Government to Review Bankruptcy Threshold

Posted by SAFCA on 19 November 2019
Excellent news today the government announced a review of the forced bankruptcy threshold. The media links are below (ABC online and News Breakfast, SMH online) The announcement was in response to a letter (and lobbying) from the ABA, FCA, Consumer Action and Financial Rights after the release of Who is Making Australians Bankrupt. The threshold is currently $5K. In Who is Making Australians Bankrupt, we say it should be $50K. Industry seems to have already moved to $20K, so we will end up ...
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The Debt Trap: How payday lending is costing Australians provides never before seen data demonstrating the extent of harm cause by the payday lending industry and the people who are most susceptible

Posted by SAFCA on 14 November 2019
The Stop the Debt Trap Alliance has released new data showing the scale of Australia's payday lending crisis. Key findings from the report include: The gross amount of payday loans undertaken in Australia will reach a staggering 1.7 billion by the end of 2019. More than 4.7 million individual payday loans were taken on by around 1.77 million households between April 2016 and July 2019, worth approximately $3.09 billion. Victoria is the state leading the country with the highest ...
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The Australian Energy Regulator releases its Draft Decision on SA Power Networks Distribution Determination 2020 - 2025

Posted by SAFCA on 8 October 2019
On 31 January 2019, SA Power Networks submitted its revenue proposal to the AER. The proposal sets out the revenue SA Power Networks proposes to collect from its customers through distribution charges from 1 July 2020 to 30 June 2025. Draft Decision
On 8 October 2019 the AER released its draft decision on SA Power Networks' regulatory proposal for the 2020-25 regulatory control period, commencing 1 July 2020. The draft decision represents a key milestone in the determination of the a...
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Review of financial counselling services released

Posted by SAFCA on 3 October 2019
Source: Federal Government Media Release - Oct 3 2019 The Morrison Government is strengthening our commitment to supporting the financial counselling sector with the release of the Review of the Coordination and Funding for Financial Counselling Services across Australia.The Morrison Government is strengthening our commitment to supporting the financial counselling sector with the release of the Review of the Coordination and Funding for Financial Counselling Services across Australia. ...
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There are big changes to how your credit score is calculated. Here's how they impact you

Posted by SAFCA on 25 September 2019
Source: https://www.abc.net.au Big changes to how your credit rating is calculated are taking effect, with lenders able to access more information about your credit history than ever before. It has its fans and critics and has been five years in the making.
Let's break down what it means for you.
What is comprehensive credit reporting (CCR)? It's a beefed-up system of information about your credit history that lenders can access via credit rating agencies. Previously, lender...
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