This week in banking - More job ads as business confidence grows and 5 other things you don’t want to miss!
- Job ads on the rise as Aussie businesses become more hopeful
- Solar power costs fall across the world
- Small business $150,000 tax deductions extended for six months
- Shop Small: Amex’s campaign to support small businesses
- Will young Aussies be able to get a foot in the door to the current property market?
- A recession is on the way: how to save money
All in this week’s banking recap.
Job ads increase as Aussie business confidence rises
According to recent stats from ANZ, job ads have increased by 0.5% last month after plummeting 58% in March and April.
While the number of job ads is still 59.8% lower than this time last year, the slight spike is a sign that more businesses are getting back on their feet and ready to hire.
In fact, business confidence is up as COVID-19 restrictions ease, according to Roy Morgan. Its latest report revealed that over half (51%) of Aussie businesses are feeling hopeful about their financial future next year.
Read full article: Job ads improve as confidence slowly rises to check out what ANZ’s senior economist Catherine Birch said about the increase.
Solar power price cuts could mean for your energy bill
It’s no secret that renewable energy can be expensive. However, solar prices have dropped, not only in Australia, but across the world.
Fresh data from the International Renewable Energy Agency (Irena) indicated that over the last decade solar photovoltaic (PV) costs have decreased by a huge 82%.
According to the report, the plunge in price is a result of a number of things: improved technology, supply chain competitiveness and the growing experience of the industry’s developers.
And as a result, solar capacity has grown from 40GW to 580GW over the last ten years.
Read full article: Solar costs have fallen globally: What it could mean for energy bills. Find out if coal power is on the way out.
Small business tax deduction scheme: instant asset write-offs extended by six months
On Thursday, Treasurer Josh Frydenberg announced that the government will extend the instant asset write-off deadline by six months.
The extension is forecasted to cost around $300 million and expected to benefit approximately 3.5 million Aussie businesses.
As part of one of the first waves of coronavirus support packages, the government bumped up the write-off threshold to $150,000 as well as the size of businesses eligible to those with annual turnovers under $500 million.
The expanded scheme initially applied to assets used or installed by June 30 this year, but that cut-off has now been pushed back to December 31.
Read full article: Small business tax deduction scheme extended for six months to learn more about the instant asset write-off scheme and the new extension.
American Express ‘Shop Small’ campaign starts early to support Aussie businesses
This week, credit card provider American Express commenced its Shop Small campaign earlier than usual to help struggling Aussie businesses.
In its eighth year, the Shop Small campaign (which usually kicks off in November) is set to be the biggest ever run, extending throughout the winter season and ending August 31.
With Shop Small, American Express customers who spend $10 or more in a single transaction, at a participating small business, will receive $5 cashback. This can be done up to 10 times, both in-store and online.
To take part, credit card users need to make sure their current American Express card is eligible for the campaign and check out the Shop Small map for participating retailers.
Read full article: American Express launches Shop Small early to support small businesses for Mozo’s quick tips for supporting small businesses.
Will young Aussies become homeowners in the current property crisis?
It’s no secret that the Aussie property market has slowed, but what does it mean for young first home buyers?
The latest Mozo research found that a whopping 52% of millennials have had their wages cut down by 20% or more as a result of COVID-19, making it tough to save for a deposit.
In fact, it means that putting away money for a home loan deposit could take first home buyers up to 14 months longer for properties in Sydney and 12 months for those in Melbourne.
“Covid-19 has disrupted incomes across multiple industries throughout the country, and in doing so it has also slowed down the great Australian dream of home ownership,” said Mozo Director Kirsty Lamont.
“With so many millennials having their income reduced, putting 20% of your income into savings will no longer be an option for some first home buyers, who need to prioritise their immediate expenses.”
Read full article: Property crisis: Will young Australians be able to get a foot in the door? for the full rundown of the stats and to check out Mozo's property expert Steve Jovcevski’s insights.
How to maximise your savings as the recession looms
Last week, the Australian Bureau of Statistics (ABS) released the GDP summary which indicated an economic recession is on the way.
According to the ABS numbers, Australia’s GDP dropped by 0.03% in the March quarter, essentially proving the Australian economy is in a downward spiral.
However, amongst the doom and gloom, there are some ways to keep your money in your pocket so that you are prepared for the approaching recession.
Here are some ways to pad out your savings fund now:- Cut down on spending
- Get rid of your credit card debt
- Keep your resume up to date (in case you need to apply for a job quickly)
- Put your money in a high interest savings account.
Read full article: How to save money during a recession for a closer play-by-play on how to save now.
Need a killer savings account option to store your savings stash? Check out some options below. Or if you are simply after an award-winning banking provider, take a look at the 2020 Mozo Expert’s Choice Awards for Australia’s Best Banking.
Savings Accounts 2020
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Savings Account
5.50% p.a. (for $0 to $250,000)
5.00% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 5.00% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read reviews and learn more about Macquarie savings accounts
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Bonus Saver
5.00% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBonus Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 1.00% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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PremiumSaver
5.35% p.a. (for $0 to $250,001)
1.45% p.a.(for $0 and over)
Yes up to $250,000
Increase balance by $200 by the end of each month
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
CompareComparePremiumSaver
Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.
- Maximum rate
- 5.35% p.a. (for $0 to $250,001)
- standard interest rate
- 1.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Maximum rates apply when your closing balance on the last day of the month is at least $200 more than it was at the beginning of the first day of the month (excluding interest earned).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Must hold and maintain a HISA.
Read reviews and learn more about Rabobank savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read reviews and learn more about ING savings accounts
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Savings Accelerator
3.55% p.a. (for $0 to $50,000)
2.85% p.a.(for $0 to $50,000)
Yes up to $250,000
New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Accelerator
Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 3.55% p.a. (for $0 to $50,000)
- standard interest rate
- 2.85% p.a.(for $0 to $50,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- New ING personal savings customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about ING savings accounts
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Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
1.85% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Maximum rate
- 5.20% p.a. (for $0 to $30,000)
- standard interest rate
- 1.85% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 eligible card purchases per month with a Westpac Choice account and min 1 eligible deposit and account balance must not fall below $0 and should have higher balance on the last business day than at the beginning of the month in Life savings account.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 1.85% interest rate still applies.
Read reviews and learn more about Westpac savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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