5 million+ struggle with mortgage payments
Aspen Corp • 4 June 2024
5 million+ struggle with mortgage payments
New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.
Alarmingly, the research revealed that more than half surveyed, said they are not aware that they are entitled to ask their bank or lender for financial hardship assistance and just one in five said they had ever sought financial hardship assistance. Around 30% also stated that they would not seek a hardship assistance arrangement from their bank or lender and instead sell assets or get a second job rather than talking to their bank.
Accessing superannuation funds for medical treatment or financial hardship
The Federal Government had a consultation process on supermarket unit pricing. This is not only a consumer issue, but it could have commercial impacts for suppliers
Leaving debts outstanding with the ATO is now more expensive for many taxpayers, as GIC and SIC imposed by the ATO is no longer tax-deductible from 1 July 2025.
A decision by the Administrative Review Tribunal highlights the importance of documentation and evidence when it comes to tax planning and the possible consequences
The Reserve Bank of Australia (RBA) delivered a 25 basis point rate cut, lowering the cash rate from 3.85% to 3.60%, the third reduction this year.
On 1 July 2025 the superannuation guarantee rate increased to 12% which is the final stage of a series of previously legislated increases.
