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Forbes
07-08-2025
- Business
- Forbes
Job Market Reveals Growing Risks For Marginalized Workers, And The Entire Economy
How Labor Market Inequities Threaten Long-Term Prosperity for All, What Business Leaders and Policymakers Must Do to Address the Disproportionate Impact of Job Losses Based on the July 2025 jobs report and revisions to prior months, the softening of the U.S. job market poses growing challenges, especially for marginalized groups, exposing and exacerbating entrenched inequities. The July report showed a troubling increase in unemployment for Black workers, with the overall Black unemployment rate rising to 7.2%, and Black women experiencing unemployment at 6.3%, their highest rates since 2021. Notably, unemployment among Black men spiked significantly from 5.2% in May to 6.9% in July, illustrating a spreading distress that often starts with the most vulnerable groups and then extends wider in the labor market. Single mothers saw unemployment rise to 6.5%, a near four-year high, highlighting a clear gendered and caregiving dimension to job loss during a weakening economy. The labor market is not only softening, but doing so unevenly — with marginalized groups less shielded from the downturn and with fewer opportunities for recovery or advancement than their counterparts. Marginalized workers, particularly Black women and single mothers, are disproportionately affected by this downturn, compounding the 'last hired, first fired' dynamic and long-standing structural barriers. We see this acutely in this year's mass terminations among the federal workforce, which disproportionately affected probationary workers (typically newer hires), among whom women and people of color are overrepresented. For instance, women made up 72% of probationary workers in the Department of Education and 69% in Veterans Affairs, while people of color made up 65% of probationary workers in the Department of Treasury and 55% in Department of Housing and Urban loss of these jobs, and uncertainty on whether they will ever come back, given the gutting of many of these federal agencies, is a huge setback to economic equity, as public sector jobs have traditionally offered more accessible economic security and career mobility for Black communities. Compounding the issue, slow recovery in state and local government employment signals that these historically important avenues are no longer the steady pathway to middle-class life they once just the hit to government jobs, rising unemployment rates among marginalized groups often serve as an early warning signal for the broader economy because these workers typically occupy frontline, entry-level and lower-wage positions that are most sensitive to economic shifts. As layoffs and job losses mount in these groups, reduced consumer spending and weakened demand ripple outward, eventually impacting more privileged workers and sectors that depend on overall economic other words, when the most vulnerable among us lose ground, it is often a precursor to wider economic challenges that can disrupt prosperity across all demographics. Addressing inequities proactively not only supports communities hardest hit now, but also strengthens the resilience of the entire there are several steps both the private and public sector can take to remedy what's already been lost, and mitigate future leaders should:Policymakers should:The July 2025 jobs report reveals heightened vulnerability for marginalized groups who face intersecting economic pressures, from racial disparities in unemployment to caregiving burdens exacerbating job loss. Both immediate business actions and sustained policy interventions are essential to offset the disproportionate toll, ensure equitable access to opportunity, and prevent further widening of long-term economic it's frontline layoffs, public sector workforce cuts, or the steady drumbeat of rising joblessness among Black workers and single mothers, labor market trouble for marginalized groups is never just their story — it's the economy's story. These workers are often society's economic bellwethers. When their employment prospects worsen, it signals deeper fractures that, left unchecked, will eventually affect us all. Ignoring these early warning signs means not just failing the most vulnerable, but risking a broader economic downturn that harms even those who assume their jobs and finances are safe. If business leaders and policymakers read the writing on the wall now and act to shore up opportunity where it's eroding fastest, they won't just prevent further damage to marginalized communities — they'll strengthen the foundation for resilience and shared prosperity across the entire economy.
Scoop
02-08-2025
- Business
- Scoop
Imposing Sanctions On An International Procurement Network For Iran's UAV Program
July 31, 2025 The United States today sanctioned five entities and one individual based in Iran, China, Taiwan, and Hong Kong SAR that have been involved in the procurement of technology and equipment in support of Iran's unmanned aerial vehicle (UAV) program. Today's action supports President Trump's National Security Presidential Memorandum-2 to counter Iran's aggressive development of missiles and other asymmetric and conventional weapons capabilities. The United States will use all available means, including sanctions on entities based in third countries, to expose and disrupt Iran's schemes to procure equipment and items supporting its UAV program, which destabilizes the Middle East and beyond. The Department of Treasury's action was taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction (WMD) and their supporters.
