Online bank ING and a host of customer owned banks, including Newcastle Permanent and Greater Bank, have placed at the top of the Australian charts in Forbes’ ‘World’s Best Banks’ list for 2021.
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As many as 110,000 Australians could lose their jobs once the government’s JobKeeper scheme expires on March 28, according to new research from the Commonwealth Bank. JobKeeper was introduced at the start of the pandemic as a fortnightly wage subsidy of up to $1,500 per employee and since then that amount has been reduced to $1,000. Now with the scheme set to wrap up in less than three weeks, CommBank’s economic report has found that certain sectors will be hit harder than others.“We see transport, arts and recreation and accommodation and food services industries most at risk of job losses at the end of JobKeeper,” CommBank said. “These industries are sensitive to international travel and also suffer badly when restrictions and lockdowns are imposed.” Up to 25% of JobKeeper recipients in these “travel-sensitive industries” are expected to be out of work, totalling to about 69,000 job losses. This is followed by ‘medium risk’ industries - retail trade, education and rental and hiring - where 10% of recipients (or 18,000 out of 174,700) could be stood down once the scheme ends.As for ‘low risk’ industries which include all other sectors such as construction, health care and professional services, 5% of recipients (or 23,000 out of 450,400) may lose their jobs.CommBank has based its estimates on the assumption that around 900,000 individuals are currently receiving JobKeeper.
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From alarms that wake us up in the morning to messaging services that keep us connected, our phones can pretty much be used for anything these days. We can make purchases, manage personal finances and even keep track of our health and wellbeing, all using this one device. It’s no wonder 43% of Aussies would rather lose their wallet than their phone.
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Macquarie has taken out the title of 2021 Everyday and Savings Bank of The Year at the annual Mozo Experts Choice Awards for Bank Accounts and Savings, which were announced this morning.
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In the world of banking, 2020 was a whirlwind. From three RBA rate cuts and the implementation of open banking, to the growth of some neobanks and fall of others, it can all be hard to keep track of. So if you’re left feeling a bit confused about what’s to come in 2021, we’ve got you covered. Here are our top 10 banking buzzwords you’re likely to hear more than once this year.
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When talking about accessibility, our minds often turn to the physical world first – railings, ramps or signage, for example. Indeed, in the banking world, these more tangible features are present and often advertised the most when financial institutions promote themselves as ‘inclusive’ organisations.
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This past weekend Suncorp removed a bunch of fees from its transaction accounts.
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A shocking 40% of renters across Australia are struggling to pay for essentials including bills, food, clothing and transport, new research from the Australian Housing and Urban Research Institute has found.
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As COVID-19 continues to dominate the social and economic landscape of 2020, virtual experiences and transactions are becoming more popular and often essential.Financial institutions have seen a sharp rise in online banking, while growth in online shopping platforms and digital payment methods shows no sign of slowing. But with this rise in digitised spending, scams and other fraudulent activities have also increased.
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As the Covid-19 pandemic continues to financially test households across the country, recent research has shown there might be one generation that’s finding it harder than others. According to new research by J.D Power, millennials are more likely to be financially stressed compared to older Aussies. Almost half (41%) of millennials reported to have high or moderate levels of stress. One in five also said they were dissatisfied with their current financial situation and struggle with managing their finances.“Millennial finances have been hardest hit by the pandemic and it will take time for their personal financial condition to recover,” said Bronwyn Gill, head of banking and payments intelligence at J.D. Power Australia. But despite these feelings of uncertainty, 16% of millennials have taken the initiative to switch banks within the last twelve months. Lack of competitive interest rates and too many fees were two of the top reasons for switching at 15% and 13%, respectively. A bank’s reputation was also of high importance to 6% of younger Aussies, as they would be willing to switch based on how often banks were negatively represented in the media.
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