News

Austudy, carer payments, and youth allowance to get a boost

Social security payments for young people, students, and carers will increase by 6.1% on 1 January – the biggest raise in over six decades.

RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford

At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay the same until 2024.

Lower fixed-term deals coming from one of the big banks

ING is expected to decrease most of its fixed interest rates for owner-occupiers and investors this week, despite rising RBA cash rates.

Food distributor has a grim outlook on food prices for the holidays

Metcash, Australia’s largest wholesale food distributor, is sounding the alarm about rising inflation. They stated that food costs jumped by 8.8 per cent in November alone.

Government appears increasingly divided over stage-three tax cuts

Government Services Minister Bill Shorten claims inflation and other cost-of-living pressures are harming Australians earning over the $100,000 threshold.

Australians urged to keep a look out for scams over the holidays

The ACCC is urging shoppers to exercise extreme caution when buying gifts online this festive season, with online fraud on the rise. There was more than $2bn worth of scams last year, and that number is expected to double.

The “buy now, pay later” free-for-all is likely coming to an end

Such services, such as Afterpay or Zippay, could soon require the same financial checks as getting a credit card. The crackdown comes as many customers find themselves in hot water, unable to pay back what they borrowed.