In this episode of Financial Services Online news wrap, Paige Estritori discusses several key topics affecting Australian's financial health. The focus is on the increasing percentage of income dedicated to mortgage payments in New South Wales, along with the impacts on renters and other states. Despite this, first-time homebuyer rate has surged 16.8% in the last quarter. The episode also covers the topic of retirement savings, with the Association of Superannuation Funds of Australia adjusting their 'comfortable' income recommendation due to rising costs of living. The show outlines potential reforms for the Emergency Services Levy in NSW, and ends with the issue of multiple employment, its prevalence among young age groups, and potential tax and repayment implications. The message is clear: in changing economic times, strategies concerning finance and savings must evolve.
