Increase Your Chance at Car Loan Approval

Loans For Cars :: News

Share this news item!

Minister Tightens the Net Around Financial Scams

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"Labeling victims as foolish individuals who deserve what they get is an outdated perspective," Jones challenged, dismissing an ancient attitude toward those who fall prey to scams.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
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Rate this article

0 Comments

No comments yet. Be the first to share your thoughts.

Finance News

Electric Vehicles Capture 20% of Australian New Car Market

11 Jun 2026: Paige Estritori

In May 2026, electric vehicles (EVs) achieved a significant milestone in Australia, accounting for 20% of all new car sales. This development indicates a substantial shift in consumer preferences towards more sustainable transportation options. - read more

ASIC Calls for Enhanced Standards in Auto Finance Lending

11 Jun 2026: Paige Estritori

The Australian Securities and Investments Commission (ASIC) has conducted a comprehensive review of the motor vehicle finance sector, uncovering significant concerns regarding lending practices. This examination has highlighted issues such as exorbitant establishment fees and a troubling rate of early loan defaults, raising questions about the adequacy of current lending standards. - read more

Electric Vehicle Financing Defies Market Trends with 48% Growth

04 Jun 2026: Paige Estritori

In a remarkable development, electric vehicle (EV) financing in Australia has experienced a 48% year-on-year increase, even as the overall motor finance market saw a 3% decline. This data, released by the Australian Finance Industry Association (AFIA), underscores a significant shift in consumer preferences towards sustainable transportation options. - read more

Understanding the Impact of RBA's Rate Hikes on Your Borrowing Power

04 Jun 2026: Paige Estritori

The Reserve Bank of Australia (RBA) has implemented three consecutive rate hikes in 2026, bringing the official cash rate to 4.35%. With the next RBA board meeting scheduled for 16 June, borrowers across Australia are keenly awaiting potential further changes and their implications. - read more

Toyota Expands Electric Vehicle Offerings with Hilux BEV and bZ4X Touring

28 May 2026: Paige Estritori

Toyota has made significant strides in the Australian electric vehicle (EV) market with the recent launch of the Hilux BEV and the bZ4X Touring. These additions reflect Toyota's commitment to providing a diverse range of low-emission vehicles tailored to various consumer preferences. - read more

Electric Vehicles Capture 16.4% of Australian New Car Sales in April 2026

20 May 2026: Paige Estritori

In April 2026, electric vehicles (EVs) accounted for 16.4% of all new car sales in Australia, marking a significant milestone in the nation's automotive market. This equates to approximately one in every six new vehicles sold being electric, highlighting a rapid shift towards sustainable transportation. - read more

Australian Dwelling Finance Approvals Experience 3.8% Decline in First Quarter of 2026

20 May 2026: Paige Estritori

The Australian housing finance sector has witnessed a significant downturn, with new dwelling finance approvals falling by 3.8% in the first quarter of 2026. This marks the largest quarterly decline in three years, signaling potential challenges within the housing market. - read more

Click for more Finance News

Car Loans Articles

The Pros and Cons of Refinancing Your Car Loan

Car loan refinancing involves taking out a new loan to pay off an existing car loan. This can be done with the same lender or a different one. The primary goal is often to secure better interest rates, alter the loan term, or reduce monthly payments. - read more

How Auto Loan Pre-Approval Can Simplify Your Car Buying Journey

Buying a car, especially for the first time, can be an exciting milestone. It's not just about finding a vehicle that suits your needs and lifestyle—it’s also about navigating the financial journey that accompanies it. One crucial part of this process is understanding auto loan pre-approval. - read more

Your Ultimate Guide to Car Finance in Australia: Top Tips for Finding the Best Deals

Car finance in Australia presents a myriad of options for those looking to purchase a vehicle through a payment plan. Understanding how car finance works is crucial to navigating this complex landscape and finding a deal that aligns with your financial goals. From loans offered by banks and credit unions to dealer financing and specialised car finance companies, the choices are extensive. - read more

Loans for Cars: Finding the Best Financing Options

The cost of buying a car is a major financial commitment, so it's important to consider all of your options before making a purchase. In this article, we look at some of the pros and cons of the most common car financing options, including leasing, hire purchase and paying cash, and what difference it makes whether you are buying a new or used vehicle. - read more

Loans for Cars: Understanding the Impact of Your Credit History

If you're in the market for a new car, you may be wondering if you can get a loan with poor credit. The answer is yes, but it's important to understand the impact that your credit history can have on the loan process. - read more

The Ultimate Guide to Fast Track Your Car Loan in Australia

Welcome to The Ultimate Guide to Fast Track Your Car Loan in Australia, designed to help you navigate the exciting journey of buying a car for the first time. Buying a car is a significant milestone, and securing the right finance can make all the difference. - read more

Self-Employed? Here's How You Can Qualify for a Car Loan in Australia

Stepping into the world of self-employment can be a profoundly liberating experience, offering greater flexibility and the potential for financial independence. However, when it comes to securing finance for substantial purchases like a vehicle, self-employed individuals may face unique hurdles. Traditional lenders often favor those with a stable employment history and regular income statements, which can put the self-employed at a disadvantage. - read more

Start Here !

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Blue Chip Stock:
Shares in a large, reputable, and financially stable company with a history of reliable earnings and dividend payments.

This website is owned and operated by Clark Family Pty Ltd (ACN 010 281 008) as Trustee for the Clark Family Trust (ABN 35 957 893 714), 43 Larch Street Tallebudgera QLD 4228. Clark Family Pty Ltd is an Authorised Representative (AR 1298860) of Unique Group Broker Services Pty Ltd (AFSL 509434) for financial product referrals and an Authorised Credit Representative (ACR 401491) of Saccasan Pty Ltd (ACL 386297). Check our licensing details on the ASIC registers: Clark Family Pty Ltd ACR, Clark Family Pty Ltd AR, Saccasan Pty Ltd, Unique Group Broker Services.

IMPORTANT: We act solely as an introducer and refer enquiries to licensed third-party brokers, insurers, and lenders. We do not provide financial product advice or credit assistance. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for validating the legitimacy of our referral partners, you should independently verify the credentials and licensing of any adviser or provider you engage. Visit the ASIC website for further information.

Minister Tightens the Net Around Financial Scams

Minister Tightens the Net Around Financial Scams

Share this news item:

START HERE.