Latest news with #GrahamCooke
Herald Sun
07-07-2025
- Business
- Herald Sun
Experts divided: Cost-of-living crisis or housing havoc?
Has the cost-of-living crisis finally ended? Some of Australia's top finance and property experts certainly think so. Finder's latest RBA Cash Rate report, which surveyed 34 experts and economists on future cash rate moves and other issues relating to the state of the economy, showed 88 per cent (30 out of 34) respondents believe the RBA will cut the cash rate tomorrow, bringing it down to 3.60 per cent. On the topic of cost-of-living, almost half of experts (44 per cent) said they believed the crisis was over. In comes as the amount Aussies are saving each month – $932 – reached an all-time high in June 2025, up from $614 in June 2023, according to data from Finder's Consumer Sentiment Tracker. MORE NEWS When is the next RBA rates meeting in 2025? Shock salary you now need to buy a home Little-known rule could save you $800 Finder's data shows mortgage stress is also at a two-year low – down to 34 per cent. Despite higher average savings rates, Stella Huangfu from the University of Sydney noted that many were still doing it tough. 'Finder's research reveals that 43 per cent of respondents have less than $1000 in savings, and 18 per cent have no savings at all,' she said. 'Additionally, the cost of essential goods and services remains high. 'Experts predict that grocery prices are unlikely to decrease in 2025, and real household disposable income has declined by nearly 10 per cent since its peak, indicating that many Australians are still struggling to keep up with living expenses.' Graham Cooke, head of consumer research at Finder, said while some Australians were gaining financial confidence, others were barely scraping by. 'Whether the cost of living crisis is over really depends on who you ask,' he said. 'While Finder's Cost of Living Pressure Gauge shows that cost pressures are easing, rents are still sky-high and relief is being more directly felt by homeowners. 'The property class divide in Australia is widening.' However, Jakob Madsen from The University of Western Australia said the crisis was not as large as many believe. 'I think the so-called cost-of-living crisis is blown up and clearly not of the scale we saw in the 1970s and 1980s,' he said. 'Most remuneration is indexed to consumer prices, so the standard of living has not changed much. 'The exception is some rentiers and new entrants into the housing market have experienced marked increasing costs. But this is all caused by the escalation of house prices, not a general increase in the real value of pensions and wages.' Kyle Rodda from said the cost-of-living crisis was basically a housing crisis. 'If you rent, things are tough. If you are leveraged to your eyeballs on your home, things are tough. 'Given the housing problem is supply driven and there's not much being done to address that, then the 'crisis' is likely to continue.' Adj Prof Noel Whittaker from QUT pointed to a growing wealth divide. 'We are living in very much a two-tier society, and the gaps between the haves and the have-nots appear to be widening,' he said.
7NEWS
04-07-2025
- Business
- 7NEWS
"A July cut is in the bag." Experts unanimous in rate cut predictions
Australia's mortgage holders are on the verge of another financial break, as a vast majority of experts forecast the Reserve Bank of Australia (RBA) will deliver its third interest rate cut for 2025 this month. According to Finder's July RBA Cash Rate Survey ™, 88 per cent (30 out of 34) of leading economists and experts expect the RBA to lower the cash rate by 25 basis points to 3.60 per cent during its next meeting. If banks pass this cut on in full, it could mean significant annual savings for homeowners across the country. Know the news with the 7NEWS app: Download today Graham Cooke, Head of Consumer Research at Finder, believes another rate cut would offer a much-needed confidence boost to homeowners who are grappling with the cost of living. "We've seen two cash rate cuts already, but homeowners are chomping at the bit for more," Cooke said. "Inflation is continuing to reduce, which means the RBA is likely to cut and the banks will be under a lot of societal pressure to pass on the full rate cut again in July." The pressure on banks to deliver the full benefit to borrowers is intensifying. Finder's Cost of Living Pressure Gauge recently dropped slightly to 74 per cent, but Cooke warns it remains in borderline extreme territory. "The first bank to hold back some of the cut will be publicly shamed," he added. "Even if you get the full decrease, you may be able to give yourself another by switching. If your home loan is over 5.5 after this cut, you're paying too much." ANZ is the first of the big four banks to drop their rate ahead of the RBA decision. ANZ recently reduced interest rates on a selection of its fixed-rate home loan products by as much as 50 basis points. The lender's new lowest two-year fixed rate for owner-occupiers with a loan-to-value ratio of 80 per cent or less now stands at 5.19 per cent per annum (with a comparison rate of 6.44 per cent per annum). How much you could save For those with a $500,000 mortgage, a full 25 basis point cut in July would equate to $80 in monthly savings, or $956 over a year. If all three 2025 rate cuts are factored in, these savings jump to $134 per month or $1,613 annually. Borrowers with a $1 million mortgage could save as much as $3,226 annually compared to the start of the year. Matthew Peter from QIC is adamant that the RBA will move in July. "A July cut is in the bag," he said. "Underlying inflation is within the RBA's target band and falling, consumer spending is disappointing and the market is expecting a rate cut. No reasons for the