Credit card debt down, but HECS debt rises

Australians are paying off their credit cards and saving more, but HECS debt is at a 14-year high. Record low interest rates are helping people pay their debts, with four out of 10 households debt free in the June quarter, a report by St George and the Melbourne Institute shows. The survey found that the number of households with credit card debt remained around six-year lows of just under 30 pe…

  • Craig Norgate, former Fonterra CEO, dies in UK, media … BusinessDesk - 6 hours ago

    Craig Norgate, who was inaugural chief executive of Fonterra Cooperative Group when it was formed from the merger of Kiwi Cooperative Dairies, NZ Cooperative Dairy Co and the NZ Dairy Board, has died in London, media have reported, citing family members. Norgate ran New Zealand's biggest dairy company for two years and then teamed up with the McConnon family to form Rural Portfolio Investments, which acquired a controlling stake in rural services group Wrightson, merging it with Pyne Gould Guinness in 2005 to form PGG Wrightson.

  • China the worry, not Greece: S&P AAP - 7 hours ago
    China the worry, not Greece: S&P

    Global ratings agency Standard & Poor's has warned the problems facing China are a bigger threat to the global economic outlook than events in Greece. Australia's number one trading partner, which is already facing a slowing economy, has taken steps in recent days to prop up the Chinese stock market after tumbling more than 25 per cent since mid-June. "In my mind the Chinese challenges out-shadow the Greek one by a large margin," S&P sovereign rating managing director Moritz Kraemer told a live webcast on the Greek debt crisis on Tuesday.

  • $A lower despite post-RBA bounce AAP - 7 hours ago

    The Australian dollar has regained some ground after the Reserve Bank kept the cash rate unchanged and appears in no rush to cut in the coming months. In a statement explaining its decision, the RBA appeared more upbeat about the economy, saying the unemployment rate is steadying and borrowing rates are rising. It also appeared unconcerned about market turmoil in China and the Greek financial crisis, but still says the Australian dollar needs to fall further.

  • S&P sees a growing risk of Grexit AAP - 7 hours ago

    While there is a "whiff of optimism" that a deal will be struck between Greece and its creditors, S&P sovereign rating managing director Moritz Kramer says time is running out with a 3.5 billion euros loan due to repaid on July 20. "Clearly the money is not there," he told a live webcast on the Greek debt crisis later on Tuesday ahead of a crucial meeting in Europe between finance ministers and Greece.

  • Market soars as nerves calm over Greece AAP - 8 hours ago

    The share market has enjoyed its best gains in nearly five months as investors wait on the next developments in the Greek debt crisis. "Today, things did not look as bad on Greece - I think calmer heads have prevailed," IG market strategist Stan Shamu said. "I think today is just a little bit of redemption from that underperformance," Mr Shamu said.

  • Bonds firmer despite RBA rates reaction AAP - 8 hours ago

    The bond market is firmer despite future prices suffering a fall after the Reserve Bank kept the cash rate unchanged for a second straight month. In a statement explaining its decision, the RBA appeared ...

  • IOOF denies dodgy business AAP - 8 hours ago

    Financial Services firm IOOF has rejected claims of widespread misconduct among its staff. The company fronted a senate inquiry into the financial advice industry on Tuesday after recent media reports of alleged corporate breaches at IOOF. The company has been accused of investigating misconduct within its business, including allegations of insider trading and cheating on training exams, but failing to notify the corporate regulator.

  • Deutsche cuts earnings forecast for Crown AAP - 8 hours ago
    Deutsche cuts earnings forecast for Crown

    Deutsche Bank has cut its earnings forecasts for casinos operator Crown Resorts in fiscal 2015, citing disappointing revenue and earnings from operations in Macau. The Macau gaming market has been experiencing weak trading conditions. Crown Resorts has a stake of around 34 per cent in Melco Crown, a joint-venture that operates the City of Dreams casino resort, Altira hotel and Mocha Clubs in Macau.

  • RBA cash rate unchanged at 2.0pct AAP - 8 hours ago
    RBA cash rate unchanged at 2.0pct

    The Reserve Bank appears in no rush to move its interest rate any time soon and seems a little bit more optimistic about the economy. In a widely expected decision on Tuesday, the RBA kept its cash rate unchanged at its record low of two per cent after cutting in February and May. RBA governor Glenn Stevens said that although the economy is growing at a below average pace, there were higher rates of borrowing.

  • Share ownership on the decline AAP - 9 hours ago

    The number of Australians who own shares continues to fall but we still rank among the largest share owners in the world. About 36 per cent of adult Australians - 6.48 million people - have invested in ...

  • RBA has few words on Greece, rates steady AAP - 9 hours ago
    RBA has few words on Greece, rates steady

    Prime Minister Tony Abbott won't be offering a running commentary on the Greek crisis and it would appear even Reserve Bank governor Glenn Stevens feels brevity is the best way to handle the situation. After Tuesday's monthly board meeting, Mr Stevens noted market fluctuations associated with developments in both Greece and China, the latter having taken measures in recent days to prop up its shaky stock market. Global uncertainty has seen the Australian dollar drop to a six-year low below 75 US cents, but Mr Stevens in his post-meeting statement still believes it should fall further against other currencies given significant declines in commodity prices.

  • Market lifts as nerves calm over Greece AAP - 9 hours ago

    The Australian share market has made its best gains in nearly five months as investors await the next developments in the Greek debt crisis. IG market strategist Stan Shamu said the Australian market had already experienced a sharp sell-off on the Friday before the Greek referendum on the weekend, and immediately afterwards, on Monday. "I think today (Tuesday) is just a little bit of redemption from that underperformance," Mr Shamu said.

  • Orica cuts jobs in Queensland AAP - 9 hours ago
    Orica cuts jobs in Queensland

    Chemicals maker Orica is cutting jobs at Gladstone in Queensland in response to falling demand for explosives from the mining sector. The company is cutting the capacity of its Yarwun site due to an oversupply of ammonium nitrate, which is used to make explosives used in the mining and quarry industries. About 29 of the current workforce of 220 are expected to lose their jobs.

  • Prima Biomed shares surge 44pc AAP - 9 hours ago

    Shares in biotech Prima Biomed have surged more than 40 per cent after it received European endorsement for the development program of a drug to treat breast cancer. Prima is planning a Phase IIb clinical trial of its lead product, IMP321, on about 200 patients with metastatic breast cancer, later in 2015. Prima said on Tuesday that it had received positive scientific advice from the London-based European Medicines Agency (EMA) on the development path for IMP321.

  • Stocks to watch at close on Tuesday AAP - 9 hours ago

    Stocks to watch on the Australian stock exchange at the close on Tuesday: CWN - CROWN RESORTS - up 13 cents, or one per cent, at $13.07 Deutsche Bank has cut its earnings forecasts for casinos operator ...

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