The Reserve Bank of Australia (RBA) has today elected to cut interest rates by one quarter of a percentage point to 4.5% in a bid to bolster growth. The move, which was widely expected, comes as the global economy slows and unemployment rises (currently at 5.2%). It was the first time in two-and-a-half years that [...]
The Reserve Bank of Australia (RBA) has slashed its growth forecast after flood and cyclone disaster damaged the economy. The economy, dubbed the “wonder from down under” has recently experienced a slowdown after the disasters led to a fall in coal and agricultural exports and resulted in the economy contracting in the first quarter – [...]
Figures today revealed Australia’s unemployment rate fell to 4.9% in March – the lowest level since December 2008. The drop comes despite the recent flooding and cyclones which has affected farming and mining and is likely to impact negatively on economic growth. According to the Australian Bureau of Statistics, the economy created 37,800 jobs in [...]
The Reserve Bank of Australia (RBA) has today elected to keep interest rates on hold at 4.75% – for the fourth consecutive month. The move, which was widely expected, comes as inflationary pressures subside and the rate is expected to remain within its target this year. Australia was the first economy to raise rates from [...]
The Reserve Bank of Australia (RBA) has today elected to keep interest rates on hold at 4.75% – a move which was widely expected. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. The country [...]
The Reserve Bank of Australia (RBA) has again elected to leave interest rates on hold at 4.5%. It is the fifth consecutive month in which rates have been at this level and economists had expected rates to rise to 4.75% this month. However, it is still expected that the central bank will only leave rates [...]
The Reserve Bank of Australia (RBA) has again elected to leave interest rates on hold at 4.5% after a series of aggressive rate hikes since October. It is the third consecutive month in which rates have been at this level but economists say the central bank will only leave rates on hold for the short-term. [...]
The Reserve Bank of Australia (RBA) has today elected to leave interest rates on hold at 4.5% after a series of aggressive rate hikes since October. While the decision was widely expected, economists say the central bank will only leave rates on hold for the short-term. Australia was the first economy to raise rates from [...]
The Reserve Bank of Australia (RBA) has today elected to lift interest rates from 4% to 4.25%. Australia was the first economy to raise rates from a 50-year low as the economic downturn eased. Other major economies opted for lower interest rates to boost their economies. Furthermore, it is one of the few developed economies [...]
Official figures have revealed Australia’s economy grew 0.9% in the October to December period, while on an annual basis the economy expanded 2.7%. In comparison, the UK, Germany and Japan all contracted by around 5% in 2009, while the US shrank by 2.4%. Australia’s Federal Treasurer Wayne Swan described the country’s growth as “the envy [...]
As widely expected, the Reserve Bank of Australia (RBA) has raised interest rates from 3.75% to 4%. The RBA has increased interest rates four times since October and many analysts believe interest rates could hit 4.25% in the short-term. Australia is one of the few developed economies not to have fallen into recession like its [...]
The Reserve Bank of Australia (RBA) has stunned the markets by electing to keep interest rates on hold at 3.75%. The RBA has increased interest rates three times since October and many analysts said interest rates could hit 4.25% in the short-term. Australia is one of the few developed economies not to have fallen into [...]
The Reserve Bank of Australia (RBA) has surprised the market today by cutting its key interest rate from 0.75% to 5.25%. In line with many other countries, the move was made in a bid to stave a recession. Central banks in the US, Japan and China have all cut interest rates in the last week [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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