Australia’s farm sector is approaching the end of the year with a hint of improving optimism as rural confidence levels nudge slightly higher in the latest quarter.

The Q4 Rabobank Rural Confidence Survey, released today, found net level farmer confidence across the nation edged up marginally, after having dropped to the fourth lowest level in the survey’s history in the previous quarter.

Sentiment was mixed across the nation, with Victoria, Western Australia and Tasmania reporting lower farmer confidence levels. But this was offset by an improved outlook reported by primary producers in New South Wales, South Australia and Queensland.

Overall, expectations around commodity prices were cause for optimism among those farmers with a positive outlook – particularly in the dairy and sugar sectors – while good seasonal conditions were nominated as a driver of confidence by 30 per cent of farmers expecting the agricultural economy to improve in the coming 12 months.

However, worries about the softening of commodity prices – as well as the spectre of drought, with an El Niño now declared – were also the key factors weighing on rural sentiment, for those farmers looking ahead with a pessimistic view.

The latest survey, completed last month, found 14 per cent of Australian farmers were now expecting the agricultural economy to improve in the next 12 months, up from 10 per cent with that view last quarter, while 27 per cent expected economic conditions to remain stable.

The largest percentage of farmers though (55 per cent) still anticipate economic conditions will worsen. And this had also risen (from 51 per cent the previous quarter). More farmers put down their negative outlook to softer commodity prices (64 per cent, up from 60 per cent) and worries about drought (45 per cent, was 32 per cent).

However, concerns around overseas markets/economies and rising interest rates lessened.

While commodity prices were also the dominant cause for optimism for those farmers with a positive outlook on the year ahead (nominated by 61 per cent), these producers were also hanging their hopes on a better season (30 per cent, up from 19 per cent in the previous survey). 

Rabobank group executive for Country Banking Australia, Marcel van Doremaele, said this reflected the mixed seasonal conditions experienced across the nation.

“The anticipated – and later declared – return to El Niño conditions had dampened spirits in our quarter three survey,” he said.

“Since then, climate-wise we’ve seen a range of conditions around the country with everything from severe bushfires, to damaging summer storms, to heat events, to welcome rain for some areas offset by ongoing dry conditions elsewhere,” he said.

“Western Australian, Victorian and Tasmanian farmers, in particular, are assessing the fall out of a very dry finish to spring. Many South Australian producers had a better-than-anticipated harvest result, although some did have to contend with late frosts and summer hailstorms, and now heavy early December rainfall.

“This was offset by a general lift in farmer confidence in New South Wales on the back of recent rainfall in central and northern parts of the state after a very dry run. Drought remains the chief concern in Queensland although there has been useful – albeit patchy, summer storms.”

Put together, Mr van Doremaele said, these seasonal signals had buoyed the sentiment of those fortunate enough to receive beneficial rain, but intensified concerns about a dry year ahead for others.

Lower commodity prices remain top-of-mind for livestock producers nationally, especially for beef producers, albeit with some strength returning to the market in recent weeks.

Mr van Doremaele said these seasonal and market factors had worked in tandem – compounded by increased global supply – to contribute to a forecasted drop in value of Australian agriculture production for 2023-24.

“Drier conditions during the El Niño period will impact the record-high crop production levels seen in 2022-23, and Australian crop production values are expected to fall by $12 billion in 2023–24, according to ABARES. Livestock production values are also forecast to decline, based on recent market conditions.”

States

New South Wales was one of three states this survey reporting an improvement in farmer confidence. There was increased concern about drought (although this is expected to be alleviated in the areas which received good rainfall following the survey period), but NSW farmers were optimistic that commodity prices have finally reached the bottom and are set for a turn-around.

Also holding a more optimistic outlook were South Australian farmers, as they moved away from the uncertainty of spring, got a handle on the 2023 harvest and set their hopes on an end to the downward cycle of livestock prices.

The lift in confidence was more marginal in Queensland – with the state’s farmers reporting a slight uptick in optimism, supported by hopes of a good season.  

The other three states recorded a drop in farmer confidence.

