🦘 The Highest Paid Jobs in Australia, RBA Holds Steady, Commbank Rewarding Loyalty to Small Businesses

G’day everyone!

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

• The Highest Paid Jobs in Australia

• RBA Holds Steady…Again

• Commbank Rewarding Loyalty to Small Businesses

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

ATO Spills: The Top 10 Highest Paid Jobs in Oz – Surgeons Reign Supreme

Ever wonder what the top earners in Australia bring home?

The ATO has dropped some juicy numbers, unveiling the top 10 highest-paid jobs Down Under.

And surprise, surprise – it’s the medical pros ruling the roost!

Here’s a breakdown of the top 10 highest paid jobs, along with their average salaries:

1. Surgeon: $460,356

2. Anaesthetists: $431,193

3. Financial dealer: $373,733

4. Internal medicine specialist: $340,729

5. Psychiatrist: $276,545

6. Other medical practitioners: $255,754

7. Mining engineer: $214,365

8. Judicial or other legal professional: $204,934

9. Chief executive officer or managing director: $197,720

10. Financial investment advisor or manager: $185,834

Australia’s average annual income stands at $72,327, with a median income of $53,041.

So, if your gig’s on the list, it might be time to celebrate. If not, remember, there's always room to climb the ladder (or switch fields!).

RBA Holds Steady at 4.35%, But Inflation Worries Loom

The Reserve Bank of Australia (RBA) has decided to keep interest rates at 4.35% for the seventh straight month, and it's making waves in the financial world.

Most market economists saw this one coming, but there's still plenty to chew over.

The RBA Board is playing the long game, hinting that a higher unemployment rate might be the ticket to reining in inflation.

Labor markets have cooled but not enough to ease worries about skyrocketing prices.

Despite wages growth peaking, it's still running hotter than what trend productivity growth can handle.

Inflation isn't budging easily either.

The consumer price index (CPI) climbed 3.6% over the year to April, and it looks like taming it will take some serious time and effort.

RBA Governor Michele Bullock isn't ruling out more rate hikes, emphasizing the need for a clear picture from the upcoming June quarter data, dropping on July 31.

While there's no talk of cutting rates, inflation risks are on the Board’s radar.

And as for the global economy? Governor Bullock isn't forecasting a recession for Australia, but she's keeping a wary eye on potential global downturns.

Mark your calendars: the RBA's next get-together in early August might just bring more twists to this economic rollercoaster.

Commonwealth Bank Rolls Out Massive Rewards for Small Businesses

Commonwealth Bank (CBA) is spicing up its loyalty game with a bumper expansion of its CommBank Yello program, aiming to shower small and medium-sized businesses with over $400 million in annual benefits.

Initially a hit among retail customers since 2023, CommBank Yello now extends its perks to business clients.

Mike Vacy-Lyle, CBA's group executive for business banking, couldn't hide his enthusiasm, saying, "CommBank Yello for business is designed to reward and recognise our customers for banking with CBA."

From travel to tech and workwear, business-related purchases are in for a delightful treat!

On top of Yello's extended perks, CBA is also rolling out flexible withdrawal term deposits for businesses.

This handy new feature lets businesses withdraw up to 20% of their term deposit anytime - no penalties or fees attached.

To jump on the Yello bandwagon, business customers can check their eligibility in the CommBank app.

The program comes in three tiers: Everyday, Everyday Plus, and Homeowner, each with escalating benefits like cashbacks, prize draws, and discounts.

Ready to rack up rewards? Keep an eye on the CommBank Yello hub in your app and get busy banking!

SME Owners Hit Hard: Personal Wallets and Wellbeing Take a Hit

Small business owners in Australia are feeling the pinch, according to a new YouGov study.

The report reveals that over one-fifth of small businesses have run out of cash reserves, and 18% have less than a month’s worth of expenses covered.

This financial strain is intensifying due to looming interest rate hikes.

Retail and hospitality sectors are particularly hard-hit, battling reduced consumer spending, supply chain snags, and soaring fuel and energy costs.

But it’s not all doom and gloom—Aussie business leaders are showing resilience.

A majority of owners and decision-makers (77%) are already adopting strategies to tackle rising costs, such as cutting non-essential expenses (43%) and hiking prices (38%). 

The financial strain extends into personal lives too.

Over three-quarters (77%) of SME leaders report feeling the squeeze.

Almost half (46%) have had to cut their own income and 31% have dipped into personal funds to cover business costs.

This has led to significant stress, with 44% experiencing burnout and nearly 30% struggling to find time for friends and family.

Belinda Keehn, owner of BJ’s PJs, has personally burned through over AUD$100,000 of her savings to keep her business afloat since 2022.

She hasn't drawn a salary during this period and is grappling with burnout. Keehn is calling for more government support to help small businesses thrive.

It's a tough road ahead for Australia’s SMEs, but their determination and adaptability are keeping them in the game.

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 💪

Keep an eye out for tomorrow's newsletter. Until then, we’d love to get your feedback below!