Sunday 22 January 2023

Australia news live: warning over ‘insidious’ new ATO scam, economists say interest rate hikes risk recession

Scammers are directly targeting Australians who have posted publicly about experiencing problems with the ATO or the myGov site. Follow the day’s news live

One of the nation’s biggest consultancy firms has painted a bleak picture for the year ahead, saying Australians are at the mercy of the central bank while warning of a possible recession.

Deloitte Access Economics says economic growth will slow dramatically in 2023 as the consumer-led recovery runs out of steam.

Any further increases in the cash rate beyond the current 3.1% could unnecessarily tip Australia into recession in 2023.

At the same time, real household disposable income per capita – a key measure of prosperity – is falling, and will finish the current financial year at levels last seen before the onset of the pandemic.

My job is to make sure that we’re doing what we can to provide that cost of living relief and grow the economy the right way, without adding to this inflation challenge. Our expectation is that the Australian economy will continue to grow.

They then hijack the conversation using a fake ATO profile, contacting the member of the public directly with an offer to help resolve a complaint or follow up on a comment. After earning their trust, the scammer asks them to click on a link or provide personal details.

Fake tax officer accounts on Twitter and Facebook can be extremely convincing, which is what makes this scam so insidious. The tax office will never ask for personal information over social media and never send links that ask you to fill out your personal information like your tax file number, myGov log in or bank account details.

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from World news | The Guardian https://ift.tt/kAWs54I

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