Writer, record collector, irate news consumer. Views are my own.
Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Killian Plastow
$63 billion in loans up for grabs as SMEs shun major banks
Sponsored Content Two-thirds of Australian small businesses believe their banks have room for improvement, new research shows. A report by financial data analytics firm FICO has found small and medium-sized enterprises (SMEs) aren’t happy with the services provided by traditional banks, with speed and ease of access to lines of credit a key point of contention for many. In Australia, FICO found that 38% of SMEs are now considering ditching the banks.
Traffic Technologies targets strong growth with roll-out of Smart City platform
Pexels Image/Abed Albaset Alhasan Sponsored Content Strong financial performance in the face of last year’s sweeping coronavirus lockdowns has given Traffic Technologies (ASX: TTI) the confidence it needs to proceed with its bold growth strategy. The company manufactures state-of-the-art lighting, signage and traffic management hardware approved for use by every Australian council and already implemented in more than 31,000 intersections worldwide.
‘Really lost the plot’: Budget’s clean energy policies fail to generate a buzz
A leading economist has slammed the federal government’s decision to support the ailing fossil fuel industry over a burgeoning renewable energy market as “gesture politics”. The 2020 federal budget offers only “trivial” support for the renewable energy sector, according to Australian Laureate Fellow in Economics at the University of Queensland, John Quiggin.
Why a trillion-dollar debt won't burden young Australians
The federal government plans to spend its way out of recession, with the budget’s forward estimates predicting federal debt will reach nearly $1 trillion by 2024. Despite 2019’s assurances that the budget was “back in black”, Treasurer Josh Frydenberg’s 2020 budget revealed a $213.7 billion deficit and net debt of $703 billion. But economists say Australians have nothing to worry about – so long as the government spends on policies that grow the economy.
Employment boost: Seasonal job ads surge as holiday season looms
Christmas has come early for some job hunters as retailers and other businesses ramp up their search for holiday workers. New data from jobs site Indeed reveals more ads for Christmas season jobs have been posted so far in 2020 than had been posted by the end of September 2019. Christmas job ads as a share of overall job postings is up 46 per cent on last year, the data shows, and now account for about 30,000 ads in every one million. Roughly three-quarters of these jobs are in the retail sector.
Employment boost: Seasonal job ads surge as holiday season looms
New data from jobs site Indeed reveals more ads for Christmas season jobs have been posted so far in 2020 than had been posted by the end of September 2019. Christmas job ads as a share of overall job postings is up 46 per cent on last year, the data shows, and now account for about 30,000 ads in every one million. Roughly three-quarters of these jobs are in the retail sector.
What Treasury's night of nights means for Australians
In a year of pandemic, recession and uncertainty on multiple levels, the 2020 budget was billed as the biggest budget since the Second World War. On Tuesday night, Treasurer Josh Frydenberg opened the government’s wallet with spending on an unprecedented level in a bid address the economic carnage of COVID-19 and “deal with the greatest challenge of our time”. This is how the big-spending 2020 federal budget will affect average Australians.
How much workers will save under fast-tracked tax cuts
Workers are widely expected to receive instant tax cuts in the upcoming federal budget, offering small relief to cash-strapped households. The anticipated bring-forward of cuts initially legislated for 2022 and 2024 will mean workers lose less money to income taxes. But the size of those savings will be marginal for most, with tax experts cautioning the fast-tracked cuts will do little to stimulate the economy.
Investors brace for bumpy week after Donald Trump's COVID diagnosis
The week ahead is shaping up to be a bumpy ride for investors as US President Donald Trump’s fight against the coronavirus leaves markets in turmoil. The ASX 200 stock index climbed 2.6 per cent on Monday, after suffering its worst week since April in the five trading days prior – which saw markets drop around 3 per cent. On Friday alone, the market closed 1.45 per cent lower than it opened after Mr Trump’s surprise COVID-19 diagnosis.
