What does the RBA's rate cut decision mean for you?

The Reserve Bank Board has decided to lower the cash rate by 25 basis points to 1.25%. The Board was of the view that this will support employment growth and thus spur the economy on. Let’s look at what this means for you. Why was the decision made? According to the ABS unemployment trend measure, unemployment rates currently stands around 5.1% and around 5.2% in April. The RBA would prefer to have this at 4.5%. Therefore, there's the assumption that a lower interest rate market should encourage businesses to invest in human capital and increase hiring activities, increase wages which may intern increase spending, thus a boost to inflation and reduction in unemployment. Despite signs of reas

3 Tips for the EOFY

It’s the end of the financial year again, and we bring you some ideas to utilise to enhance your life goals and if you were to benefit from some extra deductions, then so be it. Personal Contributions into super Yes! Sounds like a mouthful. But, if there’s anything we can do quickly to help our long-term goals, then that one thing will be to consider making personal contributions into super. To do this, you need to know the amount of money you’ve already contributed this tax year so far? How much has your employer contributed on your behalf? The government says that we can contribute up to a maximum of $25k. So, whatever you have contributed this year, you can top that up to the allowable ma

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