🦘 Hiring Blitz Ahead Of Holiday Season, NAB Customers Struggle To Pay Mortgages, Tough Conditions for Aussie SMEs

G’day everyone!

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

• Hiring Blitz Ahead Of Holiday Season

• NAB Customers Struggle To Pay Mortgages

• Tough Conditions for Aussie SMEs

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

Australia Post Gears Up for Holiday Season with 3,000 Job Openings

Australia Post is gearing up to tackle the holiday rush, announcing a whopping 3,000 seasonal job openings across New South Wales, Victoria, and Queensland.

With tasks ranging from parcel processing and deliveries to freight handling, it's a no-experience-required gig for many roles, although a license is needed for forklift and truck work.

Pay ranges start at $31.85 per hour for mail officers and parcel sorters, and jump to $35.67 for licensed roles, with extra casual loading for overtime, evenings, and weekends.

Sue Davies, Australia Post's executive general manager of people and culture, stressed the importance of these seasonal roles in ensuring timely holiday deliveries, pointing out that last year alone, seasonal workers helped deliver nearly 100 million parcels.

And who knows? These roles might even lead to long-term opportunities.

But it's not just Australia Post ramping up – Amazon is also set to announce its own round of seasonal hires soon.

On the flip side, experts predict a tightening job market with the unemployment rate nudging higher and job ads plunging by 20% in the latest fiscal year.

With around 175 applications per job ad compared to 50 last year, competition is fierce.

So, if you're up for the challenge and looking to fill your pockets this holiday season, head over to the Australia Post website and get applying!

Mortgage Blues: More NAB Customers Struggle with Loan Repayments

NAB is feeling the pinch as more customers fall behind on their mortgage repayments.

Releasing a trading update, NAB announced a 6% drop in cash profits to $1.75 billion for the June quarter, attributed largely to cost-of-living pressures and high interest rates affecting mortgage holders.

NAB's chief Andrew Irvine, who took the reins in April, acknowledged the tough economic environment, highlighting persistent inflationary pressures and a noticeable bump in mortgage arrears.

The bank's $1.75 billion cash earnings were flat on the first half but down 6% from last year.

Asset quality is visibly deteriorating, with non-performing loans climbing to 1.31% of the overall portfolio and a whopping $118 million in credit impairment charges.

Analysts observe that NAB's recent home loan price cuts, meant to attract more customers, could further pressure profit margins.

Adding to the gloomy picture, Reserve Bank of Australia governor Michelle Bullock noted that high inflation hurts everyone, eroding purchasing power and savings.

On the bright side, despite shrinking profits and revenue falling by 1%, NAB found $400 million in productivity savings this financial year and saw a modest rise in lending balances.

NAB shares, however, ended the day on a positive note, closing 1.5% higher at $36.48.

As more families feel the mortgage squeeze, NAB braces for what promises to be a rocky financial landscape ahead.

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Navigating the Talent Tug-of-War: SMEs Face Hiring Headaches

Australian SMEs are in a bit of a pickle!

They're struggling to find the right talent amidst a bump in unemployment and a jittery economy.

According to the latest from the Australian Bureau of Statistics (ABS), unemployment nudged up to 4.2% in July, adding 24,000 more job seekers to the mix.

But wait, it’s not all doom and gloom - employment actually grew by 58,000, hitting a participation high of 67.1%.

Kate Lamb at the ABS points out that employment is growing quicker than the population, with the employment-to-population ratio now at 64.3%.

More folks are getting full-time gigs too, as shown by a dip in the underemployment rate to 6.3%.

However, for SMEs, this tight labor market means more competition for qualified candidates.

Even with a boost in monthly hours worked, businesses might find it challenging to snag the right talent.

The kicker? SMEs are also feeling the pinch from a cooling Business Risk Index and fewer job ads, hinting at shrinking consumer demand.

Anneke Thompson from CreditorWatch echoes these concerns, highlighting that the business sector's reduced orders and falling capacity utilization could be harbingers of higher unemployment down the line.

As SMEs grapple with these headwinds, it’s clear they’ll need some creative thinking to stay afloat in a choppy job market.

Linktree Snaps Up Social Media Scheduler Plann in Aussie Tech Power Play

In a true-blue Aussie tech collaboration, Sydney's ‘Plann’, a social media scheduling powerhouse, has been scooped up by Linktree for an undisclosed sum.

This latest move by Linktree, the brains behind those handy bio links, marks a major milestone in the Australian startup scene.

Plann, founded by Christy Laurence in 2016, has grown into a global player with over three million brands on its platform, helping businesses streamline their social media game.

Now, with Linktree’s massive reach and innovative tech, Plann is ready to scale new heights.

Linktree’s CEO, Alex Zaccaria, labeled the acquisition a proud moment for Australian startups, celebrating the synergy between two homegrown tech pioneers.

It's a union of shared visions, as both teams are pumped to amplify the tools available to online businesses.

Christy Laurence couldn't contain her excitement, reminiscing about her early talks with Alex and the natural decision to "call Linktree her new home."

She praised her team’s relentless drive and extended heartfelt thanks to Plann’s loyal community.

Despite the big change, Plann assures users it’s business as usual, with promising enhancements on the horizon.

As they step into this new chapter, the combined forces of Plann and Linktree are set to revolutionize how entrepreneurs manage their digital presence.

You Made It!

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 💪

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