Run on the bank of mum and dad leaves parents $27 million poorer
Young Australians have borne the brunt of the COVID crisis, but new data shows their parents are increasingly footing the bill. Research by consumer comparison site Mozo found 30 per cent of parents with adult children are providing their kids with some form of financial assistance. In total, Mozo estimates parents have spent $26.8 million of their children since the pandemic began.
Federal government pledges $1.2 billion in apprentice wage subsidies
Wage subsidies for new apprenticeships will help thousands of school leavers find work in a post-COVID economy, but industry leaders say the plan risks leaving women behind. The $1.2 billion plan unveiled by Prime Minister Scott Morrison on Sunday will provide wage subsidies of 50 per cent to businesses taking on new apprentices from Monday, October 5.
Manufacturing industry leaders welcome $1.5 billion public investment
Manufacturers in six key industry sectors will receive $1.5 billion in government funding under a new plan to scale up domestic capabilities. The money will be used to develop the nation’s manufacturing capabilities in the medical, resources, defence, space, clean energy, and food and beverage industries. The federal government says it will foster collaboration between businesses and research and development institutions to improve the commercialisation of ideas and establish new export markets.
HESTA calls on businesses to improve executive gender diversity
Industry super fund HESTA is leading an investor-backed campaign to get more women into executive roles. Under the fund’s new 40:40 Vision program, HESTA and other major investors will work with ASX-listed companies to “drive structural change” and make executive teams more diverse.
Higher taxes correlated with higher incomes
Next week’s federal budget is widely expected to bring forward income tax cuts to put more money into Australians’ pockets, but fresh research claims they will drag down the economy. In a report released on Thursday, The Australia Institute’s Nordic Policy Centre found countries with higher taxes also have higher average incomes, lower rates of inequality, and better levels of economic wellbeing.
Albanese reveals Labor blueprint for rebuilding the economy
Australia’s economic woes could be eased with sizeable investment in infrastructure and social housing, Labor leader Anthony Albanese has said. In a speech to the McKell Institute, Mr Albanese said the federal government’s budget (due October 6) must prioritise jobs creation to lift Australia out of its worst recession in almost 90 years. The best way to do that, he said, is with large-scale investment in social housing and infrastructure construction, particularly in regional Australia.
Economist Saul Eslake rails against small business tax discounts
Tax concessions offered to Australia’s small businesses do not help the economy and are based on an “almost religious fervour” rather than evidence, according to independent economist Saul Eslake. As Treasurer Josh Frydenberg puts the finishing touches to the budget, the former Treasury official and ANZ chief economist is calling for tax benefits to be scrapped for small businesses and given instead to new businesses.
Food relief agencies call for tax reforms to incentivise business donations
The federal government is being urged to introduce tax incentives that encourage businesses to donate excess food, as it is often cheaper for firms to throw away edible produce. Food relief agencies have been swamped by new requests for help following the devastating summer bushfires and economic turmoil caused by the coronavirus.
Women face retirement poverty as industry leaders defend super increase
Thousands of women will retire into poverty if legislated increases to the superannuation guarantee are scrapped, industry insiders are warning. Women are among the hardest hit by the pandemic, with at least a quarter of a million emptying their super accounts to cover living expenses, based on data from independent think tank Per Capita.
Retail jobs under pressure as government winds back JobKeeper support
Australia’s retail sector is taking a hit from two sides as reduced JobKeeper payments increase employee costs and reduce the spending power of customers. The industry has remained strong throughout the coronavirus pandemic, but new figures show consumer spending has been underpinned by federal government support. As payments reduce, economists warn the retail sector, which employs almost 10 per cent of the workforce, will likely see an increase in job losses as consumers shut their wallets.
Bringing forward tax cuts fair but not very effective
Bringing forward tax cuts initially slated for 2024-25 will help stimulate Australia’s ailing economy, a new report from Deloitte Access Economics has found. The research comes after Treasurer Josh Frydenberg revealed the federal government is reconsidering the timing of cuts first introduced in 2019 before October 6’s federal budget. Those comments met with sharp criticism from a growing chorus of economists, who argue the cuts will further entrench inequality within Australia.
