RBA in No Rush to Raise the Cash Rate
The central bank has again signaled that interest rates will go up this year but said it will wait for more news on the state international and domestic economies.
The minutes of the Reserve Bank of Australia’s (RBA) June 7 board meeting, released on Tuesday, show the bank believes inflation is being moderated by a high Australian dollar and recent lowering labour costs.
Bank Fees Still Too High: RateCity
Australia’s banks are still raking in over $4 billion in fees from households, despite recording the first fall since 1997, financial comparison website RateCity says.
RateCity CEO Damian Smith says while the $14 million drop in fees – for both household and business banking – during 2010 was welcome, households were still paying on average $506 a year, not including interest charges.
Reserve Bank of Australia to Keep Interest Rates on Hold
* RBA appears to have softened its rate stance
* Banks: Ban on mortgage exit fees may be axed
* Lenders: Australians pay $4 billion in fees
ANOTHER interest rate rise is still on the agenda, but its timing has been pushed back until at least September, the minutes of the central bank’s June 7 monetary policy meeting indicate.
Australians Slapped $4 Billion in Bank Fees
* Households pay $506 a year on bank fees
* Aussies can save on fees if they shop around
* Banks: Mortgage exit fees face the axe
AUSTRALIA’S banks are still raking in over $4 billion in fees from households, despite recording the first fall since 1997, financial comparison website RateCity says.
Cost of Living to Rise by $3000 in Next Year
* Big rises in electricity, water, gas prices
* Two rate hikes expected in the next year
* Petrol forecast to rise to up to $1.40 a litre
FAMILIES struggling to pay their bills are staring down the barrel at a $3000 increase in the cost of living in the next 12 months, a new financial year burden that could push them to the brink.
Banks Corner Home Loan Market
THE banking sector has cornered its biggest share of the Australian mortgage market since records began, official data indicates.
And non-bank lenders have suffered their worst performance since entering the market 16 years ago as banks, armed with more and deeper sources of funding, steamroll their smaller rivals.
Blue Chip Shares that Pass the Test of Time for Investors
* Best-performing stocks revealed
* Best for a buy-and-hold strategy
* Market has dropped but steadier outlook
* Money: Latest investing news and advice Read more
Banks Furious at Government Proposals to Impose Levy for Anti-money Laundering Financing
* Proposed levy on banks
* Anti-money laundering levy
* Small businesses subsidised
BANKS and stockbrokers have slammed Government proposals to impose a new levy for anti-money laundering and counter-terrorism financing, declaring they have already spent more than $1 billion to report suspicious financial transactions. Read more
Higher Cost of Living Deter Australian Home Buyers
COST-of-living increases are the main reason for a drop in the number of new home loans, according to one of the country’s largest mortgage brokers.
LoanMarket chief operating officer Dean Rushton said yesterday that cost-of-living pressures, and not the prospect of rising interest rates, are the No.1 reason to delay buying a home.
Households on Edge Over Interest Rates
* Dangerous for RBA to raise rates – economist
* Many reasons for RBA to keep rates on hold
* “But June hike likely”
ECONOMISTS fear a June interest rate increase could push households “over the edge” amid signs the Federal Budget’s spending cuts knocked another hole in consumer confidence.