Leading the way was Tasmania, where rural sentiment fell to a survey-low level. There was heightened concern about the double-whammy of falling commodity prices and poorer weather conditions, with seasonal concerns nearly doubling from last quarter.

Victorian farmers also continue to take a more negative outlook on agribusiness conditions. Mr van Doremaele said while predictions of potentially drier seasonal conditions had contributed to the decline in sentiment among the state’s farmers, many parts of Victoria have enjoyed a good to average season. 

The decline in farmer confidence in Western Australia was found be primarily on the back of mixed seasonal conditions and lower commodity prices coming off two previous record years, and uncertainty about the future of the live export market was also weighing on the state’s rural sector.

Commodities

“Although commodity prices paired with seasonal concerns are the underlying drivers of sentiment this quarter, drilling down into individual commodities reveals the diversity of market conditions facing Australian farmers,” Mr van Doremaele said.

Confidence in the grain sector dipped this quarter, with nearly half of growers now expecting conditions to worsen (was 43 per cent).

“This is where global factors really hit home for Australian growers, as the supply-demand tussle for grains and oilseeds are better balanced than the previous two seasons, pushing prices relatively lower,” Mr van Doremaele said.  Though local grain prices remain well supported, he said.

After a tough run for Australia’s sheep producers, Mr van Doremaele said, confidence was shown to be starting to improve in the sector in the latest survey.

“We can thank rainfall events across the east coast for an improvement in markets as producers have more confidence to retain stock after a period of destocking,” he said.

“Improved feed availability prospects have increased demand pressure, especially for lighter stock. However, this price rise is expected to be tempered with the seasonal influx of stock into the market, through summer and into autumn.

“Wool producers also face a market which continues to stabilise against the bearish demand backdrop.”

The Australian beef sector experienced a shift the other way, with confidence deteriorating this quarter after considerable price decline over the course of the year, albeit with a turnaround underway since November.

While most drivers of sentiment were unchanged this quarter for beef producers, there was an increase in concern voiced about drought.

“It really is a case of ‘just add rain’,” Mr van Doremaele said. “We’ve seen the influence of producer sentiment on the market this month. Although the rain which has fallen over eastern and northern Australia over the past weeks was too late to influence beef sector confidence in the latest survey, it has corresponded to a larger jump in cattle prices – particularly young store stock.

“Hopefully this improves producer outlook, especially if there is timely follow-up rain.”

Despite strong milk prices – supported by marginally-higher production this year – dairy farmers were more pessimistic this quarter, with more than half of respondents expecting conditions to worsen.

Cotton growers were among the least optimistic this survey, with net confidence falling from five per cent last quarter well into negative territory (-38 per cent).

“Continued weakening global demand outlook for cotton, coupled with improvement in supply forecasts, have taken the spring out of the market that was seen in recent months,” Mr van Doremaele said.

Sugar growers’ sentiment improved in the quarter, primarily fuelled by positivity about high commodity prices.

Farm Sector Investment

Mr van Doremaele said the forecast drop in value of Australian agriculture production for 2023-24 will see farmers continue to tighten their belts when it comes to financial decisions.

Income expectations are down across the board with just 11 per cent of farmers surveyed expecting their incomes to increase in the coming 12 months (down from 14 per cent with that view in the previous quarter) and 66 per cent expecting their incomes to decrease (from 54 per cent last survey).

“As production values fall, so do farm incomes, and we see this play out in farmers’ investment intentions,” Mr van Doremaele said.

​While 15 per cent of respondents still intend to increase investment in their farm businesses (unchanged quarter-to-quarter), more will look to decrease investment over the next year (29 per cent, down from 22 per cent last quarter).

For those who are planning to up their investment levels, there was a move away from building on-farm infrastructure such as yards, silos and fences – dropping from 67 per cent to 52 per cent – and fewer also plan to invest in increasing labour (14 per cent, was 20 per cent).

Forecast dry conditions pumped up enthusiasm to invest in irrigation/water infrastructure – nominated by 38 per cent of farmers with an increased appetite to invest (up from 27 per cent last quarter).

