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9 News
an hour ago
- Business
- 9 News
'Incredibly hard': Scammers 'thriving' off interest rate cuts
Australians have been warned about a surge in investment scams as the Reserve Bank of Australia continues to lower interest rates. ANZ head of customer protection Shaq Johnson said interest rate cuts provided scammers with a chance to "thrive". "People, when rates are falling, understandably, they look for a better deal," he told Today . People have been warned about falling prey to a surge in deposit scams after interest rate cuts. (Getty Images/iStockphoto) "And that's why we see a lot of scammers posing as financial institutions, tricking people into transferring money into fraudulent term deposit accounts." Johnson said recent data showed a 70 per cent increase in deposit-related scams, up from the last quarter of 2024. "And that's why we're urging people to be extremely vigilant when they are interacting with people online, trying to invest or finding better deals or interest rates, because once money moves out of their accounts, it's incredibly hard to recover," Johnson said. ANZ head of customer protection Shaq Johnson. (Today) Scammers use a "broad range" of tactics, including unsolicited offers of attractive interest rates on deposits. Victims have also been taken in by fake websites online while looking for a better deal. Johnson said scammers often avoided making offers that sounded too good to be true, opting instead for "just a few basis points higher than what's been offered". READ MORE: Statue for slain Aussie surfers unveiled in Mexico "And what we see is the individuals who are trying to find these ... better deals, they will fill their information and they will receive a call from a financial advisor or somebody claiming to be from a bank, and then they will send them some paperwork," he said. "They appear very legitimate." He said it was getting harder for people to decipher a scam, with crooks making use of dark web data and AI to personalise their approach to a victim. Can you pick the Black Friday scam text message? View Gallery "You just need to close to pay close attention," Johnson said. "If it's an offer too good to be true, do your research. Stop and think. If you think that you're speaking to your bank, you need to pay close attention to what you've been asked to do. "You know, moving money out of your accounts, it's not something that the bank will ask you to do." Johnson urged people to stay up to date with scam information on bank websites and the ACCC's Scamwatch page .
Sydney Morning Herald
6 hours ago
- Business
- Sydney Morning Herald
Three million workers are getting a pay rise. Here's how it could affect you
Millions of Australian workers will receive one of their largest real pay rises in years after the Fair Work Commission upped minimum wages by 3.5 per cent, delivering the country's lowest paid an extra $32 a week. About 180,000 people will see their hourly rate increase from $24.10 to $24.95 from July 1 because of Tuesday morning's ruling by the industrial umpire, but its consequences extend far beyond those on the absolute lowest wages to all workers covered by an industry award. The commission's pay panel said that pay for the fifth of Australian workers on industry minimum pay rates had gone backward since 2021 because of inflation, but that price rises had been brought under control. 'We are satisfied that the level of wage increase we have determined is sustainable,' it said in a statement. In the case of modern awards, the benchmark C10 award rate of pay has declined by 4.5 percentage points relative to inflation as measured by the consumer price index. But what does that mean for the economy? Which workers will this affect? And how much money will they get? Nearly 3 million Australians will get a pay rise – and some workers will miss out Australia's industrial system has minimum pay rules for 121 industries, from aviation to health and the law. According to the federal government, up to 2.9 million workers have their pay set through those rules. That includes about 180,000 who are on the absolute national minimum wage, which is $24.10 and will be $24.95 when the increase starts on July 1. The award system also includes workers on much higher pay, such as airline pilots earning almost $220,000. Loading The pay of all of those workers, who are concentrated in industries such as hospitality, retail and the service sector, will automatically rise by 3.5 per cent. That means a childcare worker on the minimum hourly rate will get an extra 85 cents an hour, whereas the captain of a large airliner will get an extra $3.88. Other workers will miss out. They include people whose pay is higher than award minimums, set through enterprise bargaining agreements, are self-employed, or in jobs that are too senior to be covered by an award, such as high-level managers and professionals. The Fair Work Commission considered multiple factors – particularly living standards and inflation Tuesday's decision announced by Fair Work Commission president Adam Hatcher said the pay panel had considered relative living standards, needs of workers, workforce participation, economic competitiveness and gender equality. The commission also considered the Reserve Bank of Australia's assessment that the nation's inflationary episode was over, having spiked in 2022, and that said inflation had sustainably returned to the target band of 2-3 per cent. 