Australia

The Resurgence Of Gold Price Trends In Australia

February 15, 2017 by Reporter Leave a Comment

Last year, when Donald Trump was elected president of the United States, the shock waves of this seminal event were felt all the way from the American to the Australian precious metals market.

Initially, the stocks fell steeply all across the board, only to rise up again much higher than before. However, political events notwithstanding, gold price trends in the Australian market are generally expected to remain highly positive in the long term due to many other reasons, such as low global interest rates and stock market fluctuations.

Most market pundits are still optimistic about gold. The funny thing about gold is that it tends to go up in both conditions – whether the markets are shakier, or when they are stable. Since gold is the most valuable thing we have, people like to buy it when they aren’t sure about other investments. The more uncertainty there is in the economic sector as a whole or the political situation in general, the more people would hoard up on gold as the ideal ‘safe bet’ for uncertain times.

On the other hand, brisk economic and industrial growth also portends a rosy outlook for the gold market since a vibrant economy means people would be spending more on gold jewellery as well as investing in the precious metal. This is why double digit gains for this metal are quite possible throughout this year as well as the next one. This is also why gold has almost always been a safe bet – even if the government around you falls and there is no more money, gold will retain its value.

In the light of President Trump’s highly controversial decision regarding immigration from many Muslim countries as well as his threats to pull out from many international economic treaties, there is a certain degree of uncertainty in the global financial environment that makes for a positive gold forecast in Australia.

We have before us the example of the Pound Sterling, when the UK decided to exit the European Union. That monumental decision sent the pound sterling crashing downwards in its worst ever one day loss since it had been floated. And as the British people lost confidence in their currency, they increasingly switched to gold in the UK. This had repercussions all over the world, as it led to a bullish gold market. As a matter of fact, the two momentous political events of 2016, i.e. Donald Trump’s ascension to the US presidency as well as ‘Brexit’ enabled gold prices to touch their highest point in 2016, thanks in large part to the volatility in the stock markets all over the world.

In addition to that, there is a small but steady increase of gold usage in the electronic industry, as it is an excellent conductor of electricity and does the job a whole lot better than most other metals.

In the light of the above we can safely state that gold prices are predicted to rise steadily over the coming few years.

Technology Game-Changers in Small Business Security

February 11, 2017 by Reporter Leave a Comment

Regardless of what business you are in, security probably plays a role in what you do.

Ideally all small businesses would have great security systems in place, but in the past factors such as cost, complexity and effectiveness have tended to force business owners to compromise on their security

So what were the problems, why do small business owners need to shift their thinking, and what are the benefits to small business owners from moving to modern cameras based, smartphone controlled security systems?

What business security used to look like

The most common security systems for business in Australia and internationally, has long been a monitored alarm. You have a range of sensors in and around your business premises, with a siren, flashing light and phone connection to the alarm company.

The down side for business owners were always ongoing monitoring fees, extra call out costs, and no way to easily tell false alarms from the real deal.

The other tool widely adopted by businesses was CCTV. Security cameras in strategic locations fed footage to a central location where it was recorded with the option to watch it live on attached TV screen.

While very useful from a business perspective, recordings from a surveillance camera system were often difficult to access when needed, and if you wanted to view the footage live, you needed a dedicated security person to do that. The missing link was the lack of any connection between your CCTV system and your security systems.

How security systems have changed

High powered smartphones, almost ubiquitous data connectivity and relatively cheap but high image quality IP cameras are the three key components that have made modern business security camera systems possible.

A product like CleverLoop uses these as the core of their system. It adds motion analysis algorithms to both indoor and outdoor security cameras, provides local and a cloud storage option for footage, and then pulls the whole thing together with a smart central hub. All this while also giving you you a powerful, but free, business security app for your phone to run it all from.

For a business owner, the big benefits have been streamlining your security, reducing upfront and ongoing costs, and giving you the business owner or manager control over your own security.

Streamline your business security

With CleverLoop, one system handles all of your business security needs, and gives you complete control.

Record the feeds from any or all of your cameras direct to a hard drive and you’ve got a CCTV system, but better options for viewing footage.

Arm your cameras, either individually or the whole system, and your Base Station analyses the footage for movement, filtering out anything minor, and sending alerts of anything important that happens straight to your smartphone, complete with a snapshot of what caused the alert.

