Australia’s total credit card bill attracting interest charges has dropped by $161 million – the largest drop since last July. This significant drop comes as they use money back from their tax returns to clear credit card debt. The last time debt accruing interest rose in July was 2009. Credit card statistics: personal credit in…
An estimated $2.6 trillion will be passed from Baby Boomers to the next generations in the 20 years to 2040 according to Philanthropy Australia. Families in Australia’s top suburbs for inheritances will hand down more than $3.3 million on average from one generation to the next, with children in Sydney’s harbourside regions edging those in…
Australia’s economy grew a mere 0.4% in the June quarter according to figures released by the Bureau of Statistics today, a performance Treasurer Jim Chalmers describes as “steady in the face of unrelenting pressure”. The lacklustre growth follows growth of 0.4% the previous quarter, and is a step down from the growth of 0.7% in…
Have you been a victim of financial abuse? Or know someone who has? Well, according to new research from a survey of almost 2,000 Australians aged 65, more than 1 in 4 (28 per cent) have experienced financial abuse or know someone who has. Of those who are experiencing financial abuse, more than half (52…
Australians are showing no signs of improved optimism about the Reserve Bank of Australia (RBA) and the government’s ability to ease inflationary pressures and the cost of living this year, according to new research from Canstar. The sentiment survey conducted in August 2023 canvassed the opinions of over 2,600 Australian adults finding 46% have no…
Younger Aussies looking to own a home could be waiting a while, according to new research by Finder. Finder analysis shows young Australians need at least 12 years to save for a deposit for the average unit and 16 years for the average house if they start saving today. This would mean saving $299,868 for a…
Cost of living pressures are acute for some, but in different ways for different types of household. The Australian Bureau of Statistics consumer price index has climbed by 6% per year for each of the past two years. In the decade before that, it only climbed by an average of 1.8% per year. So, on…
It’s an age old question. Which generation had it better? The debate over whether older generations faced unfair advantages to purchase property has soured family gatherings throughout the world. The answer is complex. Baby Boomers and Gen Xers faced different hurdles to homeownership, with the Australian cash rate sitting at 17% in 1990 and the…
What resources do you use to make your financial decisions? Surprisingly a third of Aussies turning to social media to help make financial decisions. Households across all corners of Australia are dealing with a financial crisis like no other, and alarming data from Compare the Market’s new Household Budget Barometer reveals that a staggering number…
Australia’s care economy could increase from its present about 8% of GDP to about 15% in 40 years, according to the government’s Intergenerational Report. The projections say in four decades’ time Australians will be living longer, with more years in good health – but the larger cohort of aged people will increase the need for…