“Farmers have been increasingly cautious on all spending – taking into account reduced incomes and seasonal conditions – and are focusing investment on essential activities, such as infrastructure and technologies, which will help drought-proof their businesses,” Mr van Doremaele said.

With reduced cashflow, an increasing number of farmers expect to borrow more in the coming year (30 per cent, up from 18 per cent).

This debt is earmarked for working capital, with this purpose nearly doubling from 30 per cent to 57 per cent of those farmers who are borrowing more.

Far fewer farmers are looking to invest their additional borrowings in on-farm capital (19 per cent, down from 42 per cent) and there was reduced appetite to purchase property to expand operations (14 per cent of those who are borrowing more, down from 20 per cent).

Despite another rate rise during the survey period, Australian farmers reported being less worried about rising interest rates, with only 13 per cent of those with a pessimistic outlook on the year ahead nominating interest rates as a factor of concern, compared with 17 per cent the previous quarter. A comprehensive monitor of outlook and sentiment in Australian rural industries, the Rabobank Rural Confidence Survey questions an average of 1000 primary producers across a wide range of commodities and geographical areas throughout Australia on a quarterly basis. The most robust study of its type in Australia, the Rabobank Rural Confidence Survey has been conducted since 2000 by an independent research organisation.

Following the Bureau of Meteorology issuing an El Niño watch for the upcoming months, energy retailer Blue NRG is recommending some simple changes to reduce energy costs ahead of the summer season.

Hotter and drier-than-expected weather generally drives up electricity demand as more households and businesses turn on energy-intensive appliances such as air conditioners.

This change in the weather means there is a tighter balance in the supply and demand of electricity, which leads to an increase in the average spot price of electricity.

General Manager of Blue NRG, Duncan Jacklin, says that businesses should be more mindful of when they are using these high-energy intensive, temperature cooling appliances to avoid high electricity bills this summer.

“In the heat of the summer, it’s easy to lose track of how much energy you’re consuming on a day-to-day basis. Yet, it’s in these times that businesses must be most aware of their energy habits to mitigate unnecessary costs,” Duncan said.

According to AEMO data from last summer’s energy usage, the wholesale electricity price between 8 am and 2 pm in Queensland last summer averaged around one-third of the average December 2022 – February 2023 summer price. Whilst the wholesale prices in the evening peak times between 6 pm and 8 pm averaged more than twice the average summer price.

The Historical AEMO ( Australian Energy Market Operator)  data can be accessed publically here;_https://aemo.com.au/en/energy-systems/electricity/national-electricity-market-nem/data-nem/aggregated-data

An easy way for businesses to combat high costs is to implement Blue NRG’s Energy Management System (EMS), which helps users understand their energy usage and empowers them to reduce their energy consumption. This means that users can schedule appliance run times to take advantage of lower rates, automate the shift of energy usage to lower cost periods, and optimise solar power benefits.

Utilising an EMS can also help businesses keep track of their energy usage through the Insights tool that allows for centralised control and monitoring, enhancing their ability to reduce overall costs.

“Our number one priority is to help our customers save on their energy bills, and employing our EMS is an easy and effective way for us to do that,” Duncan said.

Simple changes to reduce energy costs:

• Adjust Thermostat Settings:

Raise the thermostat temperature during working hours when the building is occupied.

Ensure that the thermostat is set to a comfortable but not overly cool temperature.

• Regular HVAC Maintenance:

Schedule regular maintenance for heating, ventilation, and air conditioning (HVAC) systems to ensure they operate efficiently.

Replace air filters regularly to maintain optimal airflow.

• Use Programmable Thermostats:

Install programmable thermostats to automatically adjust temperatures based on occupancy and working hours.

• Install Solar Panels:

Consider installing solar panels to harness renewable energy and offset electricity costs. Blue NRG can assist with site analysis and feasibility study.

• Energy-Efficient Lighting:

Replace incandescent bulbs with energy-efficient alternatives like LED lights.

Turn off lights in unoccupied areas and use natural light whenever possible.

• Use Energy-Efficient Cooling Systems:

If feasible, invest in energy-efficient HVAC systems that use less energy to cool the same space.

