News Archive for June 2013

Data from the Australian Bureau of Statistics (ABS) shows that the average Australian household wealth has reached a new record high.

Qantas has announced immediate reductions to the surcharges on payments made by credit or debit card, according to the News Limited Network.

Following 76 percent growth in the uptake of mobile banking by its bank account customers in the last 12 months, NAB are now focusing on the revamping of its mobile banking facilities.

ANZ is starting to gain ground in business banking customer satisfaction levels, while Commonwealth Bank (CBA) still holds a significant lead over the Big Four banks, according to the latest DBM Consultants Business Financial Services Monitor (BFSM).

Household expenditure on fees for banking products, such as bank accounts and credit cards, has fallen for the third consecutive year for consumers, however Australian businesses have not experienced the same fortune.

Despite the 2 percent drop in the official interest rate since November 2011 the average credit card interest rate has dropped just 0.15 percent over the same period reports Fairfax Media.

Sydney taxi users now have an alternative option to paying the exorbitant surcharges by cabs for fares paid on credit card with the launch of uberTAXI.

Hackers are increasingly turning their attention to gaining credit card details from Near Field Communication (NFC) enabled devices as the system increases in popularity and the amount of users.

Although leading economists are tipping at least 2 or 3 more rate cuts this year and are banking on an already record low interest rate of 2.75 percent to be hacked to as low as 2 percent, most agree that it will not likely happen tomorrow at the RBA's June meeting.