Casey EOFY Breakfast - Insights and Opportunities
At the recent Casey EOFY Business Breakfast, local business leaders gathered to explore the current economic landscape and what it means for Casey businesses. Keep reading to learn highlights from the panel of experts, Michelle Beadle of BJT Advisors, Helen Riddell of Invest Victoria and Trent Wilshire of The Grattan Institute:
Despite global uncertainty, Australia's fundamentals remain strong and businesses are making more considered decisions post-COVID.
Emerging opportunities lie in the defence sector, renewable energy (particularly onshore and offshore wind) and AI, which they praised for its streamlining benefits to help reduce your business’ costs. They recommended engaging an expert to help businesses navigate more complex AI integrations to make the most of its benefits.
“We heard that Victoria is Australia’s largest exporter of processed food and that currently, our food industry is thriving, with strong export performance and growing demand. This is great news for Casey, given our excellent transport links to Gippsland and Melbourne’s CBD.”
Spending trends show younger families, typically with mortgages, are tightening their belts, while older Australians, typically without mortgages, continue to spend, offering targeted opportunities.
Meanwhile, the job market is softening, making it easier to hire and retain staff. And Hybrid work is here to stay, with 30% of people now working from home.
When it comes to financial management, particularly as it relates to tax time, one message was clear: “Revenue is vanity, profit is sanity, but cash flow is reality.”.”
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