Money & Banking

Meet the grandparents giving a unique gift to their grandkids for Christmas

The Wallis family are one of many who are steering away from traditional Christmas presents for their grandchildren. Instead of standard presents, Grandpa John and Grandma Chris have found a way to invest in their grandchildren to make a difference in their future. "These days kids have got so much they don't really need a lot more stuff," John Wallis told <a href="https://www.9news.com.au/national/the-grandparents-giving-investments-instead-of-presents-this-year/8c4307f7-0ee3-45d2-acfa-50814d18abde" target="_blank" rel="noopener">9News</a>. Instead of buying gifts for their grandkids, the Wallis' give something to their offspring all year round. "We give a monthly donor a contribution, so $25 each to the six grandchildren each month, and then the fund gets topped up occasionally by uncles and aunts." This kind of unique investment is part of a growing trend for baby boomers to help them invest in their grandchildren's futures. "We are seeing a real rise in those over 60 years, about 25 per cent increase in Australians over 60 opening a kids account," a spokesperson for Vanguard Australia said. Vanguard isn't the only platform, with many banks offering trust accounts for minors, with other portfolios designed for children include online adviser Stockspot and micro-investing platform Raiz. "Even if it was $10 or $15 a month, putting money aside adds up," Chris Wallis said. Image credits: Nine

Money & Banking

Olivia Newton-John's iconic leather jacket sells for astonishing price

Olivia Newton-John's iconic leather jacket that she wore in the classic 1978 musical Grease has sold at auction for almost a million dollars. The biker jacket was sold to a private buyer in Los Angeles for an astonishing USD $476,250 (AU $749,645.84). It had been expected to sell for around $US80,000 — $100,000 ($125,924 —$157,405). It was just one of the many collectors items once owned by the late actress that was sold in the auction Property From the Estate of Olivia Newton-John. Other items up for grabs included her 2002 ARIA Hall of Fame Award, which sold for AU $20,000, her 2014 passport, her turquoise baby grand piano, and a copy of a handwritten speech she once gave. A portion of the proceeds will go to The Olivia Newton-John Foundation Fund — a fund dedicated to researching plant medicine and cancer. The actress originally sold the jacket for a whopping AU $587,000 in 2019 through an auction house, and the buyer shocked her by returning it. The leather jacket remained in her possession until her death in August 2022, after a brave decades-long battle with breast cancer. Image: CPC/THA/ Shutterstock Editorial

Money & Banking

Many people don’t get financial advice even though it can help ensure a comfortable retirement

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Many Australians, particularly those on lower incomes, are often characterised as <a href="https://www.mpmwm.com.au/latest-news/50475">lacking knowledge or interest</a> in superannuation. <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">Research</a> by the Association of Superannuation Funds of Australia (ASFA) confirms this. It found only 51% have sought any sort of financial advice before retiring. Financial advice plays a critical role in helping people maximise their super. But most of us don’t seek professional guidance. To make matters worse, <a href="https://www.theaustralian.com.au/business/wealth/retirement-and-superannuation-questions-not-being-asked/news-story/cc2142c3b32c706ea6ff1dc99dab62a5">superannuation experts</a> say those with small amounts of super are the least likely to seek it. <h2>Financial literacy</h2> The failure of households to approach super like experienced asset managers is often attributed to <a href="https://treasury.gov.au/sites/default/files/2021-02/p2020-100554-ud00b_key_obs.pdf">poor financial literacy</a>. Better <a href="https://www.investopedia.com/terms/f/financial-literacy.asp#:%7E:text=%25%2025%25%200%25-,What%20Is%20Financial%20Literacy%3F,management%2C%20budgeting%2C%20and%20investing.">knowledge</a>, it is often reasoned, would help lower income households make financially savvy decisions. This would help give them a better chance of achieving a comfortable retirement. Getting professional advice about managing retirement savings is a first step towards knowing what you don’t know. Learning to trust independent advice can optimise risk and returns, even if those decisions conflict with our instincts. ASFA <a href="https://www.superannuation.asn.au/wp-content/uploads/2024/09/Research-Note-Survey-on-superannuation-and-retirement-Advice-Sept-2024.pdf#_msdynmkt_linkid=48e751d5-debe-4eb2-9309-4bc96b01930a">research</a> found while trust in super funds was relatively high, only 12% sought information or advice from the funds. <h2>Career interruptions</h2> Some households might have little superannuation because their hourly wages are low and they have long breaks from the workforce. This might be due to raising children, personal illness or caring for others. Instead of being able to rely on public healthcare or pay others to provide this support, they are required to reduce or abandon paid work to do it themselves. This group consists overwhelmingly of <a href="https://www.wgea.gov.au/publications/superannuation-gender-pay-gaps-by-age-group">women</a> They are also unlikely to have benefited from high employer contribution rates, such as those of <a href="https://www.csc.gov.au/Members/Funds-and-products/PSSap">federal public servants</a> or university employees, who have long earned a standard 17%. <h2>Tax and other benefits</h2> Low balance households are also unlikely to have paid large sums into super to avoid income tax. <a href="https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-june-2024">One in every four dollars</a> contributed to super is deposited as voluntary contributions, which attract a low tax rate. But most of these low tax contributions are made by <a href="https://australiainstitute.org.au/wp-content/uploads/2024/06/P1527-Who-benefits-The-high-cost-of-super-tax-concessions-Web-1.pdf">the 20%</a> with the highest incomes. In fact, with <a href="https://povertyandinequality.acoss.org.au/inequality/">70% of superannuation assets owned by the wealthiest 20% of households</a>, low balance households have relatively little to gain. Research shows those with the <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0008/4630688/ri2023n03.pdf">lowest balances</a> believe superannuation is a largely a tool for high income earners to avoid tax. And while financial advice will always be more useful to those who are able to use <a href="https://www.commbank.com.au/articles/tax/five-ways-to-save-tax-using-superannuation.html">super as a tax minimisation strategy</a>, even for low-balance households – getting financial advice is worthwhile. Financial advice can help households choose investments that optimise the risk/return profile of superannuation at each stage of the life cycle. It can help avoid unnecessary fees and taxes and help people make the best decisions about <a href="https://www.investopedia.com/terms/d/drawdown.asp#:%7E:text=A%20drawdown%20in%20retirement%20is,known%20as%20a%20drawdown%20percentage.">spending in retirement</a> so they can get the most out of their super. <h2>Potential sticking points</h2> The <a href="https://www.royalcommission.gov.au/banking#:%7E:text=The%20Royal%20Commission%20into%20Misconduct,into%20misconduct%20in%20the%20banking%2C">2017 royal commission</a> into banking and finance misconduct revealed major conflicts of interest in the advice sector. This only made some people more wary about trusting a stranger with their life savings. At between $4,000 and $12,000 for a <a href="https://www.moneymag.com.au/financial-planning/learning/how-much-does-financial-advice-cost">personal financial plan</a>, independent financial advice is not cheap. There is free counselling to manage debts but there is no free, independent advice for longer-term financial planning. Recent <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">regulatory efforts</a> to better position superannuation funds to provide free financial advice to households will improve access for many. But these efforts won’t resolve the conflict of interest issue, given there is little incentive for funds to suggest investment strategies using other providers. This is particularly important during the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/retirement-withdrawal-lump-sum-or-income-stream">draw down phase</a>. This is where people start using their super which they receive as either a lump sum or income stream. The products offered by any single super fund to set this up are limited. Superannuation balances can be seriously eroded by <a href="https://www.ato.gov.au/calculators-and-tools/super-yoursuper-comparison-tool">unnecessary fees</a>, inappropriate investments and poorly planned <a href="https://www.superguide.com.au/in-retirement/minimum-pension-payments-reduced">draw down</a> strategies. This is particularly damaging when low balances are involved. <h2>Facing poverty in retirement</h2> As a result, failure to seek financial advice can increase the risk of elderly poverty, especially if people retire without having bought or paid off a home. Any savings that can be preserved can make a meaningful difference to the capacity of such households to have a dignified retirement. For these reasons, access to free and independent advice is critically important for the superannuation system to better serve low-balance households. But free, independent advice is still not available in the superannuation system. It is not surprising low-balance households are reticent to engage in super given the lack of accessible advice. But the peripheral role of low-balance households in a system dominated by Australia’s wealthiest households may play a role in that reticence as well.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/240207/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/antonia-settle-1019551">Antonia Settle</a>, Lecturer, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/many-people-dont-get-financial-advice-even-though-it-can-help-ensure-a-comfortable-retirement-240207">original article</a>. </div>

