It makes no difference because we have been earning nothing on bank savings for ages now. I'm more worried about my Super disappearing.
Exactly!
Wish I had shares in Coles! the CEO was just making a comment that they had sold 3 Christmases worth of goods!
With the bank rates so low and the International and Domestic market so volatile, I'll be leaving my money in mostly low/medium risk Super options, I definatley will not be taking a hit by selling off any shates unless I have to.. If you can wait they always seem to rcover if they are quality products.
I feel for tho se who have no option but to sell and take a loss to malke ends meet.
I fear we are heading toward negative interest rates where those who have money saved will be supporting those in debt.
I also fear smaller banks, credit unions etc crashing. Frankly, I think we are headed for a depression rather than a recession. Is the government still guaranteeing bank deposits? Nothing has been mentioned since Rudd introduced that during the GFC in 2008.
Surely something like the Bank Guarantee would have to have changes legislated? No way would the Labor Party let that slip through unchallenged.
In the unlikely event of a Depresion, we will regret letting our manufacturing capabilities run down.
Yes, bank accounts are still guaranteed to $250.000
Thanks ex PS and PlanB. I would like to hear the government telling/assuring us of this though like it did back in Rudd's day. Nothing has been mentioned so it is hard to trust.
CBA increases term deposit rate amongst a range of measures for borrowers
“For our deposit customers, we will increase our 12 month term deposit rate by 60 bps to 1.70% p.a.. This will be available to all personal customers, but will especially benefit older Australians relying on their savings. It will ensure all Australians are now able to earn a return on their savings which is more than 1.45% higher than the official cash rate."
• 100 bps interest rate reduction for all existing cash-linked small business loans
• 70 bps interest rate reduction in one, two and three year fixed home loan rates for owner occupiers paying principal and interest to 2.29% p.a., *comparison rate yet to be confirmed
• 60 bps increase in 12-month term deposits to 1.70% p.a.
• Changes to home loan repayments which will release up to $3.6 billion in cash for Australian households.
Goof info, thanks RnR.
Ha ha ha, I just read my response. I meant good info of course :)))
Last resort': Funds urge caution, warn of real cost of $20,000 super dip
Younger Australians who opt to take up the government's offer of early access to their superannuation savings could wipe almost $85,000 from their retirement savings.
by Charlotte Grieve and Jennifer Duke
RBA announces emergency rate cut
The Reserve Bank has cut interest rates to a new record low of 0.25 per cent and announced a money-printing program for the first time in its history to prevent a recession because of the coronavirus pandemic. As Australia’s economy continues to rapidly deteriorate and panicked investors continue wiping billions of dollars of value off the local stock market, the central bank is using a lever that it had not even used during some of the worst catastrophes in recent history including the global financial crisis and the 9/11 terrorist attacks. In a statement, RBA governor Philip Lowe said coronavirus was having a "very major impact on the economy and the financial system"."As the virus has spread, countries have restricted the movement of people across borders and have implemented social distancing measures, including restricting movements within countries and within cities. "The result has been major disruptions to economic activity across the world. This is likely to remain the case for some time yet as efforts continue to contain the virus."
Dr Lowe said the board will not increase the cash rate target until progress has been made towards full employment and it is confident that inflation will be sustainably within the 2–3 per cent target band. The RBA will also buy Australian government bonds as part of its first-ever quantitative easing program, and provide a three year funding facility to provide cheap loans for Australian banks. Read the full story.