Australian Taxation Office fewer but tougher audits: Collectable debt has increased 16% to $16.4 billion as cash-strapped businesses file late. Most of the debt is in the “micro” area – 3 million businesses that earn less than $2 million per year. Budget cuts reduced ATO staff by 1000, more than government agency.ATO computer systems more sophisticated, now check 600 million pieces of third party information, up from 409 million pieces four years ago. ATO to reduce checks on “highly wealthy individuals” by more than 66%, to do 200 reviews and 50 audits compared to 657 and 93 in 2011. ATO plans to audit 190,000 micro businesses, down from 244,000 in 2011, and 530,000 individuals, down from 684,000 in 2011. Where the ATO found money in 2011: Audit of microbusinesses ($4.3bn), Audit of small-medium businesses ($2.2bn), Audits of large groups ($2.1bn), Audits of individuals ($2.0bn), overclaimed GST refunds ($567m), Overclaimed income tax refunds ($200m), Excess superannuation contributions ($178m). [CR: Reducing government staff, with the largest unclaimed debt in the most challenging space of millions of micro-businesses. It is easy to see how things would shift to stricter “police-state” like controls.]
Gender stats: A couple of articles in response to Yahoo CEO 37-year old and pregnant Marissa Mayer. 3% (6 women) of ASX 200 companies in Australia have female executives. Companies with female CEOs with children: Westpac, GrainCorp, Oroton Group, MacDonal Australia, Noble and Sussan Group, Kraft Food. The Human Rights and Equal Opporutnity Commission received 165 cmoplaints abiout pregnancy discrimination in 2010-2011. There are 20 women CEOs of Fortune 500 companies. [CR: As I mentioned in a recent blog, I acknowledge this needs to be highlighted to change the perceptions, but it will be good when it is no longer notable similar to ethnicity or similar factors.]
Federal economic modelling for unskilled workers: High school graduates and people with low-level education (hairdressers, fitness instructors, massage therapists, baristas) could be forced back to school or out of work within 13 years. Highly qualified workers in healthcare, the professions, education, and mining will have their pick of jobs in 2025. National Workforce Development Agency launched today to aim to provide taxpayer subsidised education to generate the skills demanded by industry instead of those deemed important by education providers. Demand for high skilled workers to grow by 65% and 75% of the workforce, compared to the current 60%. Growth in high-skilled jobs to grow at 160% of the rate of low skilled jobs. [CR: Wonder what this means for the gap between rich and poor and providing access to education as well as communicating the value of that education. Also wonder how pop-culture college drop out stories of the likes of Steve Jobs impact a propensity of people to pursue education.]
Supply chain impact of Ford layoffs: Local production fell an average of 336,000 vehicles to 221,000 last year. Supplier base has reduced from 200 companies to 150 over the past decade. Supply chains forced to diversify into other industries and markets, which can then prompt merger and acquisition activity. Components exports worth $1.2 billion in 2010. [CR: Fascinating to watch the organism that is the market evolve and adapt to internal and external influences. I keep in mind that my use of the term “fascinating” from an external academic perspective is also “painful and catastrophic” from those going through it.]
Proposed National Disability Insurance Scheme (NDIS) to help 200,000 people who are on disability support pension find work. 45,000 new workers will be able to find work. Employment rates for the disabled is around 40%, below OECD average. Moving 35,000 people from disability support pension to jobs would deliver a $9.6 billion gain. Disability support pension will draw $14.8 billion in 2012-2013, expected to rise to $17 billion by 2015-2016 and is almost twice the cost of jobseeker income support. NDIS expected to start from July 2013 with a $1 billion pledge in the July 2013 budget. Productivity commission recommended funding of $3.9 billion. [CR: Good to see this rising on the agenda.]
Medical journal The Lancelot: 66% of adults in Britain fail to take enough exercise to remain healthy. [CR: I wonder what the numbers are in AU and US. Would you be in that 66%?]
Spaniards leaving recession-wracked country increased 44% in first six months of 2012. [CR: Interesting to see how economies drive global populations and the long-term impact that has on retaining and cross-pollinating local cultures.]
Private-label groceries to increase to 33% of grocery sales in next five years (currently 23.5%). Driven by consumers seeking greater value and rapid expansion of ranges by retailers. Dry, chilled and packaged groceries have highest growth: Butter 68% by 2013, sugar 67% by 2013 compared to 56% in 2003, bread 56% in 2013 compared to 18% in 2003, milk 55% in 2013 compared to 51% in 2003. Private label beer, wine and spirits grown from 2% in 2003 to 8% in 2013. Eggs to slip from 61% in 2003 to 53% in 2013 as consumers opt for free-range. Own-brand groceries represent 40% of grocery bill for lower-income families compared to 15% for higher income families. Retailers targeting higher income with premium, organic, and fair trade lines. Branded suppliers forced to reduce prices, have lost shelf space tpo private label brands which are expected to generate double the gross margin of branded product. In April, Woolworths estimated at drawing 18% of revenue from private labels, Coles 23%. [CR: Retailers say branded options will give “more choice”, but it will result in increasingly smaller supply chain, which may then prompt an increase in local options.]
Deloitte Access Economics released study findings that globally 2.5 billion consumers will purchase $170 billion worth of goods using mobile commerce technology.
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