Search

The banking industry is set to benefit from generative AI technology, with potential savings of up to $13 billion by 2030. Automation, shorter waiting times, and real-time processing of loan applications are some benefits. AI technology can also lead to personalized banking services and improved customer loyalty. However, cybersecurity and prevention tools are crucial to combat banking scams and identity fraud. Interest rate cuts globally are predicted for 2025, with potential impacts on markets and investment strategies. Open banking can provide greater visibility to better rates from lenders, enabling customers to know their current rate with zero effort or cost. Customers can benefit from open banking by reducing the work needed to gather financial statements for refinancing. [Extracted from the article]

This article provides a comprehensive overview of investment options for individuals with $10,000 to invest. It emphasizes the importance of understanding one's risk appetite and offers insights from experts in various sectors. The state of the Australian economy and global growth are analyzed, highlighting potential challenges such as inflation, geopolitical issues, and demographics. The property market is described as defying expectations, with national housing values reaching new highs due to supply and demand dynamics. The article suggests investing in research and advice for property buyers and mentions resources such as research reports, podcasts, and paid subscriptions. The cryptocurrency industry is experiencing significant growth, with Bitcoin and Ethereum gaining mainstream acceptance and institutional investment. The macro environment and monetary policy are seen as potential tailwinds for cryptocurrencies in 2025, and they are expected to become a mainstream asset class in traditional finance. The number of global crypto owners is increasing, and consumers have various options for buying and transacting in cryptocurrencies. Regulation and laws are important to keep up with industry innovation and enhance trust. Traditional investments such as term deposits and savings accounts have seen rate cuts, while mortgage payments and high-growth assets like tech stocks and gold are recommended for investment. Managed funds are a good option for retail investors to gain exposure to different asset classes, and factors to consider when selecting a managed fund include the experience and culture of the investment team, the coherence of the investment process, historical returns, fund capacity, and the incentive structure for the investment team. The text also provides information on investment strategies [Extracted from the article]

The article discusses the winners of the 2023 Consumer Finance Awards in Australia, which were determined through a readership questionnaire. Macquarie Bank was named Bank of the Year for the second consecutive year, praised for its digital banking experience and value for money. Bank Australia was named Customer-Owned Institution of the Year, recognized for its commitment to customer needs and positive impact on the environment. Other winners included Commonwealth Bank, La Trobe Financial, ING Bank, Bendigo Bank, Ubank, Great Southern Bank, Budget Direct, QBE, AAMI, NobleOak, MetLife, Challenger, Leveraged Equities, and Generation Life. The article provides rankings and information on various financial institutions and their products, including banking, insurance, and investment options. [Extracted from the article]

SOARING INFLATION IS hitting us all in different ways. Stocks to keep on the radar as inflation eases Opportunities will open up for investors who are willing to watch and wait Shares IF WE ASSUME that inflation settles down next year as the Reserve Bank is predicting and that it comes down closer to 3% from its current level of 7.8%, then you can expect there to be a cheer from investors in a range of stocks. To "beat inflation" - that is, to see the value of your investment portfolio increase over time in real terms - means that an investor needs to earn a return in excess of current inflation levels. Keep your nose in front Your money may be safe in a term deposit, but with inflation nearing 8%, its value is going backwards IN MANY PARTS of the world, inflation is the highest it has been in decades. [Extracted from the article]

The article from Money (Australia Edition) provides a comprehensive guide to the best-value financial products and services, including bank accounts, super funds, insurance, share brokers, loans, and telco plans. It emphasizes the importance of making bold and smart financial decisions for success. The publication highlights the winners in various categories, such as the Super Fund of the Year award going to Mine Super, and encourages readers to take action to improve their financial situation. Additionally, it announces a dedicated insurance awards issue for 2025. [Extracted from the article]

