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What the Budget means to you
The Labor government’s federal budget for 2012/13 has been announced, but what does this mean to you?
One of the key objectives of the 2012/13 budget is returning the budget to surplus on time, as promised.
According to the Labor government, “the return to surplus, ahead of any other major advanced economy, sends a strong message to international investors on the Government's commitment to fiscal discipline and provides a buffer in uncertain economic times.”
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RBA cuts interest rates by 50 basis points
After consecutive decisions to keep rates on hold, the RBA has made the decision to reduce the cash rate to 3.75%, marking the first rate cut for the year.
The decision comes on the back of signs that the global economy is continuing to slow with inflation looking weaker than anticipated.
The rate cut is said to have brought much needed relief to Australian home owners.
A 0.50% rate cut will see the average Australian mortgage reduced by $120 per month in interest repayments.
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How to avoid unnecessary ATM fees
According to news.com.au consumers who use non-network ATMs paid $660million in mostly unnecessary fees last year.When a member uses an ATM which is not within our network, foreign ATM fees are charged to them by the ATM operator.
Paying these fees can often be avoided yet the Australia Banking Association says 40% of all ATM transactions in 2011 were made from a foreign ATM.
As a Mutual ADI (Credit Union, Building Society or Mutual Bank) we are owned by our members, therefore our members’ financial wellbeing is very important to us.
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Big Banks Raise Home Loan Rates
The big four banks have faced fierce scrutiny from the media this week after a decision to raise interest rates despite the RBA keeping the cash rate on hold.
CBA and Westpac both raised their Standard Variable home loan rates by 10 basis points following the RBA’s announcement, whilst ANZ and NAB lifted rates by 9 and 6 basis points respectively.
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Mutual Assets Growing Faster Than The Banks
The Australian Prudential Regulation Authority has released statistics showing Mutuals (Credit Unions, Building Societies and Mutual Banks) are growing faster than the big 4 banks, reinforcing the continuing strength and growth of the mutual sector.
Total assets grew by 8.7% for the year ending 30 September 2011, higher than the comparable growth rate for the major banks at 7.9%.
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