OPPOSITION SENATORS Simon Birmingham and James Paterson have released a statment on the alleged state-backed cyber attack reportedly identified by Australian cyber security services as having originated from China.

"The Coalition is deeply concerned about media reports claiming that Chinese state-backed cyber criminals have sought to target sensitive Australian government agencies and media companies.  

"These actions, if corroborated by our security agencies, represent a significant threat to our institutions and our democracy.

"We urge the government to use every available resource to investigate this serious alleged cyber incident.

"We call on the government to provide clear advice to Australian individuals and businesses about how they can protect themselves against this kind of malicious cyber activity, that has the potential to cause serious harm to our national security.

"In government, the Coalition provided record funding to and equipped our security agencies with a suite of legislative tools to respond to incidents such as this. All options should be on the table for consideration, including using the specially designed 'cyber sanctions' that are contained within Australia's Magnitsky Autonomous Sanctions Regime to send a clear message that these kinds of actions are not acceptable.

"We will continue to seek regular briefings from government agencies, including the Australian Signals Directorate and Departments of Foreign Affairs, and Home Affairs."

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CHARTERED ACCOUNTANTS ANZ (CA ANZ) said the Federal Government’s commitment to legislate tax deductions for small business was "a big win for those already struggling to retain talent".

Federal Treasurer Jim Chalmers announced the government’s intention to legislate initiatives which allow businesses with a turnover of up to $50 million the capacity to deduct 120 percent of expenditure on training of staff up until June 30, 2024.

Small businesses will also be able to gain a bonus 20 percent deduction which will support the uptake of digital technologies until June 30, 2023.

“This is a big win for small business, and I thank the Federal Government for moving swiftly to legislate these proposals as it is something, as a profession, we have been advocating for,” CA ANZ chief executive Ainslie van Onselen said.

“Small businesses are grappling with the capacity to retain their staff, and this move will give them certainty to invest in their people, and to give their staff some clear pathways in their professional development,” Ms van Onselen said.

“This type of investment may be the difference between a staff member staying with a business or deciding to pursue another opportunity.

“This is a great boost for smaller businesses in the lead up to the Jobs and Skills Summit in Canberra where I will be representing the accounting profession,” Ms van Onselen said.

“At the upcoming Jobs and Skills Summit, I’m looking forward to sharing solutions to address skilled migration, boost domestic skills and education, and increase the workforce participation of women, mature workers and underrepresented groups.”

www.charteredaccountantsanz.com

About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 131,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. 

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ONE OF THE MAIN FOCUSES of the Job and Skills Summit this week will be how Australian workers can get wage increases while companies find and keep talented employees. 

Data from an RMIT Online survey released today reveals inflation is pressuring workers to ask for pay raises and that the talent war hasn't been enough to make them satisfied with their current paychecks. 

The vast majority of those interviewed (85%) say they are much more worried about the cost of living and financial compensation today than a year ago. Almost half of the respondents (47%) complained privately to peers and friends about lower pay. 

Over a third of the respondents have changed jobs in the past 12 months, primarily led by higher salaries and career advancement. Of those, almost one-third (28%) moved jobs for a raise of $5,000 or less, and 61% moved for less than $10,000. 

Of the other two-thirds who stayed in their companies in the past year, 75% would change for an increased wage, with most (52%) saying that it would take $10,000 or less to convince them to make a move.  

Not feeling valued is the primary reason (57%) why employees are dissatisfied with their jobs, closely followed by not having an adequate salary for their role (51%). 

"Our survey shows Australians are really feeling the impact of the rising cost of living and inflation. However, while a higher salary may sway some employees in the short term; if an employee is unhappy or unsupported in their role, better remuneration alone will not be sufficient to facilitate long-term retention,” RMIT Online Interim CEO Claire Hopkins said. . 

“Future career opportunities were the second highest driver for Australians looking for a new role. The current labour market demands employers weigh up their entire employee value proposition. This includes personal development and upskilling to help team members feel recognised, challenged and excited for their own career development.”

Graphs and data

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Survey methodology 

The survey was produced by the RMIT Online team in partnership with the market research company IPSOS. In total, the research team interviewed 800 Australian workers between August 8 and 15, 2022. The positions were classified as managers (executive or business owner, CEO, director and manager) and non-managers (employees and interns).   

About RMIT Online

RMIT Online was created by RMIT University to provide a world-class digital learning experience at the nexus of business, design and technology, leaning into future of work needs to equip students with in-demand skills and qualifications. RMIT Online teams up with industry thought leaders and experts to deliver the best in flexible education using the latest digital tools and technologies for a highly interactive, virtual cohort experience. RMIT Online is dedicated to achieving its mission of future-ready careers and creating a “community of lifelong learners, successfully navigating the world of work".

www.online.rmit.edu.au

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BUILDING APPROVALS data for July continues to reflect the magnitude of Australia’s existing pipeline of home building work, rather than the declines in housing demand that are evident in other leading indicators, according to Housing Industry Association (HIA) economist Tom Devitt.

The Australian Bureau of Statistics (ABS) today released its monthly building approvals data for July for detached houses and multi-units covering all states and territories.

“Building approvals for new houses in July increased by 1.0 percent compared to the previous month," Mr Devitt said. "This leaves approvals 23.0 percent lower in the three months to July 2022 compared to the same time last year. Despite this decline, house approvals in the three months to July 2022 were 12.0 percent higher than the same time in 2019.

“The strong volume of house approvals in recent months reflects the significant volume of new homes across Australia that had been sold earlier in the year, but not yet approved.

“The strong volume of approvals in July 2022 hides the impact that rising interest rates are already having on more timely data," Mr Devitt said.

“New home sales across Australia declined by 13.1 percent in July, following even earlier reports from the industry of a slowing in the number of groups visiting display sites. This will see weaker sales volumes in the second half of 2022.

“Approvals of multi units fell sharply in July, to see approvals in the three months to July 16.8 percent lower than in the same period in 2021. Despite this decline they remain comparable with volumes of approvals prior to the pandemic.

“Given the large volume of work under construction and approved but not commenced, there will be a significant lag between the increase in the cash rate and an adverse impact on new home construction.

“The long lead times in this current cycle will hide the impact of rate rises and risk the RBA over shooting with unnecessary rate increases,” Mr Devitt said.

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