• Upgrade to Energy-Efficient Appliances:

Invest in energy-efficient office equipment and appliances, such as ENERGY STAR-rated devices.

• Seal Leaks and Insulate:

Ensure that windows and doors are properly sealed to prevent cool air from escaping and hot air from entering. Proper insulation can also help maintain a comfortable temperature inside the building.

• Encourage Energy-Saving Habits:

Educate employees about the importance of energy conservation and encourage simple habits like turning off lights and equipment when not in use.

• Implement a Remote Work Policy:

Consider allowing employees to work remotely during the hottest parts of the day, reducing the need for air conditioning.

2023 was THE year of the small businesses on TikTok. Thanks to trending hashtags like #SMB and #SmallBusiness, we discovered business owners like Yasmin Brisbane – a camel farmer from the Sunshine Coast and Tim the Lawnmower Man – who provides free ‘Random Acts of Mowing’ to Sydney locals needing a helping hand.

Today, TikTok has unveiled Year on TikTok 2023, a year-end report that looks back on these inspiring stories of small businesses and creators along with the year’s most memorable trends and moments in Australia and around the world.

List of the most beloved Australian small businesses on TikTok that inspired us in 2023:

Australia

1. @dimsimlim – Move over Belfort; this is the real ‘Wolf of Wok Street’.
2. @yasminbrisbane – Did you know camels respond to their own names?!
3. @sarahemiliaofficial – These transformations will have you calling your hairdresser and demanding a refund. Based near Bondi? Treat your hair to a trip to TikTok’s Business of the Year 2023.
4. @brittney_saunders – From influencer to CEO, meet the beauty (and brains) behind your favourite brands.
5. @timthelawnmowerman – The grass is always greener… if Tim pays a visit. This generous firefighter provides free ‘Random Acts of Mowing’ to those who need a helping hand within the Aussie community.

This year, we’ve also seen TikTok creators driving impact on and off the platform. From the iconic #TubeGirl aka Sabrina Bahsoon (@sabrinabahsoon), who went on to score big brand deals, to @biteswithlily sharing the top food spots around Australia – the global TikTok community of over a billion people elevated and celebrated those who captured our collective imagination. You can check out the full Year on TikTok 2023

Shippit, has announced it has enabled Apple Wallet Order Tracking, which allows shoppers to seamlessly track online orders and receive real-time delivery notifications, securely and privately in Apple Wallet.   

The integration of Apple’s Order Tracking solution will enable thousands of Shippit retailers to provide their customers with simple, secure and convenient delivery updates and order tracking.  

“Retail delivery anxiety is real,” said Inga Latham, Chief Product Officer at Shippit. “The volume of retail purchases that are made online has grown steadily over the last five years, and we expect it to grow exponentially over the next 10-20 years. The integration of Wallet Order Tracking represents an opportunity for us to further reduce pressures on retailers that are fielding a torrent of calls and emails from customers, by proactively alerting consumers with real-time delivery information to their iPhone. Consumers today demand transparency and convenience, and through this integration, we’re continuing our mission to deliver that.”   

“Shippit pioneered the standardisation of delivery notifications in Australia via SMS and email back in 2014 through our trusted tracking solutions,” continued Latham. “But, this integration now allows retailers on our platform to offer peace of mind and build greater trust with their customers through the added security and privacy of Apple Wallet. Everything we do is to reduce friction between retailers, shoppers and carriers to ensure better delivery experiences, and today is an exciting example of that commitment.”  

By simply clicking the ‘Track with Apple Wallet’ button within email notifications from a merchant who has enabled Apple Wallet Order Tracking, shoppers can seamlessly track orders by adding them to Apple Wallet. If they make a purchase using Apple Pay, their order will be automatically added to their Wallet at the point of order confirmation, and they will receive notifications whenever there’s an update about their order status. 

Apple Wallet Order Tracking Benefits include: 

• Ease and convenience: all orders can be viewed in one place, meaning no more scrolling through old tracking emails or even needing to enter a tracking number when using Apple Wallet to track an order. 
• Real-time delivery updates: Tracking orders within Apple Wallet offers shoppers peace of mind by proactively pushing shipment notifications to their iPhone. 
• Privacy of online shopping activity: with Apple Wallet Order Tracking, orders are end-to-end encrypted between the user’s device and the merchant, so Apple cannot see any details about the purchase.  

