In this money news that affects your hip pocket.
New data shows that the number of Australian suburbs now fetching $1 million has surged since interest rates started being cut four years ago.
A Bloomberg report that cites data from real estate research firm CoreLogic, which found suburbs where the median value is at least $1 million jumped 29 per cent to 613 in the year ended June, and more than doubled over the past three years.
Read more Aussie house prices jump
The big four banks are under pressure to pass on the full Reserve Bank of Australia rate cut after customers took to social media to voice their disappointment.
Social media managers at ANZ Bank and National Australia Bank have been responding to criticism on their social networking pages by urging customers not to leave and suggesting they could work out a better deal.
Prime Minister Malcolm Turnbull has already had a go at the major banks for saving themselves a combined $917 million by only passing on part of the 0.25 percentage point rate cut annouced on Tuesday afternoon.
Read more social media pressure on banks
Meanwhile as mortgage holders get increasingly annoyed at the major banks for not giving them more interest rate relief, those holding cash deposits should be happier.
By refusing to pass on the full RBA rate cut, Commonwealth Bank, ANZ, Westpac and NAB said they would offer higher payouts on some term deposits.
According to Fairfax Media, Westpac has raised rates on one, two and three-year term deposits, while CBA’s increases for similar products range from 50 to 55 basis points.
ANZ is also said to have plans an increase of 60 basis points on its one-year advance-notice product and a 75 basis point rise on its two-year offering.
The amount that NAB savers will receive on eight-month term deposits is set to climb by 85 basis points, Fairfax reported.
Read more cash deposit rates get boost
Australians workers can now cash out annual leave and take the money instead of the leave after new reforms came into force this week.
Under the new rules which apply to almost all of Australia’s 122 workplace awards, employees can negotiate with their bosses to cash out portions of leave, as long as they still have at least four weeks remaining after doing so.
Read more cashing out your annual leave