Adding cameras to your business security system gives you a massive advantage over traditional sensor based security, namely you can see what is happening. Add in clever learning algorithms and a range of fine-tuning options, and false alarms are a thing of the past.

Reducing business costs

In a like for like comparison, a CleverLoop system, fully installed, costs less than all of it’s serious competitors, and about the same as a modest traditional monitored alarm system. Where the savings really begin is the first day that you start using your CleverLoop business security system – with no ongoing fees.

Then the next layer of savings start happening. It could be retail shrinkage (otherwise known as shoplifting) or employee theft, of stock or cash, that is hurting your bottom line. Either way, a CleverLoop security system is a big part of your solution.

Simply having cameras in your business, and the stickers in your windows, acts as a deterrent. Having video footage literally at your fingertips gives you a powerful tool to deal with whatever sort of retail loss you are experiencing and help you protect your profits.

Putting you in control

With a CleverLoop working for you in your business, you are in control of every aspect of your security. Using an app on your smartphone as your main interface means your business security is always close at hand.

Grab your phone to live view the cameras covering your business, even when you are in a different city or country. Checking up on stock, staff, customers or just how business is going has never been easier.

Use your phone to switch recording to hard drive on and off for individual cameras, and to access the footage when you are on the premises.

And finally you can arm and disarm the camera system and receive alerts and video of significant activity wherever you are with a few clicks on your smartphone.

Ready to step up your business security?

So business security, particularly for small businesses, has gone through a significant shift in technology. Are you making the most of this disruption in the security sector to protect your business?

Funding the Future of Social Enterprise

February 6, 2017 by Reporter Leave a Comment

It’s a sad fact that the wealthiest 62 people in the world have as much combined wealth as the poorest 3,600,000,000. The image of a business tycoon lording over his employees, exploiting them for their financial game, is not a cartoon – it is a reality.

You can check your ranking here: The Global Rich List

Thankfully the business world is filling up with social entrepreneurs who are making it their mission to make the world a better place. That they can do this while still creating a viable and successful business is inspired. In fact, many business leaders are reaching out and providing investment and creating enterprises to help their fellow human beings lift themselves out of poverty both at home and abroad.

Poverty is Right at Your Doorstep

When you think about poverty, your mind might be brought to sub-Saharan Africa where millions are starving and homeless and sick. And for $1 a day you can help them through a charity of your choice.

Today, there are more than 2.7 billion people living on $2 a day or less, a number which is greater than the total population of the plant in 1950. And while world poverty levels are shrinking, there is still much we can do, we just don’t often know how.

Impact investor and social entrepreneur Mal Warwick and Paul Polak discuss in their book, The Business Solution to Poverty, that efforts to eradicate poverty have only rarely been directed at poor people or the challenges they face, with donations of food and aid being preferred by NGOs and governments as there’s never enough money available for foreign aid or philanthropy to expand successful programs. They believe, like many others that only the private sector has the resources to address the problem of poverty. But, you don’t need to go to Africa, or the Middle East to find people in need, there is pain and suffering right here in Australia.

In the Business of Helping People

Social enterprises are businesses that trade to intentionally tackle social problems, improve communities, provide people access to employment and training, or help the environment. Essentially, innovators taking a business-like approach to solving social problems

The Government entices social businesses through initiatives like the The Social Enterprise Development and Investment Fund (SEDIF) which provides funding to social enterprise. A total of 105 social enterprise projects have been funded to the total value of $73.6 million through the SEDIF.

Alternative finance entrepreneur Shaun McGowan of Lend Capital says – “social entrepreneurialism is the new breed of philanthropy and it is attracting Australia’s top entrepreneurial minds.”

The reason it is becoming such a trend is not only the benefits of helping someone in need; there are several synergies that companies look for when offering support to social entrepreneurs and social businesses:

· A natural fit with the brand; with

· Commercial viability to impress investors and customers; that

· Allows them to flex their creativity; and

· Innovate to create something worthwhile and profitable.

The Social Enterprise Awards

The Social Enterprise Awards are the only national awards for Australian social enterprise. Their aim is to both increase the awareness of social enterprises through their high profiled event.

