Household wealth rose for a sixth straight quarter by 2.7 per cent ($431 billion) in the March quarter 2024, according to recently released figures by the Australian Bureau of Statistics (ABS). Total household wealth was $16.2 trillion in the March quarter, which was 10.2 per cent ($1.5 trillion) higher than a year ago. Residential land…
As the end of the financial year approaches, there are a few changes on the horizon for Australians. These changes along with some data will impact people and how they are struggling, according to Finder. Key changes Stage 3 tax cuts The Australian government has announced changes to the proposed stage 3 cuts, planned to…
The Australian Taxation Office (ATO) is putting rental property owners on notice this tax season. ATO Assistant Commissioner Rob Thomson has highlighted that many rental property owners are making mistakes on their tax returns, despite 86% using a registered tax agent. One major issue is misunderstanding what expenses can be claimed and when particularly distinguishing…
Impulse purchases are costing people thousands of dollars every year, according to new research by Finder. The survey of 1,071 respondents found the average Australian splurges $44 a week on impulse purchases – $915 million nationwide every 7 days. That’s the equivalent of $2,278 a year – $47.5 billion nationwide – spent on everything from chocolate…
Australia’s total credit card debt attracting interest charges has risen for the fifth month in a row, as households across the country struggle to get on top of their credit card debt. According to the latest RBA credit card statistics for the month of April, the total credit card bill attracting interest on personal credit…
Younger Australians in their mid-to-late twenties have significantly reduced their spending more than any other age group, according to the latest CommBank iQ Cost of Living Insights Report. In contrast, those over 65 continue to spend at rates above inflation. The report reveals that those aged 25-29 have cut their spending by 3.5% compared to…
Australia’s $48 billion education industry, our fourth-largest export sector, is about to take a significant hit, and it’s all tied to three main reasons: inflation, housing pressures, and the upcoming election. You see…despite 13 interest rate hikes, one of the key drivers keeping inflation high is the influx of people arriving in Australia—either as permanent…
The Reserve Bank sees no “quick fix” for the housing crisis and warns that an imbalance between Australia’s supply of new housing and growth in the nation’s demand for housing is pushing up rents and construction costs and also has implications for economic activity. In a speech on Housing Market Cycles and Fundamentals, RBA assistant…
Australians are still intending to retire, on average, between their 65th and 66th birthdays, according to the latest data released by the Australian Bureau of Statistics (ABS). Bjorn Jarvis, ABS head of labour statistics said: “While the average age that people intend to retire has risen over time, it hasn’t changed much in the last…
Despite their diverse origins, Australians born overseas often bring unique perspectives and experiences to the table, shaping a rich tapestry of cultural insights within the country. Here are 11 interesting facts about Australians born overseas that might surprise you, according to ABS’s latest data: Australia’s population included 8.2 million people who were born overseas as…
