Consumer electronics, IT and Hi Fi vendors are set to get hit hard by the falling Australian dollar. Yesterday Sony announced price increases by up to 30% with both Samsung, LG and Panasonic saying that they will have no price increases untill the new year when it expected that they will lift prices by up to 15%.
At its meeting today, the Australian Reserve Bank Board decided to leave the cash rate unchanged at 3.25 per cent. In a statement to the markets Board Govenor Glenn Stevens said that Australia was in a better position than a lot of other Countries and that demand had not weakened.
Following the sale of Wizard Home Loans, owned by GE Money, to AHL Investments Pty Ltd (Aussie Home Loans), the Australian Competition and Consumer Commission has decided to not object to the collective bargaining agreements lodged by a group of franchisees in relation to negotiating aspects of franchise agreements.
Woolworths is to launch an Everyday Rewards Qantas credit card next week which will carry a low annual fee of $89. The card is said to be one of the best value frequent flyer reward cards in the market offering customers one Qantas Frequent Flyer point for every $1 spent in stores accepting Mastercard.
The SMB market is feeling the brunt of a massive rise in bankruptcies with up to 86% of all new businesses failing. At the same time the high cost of living and easy access to credit have led to the highest number of bankruptcies in NSW since records began more than 20 years ago, the Insolvency and Trustee Service Australia (ITSA), accountants Hall Chadwick has said.