RBA to wait." The latest home loan analysis further illustrates how significant these savings could be for Australians: $500,000 loan: $80/month or $956/year (July cut only), $134/month or $1,613/year (3 cuts in 2025) $750,000 loan: $120/month or $1,435/year (July cut only), $202/month or $2,420/year (3 cuts in 2025) $1 million loan: $159/month or $1,913/year (July cut only), $269/month or $3,226/year (3 cuts in 2025) Average Australian loan ($659,920): $105/month or $1,262/year (July cut only), $177/month or $2,129/year (3 cuts in 2025) Source: Finder, RBA. Based on home loan rate of 6.12% as at Jan 2025 (Outstanding owner-occupied home loan variable) These projections are based on a standard home loan rate of 5.95 per cent as of May 2025. Finder also estimates that the current average home loan in Australia sits at $659,920, according to the ABS. SEE WHAT YOU COUD BORROW: Borrowing Power Calculator Cooke emphasised that rate cuts present homeowners with a unique opportunity to reduce their debt faster. "If you can afford to, don't lower your repayments just because your rate has dropped," he said. "Keeping your repayments steady means you'll chip away at the principal faster, saving thousands of dollars in interest over the life of your loan." Looking ahead, the sentiment among economists is that this rate cut won't be the last for 2025. Of those who participated in the survey, 76 per cent (19 of 25) expect another rate cut in August, while 52 per cent (13 of 25) forecast a further cut in November. Finder's Consumer Sentiment Tracker (CST) also reveals that while mortgage stress has reached a two-year low, around 34 per cent of homeowners are still struggling to meet their loan repayments. Experts weigh in Experts contributing to the survey were unanimous in identifying key reasons for supporting a rate cut: falling inflation, sluggish GDP growth, and global economic uncertainty. Several academic and industry experts have pointed to a consistent set of economic indicators supporting the likelihood of a July rate cut. Evgenia Dechter from UNSW highlighted that the RBA may be moved to act due to "easing inflation, weak GDP growth, and heightened global uncertainty." This view is supported by Shane Oliver of AMP, who noted that recent data points to "a further fall in inflation and weaker than expected GDP and economic activity," which he believes will prompt the RBA to return the cash rate closer to a neutral setting. From the financial services sector, David McQueen of Loan Market noted that consumer behaviour is already responding to prior cuts. "Pre-approval applications rose 7 per cent after the May rate cut and are 53 per cent higher than the same period last year," he said. "Buyers are getting their finances in order and positioning themselves to act." Further supporting the call for a cut, James Morley from the University of Sydney cited that the trimmed mean inflation rate now sits at 2.4 per cent, below the RBA's forecast. He also highlighted that while uncertainty remains, the upside risk for inflation seems minimal under current conditions. Together, these expert insights paint a picture of broad consensus: the Australian economy is under pressure, inflation is easing, and the RBA has sufficient room to act. As Graham Cooke concluded, this convergence of opinion and data means borrowers should be proactive. "Talk to a broker. Know where you stand. Make sure your lender is giving you the full benefit. And if they're not, be ready to move."
Sky News AU
02-07-2025
- Business
- Sky News AU
More than three million Aussies to pocket about $277 this Dry July, research from comparison site Finder has revealed
Australians doing Dry July will not only improve the health of their liver but also their bank balances to the tune of $277, new research has revealed. Comparison site Finder has found that 20 per cent of Australian drinkers are cutting out grog this month for the annual Dry July sobriety run. With the average drinker forking out $69.40 per week on alcohol, according to Finder, the total savings will hit $277 for the month. The research found the weekly average spend on alcohol was down 35 per cent from $108.20 a year ago as cumulative cost of living pressures force Aussies to cut back on drinking. Finder's head of consumer research Graham Cooke said Dry July was a 'great opportunity' for Aussies to reset their financial habits alongside their health habits. 'Many Aussies don't realise how much money quietly disappears on drinks out with friends or a quiet bottle of wine in the evening,' Mr Cooke said. 'Cutting out alcohol for a month can easily save you hundreds of dollars – that's money that could go towards paying down debt, building your emergency fund or simply boosting your savings. 'Not only that, but your liver will start to repair itself after a couple of weeks – so the longer you stay off the booze, the better. 'It's great that it's becoming more acceptable to say no to a drink. Choosing to skip alcohol, whether for health or for financial reasons, doesn't mean you have to skip the fun.' Finder's research showed a whopping 3.2 million Aussies will take part in Dry July this year. That will put $886m back into the pockets of everyday Australians if all successfully complete the challenge. About 11 per cent of respondents to Finder's survey said they were completing Dry July for the first time while nine per cent said they had done it previously. The savings comes as alcohol inflation has continued to surge over the past year. Data from the Australian Bureau of Statistic showed the price of beer rose 4.5 per cent and the price of spirits jumped four per cent for the year up to March 2025. Alcohol and tobacco rose 6.5 per cent over 12 months while prices jumped 1.2 per cent in the March quarter.
