Latest news with #StGeorgeBank
Yahoo
04-08-2025
- Business
- Yahoo
Major Aussie bank slammed over 'obscene' move as thousands struggle to make ends meet: 'Falling off a cliff'
St George Bank has been criticised by the small business community after it revealed certain people would be hit with a fee increase for essential services. The bank recently sent out letters to its business customers informing them that the cost to withdraw and deposit cash will be going up by 200 per cent. The increase will kick in next month, and the bank said the change was to bring its fees in line with its parent company, Westpac. But Anne Nalder, CEO of the Small Business Association of Australia, told Yahoo Finance it's a kick in the guts for many business owners who might already be struggling. "At a time when there is a high cost-of-living crisis for individuals and a high cost of doing business by small business owners, it is obscene and without much thought," she said. RELATED Cash controversy reignites as St George Bank increases fee to deposit or withdraw Commonwealth Bank reveals LMI home loan changes for borrowers Centrelink update on little-known support for Aussies in crisis "Although the cost may not seem too high, every dollar adds to the cost of doing business at a time when small businesses generally are falling over the cliff. "The very same banks will be the first to tell businesses to rein in their costs, yet they are adding to those costs. "Whilst the Big Four continue to have a stranglehold in the banking sector, the plight of the small business owners will remain forgotten." A poll of more than 6,300 Yahoo Finance readers found an overwhelming 95 per cent said they would leave their bank if they were charged a fee to withdraw their own fees are increasing at St George Bank and why is it happening? The change will only target business customers, with everyday accountholders spared from the fee hike. Staff-assisted transactions at St George Bank branches, which include depositing and withdrawing cash, will go up from $1 to $3 at the start of September. The number of monthly fee-free transactions will also be slashed from 30 per month to just five. The fee to deposit and clear cheques is going up from 50 cents to $3, a 500 per cent increase. "The changes will provide consistency across Westpac and St George so that all business customers are treated the same," a spokesperson for the bank told Yahoo Finance. "Our fees remain competitive in market, and online transactions will be free. We also have a number of fee-free options available for customers." The fee-free options include withdrawing up to $1,000 in cash each day from select ATMs, depositing up to $10,000 per day per account, depositing 40 cheques at a time, and $0 monthly fee transaction accounts. But Nalder said the reasoning behind the fee hike didn't pass the pub test. "It is a weak excuse by St George to say they are increasing these fees to have them align with their parent company Westpac, one of the Big Four banks," she said. "Australia banks are already amongst the most profitable in the world and it is not due to efficiency but rather due to all the charges they impose on their customers, the cutting of branches and services and replacing workers with AI." Businesses face 'uncertain' future amid record high insolvencies Businesses across Australia have been battling rising costs in seemingly every direction. Some have been hit by rising commercial rent prices, while others have battled a hike in the cost of their goods and services. Many have also faced fee increases in essentials like gas and electricity. CreditorWatch tracks the health of the Australian business sector and how many become insolvent or are forced to close their doors forever. More than 14,700 businesses became insolvent in the 2024-25 financial year, a 33 per cent increase from the previous year, with this trend hitting healthcare and education, retail, construction, and transport, postal and warehousing particularly hard. While there has been some stabilisation in this trend, its still at historically elevated levels. The credit reporting company noted that while interest rates appear to be on a downward trend, along with inflation, the future doesn't look bright for many industries. "Significant uncertainty remains about the ultimate effects on economic growth globally and in Australia from President Trump's tariff and trade policies," it said in its July report. "Other longer-term forces including AI and technology, the ageing of populations, rising inequality, climate change and geopolitics contribute to a challenging outlook for firms, though each trend also provides opportunity for business growth."
