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Using an Orange Everyday card

Fri, 17 May 2013 16:30:00 +1000

Using an Orange Everyday card

ING DIRECT Contact Centre

Fri, 17 May 2013 16:30:00 +1000

ING DIRECT Contact Centre

ING DIRECT website

Fri, 17 May 2013 16:30:00 +1000

ING DIRECT website

ING DIRECT to decrease variable home loan rates by 0.25%

Tue, 07 May 2013 16:28:00 +1000

This release contains: 1 Related Document

ING DIRECT will lower the interest rate on its variable mortgages by 0.25%, effective Friday 17 May 2013.

The RBA cash rate is one element considered however, the bank’s funding position was the driver of the decision.

Its most popular home loan the Mortgage Simplifier will be 5.47% p.a.

ING DIRECT is the fifth largest home lender in the country with $38 billion in mortgages.

For high res images of Vaughn Richtor, visit the ING DIRECT Newsroom.

Media contact:

Caroline Thomas
PR Manager, ING DIRECT
+61 2 9018 5160
+61 413 317 225
caroline.thomas@ingdirect.com.au

About ING DIRECT

ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $30 billion in deposits and $38 billion in mortgages and a range of products including transaction accounts and superannuation. Please note ING DIRECT is never abbreviated to ING.

Orange Everyday card

Fri, 03 May 2013 09:57:00 +1000

Orange Everyday card

Fri, 03 May 2013 09:52:00 +1000

Orange Everyday card

Fri, 03 May 2013 09:48:00 +1000

Orange Everyday card

Household savings triple in just two years

Wed, 24 Apr 2013 05:00:00 +1000

This release contains: 2 Related Documents, 3 Photos

Low interest rates have failed to dampen enthusiasm for cash deposits as median household savings rise to $15,427 in Q1 2013 up from $5,155 in mid-2011.

Wednesday, 24 April 2013: The ING DIRECT Financial Wellbeing Index confirms that the efforts of Australian households to reduce debt are paying off. With 93% of home owners saying they are ‘comfortable’ about their mortgage, households are now focusing on building savings.

Australian households currently have median savings of $15,427 - the highest since tracking began in Q1 2010. This represents significant savings growth since mid-2011 when the Index recorded a low point for savings of $5,155 per household.

Key findings for Q1 2013 (surveyed in April 2013):

Financial wellbeing with mortgages is on a clear upward trend. 93%of home owners are ‘comfortable’ with their mortgage - 65% are ‘very’ comfortable.
71% of households are comfortable with their level of savings.
Household savings are lowest for Gen X households (aged 35-49) with a median of $8,060 compared to $14,377 for Gen Y (18-34) and $17,744 for baby boomers (50-64).
In Q1 2013, 13% of Australian households report having zero savings - the lowest since inception of the Index.

Household confidence rises

The quarterly Financial Wellbeing Index rates household comfort levels across six key aspects of personal financial wellbeing including credit card and mortgage debt, savings, investments, household income and ability to pay bills.

The ING DIRECT Financial Wellbeing Index rises to 108.2 in Q1 2013 up from 107.4 in Q4 2012.

The Q1 2013 Index reading of 108.2 is holding near the two year high of 109.0 reached on Q3 2012. Comfort levels across five out of six financial dimensions increased in Q1 2013, the only exception is confidence in long term assets and investments, which fell slightly over the quarter to a score of 3.5 (out of a possible 7) down from 3.6 in Q4 2012.

Mortgage proves no barrier to saving

Australians are taking advantage of low interest rates to pay down their mortgage. In Q1 2013 44% of home owners were ahead with their loan, and comfort with long term debt now has the strongest rating across all six financial indicators – with a score of 5.7 out of a possible 7.

Low interest rates are not discouraging households from building cash deposits. Since mid-2011 when a low point of median savings ($5155) was recorded, households have steadily increased cash savings to the present household median of $15,427 – a three-fold increase in less than two years.

Paying off a mortgage is proving no barrier to building savings. Eight out of ten (84%) households with savings of $67,000 or more are home owners; 47% of those with less than $1,675 in savings rent the home they live in.

Gen X households – those most likely to be raising children, are finding it harder to build savings. One in three (31%) report having savings below $1,675 compared to 21% of Gen Y households and 21% of boomers.

John Arnott, Executive Director Customer at ING DIRECT, says, “It is significant that household savings rose during the first quarter of the year as this is traditionally a time when many Australians experience a cash drain following the festive season.”

“The continued growth in savings since mid-2011 reflects the commitment of Australians to building a buffer of cash, and it is not surprising that high levels of savings are supporting increased financial confidence among households” added Arnott.

Media contact:

Caroline Thomas
Ph: 02 9018 5160
M: 0413 317 225
caroline.thomas@ingdirect.com.au

Research methodology

The ING DIRECT Financial Wellbeing Index was complied by Galaxy Research from the online responses of 1,059 households between 4 April and 9 April 2013. The data was weighted by region and household size to reflect the Australian household population based on the 2006 census. The level of savings reported in the study is also calibrated to APRA national bank total deposits (households) to ensure accuracy of household savings levels.

About ING DIRECT

ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia’s fifth largest retail bank, with $29 billion in deposits, more than $38 billion in loans and around 1.4 million customers.

Please note ING DIRECT is never abbreviated to ING.

John Arnott

Tue, 23 Apr 2013 16:29:00 +1000

John Arnott

Tue, 23 Apr 2013 16:29:00 +1000

John Arnott

StartSomeGood and ING DIRECT launch Dreamstarter: A crowdfunding platform for social entrepreneurs

Tue, 16 Apr 2013 12:09:00 +1000

This release contains: 1 Related Document

StartSomeGood and ING DIRECT launch Dreamstarter: A crowdfunding platform for social entrepreneurs

StartSomeGood has partnered with leading financial services provider ING DIRECT to launch Dreamstarter, a crowdfunding initiative to boost Australia's social enterprise sector.

Dreamstarter offers inspirational Australian entrepreneurs an online platform to raise funds towards diverse social change projects. Successful projects that capture the imagination and support of the community will receive additional funding from ING Direct.

StartSomeGood cofounder Tom Dawkins said the partnership breaks new ground in the corporate social responsibility (CSR) sector.

“Crowdfunding is a participatory model that democratises corporate philanthropy. The projects that will succeed are those that have a genuine mandate from the community,” said Dawkins.

As the pioneer of branchless banking in Australia, ING DIRECT’s focus on online delivery and social media offers clear synergies with the crowdfunding model.

“At ING DIRECT we strongly support innovative projects that address real community needs,” said Vaughn Richtor, ING DIRECT CEO. “Leveraging ING DIRECT’s customers, employees and the general public’s support benefits all involved.”

Ten ventures by social entrepreneurs that graduated from the School for Social Entrepreneurs Australia will launch in the initial round of fundraising through the Dreamstarter platform. The first enterprises to go live include a project to connect remote Aboriginal entrepreneurs to new markets via an online store (Enterprise Learning Australia) and an initiative to help rural communities in Malawi to achieve greater self-sufficiency (Empower).

The CEO of the School for Social Entrepreneurs Celia Hodson sees innovative crowdfunding collaborations like Dreamstarter as breaking down many of the traditional barriers social entrepreneurs face when attracting support for their ventures.

“The Dreamstarter Campaign is a fantastic way for start up social ventures to raise their profile, attract critical seed funding and inspire others to create change in their communities,” said Hodson.

People can apply to be a part of the Dreamstarter program, or find more information, at www.ingdirect.com.au/dreamstarter

Interview opportunities and high resolution photographs are available for the Dreamstarter candidate entrepreneurs as well as representatives of StartSomeGood, ING DIRECT and the School for Social Entrepreneurs.

Media Contacts:

Karen Gould
Communications Manager
StartSomeGood
0413 282 361
karen@startsomegood.com

Fleur Townley
ING DIRECT
0405 278 758
fleur.townley@ingdirect.com.au

Sally McGeoch
School for Social Entrepreneurs Australia
0438 153 655
sally@sse.org.au

About StartSomeGood
StartSomeGood is a crowdfunding platform for social innovation. We aim to create an "everyone a changemaker" world, where anyone with an idea for creating a better future is empowered to make it happen. We connect your dream with the people and resources you need to make an impact.
About the School for Social Entrepreneurs
The School for Social Entrepreneurs (SSE) Australia runs practical learning programs for entrepreneurial individuals who have an idea or start-up venture with a social or environmental benefit. Since launching in 2009, SSE Australia has supported the development and networked close to 200 social entrepreneurs across Australia. The initial round of Dreamstarter applicants are all graduates of the School for Social Entrepreneurs in Australia.
About ING DIRECT
ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $26 billion in deposits and $38 billion in mortgages and a range of innovative banking products.
Please note ING DIRECT is never abbreviated to ING.

'Bank in a Box' concept

Thu, 04 Apr 2013 08:38:00 +1100

In a groundbreaking 'first' for the banking industry, ING DIRECT has revolutionised the running of its data centre by creating its very own cloud computing solution – Bank in a Box.

