Latest news with #CarolynMcCann
9 News
3 days ago
- Business
- 9 News
Embarrassing reason Aussies are wasting hundreds of dollars every year
Your web browser is no longer supported. To improve your experience update it here As Australians continue to battle the cost-of-living pressures caused by years of high inflation and interest rates, plenty are wasting hundreds of dollars a year on subscription services they never use, with many even having forgotten about signing up in the first place. Research released by Westpac this week revealed three in every 10 Aussies lose $600 a year on duplicate apps and services they don't use. It also found the average consumer spends an extra 20 per cent on subscriptions than what they realise – the equivalent of about $14 a month or $168 a year. Three in every 10 Australians waste $600 a year on apps they don't use. (Nine / Janie Barrett) "Convenience is clearly appealing to Australians and they're willing to pay for it. But our research has found these services might be running away from them a little bit," Westpac acting chief executive, consumer, Carolyn McCann said. "When we compared total estimated spend against customer transaction data, we could see customers are spending about $14 more each month than they think they are on subscriptions. "While subscription costs might not seem like much in isolation, they can quickly add up – especially if these are apps or services you no longer use. "This is hundreds or even thousands in potential savings that could be redirected elsewhere." Westpac also found its customers are spending more than $2200 a year on takeaway food. (Dominic Lorrimer) The research found that failing to cancel a service during a trial was the main reason people were spending more than they thought, while just under a third of consumers said they'd paid for a subscription they'd forgotten about. A similar proportion (31 per cent) said they found it too difficult to cancel certain services. Westpac also found Australians are spending $141 extra a year on subscriptions, an increase of 11.3 per cent from 2024. That comes as a number of popular streaming providers, including Spotify and Netflix , have increased their prices in consecutive years. Gaming services are the biggest money sinks for Australians, costing the average consumer $55.50 a month ($666 a year), followed by video streamers ($21.63 per month/$260 a year) and music ($16.98 a month/$204 a year). At the same time, Westpac also found its customers are spending a whopping $2200 a year on takeaway food. "Our data suggests customers are willing to spend on what makes life easier, with a significant uplift in spend on food services," McCann said. "But there's also growing awareness around value. "While spend on home and utility subscriptions recorded the second-highest spend growth, customers also said these services delivered the least value." Consumer national Australia finance money Cost of Living Westpac CONTACT US Property News: Rubbish-strewn house overtaken by mould asks $1.2 million.
AU Financial Review
7 days ago
- Business
- AU Financial Review
ASX to rise, US equities rally on rate cut bets
Australian shares are poised to open higher, tracking in part a broad rally in New York after July's CPI data bolstered markets bets for a September interest rate cut. The S&P 500 reset its record high. The probability of a 25 basis point rate cut at the Federal Reserve's mid-September policy meeting increased to more than 90 per cent according to the CME's FedWatch Tool. 'Stocks can continue to move higher, and it is going to take a much larger inflation number – or other shock to the market – for a correction to commence,' Northlight Asset Management's Chris Zaccarelli said. Among the key results expected on Wednesday: AGL Energy, Commonwealth Bank, Treasury Wine Estates, Computershare, Evolution Mining, IAG and Arena Reit. Follow our reporting season coverage here. Markets lift bets on September US rate cut, economists hedge: 22 views | The latest US CPI report failed to settle the debate over the impact of tariffs, and whether inflation is poised to gather momentum as the year progresses. Market highlights ASX 200 futures are pointing up 21 points or 0.2 per cent to 8859. All US prices near 2.15pm New York time. Today's agenda The second-quarter wage price index will be released at 11.30am. NAB expects a 0.8 per cent quarter-over-quarter rise and a 3.3 per cent year-over-year advance. Top stories The policy panic that sent Albanese and Chalmers into private talks | The prime minister and treasurer claim to be on the same page about next week's economic roundtable, even if sometimes it appears otherwise. | Carolyn McCann is either the hardest worker in lending and just gets things done, or a ruthless executive to be avoided. It depends on whom you ask. Collapsed developer was warned Ray White loan made no sense | Other lenders to collapsed real estate firm FSM claim that the deal wiped them out for little reason, except that it helped the developer pay his own debt. | The ASX 300 is now only slightly less expensive than it was back in 2021, when global rates were around zero and governments were spending their way out of the pandemic.
AU Financial Review
12-08-2025
- Business
- AU Financial Review
Inside the rise and rise of Westpac's polarising new retail bank boss
Carolyn McCann is the hardest worker in banking, loved by her superiors for getting the job done. Or she's an executive to be avoided, prepared to 'throw anyone under the bus to get to the top'. Either way, the polarising new boss of Westpac's huge retail division is on the rise, this week securing one of the most coveted and challenging jobs in banking. It's a long way for the Queenslander, who has little retail banking experience despite her dozen years at Westpac. McCann's first major gig was at Insurance Australia Group, where she worked in communications and investor relations before joining Westpac in 2013. For the next five years, under then chief executives Gail Kelly and Brian Hartzer, she oversaw communication efforts before joining the company's executive leadership.
