It seems that Aussie households are struggling to clear their Christmas debts. In fact, credit card debt attracting interest charges has risen for the third month in a row according to the latest RBA credit card statistics. The total credit card bill attracting interest on personal credit cards is now $17.61 billion. At an average…
Articles by Chris Dang
Chris Dang is an accountant by training and has worked in the Financial Planning industry for many years. Chris brings together property, accounting, and financial planning experience to help clients of Metropole Wealth Advisory create a holistic plan for their wealth.
Do you think you’re paying way too much tax? Well, according to new research by Finder, millions of Australians think too much of their salary goes towards paying taxes. The survey with 1,004 respondents revealed almost 2 in 3 (64%) Australians – equivalent to almost 13 million people – believe they pay too much money…
Household wealth rose for the fifth straight quarter (+2.8 per cent or $419 billion) in the December quarter of 2023, according to the latest figures released by the Australian Bureau of Statistics (ABS). Total household wealth was $15.7 trillion in the December quarter, which was 7.8 per cent ($1.1 trillion) higher than a year ago. Residential land…
Money in the bank from households continues to climb with APRA’s latest data showing Australians collectively stockpiled an additional $6.17 billion in the month of February. This takes the total value of household deposits to a new record high of $1.46 trillion. APRA’s monthly banking statistics released today also show that since the start of…
The latest RBA cash rate announcement came as no surprise, keeping the cash rate on hold at 4.35%, with most economists agreeing the next move on rates will be down. What does this mean for borrowers? Well, borrowers could be thousands of dollars better off with substantial savings forecast for loan repayments over the next…
In an increasingly digital world, the frequency and sophistication of financial scams have escalated, posing a significant threat to unwary Australians. The government projects that scams cost Australians $3.1 billion per year. So let’s dissect the common tactics used by scammers and look at a few strategies to avoid falling prey to these schemes. What…
Australia, along with the rest of the world, is on the cusp of the largest intergenerational wealth transfer in history. Termed as the “great wealth transfer,” we’re looking at an eye-watering US$68 trillion (A$100.2 trillion) moving hands globally over the next 20-30 years. This shift, predominantly from the baby boomer generation, is not just significant…
In 2023, the Australian property market witnessed a distinctive shift, as homeowners and investors navigated the changing financial landscape. According to PEXA’s latest Mortgage Insights Report, the total amount borrowed for property purchases across Australia was $300.9 billion, marking a 12.7% decrease from the previous year. This trend reflects the dual impact of rising interest…
What’s happened to your salary recently? Has it gone up? The average Australian salary is $1,888.80 per week or $98,217.60 annually, according to the latest data provided by the Australian Bureau of Statistics. This represents an increase of 4.5% year-on-year and you won’t be surprised to find out mining remains the highest-paying sector with an average salary of $2,951.80…
How are you with your credit card payments? Well, according to new research from Finder, an alarming number of Australians are falling behind on their credit card repayments. In fact, based on Finder’s Credit Card Report 2024, 1 in 8 (13%) Australian credit card holders – equivalent to almost 1.8 million people – have missed…