ING DIRECT Australia Drives Growth Through Savings & Super

Tue, 26 Mar 2013 08:01:00 +1100

This release contains: 2 Related Documents, 3 Photos

Tuesday, 26 March 2013: ING DIRECT Australia today announced a net profit after tax of $276.9 million for the 12 months to 31 December 2012, down 9% on the previous year’s record profit.

ING DIRECT CEO, Vaughn Richtor says funding costs were difficult in the first half of the year but an easing in costs in the second half allowed us to deliver 25bps cuts to variable mortgage rates in both October and December.

“Striking the right balance between customer and shareholder enabled us to deliver on our fair value promise to customers,” Mr Richtor said.

ING DIRECT delivered strong growth across retail deposits and established itself as a competitive force in the Australian superannuation market.

Highlights include:

Living Super customer accounts opened 9,335 (as of March 2013)
Funds Under Management in superannuation to $223 million (as of March 2013)
Retail deposits up 10% to $28.5B
Total deposits to loans ratio climbed to 70% (up from 62%)
Risk costs down $20 million

Mr Richtor says customers have shown a strong appetite for a low cost highly competitive superannuation product.

“We believe Australians pay too much in superannuation fees and Living Super provides an alternative, a balanced fund with no administration or management fees – a first for all Australians,” Mr Richtor said.
“We are very pleased with the launch of Living Super with both customer numbers and funds under management.

“We have made the product simple enough to be sold direct and the fee proposition is very compelling.”

After establishing itself as Australia’s first direct bank and a savings champion, ING DIRECT now offers customers payment accounts, superannuation, home loans and savings.
“Our strategy is about becoming the primary bank for our customers.

“There is strong growth in the number of customers who choose two or more of our products and we intend to foster this growth into the future,” said Richtor.

ING DIRECT’s regulatory capital ratio stands at 12.6% at the end of 2012.

-ENDS-

For full accounts, visit the ING DIRECT Online Newsroom here
For images of Vaughn Richtor click here
Media contact:
David Breen
Head of Corporate Affairs, ING DIRECT
Ph: 0412 933 060
Email: david.breen@ingdirect.com.au

About ING DIRECT
ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $26 billion in deposits and $38 billion in mortgages and a range of innovative banking products.
Please note ING DIRECT is never abbreviated to ING.

Buy/Sell spreads and other incidental transaction costs apply to all managed investment options, including the Balanced fund. Buy/Sell spreads and other transaction costs are retained within the managed investment and are not fees paid to ING DIRECT or the Trustee. The Trustee may replace one or more of the underlying investment managers which may affect the fee structure for the investment options. The Trustee may vary the fees for ING DIRECT Living Super without your consent by giving 30 days notice.The Trust Company (Superannuation) Limited ABN 49 006 421 638, AFSL 235153, RSE L0000635, is the Trustee of the ING DIRECT Superannuation Fund ABN 13 355 603 448 (Fund) and the issuer of interests in the Fund. ING DIRECT Living Super is a product issued out of the Fund. ING DIRECT, a division of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL 229823, is the Promoter of the Fund and the issuer of this document. Eligibility criteria for ING DIRECT Living Super apply. Any advice provided does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should consider the Product Disclosure Statement available at ingdirect.com.au when deciding whether to acquire, or to continue to hold the product.

The source for the statement ‘The first Balanced fund for all Australians with no administration or management fees’ is SuperRatings Fee Research April 2012. This research included information about the default options of 372 currently available and closed superannuation funds. The accuracy of the information relied on by SuperRatings was the responsibility of the trustees of the relevant superannuation funds

2013 The year to shift focus

Fri, 15 Mar 2013 12:14:00 +1100

This release contains: 1 Related Document, 1 Video

By Michael Witts, ING DIRECT Treasurer

2012 will be remembered as the year in which the Australian economy stood tall while the global economy crumbled around it. But as with all good things the party eventually comes to an end. The key to a good party is not so much the party itself but how you wake up the next morning.

The Australian economy is at a critical phase; the response to which will influence how it performs and transforms as the investment phase of the resources boom winds down over the next one to two years.

2013 will be the year in which the RBA will attempt to shift the focus of economic growth from the slowing resources related sectors to the interest rate sensitive sectors of the economy. Against this background we now expect the RBA to persist with a neutral to accommodative monetary policy stance in the period ahead. Inflation is expected to remain modest which will support the RBA sitting tight for an extended period. The risk is that rates may be slightly lower than what we are currently forecasting.

This article reviews the various drivers of Australia’s growth over the past year and the likely direction of these in the year ahead.

International Factors

The US economy continues to exhibit increasing signs that the recovery is becoming more broadly based.

