Category Archives: money

Government review of payments finds cash is critical to economy

It was supposed to be all about new technology like cards, phones, online commerce, crypto and digital currencies but the government’s Payments System Review made a surprising finding. Cash is critical to the economy and must be protected. Yesterday, treasurer Josh Frydenberg released the long-awaited Payments System Review which investigated how Australia’s payment system is run and governed. The review recognises that non-cash

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Missing Meals to pay off BUY NOW PAY LATER debts

Buy Now Pay Later users are missing meals and essentials to pay their debts, more government data has confirmed. Services like Afterpay, ZipCo, Humm, LayBuy and others are leading young people (in particular) into financial hardship, despite not being classified as credit providers. There are reportedly 9.1 million active BNPL accounts in Australia. 21% of BNPL users rack up late fees, ASIC has reported while 20%

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Aristocrat ‘aggressively’ moving gambling behind closed doors.

COVID ‘leveraged’ to promote home gaming Aristocrat Leisure Limited (ASX:ALL) is successfully transitioning gamblers to online and digital apps and games and away from ‘physical’ gaming venues such as community based pubs and clubs. This is removing problem gambling from public sight, away from the oversight of regulators, containing the issue to homes. Monitoring, welfare checks and harm minimisation efforts

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Single parent’s 5 minute guide to the budget

Josh Frydenberg’s budget 2021 is a document designed to curry favour with women and single parents with plenty of new funding and cash for people in difficult circumstances. But the government has neglected to raise JobSeeker or the Single Parent Payment. Get on top of everything single parents need to know about the 2021 federal government budget in five minutes.

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Single Parent Family Home Guarantee ignores the real housing problem

On Tuesday the 11th of May, the treasurer Josh Frydenberg will announce the budget and a new program to help separated and divorced parents buy a home called the Single Parent Family Home Guarantee. Singlemum.com.au got the details of the package early. The Single Parent Family Home Guarantee will support up to 10,000 divorced / separated parents (who have care of dependent

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Payment system ‘outages’ kill cashless economy myth

Osko, CBA failures just the latest to leave customers stranded. Today, reported problems with ‘Osko’ payments between banks facilitated by the New Payments Platform are leaving bank customers stranded and angry. Customers of all banks have reported the failure of the “Osko” real time transfer system to their banks overnight on the 27 April and the morning of 28 April

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RBA data doesn’t support Cashless Australia predictions

USA based FIS issued a report predicting Australia would be largely cashless by 2024. FIS specialise in merchant payment solutions and supporting and securing cashless transactions. The FIS findings are not supported by real world data or readily available market information, for example: Last month, the Reserve Bank of Australia reported that, while cash’s share of payments has fallen, cash

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What single mums are saying about ScoMo’s $50 JobSeeker raise

From 1 April 2020, the Morrison government is raising the base rate of JobSeeker by $50 but axing the Coronavirus Supplement of $150. That means a NET result of $100 less in your pocket. What will JobSeeker pay from 1 April?  For single parents on JobSeeker, the current full JobSeeker base rate is currently $762. From 1 April, the parenting

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Carry cash or risk going hungry.

Eftpos, bank and credit union ‘outages’ are leaving people stranded. Consumers and retailers simply cannot rely on eftpos systems to work. Some people are loading up trolleys of food and essentials only to find their cards are not working or shop eftpos systems are ‘down.’ Recent Eftpos system outages have affected: At least 10,000 retailers using Tyro eftpos terminals, leaving

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