'The continuation of this inflationary episode has meant that over the last three annual wage review decisions the Fair Work Commission has repeatedly deferred taking any action to reverse this decline in real wages out of the concern this might result in the persistence of higher inflation,' he said. 'The result has been that living standards for the employees dependent on modern award wages have been squeezed and the low paid have experienced greater difficulty in meeting their everyday needs.' Hatcher said this was a key factor in the commission's decision to award a real increase in the minimum wage. 'We are concerned that if this opportunity is not taken … the loss in the real value of wages which has occurred will become permanently embedded.' When was the last increase? The Fair Work Commission sets the minimum wage every year before July 1. Last year, the commission announced a 3.75 per cent increase. The commission's pay panel sets the minimum wage each year to give the lowest-paid workers an increase in income, balanced against factors including the jobs market, inflation and growth in the economy. Inflation was factored into the FWC's decision. But views are split on whether wage rises will increase inflation Chief executive of business group the Australian Chamber of Commerce and Industry, Andrew McKellar – who suggested the commission opt for a smaller a 2.5 per cent wage increase – said the increase was generous and risked increasing inflation. 'It is a bump above inflation and it comes on the back of stronger increases over the past two years,' he said. 'For businesses that are most vulnerable, particularly small and medium-size businesses in sectors like retail, restaurants [and] cafes … an increase of this magnitude will be very difficult for them to swallow.' However, Australian Council of Trade Unions secretary Sally McManus, who wanted a 4.5 per cent increase, welcomed the decision as a 'great outcome'. '3.5 per cent means [the Fair Work Commission is] starting to catch up again, and that makes an enormous amount of difference in terms of people's bills, people's ability to pay for the basics,' she said at a press conference in Melbourne. 'I do think that the government's argument that a real wage increase is economically sustainable was something the commission listened to, and I do believe that 3.5 per cent does fit with what the government was arguing, and that means that people are getting ahead.' Workplace Minister Amanda Rishworth said the Fair Work Commission's decision was consistent with the government's submission. 'We argued for an economically sustainable real-wage increase for our lowest-paid workers,' she said. 'This decision will have a positive impact on workers … that rely on our award system.'
Business Recorder
13 hours ago
- Business
- Business Recorder
Australian main index led higher by banks, RBA minutes boost rate cut bets
Australian shares ended higher on Tuesday, helped by banks as investors expectations for further rate cuts were strengthened after minutes from the central bank's May meeting showed it had considered an outsized cut. The S&P/ASX 200 index rose 0.6% to 8,466.70 points at the close of trade. The benchmark remains a few points shy of the psychologically important 8,500-point level, last seen in mid-February. Minutes from the Reserve Bank of Australia's (RBA) May meeting suggested that policymakers had considered an outsized cut of 50 basis points as an 'insurance' against global trade risks. This marks a shift in the central bank's tone, following the rate cut it delivered in May, which raised the probability of easing at the RBA's next meeting on July 8 to 77% from 59% last week, according to the RBA Watch tool. Meanwhile, the country's first-quarter gross domestic product print, due on Wednesday, is expected to show a modest growth of 0.4%, while recent data showed net exports and government spending both dragged on economic growth last quarter. Banks, energy weigh on Australia shares; Brickworks jumps on buyout deal 'RBA now views the tariffs and broader trade dispute as being more likely to reduce inflation than add to it. This is a shift from the more equivocal language in April, that 'the implications for inflation would be more complicated',' analysts at Westpac said in a note. Banks led gains on the benchmark on Tuesday, rising 1.2% and mirroring gains in the 'Big Four' lenders, which rose 1.2%-1.4%. Gold stocks were the top advancers on the mining sub-index, underpinned by strong prices, which retreated on Tuesday but still hovered around a four-week peak. Shares of student placement services provider IDP Education tanked 48.1% and the stock was the worst performer on the ASX 200, as tighter student visa rules in its key markets resulted in a weaker annual profit projection. New Zealand's benchmark S&P/NZX 50 index fell 0.7% to finish the session at 12,327.23 points.
