Apple launches buy now, pay later feature for iPhone users
Credit cards banned for online gambling, company execs pocket 14% pay rise, and Apple/ANZ launch new payment plan option.
Here are five things you may have missed this week.
Credit cards banned for online gambling
This week saw credit cards banned from online gambling.
The ban extends to cards linked to cryptocurrencies like Bitcoin.
Companies who fail to enforce the ban may be liable for fines of up to $234,750.
Minister for Communications, Michelle Rowland, says, "Australians should not be gambling with money they do not have."
The new ban sees online punting finally catch up with in-person gambling, where credit cards have been banned for several decades.
Anna Bligh, CEO of the Australian Banking Association, says, "These new laws will overturn the absurd reality of someone not being able to use a credit card at the betting counter at a TAB outlet or pub - but still being able to sit at the same outlet and gamble on a betting app using a credit card."
Australians lose an estimated $25 billion on legal forms of gambling each year - the largest per capita losses in the world.
More than 22,000 Australians have excluded themselves from online wagering via BetStop, the National Self-Exclusion Register.
The National Gambling Helpline offers a counselling service on 1800 858 858.
How to get a 14% pay rise? Become a CEO
The last year has seen wages creep up at glacial speed, with pay packets rising just 4.1%.
But one group of workers have seen their base pay jump by almost four times that amount.
The latest annual Board and Executive Remuneration Report from the Governance Institute of Australia shows the fixed salaries of CEOs across ASX listed companies rose an average of 14% over the past year.
It takes the average base pay of an ASX 200 CEO to $1.37 million, up from $1.14 million last year.
The pay perks don't end there.
Around half the CEOs from all listed companies pocketed performance bonuses.
Governance Institute CEO, Megan Motto, says leaders of publicly listed companies are likely being remunerated for successes as the ASX reaches all-time highs.
She adds, "Against the backdrop of the cost-of-living crisis and with so many doing it tough, it might be hard for some to stomach these figures on an individual basis."
Motto notes that investors can make their voices heard if they're not happy about executive pay.
However, plenty of Aussie CEOs may feel shortchanged.
Tesla shareholders have just approved a $US56 billion ($84.4 billion) pay package for CEO Elon Musk.
Meanwhile, the rest of us can look forward to a modest 3.75% rise in the minimum wage from July 1.
Apple introduces buy now, pay later option
Apple is introducing a new iPhone feature - the option to pay by instalments, in what some experts believe is a new twist on buy now, pay later (BNPL).
The rollout of accessing instalments from credit and debit cards with Apple Pay will start with ANZ, and will only be available to the bank's existing credit card holders at this stage.
The new feature lets ANZ customers create repayment plans when using Apple Pay physically with their phone or in an app.
Do Australians really need another way to accumulate debt at a time when personal bankruptcies have soared 20% over the last 12 months?
Probably not.
The Bank of International Settlements (BIS) says Australia, together with Sweden, already has the highest adoption rates of BNPL in the world.
BIS also notes that the rise of BNPL has been chiefly driven by "young adults, who are typically heavily indebted and have low credit scores."
Apple's new feature comes as the BNPL industry in Australia faces stricter consumer vetting laws.
Boomers caught between helping out and funding retirement
New AMP research has found four in five baby boomers (aged 65-plus) understand that their adult kids face financial challenges.
But seven out of 10 are unwilling to lend a hand if it means compromising their retirement lifestyle.
The study highlights the conflicting priorities that retirees face.
As housing unaffordability and cost-of-living pressures rise, AMP Director, Retirement, Ben Hillier says, "Australia's burgeoning retiree population faces a growing dilemma - how do they help their kids financially, while also fully enjoying their retirement years?"
AMP found the preferred form of support over-65s are willing to offer is allowing their adult kids to live in the family home.
It's not such a bad deal.
Analysis by Finder shows that swapping flat-sharing for living at home rent-free can mean saving $16,000 annually.
Could you spot a tax scam? One in three can't
Nine in 10 Aussies say they are confident about spotting a scam, but new Commonwealth Bank research suggests otherwise.
As millions of people wait for a tax refund over the next few months, scammers will be keen to capitalise on the moment.
The nation's biggest bank is encouraging us to stay alert during tax season, as a YouGov survey revealed almost one in three of us fail to spot a tax scam.
James Roberts, CBA's general manager of group fraud, says, "Everyone should keep an eye out for text messages and emails impersonating myGov and the ATO.
"The major red flag for this type of scam is the link, which differs considerably from the official myGov and ATO website addresses."
If you're unsure, contact the organisation on a verified phone number or via their official website or app, otherwise delete the text.
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