KBB Morning Snapshot

December 3, 2012, 7:55 am Kochie's Business Builders Yahoo!7

Customers Slow To Switch Banks ~ Markets To Rise On Upbeat Outlook ~ Farmers Glum About What’s To Come

KBB Morning Snapshot
Customers Slow To Switch Banks

New figures show customers remain slack at switching banks, despite the government’s new scheme that makes it easier to change financial providers.

Since July consumers have been able to switch to a new bank by filling out a single form, which arranges for all direct debits to be transferred to the new bank account.

However the scheme is being used by just 60 people a day, with Australian Bankers Association, chief Steven Munchenberg saying it’s because too few people know about it.

So if you or your business are pondering a change, don‘t hesitate as it’s easier than ever.

Markets To Rise On Upbeat Outlook

Positive manufacturing data out of China yesterday has provided a positive lead for the local share market with stocks set to rise this morning.

China’s official manufacturing index rose to its highest level in seven months as new orders and export demand climbed. Great news for the global economy as whole, but especially Australia, the lasts data has renewed optimism of a Chinese recovery after a seven quarter slowdown.

In other big economic news this week, the RBA meets tomorrow to rule on interest rates with 19 of 28 economists surveyed by Bloomberg tipping a 0.25% cut to the cash rate.

Farmers Glum About What’s To Come

A key survey of Australian farmers has found they’re more pessimistic than optimistic about 2013 with dry weather and soft commodity prices serious worries.

While Rabobank's net rural confidence indicator has been negative all year, the latest quarterly survey showed sentiment has slipping further into the red with 35% of farmers expecting conditions to worsen rather than improve over the coming 12 months.

Sector wise, confidence was highest amongst dairy farmers and lowest for sheep and beef producers.