Some 16% of women and 8% of men will suffer from financial abuse in their lifetimes, an annual toll estimated at $5.7bn
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The child support system should be overhauled so that parents who fail to pay can be chased by the Australian Taxation Office for the debt, and insurers and superannuation companies should introduce safeguards to stop perpetrators of domestic violence profiting financially from the deaths of their victims, a parliamentary committee has recommended.
The 61 recommendations, tabled by the parliamentary joint standing committee on corporations and financial services, would see sweeping reforms of the banking, superannuation, insurance, taxation, child support and legal systems, in a bid to stamp out financial abuse.
