Finance News

From the monthly archives: April 2022

We are pleased to present below all posts archived in 'April 2022'. If you still can't find what you are looking for, try using the search box.

Feeling poorer? Inflation is costing us all at least $50 a week

Posted on Friday, April 29, 2022
We’ve all heard about it, and now we’re all feeling it. Inflation is real, it’s sending our cost of living through the roof, and there’s no relief in sight. After two years of governments throwing money at us throughout the pandemic, we’re now left with no choice but to stand on our own two feet and deal with soaring financial pressures, which range from the cost of a coffee hitting $5+, petrol prices hitting $2+ per litre, and $5+ for a humble lettuce. The average couple will feel about $50 poorer each week, which doesn’t even take into account the impending interest rate increase, which will put even more strain on household finances for both home owners and renters. So why the spike? A lot of it comes down to the Russia-Ukraine war.   Normally Russia supplies roughly a third of the world’s wheat, which makes up a sizable amount (up to 20%) of the average person’s diet. That wheat becoming scarcer is driving up grocery prices.   In ... Read the rest of entry »

Interest rate increases & COVID-related tax deductions

Posted on Wednesday, April 6, 2022
There’s been a lot of talk as we’ve emerged from the pandemic that official interest rates are set to head upwards for the first time in a very long time, and for me, yesterday’s RBA meeting solidified that further.   As I’ve said before, I expect there’ll be an increase to official interest rates in June, but some observers are tipping it might be August instead.   However, that’s only marginally relevant as the banks are clearly indicating they’re prepared to go it alone. The Commonwealth Bank in particular, has already lifted fixed rates on various products five times in the past three months.   In other news, as we approach the end of financial year in a couple of months, COVID-related tax deductions are becoming a talking point, so it’s time to start digging up all those old COVID receipts!   I’m talking masks, hand sanitiser, rapid antigen tests – anything COVID-related that you had to purchase for work.   ... Read the rest of entry »

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