Tuesday read for Australian shoppers. The Reserve Bank announces its decision at 2.30pm AEST today, and economists expect a rise. Here is what a hike would cost at three loan sizes. We also cover the card surcharge ban that starts Thursday, and why some prices may creep up instead. Tomorrow brings new inflation figures and fresh supermarket catalogues, and the NRL Grand Final is set for Sunday night.
Rate Decision Day: What a Hike Would Cost You
All 29 economists in a Bloomberg survey expect the Reserve Bank to lift the cash rate 0.25 points to 4.60% this afternoon, according to ABC News’ rate preview. The same report says AMP chief economist Shane Oliver expects today’s rise, but thinks slowing conditions could mean no further increase is needed by November.
Canstar figures in that report estimate that a rise passed on in full would add about $91 a month to a $600,000 loan, $114 to a $750,000 loan and $152 to a $1 million loan. If your lender passes it on, the change usually takes effect within a few weeks, so now is a good time to check your budget and ask your bank for a better rate.
Surcharges Go Thursday. Watch the Sticker Price
From Thursday 1 October, businesses can no longer add a surcharge to Visa, Mastercard, American Express or eftpos payments on debit, credit or prepaid cards, according to the ACCC. ABC News reports that some small businesses plan to absorb the cost in their prices instead. A swim school owner is considering adding about $1 to lessons, and restaurant industry chief executive Wes Lambert says some venues may raise prices, refuse some cards or push cash.
The ACCC says businesses can build payment costs into their overall prices, but they must not mislead customers about why prices went up. Keep an eye on menu and service prices at the places you visit most often over the next few weeks.
Tomorrow: Inflation Data and New Catalogues
The ABS releases its August Monthly CPI at 11.30am AEST on Wednesday 30 September. New Coles and Woolworths catalogues also start tomorrow. Check the official prices on the Coles catalogue page or in the Woolworths app before you plan the week’s shop.
Several offers end tomorrow too. The selected Harvey Norman TV Sale deals and an offer at The Good Guys both finish on Wednesday. Myer’s Mid Season closeout ended last night, but its Toy Sale featured offers and MYER one Maximised Competition both run until Sunday 4 October.
Knights v Roosters on Sunday Night
The Sydney Roosters beat the Dolphins 36 to 20 on Friday, setting up a Grand Final against Newcastle at 7.30pm AEDT on Sunday 4 October, reports Jon Healy at ABC News. Daylight saving starts that morning in NSW, Victoria, the ACT, South Australia and Tasmania, so Queensland viewers kick off at 6.30pm. The JB Hi-Fi Footy Finals Frenzy runs to 7 October if you are shopping for a new screen.
Top 5 Deals of the Day
Six categories, six winners. The deepest headline discounts surfaced from a Tuesday morning sweep of every retailer live on It’s On Sale.
Elite SuppsToday’s Top DiscountSupplements94%OFF2
SportsgirlWomenswear90%OFF3
Rebel SportSports85%OFF4
HouseHomewares81%OFF5
Kick PushSurf & Skate80%OFF% discounts shown are indicative across each store’s sale range. Individual product savings vary.
Other Deals Worth a Look
- Baku Swimwear: up to 70% off in the sale section, a good way to get summer swimwear early.
- ALDI Wednesday 30 September: Nutella 900g for $11.99, Moccona Classic 400g for $25.99, Tasmanian salmon fillets four pack for $18.99 and Huggies fragrance free wipes 400 pack for $13.49.
- Target at Kmart Big Brand Toy Sale: runs to Sunday 11 October.
- BIG W School’s Out: 20% off toys in the current catalogue.
What to Watch This Week
The Reserve Bank decision is at 2.30pm AEST today. On Wednesday 30 September, the ABS Monthly CPI comes out at 11.30am AEST, the new Coles, Woolworths and ALDI ranges start, and the Harvey Norman and Good Guys offers end. Card surcharges are banned from Thursday 1 October. On Sunday 4 October, daylight saving starts, the Myer Toy Sale ends and the NRL Grand Final is on at 7.30pm AEDT. Monday 5 October is a public holiday in NSW, the ACT, South Australia and Queensland.