The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
The initiative to make financial advice both affordable and accessible has taken a center stage for the Albanese government, spurred by the urgency to shield citizens from escalating scam activities.
Over $2.74 billion vanished into scam schemes in Australia last year, with investment scams alone accounting for half that loss, according to the Treasury's official figures.
Speaking at the National Press Club in Canberra, Minister for Financial Services Stephen Jones underscored the focus on fighting scams as the government’s priority in the lead-up to the next federal election. The newly established National Anti-Scam Centre, buttressed by a $58 million allocation from the last federal budget, is central to these efforts.
Jones proudly cited the centre's early triumphs, mentioning that their pioneering "fusion cells" had catalyzed a 29% reduction in investment scam losses in the latter half of 2023. This achievement exemplifies the potential of government intervention in curbing scams rather than leaving the burden solely on consumer education or personal vigilance.
"Labeling victims as foolish individuals who deserve what they get is an outdated perspective," Jones challenged, dismissing an ancient attitude toward those who fall prey to scams. Recent trends have shown that intertwining financial advice reforms with anti-scam efforts can pay dividends.
Jones, in a recent interview shared with _Professional Planner_, voiced his concern that international crime syndicates perceive Australians as affluent yet financially naive, making them prime targets for scams. "We need obligated pathways to safe financial advice for everyday Australians," he said.
The minister emphasized the need for introducing streamlined, basic financial advice through credible sources such as banks, super funds, and insurance bodies. Such advice should provide solutions to commonplace inquiries surrounding inheritances, investments, or personal finance decisions.
"Currently, many Australians are left vulnerable because they lack access to places where they can find straightforward answers," Jones explained.
Moving onto enforcement strategy, Jones compared Australia's response to that of the UK, highlighting that along with financial institutions, telecommunications and social media companies will equally be held accountable in combating scams. He called out Silicon Valley giants, particularly Meta, over their complacency in allowing fraudulent advertisements that lead to scams proliferating on their platforms.
"It's unacceptable that these platforms profit while Australians get scammed," Jones criticized. His comments received mixed reactions, with some pressing that banks bear the primary responsibility.
Jones asserted, "While banks aren't absolved of their duties either, marginal financial bodies shouldn’t bear the same level of accountability as tech giants who host and benefit from these scam ads.” He emphasized that “digital platforms possess a moral duty to be part of this struggle against scams.”
Published:Thursday, 1st Aug 2024 Source: Paige Estritori
Please Note: If this information affects you, seek advice from a licensed professional.
The Australian Securities and Investments Commission (ASIC) has recently conducted a comprehensive review of the motor vehicle finance sector, uncovering significant issues that have raised concerns about consumer protection and industry practices. - read more
In a significant development for the motorcycle industry, KTM AG has successfully secured €600 million in funding, enabling the company to fulfill its restructuring plan and stabilize its financial position. - read more
MotorCycle Holdings Limited, a prominent player in the Australian motorcycle retail and wholesale sector, has announced a record-breaking sales revenue of $650 million for the fiscal year 2025. This figure represents an 11.6% increase compared to the previous year, underscoring the company's robust growth trajectory in a competitive market. - read more
MotorCycle Holdings Limited (MCH), a prominent player in the Australian motorcycle retail and wholesale sector, has announced a record-breaking sales revenue of $650 million for the fiscal year 2025. This figure represents an 11.6% increase compared to the previous year, underscoring the company's robust growth trajectory in a competitive market. - read more
Financing a motorcycle in Australia can be a helpful option for individuals who want to own their own bike but may not have the immediate funds to do so. Motorcycle financing allows you to spread out the cost of the purchase over a period of time, making it more affordable and manageable. - read more
Motorcycle loans have become an essential financial tool for many Australians looking to hit the open road on two wheels. With a growing popularity of motorcycles, understanding the ins and outs of financing these vehicles is crucial. In Australia, there are various loan options available, each tailored to different needs and circumstances. - read more
Welcome to the exhilarating world of motorcycle riding! Whether you're attracted by the sense of freedom, the adventure, or the efficiency motorcycles offer, joining the community of riders is an exciting step. However, purchasing your first motorcycle can be a daunting experience. - read more
For motorcycle enthusiasts, owning and maintaining a bike is not just a hobby; it's a way of life. However, the financial aspects of this passion can sometimes be overwhelming. That's where budgeting comes into play. - read more
Start Here
Knowledgebase
Debt Consolidation: Debt consolidation usually involves negotiating a new loan to pay other existing loans in order to get more favourable interest rates and terms.
