High court clears the way for cash bonus

Australians who were biting their nails during the high court cash bonus case can rest assured that they will get the $900 cash from Kevin Rudd and pals.

And for those who are planning to plough the money into a high-interest savings account rather than spending a few bucks for the Australian economy, treasurer Wayne Swan has insisted that they can do so without a guilty conscience.

However, news.com.au warns that while the cash bonus will be a godsend for those struggling to pay off home loans and credit cards, other new measures to help cut down their debts may sting those who bank with smaller institutions.

The Reserve Bank of Australia confirmed yesterday (April 5th) that Australia’s four largest banks have agreed to a 12-month reprieve on home loans and other debts owed on credit cards and personal loans.

However, around 20 per cent of home loan holders won’t feel the benefit because small banks, credit unions and building societies aren’t part of the deal.

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