clearing House, a service that offered a no-cost solution for many small employers to manage their superannuation obligations. This closure leaves small business owners uncertain about how to meet their super obligations going forward. Unfair Practices and Penalties COSBOA has raised concerns about super funds and payment gateways earning interest while holding onto super contributions before allocating them to members. Additionally, there is a risk that employers may face penalties for delays that are outside of their control. A Call for Reconsideration COSBOA is urging the government to reconsider this policy reform and implement an option for small businesses to pay their super monthly. The organization also calls for the removal of penalties for employers who have instructed their bank to send the super payment. Protecting Small Businesses COSBOA emphasizes the importance of supporting small businesses in the current economic climate. Imposing additional costs and compliance requirements on them will only hinder their ability to thrive and contribute to the Australian economy. The post How a Broken Superannuation System Puts Small Businesses at Risk appeared first on Small Business Connections.