BANK OF THE YEAR The winner had the highest overall score among bank institutions that competed across six individual categories. HOME LENDER OF THE YEAR HSBC ê RANKINGS 1 HSBC 2 AMP 3 ING LAST YEAR n/a The 2022 winner in the Home Lender of the Year category for major banks is HSBC - no mean feat considering the strong competition there's been in the home loan space over the past year. NON-BANK PERSONAL LENDER OF THE YEAR NOW FINANCE ê RANKINGS 1 NOW Finance 2 Stratton Finance 3 Illawarra Credit Union LAST YEAR 3 Australians looking to purchase a car, consolidate their debt, or finance some home improvements aren't short of options from bank or non-bank lenders. CUSTOMER-OWNED BANK - HOME LENDER OF THE YEAR CUSTOMER-OWNED BANK - INVESTMENT LENDER OF THE YEAR POLICE BANK A strong performer in previous years, Police Bank offers competitively priced variable and fixed-rate home loans. [Extracted from the article]

This article discusses the growing trend of people turning their skills and hobbies into additional sources of income, known as the side hustle. It explores the leading sources of income in the gig economy and provides tips on how to get started while avoiding the pitfalls of working multiple jobs. The article also offers advice on how first-time home buyers can save $18k and how to build a property portfolio without the hassles of being a landlord. The author also mentions a new managing editor who will be taking over the editorial space in future issues. [Extracted from the article]

The article discusses the importance of safeguarding bank accounts from online criminals and highlights three ways to protect against scams. The author shares a personal experience of their bank blocking their account after a suspicious transaction. The article also mentions the Scam-Safe Accord, a non-binding agreement among banks to implement fraud prevention measures. The three ways the accord will change banking include implementing biometric checks for new accounts, delaying transactions to new payees, and using name-checking technology and intelligence sharing to prevent phishing scams. The author emphasizes the importance of taking precautions such as regularly checking bank statements and changing passwords. [Extracted from the article]

Money magazine, which was founded in July 1999, is celebrating its 25th anniversary. The magazine features a personal piece by Paul Clitheroe, the host of the TV show Money, reflecting on his financial and life journey. The importance of understanding personal finance for overall well-being is emphasized. The magazine also includes money lessons from columnist Susan Hely and recommendations for red wines to cellar for 25 years. Additionally, the winners of the annual Consumer Finance Awards are announced in the magazine. [Extracted from the article]

The article discusses the increasing number of missed mortgage repayments and credit card defaults among bank customers in Australia. It highlights that the number of mortgage customers in hardship has doubled in the past year, and over 13% of people have missed credit card repayments. The article emphasizes the potential consequences of these missed payments, such as repossessions and long-lasting damage to credit scores. However, it also provides solutions to avoid personal financial crises, including contacting the bank in advance, arranging alternative payment schedules, and seeking assistance from organizations like the National Debt Helpline. [Extracted from the article]

This article, titled "From little things, big things grow," is from the June 2024 edition of Money (Australia Edition) magazine. The article discusses the importance of understanding and managing taxes, especially with the upcoming stage three tax cuts in July. It provides tips on how to wisely invest and grow the extra money from these tax cuts. The article also covers practical advice on preparing tax returns and maximizing returns through deductions and deferments. Additionally, it explores ways to save money on spending, such as renting high fashion or buying from websites that facilitate reselling. The article emphasizes the impact of consumer spending habits on industries and highlights the fashion industry as a starting point for making sustainable choices. [Extracted from the article]

The article discusses the lack of financial literacy in Australia and the consequences of not learning about personal finance during early adulthood. It highlights that financial education is not a compulsory subject in the national curriculum and is instead left up to individual schools to address. This leaves many individuals with little insight into how their early experiences with money and personal values influence their financial decisions. The article also raises concerns about the influence of "finfluencers," who may provide helpful tips but also promote get-rich-quick schemes and scams. The article emphasizes the importance of understanding the psychological forces that shape our thinking about money and provides information on how to navigate the world of finfluencers. [Extracted from the article]

