Aussies want solar batteries but many feel overwhelmed
More than half of all Australians are also put off by the cost of the technology, a study has found, despite falling prices and low-interest loans.
The Commonwealth Bank and finance firm Brighte released the findings on Monday while launching a Home Energy Upgrades Service designed to provide advice and quotes for households investigating energy upgrades.
Their announcement comes one week before Energy Minister Chris Bowen launches the federal government's $2.3 billion Cheaper Home Batteries Program that promises to deliver a discount of 30 per cent on the cost of installing a battery.
Despite the rebate, a survey of more than 2000 Australians conducted by Pure Profile found 30 per cent felt overwhelmed by the process of having a battery installed and 52 per cent considered the up-front cost too high.
Many factors could be serving to confuse consumers, Commonwealth Bank general manager Joel Larsen said, from working out what size of battery would work best for their home to how soon the technology could turn a profit.
"The technology aspects of it around battery storage, capacity, and solar production capability can overwhelm the average consumer," he told AAP.
"We know what people are really looking for is a payback period."
In addition to questions about financial returns, government incentives can also be tricky to identify.
While the federal scheme allows consumers to "stack" rebates, only Western Australia will have a battery rebate in place after July, with incentives up to $7500 depending on a household's energy provider.
Some states and territories including Tasmania and the ACT offer no-interest loans, however.
The Commonwealth Bank will also offer discounted loans and a $1500 rebate to its home loan customers seeking to install batteries, solar panels or EV chargers, Mr Larsen said, and he expected plenty of interest, particularly from households with solar panels already installed.
"More and more Australians are looking to take up home energy services and really reduce their expenses when it comes to energy bills and utilities," he said.
"We've seen a pretty significant increase in the number of customers coming to us post the federal election and I expect that will continue to grow."
A recent Climate Council report found 300,000 Australians homes had a battery installed, although that represented only eight per cent of the four million homes with solar panels.
More information and advice about installing solar batteries would be required to ensure Australians could be confident in purchasing the technology, Climate Council spokesman Greg Bourne said.
"An educational process has to come before people spend hard-earned cash," he said.
"Even with a subsidy there are still so many offers that go out that people do need to (educate themselves)."
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The Advertiser
27 minutes ago
- The Advertiser
Aussie dollar, iron ore threatened as tariff war grows
The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out." The value of the Australian dollar could be hit as increased US tariffs on goods from Australia's trading partners impact local exporters. US President Donald Trump has announced 25 per cent tariffs on items from Japan and Korea, which are Australia's second and third-biggest export markets, and its third and fourth-largest two-way trading partners. Though Australia has been spared for now, it is vulnerable to flow-on effects, Monash University economics lecturer Isaac Gross said. One of Australia's main exports to Japan and South Korea is iron ore, which is used to make vehicles that are one of their biggest exports to the US. But if cars are unable to be sold in the American market, that will mean less demand for Australian iron ore, lowering prices. That could and meaning mining giants like BHP and Rio Tinto will make less money and pay less corporate tax. "The principal way that affects the Australian economy is through a lower Australian dollar and less tax revenue," Dr Gross told AAP. "That would affect Australians as a whole ... it would definitely hurt the government's budget line and reduce economic activity, in especially the mining states." There could be some upsides for Australian consumers as South Korean or Japanese goods that would normally have been exported to the US might be sent to Australia at a discounted price. For now, uncertainty has engulfed the tariffs because of the erratic way Mr Trump wields the measures. "A lot of countries that are trying to do deals with the United States are very frustrated," University of Sydney associate professor David Smith told AAP. "They think that negotiations are going in one direction and then Trump makes a sudden announcement that takes it in another direction." Prime Minister Anthony Albanese has faced increasing pressure to schedule a face-to-face meeting with the US president and push for a total tariff exemption. However, it's unclear if that would work. Japanese Prime Minister Shigeru Ishiba met Mr Trump in February, but by July the US president revealed his increased tariffs on the Asian nation and appeared to skip over its leader's name, calling him "Mr Japan" in a recent interview. "I can see why the (Australian) prime minister would be seeking a face-to-face meeting, but it doesn't have the same kind of certainty that it had in the past," Assoc Prof Smith said. "Now we're in a situation where the US is trying to negotiate 100 trade deals at once - it's clearly beyond the capacity of American negotiators. "Trump is getting very frustrated, Trump's blaming other countries for the slowness of the negotiations and now he's lashing out."
