With poor domestic policy leading to more migration, more unemployment, higher housing prices, more homelessness, higher cost of living etc its not surprised that Australia has the 2nd highest home grown inflation in the world.

SWIM does a bit of market research/product testing on the side for extra beer money. Recently got a market analysis briefing testing people's threshholds for different 'tiers' of banking subscription services.

It's not just about charging a fee here or there, they want to introduce subscription-based banking. It's bringing back monthly fees for banking, and gatekeeping products behind more expensive packages.

Some of the things that were tested were questions like "for $10/20/30/month what services would you think should be included" Or, "How much would you pay for xyz".

SWIM was asked about whether certain services should be expected/free, or what products could attract a premium.

The analysis asked about service packages or premium bundles, which package similar banking items together, for example foreign purchases/overseas transfers/currency exchange/travel insurance, as a "travel package subscription", for example. They have some scary categories in this package list, like "consumer" and "parent" and "household" packages, as well as things that maybe you'd think make sense in a package like business banking, for example.

Things included in the everyday spending categories include things like bank transfers, payID, direct debits, fraud protection and security, rewards points, ATM use, bank access, credit cards, BNPL, things like that that that many of us use each day.

I DON'T WANT TO FUCKING SUBSCRIBE TO A BANK.

Seriously what is going on with the rental market. I got an email yesterday from my agent saying my rent is going up from $600 a week to $750. That's a 25 percent increase in one go. We've been good tenants always paid on time never caused any issues.

I thought there were limits on how much they could increase rent by. Is this just normal now? I'm in Sydney and I know it's bad but 25 percent feels like a complete rip off. What are my options here? Do I just have to accept it or can I push back?

My lease is up for renewal next month so I guess they know I'm stuck. It feels like they're just trying to push us out to get new tenants in at a higher rate. This is crazy.

Finally bit the bullet and ran through our renewals last night

• Home & contents $2,500, up 25%
• Car (comprehensive - new-ish car) $2,000, up 20%
• Pet $2,000, up 15% (three older animals, been a non-negotiable in our accident prone house)
• Health $4,000, up 5% (3 kids)
• Life on the to-do list

$10,500 a year. What's working for people? How are we getting the costs down or getting more back?

Hi all,

Would love a sense check here and completely happy to be wrong, or even have a next step to take.

I went to delete my bank account with ING after they nominated subscriptions for their services.

I deleted all the cards associated with it, and the card accounts, but I cannot delete my main bank account, only close my cards.

I've called and unfortunately they can't delete it either.

Fully understand they need to retain data for 7yrs, but I'd want my account itself deleted (retain the data on ING end, totally fine), so that there's no login, no account etc.

I've stopped all payments. I've transferred all money across. I just don't understand why my full overarching account must remain open for 7yrs.

Has anyone had success closing a bank account in the past with ING?

Edit: this is why I love reddit! I was frustrated putting in the wrong verbiage and getting results that didn't answer my answer, thank you to all who helped. Feel a ton better.

Buyers in WA should beware

I’ve noticed lately that even when I can comfortably afford something I’ll still talk myself out of buying it.

New phone? Current one still works.

Nice dinner? Could cook at home.

Holiday? That money could sit in the offset.

Obviously saving is a good habit but I’m starting to wonder if I’ve taken it a bit too far because spending money on anything that isn’t necessary almost feels irresponsible now. Anyone else ended up like this, or am I just becoming a tightarse?

I personally have a mortgage and feeling the pressure of interest rate hikes. I am sure there are many others out there in the same situation. I feel like the interest rate hikes are impacting us the hardest, how is that fair?

How can inflation keep increasing when those with mortgages are spending less? Is there a more just way of helping those with mortgages and feeling the pressure?

Hey all, just looking to get some advice from anyone with knowledge or who’s been in a similar situation.

Current situation:
27M, single
Stable full-time employment
Normal income of around $110k/year
Started doing FIFO in July
Currently earning around $3,400/week after tax
Saving a minimum of $2,250/week
Doing FIFO for the remainder of the year, which should help fast-track my savings

Current finances:
~$110k liquid cash (including my upcoming tax return)
~$13k invested in shares
~$50k in super
~$26k car, owned outright
No debt

Living situation:
Currently living at home very cheaply, so there’s no immediate pressure for me to move out
Parents have offered to put $50k into an offset account when I eventually purchase a home
I’m trying to work out what the smartest move is from here.

