Money Magazine September 2019

Money magazine is Australia’s longest-running, highest-selling and most-read personal finance magazine. Money magazine provides credible, independent, easy-to-understand financial advice to help its readers save money and make the most of their investments.

Rainmaker Information Pty Limited
11 号


cash is no longer king

There was a time when leaving your house without a wallet would have been disastrous. With no cash or bank cards at hand, you could not do anything nor travel anywhere. These days, between cardless withdrawals, Apple Pay and debit-card-linked travel cards, you can still get around without a gold coin to your name. In the world of investing, cash has also lost some of its currency. The mantra “cash is king” no longer holds true and investors must find new ways to stretch their hard-earned savings. We’re tackling this in our cover story “Income is king” (page 34). Pam Walkley explains the choices when interest rates are dangerously heading for zero. The options listed are by no means exhaustive, but there’s enough there worth evaluating. One of our biggest challenges here at…

letter of the month

Switching to a better deal saves thousands I was late to read your April edition, but it was worth it. Your cover story “Switch to a better deal” has saved me several thousands of dollars on my mortgage, car insurance and mobile phone. I’ve also been reviewing bank and credit card charges over the past month. Based on competitive quotes, I requested a better price and all companies adjusted their rates. The biggest saving came from the bank, where the local manager refused to adjust a home loan in line with the competition. However, persistence paid off as I called the bank direct and requested a rate the same as its competitors and two minutes later I was given the same rate with no need to change banks. I would recommend that…


Good people are needed to tackle bad attitudes It was so refreshing to read Paul’s comments and thoughts on the recent election results and how it would affect median Australians and not the average (June edition, In Your Interest, page 10). I read Money magazine casually in our lunch room at work. Another colleague brings it in for me. I did not have a lot of money growing up and now as a middle-aged divorced adult looking at retirement in the next 20 years I am not where I am being told I should be financially. Making the most of my money throughout the last 30 years of my working life was not a priority and never seemed important. Not everyone has an interest in or the ability to look after their money. They…

what’s your worst money habit?

MICHELLE BALTAZAR Michelle is editor-in-chief of Money magazine. Michelle says: “One terrible habit I’m trying to get better at is sticking to my Christmas budget for family and friends. I start with a reasonable sum but the shiny new objects online usually get the better of me. I’m especially vulnerable when it comes to my younger nieces and nephews.” MARCUS PADLEY Marcus is the author of the daily share-market newsletter Marcus Today. Marcus says: “It would have to be solving my children’s problems the easy way – with money. Being a soft touch means they don’t learn anything. If you buy them a new mobile phone when theirs smashes, they don’t care when they break it. They will not become financially independent without feeling their own financial pain.” ANNETTE SAMPSON Annette is a personal finance…

in your interest

Who would have thought? Our official interest rate, now at 1%, is as big a surprise to me as anyone else. A year or two ago, with excellent job creation in our economy, the strength of our exports to big trading partners such as China, our strong education sector seeing large numbers of foreign students, growing exports of agricultural products, including from places with high rainfall in the far north, the US economy powering along and pretty reasonable global economic growth, I thought our interest rates would reflect this strength and remain in the region of 2% to 3%. It was only a short while ago the experts were talking about interest rate rises, yet here we are. The funny thing is that this should feel really familiar to me. The…

apra ‘can do better’ to protect our finances

The Australian Prudential Regulation Authority (APRA) must escalate its focus on superannuation member outcomes if it’s going to meet the community’s heightened expectations of the regulator’s role. This is a key finding of the recent APRA Capability Review (published mid July), which was commissioned as a recommendation of the financial services royal commission. While the review notes that APRA has a strong track record, it says it will need more power and resources to maintain its protection of Australians’ financial wellbeing. Among the review’s 24 recommendations it is suggested APRA be given the power to veto the appointment or reappointment of directors and senior executives of regulated entities, including super funds. However, the power should be available only “where the risks associated with the entity, including but not limited to member outcomes…