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Business turnover rises in July

According to the latest Australian Bureau of Statistics (ABS) figures, business turnover rose 1.0% in July, bouncing back from declines in the previous two months.

 ABS head of business statistics Robert Ewing highlighted that:

 * Transport, postal and warehousing saw the biggest monthly jump at 4.0%, rebounding from a 3.3% drop last month

* Professional, scientific and technical services grew by 3.9%

New workplace rules could force small business closures

The Australian Chamber of Commerce and Industry (ACCI) says new workplace rules that came into effect last week are complex and will impose another layer of regulation on businesses, especially small businesses.

 The changes include:

 * the right for employees to disconnect

* a new definition of casual employees

* a new definition of an employee versus an independent contractor

Quarterly inflation increases

The consumer price index (CPI) increased by 3.8% in the June 2024 quarter, up from a 3.6% increase in the March 2024 quarter, according to the Australian Bureau of Statistics.

 This will impact the Reserve Bank of Australia’s (RBA) decision about the next move for interest rates.

 The RBA began increasing the official cash rate 18 months ago in an attempt to bring inflation back to within its target range of 2-3%. Higher interest rates typically mean lower demand in the economy which puts downward pressure on prices.