Join our mailing list to stay informed!
Posted by Revive Financial on May 30, 2017 10:45:00 AM

The mining boom was the modern day gold rush in Australia. The promise of job security and high wages lured people away from their run of the mill lives to live the highlife as a mining professional. As the industry battles change, many mines are falling short on their promises leaving thousands of people out of work and in a tedious financial position.

From the High Life to the Debt Pit

Thousands of miners are being forced to make the adjustment from a six figure salary to little or no income as the world energy industry turns on its head. Mines are being closed and mining units and teams are being made redundant leading to a mass loss of jobs. People who purchased property, cars and other large investments suddenly find themselves struggling to make repayments, unable to sell and spiralling into serious debt.

Everyday bills are no longer affordable and repayments on huge investments like cars and property are placing a huge strain on day to day living. Serious debt like this can impact every aspect of life including your ability to find work, relationships and even your health. The stress caused by financial strain can lead to anxiety and depression and is even known to manifest as physical ailments, such as stomach ulcers and severe migraines.

How it Can Happen


Gladstone, the latest Queensland town to succumb to the mining industry, is facing a serious problem, not only for the miners who have lost jobs, but also those who thought wise to invest in property during the boom.

According to Domain economist Dr Andrew Wilson, median house prices in Gladstone spiked at $475,000 in December 2011. Five years later, the median price is $300,000 and with the mining company now struggling to shift its product, this once hot investment market is now non-existent.

Miners who have lost their jobs are moving away as the cost of living remains high and people who bought property as an investment can't find tenants to move in, leaving them with expensive mortgage repayments for a house with negative equity.


Business Helping with the Financial Shock

Luckily, businesses exist to genuinely help people deal with their financial shock. Whether they have suffered an extreme loss of income or are stuck with an investment property they can no longer afford, Debt Rescue can help get your finances back on track.

There are a number of options available to help people deal with financial change and manage their debt without having to declare bankruptcy. Some of these options include debt consolidation through mortgage refinancing, formal and informal debt agreements, budgeting and money management.

What to do Next

Each and every person will be struggling through their own unique circumstances - no two debts are the same. There is no one size fits all solution to debt. That is why Revive Financial takes the time to learn about your situation and customise a solution for you.

If you are struggling to get by week-to-week, falling behind on regular repayments or don't know how to adjust to a massive loss of income, call us today on 1800 534 534 and speak to one of our experienced case managers.

Topics: News, Personal Debt

How Can We Assist You Today?

Personal Debt Icon Personal
Business Debt Icon Business
Please select an assistance option to continue.

Types Of Unsecured Debts

Credit Card Icon Credit/Store Cards
Personal Loan Icon Personal Loan
Pay Day Loan Icon Pay Day Loan
Tax Debt Icon Tax Debt
Disconnected Utilities Icon Utility Bill
Other Debts Icon Other
Please select at least one type of unsecured debt.

Your Business Structure

Sole Trader Icon Sole Trader
Partnership Icon Partnership
Company Icon Pty Ltd Company
Tax Debt Icon Trust
Please select at business structure to continue.

Unsecured Debt Amount


Business Debt Amount


Take Back Control Today!

First Name

Last Name


Phone Number

Phone number must be 10-digits long and begin with a 0. (e.g. 04 1234 5678)

Post Code

Post code must be 4-digits long (e.g. 4567)

Some of your details appear incorrect.
Please update the highlighted fields and re-submit.


You’ve taken the first step to steer your business back to viability

Let’s keep the momentum going, take the second step by linking your Xero account now.


You've taken the first step to becoming debt free

Let's keep the momentum going, take the second step now and complete the assessment form.

By submitting this form you acknowledge that you have read and accept our Privacy Policy