🦘 New Tools To Tackle Energy Costs, Victoria Removes Stamp Duty for Businesses, South Australia Hit With Price Bumps

G’day everyone!

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

• New Tools To Tackle Energy Costs

• Victoria Removes Stamp Duty for Businesses

• South Australia Hit With Price Bumps

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

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New Tools to Tackle High Energy Costs

The Albanese government has unveiled a series of initiatives aimed at reducing energy costs and promoting sustainability, which means better deals might just be a click away for Aussie consumers and businesses.

As part of these energy affordability efforts, a shiny new energy price comparison website has been launched.

This digital gem will make it super easy for you to sift through various energy options, offering clear-cut comparisons of rates from different providers.

Plus, it’s not just about finding the lowest price—this site also highlights plans that reward you for using renewable energy, which is a win for both your wallet and the planet.

The Energy Compare service is also getting a facelift. Already handy for comparing electricity and gas prices, it's expanding to include other energy-centric products like solar panels and storage systems.

This upgrade is set to arm you with all the info needed to make savvy energy choices tailored to your needs.

Moreover, the government isn't stopping at digital enhancements; they’re also throwing cash into making homes and buildings more energy-efficient.

Think upgraded insulation and better tech meaning lower energy use and fewer emissions.

Businesses aren't left out either; there are appetizing incentives for those ready to invest in renewable and efficient technologies.

With these steps, the government is pushing for a competitive energy market, aiming to bring down costs and push up sustainability.

Victoria Waves Goodbye to Stamp Duty for a Brighter Business Future

Starting July 1, 2024, Victoria is ditching stamp duty on commercial and industrial properties, opting instead for a flat property tax.

This groundbreaking shift, seamlessly passed by Victoria's State Parliament, is all about padding the pockets of businesses and pumping up employment.

Under the new scheme, the old-school stamp duty will only ding your wallet once more upon transaction of a property. After that, you're off the hook for any future sales.

The cherry on top?

This move is forecasted to shave off around $266 million in taxes over the next four years and could generate a whopping 12,600 jobs. 

So, how's it all going to work?

Ten years after their next sale, property owners will start paying a yearly tax at 1% of the property’s unimproved value.

For those feeling the pinch of the final stamp duty hit, the government’s throwing in a lifeline with transition loans to smooth things over.

Local economic champs like the Victorian Chamber of Commerce are all cheers for the change, predicting a surge in business growth and investments.

Treasurer Tim Pallas put it simply, “It’s all about supporting business and growing the economy.”

So, businesses, get ready to expand and thrive in Victoria’s new stamp-duty-free landscape!

South Australians, Brace for a Price Bump from July 1!

Starting next financial year, folks in South Australia will see various government fees, including fines and licenses, nudge up by about 3%.

But hey, it’s not all doom and gloom—vehicle registration fees are actually seeing a bit of a drop.

Here’s the skinny on what’s going up:

• If you’re caught speeding less than 10km/h over the limit, your wallet will be $202 lighter, up from $196.

• Driving an unregistered vehicle will also cost you more, with fines rising from $457 to $471.

• Need a new driver’s license? A five-year renewal will set you back $265, a $10 increase, and a ten-year stint will cost $530, up by $20.

• Bus fares will see a slight increase, from $4.25 to $4.40 during peak hours.

But here's some good news—vehicle owners will save a few dollars on registration thanks to a drop in compulsory third-party insurance costs.

For instance, a standard four-cylinder car’s annual registration will dip from $663.93 to $657.10.

Treasurer Stephen Mulligan pointed out that these hikes are actually lower than Adelaide’s annual consumer price jump of 4.3%.

Also, the cuts in registration fees are designed to give a little break to drivers keeping a tight grip on their budgets.

So, while some costs are creeping up, others are easing down, giving South Australians a mixed bag of financial adjustments to navigate.

Rock 'n' Roll Rescue? Hard Rock Eyes Deal with The Star Amid Turmoil

In a twist that could shake up the Australian casino scene, The Star Entertainment Group (ASX: SGR) has caught the eye of the iconic U.S. brand, Hard Rock Hotels and Casinos.

Amid swirling controversy and a sagging share price, the revelation that Hard Rock is interested in a "potential transaction" offers a glimmer of hope for the beleaguered casino operator.

This news surfaces just as The Star faces yet another inquiry in New South Wales regarding its fitness to maintain a casino license—challenges that have kept investors on edge and plunged shares near all-time lows.

As the possibility of a Hard Rock takeover or partnership looms, stakeholders and market watchers are eager to see if this potential deal could turn the tide for The Star, injecting a fresh dose of rock 'n' roll spirit into its operations.

The ASX: SGR share price spiked 20% today upon the release of this news, before going into a trading halt.

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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