Kyla Scanlon on Navigating Financial Advice on Social Media
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News.com.au
2 days ago
- News.com.au
‘Disappointing for customers': Banks announce savings rate cuts
Australia's major banks and financial institutions have cut saving rates in the days following the Reserve Bank moving on interest rates. In unwelcome news for savers, seven financial institutions have this week announced they are reducing savings rates. NAB has moved on two of its savings accounts, reducing the rates on its Reward Saver and iSaver products. Reward Savers will get a new maximum rate of 4.10 per cent, while iSavers will get up to 4.40 per cent for the first four months before the account reverts back to 1.25 per cent. NAB has moved on its savings accounts 10 days ahead of variable mortgage rates. BOQ's Future Saver account, which is available to young adults aged 14-35, has dropped from 5.00 to 4.85 per cent. Macquarie Bank has cut both savings and mortgage rates. Macquarie savers will now get a maximum 4.25 per cent, while those on a transaction account will get 2 per cent going forward. Other banks that have already cut savings rates this week include AMP, Great Southern Bank, ME Bank and Hume Bank. The move on savings accounts follows the Reserve Bank of Australia on Tuesday announcing it had lowered the official cash rate by 25 basis points to 3.60 per cent. Canstar data insights director Sally Tindall says the third RBA rate cut of the year is already hitting savers in the hip pocket. 'We expect more savings rates will fall victim to this latest RBA cut in the weeks ahead; however, banks aren't likely to make a song and dance about them,' she said. Following the RBA's announcement, Commonwealth Bank was the first of the major banks to tell customers it would pass on the rate cut in full to variable rate home loan customers, effective from August 22. Shortly after, Westpac said it was passing on the cut in full to their variable rate customers and savers alike. Westpac savers' interest rates will drop from August 22, reducing the amount they are making off their money, but mortgage holders will have to wait a further four days to get any interest-rate relief. ANZ announced similar terms for borrowers, also decreasing variable rates by 25 basis points effective August 22. CBA and ANZ savings rates are still under review, but Canstar says if history is anything to go by, the banks will cut select savings rates next Friday. NAB will reduce its standard variable home loan rates by 0.25 per cent starting from Monday, August 25.
Daily Telegraph
2 days ago
- Daily Telegraph
Tesla backflips on $30k battery repair after Musk steps in
Don't miss out on the headlines from Motoring News. Followed categories will be added to My News. Elon Musk has personally intervened after his company initially failed to assist a loyal Tesla customer in dealing with a costly recall fault. The drama began when X user Jessica Tetreau posted a tweet asking for a contact at Tesla management after her Tesla's battery seal failed. Jessica claimed that Tesla's warranty and insurance would not cover the issue, and Tesla Service indicated it was not their responsibility, despite her vehicle being under warranty at the time. MORE: Musk threat to leave Tesla, gets $42 billion Jessica claimed that Tesla's warranty and insurance would not cover the issue/AFP 'Does anyone here have a contact with Tesla management?' she wrote. 'My car has a recall on the battery seal and mine failed. Tesla Insurance won't cover it, and Tesla Service says it's not their problem either. 'They want $30k by the end of the week. I'm literally heartbroken and in tears. My car was $150k and this is an enormous stress for me.' Three days later, Elon Musk responded to her post from his personal X account, promising to 'investigate.' MORE: China unveils plan to smash Tesla in Aus Elon Musk responded to Jessica's tweet. Picture: Jessica's Tesla is reportedly worth US$150,000 ($231,000), and from the images shared online, it appears to be a Tesla Model S, a high-end electric sedan. The Model S, along with the Model X, is currently subject to a recall notice in the US for battery seal issues that could allow water to enter the high-voltage battery pack, potentially causing electrical failure. Jessica had a battery fault issue in her Tesla Model S. Picture: X/@JessicaTetreau Tesla wanted to charge Jessica $24,000 to repair her Tesla Model S. Picture: X/@JessicaTetreau MORE: Musk signs $25bn AI deal with tech giant According to Jessica, Tesla initially wanted to charge her US$24,200.98 to repair the battery fault, and before Musk's intervention, social media users criticised Tesla's customer service. 'That's criminal … I'm so sorry, Jessica. Tesla has fallen victim to the same greed they once criticised legacy automakers for,' one wrote. 'As a TSLA shareholder, service problems are a big reason I'm holding and not buying more,' another added. 'They're only going to get worse — they're not even a luxury car,' a third person claimed. After Musk's post, Tesla employees swarmed Jessica's thread, promising to have the car ready by the end of the week. Three days after Musk's promised investigation, Jessica confirmed that the Tesla was returned to working order. The swift resolution after Musk's public reply has ignited fresh debate about Tesla's customer service and whether a high-profile intervention from the billionaire CEO should be the only means for customers to receive adequate assistance. It has become increasingly common for frustrated Tesla owners to post complaints on X in hopes that Musk will see them. Many believe it's the only way to solve major problems related to their Teslas. Jessica with her repaired Tesla Model S. Picture: X/@JessicaTetreau One user on X said, 'It turns out you have a contact through X. Directly to the motha f***ing god of Tesla.' 'Would be nice if there was a way for people who get stuck in these binds to be able to escalate for resolution without requiring X,' another said. This isn't the first time Tesla owners have expressed dissatisfaction with the company's customer service, and it's certainly not the first time Elon Musk has personally intervened to address Tesla matters. Earlier in May, Elon Musk was forced to intervene again after a Tesla customer posted on X criticising Tesla's customer service as a 'failure.' That matter was resolved in just a few hours after Musk's involvement. Originally published as Elon Musk response sparks fury among Tesla community
Canberra Times
2 days ago
- Canberra Times
Has Finance lost the plot? Perhaps the Audit Office should look at them
It goes without saying that Finance does not appear to see itself as some sort of representative of the victim - the taxpayer - in this process. Finance officers played no role in bringing the scandal to light, nor any zeal even in having PWC thrown out of the consultancy pool. It was Treasury which did that. It "owns" the exclusion by way of senator Katie Gallagher's role as minister, and control over the tender process. Finance has shown no interest in getting the facts out, or even in getting PWC to hand over more documents. The tone of the report is that PWC has suffered enough, but there is no weighing of that "suffering" - trite as it is - compared with the damage to the revenue, trust and confidence in the consultancy system, and perhaps the shattering of the idea that Finance, and its supervision of the Financial Management Act is an important constitutional bulwark of honest government.