Sydney Morning Herald
12-07-2025
- Business
- Sydney Morning Herald
Goodbye receipts, hello $1000: The future of tax returns is coming
If at this point you're freaking out and worrying that you're set to lose money or get a lower return than previously, fear not. If you are someone who claims more than $1000 in deductions come tax time (which is about 60 per cent of people), the current model will still be in place and little will change for you. Loading But make no mistake – this will be a big change for a huge chunk of people. According to the ATO, about 39 per cent of Australians claim less than $1000 in work expenses each year. In moving to an automatic deduction model, the government estimates it could simplify the tax process for 5.7 million people – the vast majority of whom (88 per cent) have a taxable income of $135,000 or less. For its part, the ATO estimates the move to an automated model won't just make the historically confusing and time-consuming process easier, but also much faster. So much so that this method would require just six steps, meaning you could comfortably lodge a return in under half an hour and still get the same return you otherwise would. By all accounts, that sounds pretty good to me. But even though this might be the first time you're hearing about it, the idea of automated deductions isn't itself new. In fact, it was first raised by former Treasury secretary Ken Henry all the way back in 2010. Fifteen years ago, Henry and the Department of Treasury noted: 'For many people, the personal tax system is complex not only because of the rates scale and the lack of a coherent definition of taxable income, but also because they must deal with a large suite of complex dedication rules, numerous tax offsets and a variety of exempt forms of income.' The complexity Henry spoke of also points to a bigger issue at play, which is the number of Australians paying professionals to help them lodge their annual tax returns. Don't get me wrong, there are lots of legitimate reasons for needing, or wanting, to pay someone to help you ensure you not only lodge your tax statement correctly, but that you maximise your potential return. If you work several jobs, are self-employed, or receive income from investments, for example, a tax specialist can be of great help. But for the average worker who has a single source of full-time employment and wants to claim standard deductions, even if they are more than $1000, a tax agent simply isn't needed any more. And yet, the ATO says, of the 15.7 million returns lodged last year, 60 per cent (9.5 million) were lodged by tax agents. If using an agent guaranteed us all mega-returns beyond our wildest dreams, maybe it would be worth it. But the average return for the same financial year was about $2900, and the average fee for a tax accountant ranges anywhere from $100 to $500. Yes, there are still many complexities in our tax system, and it can be confusing to navigate. But spend five minutes on the ATO app or their online myTax tool, and you'll see that a once overly complicated process has become a lot easier and much more streamlined. What's more, the ATO has gotten a lot better at auditing claims thanks to AI and data matching tools. Every year, the Tax Office is auditing people more regularly and consistently, and finding bogus claims – like the truck driver who tried to claim a pair of Speedos, or the mechanic who tried to claim a gaming console and TV (among other things). If you're among the small fraction of people who treat deductions like a sport of what you can get away with, things are only getting tougher. But if you are among the 39 per cent of Australians who claim less than $1000 in deductions, things are set to become a lot easier (and merrier). Victoria Devine is an award-winning retired financial adviser, bestselling author and host of Australia's No.1 finance podcast, She's on the Money. She is also founder and director of Zella Money.