Big business’ bad behaviour driven by a lack of board diversity
Increasing the diversity of Australia’s company boards could rein in irresponsible conduct at a corporate level, new research shows. But unconscious biases in selection criteria are inadvertently excluding candidates whose expertise would reduce the risk of bad decision making. The research by University of South Australia lecturer Kathy Rao looked at the attitudes and perspectives of men and women on Australian boards.
Climate policy driven by 'vested interests’, damning report finds
Australia’s climate change progress is being stymied by “insidious” lobby groups influencing our energy policy, a think tank has claimed. After former prime minister Malcolm Turnbull described the government’s new energy policy as “bats–t crazy“, UK-based think tank InfluenceMap released research claiming lobbyists are weakening Australia’s climate-conscious legislation. Energy Minister Angus Taylor’s office called the claims “garbage”.
Retailers face ‘make or break’ Christmas period as stimulus winds down
Australian retailers face a “make or break” Christmas period as ongoing lockdowns and reduced stimulus payments weigh on spending. Data from the Australian Bureau of Statistics shows retail turnover dropped 4.2 per cent in August – snapping a three-month growth streak that had fuelled hopes of a faster recovery. Economists said the drop was unsurprising, given the strength of the rebound over the past three months and looming cuts to JobKeeper and JobSeeker.
Retailers facing further pain as turnover turns negative
Australia’s beleaguered retailers have been dealt another blow in August as cash-strapped shoppers cut back on their spending. Retail turnover fell 4.2 per cent nationally over the month, preliminary ABS data shows, with Victoria leading the falls with a 12.6 per cent decline. The rest of the country still suffered a 1.5 per cent drop in August, with household goods retailing taking the biggest hit.
Australian government urged to beef up AUSTRAC
The federal government is being urged to better arm its financial intelligence unit after leaked documents unearthed trillions of dollars in global money laundering. Documents from the US Financial Crimes Enforcement Network showed banks unwittingly helped criminals move $US2 trillion ($2.77 trillion) around the globe.
Famous names linked to shocking money laundering report
Banks worldwide are under fire for failing to stop more than $US2 trillion ($2.7 trillion) of suspicious money being funnelled through their systems. Leaked documents from the US Financial Crimes Enforcement Network (FinCEN) found 90 banks across the globe processed funds with possible ties to crime and corruption. And some of it traces back to Donald Trump’s associates. Paul Manafort Paul Manafort.
Demand for housing to plummet as population growth slows
Demand for new homes is tipped to plummet as international border closures decimate Australia’s population growth. New figures from the National Housing Finance and Investment Commission (NHFIC) show demand could fall by more than 200,000 dwellings in the next three years. The decline could be good news for renters, as it will force down inner-city rent prices. But a sustained torpor will weigh on the construction sector and add to the “recessionary forces” hammering Australia’s economy.
Federal government pledges $305 million to assist with child care
Parents looking to rejoin the workforce will have an easier time getting their children into care under a new $305.6 million support package. Child care centres will also receive direct financial support under the Child Care Recovery Package announced by federal Education Minister Dan Tehan. The additional funds have been welcomed by economists, but described as a “missed opportunity” to implement more valuable reforms.
“It’s the uncertainty that’s the killer”: Victorian businesses are having their government grant applications rejected without explanation
Section 8 in Melbourne's CBD. Source: Facebook. Victorian business owners have had their applications for government grants rejected without explanation as they fight to stay afloat during the extended lockdown. Slow communications, a lack of transparency, and poorly-designed application criteria are undermining the unprecedented support on offer. And owners claim it’s pushing their firms to the brink of collapse.
August labour force data delivers pleasant employment surprise
About 110,000 Australians found work between July and August as a majority of states began their return to a post-pandemic normal. Employment ticked up 0.9 per cent, according to the ABS’ August labour force figures. But the jump in new jobs did not match the lift in hours worked, which rose only 0.1 per cent in the same period of time. ABS head of labour statistics Bjorn Jarvis said the discrepancy was attributed to rapid growth in part-time work.
August labour force data delivers pleasant employment surprise
Roughly 110,000 Australians found work between July and August as a majority of states begin their return to normal. Employment ticked up 0.9 per cent according to the ABS’ August labour force figures. The jump in new jobs did not match the lift in hours worked, which rose only 0.1 per cent in the same period of time. Bjorn Jarvis, ABS head of labour statistics, said the discrepancy between hours and employment is attributed to the rapid growth of part-time work.
Victorian businesses locked in bureaucratic battle over grant money
Victorian business owners have had their applications for government grants rejected without explanation as they fight to stay afloat during the extended lockdown. Slow communications, a lack of transparency, and poorly-designed application criteria are undermining the unprecedented support on offer. And owners claim it’s pushing their firms to the brink of collapse.
‘Dinosaur policy’ to resurrect fossil fuels doesn't stack up
The federal government’s plan to build a gas-fired power plant has been slammed by energy specialists as a “ludicrous” waste of taxpayer money. Prime Minister Scott Morrison promised to build the station in the Hunter Valley if the private sector failed to deliver plans to bridge the shortfall created by the closure of the Liddell coal-fired plant in 2023. The oil and gas industry welcomed the plan and said it would provide consumers with affordable power “for decades to come”.
Super guarantee increases will lower age pension costs
Increasing super guarantee contributions from the current 9.5 per cent of wages to 12 per cent will ultimately save taxpayers money otherwise spent on pensions, new research shows. The super guarantee has already saved the federal budget $17 billion in 2020 – a figure that is expected to rise to $100 billion by 2058 based on analysis by Rice Warner.
‘Unsustainable path’: BP forecasts falling fossil fuel demand
Oil and gas giant BP has cast doubt on the future of the global fossil fuel industry and forecast global oil demand to decline from 2020 onwards. In its 2020 Energy Outlook report, the company warns that changing government policy and shifting consumer preferences will erode oil and gas’ share of overall energy generation. The findings come as the 111-year-old business sets out to ‘reimagine’ the oil and gas industry and become a net-zero emitter by 2050.
Australians pay up as pandemic loan deferrals end
Australians are beginning to repay deferred loans as the big four banks’ six-month ‘repayment holidays’ come to an end. More Australians began repaying their loans in July than asked for extensions, which industry commentators note is a promising sign for borrowers. But deferred loans still account for close to 9 per cent of total lending, with businesses hardest hit.
Healthy businesses under strain as new laws delay payment times
Struggling businesses are taking almost three times as long as normal to pay their bills – putting healthier firms at greater risk of collapse. The problem arose from changes to insolvency rules that gave faltering companies greater flexibility to delay making payments. Designed to keep businesses afloat during coronavirus lockdowns, the changes have provided a crucial lifeline to otherwise strong companies going through a temporary rough patch.
Charities slammed by triple threat as coronavirus damage takes its toll
Australians are among the most generous people in the world, but the nation’s charitable sector faces immense pressure from three coronavirus-linked challenges. Charities are preparing for a surge in demand as the mental and financial toll of the pandemic begins to weigh on Australians. But at the same time, donations and volunteer numbers are dwindling as struggling households understandably put their own needs first – leaving one in seven organisations at risk of collapse.
More Australians shunning credit cards as coronavirus fears takes hold
Australians paid off more than $750 million in credit card debt in July as households braced for the country’s first recession in close to three decades. Consumers have steadily turned away from credit cards over the past year, but the onset of the coronavirus pandemic has accelerated that trend. Now, cash-strapped households are taking advantage of tax returns and early superannuation withdrawals to pay down interest-accruing debts.
Australians miss out on billions as banks slash savings rates
Cuts to savings rates have cost retirees and young savers $1.6 billion in just six months, new research has found. Banks had cut the average savings rate to 0.65 per cent as of August 2020 – down from 1.15 per cent the same time last year – as they scrambled to cover the costs of a home loan price war. Research from consumer comparison site Mozo found Australian financial institutions have made 1736 cuts across all savings products since March 1.
