22 March 2024
Carmen Caldwell
Managing Director
The first few months of 2024 sure have been a whirlwind of activity, both for us and our clients. I've had the pleasure of visiting a number of our northern agri clients recently, getting my boots dirty and engaging firsthand with them in the heart of their operations. These interactions are not just a highlight for me personally, but they also serve as a testament to our unwavering commitment to understanding your needs.
This year has also seen an expansion within our team and our services. We're thrilled about the possibilities this growth brings and the enhanced offerings we can provide as a result. Adaptability has always been a cornerstone of our approach, and as we grow, this principle remains at the forefront of everything we do. Whether it's through new innovative solutions, tailored services, or simply being there when you need us most, our goal remains to partner with generations to thrive.
As we embrace the changes and opportunities that lie ahead, please know that your feedback and insights continue to be the driving force behind our endeavours. We are excited to begin the process of gathering your valuable feedback and insights via client surveys. We are immensely grateful for your continued trust and partnership and look forward to the continued growth and success we'll achieve together.
Nick White
Boyce welcomes Nick White as the Executive Business Unit Leader of the newly established service, Strategic Financial Solutions.
With a background as Director in PwC's mid-market Transaction Services and M&A team in Sydney, Nick specialises in business and financial due diligence, strategic planning, financial reporting, and commercial negotiations for mid-market businesses and family groups.
Strategic Financial Solutions expands Boyce's support capabilities, covering the entire business/family group lifecycle. The flexible and scalable operating model caters to individual needs, offering comprehensive standalone solutions or seamless integration with existing management teams.
At the core of this new business unit is the traditional outsourced CFO model, overlayed with a more strategic and commercial focus. Our mission is to go beyond the mandate of a traditional advisor, positioning ourselves as your trusted long-term partner, helping to deliver on your financial objectives and overall strategy. Our approach is respectful and considerate, both in terms of our dealings with you, your privacy and treating the information you provide us with the utmost levels of confidentiality.
In a significant move to reshape Australia's migration landscape, the Minister for Home Affairs recently unveiled the federal government's Migration Strategy on December 11, 2023. The strategy focuses on reforming Australia's migration program, with particular attention given to temporary skilled migration and the international education sector. While these changes are expected to have far-reaching effects, it is crucial to examine how they will specifically impact rural communities.
The centrepiece of the new strategy is the introduction of the Skills in Demand visa, poised to replace the existing Temporary Skills Shortage (subclass 482) visa. This revamped visa structure is set to bring about several key changes, with the overarching goal of repairing Australia's migration program.
While the changes present positive aspects for businesses and Working Holiday Makers, the National Farmers’ Federation has expressed concerns. President David Jochinke emphasises the need for a dedicated agricultural visa and worries about worker mobility, potential increased paperwork, and the impact on small farming businesses.
As we anticipate the changes coming into effect on July 1, 2024, striking a balance between meeting workforce needs and ensuring the well-being of rural communities will be essential as the nation navigates this new chapter in its migration strategy.
Lindsay Garnock
Executive Business Unit Leader - Boyce Wealth Management
The Reserve Bank (RBA) has left the cash rate on hold at 4.35% at its March meeting. The last increase, in November 2023, was in response to a higher than expected inflation reading in the September quarter CPI. Since then inflation has slowed considerably. The inflation data for Q1 will be crucial in determining whether the RBA continues to hold the cash rate. Other factors effecting the RBA’s next move include the impact on inflation of the forthcoming personal income tax cuts from 1 July and the level of spending seen in May’s budget as the Government prepares for the next election.
The December quarter of 2023 showed modest growth of 0.2% to give an annual growth rate of 15% - in line with market expectations. A rise in exports and a drop in imports contributed the most to the growth tally, however, households also managed to increase overall spending.
The Australian market had another positive month in February, finishing 0.8% higher. Leading the market higher were Information Technology (I.T.) (+19.5%), Consumer Discretionary (9.2%), and Property (+5.1). Since then the market hit an all time with the S&P/ASX200 reaching 7852 in early March before trading in a narrow band around 7700.
Overseas markets also finished the month of February higher, with emerging markets outperforming developed markets. The CSI 300 and Heng Seng rebounded strongly after hitting five-year lows at the beginning of the month.