Business Recorder
17 hours ago
- Business
- Business Recorder
Australia, NZ dollars back away from resistance, data a drag
SYDNEY: The Australian and New Zealand dollars backed away from resistance on Tuesday as soft economic data encouraged profit-taking on an overnight surge, while nudging short-term yields lower. The see-saw action left the Aussie down 0.4% at $0.6468 , unwinding some of Monday's 1% rally to $0.6500 that came amid a broad tariff-inspired sell off in the U.S. dollar. This is the fourth time since early May that the Aussie has failed to sustain a push past $0.6500, leading speculators to play the range and making it a self-reinforcing barrier. The kiwi dollar did briefly breach its recent top to reach a six-month high of $0.6054, before profit-taking pulled it back to $0.6013. Still, a finish above $0.6000 would be bullish for a sustained rise to the $0.6120/45 zone. The Aussie hit a further hurdle when data showed net exports and government spending both dragged on economic growth last quarter, pointing to a very sluggish start to the year. Figures on first-quarter gross domestic product are due on Wednesday and are expected to show only modest growth of 0.4%, with even that in doubt now. 'We have lowered our GDP forecast to 0.2% quarter-on-quarter, from 0.5%.' said Taylor Nugent, a senior markets economist at NAB. He noted consumer spending had again undershot forecasts and there was little sign of the pick up long expected by the Reserve Bank of Australia. 'Our view remains that the RBA will ease away from restrictive settings reasonably quickly in order to sustain healthy labour outcomes amid a fragile recovery in consumption growth and offshore headwinds,' Nugent added. 'We expect rate cuts in July, August and November to 3.1%.' The central bank last cut by a quarter point to 3.85% in May, and minutes of that meeting showed they seriously considered easing by an outsized 50 basis points given global risks stemming from U.S. tariffs. Markets imply around a 77% chance the RBA will ease again at its next meeting on July 8, and that rates will reach 3.10% or lower by early next year. 'The July meeting is 'live' given the discussion in the Minutes and we expect it will come down to the data flow between now and then,' said Belinda Allen, a senior economist at CBA. 'We continue to expect two more rate cuts this cycle and favour an August and September cut,' added Allen.
Hindustan Times
17 hours ago
- Business
- Hindustan Times
Australian techie says TCS job changed his life: ‘Whatever I have today, I owe to TCS'
A former employee of Tata Consultancy Services has thanked the IT services company for changing his life. Vinay Sriram has more than a decade of work experience and currently works as a Test Lead for the Reserve Bank of Australia - but the Sydney-based professional says he owes all his professional success to his first job at TCS. 'Whatever little I have today in life I owe it to TCS,' Sriram wrote in a post shared on the social media platform X. The India-born Australian techie was responding to a post about how TCS has alleviated millions out of poverty. has reached out to TCS for a statement. This story will be updated on receiving a response. Vinay Sriram started his career with TCS as a Software Test Analyst. In his thread, he remembered how getting his first job at TCS made his father proud. 'I vividly remember my dad's reaction when I said I got placed in TCS. (Though we were not a struggling family). It was one of those few moments where he hugged me and teared up at around 10 in the night when I returned home after my campus interview,' he recalled. Though his father held a stable government job and the family was financially secure, Sriram acknowledged that for countless other students, a job at TCS was nothing short of life-changing. 'If it meant that much to my dad, a central Govt servant with a decent salary, imagine what it would mean to 1st Gen graduates and their parents, students coming from towns and villages who had to face bigger battles like oppression to even get to a half decent college,' he said. Sriram also thanked TCS for paving the way for him to reach Australia and for indirectly helping him meet his wife. 'The opportunity to travel to Sydney, a place I dearly call my home today, is something TCS gave me,' he said on X. The techie revealed that after getting a job at TCS through campus placement, he was waiting for his date of joining when he helped a junior prepare for the TCS interview. He eventually ended up marrying her. 'as a side note, a year later while waiting for my Date of Joining, by helping a junior with her TCS interview prep (Though she didn't make it & ended up joining Renault) I eventually found the love of my life and ended up marrying her and have two beautiful kids with her,' he said. Sriram responded to the hate that TCS gets on social media by saying that 'One man's trash is another man's Treasure.' 'TCS is my treasure that gifted me the life I am living today,' he wrote.