The awards were established in 2013 and are run by Social Traders, one of Australia’s leading social enterprise organisations. Social Traders, help develop, open markets and provide appropriate capital to social enterprises. Through their social enterprise development products and industry leadership activities they aim to break the cycle of disadvantage and build resilience in Australian communities through social enterprise and create impactful change.

Business Ventures with Indigenous Traditions

It is a sad fact that indigenous people in Australia are the most disadvantaged especially in business ventures – it is not always easy… However, social entrepreneurs, The Tjanpi Desert Weavers (NT) were the winners of the 2016 Social Enterprise Award Women’s Impact Award. Tjanpi was formed in 1995 in Ngaanyatjarra Pitjantjatjara Yankunytjatjara (NPY), to provide indigenous women in the community with culturally appropriate employment on their homelands to better provide for their families.

The NPY Lands are vast stretches of the outback, covering desert lands and is an area of extreme economic disadvantage and geographical isolation for Indigenous communities with very limited prospects for employment. The basket weaving tapped into the traditional natural fibre work the NPY women had long been practicing to create items for daily use and special cultural customs. They embraced the contemporary spin on this traditional practice, creating baskets, vessels and vibrant sculptures using grasses, fibres, feathers and other materials collected from the land. There are now 400 artists ranging in age from early 30s to women in their 70s, operating in 26 communities across 350,000 square kilometres of the NPY lands. Their work is bought and sold by the Tjanpi group and has been included in art exhibitions throughout the world.

The sector is one which is growing and will continue to grow. Organisations like Social Traders and Social Ventures both provide resources to social enterprises, bring focus to them and help business people invest in and create their own social enterprises.

Although eradicating poverty and bettering the world, is a daunting task, through enterprises like the Tjanpi Desert Weavers and others, lives are bettered, people are lifted out of poverty while they are respected and listened to. Which is all any of us want.

About the Author

Charlie Wilson is a freelance writer and small business journalist with a broad range of experience in the Australian start-up scene. Connect with him at Authorflair.com for more insights into Small Business and Entrepreneurialism.

How To Ride The Downturn In Real Estate Prices

January 25, 2017 by Reporter Leave a Comment

As a property investor, one of the biggest challenges you will come across is a downturn in real estate prices. You need to be prepared for that. Using an old cliché, what goes up must come down. The beauty of real estate is that you can ride a downturn if you know the strategies of dealing with it. You may have already that real estate is all about patience and waiting for the right opportunity to strike. The first lesson for meeting a downturn challenge is to lie low for the time being. The second lesson is that tough times do not last but tough people do.

When prices start falling, they are known to touch the bottom. Instead of getting bogged down by changing market conditions, treat a downturn as an opportunity to buy. Markets are also known to bounce back after they hit the bottom. I must repeat here that in real estate, the land price is what matters the most. The reality is that there is limited land available and the population keeps rising. Real estate will always be in demand. Even if things go worse and liquidity problems continue over long periods, the government is bound to intervene and take measures to correct it.

If you are already fully invested and find it difficult to sell, you can consider changing your investment plan. Start looking for tenants even if you do not have prior experience as a landlord. Rental income can change the entire scene for investors. In case you have taken a loan against the property, you are actually making someone else pay your mortgage. If it is your own money that you have used then you can consider rental income as a reduction in the price that you paid for acquiring the property.

The idea of finding tenants and recovering rents may appear to be a daunting task, particularly if you have never been a landlord before, but if you go about it methodically, you will find that it is not all that difficult. You may not have chosen to become a landlord but as a real estate investor you should be ready for it.

Proper education and extensive research is the key to success, there are numerous online resources such as www.soundproperty.com.au who have useful information and can also provide someone to speak with. It is also a protection against a downturn. If you have applied your mind while choosing locations and negotiated for a price below market value, a downturn will not hit you hard. Your protection lies in the fact that you ensured that your profit was factored into the purchase price. That gives you an opportunity to exit early, as soon as you see signs of a downturn approaching.

If you want to succeed in property investment, take a downturn in real estate prices as an opportunity to do things differently and not a threat. If you’re still confused about how to deal with a downturn in real estate prices, get in touch with property investment professionals who are ready to share their knowledge with the world.

