🦘 Cost of Living Relief In Upcoming Budget, Suncorp’s $375 Million Sale, How Small Businesses Can Revitalize The Economy

G’day everyone!

Here’s what we’ve got in store for you today:

• Cost of Living Relief In Upcoming Budget

• Suncorp’s $375 Million Sale

• How Small Businesses Can Revitalize The Economy

Let’s have a look at the market snapshot before jumping into the news:

PM Albanese Teases Cost of Living Relief in Upcoming Budget

Prime Minister Anthony Albanese is hinting at some much-needed cost-of-living relief in next month's federal budget.

At the COSBOA summit, he stressed the government's focus on helping families and small businesses weather the economic storm, possibly extending last year's energy bill relief that benefited millions.

With inflation and wage growth showing "positive signs," Albanese is exploring further support measures without stoking inflation.

He's committed to providing support, especially for small businesses, while continuing to push for Australia's solar power and manufacturing capabilities. 

Albanese's vision? A future made in Australia, focusing on new ideas, industries, and competing on the global stage.

As the budget looms, it's clear that energy relief and boosting local manufacturing are high on the agenda, promising a brighter, more sustainable future for Australians.

Suncorp Cuts Ties with NZ Life Insurance Arm for $375M

Suncorp's saying goodbye to its New Zealand life insurance wing, Asteron Life, handing it over to Resolution Life for a cool NZ$410 million ($375.5 million). 

This sale is part of Suncorp's grand plan to streamline its operations, hot on the heels of getting the thumbs up to offload its banking business to ANZ for $4.9 billion.

With Resolution Life stepping in, Suncorp's set to receive an upfront payment, with the rest following 18 months post-deal, plus a little extra for their patience.

Resolution Life, a globetrotter in life insurance with a hefty $23.5 billion under management, plans to keep the Asteron brand running strong in NZ, ensuring a smooth transition for customers and advisers.

Suncorp CEO Steve Johnston sees this move as a win-win, focusing the company's energies on general insurance while keeping its commitment to New Zealand's market alive and well.

Small Aussie Firms Stirring Up a Productivity Revolution

Australia's productivity saga has been a bit of a snoozer for quite a while, but small businesses are shaking things up, potentially giving the economy the caffeine kick it desperately needs.

With small and medium-sized enterprises (SMEs) making up the vast majority of Aussie businesses, even a sprinkle of innovation from this sector could significantly spice up the national economic recipe, says Reserve Bank Assistant Governor Brad Jones.

The 2010s were pretty dismal for productivity, and we're not exactly killing it this decade either. 

But, with small businesses investing 25% more in research and development than their larger counterparts, there's hope on the horizon. 

This shift towards innovation, especially with large firms eyeing acquisitions of dynamic SMEs for their fresh ideas, positions small businesses as crucial players in pushing Australia onto the global innovation stage.

Ultra Violette Makes a Splash in Canada with Sephora

Melbourne's own Ultra Violette, known for blending high-grade SPF with skincare, is making waves all the way in Canada. 

Starting April 14, their SKINSCREENS lineup will grace Sephora shelves across the country and online, marking their North American debut. 

This move comes after a juicy $15 million boost from Aria Growth Partners, propelling Ultra Violette into 250 stores globally.

Co-founders Ava Chandler-Matthews and Bec Jefferd are on a mission to future-proof faces against the sun with their blend of science-backed ingredients and user-friendly textures.

Sephora Canada's Jane Nugent is all in, highlighting Ultra Violette's fit with Sephora's mission to bring innovative suncare solutions to customers.

Looks like Ultra Violette is set to be Canada's next big thing in skincare.

That’s All!

If you’ve read all the way up to here, we just wanted to let you know that you’re an absolute legend!

Time to go to work and show off how clued up you are about what’s going on in the business world 💪

Keep an eye out for tomorrow's newsletter. Until then, have an awesome day folks!