These are the 5 things you need to know this week.
The Reserve Bank indicated it would continue to drop interest rates
After last week’s monthly job figures showed the unemployment rate hadn’t dropped since the election, the Reserve Bank indicated it would continue to drop interest rates. Economists are widely expecting another cut in July, which would likely bring the official cash rate down to 1 per cent.
With NAB or CommBank?
While NAB and CommBank passed on the full rate cut to home borrowers earlier this month, the two banks have also slashed interest rates on savings accounts. If you are saving for a deposit using a NAB or CommBank savings account, you should check with your bank to see how this move affects you.
Expect to see some relief at the bowser
Over the next couple of weeks. With global oil prices tanking, we’re about to see petrol prices follow suit.
The unveiling of the NSW state budget
The NSW state budget for the next 12 months will be unveiled on Tuesday. The Berejiklian government has already foregone more than $850 million in stamp duty revenue over the past two years to help first home buyers get into the market; watch to see if any new measures are announced to assist property buyers.
Bank of Mum and Dad in the spotlight
Speaking of savers, Australia's largest deposit lender to first home buyers, the Bank of Mum and Dad is in NAB's sights. NAB is leading the charge to introduce new controls for loan guarantors
including increased scrutiny during the application process, and more checks including requirements that guarantors show evidence of legal advice. Australia's other major banks and a raft of second-tier lenders are introducing similar measures.