The Boyce Insider October 2023

11 October 2023


11 October 2023 

The Boyce Insider - October 2023 

Carmen Caldwell      

Managing Director 


Welcome to the first edition of The Boyce Insider newsletter. The Boyce Insider is designed to keep you informed about the latest developments, industry trends, and valuable insights that can benefit you and your business. At Boyce, we believe in sharing knowledge and collaborating closely with our clients to achieve mutual success.

As we celebrate our 50th anniversary, it gives me the opportunity to reflect on who we are as a firm and how we impact our clients and communities. Our success over the past 50 years is a testament to the dedication and expertise of our team, as well as the trust and support of our valued clients. We are grateful for the partnerships we have formed with generations of Boyce clients and team members. We have been thankful for the opportunities to make a positive impact on the financial well-being of our clients and our communities.

I hope you enjoy the first edition of The Boyce Insider, and we look forward to celebrating with you during our 50th year! 


Employee Health and Wellness for a Thriving Workplace

Amanda Farrar

Head of People and Culture

In today’s fast-paced and competitive work environment, whether that be in a vibrant community in regional NSW or in a bustling city, the emphasis on workplace health and wellness has gained significant momentum.

As businesses recognise the value of a healthy and contented workforce, they are adopting innovative strategies to prioritise the wellbeing of their employees, ensuring both personal and company growth.  

In regional Australian workplaces, the concept of health and wellness encompasses various initiatives designed to cater to the unique needs of employees in these environments. From promoting outdoor activities amidst nature’s bounty to fostering close-knit communities that encourage work-life balance, these initiatives take inspiration from the surroundings and lifestyles that regional Australia offers. 

Some of the initiatives employers look to in support of their employees’ health and wellness incorporate providing access to fitness facilities and healthy snacks to offering stress management and mental health workshops and resources.  

Incorporating health and wellness practices in all workplaces has proven to have a profound impact on the workforce. Employees experience higher job satisfaction and a stronger sense of belonging when their well-being is prioritised. The heightened motivation leads to increased productivity, bolstering the overall performance of businesses and contributing to economic prosperity.  

Fostering a culture of health can enhance an organisation's reputation, making it more attractive to potential hires. In a competitive job market, potential employees seek out companies that prioritise well-being. Implementing effective health and wellness initiatives requires a thoughtful approach that considers the unique needs of the workforce. Companies can start by conducting surveys and engaging in conversations to understand their preferences and challenges. Collaboration with health and wellness experts can also assist in this space. 

If you are interested in supporting the health and wellness of your team or you and your family, there are great resources available at on the NSW Government website Get Healthy. It is a free program to help individuals reach their wellbeing goals.  


Cyber Security      

Sean Richards

Head of Infrastructure

Cyber Security is an ever increasing threat that everyone needs to take seriously to ensure they don’t become a victim of cybercrime. The Australian government has taken a strong initiative in publishing information to protect Australians under the guise of the Australian Cyber Security Centre (ACSC). 

The Australian Cyber Security Centre leads the Australian Government’s efforts to improve cyber security. As part of their role in strengthening Australia’s cyber security posture they provide significant and relevant information on their website, Along with reports and findings there is a lot of practical content around increasing cyber security for both personal and business entities.

The ACSC publishes a yearly report titled the ACSC Annual Cyber Threat Report with the most recent report covering July 2021 to June 2022. Some of the key findings are:


     An increase in financial losses to over $98 million with an average loss of $64,000 per incident.  

     Over 76,000 cybercrime incidents (an increase of 13 per cent from the previous financial year). 

     A cybercrime incident is reported every 7 minutes on average compared to every 8 minutes last financial year.  

     There are over 25,000 calls to the Cyber Security Hotline per year, this is an average of 69 per day and an increase of 15 per cent from the previous financial year.  

     150,000 to 200,000 Small Office/Home Office routers in Australian homes and small businesses are vulnerable to compromise. This includes state actors. 

     A 25 per cent increase in the number of publicly reported software vulnerabilities (Common Vulnerabilities and Exposures – CVEs) worldwide. 