Money & Banking

Former Nine CEO's new major role

Former Nine Entertainment chief executive Hugh Marks has been appointed the new managing director of the ABC. Marks, who was the chief executive of Nine Entertainment from 2015 to 2020 will replace the ABC's current managing director, David Anderson, who resigned from the position a year after being re-appointed for a second five-year term. Following an “extensive” domestic and international search for a replacement, the ABC board voted unanimously for Marks to take on the role, with ABC chair Kim Williams describing Marks as "an unusually good fit" for the national broadcaster. He added that Marks’ experience was “critical” for the broadcaster’s future. Marks said he was "energised" about leading the ABC. "All Australians, when they want to know the truth, or the facts, or at least the different perspectives on an issue so that they're informed, know that they can come to the ABC and trust that it's that place that they're going to get [that]," he said. When asked about his top priorities, he said: "We should just focus [on]: What is it that we can do well? How can we do it well?" "Focusing on those things and making choices to prioritise on the things that you can do well, I think, is a discussion we're all going to have to have." Image: ABC

Money & Banking

Ash Barty loses high-profile Optus job

Ash Barty has lost her job as Optus' Chief of inspiration. The Grand Slam tennis champion signed on with the telecommunications company as one of their ambassadors in September 2022, just months after announcing her retirement from tennis. “The decision was taken as we looked to rebuild customer trust and focus on the fundamentals that we know are important to them – a resilient network, great value products and services, and simple, efficient customer service,” an Optus spokesperson told the Australian Financial Review. The telecommunications giant quietly made the move this year, and also parted ways with ex-F1 star Daniel Ricciardo, who was their Chief of Optimism. The role included fronting several campaigns for the brand and featuring in viral stunts. Both stars have updated their LinkedIn accounts to reflect their departure from the jobs. Barty had the role for two years, while Ricciardo was appointed as the Chief of Optimism in September 2020. The Australian Financial Review’s Myriam Robin described Optus’ move as a “one-two kick in the guts for Daniel”, who was cut by Red Bull’s junior team VCARB earlier this year. Optus' move away from Barty and Ricciardo comes after the company's former chief executive Kelly Bayer Rosmarin was replaced by Stephen Rue in September. While Barty lost her job at the telecommunications company, she is still listed as the Women's Tennis Association's National Indigenous Tennis Ambassador on LinkedIn. Since her retirement from tennis at the peak of her career, she has worked as a commentator for Stan during the Paris Olympics, released a series of children's books as part of her Little Ash series, and a tennis-themed book for kids called Tennis Camp Diaries. Image: Instagram

Money & Banking

When a casual punt turns into addictive gambling – how to ensure it won’t really cost you

Gambling is a real and growing problem. Left unchecked, the occasional punt can quickly develop into an addiction, with devastating effects on finances and relationships. Debts can spiral and the stress causes marriages to fail and other relationships to splinter. <a href="https://www.monash.edu/medicine/news/latest/2022-articles/gambling-and-homelessness-a-growing-problem-amongst-older-australians">Research published in 2022 by Monash University</a> also found that gambling and homelessness are “interconnected”, singling out senior Australians as most in the firing line. Before things devolve to that level, consider these steps for putting boundaries around your – or your partner’s – gambling. Remember: Big business is big for a reason In 2023, the <a href="https://www.aihw.gov.au/reports/australias-welfare/gambling">Australian Institute of Health and Welfare (AIHW)</a> noted that “Australians lose approximately $25 billion on legal forms of gambling each year, representing the largest per capita losses in the world”. That equates to every single Aussie losing $909 annually. The reality is these companies exist to make money – and skew the odds in their favour, not yours. Keep that in mind the next time you’re tempted to try your “luck”. Stay active For some people, especially retirees, gambling becomes something to pass the time and get them out of the house. However, you needn’t gamble your money away to keep boredom at bay. There are healthier and more productive ways to do this. For example, there are a myriad of social, sporting, and recreational groups for seniors and retirees. A lack of work commitments offers the flexibility to indulge in travel, both within Australia and overseas. Take the opportunity to socialise with friends and family. Turn your hobby or side hustle into a proper business. Or get a dog you can take for long walks. The possibilities are endless… Don’t punt with what you can’t afford to lose Gambling with a bit of money you have specifically put aside for leisure activities is one thing; gambling your life savings or money needed for essentials like food, bills and keeping a roof over your head is quite another. Having lost that essential money, problem gamblers often become desperate to try and win it back – begging, borrowing or even stealing more, with the repercussions quickly spiralling out of control as that money is often lost too. If you must gamble, only gamble what you can afford to lose: have a budgeted amount and stick to it no matter what. Anyone who deep-down knows they aren’t disciplined with their money would be wise to think twice altogether. Never borrow to gamble As a rule of thumb, money that comes with a cost attached to it should only ever be spent on things that will make more money in the long run, like buying a home or investing. When it comes to gambling, always use your free cash. Money you have borrowed, redrawn from your home loan, or racked up on your credit card will have to be repaid eventually – with interest on top. Choose a place and a time “Most people using gambling machines are older Australians,” <a href="https://www.monash.edu/medicine/news/latest/2022-articles/gambling-and-homelessness-a-growing-problem-amongst-older-australians">Monash University’s Associate Professor Charles Livingstone says</a>. This type of gambling is where things can easily turn sinister. To help keep things in check, limit your gambling to special occasions or events. That might be a flutter on the Melbourne Cup, a game of two-up on ANZAC Day, or a Lotto ticket as a birthday treat. It will mean more if it is tied to something special and an experience you can share with loved ones. Which leads into our next point: Avoid gambling alone Gambling by yourself can be a recipe for disaster. You don’t have a second pair of eyes over what you are doing or that trusted person to step in and say, ‘that’s enough’. In fact, I recommend couples always take a joint approach to their finances, regardless of whether gambling is involved. Leaving all the “money stuff” up to one of you means less accountability and opens the door for shared money and assets to be used improperly. Ask for help If you recognise things are getting out of hand, don’t suffer in silence. Talk things through with your partner, adult children or a trusted friend. Alternatively, contact <a href="https://www.gamblinghelponline.org.au/">Gambling Help Online</a> (1800 858 858) for free support 24/7 right across Australia. The sooner you get help, the faster you can limit the fallout and get things back under control! Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754. Image credits: Shutterstock

