Switching banks, phone plans or energy companies may become much simpler and easier in the future, with the help of a new federal government Open Banking initiative that gives consumers the right to access to their banking data.
Popping down the street for a chat with your local banker or even to use the ATM appears to be falling out of favour, with Australians increasingly turning to mobile and phone banking to manage their personal finances.
Roy Morgan research has found customer satisfaction with the banks in the six months to March 2018 was at 80.9 per cent, down 0.1 percentage points from February.
Many Australians appear have a good feeling about the upcoming federal budget, with higher consumer confidence and lower inflation expectations being recorded by Roy Morgan.
The new Australian Financial Complaints Authority (AFCA), first announced in May 2017 by the Australian Government, will be a “one stop shop” to deal with financial system complaints.
Back to school costs and rising wholesale gas prices are among the factors that have impacted Australian household budgets over the first quarter of 2018, though inflation rose relatively little, according to the latest data from the Australian Bureau of Statistics (ABS).
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.
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