Average Earners Waving, Not Drowning
THE average annual wage is still growing faster than inflation, even after the consumer price index (CPI) ballooned beyond the Reserve Bank’s comfort zone in its most recent reading.
New data released today showed the average wage now stands at $67,018, after growing 3.8 per cent in the year to February.
Wages Up 3.8 Percent
* Wage rise lower than market expectations
* Highest wage increases in mining areas
* Will guide RBA on interest rate levels
TOTAL hourly rates of pay rose by a seasonally adjusted 0.8 per cent in the March quarter and 3.8 per cent over the past year.
Super Shortage Hits Retirees
YOU’VE penciled in 2011 for retirement – but you’re still going to work. Why?
This is the year the first of the 5.3 million Australians in the baby-boomer generation turn 65.
But many are not retiring. They still get up and go to work.
Australian Dollar Drops on Reports of Osama Bin Laden’s Death
THE dollar has dropped more than three tenths of a US cent on media reports of terrorist mastermind Osama Bin Laden’s death.
The local unit broke though the US110c barrier this morning, getting a boost after Australia had its Aaa credit rating reaffirmed.
The unit reached US110.1c, its highest level since the currency was floated in December 1983.
The dollar reached US1102 cents – its highest level since 1983 – as the US dollar continued to weaken.
The rise comes as largest banks are set to record profits totalling $11.8 billion this year. Read more on this here.
Generations – Who Invests Their Money Best?
WHICH generation is the best at investing their money, and which is the worst?
Gen Ys Justine Davies BEST, worst: They’re such black and white words. I prefer to be the Marcia Hines (for former Australian Idol fans) of finance and acknowledge that everyone has their own individual talents and should be commended for doing a good job with what they’ve got. Everyone’s history is different. Their personal experiences are different and the broader economy and social structure of the country are different throughout the decades.
Two Sides of Rising Currency
IT’S the agony and the ecstasy of the surging Aussie dollar.
In one corner, excited young travellers are booking and paying in full for their holidays months in advance to take advantage of the extraordinary rise of our currency.
Banks face fines for unsolicited credit card increase offers
* Lenders who break law face $220K fines
* Banned from unsolicited increase offers
* Banks label new legislation “heavy handed”
BANKS face fines of up to $220,000 for unsolicited offers of raising customer credit card limits under a tough new lending shake up from July.
Cautious Saving and Reluctant Borrowing Lift Bank Deposits
* Aussies are paying off their debts and saving
* Savings grow by 12pc while lending by only 4.3pc
* “Home lending market weakened considerably”
AUSTRALIA’S banks are flushed with more cash than they can lend as consumers pay debts and save.