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The Australian Energy Regulator (AER) has outlined its 2023–2024 Compliance and Enforcement Priorities to protect energy consumers and keep the energy system stable and secure during the transition.
Read More Australian Energy Regulator Outlines its 2023-24 Compliance and Enforcement Priorities
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Original article by Chris Siemers, posted on the Australian Financial Complaints Authority website on 05/06/2023. Hundreds of thousands of fixed-rate loans will roll onto much higher rates in coming months, catching up on a year of rate rises from which they have so far been quarantined. Some borrowers face the prospect of being tipped into…
Read More Mortgage Stress – Getting on the Front Roof
“The $7.75 million will enable the foundation to not only provide support to existing grants that are
about to expire, but also implement new projects,” Mr Brouwer said. “This comes at a time of great
financial hardship and, consequently, a time of huge pressure on the financial counselling sector.
“Our funding priorities include family violence victims, tenants at risk of homelessness, First Nations
communities and people in prison.”
The Telecommunications Industry Ombudsman’s (TIO) Quarter Three Complaints Report shows residential consumers and small businesses made 17,777 complaints about phone and internet services between January and March this year. While complaints have remained steady compared to the previous quarter, the results show an almost 19 per cent decrease against the same period last year.
Read More Problems Persist but Hold Steady – TIO 3rd Quarterly Report
“Cost of living issues aren’t going away for the foreseeable future, so it’s particularly concerning that over 40% of the Australian adult population are unaware that they can contact their telco provider for help managing their bills. This research shows that it is imperative that financial hardship policies are promoted by telcos and made easily accessible on their websites,”
Read More Consumers Want (and need) More from Telcos
The Australian Competition and Consumer Commission (ACCC) has just released its 2022 Targeting Scams report in which it found an 80% increase in total losses compared to 2021. Using data from regulators and government agencies, the report highlights the need for further collaboration between government bodies, banks, regulators, telcos, and digital platforms to close “significant…
Read More ACCC Calls for United Front as Scammers Steal Over $3bn from Australians
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ASIC has adopted a temporary no-action position to enable large banks (‘eligible licensees’) to withhold the reporting of certain credit information on consumer credit reports where reporting the information could lead to consumer harm, including where a consumer may be the victim of family violence. This is a media release from the Australian Securities & Investments Commission (ASIC).…
Read More ASIC helps credit providers protect victims of family violence
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Super Consumers Australia urges insurers to drop discriminatory policies that don’t protect the unemployed or people working limited hours. Super Consumers Australia has warned that the insurance industry will put approximately 343,000 people at financial risk if it doesn’t take action by the end of September. The warning comes after the Financial Services Council promised…
Read More COVID job losses leading to people paying for junk insurance
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Today’s announcement by the banking industry of further assistance to help customers experiencing financial hardship will provide some important relief to those who continue to be impacted by COVID-19. CHOICE, Financial Rights Legal Centre, Consumer Action Law Centre and Financial Counselling Australia are at the forefront of helping people impacted by COVID-19, particularly people doing…
Read More Banks Announcement of Further Assistance for Customers a Timely Relief: Consumer Groups
In this short animated video, Legal Aid Queensland’s Paul Holmes, senior lawyer (consumer advocate), Civil Justice Services team talks about how to reduce your debt, particularly during COVID-19. In the legal information bites series, Legal Aid Queensland talks about the law, your rights and where to get legal help if you need it. To find…
Read More How to reduce your debt – Legal information bites by Queensland Legal Aid
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Australians in dispute with their bank, insurer, super fund or financial firm have lodged more than 80,000 complaints in the last 12 months, with the Australian Financial Complaints Authority (AFCA) securing $258.6 million in compensation and refunds direct to consumers. People made 80,546 complaints to AFCA between 1 July 2019 and 30 June 2020. This…
Read More AFCA receives more than 80,000 complaints in FY19/20, nearly 5,000 of which are COVID-19 related
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A new research report by the Consumer Policy Research Centre explores the global response to COVID-19, with nationwide survey of 1114 Australians showing people are drawing on limited resources just to make ends meet. 12 million Australians are concerned about the impact of COVID-19 on their financial wellbeing; 1 in 5 are ‘very’ concerned Almost…
Read More 1 in 4 Australians are struggling to pay for essentials such as energy, groceries and insurance, adding to existing rent and mortgage stress
