Category: Economy

Source: ANZ statements

Ahead of the football finals and upcoming music festival season, ANZ is encouraging customers to pause and consider the risks before purchasing event tickets from unknown sellers online, as opportunistic cyber-criminals take advantage of popular or sold-out events to sell fake or duplicate tickets.

In 2023 alone, ScamWatch reports more than $32 million has been lost to buying and selling scams, with internet sites, email and social media the top three platforms being used to trick victims.

ANZ Complex Investigations Lead, Marc Broome, said: “Cyber-criminals take advantage of our excitement and desperation to get tickets to major events, such as football finals or music concerts. They’ll create fake tickets, and even fake websites to lure in victims.”

“It’s always best to buy tickets from an authorised and reputable retailer, and to be cautious if buying tickets from someone you don’t know.”

“Although second chance sales may be tempting, it’s important to be aware of the risks, and to know the signs of a scam. As we always say, if it seems too good to be true, it probably is,” he said.

Signs of a ticket scam:

1. The tickets are heavily discounted or cheaper than retail price. Genuine resale tickets, particularly those in high demand often sell for double or triple the retail price.
2. The seller has no profile history, other sales, or reviews. Do your research and read reviews where possible. If buying tickets on social media, question if the seller has an existing profile or other listings?
3. The seller insists on payment through unfamiliar channels. Wherever possible, pay through secure channels.

ANZ’s customer protection teams and systems operate 24/7. Customers who believe they may have been a victim of a scam should contact us immediately, on 13 33 50 or visit us at http://www.anz.com.au/security/report-fraud/ for more information.

For more information on the types of scams and how to protect yourself visit http://www.anz.com.au/security/types-of-scams.

Source: ANZ statements

Consumer confidence rose by 2.2pts, and the four-week moving average lifted 1.0pts.

Confidence rose in New South Wales, Victoria and Western Australia, but declined in Queensland and South Australia.

‘Weekly inflation expectations’ fell 0.3ppt to 4.9%, while the four-week moving average declined to 5.2%.

‘Current financial conditions’ increased by 2.0pts and ‘Future financial conditions’ rose 3.2pts.

‘Current economic conditions’ were up 1.8pts and ‘future economic conditions’ increased by 3.3pts.

The ‘Time to buy a major household item’ subindex rose by 0.6pts.

Source: ANZ statements

Consumer confidence decreased by 1.1pts. Among the mainland states, confidence rose in NSW, Queensland and WA but fell in Victoria and SA.

‘Weekly inflation expectations’ fell 0.1ppt to 5.2%. Its four-week moving average was unchanged at 5.3%.

‘Current financial conditions’ declined 0.8pts. ‘Future financial conditions’ were up 2.2pts, partially offsetting the 3.0pts decline the week before.

‘Current economic conditions’ gained 1.2pts, while ‘future economic conditions’ dropped 4.7pts.

The ‘Time to buy a major household item’ subindex decreased by 3.3pts.

Source: ANZ statements

Consumer confidence increased by 0.6pts. Among the mainland states, confidence rose in Victoria and South Australia and fell slightly in New South Wales, Queensland and Western Australia.

‘Weekly inflation expectations’ were up 0.1ppt to 5.3%. Its four-week moving average was steady at 5.3%.

‘Current financial conditions’ were up 0.9pts. ‘Future financial conditions’ declined 3.0pts.

‘Current economic conditions’ fell 0.6pts, while ‘future economic conditions’ rose 2.7pts.

‘Time to buy a major household item’ increased by 2.7pts.

Source: ANZ statements

ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads are showing surprising resilience, rising 2.6% over the last two months. The recent upswing has lifted the number of Job Ads above April levels. We expect the buoyancy in ANZ-Indeed Australian Job Ads to fade as the economy cools. While the labour market remains very tight, the underemployment rate has risen from its recent low, and the July Labour Force Survey showed an increase in the unemployment rate.”

Indeed Senior Economist Callam Pickering said: “The pick-up in Job Ads over the past two months has been driven by New South Wales and Queensland, with smaller contributions coming from the other mainland states. Recent growth has been concentrated in education and healthcare, specifically doctors and nurses, with Job Ads for retail also rising at a seasonally strong pace. These gains have offset a significant decline in tech opportunities, which have steadily fallen throughout 2023.”

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Source: ANZ statements

A digital footprint is the trail of information we actively or passively leave behind when we use the internet. Our digital footprints can be used to track online activity and includes personal information such as names, addresses and phone numbers of people and their close contacts.

Often, an internet user may not be aware they are leaving information behind when browsing, transacting, or posting online. It’s important to take inventory of the different places your data is being used, stored, and shared.

ANZ Senior Fraud Analytics Manager Jess Bottega said: “A lot of us don’t know where our data is being stored and what it’s being used for.”

“Scammers and online criminals can use our digital footprint to access account numbers, passwords, financial and other personal information. This information can sometimes be used to commit identity fraud, hacking and scams. It’s important to remain vigilant online, using different and complex passwords for each site, clearing cookies and unsubscribing from emails is a great place to start.”

“We all know life can get busy, so set a reminder in your calendar or link this “clean-up” activity to a milestone – such as the change of season, to get into the habit of regularly checking in on your digital footprint,” Ms Bottega said.

Source: ANZ statements

Consumer confidence increased by 2.3pts. Among the mainland states, confidence rose in NSW, Victoria and Queensland and fell in SA and WA.

‘Weekly inflation expectations’ fell 0.3ppt to 5.2%. Its four-week moving average softened from 5.4% to 5.3%.

‘Current financial conditions’ remained unchanged. ‘Future financial conditions’ were up 5.0pts, more than offsetting the 4.2pts decline the week before.

‘Current economic conditions’ gained 3.0pts, while ‘future economic conditions’ rose 0.9pts.

‘Time to buy a major household item’ increased by 3.0pts.