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.
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Most Australian retirees are now worried about their retirement income (65%), according to new research from investment management firm Challenger.
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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.
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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*.
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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.
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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.
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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.
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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.
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With many Aussies facing reduced income and tighter budgets, UBank is offering customers an opportunity to get more out of their savings.
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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.
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