Yahoo
02-08-2025
- Business
- Yahoo
Top 10 most affordable places to live in Australia revealed after mass exodus from major city
If you're living in one of Australia's expensive capital cities and want to move somewhere a little more affordable, new data has found where your money can go the furthest. A whopping 41,000 people left Sydney last year alone in search of a cheaper lifestyle. With the rising cost of living squeezing everyone's wallets, many are in desperate need of more financial breathing room. StandOut Resume found the average total expenses per year were $34,417, which went to rent, electricity, gas, internet, food, and transport. It searched far and wide to find the 10 places you could move to to get the most bang for your buck. RELATED Family finds 'much cheaper' option than Sydney after $1m property realisation St George Bank increases fee to deposit or withdraw cash by 200 per cent Cashless revolt to hit back against horror bank trend decimating Aussie towns 10 most affordable cities to live in Australia The study had a look at what essential living expenses were in each city across the country. It discovered the average after-tax income in Australia was $53,541, and once you took away expenses, a person would have $19,124 left over at the end of the year. The study found 64.3 per cent of that salary went towards basic life expenses. Shockingly, 43.2 per cent went to rent alone, which is far above averages found in Germany (27.8 per cent) and the UK (36 per cent). Food took up 11.3 per cent of the person's money. For living costs, the study focused on rent prices rather than mortgage repayments, while transport costs were based on public modes rather than a car. Here are the 10 cities that topped the list: Townsville Rockingham Launceston Wollongong Melbourne Perth Ballarat Hobart Brisbane BendigoWhy are these cities so affordable? StandOut Resume found Townsville came out on top because of its relatively high salary of $56,858 after income tax. When you took out basic living expenses (which accounted for 51.7 per cent of their pay), people in the northern Queensland city had $27,442 left over at the end of the year. Townsville also had the third-cheapest monthly grocery bills ($460), the fourth-cheapest gas prices ($766 per year), and the fifth-cheapest rent ($364 per week). Western Australia's Rockingham had a slightly better average salary at $58,702, but expenses were a little higher, leaving residents with $26,887 remaining. Tasmania's highest entry on the list was down to Launceston having the cheapest average rental prices at just $331 per week, which was 25 per cent lower than the national average. Melbourne was the best performing capital city on the list, with Perth not too far behind. Victoria's capital performed well thanks to residents having the second-highest median salary, behind those living in Sydney. 10 least affordable cities to live in Australia You might think Sydney would easily top this list considering how expensive rent can be, but StandOut Resume research found seven cities that were worse than the NSW capital. Gold Coast Canberra Geelong Cairns Darwin Adelaide Logan City Sydney Newcastle Toowoomba People on the Gold Coast typically have only $10,127 left at the end of the year, as 79.1 per cent of their median $48,447 salary went to living expenses. The city came in joint second with Canberra for having the highest rent prices ($536 per week), with Sydney coming in first. The NSW capital and the ACT capital were the only other cities in Australia where more than 70 per cent of a resident's wage went to expenses, with 50 per cent alone going to rent in Canberra. Geelong found its way into bronze because it had some of the most expensive gas prices in the country at $892 per year, and public transport costs were the second-highest in the country. Combine that with the regional Victorian city having the second-lowest median salary after Toowoomba, and you can see why it's so expensive. Sydney was so far down the list because its average salary of $63,639 gave residents a bit more breathing room. People there typically had $16,989 at the end of each year, but they were still giving 73.3 per cent of their wages to in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
01-08-2025
- Business
- Yahoo
$5.7 billion superannuation warning for all Aussie workers after major ATO deadline: 'You need to check'
Australian workers have been urged to make sure their employers are keeping up with your mandatory superannuation contributions. These payments, which are called the super guarantee (SG), are typically made every quarter. July 28 was the most recent deadline that bosses and companies had to ensure all SG payments had landed in workers' accounts. But financial advisor Patricia Ryan told Yahoo Finance you need to make sure this was, in fact, completed. "I've had clients find that they haven't actually received the money, for whatever reason," she said. RELATED Terrifying superannuation reality facing 4.3 million Australians St George Bank increases fee to deposit or withdraw cash by 200 per cent Woolworths investigation reveals 'secret' reason why shop can cost more "They assumed that it was being received, but when they logged in and checked, it actually wasn't in there." Even though SG payments are mandatory, some employers either forget or deliberately don't pay up. The ATO estimated that $5.2 billion failed to be transferred properly to workers in 2021-22. This issue went up to $5.7 billion in the 2022-23 year, with the average worker affected missing out on $1,730. That could add up to more than $30,000 less at said you might even see the superannuation contributions show up on your payslip, but you have to cross-check that with what your account says. Some of her clients haven't noticed the discrepancy for months or even years, and in some cases, they haven't been able to get the money back. As of July 1, employers have been required to send 12 per cent of your salary to your nominated super account. That's a boost of 0.5 per cent from the previous financial year, and the final legislated increase in SG contributions until at least 2027. Superannuation is your responsibility The Parker Financial advisor said many people, particularly younger workers, have a relaxed approach towards their retirement nest egg and believe it's their boss's responsibility. "As they get older and closer to retirement, they realise, 'Oh, wow, super is actually really important, I need to look at it,'" she said. "I've seen many come to me in their 30s, and their investment option, for example, is in cash. Your super sitting in cash might not be the right move for someone who is younger and can't access their super for 30 years. "Or they're in a super product that's expensive, but they don't care because it was an employer-default super. As they get closer to retirement, they realise that maybe it wasn't the right option for them." She told Yahoo Finance Aussies need to be more active and involved with their super. This includes checking your account at least every quarter to make sure your SG payments arrive on time. "If you're not aware of what that total contribution amount should be, or you're not checking