Since the Australian Bureau of Statistics released the GDP summary last Wednesday, the word ‘recession’ has really been bandied around. According to the summary, Australia’s GDP fell by 0.03% in the March quarter, meaning quite simply that the economy is on a downward spiral.
Most Australian retirees are now worried about their retirement income (65%), according to new research from investment management firm Challenger.
It’ll come as no surprise to savers who’ve been monitoring their dwindling interest returns that rates across savings accounts saw more cuts in May.
As well as travel bans and increased unemployment, the Covid-19 pandemic has also led to a dramatic rise in the number of vacant properties across Australia. According to SQM Research there were over 20,000 more vacant homes in May 2020 compared to February 2020*.
To the relief of its savers, ME Bank announced yesterday that it will be extending its automatic bonus savings rates until the end of June 2020.
The Covid-19 health crisis sure has given us plenty of time to do some soul searching. So much so, in fact, that according to a report by ING 3.3 million Aussies are thinking about changing careers when lockdown is over.
When was the last time you put on a pair of jeans? Or something a little more professional than your track pants? If you can’t remember, then it’s safe to say you’ve been working from home for a while.
It’s been just over a month since the official launch of the JobKeeper program, but Prime Minister Scott Morrison has already suggested it might have an earlier end date than expected.
With many Aussies facing reduced income and tighter budgets, UBank is offering customers an opportunity to get more out of their savings.
Let’s not beat around the bush. The COVID-19 pandemic has had a devastating impact on the economy and it’s negatively affected the financial positions of hundreds of thousands of Australians.