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ANZ Survey Shows Number Of Jobs Ads Increased
A new survey by Australian banking major ANZ suggest that the number of job advertisements jumped by their largest monthly rate since February 2010.
According to the ANZ job advertisement survey, the number of job advertisements placed in major newspapers and on the internet increased by 6.0 per cent in January. For the year ending January the growth was more moderate, posting a 0.7 per cent rise.
Westpac Likely To Cut Hundreds Of Jobs
Reports are suggesting that Australian banking major Westpac is embarking on a cost cutting program and is likely to announce cuts to its head count as soon as today.
According to the Sydney Morning Herald, Westpac is set to announce the cuts on Thursday afternoon, though the number of people that are affected is still not known, though other sources are speculating that the cuts could number in the hundreds.
ANZ Holds Mortgage Lending Rate Steady But Plans Staff Cuts
Mortgage holders who borrowed from Australian banking major ANZ can breathe a sigh of relief as the lender said it would hold its variable mortgage rate, however employees of the bank are not so lucky as they await news over a possible cut in jobs.
Last week, the Finance Sector Union confirmed that the lender has plans on axing hundreds of positions over the following six moths.
Major Australian Banks Likely To Cut Thousands Of Jobs
Australia’s biggest lenders are likely to cut thousands of jobs nationally as they seek to consolidate record earnings from last year.
Amidst a backdrop of soaring funding costs and slower growth in mortgage lending, ANZ, Westpac and CBA have devised plans to reduce expenses according to the Daily Telegraph.
Major Lenders Experience Strong Growth In Retail Deposits
According to the assistant governor of the Australian central bank, the big four lenders in the country are no longer depending so heavily on wholesale funding markets for their needs, and have chosen instead to raise their finance using the more traditional method of retail deposits since.
Guy Debelle RBA Assistant Governor says that the major lenders have experienced an annual 11 per cent growth rate in their retail deposits, which is in excess of the growth in credit, which has remained flat at 5 per cent.
Choice Urges Home Owners To Be Cautious When Buying Home Insurance
Choice, the consumer group is advising consumers who live in places that are prone to flooding from taking out insurance in an irresponsible manner, whilst at the same time heavily criticizing the industry according to the insurance council.
Recently the advisory group held its annual Shonky Awards, where the group awarded lemon trophies for dubious dodgy and deceitful goods and services.
Choice singled out the insurance industry, following this summer’s flooding in Victoria, Queensland and New South Wales.
Australian Consumer Confidence Rises In Response To Rate Cut
In November the Westpac-Melbourne Institute Consumer Sentiment index surged for the first time since the beginning of 2009, after the central bank cut its benchmark interest rate in response to a declining threat of inflation, and fears of uncertainty in Europe.
The index of consumer confidence rose by 6.3 per cent in November after the Reserve Bank of Australia slashed borrowing costs to 4.5 per cent from 4.75 per cent at the start of the month.
Government Abolishes Age Limit For Super Contributions
Australian employees who are over the age of 70 will no longer be prevented from superannuation contributions following a surprise announcement by the Gillard government.
According to Bill Shorten the Assistant Treasurer, the age limit for contributions from employers would be abolished, effective July 1st 2013.
NAB Chief Clyne Receives Whopper Pay Package
Cameron Clyne, chief executive of Australian banking major NAB who controversially passed on just 20 basis points of the 25 basis point cut enacted by the Australian central bank, despite the fact that the lender posted a 19.2 per cent increase in full year net profits on $5.5 billion is in line for a large pay hike.
The lender released its
CBA To Launch Credit Card Payment App
Credit cards may soon go the way of the dinosaur as increasingly mobile smart phones usurp plastic for instant payments.
The most recent innovation that is helping credit cards on their way to extinction is Australian banking major CBA introducing a new application is calls tap and pay, which allows smart phones to connect to payment devices such as cash registers, and also allows for facebook and email payments.