RACQ accused of misleading thousands of customers

Popular insurer alleged to have misled customers, Aussies see wealth soar $470 billion, and Bluey coins return in time for Christmas. Here are five things you may have missed this week.

ASIC alleges RACQ offered misleading renewal comparisons

RACQ may be one of Queensland's largest insurers, but the insurance giant was under the pump this week after money watchdog ASIC alleged it sent thousands of customers misleading price comparisons for more than five years - despite customer complaints.

Between late 2019 and December 2024, RACQ allegedly sent more than 570,000 renewal documents to customers containing representations about a 'last period premium' amount.

ASIC alleges that, in many cases, the 'last period premium' was higher than what customers had actually paid, resulting in a distorted view of how much their premiums were actually rising.

As a guide, ASIC says an RACQ customer received a renewal notice showing their 'last period premium' was $6930 and their new premium was $7033 - a 1.5% increase.

However, the customer had actually paid a much lower premium of $5024.18, which meant RACQ was hiking their renewal premium by 40%.

ASIC deputy chair Sarah Court says, "During a cost-of-living crisis, we believe RACQ misled thousands of customers by including false comparison pricing in their renewal documents.

"RACQ didn't just make it difficult to compare apples with apples, we consider customers were potentially left paying more because their insurance renewal documents gave them a distorted picture of the change in their premium."

RACQ has responded saying, "We are disappointed this has happened and apologise to our members."

RACQ says it is working to "finalise the matter".

Household wealth jumps $470 billion

Okay, maybe you don't feel richer.

But the Australian Bureau of Statistics (ABS) says total household wealth jumped $470.1 billion in the June quarter 2025.

It takes total household wealth to an impressive $17,765 billion.

Dr Mish Tan, ABS head of finance statistics, said: "The growth in household wealth was driven by strong asset price growth, particularly in residential dwellings and superannuation balances."

House prices were up 1.4% in the June quarter, but superannuation assets rose by a solid 4.9%.

"Both global and domestic share markets recovered sharply from April lows," said Dr Tan. "This recovery followed the announcement of new trade tariff policies in the United States, closing the June quarter higher than at the end of March."

Bluey coins arrive in time for Christmas

Following the sell-out success of the 2024 Bluey Dollarbucks coins, the Royal Australian Mint is releasing two 2025 $1 coloured coins featuring Bluey and her little sister, Bingo, celebrating an Australian summer Christmas.

Presented in hanging ornaments, these coins are the ideal stocking filler - and a potential collectible for both young and old Australians.

Royal Australian Mint acting chief executive officer Emily Martin, says, "We know that last year's Bluey coins brought joy to many families, and we're delighted to be releasing more this Christmas.

"It's a beautiful way to mark the season, share a gift or even start a child's first coin collection."

The 2025 $1 Bluey Christmas coin in ornament is $20, and the 2025 $1 Fine Silver Proof Bluey Christmas coin in hanging bauble is $100.

Both go on sale from 15 October. Head to the Mint's website for details.

Cheaper or fresher? CHOICE sorts the supermarkets

Consumer group CHOICE has released the results of its latest quarterly supermarket survey.

Not surprisingly, ALDI has retained its title of cheapest supermarket.

CHOICE assessed prices based on a basket of home-brand items plus branded products.

The results show a narrowing gap between the big chains.

For the full basket of 15 items, without including specials, ALDI came in cheapest at $55.34.

That was followed by Coles at $56.75, Woolworths at $57.20, and IGA at $65.56.

But price isn't everything.

For the first time, CHOICE assessed product freshness, with a focus on strawberries.

CHOICE Editorial Director, Mark Serrels, says, "In our freshness assessment of strawberries, Coles was the winner, with 100% of punnets showing no signs of decay on day one. Woolworths came in next with 92%, followed by Aldi at 75%, and IGA at 50%."

By day five, Coles was still in front, with 58% of punnets containing no signs of decay. 44% of Woolworths punnets contained fruit without signs of decay, and Aldi was fairly evenly matched at 45%.

Among punnets purchased from IGA, only 25% had no signs of decay after five days.

20% deposit no longer typical for first home buyers

Having a 20% deposit to buy a first home may have been the traditional benchmark in the past.

But high property prices are fast putting an end to that.

A recent report by REA Group's PropTrack and CommBank, confirms the average first home buyer deposit is closer to 15%.

The report notes that first home buyers with a deposit below 20% can access various Government schemes (like the 5% Home Guarantee Scheme) or alternatively, use lenders mortgage insurance for a low deposit purchase.

Guarantor Loans are also being recognised as an option for first home buyers to enter the market.

First home buyers who take advantage of low-deposit loans are more likely to be in younger age brackets compared to those who buy with larger deposits.

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