Parents Put Extra Babies on Hold
Parents putting off having kids due to budgetThree in four shoppers also reassessing lifestyleBills, home loans, rent, groceries causing most pressureCASH-starved parents are putting off having more babies to cope with rising costs.
Some mums say the budget squeeze is forcing them to review their ideal family size, a survey reveals.
Sigh of Relief From Home Owners
HOMEBUYERS fearing an interest rate rise soon can relax a little after the Reserve Bank board signalled it would play a waiting game on any need to raise rates in coming months.
The RBA board decided earlier this month to hold interest rates at 4.75 per cent and, in the minutes of their meeting released yesterday, it recognised the economy had slowed with consumer spending, building activity and home prices sluggish or falling, reported the Herald Sun.
Go Gecko Real Estate Group Calls in Administrators
QUEENSLAND-based real estate group has called in administrators after falling victim to the property market slump.The founder of Go Gecko Pty Ltd Geoff Doyle has also been ousted from the chief executive’s role, The Courier-Mail reports.
New chief executive Noel Scully told the paper there were a number of reasons for Mr Doyle’s departure.
CBA Lobbies Reserve Bank on Credit Card Reform
THE Commonwealth Bank of Australia will lobby the Reserve Bank to scrap a proposed cap on credit card surcharges, one of the central bank’s main aims in its reform of the payment system.
Consumer Caution Keeps Loan Ratios Right Down
AUSTRALIANS are borrowing less as house prices slide, further entrenching the culture of debt reduction set in train by the financial crisis.
People taking out mortgages last month signed up for smaller loans relative to the value of their property than at any time during the previous six months, according to data from Australia’s biggest mortgage broker.
Australian Finance Group statistics show that the average loan-to-value ratio was 64.2 per cent nationally, and the average ratio fell in Victoria, New South Wales, South Australia and the Northern Territory.
Smaller mortgages are in vogue as house prices soften, and in June the average mortgage across Australia was $384,042 – about 1.1 per cent lower than the previous month.
Credit Lies are Piling Up, Veda Advantage Finds
* Aussies lie about personal finances
* Misinform when applying for credit
* One in ten misrepresented information
ONE in 10 adult Australians have lied about their personal financial information when applying for credit, research for credit agency Veda Advantage has found.
And this figure is on the rise, with an increase of 200,000 Australians admitting to misinforming their financial institution compared with six months ago.
The Galaxy Research showed 1.06 million Australians had understated their total expenses, 328,000 Australians had overstated their income and 427,000 understated the amount of money currently owed on credit cards.
Reserve Bank of Australia to hold interest rates for now
* Cash rate steady in July – economists
* RBA eyes weaker domestic, global data
* Rate rise forecast for August
THE Reserve Bank of Australia is expected to hold interest rates steady when it meets tomorrow but a hike is tipped next month to temper the effect of the aggressive growth of the mining boom.
Australians to Tighten Purse Strings
Australians plan to tighten their purse strings over the next 12 months in line with consumers in Greece, Italy and the UK, making the path ahead tougher for retailers.
Despite their anxiety levels being lower than northern hemisphere counterparts, almost half of Australian consumers will continue being frugal by cutting back on spending, Boston Consulting Group (BCG) says.