Sunday, June 17, 2007
1990s all over again
Tens of thousands of Australian families are raiding their superannuation savings to pay off personal debts. "These figures are more evidence that all is not rosy in the Australian economy. Interest rate increases and petrol prices are all taking their toll."The amount of money taken from superannuation accounts to pay off debt has quadrupled in five years -- going from A$35 million ($39.4 million) in 2001 to A$135.3 million last year, Australian media reported.