Australians expecting a tax refund this year are most likely using it to pay down their mortgage or credit cards, a new survey has revealed.
The survey, conducted by Homeloans, found that more than 64% of Australians expect to receive a tax refund from the 2013/14 financial year. Of those, 21% say they will use the refund to pay down their mortgage while 33% said they would pay down other debt, such as their credit card.
While ABS statistics from May show that household debt in Australia is at its highest level since 1988, Homeloans national marketing manager Will Keall argued that Australians had a healthy view toward paying down debt.
"The results of our survey show that far from being irresponsible with their money, Australians are aware of the need to get their debt under control, while shopping and holidaying are secondary considerations,” Keall said.