Quick Quote
One simple enquiry form gives you fast access to quotes and rate comparisons from Australia's leading and best known debt consolidation specialists.
All quotes are supplied to you free and without any obligation. We respect your privacy.
Knowledgebase
Loan Amortisation Schedule:
This is the formal name for the repayment schedule that shows each of your mortgage payments with a breakdown of how much is applied to principal and how much is applied to interest.
Debt Consolidation Australia :: News
SHARE

Share this news item!

Minister Tightens the Net Around Financial Scams

Minister Tightens the Net Around Financial Scams

Minister Tightens the Net Around Financial Scams?w=400
The initiative to make financial advice both affordable and accessible has taken a center stage for the Albanese government, spurred by the urgency to shield citizens from escalating scam activities.
Over $2.74 billion vanished into scam schemes in Australia last year, with investment scams alone accounting for half that loss, according to the Treasury's official figures.

Speaking at the National Press Club in Canberra, Minister for Financial Services Stephen Jones underscored the focus on fighting scams as the government’s priority in the lead-up to the next federal election. The newly established National Anti-Scam Centre, buttressed by a $58 million allocation from the last federal budget, is central to these efforts.

Jones proudly cited the centre's early triumphs, mentioning that their pioneering "fusion cells" had catalyzed a 29% reduction in investment scam losses in the latter half of 2023. This achievement exemplifies the potential of government intervention in curbing scams rather than leaving the burden solely on consumer education or personal vigilance.

"Labeling victims as foolish individuals who deserve what they get is an outdated perspective," Jones challenged, dismissing an ancient attitude toward those who fall prey to scams. Recent trends have shown that intertwining financial advice reforms with anti-scam efforts can pay dividends.

Jones, in a recent interview shared with _Professional Planner_, voiced his concern that international crime syndicates perceive Australians as affluent yet financially naive, making them prime targets for scams. "We need obligated pathways to safe financial advice for everyday Australians," he said.

The minister emphasized the need for introducing streamlined, basic financial advice through credible sources such as banks, super funds, and insurance bodies. Such advice should provide solutions to commonplace inquiries surrounding inheritances, investments, or personal finance decisions.

"Currently, many Australians are left vulnerable because they lack access to places where they can find straightforward answers," Jones explained.

Moving onto enforcement strategy, Jones compared Australia's response to that of the UK, highlighting that along with financial institutions, telecommunications and social media companies will equally be held accountable in combating scams. He called out Silicon Valley giants, particularly Meta, over their complacency in allowing fraudulent advertisements that lead to scams proliferating on their platforms.

"It's unacceptable that these platforms profit while Australians get scammed," Jones criticized. His comments received mixed reactions, with some pressing that banks bear the primary responsibility.

Jones asserted, "While banks aren't absolved of their duties either, marginal financial bodies shouldn’t bear the same level of accountability as tech giants who host and benefit from these scam ads.” He emphasized that “digital platforms possess a moral duty to be part of this struggle against scams.”

Published:Thursday, 1st Aug 2024
Source: Paige Estritori

Share this news item:

Finance News

Australia's Unsustainable Financial Outlook Raises Concerns Australia's Unsustainable Financial Outlook Raises Concerns
16 Jul 2025: Paige Estritori

Recent admissions from the Treasury reveal Australia's precarious financial situation, with significant implications for the nation’s economic stability. A report from credit ratings firm S&P last month highlighted that the combined budget deficits of Australia’s state and federal governments total $52 billion. Furthermore, the country's net debt has already surpassed 60% of GDP, showcasing a challenging fiscal scenario. - read more
RBA Proposes Ban on Card Payment Surcharges RBA Proposes Ban on Card Payment Surcharges
15 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) has proposed eliminating surcharges on debit and credit card transactions, a move that impacts all major card providers such as Mastercard, Visa, and eftpos. As revealed in a newly released consultation paper, the RBA cites the $1.2 billion annual cost to consumers, highlighting inefficiencies and advocating for a unified approach to card payments. - read more
Future2 Foundation Seeks Nominations for Financial Wellbeing Grants Future2 Foundation Seeks Nominations for Financial Wellbeing Grants
15 Jul 2025: Paige Estritori

