A confident start for 2018

A confident start for 2018

Both everyday Australians and the nation’s business sector are enjoying the strongest level of confidence since the end of the mining boom, according to research from Roy Morgan.

Results from both the ANZ-Roy Morgan Consumer Confidence report and the Roy Morgan Business Confidence report indicated a level of confidence in the March quarter of 2018 that hadn’t been experienced since 2013 for consumers and 2014 for businesses.

March 2013 quarter March 2014 quarter March 2015 quarter March 2016 quarter March 2017 quarter March 2018 quarter
Consumer confidence 120.6 114.2 111.7 113.8 116.2 119.4
Business confidence 123.0 123.2 111.0 113.2 114.0 119.7

Source: Roy Morgan

Breaking down these results, while Roy Morgan found consumer confidence to currently be up across the board, the demographic with the greatest jump was found to be Generation Y, up 8.6 points from 120.1 in the March quarter 2017 to 128.7 in the March 2018 quarter – the highest level of consumer confidence since the March 2011 quarter.

Even the demographic that recorded the lowest confidence, Baby Boomers, still saw an increase of 1.5 points from 104.8 in the March 2017 quarter to 106.3 in the March 2018 quarter – the highest level of consumer confidence since the March 2014 quarter.

The strength of Australian business confidence was found to be primarily driven by larger businesses. Businesses with turnovers of $5-$50 million saw confidence up 24.39 points on the same time last year, reaching 151.6. This is almost as strong as the 151.8 confidence recorded for businesses with an annual turnover of $50 million and up, which saw an improvement of 17.7 points on the same quarter last year.

The Australian states with the strongest business confidence were found to be New South Wales (up 8.7 points to 124.9), South Australia (up 17.4 points to 136.3) and Western Australia (up 23.1 points to 120.1).

Roy Morgan CEO, Michele Levine, said that the current level of confidence in the nation’s economy at both a consumer and a business level could play a role in how the upcoming federal budget may be received.

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Learn more about bank accounts

How do you open a bank account under 18?

If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

How can I check my bank account balance online?

Checking your bank account balance online is a simple process. Once you’ve logged in to your online banking, clock on the relevant account and the balance should be visible.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

How can you cash a cheque without a bank account?

You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

How can I deposit cash into my bank account?

The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

Do I need to open a business bank account?

Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.