Deborah Knight: The last day of the financial year is a chance to look back on where we’ve come in the last 12 months.
This year has been another stellar year for your super and some shares, but not so good for online shoppers and motorists.
9News finance editor Ross Greenwood explains
Ross Greenwood: The past year no doubt has been tight for many families. Wages on average grew 2.1 per cent. The median, pre-tax full time wage is just over $83,000.
But it has to go further, with big jumps in electricity, gas, health insurance and petrol.
A year ago, petrol was around $1.20 a litre. Today, its above $1.50 – that’s a 25 per cent jump.
Where you have made your money is your super fund. The average fund is up 9.2 per cent. So that’s nine years of consecutive growth, equal to the longest on record.
Its being pushed up by the share market, which is up by 9.4 per cent but you had to be carful what you owned.
Banks shares on average fell 6 per cent. Telstra hit seven year lows. AMP hit 15 year lows. Among the best of the bigger groups, dairy companies a2 Milk and Bellamy’s more than doubled, and so did oil company Santos.
But property prices struggled, Sydney median price dropped almost 6 per cent to just over a million dollars.
And those dollars won’t buy as much shopping or travelling overseas. The Aussie dollar fell almost 3.5 per cent against the US. And to rub salt into that wound, from July 1 you will start having to pay GST on imported purchases under $1000.
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