“Enabling Apple Wallet Order Tracking is a great next step in the evolution of Shippit’s leading delivery platform,” said Mark Teperson, CEO & Managing Director, from Baby Bunting. “When our customers order from us, they not only expect that they will get an amazing product, but it will be in their hands when we promise it to arrive. This is especially true for expecting and new parents – so we’re excited to be able to offer this transparent and easy-to-use tracking solution to our customers.”  

Emily Anders, Head of Digital, from R.M.Williams added: “We are continually looking at ways to innovate and differentiate not only our digital and in-store experience, but the last mile experience too. For our customers, an iconic R.M.Williams boot is a meaningful purchase, and we want a delivery experience that matches that. Through Shippit’s integration of Apple Wallet Order Tracking, we’re now able to provide the convenient, transparent and timely delivery that our customers deserve.”

Since 2021, over $9.4bn worth of e-commerce orders have been fulfilled through Shippit’s platform on behalf of thousands of retailers, including Kmart, Baby Bunting, Harvey Norman, Accent Group, and Temple & Webster. 

For more information about Shippit and Apple Wallet Order Tracking, visit https://www.shippit.com/apple-ordertracking/.  

Epson has launched two new mono WorkForce Pro printers, the single function WorkForce Pro WF-M5399 and multifunction WF-M5899, that use high-capacity ink packs to provide fast and reliable environmentally conscious A4 printing and scanning.

The single function WorkForce Pro WF-M5399 and multifunction WF-M5899 are printers for busy workgroups and thus engineered for reliability. With a recommended monthly page volume of 5,000 pages, these workhorses are the ideal match for today’s business world.

Replacement ink packs let users print up to 40,000 ISO pages¹ without the need to intervene. The 40,000 ink yield does not only improve productivity in the office resulting in less downtime due to ink changes, but the high ink yield also reduces landfill waste over the life of the product. This is a real bonus for any business looking to improve on its corporate social responsibility.

The two new models also help improve productivity with great improvements in single-sided and double-sided scanning speeds and double-sided printing.

Featuring an 1,830-sheet capacity² with three optional trays, a print speed of 25 ISO ppm^† black and no warmup time, the WF-M5399 and WF-M5899 help keep business moving without slowing the office down.

Powered by advanced PrecisionCore Heat Free^® technology, the WF-M5399 and WF-M5899 also offer low power consumption. Plus, there are significant cost savings by using replacement ink packs as opposed to laser toner.

Then the option of three additional paper trays also helps each device print for longer before paper replenishment is required and doubling the durability of the devices over the WF-M5299 and WF-M5799 which it supersedes, gives piece of mind for any business looking for additional cost efficiencies.

A 4.8 second initial page out time also means that there is less waiting for documents, resulting in more time working on what is important to your business.

As with all Epson business inkjet printers, there is no heat produced and no warmup times due to the use of Epson’s patented and award-winning eco-friendly PrecisionCore technology.

The WF-M5399 and WF-M5899 are designed with a very low TCO (total cost of ownership) in mind. By accounting for the cost of the hardware over the life of the product, these efficient new printers are ideal for small workgroups with a large print volume.

A range of software and tools provide secure print options, efficient scanning and help managing devices remotely. Then with their smartphone inspired user interface and touchscreens, printing from mobile devices is also supported with both WF-M5399 and WF-M5899 being particularly intuitive to operate.

Epson WorkForce Pro WF-M5399 and WF-M5899 key features

• Replacement ink packs print up to 40,000 ISO page¹ black

• Recommended monthly page volume of 5,000 pages

• Low power consumption

• 25 ISO ppm black^†; fast first page out

• Epson Open Platform capability for Epson Print Admin — supports PCL⁵ and PostScript® ³™

• Enabled for remote printer data collection — compatible with MPS software solutions from PrintFleet^®, ECI FMAudit^® and more

• Security features — PIN number certification for job release; user control access; printer and network settings via Web Config with printer’s IP address; SSL/TLS security; IPsec

• Designed for use exclusively with Epson ink packs*

Availability

The WorkForce Pro WF-M5399 and multifunction WF-M5899 printers available now at www.epson.com.au and via all authorised Epson resellers and partners for an RRP of AUD$550.00 inc. GST and $899.00 inc. GST.

