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Artificial Intelligence to dominate financial reporting in three years
Business leaders expect generative Artificial Intelligence (AI) to revolutionise financial reporting, predicting 99 per cent of organisations will use the technology in financial reporting in three years. Business leaders foresee that auditors will be at the forefront of the technology transformation, according to a survey by KPMG International. The study surveyed global financial reporting executives...
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Mortgage brokers dominate home loan market, transform banks’ profit
As reported on ABC News, home loans continue to dominate the profits for banks but recently, the profit margins have been decreasing due to customers preference for mortgage brokers when finding a loan for their homes. Approximately 75 per cent of new home loans are now negotiated through mortgage brokers, continuing to disrupt the historical...
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WA State Budget: First home buyer stamp duty concessions overhauled
The WA Government will overhaul stamp duty concessions for first home buyers by increasing the transfer duty concession threshold for established homes from $530,000 to $600,000 and the exemption threshold from $430,000 to $450,000. At a cost of around $20 million, the stamp duty reforms are expected to benefit 5,000 first home buyers in Western...
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WA State budget 2024-2025: Funding boost for training
The WA government has allocated $195 million in its 2024-2025 State budget towards building the skilled workforce. Accessibility to training remains a priority for the government and in this respect, it has announced an $8 million top-up to continue the Fee Free TAFE initiative in 2025, which aims to upskill the workforce to meet skill...
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WA State Budget 2024-2025: Government to incentivise property owners to rent vacant homes
The WA Government will offer property owners $5,000 to convert their vacant properties into long-term rental homes. As part of the 2024-2025 State Budget, the new $5 million Vacant Property Rental Incentive Scheme will offer payments to owners who meet the criteria of the property being vacant for the past six months and agreeing to...
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Corporates pay highest average legal salaries
As reported in Lawyers Weekly, new research from the College of Law shows that law firms on average pay legal professionals less than government and big corporates. The average salary for legal professionals is $102,100 however, this differs across industries and level of experience. Survey results also show that 35 per cent of lawyers in...
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Cautionary approach required to rollout of AI
As reported in the online publication WAtoday, Australia’s privacy commissioner is urging caution in the speed at which AI is being rolled out by big technology companies. Commissioner Carly Kind is concerned that the fast-evolving technology is being deployed without appropriate safeguards in place for citizens. The privacy commissioner has powers to investigate serious privacy...
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Federal Budget 2024-2025: Debt relief for students in the tertiary sector
The Australian government will ‘wipe out’ $3 billion in student debt across the higher education and VET sectors by overhauling the debt indexation measure currently used to determine increases. Students who owe money through HECS-HELP, the VET Student Loan program or Australian Apprenticeship Support Loan will benefit from the changes to indexation. The government continues...
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HR practitioner explores emotional salary as key to retaining staff
According to Stephen Duncan, head of people at The Access Group, emotional salary is the area of business that keeps employees happy. Employees are increasingly seeking out organisations where they feel their work is making a difference and feel connected to the organisation. The generation of younger employees is driven by purpose and considers an...
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A pay raise for ‘feminised’ industries key step to achieving equal pay
The Australian Council of Trade Unions (ACTU) has called on the federal government to increase salaries in ‘feminised’ industries by 9%. The ACTU’s secretary, Sally McManus commented that an increase will alleviate the high cost of living pressures and take a first step to properly value the work of the women who do critical work...
