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More Aussies working part time, for fewer hours

More Aussies working part time, for fewer hours

New labour market numbers from the Australian Bureau of Statistics (ABS) indicate that while there were fewer Australians out of work in April 2017, many of them were in part-time jobs.

The seasonally-adjusted stats show that from March 2017 to April 2017, the number of employed persons across Australia went up by 37,400 – that’s 49,000 more part-time workers, and 11,600 fewer full-time workers.

The seasonally-adjusted monthly hours worked in all jobs decreased 4.3 million hours (0.26%) in the past month, with fewer hours being worked in full-time jobs and more hours being worked in part-time jobs.

Taking the longer view, while the seasonally adjusted unemployment rate dropped from 5.9% by 0.2% to 5.7% in April 2017, the trend estimate remained steady at 5.8% – just 0.1% higher than the unemployment rate trend at the same time last year.

This relatively steady unemployment rate remains consistent with previous economic indicators from the Reserve Bank of Australia (RBA), which predicted gradual fall in unemployment over time.

Gradual growth in the labour market was also anticipated by the RBA, with the understanding that this would lead to gradual wage growth over time. That said, other recent ABS reports show that this improvement is yet to materialise.

Barring significant changes in Australia’s economy, it is understood that the RBA is likely to keep the nation’s cash rate at the record-low 1.5% for the foreseeable future.

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What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

Can you have multiple ING savings accounts?

Yes, you can open up to nine accounts with ING at any particular time. If you’re saving money for various goals, such as buying a car or taking a holiday, you can name each of your multiple ING savings accounts differently.

To get a Savings Maximiser account, you’ll need to deposit more than $1000 every month and make at least five additional purchases. If you also want to grow your savings, from 1st March 2021, you can earn up to 1.35 per cent per annum variable interest on one account with a balance of up to $100,000 when you also maintain an Orange Everyday account.

With ING, multiple savings accounts can help keep track of all your savings goals. All the accounts offer flexible withdrawals where you can withdraw as low or as high as you want without impacting your earning interest rate. However, you can only earn the bonus interest on one account. To apply for a Savings Maximiser account, you can visit ingdirect.com.au.

What is an ANZ locked savings account?

An ANZ locked savings account locks your money and prevents you from spending. You may use a standard savings account as the account where your salary is deposited. You can then withdraw funds when needed, but aren’t able to make purchases with it. However, this account may not grow much as the continual withdrawing of funds will limit the interest you can earn.

With a locked savings account in ANZ, you know your savings will grow because you can’t access the money. You can also qualify for a bonus when you deposit at least $10 per month and don’t make any withdrawals. To help you with this further you can set up an automatic transfer from your regular ANZ savings or transaction account so you don’t forget to make a monthly deposit.

Your ANZ locked savings account offers you a base interest rate of 0.1 per cent per annum plus an additional bonus interest of 0.49 per cent per year. The interest is calculated daily and credited to your account on the last working day of the month.

Should I open a Commonwealth locked savings account?

If you have trouble saving money, a Commbank locked savings account could be a potential solution. A locked savings account won’t let you make withdrawals and as such, it can help you grow your savings balance if you keep topping it up. 

The Commonwealth locked savings account advertises high-interest rates and minimal maintenance fees, along with a host of other incentives that will encourage you not to touch the money. 

The account offers a higher interest rate for each month that you make limited or no withdrawals, as well as regular deposits. 

To qualify for a Commonwealth locked savings account with the advertised features, you will need to fulfil specific criteria such as:

  • Depositing a fixed minimum amount into the account every month.
  • Making a fixed number of deposits each month.
  • Making a minimum or no withdrawals each month.
  • Maintaining a minimum account balance.