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Keeping One Step Ahead

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Keeping One Step Ahead

  1. 1. Keeping one step ahead AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. Keeping one step ahead AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Adelaide Advertiser, Adelaide 17 Dec 2012 Your Money, page 45 - 218.33 cm² Capital City Daily - circulation 169,889 (MTWTFS-) ID174578405 PAGE 1 of 1
  2. 2. Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. If you have non- income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Herald Sun, Melbourne 17 Dec 2012, by Anthony Keane Your Money, page 31 - 231.32 cm² Capital City Daily - circulation 463,543 (MTWTFS-) ID174575219 PAGE 1 of 2
  3. 3. AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% mining part of the economy, AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% mining part of the economy, back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Herald Sun, Melbourne 17 Dec 2012, by Anthony Keane Your Money, page 31 - 231.32 cm² Capital City Daily - circulation 463,543 (MTWTFS-) ID174575219 PAGE 2 of 2
  4. 4. Keeping one step aheadMaking extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia's biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians' finances than many people may feel. CBA's study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. "There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn't reflect some of the positive things happening in Australia," CBA chief econom- ist Michael Blythe says. "It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed." Blythe says the trend of saving more started in the mid- AUSTRALIA'S HOUSEHOLD SAVINGS RATES 2000s but was given "a huge kick-along" by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank's interest rate cuts this year. "The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing." It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Julio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. "They are reducing debt at the expense of luxury spend- ing, Di Julio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. "It will reduce debt faster and take real advantage of the rate cuts, he says. "If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life." CBA's Blythe says building up a buffer in the mortgage is attractive for most people. I ncarne saved: 2007-08 4_3% 2oca-o4 O.5% Z008-09 9.6% 2004-105_04M 2009-10 9.9% 200S- 06 03% 2(110-1110.3%. . Z006-07 43% 2011-12 10,8% Drake Urnrnaintiejlth Rank Ow eau of SlatistIrs. back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Courier Mail, Brisbane 17 Dec 2012, by Anthony Keane Your Money, page 31 - 264.35 cm² Capital City Daily - circulation 189,733 (MTWTFS-) ID174579878 PAGE 1 of 1
  5. 5. Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Hobart Mercury, Hobart 17 Dec 2012, by Anthony Keane Your Money, page 19 - 218.89 cm² Capital City Daily - circulation 40,240 (MTWTFS-) ID174584790 PAGE 1 of 1
  6. 6. Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% Keeping one step ahead Making extra home loan payments is an increasingly key focus for Australian savers, writes Anthony Keane MORE than two-thirds of homeowners are ahead of their mortgage payments and Aussies are saving the biggest slice of their income since the 1980s, research by Australia’s biggest bank has found. A new Commonwealth Bank analysis paints a more positive picture of Australians’ finances than many people may feel. CBA’s study of its 1.8 million home loan borrowers has found 68 per cent are ahead of their mortgage repayments, by an average of seven payments. It also examined household savings rates and found that Australians are now saving 10.8 per cent of their disposable income, up from just 0.3 per cent in 2005-06. A 6.2 per cent rise in con- sumer spending in the past year, rising salaries and low unemployment round out its review of a solid 2012. ‘‘There is an abundance of pessimistic news about the economy, particularly because the picture in Europe is bleak, and this can create a perception that doesn’t reflect some of the positive things happening in Australia,’’ CBA chief econom- ist Michael Blythe says. ‘‘It is tough for many con- sumers and businesses at the moment but the patchwork nature of our economy means some positive indicators might be missed.’’ Blythe says the trend of saving more started in the mid- 2000s but was given ‘‘a huge kick-along’’ by the global fi- nancial crisis. He says most households are still pessimistic about the out- look, and this has been a key reason for the Reserve Bank’s interest rate cuts this year. ‘‘The Reserve Bank is mak- ing it clear that they want to see more activity in the non- mining part of the economy, and housing is one of the areas they are looking to get mov- ing.’’ It is estimated every $1 of spending on new housing gen- erates another $1.31 of spending elsewhere in the economy. Assist Finance chief execu- tive Jason Di Iulio says the increased focus on debt repay- ment and savings illustrates that people are nervous about the economy and their jobs. ‘‘They are reducing debt at the expense of luxury spend- ing,’’ Di Iulio says. The trend of maintaining mortgage payments at the same level even when rates are cut is a smart move, he says. ‘‘It will reduce debt faster and take real advantage of the rate cuts,’’ he says. ‘‘If you have non-income-producing debt, you should be paying it off as fast as possible, which will benefit you later in life.’’ CBA’s Blythe says building up a buffer in the mortgage is attractive for most people. AUSTRALIA’S HOUSEHOLD SAVINGS RATES Source: Commonwealth Bank, Bureau of Statistics Income saved: 2003-04 0.8% 2004-05 0.8% 2005-06 0.3% 2006-07 4.3% 2007-08 4.3% 2008-09 9.6% 2009-10 9.3% 2010-1110.8% 2011-12 10.8% back Media Monitors Client Service Centre 1300 880 082 Copyright Agency Ltd (CAL) licensed copy Daily Telegraph, Sydney 17 Dec 2012 Your Money, page 29 - 219.97 cm² Capital City Daily - circulation 350,059 (MTWTFS-) ID174589113 PAGE 1 of 1

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