In money news that affects your hip pocket on Tuesday.
The latest data on superannuation fund returns shows the average retirement savings account posted a positive return despite worries about global growth and recent stock market falls because of Brexit.
Super fund research house Chant West said the median growth fund returned 3 per cent in the financial year to June 30, compared to 9.8 per cent last financial year.
The top top-performing median growth fund, QSuper, delivered 7.6 per cent.
In other news, home loan customers can expect interest rate cuts in the very near future, just as new data points to a rise in overdue mortgage repayments.
Since the Reserve Bank of Australia’s (RBA) last meeting two weeks ago fixed loans have been reduced by at least more than one dozen lenders on about 200 loans and some up as much as 0.6 per cent.
AMP Capital chief economist Shane Oliver has been calling further rate cuts this year and believes there is a strong possibility of one happening in August.
See more: Rates to go lower
Australian tourism could be about to get a boost. China’s appetite for Australia’s mining resources may be diminished but it seems tourists to our shores are set to ramp up their visits in the months ahead.
A new survey published by Fairfax Media shows most Chinese tourists plan to maintain or increase their travel spending this year despite the economic slowdown in China and Australia remains the top destination on their wish list.
It comes as the Australian dollar is trading around $US0.75 which is just slightly above it’s long term historical average and higher than where the RBA reportedly wants it to be to help stimulate export demand.
See more: Aussie tourism to grow
The reality smartphone game, Pokemon is expected to prompt better deals from telecommunications companies particularly as it chews through both phone battery and data.
US telco T-Mobile last week announced it was adding Pokemon Go to its list of apps that don’t count towards customers’ metered data allowance. Many internet service providers offer a similar deal for video streaming service Netflix.
News.com.au said it “reached out to Aussie telcos to see if any would offer free data for customers playing Pokemon Go” But the answer was no.
But there is talk that budget telco Vaya may launching two new “gamer plans” which will make it even cheaper to play Pokemon.
See more: Pokemon and telco deals
