Australians should use their tax return to reduce debt rather than spending it frivolously, the nation’s largest credit union says.

Credit Union Australia (CUA) acting chief executive Rob Nicholls said consumers should repay existing debt in the current economic climate or invest the tax return for future growth.

“While those shoes or new pair of jeans may be a `must have’ today, there are better ways to spend a tax return that could provide you with an endless shoe or jeans collection in years to come,” Mr Nicholls said.

There were obvious ways for Australians to use their tax return including to reduce debt, Mr Nicholls said.
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