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The Reserve Bank has raised interest rates for the fourth month in a row, raising its target rate by half a percentage point. Key points: RBA has raised interest rates by 0.5 percentage point The target cash rate has now increased by 1.75 percentage points since early May to 1.85 percent A cash rate increase since early May will add about $472 per month to a $500,000 loan payment The RBA has now raised its benchmark interest rate by 1.75 percentage points since the first rate hike in May, with the target rate at 1.85 percent. In his post-meeting statement, Reserve Bank Governor Philip Lowe said the latest rate hike is unlikely to be the last this year. “The board expects to take further steps in the process of normalizing monetary conditions over the next few months, but not on a predetermined path,” he said. “The size and timing of future rate hikes will be guided by incoming data and the board’s assessment of the inflation and labor market outlook. “The Board is committed to doing wh

Laura Platt was in desperate need of money to fix her car when she saw an advert for Cigno, which resulted in a “quick loan of up to $1,000.” Key points: ASIC has banned the types of loans Cigno offers but the company appears to have prepared a new loan model Cigno made $60 million in five-and-a-half-month fees, court documents show Consumer advocates say national credit laws need updating to close legal loopholes Platt uploaded a bank statement to Cigno’s website and a few hours later $300 went into his bank account. “It was approved right away. And I didn’t really see the fine details,” Platt said. Shortly after getting his first loan with Cigno, he managed to apply for $200, because he thought he had paid off his original debt. However, Platt did not realize that his $300 loan also incurs high bookkeeping costs. He has struggled to repay the loan. Two years later, after being hit with bookkeeping and late fees, he ended up paying Cigno $2,600, of which he still owes $32. “[I am] r

Australia’s biggest home lender fears borrowers in August could cope with their biggest monthly rate hike in nearly three decades if there is an inflation shock next week. Commonwealth Bank, along with four other major lenders, all expect the Reserve Bank of Australia next month to raise interest rates by 50 basis points, or 0.5 percentage points, to a six-year high of 1.85 percent. But CBA’s chief economist for Australia Gareth Aird said there was an outside chance of a 75 basis point hike on Aug. 2, bringing interest rates to a seven-year high of 2.1 percent from a three-year high of 1.35 percent. It would also be the steepest monthly increase since December 1994, meaning borrowers with an average mortgage of $600,000 would overcome another $256 increase in their monthly mortgage payments on top of the $352 increase they had experienced since May. Scroll down for audio Australia’s biggest home lender fears borrowers in August could cope with their biggest monthly rate hike in n

Demand for some sectors of the used vehicle market has “fallen off a cliff”, according to a leading assessor, while demand for needs-based vehicles from “bubble hatches” to workhorse LandCruiser Toyota remains hot. Key points: A vehicle auctioneer says practicality, not status, now drives buying decisions The golden age of ag contributed to a huge demand for farm equipment and tools, along with an instant asset write-off of $150,000 LandCruiser in particular demands more used than new The COVID-19 production and delivery delays have created unprecedented demand in the used vehicle market. But auctioneer and appraiser Simon Cotter said with rising interest rates there is now a duality in the vehicle market, with demand for luxury vehicles falling while workhorse and budget options continue to sell at or even above retail prices. Our sale last week was the first sale since the COVID outbreak where, with certain products, the lack of interest was very noticeable on the auction floor, he s

Banking giant ANZ now expects borrowers to tackle four 50 basis point rate hikes in November – with the country’s major banks expecting cash rates to settle in 2023 once inflation is under control. The Big Four on Tuesday forecast the Reserve Bank of Australia’s cash rate would more than double from an existing three-year high of 1.35 percent to a 10-year high of 3.35 percent on Melbourne Cup Day. ANZ chief economist David Plank expects the RBA to raise interest rates by 0.5 percentage points in a row in August, September, October and November – and keep rates at that level throughout 2023 and 2024. “We think the RBA will take its cash rate target to a tight setting above three percent by the end of 2022, more than 12 months earlier than our previous estimate,” he said. A two percentage point increase in mortgage rates in November would leave borrowers with an average $600,000 mortgage owed $708 more a month in payments as the RBA cash rate hit its highest level since October 2012. But

One in nine Australians have fallen victim to personal fraud, with card fraud the most common type as more people banking and shopping online because of COVID-19. Key points: Nearly 7 per cent of Australia’s adult population or 1.4 million people experienced card fraud in 2020-21 Fraud on bank and credit card transactions rose 9.2 percent to $490 million during the 2020-21 financial year Australians lose more than $2 billion from fraud in 2021 Card fraud is when criminals obtain your banking or credit card details to illegally access your account and steal money. The Australian Bureau of Statistics said 11 per cent of Australians, or more than 2 million people, were victims of personal fraud in 2020-21, compared with 8.5 per cent in 2014-15. The increase was driven by an increase in card fraud, which was the most common type of fraud, followed by fraud. Around 1.4 million Australians experienced card fraud in 2020-21 — nearly 7 per cent of the adult population and a rate higher than in

Plain text size Larger text size Text size is very large In the age of disconnection, no clock seems to be running on time. But it’s somewhat unsurprising to log into Zoom and find the perfectly prepared Joanna Lumley had arrived seconds before me. As a young model in London, Joanna explains, she learned the most important lesson of her career: punctuality. “You have to work on time, but you also have to do your hair, wigs and hair ornaments; You have to access everything – necklaces, earrings, and your own pieces like that. With your very little model money,” said the 76-year-old film and television star. “We are booked by the hour and, if you are a minute late, half an hour’s pay will be deducted. You have to be very fast, ready for everything. It kept me in good stead all my life. I’ve never had a hard time getting out of bed in the morning, so it’s easy to get ready, and that makes me stand well in the movie world, where getting up at 4am is normal.” As a very fit and very f