In this episode of the Daily Financial Services News Wrap, we discuss the current state of affairs in Australia's financial sector. Top news includes the increasing financial burden of mortgage repayments, particularly in New South Wales, despite a slight relief for renters. Meanwhile, Australian Capital Territory and Northern Territory show better affordability. Notably, the aspiration for homeownership remains strong nationwide, with a 16.8% rise in first-time homebuyers. We also explore the looming disagreement between superannuation holders and the government over a proposed tax on unrealized capital gains. The SMSF Association warns the tax could destabilise superannuation-dependent retirement planning. This episode closes with guidance for retirees adapting to rising inflation and increasing living costs. The Association of Superannuation Funds of Australia recommends recalibrating savings strategies and reaffirms the importance of prudent financial planning.
