money news

Money news: tax scams, debt and rates

In this hip pocket money news, tax scammers hit the phones and email, Aussie's rack up debt problems and will bank interest rates go higher?

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Money news that affects your hip pocket this Friday.

The Australian Taxation Office is warning everyone to be on the lookout as scammers experiment with new techniques, according to news.com.au

In 2015, almost 87,000 phone and email scams were reported to the ATO, an increase of more than 90 per cent from 2014.

See more: tax scam news

Alarming new figures released yesterday by the Australian Financial Security Authority found personal insolvencies in the June quarter climbed by nearly 14 per cent compared to the June 2015.

Debt agreements rose by nearly 25 per cent, while bankruptcies increased by seven per cent.

See more: debt dramas

Meanwhile, mortgage broker network 1300HomeLoan is warning home loan customers to expect the major banks to lift interest rates in the second half of 2016 despite prospects of another cash rate cut by the Reserve Bank of Australia (RBA).

1300HomeLoan Managing Director John Kolenda said with the long running federal election now out of the way, the stage was set for the banks to take their own course and increase interest rates.

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