Debt Consolidation: A means empoyed to renegotiate debt. By combining loans and outstanding bills, a person can consolidate debt with a single financial institution resulting in a single monthly repayment.
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
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
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
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
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
In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more
The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more
The Reserve Bank of Australia (RBA) is anticipated to maintain its trajectory of incremental interest rate reductions, according to insights from leading financial analysts at ANZ. Recent data from the ANZ-Indeed Australian Job Ads series revealed a rise from 114.8 in May to 116.9 in June, suggesting a potential rebound in job advertisements after previous declines. Despite a stable unemployment rate and hours-based underutilisation rate since mid-2024, the Australian labour market remains strained. - read more
As the Reserve Bank of Australia (RBA) prepares for its forthcoming monetary policy announcement, economic analysts anticipate a further reduction in the official cash rate by 25 basis points. This prediction, supported by Finder’s RBA Cash Rate Survey, reveals that 88% of participating experts foresee a cut that would lower the interest rate to 3.6%, aligning the decision with the recent decline in both headline and core inflation to the central bank's target range of two to three percent. - read more
In a concerning revelation, Australian retiree Christine Hirchfield shares her ordeal with an unsolicited solar installation that turned into a financial nightmare. Despite her initial enthusiasm for cheaper energy bills and a greener home, the project remains incomplete more than a year later. Consumer groups are now advocating for a nationwide prohibition on deceptive sales practices that target vulnerable consumers like Ms Hirchfield. - read more
Australian online retail sales experienced a modest rise in May, as consumers continued to invest in fashion, games, and toys. According to the latest figures from the National Australia Bank, there was a 0.7% increase in online sales for the month, compared to a 1.1% growth in April. Over the past year, Australians have spent approximately $63 billion on online retail purchases. - read more
The starting days of the new financial year bring significant changes for Australian workers, particularly those on minimum wage. As of Tuesday, the minimum wage will rise by 3.5 per cent, increasing hourly earnings to $24.95, or $948 weekly. This adjustment also affects award wages and comes as a response to rising living costs, outpacing current inflation rates. - read more
The US dollar has experienced an unprecedented decline, marking its worst first-half performance since 1973. Concerns surrounding President Donald Trump's tariff policies have intensified, leading to a substantial drop in the value of the world's primary reserve currency. Specifically, the dollar weakened by 10.7% against a basket of major trading partners' currencies in the first six months of the year, reminiscent of Nixon's era when the dollar was untethered from gold. - read more
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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
Welcome to Financial Planning 101: How to Get Ahead of Your Debt! If you're feeling overwhelmed by your financial situation, you're not alone. Many people struggle with managing debt and finding ways to achieve financial stability. - read more
Many Australians today find themselves navigating the choppy waters of financial instability. The burden of debt weighs heavily, affecting everything from daily stress levels to long-term planning. High interest rates, unexpected expenses, and the seductive ease of credit cards contribute to a culture of borrowing that can lead to a precarious financial situation for many. In this introduction, we explore how smart budgeting is not just about scraping by, but laying the foundations for a financially stable future. - read more
Debt consolidation is a financial strategy that has gained widespread attention, especially within the diverse economic landscape of Australia. It involves combining multiple debts into a single, more manageable loan, with the aim of simplifying the repayment process and potentially securing a lower interest rate. This approach can be particularly relevant for Australians juggling various forms of credit, from personal loans to high-interest credit card debt. - read more
Creating a family budget might sound daunting, but it’s an essential step toward financial wellness. It’s about understanding where your money comes from and where it goes, allowing you to make informed decisions about your spending and savings. A well-planned budget can be the key to reducing financial stress and ensuring a secure future for your family. - read more
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 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
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