For more on the Epson WorkForce Pro WF-M5399 and multifunction WF-M5899 printers go to: https://www.epson.com.au/products/printers_For_Business/

According to Gartner, organisations must act now to capitalise on positive employee developments next year. Aaron McEwan, VP Research & Advisory, Gartner, shares the top five Australian workplace trends leaders need to know about for 2024.

Australian workplace trends for 2024

1. The end of the wellbeing crisis  

According to Gartner’s Q323 Global Talent Monitor (GTM) survey, overall employee wellness is beginning to stabilise at 29.4 per cent. This indicates that the wellbeing crisis faced by Australian employees is easing.  

“Over the past 12 months, HR teams have played a significant role in supporting mental health in the workplace. These efforts are starting to pay dividends as employees respond to initiatives implemented to enhance their wellbeing,” says McEwan. 

A 2023 Gartner candidate survey shows more than half (56 per cent) believe the experience they have in a role is just as important to their job satisfaction as compensation and benefits.  

With this in mind, McEwan recommends organisations continue to prioritise employee wellbeing and shift towards preventative measures that ensure the ongoing safety and support of workers in 2024.  

2. Embracing Generative AI  

According to a recent Gartner survey, 39 per cent of HR leaders believe their workforces will experience disruption in the next two to five years through the adoption of generative AI as organisations move beyond investigating what is possible with the technology to how they will effectively use it.  

“Accelerated investment cycles in generative AI, combined with pre-existing labour market shifts, have renewed debate on the future workforce in Australia — which jobs and roles are at risk and what to do about it,” says McEwan.  

“Next year, leaders will shift focus towards making work more manageable to augment their workforces rather than replace them. The aim will be to reduce resource-intensive processes, eliminate mundane tasks and reimagine employees’ relationship with their work to make them more productive.” 

In 2024, McEwan recommends leaders understand the value of generative AI — and AI technologies more broadly — to appreciate its use cases and its effects on HR and the entire workforce. 

3. Productive employee monitoring 

The Fair Work Commission’s decision to uphold the dismissal of an employee after technology detected misconduct sparked a fury of interest in the rights of employers and employees where workplace monitoring is concerned. 

Gartner’s 2023 Employee Perspectives on the Future of Work Survey reveals 67 per cent of employees are more than willing to share their data with their employer if it will contribute to better experiences at work.  

“Instead of monitoring employees, leaders should consider how they can use employee data to create a more positive work environment. Gartner research reveals a third of employees would share their personal data if it meant gaining support to find information to complete a task,” says McEwan.  

McEwan also warns leaders must be prepared to address negative employee sentiment that is set to rise in the next 12 months: 

4. Online action from employees will increase 

In an age of radical transparency, the behaviours of Australian employers are under more scrutiny than ever. Collective action from employees, particularly on social media, has escalated significantly.  

“There’s an increase in anti-work trends, including the TikTok hashtag #worktok, where employees describe their annoying co-worker’s habits, question management choices and even livestream resignations,” says McEwan. 

In 2024, organisations should consider how they make moments of connection to address issues before employees feel the need to share them on social media and potentially do serious long-term damage to their reputation and brand. 

5. Focus on performance management  

According to Gartner’s 3Q23 GTM survey, only 23.5 per cent of Australian employees are considered to be highly engaged at work, with a meaningful connection to their job. 

“The Great Resignation is ending, and many employees are choosing to stay with their current employer for financial stability. A certain level of turnover can be healthy for organisations, but without it, workplaces can face the challenge of managing an unmotivated and disengaged workforce,” says McEwan. 

To maintain high levels of discretionary effort in 2024, leaders should prioritise the setting of personal KPIs and objectives to keep individuals and teams motivated.   

