PAKENHAM OFFICER
Thursday, 2 August, 2018
/pakenhamstarnews
pakenhamnews.starcommunity.com.au
@StarNews_SE
40¢ Inc. GST
Your leading local agents, builders and developers inside today's 18 page View Star Real Estate guide com.au
real estate
Proudly
W W
Deep in the red
Result: Pakenham Isuzu Ute pakenhamisuzuute.com.au
Car Megama
rt
Pakenham Isuzu UTE
PAKENHAM
e Rup R
d
Princes Fwy
Koo We
Sea rc you hing fo r ne xt c r ar
Visit Pakenham Isuzu UTE in order to find your dream Isuzu D-MAX or MU-X. Commercial Drive, Pakenham. Opposite Car Megamart
PH 03 5922 4111 LMCT 11501
Speaking at a White Ribbon event, author and retired police officer Carolyn Pethick lifted the veil on the blatant sexual discrimination, bullying and harassment that was an accepted part of police culture during her time in the force. Turn to page 11 for more. 183177 Picture: STEWART CHAMBERS
Curtains, Blinds & Shutters
Direct from manufactuter compare our unbeatable prices on... ROMANS, ROLLERS, CURTAINS, PLANTATION SHUTTERS, VENETIANS, PANEL GLIDES, VERTICALS...
UP TO
40% OFF
1142924-CB27-14
Pakenham has notched the dubious title of being Victoria’s bankruptcy capital. The suburb has the second highest rate of people declaring insolvency in Australia as a result of record mortgages, lacklustre wage growth and poor property investments. According to a report by credit information bureau Illion, 96 Pakenham residents collapsed into financial ruin in the past year to date. Berwick trailed closely behind with 65 people, the fifth highest figure in the state and a 30 per cent spike on the year prior. Excessive use of credit and loss of employment were also cited as contributing factors to the woeful statistic. Fitzpatricks Planning financial advisor Jon Fraser claimed the demographic of Pakenham - and other suburbs featuring in the top five - consisted of many young families and firsttime home buyers. He said they were most likely to struggle under the weight of heaving mortgages and illinformed financial decisions. “A lot of them are getting into the property market for the first time - particularly in Pakenham and Officer - and they’re making errors and suffering the consequences,” he said. “Their commitments are increasing, mort-
gages are reaching record highs, but the wage increases haven’t filled that void. “I think many chose to file bankruptcy and walk away, not realising the long-term repercussions.” Australian Bureau of Statistics (ABS) data supported Mr Fraser’s analysis, with those aged 24 and younger making up 36 per cent of Cardinia Shire’s population. According to the report, there was a 4 per cent increase in personal bankruptcies across the nation over the past financial year — with 32,350 Australians declaring themselves bankrupt. Chief executive of Illion, Simon Bligh, said rising debt levels and stagnant wage growth seaboard were a bad combination for consumers. “Consumer debt levels are rising steadily in Australia as a result of record mortgages and a surge in everyday essentials such as utilities, petrol and healthcare,” he said. “These factors, combined with weak wage growth, are putting pressure on the wallets of Australians.” Mr Bligh implored those suffering financial stress to carefully consider their options before declaring bankruptcy. “Bankruptcy has long-term effects on a person’s financial position such as impacting their ability to borrow or even rent a home,” he said. 12386172-EPJ18-18
By Rowan Forster
Call 9796 1101
to arrange a quotation from your local Blinds expert or visit our showroom: 22-24 Intrepid St., Berwick.
“Our passion is the latest fashion” email: info@interluxdesign.com www.interluxdesign.com