Business

THE NEWS WRAP: New report says we’re saving more but still feeling the pinch

Oliver Milman /

More than half of Australian households say they are cash-strapped at the end of the month, despite an increase in the rate of saving rather than spending since the global financial crisis.

 

The ME Bank Household Financial Comfort report found that there was a slight growth in the number of people who felt their financial situation has improved in the last 12 months.

 

However, the report found that there was also a growing number of people who are “struggling” to save and make ends meet, despite the widespread desire to save rather than spend.

 

Tasmania to look to China: Giddings

 

The Tasmanian economy will look to China for a boost following the collapse of controversial wood chipper Gunns, according to the state’s Premier, Lara Giddings.

 

Giddings said that although the Tasmanian economy faced “challenges”, there were opportunities in the growing Chinese middle class that businesses in the Apple Isle should “grab hold of.”

 

Apple apologises over maps

 

Tech giant Apple has issued a rare apology, in the wake of complaints from the public over its new mapping service.

 

CEO Tim Cook penned a personal note of apology on Apple’s website, acknowledging problems and suggesting that users download a rival service if they are unhappy with their experience.

 

Apple’s maps have come under fire for misplacing towns and landmarks, or not showing them at all.

 

Markets

 

The Dow Jones Industrial Average was down 48.84 points, or 0.36%, to close at 13,437.13 on Friday. The Australian dollar fell to US103.65 cents.

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