The Reserve Bank of Australia (RBA) has expressed alarm over the Australian banking industry's proposal to decommission the Bulk Electronic Clearing System (BECS) , a critical financial infrastructure handling nearly $18 trillion in payments annually.
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Most people view their savings account as a safe place to keep their hard-earned cash. While this is true, that same bank account might also be quietly eroding wealth away. From fees, low rates, and the invisible hand of inflation, several factors could be diminishing your savings more than you imagine.
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This week the Australian government announced plans to outlaw debit card surcharges as part of a broader crackdown on consumer fees. This move comes in the lead-up to the federal election next year and is aimed at alleviating financial pressures on Aussie families.
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School holidays are the perfect time to relax, enjoy family activities, and, yes, talk about money! While your kids are off from school, it’s a golden opportunity to teach them valuable financial skills that will set them up for life.
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It’s not often we see a new trend in bank accounts, but this could be one to watch. Ubank, Australia’s first homegrown digital bank, has just launched its new Bills Account.
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When you think of your bank account, you likely think of three key things. Has my pay gone into the account, what’s the current balance, and wow, do I really spend that much on sushi?
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Financial stress has been bearing down on everyday Aussies since the start of the cost-of-living crisis began. In fact, recently released data from Industry super fund Aware Super has found that 86% of Australians have gone into 2024 worried about the effect of the cost-of-living crisis.
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Bank accounts have become a standard part of our everyday life. Because of this, it’s important to make sure that your provider is offering an account that works for your needs.
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The cost of living crisis has been hard on everyday Aussies, and students—both domestic and international—are being hit particularly hard by rising expenses. However, there are things you can do to improve the situation.
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When it comes to the Aussie banking scene, the Big 4 banks (Westpac, CommBank, NAB, and ANZ) dominate the market. Naturally, some people are more inclined to try smaller players in the hope they’ll get something a bit different. For example, some may seek more personalised services or better rates for savings accounts or home loans.
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