Sorry Sydneysiders, Melbourne is the most desired holiday location in Australia

Sorry Sydneysiders, Melbourne is the most desired holiday location in Australia

Melbourne is the most desired holiday location in Australia, with 4.25 million Aussies indicating they’d like to visit, according to a Roy Morgan survey. 

The survey also found that over 14.8 million Australians aged 14 and over in the year to September 2017 would like to travel within Australia in the next two years, as opposed to overseas. This figure is only slightly down from 14.9 million in the previous year.

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Survey: Roy Morgan 

Melbourne has retained its title as most desired travel spot of all Australian capital cities for the last two years. Sydney has come in second, with just under 2.4 million surveyed Aussies wanting to travel there. 

Hobart has seen the strongest growth by would-be-travellers between 2015-2017, growing 8.7 per cent in travel desirability and over taking Brisbane. 

Adelaide has also experienced strong growth over the past two years, up to 1.3 million from 1.23 million. 

Where each generation wants to travel

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Survey: Roy Morgan 

Melbourne is the most popular travel destination amongst all the generations in Australia, however it only saw a growth in popularity from 2015-2017 in Generation Z (1991-2005). 

Hobart is the only capital city to see growth as the preferred travel destination amongst all of the “key spending generations” over the last two years, Generation Y, Generation X and Baby Boomers. 

Roy Morgan CEO, Michele Levine, released a statement discussing the survey results and attributing a recent spike in interest for Hobart to it housing the Museum of Old and New Art (MONA). 

“Melbourne has again confirmed its reputation as Australia’s most sought-after capital city travel destination for domestic travellers with over 4.25 million Australians expressing a desire to visit Australia’s (and the World’s according to the Economist Intelligence Unit) most liveable city in the next two years. 

“Although this was down slightly on two years ago, it was enough for Melbourne to be almost 1.9 million potential visitors ahead of Sydney in second place. 

“However, the big improvers in recent years have been Australia’s second tier cities of Hobart, Canberra and Adelaide which have all grown strongly on the Roy Morgan Holiday Tracking Survey since 2015. 

“Hobart, well known as the home of MONA which opened in 2011, has experienced the strongest growth in the minds of Australian holiday-makers since 2015 and has now overtaken Brisbane as Australia’s third most desired holiday destination with 1.74 million Australians expressing a desire for Hobart – up a strong 8.7 per cent in only the last two years. 

“The increasing allure of Hobart is demonstrated by the fact Hobart was the only capital city to experience growth in all three key Generations in the past two years – Generation Y, Generation X and the Baby Boomers and overtaking Brisbane is remarkable when one considers the respective populations of the two cities – Hobart (225,000) is less than a tenth the size of Brisbane (2.36 million). 

“Destination preference amongst Aussies intending to holiday domestically is only one measure that tourism operators and marketers should monitor as it is also vital to keep track of actual holiday intention (as opposed to preference) and visitation – as well as general awareness of current marketing campaigns,” said Ms Levine.

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Learn more about savings accounts

How can I get a $4000 loan approved?

While personal loans and medium amount loans don’t offer guaranteed approval, there are steps you can take to help increase the likelihood of your application being approved, including:

  • Fulfilling the eligibility criteria (providing ID, proof of residency, proof of income etc.)
  • Checking your credit history (you can order one free copy of your credit file per year, and make sure that there aren’t any errors that may be bringing down your credit score)
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It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.

Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.

Can you direct deposit to a savings account?

Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.

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.

How to make money with a savings account?

Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.

To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.

How do I open a savings account?

Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process. 

You may be required to provide:

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A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.

Can I overdraft my savings account?

A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.

Can you have a joint savings account?

Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.

Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.

Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly. 

How much money should I have in my savings account?

A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.

If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.

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Can you set up a savings account online?

Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.

Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.

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As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

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The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.