News

Interest Rate Reprieve

The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 4.75 per cent. Interest rates shifted to this level in November 2010 and have not moved for 6 months, making this the longest stretch of steady rates since 2007.

While some industry experts are tipping rates to rise in 2011, the RBA currently looks to be focused on not adding further strain to the Australian economy with current concerns over the European debt crisis and a softening in local housing marketing prices.

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Help for First Home Buyers

The past 2 years haven’t been overly kind to those trying to purchase a first home. First there was the economic crisis where job security eroded almost overnight, and then there was a sharp increase in official interest rate rises. Recently however, industry experts have been pointing to research that shows, buying a home in Australia may have started to become more affordable.

While talk of a housing bubble should probably be discounted, it’s looking more and more likely that the dramatic increase in Australian housing prices looks to finally be slowing down. For those who had given up searching for their first home it’s probably worth remembering that first home buyers in Australia are still eligible for monetary assistance from both Federal and State governments.

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South West Credit's $60,000 Donation

South West Credit and South West Healthcare share more than a reference to their location in their respective titles. They also share a commitment to maintaining and enhancing the wellbeing of the local community.

It was this common interest that has inspired South West Credit’s recent donation of $60,000 to South West Healthcare’s Warrnambool Base Hospital Medical Equipment Appeal. The funds will be allocated over the next three years ensuring a steady stream of funds for the hospital as the new facility takes shape.

The first item to be purchased with the funds will be a hydraulic bath for the hospital’s new paediatric unit, at a cost of $27,000. The remaining funds will be spent at a later date, on items that are yet to be determined.

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National Cyber Security Awareness

National Security Awareness Week 30 May to 3 June 2011

The Internet is an incredibly useful tool for many businesses, and ours is no exception. In this information age the technologies that we depend on every day present us with both great opportunity and great risk. That is why every day we continue to monitor and upgrade our security systems. We strive to always be up to date with the latest online scams and ensure that you, our members are informed of any dangerous developments.

While it is our job to ensure our systems and processes are guarded against cyber criminals, it is everybody’s responsibility to be smart while using the Internet. That is why we enthusiastically support the Australian Government’s National Security Awareness Week initiative. The week aims to help Australians understand cyber security risks and educate home and business users on the simple steps they can take to protect their personal and financial information.

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Budget Breakdown

Wayne Swan has said that the 2001-12 Budget 'will get Australia back in the black, get more people in jobs and spread the opportunities of the mining boom to more Australians.' The Federal Treasurer hopes to achieve these goals by encouraging welfare recipients into the workforce and cutting tax concession and benefits for higher income earners.

On Australia’s economic outlook the Treasurer stated that 'we are moving from a period of short-term softness caused by natural disasters and a patchwork economy to a period of longer-term strength as the mining investment boom gathers pace.' As the economy hits capacity, Mr Swan believes that Australia will need as many people working as possible and stated that 'a wealthy country like ours has no excuse to leave people out of work.'

Read more: Budget Breakdown