Source: Gartner top Australian workplace trends for 2024

New research from Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, suggests that organisations are feeling the pressure to rush into generative AI (GenAI) tool usage, despite significant security concerns. According to its latest survey “All eyes on GenAI-related security”, although 85% of Australian and New Zealand (ANZ) organisations consider GenAI tools like ChatGPT to be a potential security risk, 97% are already using them in some guise within their businesses.  
 
Understanding the risk, 70% of ANZ organisations are monitoring the usage of GenAI tools, with the survey revealing ANZ is leading the way in GenAI security with 85% of organisations implementing GenAI-related security measures. Globally, over two-thirds (66%) of organisations have implemented security measures with an additional 31% planning on adding measures to protect critical data. 

“GenAI tools, like ChatGPT, offer ANZ businesses the opportunity to improve efficiencies, innovation and the speed in which teams can work but we can’t ignore the potential security risk of some tools, especially in light of the recently announced 2023 – 2030 Australian Cyber Security Strategy,” said Heng Mok, Chief Information Security Officer, Asia Pacific and Japan at Zscaler. “In accordance with cybershield #2 on promoting the safe use of emerging technology such as GenAI, it is very encouraging to see that IT teams in ANZ are already cognizant of the risks and are monitoring usage and implementing security measures to ensure their data and customers data is secure.”  

The rollout pressure for AI tools isn’t coming from where people might think, however, with the results suggesting that IT has the ability to regain control of the situation. Despite mainstream awareness, it is not employees who appear to be the driving force behind current interest and usage – only 12% of ANZ respondents said it stemmed from employees. Instead, 51% said usage was being driven by the IT teams directly.  

“IT teams leading the charge when it comes to GenAI should be reassuring to ANZ business leaders,” Heng Mok added. “It demonstrates ANZ organisations are using AI tools with security considerations being top of mind, with the fast-paced nature of GenAI it is essential that businesses continue to prioritise educating employees and implementing security measures in response to rapidly changing technologies while enabling the business.”  

With 45% of ANZ respondents anticipating a significant increase in the interest of GenAI tools before the end of the year, organisations that have not implemented security measures need to act quickly to bolster the gap between use and security. 

Steps business leaders can take to ensure GenAI-related security use in their organisation :  

• Develop an acceptable use policy on GenAI 
• Implement a holistic zero trust architecture to authorise only approved AI applications and users. 
• Conduct thorough security risk assessments for new AI applications to clearly understand and respond to vulnerabilities. 
• Establish a comprehensive logging system for tracking all AI prompts and responses. 
• Enable zero trust-powered Data Loss Prevention (DLP) measures for all AI activities to safeguard against data exfiltration. 

Not-for-profit organisation EACH, has been selected as a CommBank Next Chapter Innovation Partner, in a bid to tackle financial abuse within Australian small businesses.

Financial abuse in small business is a serious form of family violence and is one of the most powerful ways an abuser can keep a partner or family member trapped in an abusive relationship. However, this form of family violence continues to fly under the radar.

Victims of financial abuse in small business are often turned away for support, with a severe lack of pathways for resolution. Consumer protections, tax, and corporate legislation do not recognise financial violence, and community legal centres rarely take on business issues.

Common lived experiences of financial abuse in small business includes:

• Being made a director of a company without consent, with liability to ASIC and ATO.
• Signed as personal guarantor to business loans.
• Forced to take out credit cards or loans in their personal name for business use.
• Personal Tax File Number used by others to withdraw funds from the business.
• Assets illegally stripped or transferred from a business into another entity or to the perpetrator.
• Having a business sabotaged, account emails and passwords changed so they are not able to access the tools needed to run their business.
• Made to work in a family business for little to no renumeration.

The impacts are complex, costly, and isolating. The onus is on the victim survivors of financial abuse to prove their innocence at their own cost. Resolution can also take years – some cases have needed more than 40 organisations to resolve the abuse. 

EACH is the only organisation in the country that offers specialist small business financial counselling, dealing with thousands of cases within this sector.

