5 million+ struggle with mortgage payments

New nationwide research released by ASIC’s Moneysmart reveals that 47% of Australian adults with debt, the equivalent of 5.8 million people, have struggled to make repayments in the last 12 months.

Alarmingly, the research revealed that more than half surveyed, said they are not aware that they are entitled to ask their bank or lender for financial hardship assistance and just one in five said they had ever sought financial hardship assistance. Around 30% also stated that they would not seek a hardship assistance arrangement from their bank or lender and instead sell assets or get a second job rather than talking to their bank.

Note: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.

Schedule a consultation with a business expert.

Get expert advice

At Latter Kennedy, we do more than just financial services and tax returns. Schedule an obligation-free consultation and let us help you to get back on track to achieving your accounting, business and taxation goals.

Schedule a Consultation
lk images 87
View all Insights
  • photo collage new travel & meal rates

    New reasonable travel and overtime meal rates

    The ATO has released its updated reasonable travel and overtime meal allowance rates for the 2026–27 income year in Taxation Determination TD 2026/4. The overtime meal allowance has increased to $40.00, while the reasonable amounts for domestic and overseas travel have also been updated based on salary levels and travel destinations. Although these figures are widely publicised each year, they…

    Taxation
  • pexels artful homes 921250275 20208884

    SMSF and property – preparing for a smooth audit

    For many SMSF trustees, property is one of the most significant assets held by their SMSF. Unlike personally owned assets, there is a legal requirement that all SMSF assets are valued each 30 June. This can be a simple process for assets that have a ready market like listed shares, however the process for other assets like property can be…

    Superannuation
  • pexels ann h 45017 38787318

    Discretionary trusts and the proposed 30% minimum tax

    Discretionary trusts, often referred to as family trusts, have been a popular structure for Australian families and businesses for many decades. They are commonly used to operate family businesses, hold investments and assist with succession planning. Their flexibility, together with asset protection and estate planning benefits, has made them an attractive option for many groups. In the 2026–27 Federal Budget,…

    Taxation
View all Insights