Money & Banking

Aussies reveal their opinion on a "good" salary

A financial content creator has asked everyday Aussies to share their thoughts on what they consider to be a "good" salary in 2024. Hannah took to TikTok and posed the question, “What is a number that if you slapped it on your salary you would be like ‘I am happy with this, I don’t mind if it never goes up again. This is a good salary’?” “Because I think everybody’s opinion is different in this, I know mine certainly was. Somebody told me the other day that their good salary was $270,000, I would say that is extreme for me, but that’s just my personal opinion.” Her question sparked an influx of comments with many varying responses, with people's answers ranging from $80,000 up to a whopping $500,000 as a good salary for Aussies in 2024. One commenter said they would be “happy” with $80,000 to $90,000, while another agreed they would be “comfortable” with $80,000 but would consider $120,000 a “good” salary. Many others said that they would be happy in the $110,000 to $130,000 range, but there were conditions, such as not having to manage people and not having any HECS debt. “I’m currently on $110k-$120k and honestly I struggle to have any fun money while having savings, good super and investments which is why I want more! So my preference would be $250k,” one person said. Some said their answer depended on whether or not children were in the mix, as one person said their “ideal amount” would be $180,000, but that increased to $220,000 with kids. According to the latest figures from the Australian Bureau of Statics, the average yearly salary - calculated by dividing total earnings by the total number of people - has now hit $103,812. The median salary - or the “middle” earnings figure - for full time workers is $88,920. Image credits: Shutterstock

Money & Banking

Planning for old age? Here’s what the aged care changes mean for you

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/anam-bilgrami-1179543">Anam Bilgrami</a>, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Last week, Parliament passed sweeping reforms to Australia’s aged care system. These “<a href="https://www.health.gov.au/ministers/the-hon-anika-wells-mp/media/once-in-a-generation-aged-care-reforms">once-in-a-generation</a>” changes, set to begin next year on July 1, aim to improve how care is provided to older Australians at home, in their communities and in nursing homes. The new Aged Care Act focuses on <a href="https://insideageing.com.au/new-aged-care-act-passes-parliament-ushering-in-historic-reforms/">improving quality and safety, protecting the rights</a> of older people and ensuring <a href="https://www.myagedcare.gov.au/news-and-updates/big-changes-aged-care-sector">the financial sustainability</a> of aged care providers. A key change is the introduction of a new payment system, requiring wealthier people to contribute more for non-clinical services. If you – or a loved one – are planning for aged care, here’s what the changes could mean for you. <h2>What to expect from the home care overhaul</h2> Over the past decade, there’s been a noticeable shift towards “ageing at home”. The number of Australians using home care has <a href="https://www.gen-agedcaredata.gov.au/getmedia/2fbaacd8-1fbf-4ef5-ab1c-72dfc4c727bf/People-using-aged-care-fact-sheet-2023.pdf?ext=.pdf">more than quadrupled</a>, surpassing those in nursing homes. To meet growing demand, the government is adding <a href="https://www.health.gov.au/ministers/the-hon-anika-wells-mp/media/press-conference-parliament-house-25-november?language=en">107,000 home care places</a> over the next two years, with a goal to reduce wait times to just three months. Starting July 1 2025, <a href="https://www.health.gov.au/our-work/support-at-home/about">Support at Home</a> will replace the <a href="https://www.myagedcare.gov.au/help-at-home/home-care-packages">Home Care Packages</a> program. The table below shows some of the key differences between these two programs. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=546&fit=crop&dpr=1 600w, https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=546&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=546&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=686&fit=crop&dpr=1 754w, https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=686&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/636472/original/file-20241205-19-phkljj.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=686&fit=crop&dpr=3 2262w" alt="" /></a><figcaption>Department of Health 2024</figcaption></figure> Home Care Packages are currently delivered under <a href="https://www.myagedcare.gov.au/help-at-home/home-care-packages">four annual government subsidy levels</a>, covering care and provider management costs. Under Support at Home, <a href="https://www.health.gov.au/our-work/support-at-home/features">the number of home care budget levels will double to eight</a>, with the highest level increasing to A$78,000. This aims to provide more tailored support and accommodate those needing higher levels of care. Under the new system, recipients will receive quarterly budgets aligned to their funding level and work with their chosen provider to allocate funds across <a href="https://www.health.gov.au/sites/default/files/2024-11/support-at-home-service-list.pdf">three broad service categories</a>: <ul> <li> clinical care, such as nursing or physiotherapy </li> <li> independence support, including personal care, transport and social support </li> <li> everyday living assistance, such as cleaning, gardening and meal delivery. </li> </ul> Clinical care services will be fully government-funded, as these are crucial to supporting health and keeping people out of hospitals. But recipients will contribute to the costs of independence and everyday living services under a new payment model, reflecting the government’s stance that these are services people have traditionally funded themselves over their lifetimes. This will replace the basic daily fee and income-tested care fee that some people currently pay. Contributions will vary by income and assets (based on the <a href="https://www.servicesaustralia.gov.au/who-can-get-age-pension?context=22526">age pension means test</a>) and by service type. Support at Home also includes additional funding for specific needs: <ul> <li> older Australians with less than three months to live will receive priority access to $25,000 in funding over 12 weeks </li> <li> up to $15,000 will be available for assistive technologies and home modifications, <a href="https://www.health.gov.au/sites/default/files/2024-09/support-at-home-fact-sheet.pdf">eliminating the need</a> to reserve home care budgets for these. </li> </ul> <h2>What if I or my loved one is already receiving a Home Care Package?</h2> If you were receiving a package, on the <a href="https://www.health.gov.au/our-work/hcp/about/how-it-works">waiting list</a>, or assessed as eligible for one on September 12 2024, the government’s “<a href="https://www.health.gov.au/ministers/the-hon-anika-wells-mp/media/once-in-a-generation-aged-care-reforms#:%7E:text=in%20aged%20care-,A%20no%20worse%20off%20principle%20will%20provide%20certainty%20to%20people,greater%20contribution%20to%20their%20care.&text=When%20Home%20Care%20participants%20transition,and%20retain%20any%20unspent%20funds.">no worse off</a>” principle guarantees you won’t pay more under the new system. Current recipients will have their Support at Home budget aligned with their existing package, and any unspent funds will roll over. <h2>How nursing home fees will change</h2> Australia’s nursing home sector is struggling financially, with <a href="https://www.australianageingagenda.com.au/executive/sectors-annual-financial-report-lands/">67% of providers</a> operating at a loss. To ensure sustainability and support upgrades to facilities, the government is introducing major funding changes. <h2>What stays the same?</h2> The Basic Daily Fee, that everyone in nursing homes pays, set at 85% of the basic age pension (currently <a href="https://www.health.gov.au/sites/default/files/2024-09/schedule-of-fees-and-charges-for-residential-and-home-care.pdf">$63.57 a day</a> or $23,200 annually), will not change. <h2>What’s changing?</h2> The government currently pays a Hotelling Supplement of $12.55 per day per resident to cover everyday living services like cleaning, catering and laundry ($4,581 annually). From July 1 2025, this supplement will become means-tested. Residents with annual incomes above $95,400 or assets exceeding $238,000 (or some combination of these) will <a href="https://www.health.gov.au/sites/default/files/2024-09/response-to-the-aged-care-taskforce-residential-care-contributions.pdf">contribute partially or fully</a> to this cost. Currently, residents with sufficient means also pay a means-tested care fee <a href="https://www.myagedcare.gov.au/aged-care-home-costs-and-fees">between $0–$403.24</a> per day. This will be replaced by a “<a href="https://www.health.gov.au/sites/default/files/2024-09/response-to-the-aged-care-taskforce-residential-care-contributions.pdf">non-clinical care contribution</a>”, capped at $101.16 daily and payable for the first four years of care. Only those with assets above $502,981 or incomes above $131,279 (or some combination of these) will pay this contribution. Importantly, no one will pay more than $130,000 in combined contributions for Support at Home and non-clinical care in nursing homes over their lifetime. <h2>Changes to accommodation payments</h2> The way nursing home accommodation costs are paid is also changing from July 1 2025: <ul> <li> residents <a href="https://theconversation.com/lump-sum-daily-payments-or-a-combination-what-to-consider-when-paying-for-nursing-home-accommodation-207405">who pay</a> their room price via a refundable lump sum will have <a href="https://www.health.gov.au/sites/default/files/2024-09/response-to-the-aged-care-taskforce-accommodation-reform.pdf">2% of their payment retained annually</a> by the provider, up to a maximum of 10% over five years. For example, a $400,000 lump sum payment would result in $360,000 being refunded if a person stays five years or more, with the provider keeping $40,000 </li> <li> <a href="https://www.health.gov.au/sites/default/files/2024-09/response-to-the-aged-care-taskforce-accommodation-reform.pdf">daily accommodation payments</a> (a rent-style interest charge) will no longer remain fixed for the duration of a person’s nursing home stay. Instead, these payments will be indexed twice annually to the Consumer Price Index </li> <li> providers will be able to set room prices up to $750,000 without government approval, an increase from the current $550,000 limit. </li> </ul> People with lower means (those who are fully subsidised by the government for their accommodation costs) will not be affected by these changes. <h2>What if I own my home?</h2> The treatment of the family home in means testing for nursing home costs will <a href="https://www.health.gov.au/sites/default/files/2024-09/response-to-the-aged-care-taskforce-residential-care-contributions.pdf">remain unchanged</a>. Its value is only assessed if no “protected person” (such as a spouse) lives in it, and even then, it’s capped at $206,039 (as at September 20 2024). <h2>What happens to current nursing home residents?</h2> The new rules for contributions and accommodation will apply only to those entering nursing homes from July 1 2025. Existing residents will maintain their current arrangements and be <a href="https://www.health.gov.au/ministers/the-hon-anika-wells-mp/media/once-in-a-generation-aged-care-reforms#:%7E:text=in%20aged%20care-,A%20no%20worse%20off%20principle%20will%20provide%20certainty%20to%20people,greater%20contribution%20to%20their%20care.&text=When%20Home%20Care%20participants%20transition,and%20retain%20any%20unspent%20funds.">no worse off</a>. <h2>Feeling overwhelmed?</h2> These reforms aim to improve care delivery, fairness and sustainability, with the government emphasising that many older Australians – particularly those with <a href="https://www.health.gov.au/ministers/the-hon-anika-wells-mp/media/once-in-a-generation-aged-care-reforms#:%7E:text=in%20aged%20care-,A%20no%20worse%20off%20principle%20will%20provide%20certainty%20to%20people,greater%20contribution%20to%20their%20care.&text=When%20Home%20Care%20participants%20transition,and%20retain%20any%20unspent%20funds.">lower incomes and assets</a> – will not pay more. The government has provided case studies to illustrate how <a href="https://www.health.gov.au/sites/default/files/2024-09/case-studies-support-at-home_0.pdf">home care</a> and <a href="https://www.health.gov.au/sites/default/files/2024-09/case-studies-residential-care_0.pdf">nursing home</a> costs will differ under the new system for people at various income and asset levels. Still, planning for aged care can be daunting. For more <a href="https://www.myagedcare.gov.au/financial-support-and-advice">tailored advice and support</a>, consider reaching out to financial advisors, <a href="https://www.servicesaustralia.gov.au/aged-care-specialist-officer-my-aged-care-face-to-face-services?context=55715">services</a>, or online tools to help you navigate the changes and make informed decisions.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244816/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/anam-bilgrami-1179543">Anam Bilgrami</a>, Senior Research Fellow, Macquarie University Centre for the Health Economy, <a href="https://theconversation.com/institutions/macquarie-university-1174">Macquarie University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/planning-for-old-age-heres-what-the-aged-care-changes-mean-for-you-244816">original article</a>. </div>

