Commission for Ecumenism & Interfaith Dialogue

Sure thing: reducing debt best bet for the Cup


The NSW Council of Churches is calling on punters to walk past the TAB and into their bank to place a bet on something sure - reducing personal debt.

“Our advice is simple - the only real winners on Melbourne Cup Day are the bookies and the TAB," The NSW Council of Churches President Rev Richard Quadrio said. “With people drowning in a trifecta of personal, credit card and mortgage debt, the only hot tip this year is to think about reducing debt.”

Rev Quadrio said that although Australians currently owe more than $1 trillion in home mortgages and in excess of $40 billion on credit cards, more than $100 million will be bet on the Melbourne Cup tomorrow in NSW and Victoria alone.

"The only sure bet is that most of this money will be lost by punters and won by the gambling industry," Rev Quadrio said.

"Churches and welfare organisations are reporting increasing numbers of people struggling to pay the bills and feed their families because of debt. In this context the church calls on all Australians to think about using their money to pay back debt, rather than losing it on a horserace." 

Visit The NSW Council of Churches


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