BUSINESS NEWS

WORK, PAY AND TAX
Recent international surveys have found interesting contrasts on the Australian competitive position and worker benefits. Although Australian factory employees earn more than elsewhere in the OECD their marginal tax rates are third highest behind UK and Scandinavia. The latest unemployment rate at 5.1 percent remains at a 28 year low and the Australian GDP per head ranks third behind US and Canada.

SUPER FUNDS NET PERFORMANCE
KPMG’s latest survey into super funds has found two-thirds are now fully on-line. This real-time internet information about customer retirement savings indicates how the industry is reacting to increasing demands from clients for more access to details such as balances.

BUSINESS OUTLOOK

CONFIDENCE SLUMPS
Predictably after such a long run on a high, consumer confidence has hit the lowest point since the 1970s. The Westpac survey into consumer confidence shows it fell a massive 17 percent following recent news on interest rate increases and national account deficits. This is presumably what the RBA wanted and so further rate increases will be unnecessary.

NAB STRONG ON REDUCTION
The latest National Australia Bank survey into business growth confidence shows too many indicators have turned down. The bank’s economist says the wide disagreement with the RBA rate increase two weeks ago reflects the reality of the business world, especially manufacturing. He insists if present trends continue then the RBA will be forced to a rate reduction before the end of this calendar year.

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THE OXFORD ADVANTAGE

CASE STUDY: Customised Finance Benefits Printing Company

A Victorian-based printing business established nearly 15 years ago has shown that sourcing the right finance can prove very useful to the growth of the business.

The company had grown considerably with traditional finance facility through a major bank since starting in business. Unfortunately, midway through the year, the printer was let down by its bank which was suddenly no longer prepared to increase the level of funding to support their significant growth.

Finding an alternative source of finance was critical to the ongoing viability. Fortunately, at this stage they were introduced to Oxford Funding and within a short space of only five working days Oxford had established a facility ensuring an immediate injection of much-needed cash.

Oxford and Debtor Finance funding has now been incorporated into the company’s long-term business strategy. The directors have the confidence to grow their business without the need to continually ask their Bank Manager for a linit increase.

The printer has since been able to do what it does best - concentrate on printing profitably.

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