Money & Banking

Mystery couple pay off dozens of toy laybys ahead of Christmas

An anonymous couple has paid off the layby gifts for almost 100 Melbourne families at Toyworld Pakenham. The mystery secret Santa put the plan into motion almost six months ago, chipping away at layby balances for families at the toy store. The kind act was revealed on Wednesday, with tearful customers thanking the family. “My children are actually going to have a great Christmas, thank you to all these people,” customer and mum-of-two Melissa Roberson told 7NEWS through tears. “It’s going to help us significantly.” Toyworld employee Sandra Evans said: “I don’t know much about the family, all I know is that it’s a husband and wife and they’ve got four young children." “It’s been going for a while, so to hide that from everybody that comes in asking ‘can I put this on layby’, thinking 'you’re going to get this paid off soon’.” The couple were not the only ones who are trying to spread some Christmas cheer, last week a mystery Good Samaritan performed a similar act at Toyworld in Helensvale on the Gold Coast. Customer and mum Brooklyn Manu received a call saying a generous gentleman had walked in the store and told the manager he would pay off every layby item in the store - including the presents she was paying off for her children. “We were very teary-eyed, all of us were,” Toyworld manager Aleka Riggs said. “It’s a feel-good thing you don’t see a lot, it’s beyond kindness — really amazing someone would do that.” All those families have now saved thousands of dollars, and Riggs said: “Just thank you again, I can only imagine there are a lot of families that might be struggling to pay those laybys off." Image: 7NEWS

Money & Banking

5 retirement derailers and how to avoid them

Retirement is often called our “golden years”, the time we can enjoy the fruits of our working lives. Not everything goes to plan, and five particular issues can derail even the best laid retirement plans – regardless of whether they hit before or post retirement. Avoiding the worst effects involves preparing for the worst and hoping for the best. Remember that good retirement planning involves impartial advice to identify risks, and strategies to address them, that you may not have considered. So, check in with your financial adviser, accountant and family lawyer to ensure you have all your bases covered. #1. Relationship breakdowns Separations and divorces see you shift from two incomes to one, joint assets are split (potentially even sold), and acrimonious splits result in costly legal battles. Furthermore, elder abuse affects one in six older Australians, the Australian Institute of Health and Welfare notes. Adult children, siblings and close friends are among the perpetrators. This could involve financial, physical, emotional or other forms of abuse and control. Solution: Maintain financial independence. Not everything has to be shared – it is good to have your own income, savings, superannuation and investments in addition to joint assets. A prenuptial agreement helps by outlining what each partner came into the relationship with. Open communication is crucial, as is active participation in financial decisions – two pairs of eyes are better than one. Keep super beneficiaries updated. I’ve seen people unwittingly gift their ex their super, leaving their current partner with nothing, because these details weren’t updated post-separation. #2. Partner’s premature death Sudden deaths from an accident, illness, natural disaster, crime or other unforeseen cause not only take someone before their time, but can cripple those left behind. This is especially true where the departed was the primary or sole breadwinner, often forcing their partner to retire much later. Solution: Don’t stick your head in the sand. Expect the unexpected and plan accordingly. Life insurance is perhaps the most obvious form of protection here. It can be taken out within your super, so it needn’t touch your everyday finances.Ensure everyone’s wills and estate planning are up-to-date and accessible, saving valuable time to finalise estate transfers and financial access for surviving beneficiaries. #3. Chronic health problem Whether it’s cancer, dementia (especially early on-set), or any other chronic condition, the problem here (over and above your health) is two-fold: healthcare costs suddenly soar, while ability to earn an income ceases – temporarily or permanently. You may even be forced into early retirement, draining your nest egg earlier than planned – doubly so if your partner also must retire to care for you. Solution: Have a plan B. Fallback options are invaluable, such as health insurance to offset medical costs and an emergency fund for paying bills while undergoing treatment. Don’t sell investments unless you absolutely have to – they can generate passive income now while offering longer-term capital growth. #4. Major financial setback Financial setbacks have numerous causes – natural disasters, scams, business failures, investment losses, gambling addictions. However. the results are often the same – financial stress and delayed retirement. Solution: Act quickly. Of course, prevention is best, but not everything is preventable. If you do suffer a major setback, fast and decisive action is crucial – both to stem the losses and put your recovery into action ASAP. See what can be recovered. Banks can put a stop on withdrawals and cards. Revisit protections, such as insurances and back-up plans. Emergency grants and assistance are offered by governments and charities during disasters. Get support – financial setbacks are stressful. Don’t compound the pain by letting your mental and physical health slide. #5. Insecure housing We all know the rental market is tight. It’s even harder for those in retirement: landlords prioritise tenants in paid employment; rents consume a larger share of retirement income than home ownership. Then there are ownership considerations: joint tenants versus tenants in common. If your partner dies, will you automatically inherit ownership or be forced to move? Solution: Do your best to get on the property ladder. That may require some creative thinking. Consider cheaper markets from where you live; entry-level “renovator’s delights” to improve over time; pooling funds to buy jointly with trusted family or friends. Even if you rent out the property, you have the option to move in should you find yourself otherwise homeless. Plus, you have a stable investment over and above your super. Also, consider ongoing maintenance costs and tax implications. Owning or inheriting a property is counterproductive if you can’t afford its upkeep or mortgage repayments. Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/">www.onyourowntwofeet.com.au</a> Image credits: Shutterstock

