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Fair Work Commission rules minimum wage to rise by $22 a week

By |2017-06-13T08:04:32+10:00June 7th, 2017|Finance News|

Australia's lowest-paid workers will get a $22-a-week pay rise after the workplace umpire lifted the national minimum wage to $694.90. The Fair Work Commission has lifted the wage by 3.3 per cent - an increase of 59¢ an hour to $18.29 an hour. It comes as inflation hit 2.1 per cent in the year to the end [...]

Banks cut savings account rates for long-term customers

By |2017-06-13T08:05:31+10:00June 7th, 2017|Finance News|

Three of the country's big banks have cut interest rates paid to many customers with savings accounts in the past month as lenders try to protect their profit margins. In a move likely to save banks money but attract little public attention, both Westpac and ANZ Bank lowered the "base" rates they pay on online savings [...]

What banks aren’t telling their shareholders in tax backlash

By |2017-06-13T08:06:16+10:00June 7th, 2017|Finance News|

Perhaps the most memorable image of the 2010 mining tax stoush was billionaire Gina Rinehart standing on the back of a truck, leading a mob of protesters in chants of "axe the tax". Bankers being a more sedate bunch, it doesn't look like we'll get anything quite as colourful in the backlash against the major bank levy. But leaders of our biggest financial [...]

Investing while renting is a growing trend for real estate owners

By |2017-06-13T08:07:02+10:00June 6th, 2017|Finance News|

LIKE millions of Australians, Emilia Rossi is a tenant. But unlike most of those tenants, Ms Rossi also owns four investment properties across three states. She is among a growing breed of real estate investors who chose not to own their own home. Known as “rentvesting”, the strategy sees people using investment property growth to [...]

ATO warns fraudsters have scammed Aussies of $1.5m this year

By |2017-06-13T08:07:44+10:00June 6th, 2017|Finance News|

AUSTRALIANS have been scammed $1.5 million this year by fraudsters posing as tax officials demanding personal information and cash. Scammers make contact via fake emails, text messages and phone calls, impersonating employees from the Australian Taxation Office requesting the details to steal hard earned cash. “We have already seen a fivefold increase in scams from [...]

Superannuation shortfall prompts Australians to review retirement savings

By |2017-06-13T08:08:45+10:00June 5th, 2017|Finance News|

SIGNIFICANT hikes to power, healthcare and food has resulted in Australians needing to stash even more savings to live a comfortable life in retirement, new figures have revealed. The Retirement Standard — an superannuation industry benchmark used to determine how much Aussies need once they stop working — has reached record levels as household budgets [...]

Australians are relying on an inheritance to buy a home and pay off debt

By |2017-06-13T08:10:00+10:00June 5th, 2017|Finance News|

MANY Australians are relying on an inheritance and are already working out how they will spend it, new figures show. About 29 per cent of Australians concede they are expecting an inheritance and they intend to spend some or all of it once payday arrives. Exclusive new figures released by debt solutions agency Fox Symes [...]

First-timer homebuyers need 11 years to save for a deposit — UBS

By |2017-06-13T08:12:39+10:00June 5th, 2017|Finance News|

A “TYPICAL” first homebuyer in Australia now needs 11 years to save a 10 per cent deposit and a whopping 40 years in Sydney, according to new modelling. And if house prices continue to outpace income growth at the rates of the past five years, first homebuyers would likely never save enough without assistance, most [...]

Pension age rising to 70 will save government $3.6b

By |2017-06-04T11:31:14+10:00June 4th, 2017|Finance News|

FORCING Australians to work until they are 70 will save the federal government more than $3.6 billion in just four years, new data has revealed. And that doesn’t include the extra five years or so of ­income tax the government can enjoy ­extracting from those who can’t afford to retire without a pension. Yet there [...]

Premier Gladys Berejiklian announces housing affordability reforms

By |2017-06-01T15:26:03+10:00June 1st, 2017|Finance News|

First home buyers of existing and new properties costing up to $650,000 will be exempt from paying stamp duty and will receive stamp duty discounts for properties worth up to $800,000, both from July 1, under reforms announced by Premier Gladys Berejiklian to improve housing affordability in NSW. As well, the 9 per cent stamp duty charged on [...]