Money Matters: Navigating Credit, Debt & Financial Freedom

Australia is on the precipice of new and financially testing times. Australia’s economic future: RBA changes, budget and taxation challenges lie ahead. The decisions made by the Albanese government and Treasurer Dr Jim Chalmers in the upcoming budget will determine how we begin to navigate these difficult years. Already, we are in the midst of a high inflation peak and steeply rising CPI. The federal government has just completed a review of the RBA, which is the largest of its kind ever done on this august body. The findings of the Review of the Reserve Bank of Australia recommend strengthening its ability to make monetary policy decisions in an increasingly complex environment. 

The late Kerry Packer is infamously preserved on video addressing a senate enquiry into taxation. He has become an Australian folklore hero in his dressing down of senators about his attitude toward the paying of taxes. A long held view on the right is that minimising your taxes is justified on the basis that governments waste them on things that you probably don’t agree with. 

As the RBA’s monetary policy pushes Australia into ‘the recession we will have to have,’ accessing credit will become harder and more important to many doing it tough. ‘Batten down the hatches’ only works for so long in an economic storm. Eventually many of us are likely to need a financial lifeline. In preparation for this, it is a good idea to check on the health and wellbeing of your consumer credit file. Reach out and get hold of a copy of your free credit report from each of the credit bureaus. You are entitled to a free copy every 3 months and in the advent of being refused credit from a participating lender or business. In addition, it makes sense to scan your file for malicious stuff like identity fraud and scamming, especially in the current clime. 

350 pages of Aussie economic truths, the influence of America on our business community & what you can do about it.