Money & Banking

Donald Bradman's baggy green sells for eye-watering price

Sir Donald Bradman's baggy green that he wore in his final Australian Test series has fetched nearly half a million at auction. The cap was worn by Bradman during the 1947-48 series, when the Indian team played on Australia soil for the first time in history. The baggy green fetched a whopping $390,000, with the final price totalling $479,700 including auction costs. It attracted significant interest from potential buyers from both Australia and overseas, with the winning buyer coming out on top after a 10 minute flurry at Bonhams Auction House in Sydney on Tuesday evening. The auction house described the cap as "sun faded and worn", with "some insect damage" and "some loss to edge of peak". The cap was also advertised as “the only known Baggy Green” to have been worn by Bradman during the series, where he cored 715 runs in six innings at an average of 178.75, with three centuries and a double-hundred. Bradman had gifted it to India's team manager at the time, who then gave it to the team's wicket keeper. While it is currently not known who placed the winning bid, the cap itself has particular significance to Indian fans, as the series took place just months after the country gained independence. For Aussie fans, the cap was worn during Bradman's final game on Australian soil, with the cricket legend embarking on a farewell tour of England afterwards. This is not the first cap of Bradman's to go under the hammer, with the cap he wore during his 1928 Test debut fetching over $450,000 plus fees in 2020. The late Shane Warne's baggy green currently holds the record for sale at auction, after selling for $1m when auctioned off in 2020. Image: Design Pics Inc/ Shutterstock Editorial

Money & Banking

The Block billionaire's generous Christmas stunt

The Block billionaire Adrian Portelli, who splashed out a whopping $15 million in the show's latest auctions, is giving back to those in need this festive season with a generous act. The entrepreneur is on a mission to help people ahead of the holidays by giving away $150,000 worth of grocery vouchers in Sydney. Kicking off the stunt in the suburb of Penrith, Portelli was welcomed to the shopping centre by hundreds of fans who were waiting for their chance at free Coles shopping, with many lining up from as early as 4am. Moving on from Penrith, Portelli also visited the suburb of Fairfield West to continue giving back to those in need. "We don't contact the media, we just come out here," Portelli told Nine News as he arrived in Penrith. "We've been doing this for a long time. We've done it in multiple states, so it's the least we can do if we can get out there and share." Portelli also took to Instagram to share the details of a pit-stop he made while in Penrith, visiting two acres of land he has purchased to build a hospital. "We're building a hospital for high physical needs patients," he said in the clip. "It's going to be a really fun project and, apparently, there is a shortage in this area for those in need." Image credits: Instagram

Money & Banking

Black Friday sales are on again. To score a genuine bargain, it helps to go in with a plan

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/park-thaichon-175182">Park Thaichon</a>, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a> and <a href="https://theconversation.com/profiles/sara-quach-175976">Sara Quach</a>, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> November 29th was Black Friday, the official beginning of one of the biggest sales events of the year. With so many consumers still feeling the cost-of-living pinch, it’s expected to once again bring bargain hunters out in droves. While some sales have already started, market research company Roy Morgan <a href="https://www.roymorgan.com/findings/black-friday-sales-a-winner-this-christmas-as-cost-of-living-continues-to-bite">estimates</a> Australian shoppers will spend a record $6.7 billion over the four-day shopping window. That’s up more than 5% on last year. For Australians, it’s one of three big annual sales events. The others take place at the <a href="https://theconversation.com/what-you-should-know-before-you-start-chasing-bargains-at-the-eofy-sales-232568">end of each financial year (EOFY)</a> and on <a href="https://theconversation.com/how-boxing-day-evolved-from-giving-christmas-leftovers-to-servants-to-a-retail-frenzy-219507">Boxing Day</a>. Despite being a recent entrant to Australia, Black Friday has quickly become one of the most important shopping days of the year. For consumers, navigating these sales and dodging the marketing tricks played by retailers is no mean feat. Here’s what you should know. <h2>What exactly is Black Friday?</h2> Black Friday as a major sales event originated in the United States. It falls on the day after Thanksgiving, which is celebrated on the fourth Thursday of November each year. A four day sales window then typically runs over the weekend after Thanksgiving, including “Cyber Monday” – a similar event that was set up more recently to encourage online shopping. But as you might have noticed, this official start date doesn’t prevent retailers from discounting products earlier, something many do. Australians don’t officially celebrate Thanksgiving. Nonetheless, the sales event has gained significant traction here over the past decade or so. This was initially driven by big US companies operating here, such as Apple and Amazon. But it was soon adopted and ultimately embraced by Australia’s own big retailers. Some Australian retailers now say Black Friday has already <a href="https://www.smh.com.au/business/consumer-affairs/bigger-than-boxing-day-the-rise-and-rise-of-black-friday-sales-20231117-p5ekwo.html">overtaken Boxing Day</a> to become their most important sales event, a standing it could well cement further this year. It’s been a <a href="https://www.forbes.com/sites/jonbird1/2023/11/20/le-black-friday-how-an-american-tradition-spread-round-the-world/">similar story</a> across much of the world. Countries including Canada, Brazil, France and the UK all now mark the occasion with their own big sales events. <h2>How do big sales work?</h2> Black Friday and other big sales events are designed to create a sense of urgency. They lean heavily into the phenomenon known as <a href="https://onlinelibrary.wiley.com/doi/abs/10.1002/cb.1885">fear of missing out</a> – called FOMO for short. Retailers know that shoppers feel the pressure to buy when they think they might miss out. This is called <a href="https://www.emerald.com/insight/content/doi/10.1108/jfmm-03-2023-0082/full/html">scarcity marketing</a>. Retailers have ways of creating artificial scarcity, which can pressure us to make purchase decisions that aren’t in our best interests. You’ve probably seen phrases in stores and online such as “only two left!” or “today only”. These tactics are designed to make you act. The extent of savings can also depend on retailers’ dynamic pricing tactics. Many businesses use algorithms to adjust discounts in real time based on customer demand, inventory levels and competitor trends. Popular items may start with small discounts, while less popular products get larger price cuts to attract interest. <h2>How to be a savvy shopper</h2> With these factors in mind, there are a few strategies that can help you you keep a clear head. One tactic is to create a shopping list and understand the importance of sticking to predetermined purchase decisions and a predetermined budget. Prioritise needs over impulsive wants. For example, if you need to replace an old keyboard amid a big sale, set a budget before you start looking, and try to avoid buying an entirely new computer just because it’s discounted in-store. Shoppers should prepare for fluctuating prices, while being cautious of tactics such as artificially inflated “fake” discounts, where original prices are exaggerated to make savings seem more appealing. Our previous <a href="https://www.emerald.com/insight/content/doi/10.1108/apjml-07-2021-0475/full/html?casa_token=A3V3IU0s1GkAAAAA%3A84uQk1cv03fh5C6gJrIeOuLPrztKhU4gacoPupelIWtOBZCnqSbmFKz4OjBaL60790I-O011Itd9C63vCGJ_hDSJFuVeiwe3YaiSftT6nUzpzxDYHYkdGQ">research</a> has shown price promotion can trigger customer emotions such as surprise and lead to anticipated regret, influencing their purchase decisions. <h2>Go in with a plan</h2> Another tactic is to do some window shopping in the days or weeks beforehand. This allows you to check and research the products you’re interested in. Note down their non-sale prices for future reference. Create a list of where to buy, along with a few alternatives. For shoes and clothing, try things on if you can and note down your size. That can help you act quickly once the sales go live. And in the excitement of all the sales, don’t forget: if you don’t actually want or need anything, there’s always the option of not shopping at all.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244509/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/park-thaichon-175182">Park Thaichon</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a> and <a href="https://theconversation.com/profiles/sara-quach-175976">Sara Quach</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/black-friday-sales-are-on-again-to-score-a-genuine-bargain-it-helps-to-go-in-with-a-plan-244509">original article</a>. </div>

