Money news: Sydney property, CBA heat on bad products

Sydney no longer as expensive as it used to be for expats and further claims of CBA bank customers being pushed into inappropriate products.

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In hip pocket money news.

Sydney is apparently no longer as expensive as it used to be for expats because of the falling Aussie dollar, according to Mercer’s cost of living rankings survey. Australia’s most populated city has dropped to 42nd spot while Hong Kong is considered the world most expensive city for those working abroad, overtaking Angola’s capital, Luanda.

Commonwealth Bank of Australia is in the news again over claims that customers are getting pushed into inappropriate financial products because of staff performance targets, Fairfax Media reports.

A recent analysis of Reserve Bank data by finder.com.au found that credit card limits soared to $149.16 billion in April 2016 – up $4.6 billion in just 12 months which is the highest its ever been.  The average credit card limit is now $9,069 and given that the average credit card holder has 2.19 cards, this translates to a staggering $19,861 credit limit per card holder.

Australian business leaders have joined a long list of powerful global executives in calling for Britons to vote to remain in the European Union when they go to the polls tomorrow.

The Australian share market is expected to open flat ahead of the Brexit vote but volatility could quickly occur if Britain votes to leave the EU.

The Australian dollar is trading slightly higher on Thursday at just above $US0.75.


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