🦘 The Booming Aussie Side Hustle Culture, Economic Threat of Climate Change, Major Bank Continues Branch Closures

G’day everyone!

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

• The Booming Aussie Side Hustle Culture

• Economic Threat of Climate Change

• Major Bank Continues Branch Closures

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

Aussie Side Hustles: A Path to Financial Independence

In a world where the 9-to-5 grind feels increasingly outdated, GoDaddy's latest study sheds light on Australia's booming side hustle culture, revealing a land brimming with entrepreneurial spirit.

A whopping 61% of Aussie entrepreneurs are juggling their startups with full-time jobs, leveraging the digital age's tools to kickstart their ventures on a shoestring budget.

Impressively, a significant chunk of these hustlers is turning a tidy profit, with 29% starting their businesses with less than $500 and over half raking in at least $500 monthly.

But it's not just pocket money—19% are pocketing over $2,500 monthly.

This hustle isn't just for extra cash; 83% have their sights set on bidding adieu to their day jobs.

Full-timers in the side hustle game are hitting it big, with 63% earning at least $5,000 per month, highlighting the potential rewards of entrepreneurial ventures, albeit with hard work and stress as constant companions.

Yet, the consensus is clear: life as an entrepreneur beats punching the clock for someone else

As these microbusinesses fuel Australia's economy, their optimism remains high despite economic uncertainties, underscoring a robust confidence in their business prowess and contribution to the national economy.

Climate Change: A Threat Beyond the Weather

Australia's first climate risk assessment report is ringing alarm bells, highlighting how rising temperatures and extreme weather will hit harder than just the mercury rising.

This comprehensive analysis, spearheaded by Assistant Minister for Climate Change Jenny McAllister, paints a grim picture of the future impacts on health, infrastructure, food systems, and more.

From the looming threat of new diseases to jeopardized food and water supply, the report underscores the far-reaching consequences of climate change.

Beyond environmental damage, it points to economic turbulence, with potential risks to trade, financial systems, and even Australians' retirement savings due to increased insurance costs and disrupted supply chains.

The report emphasizes the urgent need for strategic planning and resilience-building across communities and sectors.

As the government opens the floor for public submissions to shape a national adaptation strategy, it's clear that understanding and preparing for these risks is not just prudent but critical.

This first step in acknowledging the broad spectrum of climate risks sets the stage for concerted efforts to safeguard Australia's future, urging a rethink of everything from urban planning to investment strategies.

Branching Out: Westpac Closes More Doors

Westpac is back at it again, folks, announcing the closure of five more branches in Melbourne and Newcastle.

This move is part of a larger trend that's seen the bank wave goodbye to branches across the country, as Aussies increasingly turn to digital banking solutions.

While Westpac insists this shift allows them to offer expanded cash transaction options and a beefier ATM network, the Financial Services Union isn't buying it, pointing out the human cost: around 30 jobs on the line.

However, Westpac claims most affected employees will be redeployed.

The bank's commitment to digital expansion does little to ease concerns about the loss of face-to-face banking, especially for those less tech-savvy.

With profits soaring and the bank's workforce slimming, the balance between modernization and accessibility continues to tip.

Comyn Calls Out Tech Giants on Fair Play

Matt Comyn, the CEO of CommBank, raised eyebrows at the Australian Financial Review Business Summit.

He questioned why big tech companies aren't scrutinized like Australian banks and supermarkets.

He pointed out the stark contrast in profit margins and tax contributions between local businesses and tech behemoths like Apple, highlighting that while Commonwealth Bank paid 36% in tax on its profits, Apple's tax rate stood at a mere 4%, despite massive earnings. 

This call for fairness has sparked a debate on transparency and responsibility.

Comyn argues that tech giants should face the same level of scrutiny as domestic firms.

His comments shine a light on the need for equity in how businesses are viewed and regulated, especially in times of economic hardship.

This conversation is crucial as Australia navigates through challenges, seeking fairness across all sectors.

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!