News July Update

July 2015 Market Update

 

News July Update

Winter is here and so to is the start of the New Financial Year. Many individual tax clients have made appointments with our accountants to complete their tax returns. If you have not done so, please call our office on 02 6571 8550 to ensure you are compliant with relevant tax obligations. If you are unsure of what to bring with you on your appointment, please ask for a checklist to be emailed to you. It is important you also bring your banking details (BSB, Account Number), incase of a refund being due to you.

The Australian Bureau of Statistics’ May survey of private capital expenditure showed a marked uptick in spending intentions for 2015-16 by the services sector, where small businesses tend to operate. Between February and May this year, estimated capital expenditure for 2015-16 fell 35 per cent for miners but rose 4.2 per cent for manufacturers and 6.6 per cent for services.

Consumer confidence is also improving; it hit a six-month high post budget with 27 percent of consumers positive about their financial outlook compared with just five per cent a year earlier. The ANZ/Roy Morgan consumer confidence rating rose 3.6 per cent in budget week before easing one per cent the following week. If people feel positive about their finances they are more likely to spend, which is good for the economy.

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