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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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.

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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.

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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.

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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.

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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.

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Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.

Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.

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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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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.

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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.

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