Money & Banking

Grandmother mistakes $50m Powerball win for solar panel sales call

A quiet Thursday evening turned into an unforgettable moment for one Central Queensland grandmother, who was expecting yet another pesky solar panel sales pitch but instead received news that would blow the roof off any house – solar panels or not. The elderly couple held one of two division one winning entries in Thursday night’s $100 million Powerball jackpot, pocketing a life-altering $50 million. While most of us might faint, dance or immediately Google "how to buy a private island", the grandmother’s first reaction was a calm, “You’re joking.” “I expected you to ask if we have solar panels, not to tell us we’ve just won $50 million," she told the Lott official, still recovering from the whiplash of going from potential sales target to multi-millionaire. “There’s going to be a few more prezzies under the tree on Christmas day.” The grandmother confessed that their winning ticket wasn’t even the result of her usual superstitious number-picking strategy. “I’ve been playing for a long time now – since the game first started. I had always used the same numbers, but this ticket was just a QuickPick. I’m in a total state of shock." The couple, long-time residents of Rockhampton, said the windfall would primarily benefit their family. Of course, that family might now include second cousins they've never met and a few random people claiming they once smiled at them in Woolies. Meanwhile, the second winner – hailing from Melbourne’s City of Darebin – remains blissfully unaware they’re sitting on $50 million at the time of writing. The unregistered ticket holder has yet to come forward, sparking a local hunt. Lott officials have urged residents to check every ticket – even the crumpled one in your car’s cupholder. So, next time your phone rings and you brace yourself for a sales pitch, remember: it might just be the universe handing you $50 million. Or, you know, another pitch for that unlimited mobile plan. Image: Shutterstock

Money & Banking

Australia Post wants to charge more for stamps next year. Here’s why it has to keep letters alive

<div class="theconversation-article-body">By <a href="https://theconversation.com/profiles/paul-alexander-1126222">Paul Alexander</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a> Remember back at the turn of the millennium, when sending a small letter only cost 45 cents? If you haven’t used the postal service recently, you might be in for a rude shock. Late last week, it was announced Australia Post had notified the Australian Competition and Consumer Commission (ACCC) of a proposal to increase the price of stamps. If ultimately approved by Communications Minister Michelle Rowland, the current basic postage rate for a small letter, $1.50, would <a href="https://auspost.com.au/disruptions-and-updates/pricing-updates/bpr-letter-pricing-update">rise</a> to $1.70 by mid-2025. Stamps for regular large and priority small letters would go from $2.20 up to $2.70. There would still be a discounted option for seasonal greetings cards, which would remain at 65 cents. If you’re feeling a sense of déjà vu, that’s because the last basic postage rate <a href="https://minister.infrastructure.gov.au/rowland/media-release/decision-basic-postage-rate">increase</a> to $1.50 only just came into effect earlier this year. Like physical cash, letters have arguably been in terminal decline. According to Australia Post, <a href="https://newsroom.auspost.com.au/proposed-stamp-price-increase-as-letters-losses-mount">fewer than 3%</a> of letters are now sent by individuals. The rest are overwhelmingly business and government communications. But for some key groups, the “snail mail” remains a vital service. So why do we need to keep letters alive, and will increasing the price of stamps be enough to do so? <h2>A duty to serve all Australians</h2> As a publicly owned organisation, Australia Post has a range of formal community service obligations (CSOs). These are <a href="https://www.transparency.gov.au/publications/communications-and-the-arts/australian-postal-corporation/australia-post-annual-report-2022-23/other-important-information/community-service-obligations">enshrined in legislation</a> – the Australian Postal Corporation Act 1989. These CSOs were set up to ensure essential postal services are accessible and affordable to all Australians, including those in regional, rural and remote areas. They include providing a universal access to a standard letter service at a uniform price across the country, as well as specific obligations on the frequency, range and speed of mail delivery. Since 2015, Australia Post has been lobbying to reform its community service obligations to <a href="https://www.afr.com/markets/equity-markets/australia-post-posts-222m-loss-letter-posting-in-terminal-decline-20150925-gjup78">better align</a> with changed consumer behaviour and needs. That has led to some changes in what’s expected, including a range of <a href="https://www.infrastructure.gov.au/sites/default/files/documents/postal-services-modernisation-discussion-paper.pdf">reforms</a> implemented by the Australian government over the past year. These have included <a href="https://www.abc.net.au/news/2024-04-12/auspost-to-halve-letter-delivery-frequency-from-monday/103699458">reducing delivery frequency</a> for letters and reallocating resources to parcel delivery, while still maintaining essential services in regional and remote areas and for special interest groups. We are clearly in a broader transition to new CSOs – and a new role for Australia Post. Much of that comes down to the difficulty of delivering letters. <h2>The long decline of letters</h2> In the last financial year, Australia Post’s letter volumes <a href="https://newsroom.auspost.com.au/proposed-stamp-price-increase-as-letters-losses-mount">fell</a> by almost 13%, which the company said led to a loss of $361.8 million. But this is nothing new. From a peak in 2008, letter delivery volumes have been <a href="https://minister.infrastructure.gov.au/rowland/media-release/ensuring-australia-post-can-deliver-more-australians">plummeting</a> for more than a decade. <figure class="align-right "><figcaption></figcaption></figure> Australia Post <a href="https://newsroom.auspost.com.au/proposed-stamp-price-increase-as-letters-losses-mount">says</a> they’re now at levels not seen since the 1950s. Remember, in 1955, the Australian population was only 9.2 million people. Parallels with declining cash usage highlight our aversion to doing things with paper. Cash use in Australia has also fallen to historic lows, forcing the government to step in with a plan to <a href="https://theconversation.com/businesses-will-have-to-accept-cash-for-essentials-under-government-plan-243899">keep it alive for essentials</a>. <h2>All or nothing</h2> A key conundrum is that we can’t keep letters half-alive. For all Australians to be able post letters on a scheduled basis with fast delivery requires Australia Post to maintain a complete letter network across the entire nation. The overall costs of operating this – while not specifically itemised publicly – include maintaining delivery routes and retail outlets, paying employee wages and investing in infrastructure. Naturally, increasing the cost of sending letters will discourage businesses from doing so, shrinking the market ever more. But because the size of the mail delivery network does not shrink proportionately, this can cause outsize problems for Australia Post. Australia is not unique. Postal services around the world have felt <a href="https://www.upu.int/en/publications/physical-postal-services/strategies-and-ways-for-developing-the-traditional-letterpost-documents-market">similar pressures</a>, many of which have diversified into parcel logistics and offering other digital services. <h2>Could we just lose letters?</h2> There are three core demographics in Australian society that still need to send and receive physical mail. These are: <ul> <li> older Australians, particularly those who are less familiar with or have limited access to digital platforms </li> <li> residents of regional and remote areas with limited internet connectivity </li> <li> concessional users for whom discounted mail is the most affordable form of important communications. </li> </ul> At the very least, these groups all need to have a guaranteed ability to send and receive official information. That includes bank statements, legal notices, utility bills and government correspondence, such as electoral information. Less critical, but still socially important and likely not to be terminated, is delivery of cards and letters for personal milestones, holidays or other events. That puts Australia Post in a tricky position. It likely cannot maintain such large mail delivery infrastructure unless it does so at increasing losses. That also reduces its ability to provide other, more relevant services and can blunt its competitiveness in the parcel delivery market. <h2>Letters as small parcels</h2> For Australia Post, one solution may lie in leveraging its <a href="https://auspost.com.au/content/dam/auspost_corp/media/documents/2024-australia-post-annual-report.pdf">thriving</a> parcels delivery network. Given the essential user base for mail delivery is now so small, it makes sense for letters to be “special” delivery services, much as courier document services are now. Parcel home delivery resources could take this mail the last mile. This would be much more expensive per item for Australia Post. But if the market continued to decrease in volume, it would minimise total costs. It would also allow the government to provide a targeted subsidy if required.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244503/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/paul-alexander-1126222">Paul Alexander</a>, Adjunct Associate Professor of Supply Chain Management, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a> This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australia-post-wants-to-charge-more-for-stamps-next-year-heres-why-it-has-to-keep-letters-alive-244503">original article</a>. </div>

