Financial Services

Australians are struggling to afford basic insurance as the cost-of-living crisis deepens, with rising premiums forcing many to cancel their policies and risk financial hardship. The sharp increase in insurance costs is attributed to factors such as natural disasters, inflation, and rising asset values.

Eleven university students are set to graduate with a collective debt of over $750,000 in HECS loans, leaving them burdened with financial anxieties even before entering the workforce. This growing concern highlights the need for a fairer and more sustainable solution to HECS, as students struggle with rising costs and the prospect of never escaping the debt cycle.

Australia experienced the largest tax increase among developed nations in 2022-23 due to the expiration of a tax offset and bracket creep, particularly impacting low- and middle-income earners. However, when social security contributions are considered, Australia remains a low-tax country compared to other OECD nations.

The article discusses the significance of the treasurer's speech and budget documents in understanding government financial plans. It explores the Charter of Budget Honesty Act and the evolution of fiscal strategies over the years, shedding light on their impact on the economy and government decisions.

Australians faced a surge of scams in 2023, with losses reaching a staggering $2.7 billion, according to a new report by the Australian Competition and Consumer Commission (ACCC). This alarming figure represents a significant increase from the previous year, with over 601,000 scam reports made, compared to 507,000 in 2022.