Trending Financial News 13 January 2020

A bank buys Warney’s cap!

Australia's all-time leading Test cricket wicket-taker and Victoria’s legendary bowler, Shane Warne, has auctioned his iconic Australian baggy green cap for over $1 million. All proceeds of the sale are going to aid Austraian bushfire victims.

The cap fetched $1,007,500, after a winning bid from the Commonwealth Bank. The money will be paid to the Australian Red Cross Disaster Relief and Recovery Fund.

The highly coveted cap was worn by Shane Warne through his 145-match Test career for Australia, where he took a then world record 708 wickets.

CBA’s CEO Matt Comyn said: “I want to thank and commend Shane for giving up one of his most cherished possessions for such an important cause.

“He has demonstrated the same Aussie spirit we are seeing across the country with acts of generosity and dedication throughout this disaster as communities rally to support each other.”

CommBank takes Warney’s baggy green on tour

CBA has bought Shae Warne’s baggy green cap for $1 million with the money going to aid bushfire victims.

CBA will take the baggy green on a national tour to raise more money for communities devastated by bushfires. The cap will then become a permanent exhibit at the Bradman Museum in Bowral, NSW.

Cricket fans across the country will have the opportunity to view or take their picture with the cap during the tour, with further details to be released soon.

CBA Chief Matt Comyn, said he was delighted to secure Shane’s cherished baggy green cap.

“This has not only raised another $1 million for bushfire relief, it will also enable us to raise further funds for the bushfire appeal as the cap commences a fundraising tour across the country before retiring as a permanent exhibit at the Bradman Museum in Bowral.”

CommBank announces Bushfire Recovery Grants

Commonwealth Bank is now accepting applications for Bushfire Recovery Grants of up to $50,000 each. Commonwealth Bank is devoting at least $10 million through the scheme.

Commonwealth Bank Chief Matt Comyn said Commbank has increased the value of the grants program to assist communities with the rebuilding process.

CBA’s focus is on providing practical, on the ground support to affected customers said Mr Comyn.

The grants program is for communities to rebuild facilities and infrastructure.

“We have increased both the total value of grants and the value of each grant in response to expected demand. Commonwealth Bank’s Bushfire Recovery Grant application page is here.

CommBank matches all Bushfire donations

Want to know how to make the most of your Bushfire donation? Peopl who donate to the Australian Red Cross in a Commonwealth Bank branch or the in the CommBank app have their donation matched dollar for dollar by the Commonwealth Bank.

“Since CBA announced our bushfire appeal last week, donations from customers and staff have pushed the total over $1 million,” said Matt Comyn, chief of CommBank.

“I am pleased to announce that CBA will match all donations on a dollar for dollar basis. The additional money will be used to support the CBA Bushfire Recovery Grants Program.”

What support does Commonwealth Bank provide Bushfire victims?

Since the launch of Commonwealth Bank’s Emergency Assistance Package for customers affected by Australian bushfires, Commbank has expedited processing of insurance claims worth almost $100 million.

The bank has also:

  • Provided emergency accommodation for CommInsure customers.
  • Expedited insurance claims for home, contents and motor vehicle insurance customers.
  • Deferred loan repayments for home loan, credit card and personal loan customers.
  • Provided emergency credit card limit increases.
  • Restructured business loan repayments for small businesses.
  • Allowed instant free access to term deposits.
  • Waived other selected fees and charges.

Commonwealth Bank customers can call 1300 720 814 or visit their nearest Commonwealth Bank branch for bushfire assistance.

Business customers with a business loan or a line of credit can call 13 26 07 or their dedicated CommBank relationship manager.

Commonwealth Bank is also providing paid leave to its employees who are volunteering for emergency services as part of the firefighting efforts.

Payday lenders are preying on vulnerable Aussies

Payday lenders providing small amount personal loans up to around $2,000 are often “predatory lenders” targeting financially vulnerable Australians, said the federal MP for Oxley, Milton Dick.

Lenders such as Cash Converters, Wallet Wizard, Stress Less Money and Cash Train have sold $3 billion in total loans under 4.7 million loan contracts since 2015, reported the Australian Financial Review. Cash Converters reported an 18 per cent increase in loan applications in the last financial year. 

Mr Dick wants extra rules around maximum loan amounts and a cap on repayments.

Is Facebook Libra dead?

Facebook’s new proposed global cryptocurrency, Libra, should not be allowed to operate in Australia without heavy regulation, the Reserve Bank has told a senate committee. Demand for the new currency is not clear anyway, said the RBA.

“Australia is already well served by a range of low-cost and efficient real-time payment methods,” said the RBA.

Central bankers from the G7 group of major advanced economies have also rejected the Libra proposal until “all risks and regulatory requirements have been addressed.” 

Is climate change affecting your property?

Australian property owners are finding hairline cracks in walls and ceilings are getting wider due to hot dry conditions. Clay soils are drying and contracting, leading to structural problems with building said researchers from the University of NSW.

“In extraordinary dry times like now, cracks will widen,” Professor Nasser Khalili told The New Daily.

Clay soils are much more susceptible, or ‘reactive’, to changing moisture content than sandy soils.

“We’ve got this rare occasion now where we’re going without rain in some places for12 months and that means we have long periods where soil, which would otherwise not lose its moisture, is now losing its moisture,” explained Professor Stephen Fityus from the University of Newcastle.

The Bureau of Meteorology (BOM) has confirmed that 2019 was Australia’s hottest year ever.

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