The Advertiser
28 minutes ago
- The Advertiser
Disappointment as Reserve Bank leaves rates on hold
From struggling retailers to squeezed mortgage holders, the Reserve Bank of Australia's surprise call to leave interest rates on hold has left many disappointed. Markets and economists were broadly in favour of a 25 basis point cut in July but the central bank board has decided to wait for more evidence on inflation before considering lowering the cash rate further. Interest rates have already been cut twice this year as inflation tracks lower and the central bank's focus switches to growth prospects and job market resilience. RBA governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut to ease budget pressure. "'I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," ARA chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call would leave borrowing costs high for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Speaking to media after the two-day cash rate meeting, Ms Bullock sympathised with young people hoping to buy but said interest rates were not the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely for governments to address. Further insights into the interest rate decision could be revealed in a public speech from deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. From struggling retailers to squeezed mortgage holders, the Reserve Bank of Australia's surprise call to leave interest rates on hold has left many disappointed. Markets and economists were broadly in favour of a 25 basis point cut in July but the central bank board has decided to wait for more evidence on inflation before considering lowering the cash rate further. Interest rates have already been cut twice this year as inflation tracks lower and the central bank's focus switches to growth prospects and job market resilience. RBA governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut to ease budget pressure. "'I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," ARA chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call would leave borrowing costs high for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Speaking to media after the two-day cash rate meeting, Ms Bullock sympathised with young people hoping to buy but said interest rates were not the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely for governments to address. Further insights into the interest rate decision could be revealed in a public speech from deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. From struggling retailers to squeezed mortgage holders, the Reserve Bank of Australia's surprise call to leave interest rates on hold has left many disappointed. Markets and economists were broadly in favour of a 25 basis point cut in July but the central bank board has decided to wait for more evidence on inflation before considering lowering the cash rate further. Interest rates have already been cut twice this year as inflation tracks lower and the central bank's focus switches to growth prospects and job market resilience. RBA governor Michele Bullock acknowledged households with mortgages would have been "very keen" for another interest rate cut to ease budget pressure. "'I'm also really conscious that we don't want to end up having to fight inflation again," she said. The Australian Retailers Association described Tuesday's decision as a "missed opportunity" to improve the outlook of a sector employing one-in-ten Australians. "Weak consumer spending and high business costs continue to put pressure on retailers," ARA chief executive Chris Rodwell said. Real Estate Institute of Australia president Leanne Pilkington said the July call would leave borrowing costs high for first home buyers. "We understand the RBA's priority is returning inflation to its target band but this needs to be balanced against the risk of further dampening housing demand and locking first home buyers out of the market," she said. Speaking to media after the two-day cash rate meeting, Ms Bullock sympathised with young people hoping to buy but said interest rates were not the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely for governments to address. Further insights into the interest rate decision could be revealed in a public speech from deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney. From struggling retailers to squeezed mortgage holders, the Reserve Bank of Australia's surprise call to leave interest rates on hold has left many disappointed. Markets and economists were broadly in favour of a 25 basis point cut in July but the central bank board has decided to wait for more evidence on inflation before considering lowering the cash rate further. Interest rates have already been cut twice this year as inflation tracks lower and the central bank's focus switches to growth prospects and job market resilience. 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Speaking to media after the two-day cash rate meeting, Ms Bullock sympathised with young people hoping to buy but said interest rates were not the only roadblock. "In fact, I've heard criticisms that we shouldn't lower interest rates because housing prices will go up," she said. "So we can't win really." The governor said the question of housing prices was largely for governments to address. Further insights into the interest rate decision could be revealed in a public speech from deputy governor Andrew Hauser on Wednesday at the Australian Conference of Economists in Sydney.
Sydney Morning Herald
2 hours ago
- Sydney Morning Herald
You're about to get more super. Here's all you need to know
With the start of July heralding a new financial year, workers across the country can expect to see their super balances increase thanks to a legislated boost to the super guarantee. The guarantee, which is the minimum amount employers must pay into their employees super fund, has increased from 11.5 per cent to 12 per cent, giving the average worker hundreds of dollars more in super contributions a year. This latest increase marks the end of years of incremental increases to the minimum super contribution requirement from 9 per cent to 12 per cent after it was legislated back in 2012. This is the final scheduled increase mandated by the Australian Taxation Office, which must be paid quarterly, although it can be paid more often. This month also marks the time when superannuation payments must be included in the government's Parental Leave Pay scheme. The superannuation increase also applies to Commonwealth Parental Leave Pay, benefiting millions of Australians. It will narrow the gender super gap by around a quarter, which is about $50,000 for Australians nearing retirement. What do I need to do? Check your next payslip to ensure that the new rate has been applied to the superannuation your employer has paid on your behalf into your super fund. To get the most out of the extra payments, make sure you consolidate your super into one fund to avoid paying extra fees. Also, take a moment to check how much you're paying in fees to your super fund, compare its performance to see if it's holding back your super compared to other funds, and check your fund is the best fit for your age and retirement goals.
