Workers’ compensation provides essential coverage for work-related injuries and illnesses, but it may not be enough to fully protect your income. Consider Income Protection insurance to ensure financial security both at and outside of work. This coverage can replace a portion of your income in case of sickness or injury, offering peace of mind and comprehensive protection for you and your family.
Ensure your superannuation is in top shape with this five-step health check! Consolidate your accounts to avoid multiple fees, review your investment strategy to match your risk tolerance and goals, check your insurance coverage, nominate a beneficiary, and keep your details up to date. These steps will help you maximize your retirement savings and ensure your future financial security.
Australia’s average household debt rose to $261,492 in 2021-22, while disposable income grew modestly to $139,064. With rising debt levels, interest rates, and living costs, many Australians are turning to debt management companies for help. These companies offer services like debt consolidation and creditor negotiation but come with their own set of pros and cons. Alternatively, DIY strategies such as budgeting, negotiating repayment terms, and seeking government assistance can be effective. Understanding your options and taking proactive steps are crucial for financial recovery.
The Australian Bureau of Statistics reports that the national saving ratio has plummeted to a 17-year low of 1.1% of total disposable income. Nearly half of Australians have less than $1,000 in savings, with 20% having no savings at all. This financial instability is causing significant stress, with 76% of respondents feeling strained by their current situation. The stark contrast between the average savings of $36,095 and those struggling underscores the divide. With many Australians living paycheck to paycheck, even minor emergencies like a flat tyre could push them into debt. Experts urge the importance of building a savings buffer and finding ways to reduce expenses and increase income to alleviate financial pressure.
Australia’s national gender pay gap stands at 12%, with men earning an average of $1982.80 weekly compared to $1744.80 for women. This disparity results in women earning 88 cents for every dollar earned by men, amounting to $12,376 less annually. The data, excluding overtime and junior or part-time employees, reveals significant state and industry variations. Western Australia shows the highest gap at 21.7%, while the lowest is in Tasmania at 5.4%. Efforts to bridge this gap continue, highlighting the ongoing need for gender equity in the workplace.
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