To address this growing issue, EACH is developing a national, specialised program that will provide support for victims experiencing financial abuse in the context of small business. Working with banks, ASIC, ATO and legal centres, they will seek to resolve complex financial impacts of financial abuse – creating pathways to resolution that are currently not available. With $100,000 funding and mentorship from CommBank, EACH will develop a scoping report to initiate the process.

Click on the file to download the Finacial abuse fact sheet.

Australian businesses are looking at an interesting but potentially volatile 2024. A slew of advanced technology is set to transform many sectors, with generative artificial intelligence (GenAI) continuing its disruption. We look at six SMB tech trends that will be particularly significant.

Australia’s small and medium businesses (SMBs) have had a challenging past twelve months, but there may be more pain to come. The International Monetary Fund forecasts slowing growth in Australia, with risks from high inflation, global uncertainty and climate-related shocks.

To navigate these choppy waters, Australian businesses will need to keep an eye on emerging technologies and try to stay ahead of the curve.

The following six SMB tech trends will be particularly significant:

1. Transparent, tech-driven supply chains

A robust, agile supply chain is critical for business success. Advanced ERP solutions based on AI and blockchain will help make complex networks much more transparent and resilient.

Many SMBs still work off inadequate systems, such as ancient legacy systems or spreadsheets. They don’t have stock visibility and can’t guarantee fulfilment – a serious business risk in volatile times.

Those who invest in technology that gives them transparency and real-time data will best position themselves to survive future volatility and take advantage of opportunities in 2024.

2. Composable capabilities in the Cloud

The cloud isn’t just a data haven, it’s the crucible where modern business strategies are forged. As trust in cloud technology grows, SMBs can leap towards streamlined operations and data-driven decisions.

Gartner sees industry cloud platforms addressing industry-relevant outcomes by combining software, platform and infrastructure-as-a-service with composable capabilities. This composability will give businesses the adaptability and agility to respond to disruption.

3. Precise data drives better decisions

The world is inundated with data. Collecting it is easy, but storing, sorting and processing it remains challenging. Precision is needed for data to be useful, with real-time analytics and insightful data processing.

Cloud-based solutions are ideal for SMBs to manage it, providing data privacy compliance, higher security, and centralising information so it’s accessible and can be used to generate valuable insights. This ensures every decision made is not just timely but astute.

4. Getting a crystal clear grip on cashflow

Clarity over costs and financial forecasting remains a major headache for many SMBs. Research shows that managing cashflow is a top priority for 85 percent of small business owners. But to reach the next stage of growth, they need certainty and complete transparency in their operations.

2024 will see a surge in SMBs adopting ERP software that takes a much more holistic approach than a basic accounting package. Having real-time clarity around their financial position with accurate future projections will make it much easier to undergo digital transformation, plan expansion into new markets and access external investment.

5. Warehouses get mobile and agile

Mobility is not a luxury but the lifeblood of modern warehousing and inventory operations. Warehouses play a critical role in supply chain, bridging the gap between production and distribution. They’re essential to providing a good customer service.

To ensure a seamless supply chain, warehouses need to be as efficient and agile as possible while also keeping a cap on costs. The way to do this is with mobile tools, where key operational tasks can be executed with a tap, swipe, and scroll. Real-time data is critical in a sector with increasing automation and robotics.

6. GenAI unlocks a wave of innovation

GenAI was the standout tech trend of 2023, with tools such as ChatGPT and Dall-E making advanced AI available to everyone, from businesses to individuals. As its potential unfolds, it’s poised to become the creative catalyst in the business arena.

For SMBs, this means a universe where data doesn’t just inform but inspires, leading to innovative product designs, optimised operational models and personalised customer experiences.

A capability previously only accessible to the big end of town is now in the hands of the smallest startup. As Gartner observes: “business users will have ubiquitous access to knowledge and technical skills that wasn’t possible before, heralding a new wave of productivity.”

In 2024, you should follow the SMB tech trends; successful Australian SMBs will not just ride the tech tide but be the tide. There is so much exciting potential out there, and businesses equipped with the right tools and technology will be able to take advantage. GenAI, analytics, smart cloud solutions and mobility will take us into a realm of continuous innovation and creativity.

Contributed by Charlie Wood, CEO, Wiise