The key issue for the US economy has been the resolution of the so called “fiscal cliff”. While the immediate issue has been overcome significant further work needs to be completed before this issue can be put behind markets.

The US Federal Reserve appears likely to persist with their accommodative policy stance for the foreseeable future.

Against this background the leadership transition has added significance, as the Chinese economy will remain the growth engine for Asia and the broader global economy.

Reflecting deliberate policy action by the Chinese authorities, the growth rate in the economy has slowed. Taken in combination with the European induced slowdown in export demand, the challenge for the new leadership will be to engender domestic sources of growth to insulate the economy from external influences. This policy stance has been effective over recent quarters and is expected to continue into calendar 2013.

The Chinese economy has doubled in size in the past 8 years; therefore it is reasonable to expect some retracement from the 10% growth rates experienced during the middle years of the past decade.

The ongoing urbanisation of China and increasing standard of living will underpin growth and sustain demand over the medium term. While there may be temporary setbacks from time to time the underlying trend will remain intact.

In contrast to the outlook for the Chinese and Asian economies, European economies are expected to continue to struggle with the negative impact of various austerity programs, while trying to promote growth and economic adjustment to avoid social unrest due to stubbornly high unemployment levels. This will not be easy and will test the resolve of governments which are subject to fast approaching election cycles.

Although Europe has many hurdles ahead, it appears the potentially most destructive aspects have been overcome to date. However, it is becoming an increasing challenge to plaster over each new emerging crack in the structure.

This outlook suggests Europe will remain a considerable drag on global growth over the forecast period and potentially well beyond. European interest rates will remain at current very low levels for an extended period.

Commodity prices

Softer commodity prices over the second half of 2012 made headlines, heralding the end of the resources boom.

Yes commodity prices have eased as slower global growth has taken its toll. However, taken in context, commodity prices are still well above recent average levels.

Despite the European outlook, the combined picture that emerges for the US and Chinese economies suggest that commodity prices will remain well supported in the period ahead.

The easier tone in commodity prices has been cited as contributing to the delay/postponement of a number of investment projects. While undoubtedly this will have an impact on new investment activity, the increased production and higher export volumes as past investment projects is often overlooked. Therefore, while investment spending may be lower, export income will be underpinned as the investment boom moves from the investment phase to the production phase.

Domestic Activity

The domestic economy, in aggregate, has continued to outperform the majority of world economies over the past 12 months.

The overall picture masks the pockets of weakness in key sectors of the economy.

In particular, non-resource related export competing sectors have been adversely impacted by the high value of the Australian dollar. In addition, construction activity across both residential and commercial sectors has been subdued.

The RBA is using lower interest rates to boost these sectors of the economy.

The combination of the low mortgage rates and a solid employment market has seen slow improvements coming through the owner occupied segment of the market. Interestingly, it appears that investors are starting to return to the market with this segment up over 10% on an annual basis. Meanwhile, commercial activity is still operating from a low basis as credit remains expensive despite lower absolute rates.

In many ways it almost appears as the RBA is attempting to repeat the performance in the 10 years from the mid 1990’s. As noted in a recent speech from the RBA commenting on this period

“Lower nominal interest rates gave households increased access to debt, with many households taking advantage of this. This pushed up the price of housing and some households used their increased equity to fund higher consumption. Financial liberalisation and rising house prices were also associated with greater turnover in the property market. These developments also helped generate strong employment growth. This boosted fiscal revenues, as did the large increase in the terms of trade and this boost to revenues made possible frequent cuts in personal income taxes”

This time around the RBA will be mindful of not promoting property asset inflation.

Equally, the RBA has stressed the importance of the need to address the relatively poor performance by the Australian economy in terms of productivity growth.

Monetary policy is shouldering more of the responsibility for economic growth in view of the restrictive fiscal policy stance. The recent announcement that the Government is moving away from its commitment of a balanced budget is to be welcomed. The adherence to a dogma, in light of changing domestic and global economic picture could have potentially generated an adverse outcome for the economy. In addition, lower interest rates are seen as a potential tool to lower the exchange rate.

While this is usually effective, the current global economic picture has resulted in strong performing countries who largely avoided the GFC, confronting an almost unique combination of lower interest rates and higher exchange rates. This is driven by global funds seeking secure investments in an increasingly uncertain global environment. This, in combination with Australia’s still comparatively high interest rates suggests further downward adjustment in domestic rates is possible in the year ahead.

In context, global interest rates are broadly at or around zero across the majority of major economies, with very little prospect of any meaningful increases. Despite the decreases over 2012, interest rates in Australia remain elevated in global terms.