Australia’s Top Cities for Construction – Melbourne vs. Sydney

January 22, 2017 by Reporter Leave a Comment

Melbourne and Sydney, in addition to being Australia’s most well-known and largest cities, are also world class destinations renowned for their beauty and lifestyles.

The strong rivalry between Sydney and Melbourne is well documented with everything from sports teams to culture and even coffee being debated about whose is better.

The cities certainly each have much to offer. Sydney is often described as one of the most beautiful cities in the world with its stunning landmarks including: the Sydney Harbour, the Sydney Harbour Bridge, the Opera House, Manly and Bondi Beaches and the Blue Mountains. With its many beaches and vibrant nightlife, Sydney is cosmopolitan and chic. The city is also Australia’s financial hub and home to a large array of international companies who use Australia as a base for their operations in the region.

Melbourne’s attractions are more subtle, and less glitzy. The city abounds in parks and gardens, leafy suburbs, bay beaches, and the Yarra River. Melbourne is home to an F1 Grand Prix, and The Australian Open Tennis Tournament. Throughout the city there are beautiful streets, cafes & coffee shops, and an array of restaurants and cuisines to rival any city anywhere. Melbourne also has a strong and vibrant business sector and continues to attract commercial and residential business and investment.

It has been said that the main difference between the cities is that Sydney has more to see and Melbourne has more to do.

In terms of population and growth, Sydney has 4.9 million residents, a 1.7% growth rate and has added 703,000 people over the past ten years, and is Australia’s largest city. Melbourne has a population of 4.6 million people, and with a growth rate of 2.1% and having added 832,000 people over the last ten years, is expected to surpass Sydney and become Australia’s largest city in a few decades.

Residential Construction in Melbourne and Sydney

With the influx of so many new residents, housing costs in both cities have risen substantially over the past decade, and builders are doing their best to meet demand for new housing. In both cities, their centers have become expensive and many new residents are flocking to their outer suburbs causing a boom in these areas.

For more urban Sydney, because of the high price of single family houses even in the outer areas, it is mainly apartments that are in high demand. While in Melbourne both apartments and single family housing is highly sought. The Australian Financial Review reports that there are 20,000 residential properties currently under construction in Melbourne, with more than 10,000 within the central business district. As is always the case with this type of demand, there are great opportunities for businesses like Lofts Quarries, that provide construction building materials including sand and soil.

Commercial Construction in Sydney and Melbourne

Because of the residential apartment building boom in both cities, there is a squeeze on the building of commercial projects at the moment. This is causing great concern as new residents flock to both cities and employment growth continues. There will certainly be a need for more office towers going forward, and there will be a battle for space to build. In Sydney there is even a plan to restrict residential apartment development in favour of commercial projects.

The residential and commercial construction booms in both Sydney and Melbourne are predicted to continue at least through 2017 and potentially much longer if population growth continues at its current pace.

The Rewards Of Regular And Concise Performance Reviews

December 23, 2016 by Reporter Leave a Comment

There are 2 reasons why business owners never sit through the performance reviews of their employees. The first is when they want to discipline someone, and the second is when they think someone deserves a pay increase. However, what they don’t know is that they have so much to gain when it comes to scheduling employee performance reviews on more than just these two instances.

Communicate Goals

When you sit down with your employees more than once every year, you are technically reminding employees what you expect of them in a way that motivates them to achieve this. It is possible that you may have begun to notice changes in the employee that you would like to discourage. This is the perfect time to do that before it escalates into something serious, resulting in you having to call in crisis control.

For Feedback

Regular performance reviews give employees the perfect opportunity to give you feedback on what your employees need. It helps you in correcting bad behaviour before it ultimately affects the bottom line of your company. You cannot just send in an email that says the employee is not meeting the set standards. You must review performance and set a training period for them and encourage them to attend it as part of their professional development which will help them throughout their career.

When Firing an Employee

In case you are faced with the task of terminating an employee, you can always offer them proof that they had an idea that this was coming. Your case is made strong by the regular performance reviews that you conduct so that the employee does not challenge your termination.

Set New Goals for Over Achievers

Certain employees perform above and beyond the set standards. The regular performance reviews give you a chance to set higher goals for them, and you must encourage them to advance in their career at your company if you really believe that they have the potential to do great things. If a person thinks he/she is wasted in a place where their talent is not recognized, he/she is likely going to move elsewhere.