that it is being deposited, then it could be easily missed," she said. Ryan said it's worth looking at other elements of your super account, like your investments and your insurance, to give yourself the best retirement possible. What should you do if your super doesn't arrive? You can chase it up with your employer and super fund to see if there are any issues with SG payments. The Australian Taxation Office (ATO) said this should be your first port of call before escalating the problem. "If they've made a simple mistake in calculating your entitlement or paying it into the right fund, an open discussion might be the most effective way to sort things out and get your super back on track," it said. But if your employer doesn't want to play ball, you can lodge a complaint with the ATO. The tax office has an online tool to report unpaid super contributions, and the ATO will be in contact with your company to find a solution. Business owners can face significant penalties for missing the quarterly SG deadlines. Major 2026 superannuation change help payment issue From July 1 next year, SG payments will need to come through when an employee gets paid, rather than every quarter. Payday Super was first announced back in 2023, and it's meant to crack down on unpaid super. Ryan said this change will help many workers stay on top of their payments because it will be far more frequent. Government modelling found a 25-year-old whose super was switched from quarterly to fortnightly payments could be $6,000 better off at retirement. As part of the payday super alteration, employers will have a seven-day calendar deadline from the payment of wages to pay employees' in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
31-07-2025
- Business
- Yahoo
'Outrageous' cash controversy reignites as Aussie bank ups fee to deposit or withdraw by 200 per cent: 'Ridiculous'
St George Bank has responded to backlash over increasing fees for business customers who want to withdraw or deposit cash. Staff-assisted transactions at St George branches currently set these customers back $1 every time. However, this will be increased by 200 per cent to $3 at the beginning of September. A spokesperson for the bank told Yahoo Finance this change will bring it in line with the fee structure at Westpac, which owns St George. "The changes will provide consistency across Westpac and St George so that all business customers are treated the same," the spokesperson said. RELATED NAB's 'clear' $55 million message after controversial branch closures Australia's 'ancient enemy' returns sparking major Centrelink warning Age Pension warning for 4.3 million Aussies facing superannuation nightmare "Our fees remain competitive in market, and online transactions will be free. We also have a number of fee-free options available for customers." The bank stressed that the changes to these fees will not be applied to everyday customers. The fee-free options include withdrawing up to $1,000 in cash each day from select ATMs, depositing up to $10,000 per day per account, depositing 40 cheques at a time, and $0 monthly fee transaction George customers rage over fee change St George business customer Joe told 2GB Radio the fee hike was "outrageous" and revealed the bank isn't stopping just at staff-assisted transactions. The number of monthly fee-free transactions for business customers will be slashed from 30 per month to just five. The fee to deposit and clear cheques is going up from 50 cents to $3, a 500 per cent increase. Fellow customer Gus told Ben Fordham he was fuming when he received a letter explaining the change. "It's just ridiculous. It's basically showing no loyalty to customers. I've been with them since day one," he said. "It doesn't matter which bank you go to, that's what they're doing. It's actually theft, you know, it's the only way I see it." Surprise move after huge backlash against CBA Commonwealth Bank tried to up its fees for the same type of transactions late last year for everyday customers, and it went down like a lead balloon. The public backlash was so severe that Australia's biggest bank eventually walked back on the idea and said it would consult with stakeholders to find a better way forward. Then-assistant treasurer Stephen Jones said the fee was "a kick in the guts for ordinary Australians and the worst Christmas present imaginable", adding that it was a "terrible" idea to hike the cost of withdrawing or depositing cash. Before the U-turn on the fee increase was announced, CBA's Group Executive Retail Banking Services, Angus Sullivan, said it was a necessary evil amid the change in the way people bank. "The reality is, there's also a cost associated with providing this service and Australians who don't use the service, don't want to pay for the service," he told A Current Affair. Yahoo Finance contributor Stephen Koukoulas said the issue highlighted how Aussies don't understand how the banking system worked. "It is expensive to have branches and post offices with plenty of available cash for customers," he said. "The transport costs paid by the banks to get cash distributed to all of their branches and post offices for the decreasing number of people who still use that service has increased. "It also costs the banks a considerable amount to hold the cash safely and to have it ready for customers when they go to the counter and ask a teller to give them the cash when they make a withdrawal." Australian banking in the midst of significant transformation The Australian Banking Association (ABA) recently admitted the sector is experiencing the biggest transformation in the country's history. With cash transactions only making up a small portion of payments these days, compared to card and mobile wallet, banks are being forced to pivot in how they operate and what they offer. "In 2007 about 70 per cent of everything we paid for we used real cash," ABA boss Anna Bligh told 2GB. "These days it's about 10 per cent and the Reserve Bank estimates that's going to be 4 per cent in by about 2030 so that has massive implications for what our branches are doing. "If people aren't coming in anymore to withdraw or deposit cash, then that really changes what a branch is and what it might look like in the future." Some banks have decided to shut down branches across the country, which has led to huge backlash, while others, like NAB, are investing more into their regional branch network. Branches in some areas have also been upgraded to be "regional service centres" that still provide face-to-face assistance, but they might not carry any in to access your portfolio
News.com.au
14-05-2025
- Business
- News.com.au
Real wages grow to 3.4 per cent as household consumption softens
St George Bank Chief Economist Besa Deda says real wage growth will support consumer spending despite 'soft' household consumption. 'Real wages growing means that it will help support consumer spending growth and overall economic activity,' Ms Deda told Sky News host Ross Greenwood. 'We have seen over the last period that household consumption has been pretty soft due to the cost of living expenses. 'Although the recent rate cut in February has helped alleviate some of those cost-of-living expenses.'
