Australians the worlds richest people

By |October 9th, 2013|Featured, Finances, Immigration News, Lifestyle|

There’s lots of benefits associated with moving to Australia? Sunny weather, a better lifestyle, beautiful beaches and the Aussie way of life but to name just a few. According to a new survey undertaken by company, Credit Suisse, you can add being ‘completely minted’ onto the list. According to the report released today, the median wealth of adult Australians stands at $US219,505 ($233,504) – the highest level in the world. Median wealth is the midpoint between richest and poorest, meaning that 50 per cent of the population has more than $233,504, and 50 per cent less than that. By the measure of average wealth, Australians fall back to second with $US402,578 per person, ranking behind the Swiss who were the world’s richest on $US513,000. […]

Banking In Australia

By |July 31st, 2013|Finances, Made the move, Top Tips|

Banking in Australia really isn’t that different to banking anywhere else in the world. It helps however to have an idea of what you are looking for before shopping around for your first Australian Bank Account. There are currently over 20 banks in Australia with the ‘big four’ being the Australian New Zealand Bank (ANZ), the National Australia Bank (NAB), the Commonwealth Bank of Australia (CBA) and Westpac (websites for these are listed below). There are many websites offering to set up your Australian bank account for a fee of $50 or more, however if you do a little digging, you’ll discover that most banks will allow you to set up your account remotely (even when abroad). You can then pick up your ATM card and PIN in the local branch of your bank once you arrive in Australia. Most banks will provide your ATM card/PIN within 5 working days of you opening your account so factor this lead time in making sure you have at least a couple of weeks’ worth of funds to allow you sufficient time to get yourself sorted when you arrive in Australia. When finalising your account details in the Branch (and picking up your card), you’ll need 100 points of ID to open your account. This is satisfied by showing both your passport and drivers licence (some of the banks only require your passport if you’re opening your account within six weeks of your arrival in Australia). […]

Income Tax In Australia – A Guide To Australian Income Tax

By |August 29th, 2012|Featured, Finances, Made the move, Thinking About It|

Income tax in Australia is the most important revenue stream within the Australian taxation system and like it or not, as a resident of Australia, you’re liable to pay income tax on income from all sources. Thankfully, one exception to this rule are the funds that you bring into Australia when you originally emigrate and for most of us, Australia has a number of Double Taxation Agreements with a number of other countries. These agreements mean that, in most cases, tax is imposed only by the country of residence of the taxpayer so if you’ve already paid tax on your income (such as, on your savings) then you won’t be taxed on this income again when you bring these funds into Australia. Despite their name, double-taxation agreements are designed to prevent you paying taxes twice! Under double-taxation agreements, certain categories of foreign resident are exempt from paying Australian tax. […]

AUD to GBP Exchange Rates

By |July 25th, 2012|Exchange Rates, Finances|

The Australian Dollar is gaining support from international investors, running from the fear of further European turmoil and seeking the safety of the Australian economy. This is having an inpact on the AUD to GBP Exchange Rates. Now that the Reserve Bank of Australia has effectively removed any plans for further interest rate cuts, the base rate in Australia has a lot of appeal to investors who can borrow at virtually 0% elsewhere. Sterling isn’t completely capitulating because it does have a certain safe haven appeal alongside but not within the Eurozone but the pound hasn’t been able to withstand the onslaught of Aussie Dollar buying. […]

Australian Dollar Exchange Rates – Time To Buy?

By |June 29th, 2012|Exchange Rates, Finances|

The Australian Dollar to GB Pound exchange rates have seen some changes in the past few weeks. Once again the debate raged as to whether the Reserve Bank of Australia would cut interest rates by 0.25% or 0.5% at their 5th of June meeting, following May’s 50 basis point cut. They actually cut rates by 0.25% to 3.5% which is the lowest levels since the height of the financial crisis. The ensuing minutes from the meeting, suggested that the decision to cut rates further was finely balanced, as the economic news in Australia had been mixed but the deterioration of the situation in Europe warranted further action. The RBA suggested “they expect the impact of the recent rate cuts to begin filtering through to the wider economy in the coming months” (it is commonly accepted that any adjustment to interest rates takes approx 18 months to have an impact on the wider economy). […]

UK Pound Starts To Strengthen Against The Australian Dollar

By |May 24th, 2012|Exchange Rates, Finances|

The suggestion that the reserve Bank of Australia may make further interest rate cuts in the months ahead is weighing on the value of the Australian Dollar. So too is the slowdown in Chinese economic activity. Also influential is the change of heart amongst international investors who are less inclined to buy into the high yielding interest rates that Australia offers because they are fearful of events in Europe undermining the Aussie Dollar and causing them to lose money in exchange rate movements. […]

Australian Dollar – Is it time to buy and sell?

By |April 2nd, 2012|Exchange Rates, Finances|

Finally the Pound Australian Dollar (GBPAUD) exchange rate has rallied which, having been months now since I last wrote that, I am guessing is a welcome relief to witness the Aussie Dollar selling off for a change. The trigger has not been Europe but China which is Australia’s single biggest export market. Since the last research paper the Chinese Premier downgraded growth in 2012 from 8.0% to 7.5%. […]

Australian Dollar Has Never Been Stronger – Now What?

By |March 6th, 2012|Exchange Rates, Finances, Immigration News|

The folks over at Halo Financial recently published a really useful technical analysis of the Australian Dollar and the approprateness of buying or selling Australian Dollars based on its current strength Key points taken from the document are as follows: The focus for the Australian Dollar was / is and no doubt will be: 1) Reserve Bank of Australia (RBA) interest rate policy and the impact of the Reserve bank announcing today to keep the interest rates on hold. 2) US Federal Reserve interest rate policy/asset purchase program extension or otherwise based on the ongoing US economic growth indicators – Fed Chairman Ben Bernanke’s testimony this week was interesting because there was no talk of QE3 and risk assets sold off. […]

High Interest Rates Keep Australian Dollar Strong

By |February 15th, 2012|Exchange Rates, Finances|

The Australian Dollar has benefitted from very high interest rates compared with the rest of the advanced global economies for the quite some time now. Australian interest rates are currently at 4.25% making the carry trade attractive to investors who can only achieve interest rates of 0.5% in the UK, and even less in the United States and Japan. Most were expecting the Reserve Bank of Australia (RBA) to cut interest rates last week by at least 25 basis points therefore reducing the yield on the carry trade which should in theory weaken the Australian Dollar. Interest rates were left on hold which sent the Australian Dollar soaring to new highs early in the week. […]