The Age
12-07-2025
- Business
- The Age
Goodbye receipts, hello $1000: The future of tax returns is coming
If at this point you're freaking out and worrying that you're set to lose money or get a lower return than previously, fear not. If you are someone who claims more than $1000 in deductions come tax time (which is about 60 per cent of people), the current model will still be in place and little will change for you. Loading But make no mistake – this will be a big change for a huge chunk of people. According to the ATO, about 39 per cent of Australians claim less than $1000 in work expenses each year. In moving to an automatic deduction model, the government estimates it could simplify the tax process for 5.7 million people – the vast majority of whom (88 per cent) have a taxable income of $135,000 or less. For its part, the ATO estimates the move to an automated model won't just make the historically confusing and time-consuming process easier, but also much faster. So much so that this method would require just six steps, meaning you could comfortably lodge a return in under half an hour and still get the same return you otherwise would. By all accounts, that sounds pretty good to me. But even though this might be the first time you're hearing about it, the idea of automated deductions isn't itself new. In fact, it was first raised by former Treasury secretary Ken Henry all the way back in 2010. Fifteen years ago, Henry and the Department of Treasury noted: 'For many people, the personal tax system is complex not only because of the rates scale and the lack of a coherent definition of taxable income, but also because they must deal with a large suite of complex dedication rules, numerous tax offsets and a variety of exempt forms of income.' The complexity Henry spoke of also points to a bigger issue at play, which is the number of Australians paying professionals to help them lodge their annual tax returns. Don't get me wrong, there are lots of legitimate reasons for needing, or wanting, to pay someone to help you ensure you not only lodge your tax statement correctly, but that you maximise your potential return. If you work several jobs, are self-employed, or receive income from investments, for example, a tax specialist can be of great help. But for the average worker who has a single source of full-time employment and wants to claim standard deductions, even if they are more than $1000, a tax agent simply isn't needed any more. And yet, the ATO says, of the 15.7 million returns lodged last year, 60 per cent (9.5 million) were lodged by tax agents. If using an agent guaranteed us all mega-returns beyond our wildest dreams, maybe it would be worth it. But the average return for the same financial year was about $2900, and the average fee for a tax accountant ranges anywhere from $100 to $500. Yes, there are still many complexities in our tax system, and it can be confusing to navigate. But spend five minutes on the ATO app or their online myTax tool, and you'll see that a once overly complicated process has become a lot easier and much more streamlined. What's more, the ATO has gotten a lot better at auditing claims thanks to AI and data matching tools. Every year, the Tax Office is auditing people more regularly and consistently, and finding bogus claims – like the truck driver who tried to claim a pair of Speedos, or the mechanic who tried to claim a gaming console and TV (among other things). If you're among the small fraction of people who treat deductions like a sport of what you can get away with, things are only getting tougher. But if you are among the 39 per cent of Australians who claim less than $1000 in deductions, things are set to become a lot easier (and merrier). Victoria Devine is an award-winning retired financial adviser, bestselling author and host of Australia's No.1 finance podcast, She's on the Money. She is also founder and director of Zella Money.
West Australian
08-06-2025
- Business
- West Australian
Celebrating WA's best in property development
Nominations are now open for the 2025 UDIA WA Awards for Excellence, offering a chance to spotlight the best in Western Australia's urban development sector. These prestigious awards honour standout projects, teams and individuals who are shaping the future of our communities through innovation, sustainability and thoughtful design. For homebuyers, the awards are a helpful guide to high-quality residential developments, helping you to find a home suiting your needs in a thriving community. The program is widely recognised as the industry's top accolade, making it easier to identify outstanding housing options across Perth, the Peel region and regional WA. The awards feature categories reflecting the full range of lifestyle and location choices available to WA buyers. From masterplanned communities and new residential subdivisions to medium-density townhouses and high-rise apartment living in established suburbs, the program highlights excellence at every scale. These are projects which go beyond the basics and deliver exceptional community facilities, social infrastructure and sustainable design. The program's highest honour is the Russel Perry Award for Urban Development Excellence. In 2024, this award went to Curtin Heritage Living for its Cottesloe redevelopment. This winning project includes Marine Views Cottesloe, which comprises a 128-suite state-of-the-art aged care home with world-class design and technology, as well as Waterfront Cottesloe featuring 76 luxury independent living apartments and beautifully curated shared spaces. Award winners at the state level have the opportunity to go on to represent WA nationally, where they have consistently shone. At the 2025 UDIA National Awards for Excellence held earlier this year, Curtin Heritage Living again took top honours in the Seniors Living category. WA also saw strong individual recognition, with the Department of Treasury – Housing Supply Unit Director Emma Colombera receiving the Women in Leadership Award. Construction Training Fund, under the leadership of Construction Training Fund CEO Tiffany Allen, was honoured with the Diversity in Development Award for the organisation's strong commitment to inclusion in the industry. Nominations for this year's UDIA WA Awards for Excellence close at the end of June. A Nominated Projects booklet will be released shortly after, showcasing all entries. Winners will be announced at the gala dinner in September, where the awards program will celebrate its 30-year anniversary in WA. Homebuyers are encouraged to explore past award-winning projects on the UDIA WA website for insights into some of our state's most inspiring developments.
