Westpac has become the last of the big four banks to increase interest rates following the Reserve Bank of Australia’s decision last week to raise official cash rate by 0.50 per cent to 2.35 per cent. The bank will increase its variable mortgage rates by 0.50 percentage points on September 20. It means the Westpac Life total variable rate with bonus interest will increase by 0.50 per cent to 2.35… Read more
There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and… Read more
The process of onboarding employees is often lengthy, but it’s important. New hires need to learn your company’s culture, policies, and procedures. You also need to get some critical information from them so that they can legally work for you. The onboarding process is typically long and a little dry. It may include training, equipment distribution, benefits orientation, and security policies, just to name a few. There are many benefits… Read more
The wealth of Australia’s top self-managed super funds (SMSFs) continues to grow. There were 32 funds worth more than $100 million in 2020, up from 27 in 2019, new documents reveal. Information about the top 100 largest SMSFs in the 2019-20 financial years has been released by the Australian Taxation Office (ATO) in response to a Crikey freedom of information request. The data reveals how Australia’s richest people are taking advantage of the favourable… Read more
It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend… Read more
There are many types of insurance for individuals, and choosing the right ones for you can be overwhelming. These policies are distinct, yet they often overlap. It’s smart to review your personal insurance policies any time you have a significant life event. This ensures that you and your loved ones are cared for should you find yourself unable to work. Read on for a brief explanation of the different types… Read more
A significant drop in house prices is expected to unfold sooner than expected under revised forecasting based on the Reserve Bank of Australia’s current tightening cycle. While the Commonwealth Bank of Australia in June predicted home prices would fall nationally by about 15 per cent in the subsequent 18 months, unexpected factors had prompted shifts in the forecasted timeline. “We have not changed our expectation that national dwelling prices will… Read more
Side hustles are growing in popularity as many people look for new ways to earn extra money, but one expert has warned there are pitfalls to avoid. According to Associate Professor Simone Scagnelli, from Edith Cowan University’s School of Business and Law, the most important thing is to choose a hobby you love. “I would say people should probably start easy, meaning do something they like, or may be good… Read more
It’s an inevitability in every business – you have to raise your prices to continue making a profit. There are many factors that go into deciding how much to charge, all of which are dynamic. The rising cost of goods, inflation, and a changing market are just a few reasons why any small business has to re-evaluate its rates regularly to stay competitive (and to stay in business). While it… Read more
Despite the large figure, Australians who make under $92,000 a year are now considered below-average earners. This comes as the latest earnings report from the Australian Bureau of Statistics revealed that the average full-time worker makes $1769.80 a week, or $92,029.60 a year (pre-tax). Once you factor in overtime, penalty rates, bonuses and commission, the average full-time weekly total earnings increases to $1835.20 a week. This raises the average before-tax annual wage… Read more
There is a glimmer of hope for Australians fearing more interest rate pain, with a leading economist predicting the massive hikes could soon start to ease. On August 2, the Reserve Bank of Australia raised interest rates for a fourth consecutive month, bringing them to a six-year high of 1.85 per cent. It was also the third month in a row the cash rate rose by 0.5 per cent, the… Read more
Wondering how and when to ask for a pay rise? It can be difficult to do, but with the cost of living and inflation both rising, it might be a good idea to consider asking for one. Being prepared will make this a whole lot easier and you may want to consider the below: Is it a good time to ask? Despite wages being worth quite a bit less than… Read more
STP2 began January 1st, but many companies deferred that to the end of 2022. However, with the grace period rapidly coming to an end, it’s time for companies to turn those functions on with their DSPs (digital service providers) and, where necessary, communicate with employees about the new rules. To recap, STP2 will shift the way that payroll items are reported. In short, the Australian Taxation Office (ATO) will require more… Read more
Record numbers of employees are switching jobs in search of greater workplace satisfaction, but with rising inflation and cost of living, some experts say these uncertain economic times may not be the best time to make a move. Rising inflation is sending the cost of living skyrocketing, and rising interest rates, brought in to try and tame the rate of inflation, is putting extra pressure on homeowners. In another ominous… Read more
Australians are warned to brace for significant power bill hikes as a new report reveals prices in the country’s electricity market have surged to their highest ever levels, and there’s no sign that they’ll slow down. The Australian Energy Market Operator said in their quarterly report that wholesale gas prices soared to “unprecedented average levels” in the three months to July. There are early indications that will continue to rise… Read more