Bankwest Economic Update

Events Wanneroo Business | Monday, April 23, 2018

Economic Blog Update

 The facts and figures below are included in the latest update from Bankwest Chief Economist, Alan Langford, this time with a focus on unemployment and full time employment levels.


WA’s headline (ie seasonally adjusted) unemployment rate jumped from 6.1 per cent in February, to 6.9 per cent in March.  The steep rise in the headline jobless rate is a bit misleading, because the participation rate jumped sharply as well.

Nevertheless, the rise in the seasonally adjusted unemployment rate, coupled with annual re-analysis of seasonal factors, was enough to trigger a resumption of an uptick in the official trend jobless rate, which has now risen from 5.6 per cent in July last year, to 6.4 per cent, 0.8 of a percentage point above the national rate. Over the same period, WA’s trend participation rate has risen from 67.9 per cent, to 68.4 per cent - not enough to explain all of the rise in the jobless rate.

WA’s participation rate is the highest of all states, meaning the state’s economy has to generate faster employment growth to maintain the same jobless rate as states with lower participation rates.

But while it looked to be doing just that until about 9 months ago, the apparent ‘surge’ in full-time employment has now evaporated (Figure 1 in the attached graphical summary), if it was ever quite as robust as it seemed anyway.

That’s not to suggest that the recovery in the WA economy has stalled, but rather that it is one thing to generate strong full-time jobs growth when emerging from a very deep trough, but quite another to sustain it month after month, year in year out. The recovery in WA’s economy was always going to be stop-start rather than onwards and upwards, and so too will be the trajectory of full-time employment growth.

DOWNLOAD Graphical Summary

 

ARE YOU ACROSS THESE 5 SMALL BUSINESS TRENDS?

Events Wanneroo Business | Wednesday, June 28, 2017

WBA Business Advisor, Peter Newbound, from WA Insurance Brokers, shares article for small businesses to get them thinking about their business insurance.

ARE YOU ACROSS THESE 5 SMALL BUSINESS TRENDS?

Amanda Whiting, Executive General Manager for CGU’s Small to Medium Enterprise Division, herself once a small business owner, has recently shared five insights in small businesses and insurance on CGU’s blog.

The many hats of small business owners

Having been a small business owner with her husband for numerous years in the hospitality sector, Whiting notes the benefits of being their own boss, better work-life flexibility but also the increase in responsibility for a wide range of roles within the business “…you are the IT manager, HR manager, sales manager – not to mention being responsible for managing your accounts, legal responsibilities and having the right insurance”, she says.

Whiting’s experiences lend themselves well to understanding the opportunities and challenges for small businesses in her role now with CGU.

CGU is backed by Australia’s largest insurer, IAG and its insights across the SME landscape show 5 trends you might not have thought about!... Click here to read more


 

Business Advisory - Insurance Masterclass

WBA Support | Wednesday, February 22, 2017

In a recent Masterclass, WBA Business Adviser Peter Newbound provided businesses in attendance with the information they need regarding business insurance.

A double glazing business learnt that sub-contractors and contractors should have their own Public Liability Insurance, and need to be named specifically in a businesses' policy wording if they are to be covered.  Professional Indemnity Insurance was discussed with a Accountant and Tax Adviser, the issue of insuring contractors was brought up again by a Technology Solutions company and a Business Coach was advised of the need to have Public Liability Insurance.

Commercial insurance is set to go up 4-5% and it is key that you have the correct insurance policies in place for your business.

Did you know...

- Wangara insurance policies for break ins are higher than most other places in WA, and sometimes businesses can be paying up to 20% more!

- IT Liability exists to cover businesses during internet and telephone drop outs or exchange blow outs

-  Using a broker means that your policy is more likely to be comprehensive and less likely to have as many get out clauses

- You can now get Cyber Liability cover - these days it is a case of when and not if you get hacked.  Affecting all industries, personal data, account details and information can be stolen no matter what security you have in place and there is insurance available to help you keep operating!

- You should be sending your contracts to your insurance broker too!  Lawyers look at Contract Law but your insurance broker can check the insurance implications too

- You should always check the exclusions in your policy wording

 

If you have any queries or concerns, contact 08 9206 3888 to be connected to Peter for a FREE consulation today - through our Business Advisory Program


 

 

 

 

 

Invitation from the President

Events Wanneroo Business | Wednesday, October 13, 2010

 

We recently announced a new and exciting level of membership to Wanneroo Business Association.

Forming our Business Advisory Program, local businesses and members are now invited to apply for Gold Membership which will see ‘Business Advisors’ be allocated across 6 business streams.

The 6 streams will fall across Finance, HR, IT, Legal, Marketing and Insurance

Launching at just $57 a month and including more benefits, get in touch and find out more about how your business can be involved in this innovative program.

This membership is by application only, and applicants will be required to meet with the WBA team to discuss further before being announced as a Gold Member. So get your application in as soon as possible, interviews are scheduled for the last week in October!

Click here to learn more about the benefits of being a Gold Member

Click here to download the application form.

If you are looking to help grow the local business economy, and raise your profile for being a reputable and professional business, I would encourage you to submit an application to begin discussions with our team.  You could be one of our new Gold Members.

Best of luck,


Trent Carter

WBA President 2016-2018

t.carter.wba@gmail.com

 

 

 

 

 


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