Anyone who’s ever been to an Outback Steakhouse knows the difference between a Bloke and a Sheila, and probably that Foster’s is Australian for beer. Below are a few more terms from our friends in the southern hemisphere.
Australian Securities and Investments Commission (ASIC)
The government regulatory body that enforces company and financial services laws to protect consumers, investors, and creditors.
Australian Taxation Office (ATO)
The government’s principal revenue collection agency. Its role is to manage and shape tax, excise, and the superannuation systems.
A period during which purchasers of a good or service have the opportunity of deciding not to proceed with a transaction. If this occurs then any money paid out for the transaction is refunded.
The amount of an insurance claim which the individual is required to pay before the insurer becomes liable to pay on the claim. This amount is specified in the insurance policy.
Interest Free Period
The time allowed, usually 55 days, in which new credit card purchases can be paid off without being charged interest, provided there are no unpaid amounts on the card from previous payment periods.