With housing prices soaring and mortgages growing, have you considered what may happen when interest rates increase? This article discusses how even a small rise in interest rates can impact your budget and what steps you can take to prepare yourself financially.
This article follows the journey of a grieving daughter, Judy, as she navigates the complex process of sorting out her mother’s estate and utilizing her substantial inheritance. From legal requirements to financial planning, discover how Judy manages to turn a challenging situation into a pathway to future security.
Facing redundancy can be a challenging and emotional time. However, with careful planning and understanding of your redundancy payments, you can turn this situation into an opportunity. This article outlines the steps to manage redundancy payments, tax implications, and how to use this windfall for future financial security, including debt repayment, savings strategies, and investments.
Centrelink offers several concession cards to help reduce medical and pharmaceutical costs, along with other discounts. From the Pensioner Concession Card to the Commonwealth Seniors Health Card, understanding the different types of concessions and eligibility requirements can help you make the most of these benefits. Ensure your financial well-being by staying informed about your entitlements and how to apply for them.
Is the Great Australian Dream of homeownership becoming a thing of the past? With the rise of remote work, freelancing, and the allure of a flexible lifestyle, many are opting to rent for life. Renting offers mobility, freedom from maintenance, and financial flexibility, but it lacks asset accumulation and long-term stability. The choice between renting and buying is deeply personal, influenced by individual priorities and life goals. Explore the pros and cons of renting for life and see if this modern lifestyle aligns with your aspirations.
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.
The first quarter of 2024 saw significant economic developments in Australia. The government introduced changes to the Stage 3 Tax Cuts, aiming to provide greater benefits to middle-income earners. Inflation showed signs of easing, yet remained high in certain areas, prompting the RBA to maintain the cash rate at 4.35%. The stock market experienced record highs, while the property sector continued to face pressures with a national vacancy rate hitting a low of 0.7%. The labour market showed cooling trends with a shift towards part-time employment and a forecasted rise in the unemployment rate. This quarterly update highlights the dynamic economic landscape and the ongoing challenges and opportunities.
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