Australia to compete for international investments, what is the future of the country's Gig Workers, Freelancers, and Sole Traders?
A new parliament Act that would end Australia’s old free market policy while the Government is all set to overhaul the economy: What is the future of delivery, transport and other on-demand sole traders?
Industries need to be supercharged to boost the economy especially after the recent down time. Before the impact can reach traditional employees, sole traders, freelancers, independent contractors, and self employed professionals will have to navigate through unpredictable changes.
Let’s dive in first into insights on the government’s latest scheme -
Overhaul economy to focus on upscaling clean energy industries
Building a more resilient economy by pouring public money into manufacturing industries
Australia to directly compete with global partners in providing massive subsidies to emerging industries
New ‘Future Made in Australia’ Act to be passed this year, marking a departure from Australia’s existing free market policies on trade and investment
The scheme will be fully tax-payer funded to incentivise homegrown clean industries
Anticipating an overall increase in competition amongst international capital in Australian markets, especially in renewable energy manufacturing
What is shifting?
The top three industries contributing to the existing capital market are finance, professional services and manufacturing - including renewable resources and mining.
The ‘Future Made in Australia’ Act will initially pool taxpayers’ money to boost economic inflow in clean energy industries like biofuel, battery manufacturing, geothermal energy and more. Whichever international companies are appealed by this initiative would have to promise equally profitable investments.
Existing capital giants in the professional services sector and gig work platforms like Uber, finance and construction industry like Downer and Mirvac will be looking out for opportunities to cut above competition before other international competitors enter the market.
If you are a rideshare or delivery partner with Uber…
You will need to navigate through surge differently because Uber will turn more customer-centric to reduce competition
You will need to strategise your cash outs, service and tax charges apply on Uber driver or delivery partner earnings when you opt for instant cash outs
Uber might increase focus on their review-based system of prioritising drivers or partners with more stars
UberEats is already facing competition in local and home grown restaurant business who often use local delivery service providers, on-boarding more clients could effect competition amongst drivers on the platform, delivery charges and faster deliveries
If you are an accountant, independent or with a firm…
Rules and regulations are about for big changes since the decades-old open market policies on trade and investments would be replaced
New investors with different financial visions would enter the market given that clean industries are becoming the focus of public funding
Government bonds, mutual funds and other investments will undergo stages of development to fit the public port folio
Taxation would be updated for both traditional and self employed individuals
Big accounting firms will rely even more on automation given the sudden boom in the number of clients
If you are a sole trader on independent contractorship with one or multiple industries…
Taxation updates will affect your income pattern
Market trends will be unpredictable
Contract terms with any existing international client will be subject to updates after the Act is passed
You must keep an eye out for subsidies you might be eligible for as an ABN holder
Australia set to compete for international investments to increase economic stability, improve job markets and more (source: ET)
The Australian Gig Economy
An Act passed in the parliament will undoubtedly have a massive impact on the existing system and workforce. But more importantly the uneven ratio of gig workers to gig economy platforms will see a gradual progress towards healthy competition where self employed individuals do not find it challenging to make ends meet.
Although no fixed figures have been mentioned yet, Prime Minister Anthony Albanese has acknowledged that the government should “think differently about what government can - and must - do to work alongside the private sector to grow the economy, boost productivity, improve competition and secure our future prosperity.”
It’ll take time to solve all the problems, especially those faced by self employed individuals because the market is always rapidly changing. Don’t worry, we've got your back!
MyGigsters is not only set to revolutionise income, expense and tax management but also setting up our readers with the latest industry updates before everyone else. Subscribe to our exclusive newsletter for gig workers, freelancers and sole traders in Australia for free!
