How financially savvy are you?

1. What is the Reserve Bank of Australia (RBA) responsible for?

2. Suppose you put $100 into a no-fee savings account with a guaranteed interest rate of 4.50% per year. You don’t make any further payments into this account and you don’t withdraw any money. How much would be in the account at the end of the first year, once the interest payment is made?

3. How much money Aussies have invested in residential real estate?

4. What is the current RBA interest rate in Australia?

6. If you have a home loan, do you know your loan’s current interest rate?

8. Do you think that the following statement is true or false? ‘Buying shares in a single company usually provides a safer return than buying shares in a number of different companies’.

9. Suppose that by the year 2024 your income has doubled, but the prices of all of the things you buy have also doubled. In 2024, will you be able to:

10. Imagine that the interest rate on your savings account is 4% per year and inflation is 7% per year. After one year, would you be able to: