According to Angus Hanton of think tank Intergenerational Foundation this is because the interest racks up for higher earners at such a rate there will be some years when, despite making the required repayments, their total balance grows. He said the arrangement then becomes more "akin to a tax".

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But both Schlumberger and Baker said they expected activity in international markets to rebound in the current quarter, despite recent signs from industry data that global oilfield activity could be slowing because of uncertainty about the world economy.

The press note said further details of the two infringement notices will be published in the ASIC Gazette.

Attempt missed. Michael Carrick (Manchester United) right footed shot from outside the box is close, but misses to the right.