Revolut launches bank in Australia with 5.05% savings rate
Revolut Bank launches in Australia, Origin Energy warns of possible hack, and why BYD is compensating customers. Here are five important money stories you may have missed this week.
New bank takes on the majors with 5.05% savings rate
Global giant Revolut launches in Australia with high-interest savings accounts and a $0 annual fee credit card.
The Aussie banking market just became more competitive with the launch of Revolut Bank Australia.
Revolut is far from a bit-player.
It has 75 million customers globally, and plans to invest nearly $400 million into the Australian market over the next five years.
The bank is rolling out new options for Aussie consumers including:
- Instant access savings accounts with rates of up to 5.05% and no minimum deposit hurdles.
- A $0 annual fee credit card, which allows customers to earn RevPoints transferable 1:1 across 44 major airlines. Customers can also redeem points for Uber, Woolworths, and Big W gift cards.
Matt Baxby, CEO at Revolut Bank Australia, says, "Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses."
Origin Energy investigates possible customer data breach
Energy giant warns of unauthorised access to customer information affecting a business with 4.8 million customers.
Origin Energy announced on Wednesday that it is "investigating a potential security incident which may involve unauthorised access to some customers' data".
The company, which has provided few details of the threat, doesn't believe the impacted data includes customer credit card or bank details.
Origin Energy, which is one of Australia's largest energy retailers with around 4.8 million customers, says it is looking into the incident "as a matter of urgency".
It's been a difficult month for Origin.
Earlier in July the company agreed to refund over $270,000 to more than 4500 customers.
It followed an investigation by the Australian Competition and Consumer Commission into allegedly misleading representations about the savings for consumers of Origin's "Ongoing Saver" residential electricity plan.
BYD triples compensation in model-year scandal
The car maker has upped its payout to $3500 for buyers who purchased 2025 cars labelled as 2026 models.
Chinese car manufacturer BYD is making big inroads into the Aussie market.
For the year to date it's sold 52,335 vehicles, second only to Toyota (95,141), and well ahead of third placegetter Ford (42,296).
But the road to market expansion hasn't been smooth.
More than 1200 motorists who purchased vehicles they believed to be 2026 models, were recently contacted and told their car was in fact built in 2025.
BYD initially offered compensation of $1100 to the affected buyers.
However, that cash offer has now been lifted to $3500.
Buyers who decide against the payout can get a replacement vehicle on a like-for-like 2026 model, or a full payout of the vehicle purchase and return the vehicle inclusive of all fees incurred.
To date, the majority of impacted drivers have reportedly chosen to take the compensation.
NSW Fair Trading takes Bondi United to court
Business accused of exploiting Bondi tragedy faces court
NSW Fair Trading will face off in court against clothing and accessories website Bondi United Pty Ltd (Bondi United) and its director Mr Marvaldeep Singh.
It follows a public warning earlier this year from Fair Trading NSW that Bondi United made various claims about the founders having a connection with the Bondi Beach terrorist attack, or that proceeds of sales had been given to the victims or their families.
NSW Fair Trading says these claims were false.
In response to NSW Fair Trading's investigations, Bondi United has taken down its websites and social media pages.
The matter is now heading to court to determine if Australian Consumer Law was broken.
Executive Director Consumer Affairs Andrew Floro says the court action shows NSW Fair Trading's "commitment to protecting consumers and taking action where traders are alleged to exploit community goodwill and public sympathy."
Anyone who has dealt with Bondi United and is not satisfied with their experience can make a complaint with NSW Fair Trading via the NSW Fair Trading website, at any Service NSW centre or by calling 13 32 20.
The wine check-up that doesn't require opening the bottle
Pop-up clinic lets wine lovers taste treasured bottles without opening them.
It's an age-old dilemma for wine buffs - is a bottle you've been squirrelling away yet to peak or past its prime?
The problem can be solved this August when Sydney hosts the world's first Coravin Aged Wine Clinic.
It allows wine enthusiasts to taste their most prized vintages and have them professionally assessed by a Master of Wine, without ever removing the cork or interrupting the aging process.
The clinic, to be held at Grappa, The Rocks, on August 27, 2026, is an opportunity to 'health-check' a bottle you've always wanted to open.
One of Australia's top wine authorities - Andrea Pritzker, will use a specifically engineered Coravin needle to pass through old and fragile corks without damaging them, to extract two small tasting serves.
Once the needle is removed the cork naturally reseals itself, allowing the remaining wine to continue its ageing journey undisturbed.
Following the tasting, Pritzker will provide custom tasting notes. The bottle will be stamped with a Coravin seal, the tasting date, and an expert recommendation on when to revisit the wine.
Coravin Founder and Inventor Greg Lambrecht, explains, "An aged bottle of wine is a time capsule, but historically, the only way to know if it was at its peak was to open it, which is a rather final commitment.
"I invented Coravin because I wanted the ability to check in on that journey."
Tickets to the pop-up clinic are priced at $199 (plus booking fee) via Eventbrite.
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