Strong retail surge doesn't mean more jobs
Retail turnover climbed by over 3 per cent in July as shoppers took advantage of easing coronavirus restrictions across most of the country. Buoyed by JobKeeper and JobSeeker payments turnover lifted in every state except Victoria. But economists warn the sector remains volatile and could be negatively affected as stimulus measures are progressively unwound.
China squeezes barley exporter as tensions mount
Australia is on the brink of a trade war with China as both countries squeeze each other’s export markets for political gain. The latest strike from China saw customs authorities suspend imports from Australia’s largest grain exporter, the Co-operative Bulk Handling Group (CBH), over claims of excessive weed seeds in its product. CBH rejected the accusations, saying it had “not found any evidence” to support the claims and its shipments had “met all government phytosanitary export requirements”.
Businesses under mounting pressure to disclose JobKeeper spending
Businesses receiving taxpayer-funded wage subsidies are coming under fire for using the money to line executives’ pockets and pay out dividends to shareholders. Labor MP Andrew Leigh on Monday evening criticised several companies for paying out large bonuses despite receiving JobKeeper payments – prompting calls for greater transparency. But some of the firms have hit back, claiming their actions have been “mischaracterised”.
Deteriorating rental affordability renews calls for JobSeeker increase
Less than a thousand rental properties across the country are affordable to out-of-work Australians, new research shows. And with the official unemployment rate at 7.4 per cent and rising, advocacy groups warn that planned cuts to JobSeeker payments will force thousands to choose between food and shelter.
Cybercrime ramps up on small Australian businesses amid COVID-19
Ruthless computer hackers are increasingly targeting Australian businesses as the coronavirus pandemic forces companies to go digital. Sophisticated cyber attacks are jeopardising the future of businesses that Australians and the government have rallied behind through the global shutdown. Since early March, the Australian Cyber Security Centre (ACSC) has warned of a “significant increase” in attacks on businesses.
The ten household items Australians are keen to buy second-hand
With unemployment hurtling towards 10 per cent and wages growth stagnating, Australians are selling their old things for money. A new report from online second-hand marketplace platform Gumtree estimates Australia’s second-hand economy is worth an estimated $46 billion in 2020. That record-breaking figure is a full $3 billion more than any previous year on record, and comes as Australians take steps to pay off debts and recession-proof their finances.
Farmers in hot seat as Australia-China trade tensions increase
Australian farmers could be caught in the economic crossfire as new foreign relations policies risk worsening ties with China. If legislated, the new rules will give Foreign Minister Marise Payne the power to cancel agreements that state and territory governments enter into with foreign countries – and could cancel Victoria’s controversial One Belt One Road agreement.
Campers light a fire under Australia's struggling tourism sector
Adventurous Australians are taking a renewed interest in camping as international border closures force would-be travellers to holiday locally. Almost a week after Qantas said it was unlikely to resume international flights until July 2021, online retailer Payday Deals has published research showing a significant spike in outdoor equipment sales.
Seven West Media faces uphill battle after second year of losses
Seven West Media has ended a disastrous financial year with a $162 million loss, as the pandemic sends advertisers rushing for the exits. It marks the second consecutive year the business has failed to turn a profit, after losing $324.3 million in 2018-19, and comes amid ongoing cost-cutting programs spearheaded by managing director and CEO James Warburton.
Cheaper energy on the cards as pandemic burns fossil fuel industry
Australian energy bills are tipped to fall as the combined effects of coronavirus lockdowns and growing interest in renewables forces down wholesale costs. That’s good news for consumers, but bad news for fossil fuel power generators, who face collapsing revenues amid stiffer competition from their renewable rivals. Demand for energy in the 2019-20 financial year was 4.1 per cent lower than in the previous year, according to new data from research house IBISWorld.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Killian
Contact Killian, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack