From Australia’s rising inflation rate to renewable power station, we bring you a collation of key updates for July 2022.
Australia’s inflation rate reaches 6.1% – the highest since 1990
Australia’s inflation rate has hit a whopping high of 6.1%. It is the highest inflation rate in 21 years, which is a big hit to the nation’s cost of living.
As per the data released by the Bureau of Statistics (ABS), the consumer price index (CPI) rose by 1.8% in the June quarter, resulting in an increase in the annual inflation rate to 6.1%.
The Albanese government plans to deal with the economic challenges with a plan. Commenting on the challenges, Treasurer Jim Chalmers said, “We face economic headwinds. We face rising inflation. We face rising interest rates. There are real challenges there, but I’m comfortable that my government has a plan to deal with those challenges’’.
Law Firm Profitability 2022 Survey Results
The results for the fourth annual law firm profitability survey are out. The survey conducted by LawVision and Iridium Technology (now part of BigHand) is a deep-dive into law firm profitability, including various parameters, such as cost, utilisation, new talents, profit metrics, and so on.
Some key findings of the survey include:
- 66% of respondents are focusing on rates and pricing
- 60% of respondents said they are satisfied with their profitability
- 32% are focusing on utilisation
- 21% are addressing leverage
- 43% are introducing new profit metrics
- 39% are affirming educational initiatives among project priorities
- 43% emphasised client development and hiring lateral talent
Hybrid renewable power station to be built in South Australia
South Australia is soon to have its new hybrid renewable power station. As per reports, Ashurst has advised Vena about the developments required in this power station that is expected to generate electricity for 37000 homes.
It is expected to begin its commercial operation by 2023. The BESS can be used to smooth the operation of the solar farm and/or store solar energy for export when the sun isn’t shining. It is believed to be a great positive contribution to the stability and reliability of the national electricity grid.
Commenting on the deal, Ashurst stated, they were “excited to have advised Vena Energy on the development and financing of the Tailem Bend II Hybrid Renewable Power Station, including its ground-breaking capacity-based solar offtake and merchant BESS”.
$4m emergency package for Aboriginal families affected by Youpla funeral fund collapse
The Labor government has pledged an estimated relief fund of $4m for all the families struggling for their payout after the crash of insurer ACBF-Youpla earlier this year.
Under this federal government scheme, people who held policies with ACBF-Youpla as of 1 April 2020 will receive a payout for funeral expenses equal to the one they were originally promised by the company.
This is an interim measure to help the indigenous families that will be open until November 2023, while the government considers a permanent solution.
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