     Fraud, online shopping and online banking are the top reported cybercrime types, accounting for 54 per cent of all reports. 

     A rise in the average cost per cybercrime incident to over $39,000 for small business, $88,000 for medium business, and over $62,000 for large business. This is an average increase of 14 per cent. 


Businesses should visit Resources for business and government | to look for some essential information relating to how to protect yourself from cyber crime.? Individuals can browse to Protect yourself | for easy to read advice about how to protect yourself. 

Remember to always stay aware and check your accounts and details regularly.  



Navigating Australia's Financial Landscape

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

5 Strategies to Thrive in Evolving Market Conditions of 2023-2024     

As the financial landscape in Australia continues to evolve in the 2023-24 fiscal year, it becomes crucial for individuals to adopt and implement effective strategies to secure a stable financial future. In this article, we explore 5 powerful financial strategies tailored to the Australian market conditions that will empower individuals to navigate these changes with confidence.  

  1. Create a budget:  
    Develop a comprehensive budget that outlines your income, expenses, and savings goals. This will help you track your finances and identify areas where you can save money.  
  2. Manage your debt: 
    Interest rates have been increased 13 times in the last 12 months and if you fixed at a lower rate, you may be in for a rude shock when the current rate term expires. Get in front of this and talk to your bank or broker to ensure you are prepared. It may be worth exploring if refinancing at a lower rate is possible.  
  3. Superannuation contributions: 
    Superannuation is a long-term investment, and the contributions you make now can have a significant impact on your retirement savings. By maximizing your superannuation contributions, you can take advantage of compounding returns and potentially grow your retirement nest egg.
  4. Review your insurance coverage: 
    Assess your insurance policies, such as health, personal risk, home, and car insurance. Ensure you have adequate coverage and compare policies to find the best value for your needs.

Seek advice from relevant professional: 
Consult with a tax professional to optimise your tax strategy.  
Consider seeking advice from a financial advisor to optimise your investments for the current economic climate. 
Consult with an estate planning professional to ensure your assets are protected and distributed as intended. 


Economic update from your wealth management team 

Positioning for an economic slowdown  

Economic growth is slowing – Gross Domestic Product (GDP) fell to 2.3% in the June quarter and discretionary spending has reduced as cost-of-living pressures finally hit the consumer. 

Corporate earnings have also eased but have not plummeted, which has pleased equity markets.  However, earnings growth looks harder to come by in 2024.  Rising interest rates, tighter credit conditions and higher costs are indeed feeding through the economy – albeit with a long lag.

Our base case remains that Australia will avoid recession thanks to a significant rebound in migration this year and the continued demand for our resources as the global economy continues its decarbonisation path.

Inflation has continued to soften slowly, with the latest headline number coming in at 4.9%. It’s still a long way away from the central bank’s target range of 2-3%. The RBA has kept rates on hold for a second month in a row but remains on alert as inflation has the potential to remain stickier here than in other parts of the developed world.

We remain cautious and positioned for the weaker economic conditions ahead. Our focus is on quality investments, liquid assets and active portfolio management which should put us in good stead to manage any volatility that may arise as the year progresses.



celebrating 50 years Boyce 1973-2023 logo

Boyce is a privately owned professional advisory company with 50 years of history in regional Australia. Since its establishment in1973, Boyce has been committed to delivering genuine care to clients through their comprehensive suite of financial and advisory services.  


Over the past five decades, Boyce has built a strong reputation for its care, experience, knowledge, and dedication to client success. With offices and team members in regional centres and capital cities, Boyce bridges the gap between rural and city Australia.  


Since its inception, Boyce has been at the forefront of embracing innovation and technologies that benefit their clients and team. By combining a deep understanding of financial regulations and market trends with advanced analytical tools, Boyce has been able to provide meaningful information, simply stated, to help clients navigate complex financial landscapes and achieve their business and personal goals. 


We look forward to celebrating this milestone with our team later this year. Keep an eye on our socials to keep updated with our celebrations.


In the fine words of Boyce's founding partner "The first rule of service is to 'care for your clients'".  Caring for our clients is what we live and breathe and continue to do as we partner with generations to thrive. 




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