A report on price gouging and unfair pricing practices has revealed that consumers are being ripped off on a daily basis, leading to a decline in living standards. Companies with large market shares are taking advantage of a lack of competition to benefit themselves and their shareholders at the expense of consumers. Former ACCC chairman Allan Fels's inquiry into price gouging has shed light on this issue and provided definitions for these practices. The article offers strategies for consumers to fight back against these unfair practices. [Extracted from the article]

The trigger for investments in Australia by the overseas Chinese has been the strong Australian dollar and the surplus of commercial property available in 1991-1993. Since then, several Chinese families from Singapore, Hong Kong, and Malaysia have invested in diverse Australian markets. Robert Kuok and main rival Ong Beng Seng are the two most influential investors in Australian markets. Kuok owns the $120 million apartment block in Sydney. Ong has sold Australian hotel properties for a total of $50 million.

The article is a welcome message from the editor of Money magazine, discussing the magazine's plans for the new year. The editor mentions that the magazine has been refreshed with cleaner pages, easier navigation, and informative graphics. They also highlight their focus on providing quality content and being a trusted, independent voice in the market. The editor mentions that the magazine's readership has increased and they are committed to leading readers on the journey to financial freedom. The article also mentions the topics covered in the current issue, including the grocery market, weight-loss drugs, and options for caring for elderly people. Additionally, the article mentions upcoming stories on US-China tensions and the difference between growth and dividend ETFs. The editor also mentions an interview with a restaurant owner and highlights the magazine's expert take on the top 50 property locations and shares to consider buying in 2024. [Extracted from the article]

This document is a welcome message from the journal "Money (Australia Edition)" introducing their annual "Best of the Best" edition. The edition includes expanded coverage of exchange traded funds (ETFs) and new awards in insurance. The journal acknowledges the individuals and research teams who contributed to the edition, including Rainmaker, WhistleOut, carsales.com.au, Dymocks, and Peter Forrestal. The document also advises readers to check with their finance providers for the latest rates and fees. The journal emphasizes the importance of finding the best deals to start the new year on a strong financial footing. [Extracted from the article]

Money magazine has undergone a refresh with a new look, and the editor expresses gratitude to the team for their hard work. The magazine's Best of the Best Awards issue is highlighted, and readers are encouraged to approach the possible recession in 2024 with anticipation and caution. The editor thanks readers for their support and wishes them a happy holiday season, expressing the hope that the magazine provides them with information and confidence to achieve their financial goals. [Extracted from the article]

MY MONEY Four months ago, Councillor Charlie Sheahan, the mayor of Gundagai, in NSW, made an emotional plea to NAB. Bendigo is supporting these small towns with agri loans, home loans and, where needed, mobile bankers who go to their customers when travelling to a Bendigo Bank branch is difficult. Digital banking has surpassed all expectations to become the go-to for more than 95% of banking customers, according to the Australian Banking Association. [Extracted from the article]

For our steadfast, long-time subscribers, we've assembled a line-up of savings tips including ways to cut $8k from your car expenses (page 44), how industrial property trusts are coming up tops in returns (page 62), and why government bonds are a reliable defence tool during uncertain markets (page 70). We show you how to buy Australian shares for the first time (page 78), how to avoid the pitfalls (page 82), and give you some investment products you may want to read up on if you have $10k to invest (page 34). Excuse the overflow of enthusiasm, but here at the Money office, we're excited to feature Mackenzie Arnold, goalkeeper for the Matildas soccer team in this month's profile interview (On the ball for her country, page 20). [Extracted from the article]

You'll see a number of superannuation articles in this issue and online, from our Love Your Super education campaign (page 64). Vanessa Walker joins Money this month as our new managing editor. Eagle-eyed readers will find that the recurring theme of this issue is this: preparation is your best tool for financial success. [Extracted from the article]

7 Open a savings account or term deposit With interest rates languishing around zero for many years, many banking customers have snubbed classic savings accounts or term deposits. MY MONEY 1 Change your password Security experts recommend changing your password on your online banking account at least four times a year. 3 Automate payment on your outstanding credit card debt Plastic is fantastic if you can clear your debt on time each month, but with the average credit card debt sitting at around $14,000, it looks like many of us err on the generous side. [Extracted from the article]

We are delighted to bring you this year's Consumer Finance Awards, which are designed to recognise the country's leading banks and insurers. In determining this year's winners, we've strengthened our selection criteria by incorporating the results of a readership survey on banking preferences conducted in May and June this year. The outcome of the readership survey also gave us an opportunity to introduce six new banking awards this year, namely Bank of the Year - Savers, Bank of the Year - Young People, Bank of the Year - Retirees as well as the outstanding banking providers across three categories: product, customer service and digital. [Extracted from the article]

Despite finishing top of her class in a prestigious university, Kendall felt like an impostor when she found herself in a room full of celebrities, the same people she idolised from afar. FROM THE EDITOR EDITOR'S DESK In a podcast episode, motivational speaker Mel Robbins talked with her daughter Kendall, a budding singer-songwriter, about the impostor syndrome. Paraphrasing what Kendall said, she had a lot to learn but also a lot to give in a room full of professionals, even as a beginner. [Extracted from the article]

Any money you have in your account is "offset" against the balance of your home loan, meaning the more money you keep in your offset, the less you pay in interest. For example, suppose you negotiated the same home loan down by 0.25% and you maintained a minimum $15,000 on your account balance, plus a one-off lump sum payment of $3000 and a monthly top-up of $200 on the same account over the course of the loan, then your total savings rise to $95,344. MY MONEY Customers with one of the big four banks saved an average of $1154 on their home loan last year with an offset account. [Extracted from the article]

Think of it as your reference guide for the rest of the year if you are considering investing in ETFs or want a point of comparison for your existing portfolio. But did you know that despite its phenomenal growth rate, the ETF market is just getting started? The world of exchange traded funds (ETFs) is familiar territory for many Money readers. [Extracted from the article]

Check the spending categories As at June, the big four banks (CBA, ANZ, NAB and Westpac) all offer a spending tracker in their app. Get a better home loan Unlike traditional cash stuffing, using the spending tracker could help you improve your credit score. But over six to nine months if you can demonstrate an improvement in your expense management through a spending tracker, your credit score could go up to 700 or higher. [Extracted from the article]

There are plenty of cost-saving tips and investment ideas in this issue. That will leave many retirees, who grew accustomed to living on a lower income, with extra money to spend, save or even reinvest. There's a lot of street talk around lithium, so our regular investment columnist Max Riaz breaks it down for us (page 68). [Extracted from the article]

But even with the conversion rates at play, turning your credit card points into frequent flyer points is still usually the most rewarding choice", says Chamberlin. On many credit cards, shoppers earn "points" in their bank's loyalty program first before those are converted into actual frequent flyer points. Calculate the conversion rate first A card offering 120,000 bonus reward points at a 3:1 conversion rate to your preferred frequent flyer program could mean earning 40,000 airline frequent flyer points. [Extracted from the article]

MY MONEY BANKING The flipside of rising home loan repayments is better rates on savings accounts and term deposits. As at July, interest rates on savings accounts and term deposits ranged between 0.6% and 3.15%. Rates are lower on a six-month term deposit but still better than if your funds are sitting in an ordinary transaction or savings account. [Extracted from the article]

The asbestos agency's website (asbestossafety.gov.au) has online tools that can help both the buyer and the seller of a property to disclose which areas have asbestos. The agency is running a campaign informing residential property buyers, sellers, renters and landlords of their responsibilities and rights when buying or renting a home that may contain asbestos. [Extracted from the article]

Scott Farquhar and the couple Melanie Perkins and Cliff Obrecht represent new money through the tech unicorns they co-founded - the software giant Atlassian and the online design trailblazer Canva, respectively. At a time when the average annual salary is $68,000, those who made it to the list have an average wealth of $2.77 billion, more money than most of us even dream about. THE VIP LIST of the rich and famous just got more exclusive. [Extracted from the article]