Appreciate the Hard Work

It is important that you praise employees who consistently do a great job. By offering positive feedback on a regular basis, you will also make your employees feel like they are being truly appreciated. Your win is that now the employee is going to be encouraged to work harder and shall remain loyal towards you as they are made to feel good about their hard work.

Their Feedback Counts just as Much

Mostly, employee performance reviews are created to give feedback to the employees, and employees are also encouraged to share their thoughts about the company as well. It is important that you listen to the concerns and comments of these people. You must also consider using the valuable information you now have to improve operations.

How Drones and Virtual Reality Change and Improve the Building Industry for Good

December 5, 2016 by Reporter Leave a Comment

Savvy businesses in the construction industry are exploring on technological advancements to solve the challenges their industry face. They’re constantly looking for solutions to reduce production costs, mitigate employee’s safety, boost production, and improve competitiveness. At present, unmanned aerial vehicles (UAVs)—also known as drones and virtual reality (VR) are helping construction companies achieve these goals.

Engineer flies a drone to inspect the ongoing construction of a commercial project. | Photo from 3D Robotics

The precision of both UAVs and VR technology are a great contribution to the industry’s professionals. Land surveyors use drones in measuring and mapping construction sites while engineers use it to monitor ongoing construction. On the other hand, VR technology enable architects to efficiently plan and design projects.

Together, VR and drones are not just streamlining business operations, but revolutionising the entire industry.

Drones take engineering and surveying to the new heights

Drones are not limited to commercial use. These unmanned aircraft also proved that they be a leverage for construction companies who use them.

One of the best application of UAVs in construction is in land surveying. Surveyors are the the first group of people at a construction site. Their task is to map the construction site and produce accurate measurements, which will be used to apply for building permits. These measurements will also be used by builders in the construction phase. They use equipment such as robotic total station theodolites, global positioning systems (GPS), and laser scanners when deployed to do field work.

Land surveyor completing his tasks on the field | Shutterstock Photo

Sometimes, a construction site has steep grades and equipment which are dangerous especially when you’re carrying heavy tools. Based on previous reports, most fatalities and injuries in the construction industry are due to falls. As a solution, companies equip surveyors with drones, especially when deployments are too difficult or too risky for their employees.

Instead of sending the worker in a hazardous situation, these companies let their employees pilot the drone from a safe spot near the construction site. Drones can navigate over the site and quickly capture high-quality video and still photography. It can go within dangerous and previously inaccessible areas.

Despite remote operation, surveyors can still produce accurate measurements using a process called photogrammetry. Photogrammetry is the science of making measurements from photographs. The output of this process is a UAV Map—an accurate digital drawing or 3D model of the construction site which architects and engineers can use in the design and construction phase. With these in thought, drones reduce a worker’s exposure in the field, hence keeping them safe from accidents and other life threatening events.

In addition, some drones, especially semi to fully autonomous ones have built-in intelligence and sensors with it. This allows the drone to accomplish the task programmed by the remote pilot alone. The sensors also record other important surveillance information such as position and movement of the drone, distance, temperature, pressure, colour, light, sound, and even climate.

These possibilities with UAV technology help builders identify potential risks at the construction site. It enables them to do preventive measures and avoid future problems with the structure they’re building. Knowing these things help them optimize costs of construction and maintenance.

Efficient inspection and project monitoring tools

Aside from surveying, engineers also use drones in inspecting an ongoing construction of a structure. Hovering a drone over a construction site helps a firm monitor the progress of a project. Engineers get a first hand data of improvements, as well as problems in construction. Through this, they can keep a project on track and within the budget.

Large companies who manage multiple projects at the same time can also save energy, time, and money in deploying engineers and drones. Numerous pairs of engineers with a semi to fully autonomous drones can monitor different job sites. The drones act as substitute to the heavy software and equipment, which still produce complex readings in a construction site.

Furthermore, the companies can include drone videos and photos when submitting reports to their clients. It’s an inventive way of showing the client the progress of construction.

At the moment, the construction sector is excited to find out more about what else can UAV technology contribute to the building industry. The new drone regulations in Australia also enabled them to explore and experiment with this technological breakthrough in construction.

VR meets Architecture for a better design experience

Another huge leap that took place in the construction industry was the use of virtual reality in building design. Architecture experts worldwide saw it as a whole new way of designing—an innovation that changes the way people design residential and commercial structures.

What architects see through their VR goggles | Shutterstock Photo

When architecture met VR technology, architects were able to show their clients a realistic view of their project in a computer simulated environment. In the process, the client will wear VR goggles which will help them see 3D renderings that are captured in real-time. They also use hand-held devices to track the movement of the user in the digital environment.

Some Australian architecture firms like Superdraft Pty. Ltd develop their own virtual reality experience. The company named theirs as Viz360, a design software similar to a game where the clients can enter doors, look out the windows, use the stairs, and change pieces of furniture. Through this, their clients experience the structure before it is built. They can also fully engage themselves in the design process.

At the same time, VR technology also made it possible for architects to explain huge design changes to their clients. The clients can see changes in real time through the VR goggles, hence they can express their requests and the designer will understand their expectations. With these in thought, VR technology assures the clients on the output. Assurance begets trust and that may convince them to buy the design and proceed to construction.

Changing how work is done

To take advantage of these innovations in the industry, companies should make them an active part of their business process. The use of UAV and VR technology changes the roles of the employees, but they’re not replacing humans. These digital workers are created to ease the workload and to decrease their stress levels. Through this, humans can focus more on finding smart and creative ways to build structures.

3 Problems Plaguing the Australian Construction Industry (And How to Overcome Them)

November 17, 2016 by Reporter Leave a Comment

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The construction industry can be a harsh place for businesses. It requires a huge investment in potential profits. Until a customer has paid for a project or contract in full, there is no guarantee that this investment will be worthwhile. It means that cash flow is very important and any delays to payments or problems with receivables can become big obstacles very quickly.

In Australia, the construction sector is very healthy and diverse, but it has its challenges, just like construction sectors all over the world. For instance, the rising cost of raw materials is a constant pressure and contractors have to find ever more innovative ways to meet them, while also keeping their rates competitive.

This guide to the construction sector in Australia will discuss some of its biggest problems and how your business can overcome them.

Slow Invoicing and Payment Cycles

Many contractors (small businesses especially) find it hard to regulate cash flow because they don’t put suitable invoicing systems in place. By using aprogress payment schedule you can easily outline what is expected of your contractors at different phases of the project. It’s important to be crystal clear on what is required for a phase of the project to be considered ‘complete’ and for a progress payment to be issued so that there is no confusion or disagreements as the project progresses. Expect contractors to request a progress payment approximately every two weeks, depending on the scope of the project.

Without regular progress payments, it can be very challenging to keep your current construction project on track. Furthermore, it will be virtually impossible to begin another project as you will have too much of your financial resources tied up in the current job. Agree on a progress payment schedule that works for all parties and the job should run smoothly from start to finish.

Rising Cost of Raw Materials

As already mentioned, the price of commodities like oil and metal continues to rise alongside interest rates and the strength of the Australian currency. In some ways, this is good news for contractors, because it means that they can justify raising their own rates. However, if rates climb too high, customers look elsewhere for their construction work and deals are lost.

It is a tricky problem and one that has no easy solution. Nevertheless, businesses can try to cut costs in other areas. For example,learning how to streamline operations with the use of technology can be an effective way to minimise waste. Digital invoicing apps and record keeping software are tools which boost profits by helping companies keep track of payments and close out on projects faster.

Lack of Safety Training

One recurring problem for the Australian construction industry is safety. As demand grows, so too does the need for qualified contractors and construction experts. This can encourage some companies to cut corners and try to maximise profits by reducing their investment in things like safety training and risk management procedures.

Unfortunately, this is nothing but a fast track to serious injury and, in many cases, subsequent litigation. So,investing in high-quality safety training is not just a way to keep employees safe, it also protects the business. Technology can be a great tool in this area as well because apps and mobile devices mean that training doesn’t have to be limited to formal meetings.

Why Technology Is the Future of the Construction Industry

It is often said that technology represents the future of all industries, no matter what their objectives. While this might sound a little far-fetched, the reality is that digital resources can transform everything from project planning to managing supplies, tracking deliveries, and processing invoices. It is particularly valuable for regulating cash flow, as automating payments eliminates errors and increases visibility right the way along invoicing channels.

A New Way to Hire Staff for Small Businesses

August 16, 2016 by Reporter Leave a Comment

If you’re a small business and you’re finding it hard to hire staff, here are some handy tips that can help you save time and money.

With the introduction of a new technology known as On Demand, hiring staff has never been easier. Not only are you able to hire a worker at a click of a button but these workers are also contracted, meaning that you are able to negotiate an hourly price for the work that needs to be done.

With the introduction to being On Demand, companies like Uber and Airbnb are paving the way for this new type of economy. The On Demand economy works in a way that you only use and pay for a service or a good when you need it and for the amount of time you need it. Uber and Airbnb are in the logistics and accommodation industries respectively and are both large multinational companies. However, at the core, both of these companies are formulated to take away the middle man and save on costs wherever possible.

The On Demand economy has since expanded into other industries including recruitment. Recently, companies like Workfast and Freelancer have launched web and mobile applications that connect employers with workers.

Casual work in Australia has been on the rise over the past decade with a current estimated 3.2 million Australians taking on some form of casual work.

For workplaces, having a team of casual staff can save on costs by being able to scale workforce in accordance with demand. The go both ways and for workers, this means that they are able to be flexible with their role and have a better balance between work and lifestyle.

Some benefits in hiring casual staff for small businesses:

Easy to hire with new technology

With the introduction to new applications hiring reliable and vetted staff has never been easier. New hiring platforms such as Workfast and Freelancer allow you to view profiles of potential employees before you decide to hire them. The profiles are all categorised into specific industries and you can view previous employer ratings and comments before you commit.

Scaling your business with demand

For small businesses, it may be difficult to project when, where and for how long busy periods will last. A cafe or restaurant may need to hire a casual worker due to its unpredictable nature of hospitality with customers. Casual staffing on weekends and sporadically throughout the week may be the only option for these businesses.

Diversity of workers

Having a diverse pool of workers means that workplaces can keep things fresh and relative to industry standards. Many casual workers or temporary workers are students who need the flexibility of balancing study with work. Single parents make up a proportion of these workers as can work a few days a week in between looking after their families.

Hiring staff can be a difficult task for small businesses. However, by arming yourself with knowledge of how workplaces and workers are evolving, you can be better prepared for the future success of your business.

Treasurer Scott Morrison slams banks for not passing on full interest rate cuts

August 3, 2016 by Reporter Leave a Comment

Australia’s Reserve bank has reduced interest rates to a record low, cutting its cash rate from 1.75% to 1.5%. while the reserve bank board and government hopes the further cut will boost the labour market and economic growth, the banks are not entirely supporting this.

Banks in recent times have either not been passing on the interest rates reduction fully or delaying passing on reduction in mortgage rates , in the process making millions of dollars while they delay.

The big four banks caught most people off guard by actually lifting some key deposit rates and increasing their revenue.

Commonwealth Bank will cut its standard variable interest rates for mortgages by 0.13 percentage points. The biggest major bank reduction was Westpac’s 14-basis-point cut for some of its home loan customers

· Commonwealth Bank by 0.12 percentage points

· ANZ by 0.12 percentage points

· National Australia Bank 0.10 percentage point

· Westpac Bank by 0.14 percentage points

Treasurer Scott Morrison Yesterday told Sky News "we would like to see them pass all of these things on".

"What we’ve seen from at least the two that have made a decision is not the traditional response," Mr Morrison said.

"It’s not like they didn’t pass it all on and did nothing else. What they’ve done is they’ve cut their mortgage rates and they’ve increased their deposit rates."

Mr Turnbull said the cuts were not enough. Addressing media in Canberra, he said the banks should pass on the rate cut in full or explain the decision "fully and comprehensively" to their customers

RBA governor Glenn Stevens said in a statement recent data suggested growth was continuing at a moderate pace, despite a big decline in business investment.

Tuesday’s board meeting was Mr Stevens’ second last. He will be succeeded on September 18 by his deputy, Philip Lowe.

Australia

The Resurgence Of Gold Price Trends In Australia

Technology Game-Changers in Small Business Security