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Finance Tag

Do you use PayID? Hardly surprising, given that more than 15 million Australians have taken up the electronic payment system since its launch six years ago.

The attraction is simple: it’s easy to use, free, and money is transferred quickly. The unique identifier (the ID part) is linked to your bank account; you only need a mobile number or ABN to send and receive money.

According to the Australian Banking Association, it’s also one of the most important steps customers can take to prevent scams.

But the mobile-friendly service hasn’t been immune to scammers, either. Even the tech-savvy younger generation - least likely to be caught in other financial scams - has been caught out.

With everything from fuel, utility, to grocery bills rising constantly, Australians are watching their pennies – cutting back on luxuries, leaving heaters off, adding more blankets in winter, and catching the bus instead of driving.

But food isn't just another bill—it's a necessity. We have to eat, ideally healthily - shunning fast food and snacks in favour of fruit and vegetables, lean meat and seafood. But with food prices increasing an average of eight percent a year (many items have risen a lot more), the grocery bill is taking a bigger and bigger slice out of household budgets each week.

Superannuation is our retirement safety net, a nest egg no one wants to access too early. But there are many reasons why you might need to do so, not the least of which is financial distress.

The Australian Financial Complaints Authority (AFCA) says the number of complaints involving delays in the handling of superannuation claims has jumped in the past year, from 18 percent of all complaints in 2022 to 24 percent in May 2023.

More than one million Australian families used childcare last year. If you were one of them, you know how expensive it has become.

After a six-month investigation, the Australian Consumer and Competition Commission (ACCC) handed down its interim report into the sector earlier this month.

The ACCC found that childcare fees were rising faster than inflation and wage growth, and government subsidies have failed to keep pace.

Ever wondered why your cup of coffee costs an extra 15 cents at one café and not another? Or why the service station advises that you will have to pay another 1.5 percent to use Visa or Mastercard?

It’s called a card surcharge - the amount a business charges to cover the cost of an electronic transaction, typically between 0.5 and 1.5 percent. While two-thirds of merchants absorbed this fee about five years ago, the use of debit and credit cards increased, and so has the number of businesses passing on the cost.