While the increase in interest rates has been small so far, there is already evidence that rising interest rates are having a negative impact on consumers.

If Australia has an Achilles’ heel it’s the high level of household debt that has accompanied surging home prices over the last 30 years. Of course, in the absence of a major trigger for debt servicing problems – either from a surge in unemployment or a surge in interest rates – it hasn’t so far caused a major problem for the economy.

Review your investments regularly to make sure you’re on track to reach your financial goals and you’re comfortable with the investment risks.

The key global pattern through 2022 has been:

• Progressively more hawkish central banks

• Rising inflationary pressures driven principally by a lack of global supply

• Falling GDP growth outlook as spending is “crowded out” by inflation

With the end of financial year (EOFY) 2022 just around the corner, it’s crucial for business owners to know about soon-to-be-implemented changes in Australian super funds.

Come 1 July, companies need to be prepared to address superannuation guarantee (SG) modifications to ensure they remain compliant.

Global economic growth is slowing as fiscal policy is becoming less accommodative (after two years of massive stimulus), high inflation in developed countries is crimping consumer spending and monetary policy is tightening to combat the breakout in inflation.

Usually share markets are relatively calm and so don’t generate a lot of attention. But periodically they tumble and generate headlines like “billions wiped off share market” & “biggest share plunge since…” Sometimes it ends quickly and the market heads back up again and is forgotten about. But once every so often share markets keep falling for a while.

Lower tax on your investments can help you reach your financial goals sooner. But don’t choose an investment based on tax benefits alone.

The RBA has increased its official cash rate by another 0.5% taking it to 0.85% for the second rate hike in this cycle. This was above market expectations. Our expectation was for a 0.4% hike with the risk that it would be 0.5%.

Australians who received government support during the COVID-19 pandemic have been warned to include it as income in their tax returns.

The personal super contributions that you claim as a deduction will count towards your concessional contributions cap.

After a massive 28.6% gain from their pandemic low – which was the biggest gain over 21 months since 2003 – national average home prices fell for the first time in May since September 2020 based on CoreLogic data.

Australia is in for a period of banking sector turbulence as households deal with rising inflation and mortgage payments, the industry regulator says.

A number of changes were proposed by the Government during the election campaign, and support was also announced for a number of proposals made by the previous Government.

The ALP won the election and is set to Govern most likely in its in own right or as a minority government.