Connect with us
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
Byron Bay News and Weather copy
Mt Warning News and Weather copy
Kyogle News
Grafton News and Events copy
previous arrow
next arrow

Business News NSW Northern Rivers

TAFE NSW GRADUATE TAKES HOME MEDAL AT WORLDSKILLS AUSTRALIA

Published

on

By

Local Lismore mechanic Nicholas McLaren
Advertisements
MadeComfy

TAFE NSW GRADUATE TAKES HOME MEDAL AT WORLDSKILLS AUSTRALIA

Local Lismore mechanic Nicholas McLaren has won silver at the 2021 WorldSkills Australia National Championships after completing his apprenticeship at TAFE NSW Wollongbar.

Competing in the country’s largest trades and skills competition, Mr McLaren showcased the skills he learnt during his Certificate III in Automotive at TAFE NSW and claimed one of the top awards in the Automotive category.

The event gives more than 500 regional winners from across the nation an opportunity to show off their skills on a national stage and marks a milestone for Mr McLaren’s automotive ambitions, which began as a hobby working on his own cars.
Mr McLaren was tasked with repairing and diagnosing vehicles including areas of engine measurement and repair, steering suspension and brakes, electronic diagnosis, safety and servicing.

“The competition was a real challenge and it was so rewarding to be able to test my abilities in my trade. The support I had from my teachers was great, and I was able to bring many real-life, practical skills to the workplace, especially when dealing with customers.”
Mr McLaren is following in the footsteps of his employer, Jake Hiscock from Lismore Car Repairs who won a gold medal at WorldSkills in 2016. Mr Hiscock said he always looks to hire from TAFE NSW because of the top quality teaching and development of the highest calibre of graduates.
“Nicholas is a true professional and his work is a positive reflection on the industry. We are proud to hire staff that are at an elite skill-level so that we can continue providing our customers with great service.”

The Automotive industry employs over 356,000 Australians. Demand for automotive workers is growing due to an ageing workforce, the increase in technical skills required for modern vehicles, people holding onto older vehicles, increases in domestic driving holidays, and the return to commuting by motor vehicles following COVID-19 disruptions.
TAFE NSW Automotive Head Teacher Kirk Trease congratulated Mr McLaren on his outstanding display of talent and the preparation he put into the competition in the months leading up to it.

“The demand for employees growing, which means now is the time to get qualified. The Certificate III in Automotive Technology is a nationally accredited course and fully subsidised under JobTrainer.”

For more information about courses at TAFE NSW or via TAFE Digital, visit www.tafensw.edu.au or phone 131 601

Advertisements
Tenterfield-The Bowlo

Business News NSW Northern Rivers

Investments That Have Outpaced Inflation

Published

on

By

NSW-Northern-Rivers-Breaking-News
Advertisements
MadeComfy

Investments That Have Outpaced Inflation

 

With high living costs dominating recent headlines, investors are seeking asset classes that can not only weather inflation but provide returns that outpace it. Inflation is a critical factor in the Reserve Bank of Australia’s (RBA) cash rate decisions, which has many Australians on edge, particularly those concerned about rising home loan interest rates.

Historically, inflation in Australia has hovered around the RBA’s target range of 2%-3%, but the landscape changed dramatically with the COVID pandemic. Inflation surged to 7.8% in late 2022 and, while it has since eased to 3.8%, its impact remains a key concern for investors.

The Erosion of Personal Wealth by Inflation

Inflation can erode personal wealth by diminishing the purchasing power of money. For example, if you had $10,000 in a savings account at the start of 2022, it would still be $10,000 at the end of the year, but inflation of 7.8% would have reduced the value of that money in terms of what it could buy. This demonstrates how unchecked inflation can undermine financial stability and the quality of life for Australians.

Assets That Have Outpaced Inflation

To protect against inflation, investors often turn to growth assets, which have historically increased in value over time.

Research by InvestSMART has identified several asset classes that have significantly outpaced inflation over the 12 months to 30 June 2024:

  • International shares: Returned 19.92%, outpacing inflation by 16.12%.
  • Australian shares: Returned 12.1%, beating inflation by 8.3%.
  • Listed property trusts (REITs): Achieved an impressive return of 23.79%, eclipsing inflation by 19.99%.

By contrast, savings accounts typically returned 4.5% over the same period, which, after accounting for inflation, results in a much lower 0.7% return.

ETFs: A Simple Option to Beat Inflation

For investors looking to outpace inflation without the complexity of selecting individual stocks, exchange-traded funds (ETFs) offer a diversified and accessible solution. ETFs track major asset classes and have consistently delivered near double-digit returns, beating inflation.

