Economic update - Home Loan Clampdown on the Cards

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Australia’s housing boom has continued to steam ahead over recent months. The persistent strength in the housing market has prompted concerns that the price increases and credit growth are unsustainable and that action needs to be taken by regulators.

Find out what form of adjustments are likely to be taken by the regulators to prevent the build up of future risks in the financial system.

Most income streams are sourced from account based pensions and insurance companies (annuities) with the same and concessional tax structure for both.
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The rate of social security payments are affected by an asset and income test. Generally, the test that results in a lower payment is what determines the rate payable.
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A Regulation has now been registered to increase the age when the work test will apply to 67 and also the upper age limit for spouse contributions to 75.
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Information current as at 15 June 2020. © Westpac Financial Services Limited 2020.