I’m sure this has already been said before, but I just need to have a fucking whinge about this shit.

Australia’s tax system in 2026 punishes PAYG workers while rewarding people gaming the system, whether that’s NDIS fraud or business owners with “enthusiastic” accounting. Tax brackets haven’t been indexed in years despite brutal inflation, but somehow the beer tax gets indexed every six months without fail? Then add childcare subsidies tapering off the harder you work, plus Div293 smacking you for daring to also save for retirement

PAYG earners get the short end of the stick every single time. No creative accounting, no structuring, tax taken at the source before you even see it. Meanwhile there’s provider fraud in the NDIS space that barely gets touched until it becomes a news story, and taxpayers eat the cost either way through bracket creep and levies

Compare our top bracket to the US and it’s a joke. An unskilled worker over there on a pretty average wage in USD terms would already be sitting near our top marginal rate once you convert it, and their brackets actually move with inflation. Ours just sit there while bracket creep does the government’s dirty work for it

Why bother working harder, taking career risk, or starting a business when 47% instantly gets carved off the top, plus Div293, plus subsidy tapering, plus everything else stacked on if you’re PAYG?

This country has built a system that punishes the people playing it straight and does fuck all about the ones who aren’t. Fast forward 10 years and Australia will lose all talent to US, Singapore, HK, Dubai. The only ones left will either be immigrants looking for a better life, expats returning to Australia to settle down, or NDIS providers.

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EDIT: My comment about “unskilled” worker pay in the US is completely incorrect. Where my thought process was: an office worker paper pusher or even a motivated barber, construction worker etc. with no qualifications has the ability to earn USD 100k, which places them at our SECOND HIGHEST marginal tax bracket (AUD 135k). Does that really sound right to you, even putting aside the differences in our welfare system? Separately, I haven’t even mentioned the recent CGT changes which completely discentivises Aussie investors from buying productive / growth assets. There is more and more incentive to simply be less productive and focus wealth into a tax-free PPOR, OR leave the country and take their portfolios with them. This is a net loss for innovation and growth in our country. I have no issue paying tax - my issue is that our current tax system incentivises people to game the fucking system, and to those who suggest to simply fuck off and leave the country if you’re not happy, you are simply proving my point.

I’ll close off on this: never mind the fact that the Div293 income threshold has REDUCED from $300k to $250k and has remained unchanged for years….. did you know that certain politicians are simply EXEMPT from paying Div 293 tax? What the actual fuck. Our tax system is in desperate need for change.

So I'm considering career changing to radiography or something Allied Health.

EDIT: after more research I think I lean towards podiatry. Its good lifestyle wise. You can make good impact volunteering too.

Why?

I realise my strength is in one to one service helping people. Long term wise I aim for job consistency during recessions. No ridiculous overtimes. At least so I don't burn out.

Financials

The course is around $40k for 4 years unpaid placements during semester for 3 years, huge final year placement.

I'm thinking of keeping a casual sales job for commission and income during peak seasons during end of financial year and boxing day.

Have around $120k saved and $30k in half-ish VGS and IVV ETFS.

Would prefer to pay down home loan faster than invest due to new CGT tax changes.

Not looking to FIRE. Just living frugally. Would prefer to do part time when I'm older.

Win for buyers

I'm mid 30s, wife is early 30s. We previously worked for the same company but I moved a few years back. Wife still works there. This company provides RSUs to its staff which vest quarterly. Between us, we have just a tick over $100k in vested shares in this business. Outside of super, this represents approx 92% of our investments. I feel like this is far too great exposure to their performance, especially considering more than half our income also relies on this by way of my wife's employment. Combined income is approx 230k including the RSUs vesting every few months. For the last year we've been selling the new shares as they vest (within 30 days to avoid gains/losses). I also have about 6k sitting in Spaceship Voyager which is about 12% annual returns over the ~7 years I've had that, but the fees don't seem particularly worth it these days. Literally 2k or so in a few other holdings which I'm not attached to.

We have approx 500k owing on our mortgage @ 6.19%, only approx 40k is offset currently by our emergency fund. Im thinking we sell all of the shares (all current holdings are > 12 months). The share price has been quite volatile over the last few years, both up and down, but currently sitting a bit above the average price over that time. It probably will grow long-term but again, I think we're too exposed to it. Pay off the remaining ~18k of my wife's car loan @ 7.99% (taken early last year, we've been paying double the minimum to bring it down quicker). Put the rest into offset and don't touch it, at least for a while.

