September 7 2020 – 3:30PM House prices have increased at a much faster rate than income since the mid-1990s, which has led to three times the amount of people carrying mortgages and debt into retirement. When you pair this with the ageing population, it leaves many retirees strapped for cash, in what is supposed to…
The planned bank liquidity rule change would be another example of banks and government financial regulators working together to support the economy during the crisis, including through deferred repayments on 900,000 frozen loans worth $274 billion. The RBA has bought $61 billion of government bonds since March. Banks are also playing a key role in…
New data from the Reserve Bank of Australia (RBA) has revealed that Australians paid down a total of $5.5bn in credit card debt since the start of COVID-19. In addition to this 20% reduction in debt, nearly half a million credit card accounts were closed over the four month period. One of the few positivesfrom…
CLOSE Even before the pandemic, when the economy was humming, many people were struggling with their finances. Now, many more are in trouble. These are resources to help. (Photo: Getty Images/iStockphoto) The COVID-19pandemic and economy-shutting measures to contain it came on quickly, over a matter of weeks. But the financial fallout from job losses, reduced…
September 7 2020 – 3:30PM House prices have increased at a much faster rate than income since the mid-1990s, which has led to three times the amount of people carrying mortgages and debt into retirement. When you pair this with the ageing population, it leaves many retirees strapped for cash, in what is supposed to…
Queensland’s debt levels will blow out to more than $100 billion by mid next year $18 billion more than what was predicted before the coronavirus pandemic hit. Key points: The debt level before COVID-19 hit was forecast to be $84 billion The fiscal plan is the only major economic update for Queensland before the state…
Customers wait to be served at a branch of Siam Commercial Bank in Bangkok. Many borrowers are still faced with heavy debt burdens amid the coronavirus outbreak, with most having been pressured by diminishing income and lower debt-servicing ability. In the wake of worsening economic conditions aggravated by the virus crisis, both regulatory bodies and…
Royce Kurmelovs swears there was no car coming. But there was. He hit it. His car spun out into three lanes of traffic. “It was a perfectly ordinary day to be quite frank and it was also possibly one of the worst in my life,” he says. The crash would push his personal finances to…
The COVID-19 pandemic and ensuing surge in demand forfinancial aid has helped highlight the true value of one specialist lenders flexible offering, according to the non-banks head of broker. MoneyPlaces unique business model allows us to personalise each individual loan to fit the customers profile, explained Moneyplace’s Alf Vasta. This can be incredibly helpful in…
The US government’s war against the coronavirus is imposing the heaviest strain on the Treasury since America’s drive to defeat Nazi Germany and imperial Japan three-quarters of a century ago. The Congressional Budget Office has warned that the government this year will run the largest budget deficit, as a share of the economy, since 1945,…