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Mozo Banking Round Up, September 2020

Mozo Banking Round Up, September 2020

Although we are yet to hear the RBA’s decision as to whether they will be reducing the cash rate, many lenders are getting in early, making cuts to their fixed and variable rate home loans and trimming their savings rates. It was also an interesting month for credit cards, as two of the big four banks launched a new credit card, both resembling a ‘Buy Now, Pay Later’ (BNPL) product. While the other two big banks are yet to make a move, it’s safe to assume that the big banks are trying to keep up with the competition. For a more detailed look at all the banking changes the Mozo database recorded in the last month, read on for this month’s installment of the Mozo Banking Round Up.

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How Australia's recession impacts your finances and banking

How Australia's recession impacts your finances and banking

We’ve all seen the headlines: Australia is now facing its first recession in nearly 30 years. The numbers support the claim.Australian Bureau of Statistics data released this week shows the nation’s economy contracted by 7% in the June quarter, the sharpest quarterly fall in the Gross Domestic Product (GDP) on record. It follows another GDP drop of 0.3% in the March quarter. This means the country has now recorded two consecutive quarters of negative growth - the technical definition of a recession, which Australia hasn’t experienced since 1991. Treasurer Josh Frydenberg said these numbers “confirm the devastating impacts on the Australian economy from COVID-19.” Many people are out of work, while others have seen their pay cheques cut. Spending is down too, with a number of recent surveys revealing most Australians are pulling the reins in on discretionary purchases and focusing on savings instead. So, what’s next?

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