Sector News (Page 11)

21 January 2016

ASIC releases report on debt management firms

ASIC today released a research report that aims to better understand the debt management industry in Australia and the consumer experience in using debt management firms

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20 January 2016

Gap Between the Rich and Poor Simply Widens

Source: www.probonoaustralia.com.au/news/2016/01/62-people-make-much-money-half-world-%E2%80%93-report

The gap between the world’s richest and poorest people has widened in the past year with 62 people now owning as much wealth as half of the global population, and Australia is not immune to the trend, according to a new report.

The report, An Economy for the 1%, released by international aid organisation, Oxfam, found that “although world leaders have increasingly talked about the need to tackle inequality, the rich have continued to become richer while the poor have been left behind”.

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19 January 2016

Indigenous Home Ownership Hits Highest Ever Level

Source: www.abc.net.au/news/2016-01-18/number-of-aboriginal-people-taking-up-home-ownership-has-hit-it/7095538?section=business

The number of Indigenous people taking up home ownership has hit its highest-ever level, with almost 18,000 loans issued since the Federal Government began to offer loans to Aboriginal and Torres Strait Islander people who had been barred by mainstream banks.

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18 January 2016

How the Lottery messes with our heads

Source: www.news.com.au/finance/money/wealth/cognitive-bias-how-the-lottery-messes-with-our-heads/news-story/25455a49f4f4d0f22e2cef0dd562085d

THE winners of the $1.5 billion US Powerball jackpot are probably still partying.

Can you imagine the life they’re going to have from now on? Absolutely you can. We’ve all dreamt of being rich. And that’s one reason we buy lottery tickets even when the odds are so terrible.

And Powerball’s odds are really, really terrible. In October last year the lottery tweaked the rules to make winning far less likely, by expanding the range of numbers a player can choose.

The odds of winning Powerball went from one in 176 million to one in 293 million. That’s tiny.

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13 January 2016

Stop Elder Abuse – SA Campaign

Source: www.sahealth.sa.gov.au/wps/wcm/connect/public+content/sa+health+internet/health+topics/health+conditions+prevention+and+treatment/stop+elder+abuse

1 in 20 older Australians experience abuse of some form including physical, emotional and financial abuse. Familiarise yourself with signs of elder abuse and understand where to seek assistance.

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12 January 2016

Traps for the unwary with Zero interest credit cards

Source: www.theage.com.au/money/credit-card-providers-set-traps-for-zerointerest-customers-20151126-gl8t5y.html

Credit card providers are aggressively pushing balance-transfer deals by offering dramatically longer zero-interest periods, but creaming profits through higher fees.

In analysis done exclusively for Sunday Money, Canstar found the typical interest-free period is now 12 months or longer, compared with only three months just a few years ago.

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11 January 2016

Start the New Year By Taking Control of Your Finances

Source: www.asic.gov.au/about-asic/media-centre/find-a-media-release/2016-releases/16-001mr-new-year-financial-resolutions-from-asics-moneysmart-create-a-better-financial-future-in-2016/

ASIC is encouraging people to start the New Year with some positive financial resolutions following its new report which revealed that only about two in five Australians have a short-term financial plan in place, and only a quarter of those surveyed have a long-term financial plan.

‘Having a financial plan in place – ranging from a household budget to paying off debts to saving for retirement – is key to creating a better financial future in 2016 and beyond,’ Miles Larbey, Senior Executive Leader for Financial Literacy, said.

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8 December 2015

Why Australians are gambling more than ever.

Source: www.theage.com.au/business/why-australians-are-gambling-more-than-ever-20151207-glh52t.html

Australia’s great love affair with gambling shows no sign of levelling off.

Buried in last week’s national accounts was the startling statistic that Australian punters bet a record $6.5 billion in the September quarter, equating to $1000 a year for every Australian.

Those numbers represent a 6.1 per cent jump to $24.1 billion on the same period in 2014 compared with average annual growth of just 3 per cent during the past decade.

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7 December 2015

STD’s – Sexually Transmitted Debt

Source: www.abc.net.au/news/2015-12-04/sexually-transmitted-debt-surprise-you-dont-want-for-christmas/7002178

Everyone has heard of sexually transmitted diseases, but in this liberated world in which we live, financial advisers say sexually transmitted debt is becoming an increasing problem.

Key points:

  • Sexually transmitted debt is debt you catch from your partner
  • Can come from rental agreements, guaranteeing loans, signing contracts
  • Expert says talking about money in a relationship is key

“Sexually transmitted debt is debt you catch from your partner,” Melissa Browne, chief executive of A&TA Accountants, said.

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1 December 2015

CBA ‘engaged in maladministration in lending’ – Ombudsman finding

Source: www.news.com.au/finance/business/banking/aussie-mum-takes-davidandgoliath-battle-with-commonwealth-bank-to-parliamentary-inquiry/news-story/24fab1a738517e849419dbf4b6998cba

WHEN Tasmanian mum Suzi Burge wanted to take out a loan to add a cafe to her craft store, Australia’s largest bank was only too happy to comply.

But thanks to a bungle by the Commonwealth Bank of Australia, she’s lost what was supposed to be her retirement nest egg, and now the bank wants her house.

In a scathing submission to a parliamentary inquiry into banks’ lending practices, Ms Burge accuses CBA — which is due to give evidence in Canberra on Wednesday — of fudging her loan documents to sign her up for a business loan it knew she could never repay.

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