Money & Banking

Track your spending, use cash and DIY gifts: how to keep your costs down this Christmas

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a> Australians are expected to spend more this Christmas than last, with spending projected to rise to <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">A$69.7 billion</a>. This is a 2.7% increase on what we spent last year on gifts, food and other treats for ourselves and others. This is a lot at a time when many people are experiencing mortgage stress and high inflation. But by employing smart budgeting and spending strategies we can enjoy a festive Christmas season without huge financial stress. <h2>Know how much you are spending</h2> Being aware of what you are spending is important. So you don’t spend beyond your means, you need to decide what you are going to buy and track what you spend. Using budgeting tools in your banking app will help you monitor your spending. Your bank’s app or a <a href="https://www.savings.com.au/savings-accounts/budgeting-and-saving-apps">variety of budgeting apps</a>, can also help you find deals and stick to your financial goals. <a href="https://doi.org/10.1093/jcr/ucac024">Research</a> shows spending decreases when you use an online budgeting app by 15%. Christmas budgeting means setting clear limits, like a gift allowance for each person of, for example, under $10, $25, $50 or $100. This helps us stay on track. Before shopping, we should also ask ourselves: “Is this worth buying?” or “Do I really need this?”. <h2>How to bag a bargain</h2> About <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">63% of Australian consumers</a> say they start their shopping in November, before the last-minute push to fill the Christmas stockings. This enables them to take advantage of the Black Friday sales on now and Cyber Monday, next Monday. Online research can uncover decent bargains to lower Christmas spending. Or you could wait until the Boxing Day sales to buy discounted gifts for people you don’t see until after December 25. The post-Christmas sales are also good for stocking up on heavily discounted crackers and decorations for next year. <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Most Australian shoppers</a> (89%) are combining online (websites, mobile apps, social media) with physical in-store shopping. <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">Major online retailers</a> such as Amazon, eBay, and The Iconic (69%) are now more popular than department stores (59%). There are also thrift and discount stores which offer affordable gifts while using their income to help those in need. By using the internet to compare prices and set price alerts for goods you want to buy, you are more likely to get the best deals. Take time to search for store discounts. Using loyalty programs, coupons, promo codes, and free shipping also helps keep money in your pocket. <h2>Why cash at Christmas is better</h2> The <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/ensuring-future-cash-and-next-steps-phasing-out-cheques#:%7E:text=The%20Government%20will%20mandate%20that,will%20not%20be%20left%20behind.">federal government’s decision</a> last week to require businesses to accept cash, not just credit or debit cards, also has benefits for saving. Cash purchases encourage you to spend wisely, set your <a href="https://resources.depaul.edu/financial-fitness/tackle-overspending/Pages/solutions-for-overspending.aspx">spending limit, and prevent you from overspending, or paying interest and fees on cards</a>. There is also the old “<a href="https://www.ramseysolutions.com/budgeting/envelope-system-explained">cash envelope system</a>” used for centuries and popularised in the 1990s to help curb spending. This sees cash divided into envelopes, each labelled for a specific expense (for example, gifts for A, B, C). Once the money in the envelope is gone, nothing more can be spent. One way to help boost your Christmas budget; while simultaneously decluttering, your home is to sell items you no longer use. There are numerous online sites and bricks and mortar stores where this can be done. <h2>Saving money with DIY</h2> In 2024, Australians will spend an average of <a href="https://www.shopassociation.org.au/sites/default/files/uploaded-content/field_f_content_file/2024-australian-christmas-shopping-intentions-research-report-cpmaustralia-retailsafari-1.pdf">$660 per shopper on gifts</a>, with popular choices including clothing and shoes, books, and gift cards. However, it’s not necessary to buy all your gifts or Christmas decorations. Consider making affordable handmade gifts to add a personal touch. There are demonstration videos online showing you how to re-purpose old items, bake homemade festive treats, create a special moments photo album or scrapbook. Mix Epsom salts, essential oils and dried flowers to create relaxing bath salts or scrubs. Use natural pine cones or salt dough to make ornaments. Make wreaths using pine branches, holly or dried oranges. Sew fabric garlands to place on the tree, fireplace or mantle. Instead of buying multiple extravagant presents for each person, try doing a Secret Santa. This is the low-cost tradition where everyone buys only one gift for one recipient who is chosen using an online tool. Gifts are then given anonymously. <h2>Festive food</h2> Festive food spending is projected to be <a href="https://www.roymorgan.com/findings/9736-ara-roy-morgan-media-release-christmas-spending-2024">$28 billion, up 4.2%</a>, this year, contributing to the overall increase in expected total Christmas spending. To save on food expenses, asks guests to bring a dish to share. Or celebrate Christmas with an economical picnic or BBQ, weather permitting. Get creative with food leftovers to make meals and reduce the amount of food waste, while stretching your wallet further once Christmas has come and gone. <h2>Managing costs, avoiding debt</h2> Sticking to your Christmas budget can feel rewarding. If you do overspend, reflect on why, and adjust your plan. If needed, explore debt options, like credit cards or personal loans, but only as a last resort. Thoughtful planning will help you manage your costs, while enjoying the festive season. After all, the true spirit of Christmas is about creating memories and enjoying time with loved ones, not about overspending.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/244300/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/angelique-nadia-sweetman-mcinnes-1361909">Angelique Nadia Sweetman McInnes</a>, Academic in Financial Planning, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/track-your-spending-use-cash-and-diy-gifts-how-to-keep-your-costs-down-this-christmas-244300">original article</a>. </div>

