Money news that affects your hip pocket this Monday.
Now that Malcolm Turnbull has declared himself to have won the federal election, we can now look more closely at what this means for the country’s finances.
AMP Capital chief economists Dr Shane Oliver said the problem with just getting a party over the line is the Senate is likely to be less friendly than over the last three years which means … “that a Coalition Government will have little chance of passing key aspects of this year’s Federal Budget including its company tax cuts (at least not for large companies), some of its superannuation changes and the still to be passed savings from the 2014 budget.
“The likelihood would be more slippage in the return to budget surplus. Serious economic reform looks off the agenda,” he said in a note to investors.
In other news… If you’re Telstra customer than the chances are you are paying a 92 per cent premium to those with other telecommunications companies. That’s according to consumer group choice which is urging customers who’ve been affected by seven outages this year to fight their way out of locked contracts without paying exit fees.
See more: money news on Telstra
A new report on gender pay out of the United States has found that older women are far more likely than younger ladies to negotiate a better pay deal from their boss.
Fairfax Media is reporting that Earnest, a San Francisco company, which recently asked 1,005 Americans nationwide, age 18 to 44, about their approach to conversations about pay.
Around 43 per cent of women, aged 25 to 34 negotiated a job offer compared to 35 per cent of men, while 42 per cent of men in the report’s youngest age group, 18 to 24, reported asking for more money, compared to just 26 per cent of their female peers.
See more: money news on pay report
And the number of Automatic Teller Machines (ATMs) in use is expected to fall given that less people are using them the way they used to. The rise of pay wave and other digital forms of payments means less people are taking out cash for day-to-day or smaller purchases.