The Future2 Foundation has opened nominations for its annual Make the Difference Grants, providing financial support to initiatives that enhance financial wellbeing across Australia. Financial services professionals have until August 21 to nominate local projects aimed at improving financial literacy, assisting those in poverty, supporting disadvantaged women, and benefiting regional and remote communities. - read more
Increasing Number of Qualified Financial Advisers Opt Out of Practice Increasing Number of Qualified Financial Advisers Opt Out of Practice
11 Jul 2025: Paige Estritori

Recent analysis from WealthData indicates a growing trend among financial advisers in Australia, where a significant portion of those who have successfully passed the financial adviser exam are opting not to practice. As of now, 5,096 individuals, representing 33.31% of active advisers, have chosen not to proceed into practice after passing the exam—up from 28.36% a year prior. - read more
Melbourne's Housing Market: A Prime Opportunity For Buyers Melbourne's Housing Market: A Prime Opportunity For Buyers
11 Jul 2025: Paige Estritori

The Reserve Bank of Australia (RBA) recently surprised many by maintaining the interest rate at 3.85%, against expectations of a cut. This decision is seen as a measure to continue moderating inflation, but it simultaneously delays potential spikes in the housing market, providing a favorable window for prospective homebuyers. In particular, Melbourne's current market presents significant value, offering a promising opportunity for those looking to enter the property market. - read more


Debt Consolidation Articles

The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring The Ultimate Guide to Achieving Financial Freedom Through Debt Restructuring
Financial stability is a common aspiration, yet many Australians find themselves weighed down by the burden of debt. Whether it’s due to loans, credit cards, or unexpected financial emergencies, the struggle to stay afloat is a reality for countless individuals striving to achieve their dreams of a secure, debt-free future. - read more
Proven Strategies for Australians to Improve Credit Scores Proven Strategies for Australians to Improve Credit Scores
Welcome, readers! We're here to talk about something incredibly important yet often overlooked: improving your credit score. Your credit score is a financial report card used to evaluate your creditworthiness, and it can have a significant impact on your ability to secure loans, mortgages, and even rental agreements. - read more
Budgeting 101: A Beginner's Guide to Monthly Expense Planning Budgeting 101: A Beginner's Guide to Monthly Expense Planning
Budgeting is the process of creating a plan to manage your money. Essentially, it allows you to allocate your income towards expenses, savings, and other financial goals. By keeping track of where your money goes, budgeting helps you ensure that you are not overspending and are prepared for future financial needs. - read more
Monitoring Your Progress: Tracking Financial Goals Post-Debt Consolidation Monitoring Your Progress: Tracking Financial Goals Post-Debt Consolidation
Welcome to our blog, where we're dedicated to helping you make the most of your financial journey. Today, we're going to delve into an important aspect of financial health: tracking your progress after debt consolidation. - read more
The Importance of Emergency Funds in Your Monthly Budget The Importance of Emergency Funds in Your Monthly Budget
When it comes to managing your finances, planning for the unexpected is a crucial part of staying on top of your budget. An emergency fund serves as your financial safety net, poised to offer support when unforeseen expenses arise. These funds are specifically set aside to cover unexpected costs, like medical emergencies, car repairs, or urgent home maintenance issues. - read more
How to Craft a Foolproof Financial Strategy for Debt Management How to Craft a Foolproof Financial Strategy for Debt Management
Managing debt is a crucial aspect of maintaining financial well-being, yet it can often feel like a daunting task. Understanding how debt works and its potential impact on your life is the first step toward gaining control of your finances. In this section, we will delve into the intricacies of debt and outline why a solid financial strategy is essential for effective debt management. - read more
Proven Strategies for Australians to Improve Credit Scores Proven Strategies for Australians to Improve Credit Scores
Welcome, readers! We're here to talk about something incredibly important yet often overlooked: improving your credit score. Your credit score is a financial report card used to evaluate your creditworthiness, and it can have a significant impact on your ability to secure loans, mortgages, and even rental agreements. - read more
Managing Your Credit Card Debt Wisely in Tough Economic Times Managing Your Credit Card Debt Wisely in Tough Economic Times
In light of the current economic challenges facing many Australians, managing credit card debt has become more crucial than ever. With rising living costs and financial uncertainty, accruing debt on high-interest credit cards can quickly escalate from a manageable inconvenience to a stressful financial burden. - read more