Author: Dr Abul Jalaluddin

Structure of Salary and Wage in Australia

Australian workforce enjoys one of the most sophisticated and complex remuneration structures in the developed World.  The Australian Bureau of Statistics (ABS) finds 3 main ways of setting salaries and wages of employees: (i) Industrial Award, (ii) Enterprise Agreements and (iii) Individual Arrangements. Industrial Awards Industrial Awards are legally enforceable determinations which are mainly made by the federal Fair Work Commission. The Commission is responsible for setting the minimum pay and conditions for employees in a particular industry or occupation. Any employer paying less than the minimum wage specified in the relevant award is in breach of law and...

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Rising Australian Dollar: Winners and Losers

The exchange rate of the Australian dollar is in constant fluctuation. A high demand for Australian dollar usually leads to a high exchange rate which creates winners and losers in the economy. Recently, Australian dollar soared above US80 cents, to a high of US80.66 cents. Historically, the Australian dollar appreciated an all-time high of US110 cents in July 2011 and a record low of US48 cents in April 2001. This recent rise has created economic advantages to overseas travellers, online shoppers purchasing goods and services from international merchants, domestic shoppers of imported goods at Australian retail outlets, importers and...

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Who pays for $6.2 billion bank levy

From 1 July 2017, the largest 5 banks (Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, ANZ and Macquarie Group Limited) will pay a levy of 0.06% on their client deposits, raising $6.2 billion over the next 4 years.  They will face up to $200 million in fines if they cover up misconduct by their executives. In addition, senior bank executives could be stripped of bonuses, deregistered or disqualified if they breach new accountability rules. Australian banks are the most profitable corporate entities in the World. Australian consumers pay higher fees and margins for bank products and...

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Federal Budget 2017-18: How it affects you

The federal budget for 2017-18 was characterised by hitting banks with a new tax, a rise in Medicare levy and helping first home buyers. It forecasts an unemployment rate of 5.75%, economic growth rate of 2.75% and a deficit of $29.4 billion in 2017-18. It will raise $21 billion of new taxes over 4 years of budget cycle. The budget is projected to return to surplus of $7.4 billion in 2020-21. Bank Levy and Banking Executives From 1 July 2017, the largest 5 banks (Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, ANZ and Macquarie Group Limited)...

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Incorporation of Islamic Banks in Australia: Potentials and Challenges

High Potentials There is a high potential for Islamic banking, Islamic financial services and Islamic wealth management in Australia due to a sizeable Muslim population (market) and Muslim businesses in various sectors of the economy. According to 2011 Australian Census (as the Australian Bureau of Statistics has yet to release the outcome of its Census conducted in November 2016), there were 476,290 Muslims in Australia, of whom about 40% were Australian born. This is a conservative figure and some estimates point to a much higher level of Muslims in this country. About 46% of the Muslims live in NSW,...

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Winner of PMMA 2016

Winner PMMA

september, 2017

20sep10:30 am- 12:30 pmIMA's Women Only Morning Tea

22sep - 24sep 229:00 amsep 242017 Spiritual Immersive Retreat

23sep10:00 am- 4:00 pmHow To Pray Workshop

24sep9:00 am- 9:00 pmMy Life, Our Reality, The FutureTwins of Faith Sydney 2017

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