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THE NEWS WRAP: Six million Australians now use mobile banking: Survey

Monday, 4 February 2013 | By Andrew Sadauskas

The number of Australians now using mobile banking services has reached 6 million, with Australians adopting the service faster than internet banking a decade ago, a new report has found.

 

The Market Intelligence Strategy Centre figures show that while it took internet banking services around four years to reach the six million user mark, mobile banking has reached the same level in a little over three.

 

The news comes after a separate report from ACMA showed more than half of all adult Australians now own a smartphone, with 8.7 million using one in the last 12 months.

 

$14.4 billion cost blowout at Grogon: Chevron

 

Chevron, the major investor in the Grogon gas project, has revealed that the high Aussie dollar and logistics costs have led to a $A14.4 billion blowout in the cost of the project.

 

Chevron chief executive John Watson revealed the cost of building the project has surged from $US37 billion to $US52 billion, which is about 130 kilometres off the north-west coast of Western Australia.

 

Chevron owns 47.3% of the gas project, which it claims was 55% complete at years’ end.

 

Super confidence falling: Industry group

 

Self Managed Superannuation Fund Professionals Association chief executive Andrea Slattery has warned confidence in the Australian superannuation system is falling due to recent changes to the system.

 

Slattery told The Australian that Australians are now putting $15 billion a year less into their super funds following a decision by the federal government to cut the contribution limits for people older than 50 from $100,000 a year in 2009 to $25,000.

 

"The continual erosion of super tax concessions to meet short-term fiscal goals is in danger of permanently damaging the effectiveness of super as Australia's key retirement savings vehicle," Slattery told The Australian.

 

Overnight

 

The Dow Jones Industrial Average added 1.08% to 14,009.79. The Aussie dollar was up to US104.05 cents.