Latest news with #ChrisGrice
Yahoo
28-04-2025
- Business
- Yahoo
$3,300 Centrelink change that would leave thousands of pensioners worse off: ‘Pile on more pain'
Australian politicians are being urged to come clean on a 'sneaky attack' on pension payments. Deeming rates impact the payments of 900,000 Centrelink recipients, including 450,000 pensioners, and it is still unclear whether they will increase when the current freeze expires. Deeming rates have been frozen for the past three years, with the current extension set to end on June 30, 2025. While a Department of Social Services representative and pre-budget leaks initially indicated they would remain frozen for another year, the government has now refused to rule out ceasing the current freeze. Increasing the rate could leave a single age pensioner up to $3,300 a year worse off, according to advocates. That's based on deeming rates returning to track in-line with the Reserve Bank of Australia (RBA) cash rate. RELATED Centrelink's blunt warning over $1,200 'one-off' cost-of-living payment: 'Be mindful' Homebuyers warned over 'magical phrase' used by Australian agents to increase prices Aussie couple loses $170,000 house deposit over to two-letter error: 'Changed everyone's lives'Deeming rates are the rates of return the government assumes people earn on their financial assets, regardless of what they actually earn. That means if you earn more than the deemed rate, it isn't counted by the government when working out your payments including for the age pension, JobSeeker and parenting payments. It applies to financial assets like shares, superannuation and bank accounts. The lower deeming rate is currently frozen at 0.25 per cent and the upper rate at 2.25 per cent until June 30, 2025. The expiry of the deeming rates freeze does not mean the deeming rates will automatically increase. Deeming rates are usually adjusted by the government on July 1 each year. The former Coalition government froze rates in 2022 for two years as a cost-of-living measure after the RBA started increasing interest rates. The Labor government then extended this freeze in last year's federal budget. Advocates for older Australians have called for deeming rates to remain set while pensioners and other Australians battle the cost-of-living crisis. COTA Australia chief executive Patrician Sparrow said cost-of-living pressures were hitting many Australians, particularly those on fixed incomes, hard. 'To expect people to deal with a drop of more than $3,000 on top of what they're currently trying to cope with is unreasonable at best,' she said. 'The latest indexation adjustment to the Age Pension in March wouldn't even allow a pensioner to buy a coffee per week. 'Pensioners are already struggling; our politicians need to recognise that and confirm they won't pile more pain on top of what people are already feeling.' National Seniors Australia chief executive officer Chris Grice said any changes to deeming rates needed to be 'measured, incremental, and transparent' in their calculation so already under-pressure Aussies weren't hit even harder. 'This can't be a matter of wait and see. For our political parties to attempt to sneak through changes to deeming rates after the election would be outrageous,' he said. Both parties have been unclear about what will happen once the deadline passes. Prime Minister Anthony Albanese left the door open to ending the three-year freeze on the rates on Saturday. He did not rule out an increase but indicated Labor had historically set deeming rates 'lower than the cash rate'. The Coalition has also declined to explain what will happen after the deadline passes. The Coalition campaign headquarters told The Australian Financial Review it was 'not proposing any change to the scheduled assessment of deeming rates'.Sign in to access your portfolio
Yahoo
23-04-2025
- Business
- Yahoo
ANZ's subtle branch change infuriates customers: 'Siding with Boomers on this one'
ANZ has sparked fury amongst hundreds of Australians after it erected a new sign outside one of its branches. Instead of showing the branch's opening and closing hours, passersby have to scan a QR code to find the information. A poll of more than 2,400 Yahoo Finance readers showed the majority (54 per cent) don't like using QR codes because they don't trust them. Chris Grice, National Seniors Australia CEO, told Yahoo Finance this type of tech can alienate older Aussies and others who might not be able to or know how QR codes work. "You wonder whether someone has actually thought it through in terms of, 'Is this really good customer service?'" he said. Major cashless warning over new scam conning Aussies out of thousands of dollars ATO's $24,097 tax blow for every Aussie worker Commonwealth Bank makes huge RBA interest rate cut call: 'Done deal' He likened it to a Dr Seuss puzzle because the QR code doesn't actually provide information about that specific branch's opening hours. Instead, it takes you to ANZ's 'Find Us' page, which you then have to search for the branch you're standing in front of, which will then give you the numbers you're looking for. Many Aussies were fuming that essential information like operating hours would be buried within a code rather than just printed for all to see."I'm siding with Boomers on this one, what the f**k?" said one concerned Aussie. "The people who need to know the most are probably the same people who are not tech savvy enough to know what QR codes are," added another. A third wrote: "Even for tech-savvy people, this is infuriating. The QR code doesn't take you straight to a page that shows you the opening hours... It's absolutely user hostile." Another commented: "This is completely moronic. Why complicate something simple? Why should anyone go through multiple steps to find out info that SHOULD BE THERE???" Many people pointed out that the branches could have just printed out their opening hours and no one would get upset. However, an ANZ spokesperson told Yahoo Finance that there is a method to the madness. "ANZ introduced QR codes so customers can access the most up to date information about our trading hours," they said. "From time to time we may change our branch opening hours, as we wish to ensure our staff can be available when they're needed most – helping customers achieve their financial goals, whether it's owning a home, growing a business, or managing their everyday banking needs." The spokesperson added that the bank understands the "importance of accessibility" and insisted branch staff are available to talk about opening hours if a customer asks. Grice said older Aussies aren't the most tech-savvy compared to other generations and they might not have a phone that can operate QR codes. But he also said some seniors are worried about where these codes will take them and if they're a scam. He's concerned about this slow transition away from just giving you information upfront. "It's certainly happening where there's this push to make everything digital, and the human touch being removed from the process of banking and transactions," he told Yahoo Finance. But he said it's not just in the banking world. "During COVID, where we were forced to use them, there was a legitimate reason for their use," he said. "But we've seen a deterioration in service in the community because of QR codes. "When you want to go down to the local cafe, there's no table service anymore, is there? "You've got to scan a QR code to be able to order something. And you're paying for the privilege of basically ordering or serving yourself."
