GST Free Purchases Under Review
The online playing field looks like it could be levelled after Treasurer Wayne Swan endorsed a review of the $1000 threshold for overseas purchases exempt from the GST. The big speed hump, though, is cost.
While retailers blame the tax free threshold for giving overseas websites an unfair advantage over Australian stores, the federal government is cautious about cutting it because the cost of policing the change could be greater than the extra revenue collected.
The review will take place in the second half of 2013. Tell us, how big an impact are overseas sites selling low value goods having on your business?
Bouris And Packer To Take On Aus Post
A couple of corporate heavyweights have reignited their entrepreneurial spark, this time to take on the might of Australia Post.
The banking and casino kings will unveil a smart-locker parcel delivery network called Adam that will be initially rolled out across 50 sites in Australia.
The point of difference is these lockers are accessible 24 hours, receiving deliveries from one of Australia’s largest e-parcel delivery companies, Temando.
“Australia Post is the big incumbent. They're never going to think I'm a problem, but I am after their market share,” Bouris says, “They own the market, and I want some of it.”
Banks Heading Towards New Record Lows
The ANZ bank has forecast new interest rate lows for 2013 as offshore money printing pushes the Australian dollar higher, forcing the RBA’s hand.
ANZ chief economist Warren Hogan says the Reserve Bank will cut the official cash rate another 1%, down to 2% by December next year as quantitative easing in Europe and the US continues to put relentless upward pressure on the dollar.