Travel Daily News
30-06-2025
- Business
- Travel Daily News
Tanzania is ready for World Travel Awards Africa & Indian Ocean Gala Ceremony 2025
Tanzania hosts the World Travel Awards Africa & Indian Ocean Gala 2025, showcasing regional tourism excellence and national attractions. Tanzania is making final preparations as it steps up to host the World Travel Awards Africa & Indian Ocean Gala Ceremony 2025 on 28 June. Travel and tourism leaders from across the region are gathering in the capital Dar es Salaam to discover who among them has been voted the industry's finest. The VIP reception at Johari Rotana Dar es Salaam will mark the opening leg of WTA's Grand Tour 2025, which includes regional events in Cancun (Mexico), Saint Lucia, Hong Kong, Sardinia (Italy), Dubai (UAE), culminating in the Grand Final in Bahrain. From the legendary Serengeti safaris and the majestic heights of Mount Kilimanjaro to the paradise beaches of Zanzibar, Tanzania is a destination that belongs on every traveller's bucket list. Graham Cooke, Founder, World Travel Awards, says: 'Excitement is building for our Africa & Indian Ocean Gala Ceremony 2025 in Tanzania, and I am eager to join travel industry figureheads from across the region for what promises to be a memorable start to our Grand Tour 2025.' 'Tanzania is one of the great success stories of Africa's tourism sector, and is consistently setting records for economic contribution and visitor spend. I am delighted our guests will sample its charms and incredible attractions.' The Gala Ceremony promises to be the region's premier travel event of the year. The Official Host Venue, Johari Rotana Dar es Salaam, is part of the landmark MNF Square development. It enjoys a prime location in the Central Business District, overlooking the Indian Ocean, and close to the port, beaches and other key attractions in Tanzania's vibrant capital. Ephraim Mafuru, Director General, Tanzania Tourist Board, says: 'We are delighted and proud to host the WTA Africa & Indian Ocean Gala Ceremony 2025 here in Tanzania on 28 June. This is a unique opportunity to showcase our country's breathtaking landscapes, vibrant cultures and world-class hospitality to key figures in the travel and tourism sector. Tanzania is more than a destination – it is an experience that leaves a lasting impression, and we look forward to sharing this with the world.'
Yahoo
24-06-2025
- Business
- Yahoo
ATO $1,519 cash boost heading for Aussies in weeks: ‘Tax-time windfall'
More than 10 million Australians are expecting a tax refund from the Australian Taxation Office (ATO) when they lodge their return this year. The vast majority will be using the extra cash to help pay for necessities and build up their emergency buffers as the cost of living continues to weigh on budgets. Australians will be able to lodge their tax returns from July 1, and the average person is anticipating a refund of $1,519. About 52 per cent of people will be putting this extra cash into their savings, new research by Finder found, while 19 per cent will use it to pay off household bills. Finder head of consumer research Graham Cooke told Yahoo Finance essential expenses would be taking priority over non-discretionary spending this tax time. RELATED Overlooked ATO tax deductions that could boost your refund by $870 Young Aussie reveals $390,000 property regret after falling into common trap Centrelink payment alert for 58,000 Aussies in caravans 'It's been a hard slog for households and many are looking forward to a tax-time windfall to ease the pressure a bit,' Cooke said. 'For many, a tax refund serves as an enforced saving, especially when so many are just getting by each month. 'Over the past few years, savings accounts have been drained as families grapple with high interest rates and everyday expenses.'Separate Finder research found 43 per cent of Australians had less than $1,000 in their bank account. Of those with less than $1,000, the average balance was just $215. Experts generally recommend having enough savings in your emergency fund to cover three months of expenses. This can provide you with a financial buffer to cover you if you run into any urgent or unexpected costs, such as car repairs or an urgent medical bill. Cooke said millions of people have had to rely on their emergency funds just to cover the essentials like petrol or electricity. 'The security and peace of mind of having an emergency fund can't be overstated, so it's always a great place to stash any windfall,' he said. While most Aussies will be putting their refunds into savings or bill payments, others admitted they would put it towards a holiday (7 per cent), paying off their mortgage (6 per cent) and going on a shopping spree (5 per cent). Paying off debt was another priority, with 4 per cent planning to get rid of credit card debt and 1 per cent paying off Buy Now Pay Later debt or a personal loan. While the cash boost will be welcome for many, Aussies have been warned to hold off lodging immediately on July 1. Aussies who lodge in early July are twice as likely to make a mistake in their tax return, and there is a much higher chance you will miss important information. 'There's a misconception that lodging early means you'll receive your refund first, but it's not as simple as that," CPA Australia's tax lead Jenny Wong said. "It's common for people who lodge early to end up having to amend their returns later anyway, so it's best to wait. It'll save you in the long run.' If you wait until late July, most information from employers, banks, government agencies and health funds will be automatically loaded into your tax return. In the meantime, Aussies can get a start on their taxes by gathering all necessary records and receipts, ensuring their details are up to date and making sure they are claiming everything they are entitled in retrieving data Sign in to access your portfolio Error in retrieving data