Yahoo
18-04-2025
- Business
- Yahoo
Fresh act of defiance against Australia's cashless society: 'Drain the ATMs'
Australians passionate about keeping cash alive are intending to drain ATMs across the country next week. This is the latest of many similar grassroots protests that occurred last year to hit back against the cashless revolution. A poll of 7,300 Yahoo Finance readers found a whopping 93 per cent are terrified of Australia becoming a cashless society. Cash Out Day is meant to send a signal to banks and financial institutions that, despite digital payments becoming the overwhelming favourite, cash still has a place at the table. "Use [cash] or lose it,' cash advocate Jason Bryce told Yahoo Finance. 'Let's keep cash alive. It's like a vote. It's almost like we're voting to keep cash on Tuesday.' New cashless upgrade set to change the way Aussies shop ATO warning for every Aussie who plays lottery after $70 million Oz Lotto jackpot Rare 50 cent coin worth 80 times more: 'Keep your eyes out' The campaign to draw out as much cash as possible on a single day originated on social media. People organised Cash Out Days in several countries and the Australian contingent gained a lot of attention. The National Seniors Association has been a fierce backer of the movement. The Association's CEO Chris Grice was one of many who took part in the protest last April to stand up for older Aussies who might not be able to cope without cash.'The move towards a 'cashless society' will disproportionately impact seniors and vulnerable people who may struggle with technology and online banking, highlighting concerns about digital exclusion," he said. 'Many seniors are not comfortable banking online because they're not tech savvy, and they're concerned about online and credit card scams. 'In many cases, cash is all they're familiar with, and is their only way to make financial transactions.' When these days have taken place, social media has been flooded with pictures and videos showing long lines running out of Aussie banks. Yahoo Finance asked the Australian Banking Association (ABA) whether April 2024's protest did much in terms of moving the needle. 'Across the industry, there was no material difference in withdrawals of cash [on April 2],' a spokesperson told Yahoo Finance. In a broader sense, advocates hope that these types of protests will show that cash is still being used around Australia. According to the Reserve Bank of Australia's (RBA) latest data, 72 per cent of Aussies are classed as low-cash users, meaning they used physical money for 20 per cent or less of their transactions. Back in 2019, low-cash users made up only 50 per cent of people in the country. Conversely, only 7 per cent of the population are classed as high-cash users, who use physical money for 80 per cent of their transactions, which is half the number recorded in 2019. The RBA found that only 13 per cent of all transactions in Australia were made using cash, with electronic payment methods making up the other 87 per cent. This gradual transition to digital payments, like using a card, smartphone or device, comes at the same time as banks reduce their physical footprint in the country. Hundreds of branches have closed in recent years as customers now do the majority of their banking needs online. While the Big Four have signed a moratorium to keep regional branches open until 2027, it's not known what will happen after that agreement ends. While cash protestors try to protect physical currency, the government is doing its bit to ensure Aussies aren't caught out when using essential services. It hopes to introduce a law on January 1 next year that forces certain businesses to always carry and accept cash as payment. It's unclear exactly what those businesses will be, however a discussion paper released last year hinted that the following would be on the list: Supermarkets Pharmacies Dentists GPs Hardware stores Insurers Pet stores Vets Service stations Mechanics Cafes, takeaways, bottle shops and hairdressers are likely to be exempt from the law, which would impose harsh penalties on non-compliance. Bryce has been largely supportive of the measure. "You need to be able to use cash to buy food, medicines and your essential groceries," he told Yahoo Finance. "Most of us think we have that right because we've heard the words 'legal tender' and it's written on our banknotes, and many people are shocked and dismayed when they can't use cash." It's an issue close to people's hearts, as a poll of 18,300 Yahoo Finance readers showed 88 per cent believe businesses should be forced to accept and carry cash. The ABA issued a call for calm against those fearing you soon wouldn't be able to use cash anywhere in Australia. 'Whilst Australians are using less and less cash, we are not going to be cashless," the spokesperson told Yahoo Finance. "Australians don't need to change their behaviour when it comes to withdrawing cash, it will continue to be available and accessible to those who wish to use it.' RBA boss Michele Bullock believes a true cashless society is many years away. The central bank chief told a parliamentary meeting in Canberra back in February that cash was 'going to be around probably for another 10 years'. She admitted it was becoming more expensive and difficult to move cash around the country, but stood firm that the RBA was committed to ensuring physical remained a 'viable means of payment for as long as Australians want or need to use cash'. Bullock acknowledged it was used 'particularly during periods of economic uncertainty and can be a useful backup for electronic methods of payment'.Sign in to access your portfolio
