Category: Finance
-
Gold hit a five week low with further losses expected
Gold has sunk for the sixth straight session, reaching a five week low with more losses expected in the coming days. U.S. gold futures settled at $1,203.20 on Friday. Gold futures were at the lowest level since February 1st at $1,202.90 with the February level being $1,199.70. Spot gold didn’t fair much better, as it was down by 0.32% at $1,203.58 per…
-
Visa is changing how people pay
Payments technology has changed significantly over the last twenty years, with traditional cash payments being slowly outmoded by other methods of payment. This is due in large part to Visa, which, along with other credit card companies, has driven and revolutionised payment technology. Their latest payment innovation is a wearable pay band. According to Visa, the payment…
-
Centrelink overpayment errors ‘not counted’
The Senate inquiry into Centrelink’s automated debt recovery system has found that the system has not kept track of how many overpayment errors were caused by the agency itself. Greens senator Rachel Siewert has called for greater clarity from the government service on the functionality and reliability of the new automated system. “I think it…
-
ATO targeting the cash in hand economy
The Australian Tax Office (ATO) is cracking down on the cash in hand economy that generates up to $15 million in turnover each year. Currently, 1.6 million businesses that operate with cash only, including hairdressers, cafes and trade persons. Assistant Commissioner Tom Wheeler has said that the measure is not targeting any particular business. “We know that the majority…
-
Reserve bank leaves interest rates at 1.5%
In an unprecedented move, the Reserve Bank has left interest rates at 1.5% for the seventh month in a row. This was the first meeting of 2017 and it has surprised economists that the rates have stayed the same despite concerns about the housing market and the growing economy. The bank’s governor Philip Lowe has…
-
New ‘Frugal Movement’ taking over Australia
The ‘Frugal Movement‘ is a movement that is gaining traction all around the world. It involves users being more conscious about where they’re spending their money and breaking the cycle of consumer culture. Many people who are a part of this movement save thousands each year, so it’s confusing to see why we’re all not…
-
Bitcoin value overtakes gold for first time
The digital cryptocurrency known as Bitcoin has exceeded the value of gold for the first time since the introduction of the payment method in 2009. Demand for the digital currency has skyrocketed in recent times,particularly in China. Its stock price closed today at a base value of US$1268, with an ounce of gold trailing it at…
-
Australian trade surplus falls by two-thirds
Australia’s trade surplus has fallen to $1.3bn for January 2017, a drop of almost two-thirds from December 2016’s significant $3.3bn surplus. This surprising decline defied the expectations of many market experts, who had predicted further growth in the surplus following the record-breaking surplus recorded for December 2016. However, economists have been quick to address the situation, stating…
-
Pennybox app will teach kids financial literacy
Pennybox, the newest start-up to break into the $1.5 billion pocket money market, will teach children about financial literacy. The financial technology start-up has been designed to use pocket money to teach children about the cycle of earning, saving, and spending. Unlike Commonwealth Bank’s Dollarmites Club (which I’m sure we all remember) or Westpac’s new…
-
Deutsche Bank pays $9.5 billion for contributing to GFC
Deutsche Bank this week reached a final settlement with the US Justice Department over their handling of mortgage-backed securities prior to 2008. The bank agreed to pay $9.5 billion (or US$7.2 billion) and admitted to misleading investors. Deutsche Bank admitted to misleading customers about the loans underlying the securities, including falsely claiming that loans had been…