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Fran, a determined single mother, recently achieved a significant milestone after 13 years of financial challenges. High rental prices had made it difficult for Fran to save for a home deposit, but through perseverance and the assistance of a government scheme, she finally purchased a unit.

According to new data released by the Australian Bureau of Statistics (ABS), the average Australian earner faces a daunting 14-year journey to save for a home deposit. This statistic underscores the growing challenge of achieving home ownership in Australia, as housing prices continue to rise beyond the reach of many individuals and families.

Recent data released by the Australian Taxation Office (ATO) has shed light on income disparities and financial trends across Australia for the fiscal year 2021-22. The report indicates that over 100 Australians earned a total income of $1 million or more during this period, with residents of Double Bay identified as the highest earners.

Australia’s population surged by 2.5% to reach 26.97 million in 2023, largely propelled by robust net overseas migration, which accounted for 84% of the growth. This demographic expansion highlights the country’s attractiveness on the global stage despite ongoing challenges.

In its recent decision, the Reserve Bank of Australia (RBA) opted to maintain the cash rate at 0.25% for June, a minor increase from the record low of 0.1% set in November 2020. Despite concerns over inflationary pressures, the RBA remains focused on fostering productivity growth while anticipating a gradual decline in inflation rates.

In June, the Reserve Bank of Australia (RBA) opted to maintain the cash rate at 0.25%, citing ongoing considerations regarding potential rate hikes amidst inflation concerns. This decision reflects the cautious approach to monetary policy as the economy navigates post-pandemic recovery.

In Australia’s competitive property market, prospective buyers are facing the challenge of saving approximately $65,000 due to escalating house prices. To navigate this landscape effectively, it’s crucial for buyers to strategize when making offers, considering factors like market trends and property condition. For first-home buyers, timing is key; entering the market during periods of favorable conditions can lead to more affordable purchases and better long-term investments.

As the 2023/24 financial year approaches, effective tax planning can significantly impact your financial outcomes. Here are key strategies to consider:

A luxurious penthouse in the heart of Sydney, offering breathtaking views of Sydney Harbour from every room, has been listed for sale at a staggering $30 million. Located in the prestigious Greenland Centre on Bathurst Street, the ‘King Residence’ spans 700 square meters of combined indoor and outdoor space.

According to the Commonwealth Bank’s latest Household Spending Index, households in Australia have significantly tightened their belts, cutting back on non-essential expenses in response to economic pressures. The index reported a 1% decrease in overall spending from March to April, with annual spending growth over the past year registering at a modest 2.6%.