Seniors groups have demanded an independent body oversee deeming rates after the government announced highly-anticipated changes. The deeming rate will drop from 1.75 per cent to 1 per cent and the rate for balances above $51,800 for singles, and $86,200 for couples, will drop from 3.25 to 3 per cent. It means some part-pensioners will […]

The corporate regulator has found Australians are getting “extremely poor value for money” on their consumer credit insurance. The “junk” insurance, offered by banks, helps to cover loans or credit card repayments if a person becomes unable to pay due to illness or unemployment. But the Australian Securities and Investments Commission (ASIC) has found in […]

Treasurer Josh Frydenberg insists the government is on track to deliver a surplus after meeting with the Reserve Bank Governor. In a meeting with the Treasurer today, Reserve Bank Governor Philip Lowe endorsed the government’s economic plan, agreeing the economy is growing and the fundamentals “are strong’’. Some economists are concerned the government tax cuts […]

HSBC Australia’s Chief Economist says if government tax cuts and interest rate cuts fail to stimulate the economy the government should turn to fiscal policy. In a meeting with the Treasurer today, Reserve Bank Governor Philip Lowe endorsed the government’s economic plan, agreeing the economy is growing and the fundamentals “are strong’’. HSBC Australia Chief […]

A new survey shows consumer confidence has hit a two-year low despite recent government tax cuts and record low-interest rates. However, the Westpac-Melbourne Institute Consumer Sentiment Survey showed sentiment towards buying a house has hit its highest level in almost 5 years. Westpac Senior Economist Matthew Hassan tells Ross Greenwood the tax cuts and interest […]

The Australian Securities and Investments Commission is looking to act on its power to shut down online payday lenders who charge exorbitant fees. ASIC released a consultation paper proposing action against Cigno Pty Ltd and Gold-Silver Standard Finance Pty Ltd. The regulator claims the lender charges combined fees as high as 990 per cent interest. […]