The latest round of economic figures released by the Australian Bureau of Statistics on Wednesday show household savings have fallen to a 15-year low. The National Accounts data shows the household saving ratio plunged from 4.4 per cent in the December quarter, to 3.7 per cent in March — theContinue Reading
Mortgage holders will soon be handing over more of their disposable income than ever, with the Reserve Bank warning there are still more rate hikes to come. Governor Philip Lowe made the grim prediction during a speech to the Morgan Stanley Australia summit on Wednesday, where he flagged soaring rents,Continue Reading
Finance guru Mark Bouris has slammed the Reserve Bank’s latest interest rate rise, saying it “could be the nail in the coffin” and predicting there could soon be “desperate” borrowers selling their homes. “Well I can’t believe it — I cannot believe the RBA has decided to put the ratesContinue Reading
Cashing cheques is set to become a thing of the past after the Treasurer Jim Chalmers signed the death warrant for the paper-based payment. The decision will see cheques phased out by the end of the decade under reforms to modernise the nation’s payment system. Dr Chalmers will use aContinue Reading
It’s not just the colder weather Australians should prepare for. As the nation heads into winter, many people are about to pay more for electricity, health insurance and their student loan repayments. After months of climbing grocery prices and higher mortgage repayments for thousands of homeowners, health insurance premiums, HELPContinue Reading
Crossbench MPs are calling for urgent government intervention into student loan indexation to stop as many as 3 million Australians from being “swept away by a debt avalanche”. Eight MPs and senators have written to Education Minister Jason Clare and Anthony Albanese pushing them to act immediately before the indexationContinue Reading
The cost of a popular visa used by backpackers in Australia is about to get more expensive and it’s a move the boss of a youth travel company has described as “deeply concerning”. The Working Holiday Maker program, which includes two different types of visas, allows young adults from moreContinue Reading
It may surprise Australians to know that the long-term real iron ore price is about $60. That is a long way below the price we have enjoyed for 20 years and far below the $150 or so we have today. But there are good reasons for such a low long-termContinue Reading
Treasurer Jim Chalmers says there will be “further steps” taken against consulting firm PricewaterhouseCoopers after a former partner leaked confidential information about government tax plans. The former head of international tax for PwC, Peter Collins – who has been banned from acting as a tax practitioner – leaked confidential governmentContinue Reading
Australia’s ballooning buy now, pay later system is set to be regulated by the federal government, over fears it poses a growing danger to consumers. Under changes to be announced by Financial Services Minister Stephen Jones in a speech on Monday, buy now, pay later will soon be treated asContinue Reading