While growth assets like shares can come with higher risks, ETFs provide a straightforward way to gain exposure to these assets without needing to analyse individual companies. Diversification is key, and the longer you stay invested, the better your chances of riding out market volatility, benefiting from compounding returns, and staying ahead of inflation.

The Importance of Beating Inflation

With inflation eating away at savings and wealth, and most Australians not seeing wage increases that match the cost of living, investing in assets that outpace inflation remains one of the most effective strategies for maintaining and growing wealth. Whether through international shares, Australian equities, REITs, or ETFs, a diversified investment portfolio is crucial in navigating the current economic climate.

As always, consider your investment timeframe and risk tolerance before deciding where to invest. The more you diversify and the longer you stay invested, the more likely you are to grow your wealth and beat inflation.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News NSW Northern Rivers

Award-Winning Digital Program Streamlines Export Processes for Australian Farmers

Published

on

By

Advertisements
MadeComfy

Award-Winning Digital Program Streamlines Export Processes for Australian Farmers

By Ian Roberts

The Department of Agriculture, Fisheries and Forestry has been recognized with a prestigious Good Design Award for its innovative efforts in simplifying export processes through the Digital Services to Take Farmers to Market program. This initiative has been lauded for improving the administration of tariff rate quotas, offering significant benefits to exporters.

Deputy Secretary for Trade and Regulation, Tina Hutchison, highlighted the program’s role in enhancing access to quotas that reduce tariffs under international trade agreements.

“The new streamlined administration is already making it easier for exporters to get their products into overseas markets,” Ms. Hutchison said. “By using evidence-based, design-led approaches, our project teams are delivering an export service that reduces bureaucratic hurdles and supports the growth of Australian businesses.”

The award-winning solution was recognized for its effective design strategy, which improves the timeliness and transparency of tariff rate quota administration, making the export process smoother for businesses.

“These innovative design solutions are crucial for helping the agriculture sector achieve its goal of becoming a $100 billion industry by 2030,” Ms. Hutchison added. “Looking ahead, we plan to expand the system with features like a self-service option to view quota balances through our online digital export service.”

The Good Design Award judges praised the department for its inclusive approach, ensuring the service catered to a wide audience and led to more efficient service delivery for exporters.

For more details on the award, visit: Good Design Award. To access the export service, visit: Export Service.

Advertisements
Tenterfield-The Bowlo
Continue Reading

Business News

Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

Published

on

By

August Unemployment
Advertisements
MadeComfy

Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

 

In August 2024, Australia’s ‘real’ unemployment rate decreased by 1%, dropping to 9.1% of the workforce, following a significant rise in part-time employment. The unemployment count fell by 174,000 to 1,423,000. This reduction was driven by an increase of 136,000 part-time jobs, bringing total part-time employment to 4,901,000, while full-time employment remained steady at 9,387,000.

Overall employment rose by 133,000 to 14,288,000 in August, reflecting growth in part-time jobs. Fewer Australians were looking for both full-time and part-time work, contributing to the decline in unemployment.

Roy Morgan August Unemployment & Under-employment (2019-2024)

Roy Morgan Unemployment & Under-employment (2019-2024)
Source: Roy Morgan Single Source January 2019 – August 2024. Average monthly interviews 5,000.
Note: Roy Morgan unemployment estimates are actual data while the ABS estimates are seasonally adjusted.

Labour Market Trends

Roy Morgan’s unemployment estimates, based on a national survey of Australians aged 14 and above, classified anyone seeking work as unemployed. The ‘real’ unemployment rate is calculated as a percentage of the total workforce, both employed and unemployed.

Despite the improvement in employment figures, the combined unemployment and under-employment rate still stands at 18.6%, affecting 2.92 million Australians. The under-employed, those working part-time but seeking more work, represented 9.5% of the workforce.

Michele Levine, CEO of Roy Morgan, highlighted that the surge in part-time jobs drove the drop in unemployment, while the rapidly growing workforce—up by 377,000 over the past year—has been a key factor in the country’s employment growth.

The ABS comparison puts Roy Morgan’s 9.1% unemployment figure well above the ABS estimate of 4.2% for July. However, when combined with under-employment, the ABS figure reaches a comparable 10.5%.

Roy Morgan August Unemployed and ‘Under-employed’* Estimates

Roy Morgan Unemployed and ‘Under-employed’* Estimates

Impact and Challenges

While the job market has made strides in absorbing the growing workforce, the high level of labour under-utilisation remains a challenge. Addressing the persistent issue of unemployment and under-employment will continue to be a priority for the Australian government.

 

For more business news, click here.

Advertisements
Tenterfield-The Bowlo
Continue Reading

NRTimes Online

National News Australia

Facebook

Latest News

Verified by MonsterInsights