MY MONEY Aspiring first-time home buyers who are locked out of the property market will get a second shot at their dream, thanks to new laws coming into effect next month. Starting on July 1, the eligibility criteria for the government's three-pronged Home Guarantee Scheme (HGS) - namely the First Home Guarantee (FHBG), the Regional First Home Buyer Guarantee (RFHG), and the Family Home Guarantee (FHG) - will be extended to include individuals who were previously excluded. Borrowers also pay a lower interest rate because they are getting a home loan on an 80% loan-to-value ratio compared to someone who is not eligible for the Home Guarantee Scheme and evaluated as a borrower on a 95% LVR", says Thurmond. [Extracted from the article]

MY MONEY Credit cards are back with a vengeance. For example, if you use this kind of card every month and your credit limit is $1000 and the fee is $12, then you'll pay $120 for the year, while other credit cards only charge an annual fee of $89 and sometimes as low as $59. Depending on the credit card provider, you could be slapped with a flat fee or a 3% fee on the cash advance, plus 21% to 24% annual interest calculated from the day you make the transaction. [Extracted from the article]

In our cover story (page 34), Nicola Field guides us through the tax changes that took effect in March this year and gives nifty tips on how to prep your tax-related documents and receipts. Investment expert Scott Phillips sifts through a basketful of goodies to find the best prospect (page 80). [Extracted from the article]

MY MONEY Australia's banks aren't very popular right now, and neither are the Reserve Bank nor its governor, Philip Lowe. But when things go wrong in the US banking system, as in the case of Silicon Valley Bank (SVB) and other smaller regional banks, we should pause for a moment to consider that Australia's banking system is robust and well regulated through national legislation, rather than the seemingly piecemeal network of state-based financial regulation that operates in the US. Banks are too important to allow them to be weakly regulated, or to allow special interest groups and lobbyists to cajole government to agree that smaller banks should have lighter regulation, as happened in the US. [Extracted from the article]

At the Berkshire Hathaway AGM last year, he said that not only does inflation swindle equity investors, it swindles bond investors and the people who keep their cash under the mattress. Inflation is a thief. Finally, I must flag my fave read this month: Marcus Padley's humorous but moving take on the value of the time we have left (page 82). [Extracted from the article]

The article offers information on different products from different companies including the sport utility vehicle the Audi Q3 from automobile manufacturer Audi AG, the desktop computer Mac Mini from consumer electronics company Apple Inc., and the wine Cabernet Sauvignon from winery Windows Estate.

"Australia's Penfolds is the first producer to make an NFT announcement, but no doubt more will come", says Miles Davis, from fine wine management company Wine Owners. Meet our ultra-high-net-worth individuals (UHNWI), whose dealings are revealed in the Wealth Report 2022 by property giant Knight Frank. Last year, Sydney was ranked 260th in the world, clocking 2481 private jet flights in 12 months. [Extracted from the article]

Add superannuation payments - that's another 23.4% in savings at retirement, equivalent to hundreds of thousands of dollars extra in your nest egg, according to Association of Superannuation Funds of Australia (ASFA) research. And if you want your investment portfolio well protected in times when markets are at their most volatile, you're more likely to do better if your fund manager is female, according to Investment Metrics. To name a few, there are Chief Executive Women (CEW) for female business leaders, women's investment networks around the country and corporate-backed programs like Girls Who Invest, sponsored by fund manager PIMCO. [Extracted from the article]

The potent money lesson there was that the "Rich Nan" mindset of taking considered risks and staying informed is the recipe for success while the "Poor Nan" tendency to be sceptical, stubborn and scared of investing could lead to an impoverished life. If you're wondering how some households are managing their money problems or their skyrocketing bills, turn to our must-read Ask Paul (page 24) and Paul's Verdict (page 32). In our cover story, we challenge the gender stereotypes in managing money (page 34), and in real estate we seek out properties that cost less than $500k for those who want to invest this year (page 62). [Extracted from the article]