Mon, 9th Sep 2024

This week's Finance News Wrap by Financial Services Online discusses alarming mortgage distress amongst Australian homeowners, with over 40% under pressure, and 13% missing payments in the last six months. With average owner-occupier loan now at $634,479, households are spending over 46% of their income on new mortgages. The trend towards cashless transactions is also noted, with tradespeople increasingly forsaking cash for EFTPOS. Despite economic slowdown, the Reserve Bank of Australia is refraining from cutting interest rates, focusing instead on inflation control. On the policy front, Finance Minister Katy Gallagher defends strategic expenditure despite high inflation, with further rate hikes possible if inflation continues. Lastly, misuse of first-home buyer benefits in New South Wales is being tackled, with over $9 million reclaimed from non-compliant applicants, benefitting a reported 30,000 first-time buyers.