Inflation Outlook

The various measures of inflation are all at levels that do not present a risk for the RBA. On this basis, inflation will not be an impediment to further action, if needed, by the Bank.

Labour productivity is emerging as the key issue for the economy over the near to medium term. Productivity growth is an effective tool to manage the increase in labour costs and restore the competitive position of Australian industry notwithstanding the high exchange rate.

Interest Rate Outlook

It appears likely that interest rates will be steady to slightly lower over 2013.

Previously it appeared likely that further significant interest rates reductions were in prospect, however, with the government announcement that fiscal policy will be somewhat easier than previously anticipated, the RBA may not cuts rates as much.

Current market expectations are for one further rate cut and the outside possibility of a second rate cut later in 2013. As always, the global environment will exercise a significant influence on the setting of domestic interest rates.

Borrowers will draw comfort in the knowledge that it is highly unlikely that interest rates will be higher in the year, with the very real prospect of lower rates.

Conversely, for investors the neutral interest rate environment will be disappointing, however, the competition for retail deposits appears likely to continue and will provide a partial cushion for fixed income investors.

Michael Witts outlines key economic activity for Q1 2013

Fri, 15 Mar 2013 12:13:00 +1100

Michael Witts outlines key economic activity for Q1 2013

New Program to Fast Track Sydney’s Social Enterprises

Tue, 05 Mar 2013 14:26:00 +1100

This release contains: 1 Related Document

The School for Social Entrepreneurs Australia is calling for Sydney’s budding social entrepreneurs to sign up for its newest program designed for social and environmental ventures ready to launch or scale.

The 4-month Accelerator Program will provide a unique opportunity for up to 15 social entrepreneurs to work collaboratively with a talented team of facilitators, business experts and seasoned entrepreneurs to make their ventures effective and sustainable.

Unlike traditional educational and training programs, the School for Social Entrepreneurs (SSE) uses a “learning by doing” approach where students gain both practical business and personal skills that can be applied directly to their social or environmental enterprise.

The Accelerator Program is currently underway in Brisbane with student’s ventures ranging from an organic food delivery service to an e-waste recycling business that employs marginalised youth. One student (Helen Bird) has just launched her venture called Street Food Australia – a social enterprise which supports migrants and refugees to develop street food businesses using bespoke designed kitchens on cargo bikes.

The SSE Australia currently runs a range of programs from Sydney, Melbourne and Brisbane and boasts a Fellowship of close to 200 social entrepreneurs since launching in early 2009.

“We are really looking forward to working with our next crop of social entrepreneurs in Sydney and giving them the skills, confidence and networks to bring their enterprises to life,” said Celia Hodson, Chief Executive of SSE Australia.

The Sydney Accelerator Program which commences on May 27 is proudly supported by ING DIRECT and will bring key staff from the bank into the program to provide one-on-one expert support and mentoring to students.

“ING DIRECT is excited to be involved in this first Accelerator Program in Sydney as it provides a unique opportunity for our staff to work alongside passionate entrepreneurs to support the development of their bold and innovative social enterprises,” said Fleur Townley, Manager of Sustainability at ING DIRECT.

SSE defines social enterprises as businesses that trade to generate revenue and deliver a social or environmental benefit. Social entrepreneurs are the individuals who are behind the creation of social enterprises.

Visit www.sse.org.au to apply by April 8.

Media contact:
Sally McGeoch
sally@sse.org.au
0438 153 655

www.sse.org.au

CFO change at ING DIRECT

Fri, 01 Mar 2013 10:12:00 +1100

This release contains: 1 Related Document, 2 Photos

After 18 years with ING DIRECT, Chief Financial Officer Glenn Baker has announced his retirement and will be succeeded by Sander Aardoom.

Glenn has played a major role in the development of the Australian business and was instrumental in helping ING DIRECT obtain its banking license in 1994.

Sander joins from ING Romania where he held the CFO and Deputy CEO roles and has 20 years’ experience in audit and finance. He has also held roles in corporate banking, insurance and finance and control within ING Group.

Media contact:
Caroline Thomas
PR Manager, ING DIRECT
+61 2 9018 5160
+61 413 317 225
caroline.thomas@ingdirect.com.au

About ING DIRECT
ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $26 billion in deposits and $38 billion in mortgages and a range of innovative products. Please note ING DIRECT is never abbreviated to ING.

Sander Aardoom

Fri, 01 Mar 2013 08:52:00 +1100

Sander Aardoom

Fri, 01 Mar 2013 08:52:00 +1100

Sander Aardoom

$20bn Human billboard.

Wed, 20 Feb 2013 17:09:00 +1100

$20bn Human billboard.

$20bn Human billboard