Wednesday, 30 October 2024 11:53
SPENDING MORE ON CHRISTMAS CHEER
THE opening of suburban pop-up Christmas stores for 2024 is reviving the tradition of holiday decorating. Despite rising living costs, Christmas Warehouse's Retail Manager, Naomi Ramirez, anticipates families will spend a bit more on festive cheer. With stable prices amid inflation, the stores offer a wide selection of Christmas trees and decorations. Ramirez predicts trends like Grinch themes and pink decor will be popular this year. Families are encouraged to visit early for the best selection.
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Wednesday, 30 October 2024 11:49
BLUE MOUNTAINS WOMAN WINS BIG
A BLUE Mountains woman has declared she’s ready to weather any storm after discovering she bagged $200,000 in a recent Lucky Lotteries Mega Jackpot draw.
The resident scored the 1st Prize in Lucky Lotteries Mega Jackpot draw 1689, drawn on October 18, 2024 and pocketed $200,000. The winning woman shared she had been bracing for a storm when the unexpected winning call swept in, instantly brightening her day.
“Oh my god. Oh my god. That’s beautiful! That’s wonderful!” she cheered.
“I can help my family! We can have a better Christmas this year. Oh, I’m going to cry. You know, things are tough at the moment and a lot of people in my family could do with some help.
“Thank you very much! This is so thrilling. We’ve been expecting a big storm, so I’ve been preparing for that. I’m going to have a lovely day now, storm or no storm!
“Now my mind is wandering. I’m still thinking about Christmas. I can get the family extra presents, and we can enjoy a lovely lunch with all the nice sweets.
“I think I will buy them some Lucky Lotteries tickets and spread the luck. Thank you so much. This has made my day.”
Her winning entry of six random numbers was purchased from Katoomba Newsagency, Shop 1 101, Katoomba Street, Katoomba.
Katoomba Newsagency owner Simar Singh said he and the team were overjoyed to sell a 1st Prize winning entry.
“It’s incredible news. We’re absolutely delighted to be a part of someone’s win!” he said.
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Tuesday, 29 October 2024 06:25
CUSTOMER-OWNED BANKS GIVE MORE
Community investment tops the big banks
CUSTOMER-owned banks are giving back to their communities at a rate nine times higher than the major banks, according to the Customer Owned Banking 2024 Impact Report.
Credit unions and mutual banks dedicated 5.2% of their profits to community and charitable organisations, totalling $38.4M. In contrast, major banks contributed 0.6% of their profits.
“Customer-owned banks are deeply rooted in the communities they serve, and often support grassroots organisations to meet the unique needs of their members and the local area,” Customer Owned Banking Association (COBA) CEO Michael Lawrence said.
“This International Credit Union Day, we are proud to showcase the incredible impact customer-owned banks have on Australia. Not only do members enjoy competitive rates and better services, but they also benefit from knowing their local communities are being strengthened,” he added.
Customer-owned banks are often leading the way in value. The report, which is written by leading economist Nicki Hutley, found that mutual banks and credit unions offered average variable home loan rates 0.4 percentage points lower than those offered by major banks. While individual rates vary between customer-owned banks, this average difference equates to over $2,000 in interest saved annually on a $600,000 mortgage.
“Customer-owned banks are owned by their members, which means they are driven by a unique purpose: to prioritise the people and the communities they serve, rather than squeezing profits out of customers to pay dividends to shareholders. That’s why customer-owned banks can deliver outcomes that genuinely benefit their members including competitive rates, market-leading service and significant contributions to their local communities,” Nicki Hutley explained.
However, the report states Australia ‘fares particularly poorly’ when it comes to competition in the banking sector which is dominated by the big four banks, with regulatory arrangements often disadvantaging smaller players.
“Customer-owned banks are essential for a truly competitive and dynamic financial system, providing Australians a distinct alternative to shareholder-owned banks. Government and regulators have important roles to play in taking an appropriate approach, and ensuring consumers have genuine choices when it comes to financial institutions,” Ms Hutley added.
Customer-owned banks also reinvest profits back into better services, which has resulted in market-leading customer satisfaction ratings for the sector compared to the major banks for over two decades.
With over 11,500 full-time employees and many mutual banks and credit unions headquartered outside major cities, the customer-owned banking sector plays a vital role in supporting regional economies. Employee satisfaction is strong, as evidenced by an average staff tenure of 7.5 years – more than double the national average of three years and four months.
With 55 customer-owned banks to choose from, COBA has developed Find-a-Bank; an online tool which helps Aussies find a purpose-led bank that aligns with their needs and values. To find a customer-owned bank that suits your needs and values, head to findabank.com.au
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