Finance

Despite rising cost of living challenges, Westpac has announced a significant decline in the number of customers seeking hardship payments, as mortgage holders gradually adjust to higher interest rates. According to outgoing CEO Peter King, the number of customers on hardship provisions has dropped from nearly 20,000 in June to 17,500 by the end of Continue reading

Melbourne’s housing market continues to surge, with just 16 suburbs remaining under the $600,000 mark. This sharp drop from over 20 suburbs last year is raising concerns about the viability of homeownership for first-home buyers in Victoria. Government Assistance Falls Short The Victorian government’s primary assistance program for first-home buyers, introduced in 2017, provides stamp Continue reading

HSBC Accused of Failing to Protect Customers from Scams The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against HSBC’s Australian division, alleging widespread and systemic failures to protect customers from scams. The corporate watchdog claims that the bank’s negligence led to 950 customers losing a staggering $23 million over five years. Details Continue reading

Australia’s entry-level housing market is seeing skyrocketing prices as cost-of-living pressures and higher interest rates force more buyers to seek affordable options. This surge in demand has significantly raised prices for homes at the lower end of the market, particularly in the country’s largest cities. Fewer Affordable Options Under $600,000 According to PropTrack data, houses Continue reading

The Australian Pension Bonus Payment program is a vital initiative aimed at providing financial assistance to senior citizens facing financial challenges and long-term health conditions. As a key component of Australia’s social security system, this scheme ensures additional financial support for eligible beneficiaries. However, access to this bonus is guided by stringent criteria and protocols. Continue reading

Starting a new course or retraining can be financially challenging, but there are payments available to support your education journey. Depending on your circumstances, you may qualify for one of the following support options: 1. Youth Allowance Designed for those aged 24 or younger who are studying an approved course. 2. Austudy If you’re 25 Continue reading

Australians living overseas will need to adapt to a significant change in how they make payments to Centrelink. From December 19, foreign currency cheques and international money orders will no longer be accepted, marking a pivotal shift in Services Australia’s payment system. This move comes as part of a broader plan to phase out cheque Continue reading

From January 1, 2025, over one million Australians receiving youth, student, and carer support payments will see a small boost in their fortnightly income. The increases are part of the regular indexation tied to the consumer price index (CPI) to adjust for inflation. While these adjustments aim to ease the burden of rising living costs, Continue reading

Paying taxes can be daunting, especially if you’re already struggling with a low income. But the good news is, there are plenty of tax credits and deductions available to reduce the amount you owe and potentially boost your refund. Here’s how you can make the most out of your tax situation in 2025 and beyond. Continue reading

Low income in Canada is measured using the Low Income Measure (LIM), which helps define the financial threshold below which individuals or families are considered to be in low-income situations. These cut-offs are based on community size, and the thresholds vary across rural areas, census agglomerations (CA), and census metropolitan areas (CMA). Here’s an updated Continue reading