Businesses to prove JobKeeper eligibility
Tax officials have written to 8000 businesses that are believed to have claimed the JobKeeper wage subsidy despite not being eligible. The Australian Taxation Office is seeking further information from the businesses to verify their eligibility. “We are unable to pay businesses that do not meet the requirements of the law,” an ATO spokeswoman said….
Aust market finishes week up 2.6 pct
Australian shares have finished higher for a fourth straight day, in a during a mostly quiet session that served as a break from recent extreme volatility. The benchmark S&P/ASX200 index finished Friday up 25.2 points, or 0.42 per cent, at 6,057.9 points, while the All Ordinaries index gained 21.4 points, or 0.35 per cent, at…
Westpac finds underpayments to 8000 staff
Westpac says it has discovered incorrect payments of long service leave to some staff due to calculation errors. As a result, Australia’s second-largest lender will pay around $8 million in total, including interest, to around 8,000 people who were underpaid their long service leave. Others who have been overpaid will not be asked repay any…
CommSec Daily Report Friday
Latest News Local shares are lifting on Friday as gains are extending into a fourth successive session. The ASX 200 is firmer by 15 points or 0.25% to 6048 around 12.30pm but has given back some of its earlier improvements where it was up 70 points or 1.1% at its best levels. Advances on the…
Vehicle sales are on the road back. Record lift in retail spending
Vehicle sales are on the road back Record lift in retail spending Retail trade; Car Sales; Purchasing manager surveys Retail trade: Retail trade rose by a record 16.9 per cent in May after falling by a record 17.7 per cent in April. New vehicle sales: In June, 110,234 new vehicles were sold, down 6.4 per…
Stocks get a boost from better than expected jobs data
US equities were stronger on Thursday, with the S&P closing 0.5% higher after a great beat on payrolls in June. But the less impressive jobless claims data soured the sweet mix. European equities fared better, Stoxx600 rose 2%. Overall, it was good but not too good of a report, which suggests the Feds will remain…
Farm, seafood freight flights to continue
Australian farm produce and seafood worth about $3 billion will continue to be exported on special flights until at least the end of the year. The federal government will spend $240 million to extend its international freight assistance scheme as borders remain shut. Before the virus hit, about 90 per cent of exports were sent…
Rio Tinto cuts reserves at Oyu Tolgoi
Global miner Rio Tinto has said the schedule and cost estimates for its massive Oyu Tolgoi project in Mongolia are in line with earlier forecasts, after completing an updated feasibility study for the copper mine. However, it cut the estimated reserves it would mine at Oyu Tolgoi following a redesign to its mine plan to…
New Cochlear range approved for US
Hearing implant provider Cochlear has gained approval to introduce four products to the US and Europe as it tries to recover from the postponement of elective surgery in many countries. The company said the US Food and Drug Administration approved the sound processors and systems, which will be available in the country in the next…
US unemployment dips to 11.1% in June
The official US unemployment rate for June has dropped to 11.1 per cent from a previous 13.3 per cent, beating market expectations, the Bureau of Labor Statistics says. About 4.8 million jobs were added in June, while the number of workers listed as being on temporary lay-offs fell by 4.8 million to 10.6 million. Two-fifths…