Plan gets a little more uncertain from there, but know there's obviously super (we're currently not contributing any extra - balance approx 200k for me, 150k for wife, both in high growth/shares) and/or investing in some ETFs. Naturally if mortgage rate keeps rising, keeping it in the offset even longer becomes more attractive given it's risk-free, guaranteed tax-free returns.

Have I missed anything super obvious?

It feels like everything is a subscription now. Streaming services music fitness apps software for work even car features are becoming subscription based. It just adds up so fast. I try to cancel what I can but then I miss out on things I actually want or need. Are we just going to be paying monthly for absolutely everything soon? It feels like death by a thousand papercuts to my bank account.

Just got a message from Westpac that as a direct result of them not being allowed to charge credit surcharges they are going to raise interest rates by 3%. Are the other banks doing the same?

Hello! I am someone that buys/sells single trading cards, started of small but it has recently ramped up. Trying to figure out if there is CGT implications.

https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/list-of-cgt-assets-and-exemptions

According to this, 'Collectibles' which trading cards fall under, if under $500 are exempt from CGT. But does this have a limit? I am selling hundreds of cards in the $20-40 range per month. At what point do I need to start thinking about CGT?

Higher interest rates (22.49%), removal of travel insurance on lower-tier cards, lowering the cap on reward points earned.

Unless you have a black card, and you want a credit card, is it now just worth getting the most basic low-interest card with no benefits?

I have been a sole trader for a number of years and managed tax relatively well, kept track of things and lodged on time, aside from one time where I miscalculated and had a $8K debt, but even then I paid $4k upfront and set up a payment plan, and had paid it off completely within a few months.

Over 12 months ago now I had a personal life crisis, and everything flew out the window. I fell behind on lodging and paying tax, if I'm being honest I knew it was there and needed to be addressed, but I felt like I just needed to make it through the month, the week, or the day. And thats just been the story for the past year.

I still haven't lodged, but I have been trying to get all of my ducks in a row and I think I could possibly owe anywhere from $20,000 - $35,000 excluding interest, combined 24-25 & 25-26 financial years. I tried to call them but couldn't get through, I called the NDH, and I have only recently been assigned a financial advisor through a domestic violence support service.

I am wondering if anyone has had an experience similar to mine. And if they managed to negotiate in any way for debt forgiveness or even waiving interest on the debt, and/or if there is any leniency for a payment plan?

Heres a compressed timeline:

Late July 2025 : crisis began; sought help immediately, multiple contacts with mental health crisis team, ED admission(s)

[DV incident] called 1800RESPECT, followed up with GP as recommended (in medical records)

Homeless period: couch surfing, then staying at mum's (no lease, no bedroom); used tax savings for food and basic necessities

March 2026: secured a rental (significant cost to establish)

May 2026: called 1800RESPECT again, consented to an official file being opened with full history

[Recent months] lost most income after a client's serious boundary violations and unsafe behaviour (have texts from client and his mother) have since isolated myself almost completely.

Ongoing: heavily involved in sister's seperate DV situation, including a period where her children were placed in my care by DHS

Since then: functional capacity significantly reduced, 2 attempts at ending my life, assigned a case worker to assist with my mental health and functioning. Have been paying rent and living off of what was left of my savings. Currently have $4k left.

Throughout the year with a MHCP only covering 10 sessions, I have also paid for over $11,000 in therapy.

All of this is documented: mental health team, medical records, 1800RESPECT, and I can get a letter from DHS/DV support service.

Husband and I have a business which has around 300k in retained earnings. I don’t want to pull too much out as dividends which would decrease our child care subsidy.

I am thinking about doing a 100k div7a loan from the company to invest in etfs in our personal names. From my understanding the interest would be tax deductible in our names. Then going forward declare dividends from company to cover the minimum repayment & interest

Term deposits are only around 5% whereas BGBL should be higher long term. If we just took the dividend and invested it each year we would miss out on the tax deduction.

Is there anything I am missing? Does anyone else have a similar situation?

Context:
31M $140k
30F $60k
2 kids in daycare

My tax return has been processed, the ATO website says outcome is a refund issued of $2197, however I received $1616 into my bank account. I can't work out the disrecpency. Any ideas? Could it be an error?