Australians Get Retirement Savings Boost From July 1
Good morning, it's Amy in Melbourne with your Tuesday newsletter on the first day of July. We'll have the latest markets news for you, and it's a big day for the superannuation industry...
Today's must-reads:
• Super contributions rise
• House prices climb
• Household battery scheme
More money will be flowing into the retirement savings accounts of Australian workers with the superannuation guarantee rising to 12% today, a key milestone for the country's A$4.1 trillion ($2.7 trillion) pension system.
House prices are up for a fifth straight month, fueled by the Reserve Bank's two interest-rate cuts this year. The Home Value Index advanced 0.6% in June, with every major mainland city recording a rise.
A program to encourage households to buy batteries cuts the upfront cost of installation by about 30%. The program is part of efforts to absorb excess renewable energy and curb price swings.
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