Money & Banking

Russell Crowe lists harbourfront apartment for sale

Russell Crowe looks set to bid farewell to his stunning harbourfront apartment in Sydney. Sources have confirmed the 60-year-old actor will sell his 1000sqm property "if the price is right". The Gladiator star has reportedly listed the apartment off-market with a price guide ranging from $42 million to $45 million, however McGrath Double Bay agents William Manning and Luke Hogan, who are in charge of selling the property have refused to comment. The waterfront property is located on Finger Wharf in the upscale Woolloomooloo area, just 2km from Sydney's CBD. Initially designed to accommodate four separate private apartments, the property features 11 bedrooms, and has its own 35-metre marina berth. The property itself is rare as the new owner will get the entire floor that's north-facing to themselves, with buyers reportedly "lining up" to take a look, according to<a href="https://www.realestate.com.au/news/russell-crowe-to-farewell-42m-wharf-apartment-if-price-is-right/" target="_blank" rel="noopener"> realestate.com.au</a>. However, the new owner might also need to do a makeover of the residence before moving in as the actor hasn't renovated the property since buying it from Nutrimetrics founder Imelda Roche and her late husband, Bill Roche, in 2003. Crowe bought the lavish property for $14.35 million in 2003 and considered listing it for $25 million eight years ago. It was the highest priced apartment sale in Sydney at the time, and now prices for a penthouse at One Sydney Harbour in Barangaroo can go up from $140 million. Images: realestate.com.au/ Getty

Money & Banking

The eye-watering price of Jackie O's opulent Christmas tree

Jackie O is getting in the festive spirit, sharing photos of her and her daughter Kitty in matching plaid pjs posing in front of their opulent Christmas tree. The KIIS FM host, who reportedly earns millions each year on her top-rated radio show, showed off the extraordinary festive decor, with many pointing out just how much she had spent on the tree. Jackie's tree comes from the brand Dancer & Dasher, where prices for their stunning "bespoke" creations start at a whopping $4,000. Those prices are for a 180cm tree decoration package with installation included, but for those looking to splash out on their festive decor, you'll have to join a waitlist. Jackie's tree was decorated with sparkling red baubles and giant bows, as well as sprigs of holly and berries. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/DCyQeFPPGbM/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/DCyQeFPPGbM/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Jackie O (@jackieo_official)</a> </div> </blockquote> She posed alongside the luxury decoration with her daughter Kitty, the pair in matching seasonal pyjamas. "Christmas ready!!!! Always so in awe of your beautiful trees @danceranddasher," Jackie wrote in her caption on Instagram. "It’s nice to have money haha," joked one fan in the captions while another said, "The best Christmas tree!!" Image credits: Instagram

Money & Banking

The government wants to keep cash alive for buying essentials. Here’s why it’s such a challenge for businesses

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/steve-worthington-138">Steve Worthington</a>, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> Cash usage has <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/cash-use-and-attitudes-in-australia.html">fallen off a cliff</a> in Australia, but the federal government says it must have a future. So, it’s going to mandate one. The Australian government will require businesses to accept cash for essentials such as groceries and fuel. Some (yet to be determined) small businesses will be exempt. According to <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/ensuring-future-cash-and-next-steps-phasing-out-cheques">Treasury</a>, losing cash as a means of payment would leave too many people behind: <blockquote> Around 1.5 million Australians use cash to make more than 80% of their in‑person payments. Cash also provides an easily accessible back‑up to digital payments in times of natural disaster or digital outage. </blockquote> In its announcement on Monday, Treasury pointed to what had already been achieved with similar schemes in other countries such as Spain and Norway, and a range of US states. It’s an honourable cause. There are, however, some aspects of life in Australia that will present unique challenges for achieving it. <h2>Why does using cash cost so much?</h2> Some merchants in Australia already refuse to accept cash as a means of payment. That means relying entirely on digital payment methods such as bank cards and mobile wallets. It mightn’t be immediately obvious why some businesses don’t like cash. But for many, it’s the most costly payment method to accept. While cash transactions don’t come with a surcharge fee like bank cards, they do carry a wide range of other hidden costs. Businesses typically need to keep a “float” of cash in their tills overnight, so that next day’s early customers can be given change if needed. This float needs to be regularly updated and rebalanced with appropriate currency so the correct change can always be given. Businesses also have to make sure no cash goes missing during their opening hours, count their cash take at the end of each day, make sure it is secure on their premises, and make periodic physical deposits into their bank account. Both maintaining a float and making deposits can involve unpredictable trips to a bank branch or post office throughout the week. <h2>Things are getting harder</h2> For individuals and businesses, getting cash into and out of a bank account is becoming more of a challenge. And if you’re in regional or remote Australia, the nearest location where you can do so may be an hours-long drive away. The most recent <a href="https://www.apra.gov.au/authorised-deposit-taking-institutions-points-of-presence-statistics">figures</a> from the Australian Prudential Regulation Authority (APRA) show that across Australia since 2017, the number of ATMs has fallen by about 60% and the number of bank branches by 41%. Many remaining bank branches have reduced their hours, and some have even stopped dealing in cash entirely, especially in rural and regional areas. Moving cash around the country isn’t getting any easier or cheaper. The dominant provider of cash-in-transit services, Armaguard, has been under <a href="https://theconversation.com/future-of-cash-secured-for-now-as-banks-and-retailers-bail-out-armaguard-233087">sustained financial pressure</a> in recent years. Earlier this year, it secured a deal with Australia’s big four banks and some of its other major customers to receive a $50 million bailout. Some countries facing similar situations – <a href="https://www.link.co.uk/helping-you-access-cash/banking-hubs">including the UK</a> – have persuaded their banks to fund the idea of “banking hubs”. Typically under this model, a location is identified in a regional community and banks collectively share the space, with each bank having one day a week in residence so that nobody is excluded from these services. <h2>Could a regional branch levy help?</h2> Also this month, Treasury proposed a <a href="https://www.afr.com/politics/federal/banks-face-new-levy-to-keep-rural-branches-open-20241115-p5kqwu">new regional services levy</a>, to support what should be the minimum level of banking services in regional areas. Banks with a relatively large regional presence would be cross subsidised by a proportional levy on banks with relatively fewer services in these areas or none at all. This funding would help banks sustain the number of branches, their opening hours and their ATMs. Under the proposal, banks that fell short of baseline requirements could purchase credits from others that did. The reasoning behind these measures is that like <a href="https://www.transparency.gov.au/publications/communications-and-the-arts/australian-postal-corporation/australia-post-annual-report-2022-23/other-important-information/community-service-obligations">Australia Post</a>, banks should have a formal community service obligation. That is, a baseline of minimum services that must be provided. <h2>Questions still to answer</h2> In its <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/ensuring-future-cash-and-next-steps-phasing-out-cheques">media release</a>, Treasury only gave a big picture view of what they wanted to achieve. There are still many questions that need to be resolved before any of its plans can become legislation. Some concern where and how to target support. If regionally focused, how should regional be defined? Which areas and towns prioritised? How should the banks and other financial services providers be required to help support cash use? Exactly which businesses will be affected – and which exempt – must also be clearly defined, along with any enforcement measures. And there is likely to be robust debate over what exactly constitutes the “essentials” for which merchants will be mandated to accept cash payment.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/243919/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/steve-worthington-138">Steve Worthington</a>, Adjunct Professor, <a href="https://theconversation.com/institutions/swinburne-university-of-technology-767">Swinburne University of Technology</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-government-wants-to-keep-cash-alive-for-buying-essentials-heres-why-its-such-a-challenge-for-businesses-243919">original article</a>. </div>

Money & Banking

Readers response: What seems too expensive but is really worth the price?

We asked our readers what items or experience seem, too expensive but are really worth the price, and the response was overwhelming. Here's what our audience will always justify the price of. Robbie Kirkwood - Travel insurance. Elizabeth Foster - Business class on long haul flights. Jeanette Wallis - Coffee beans. Mandy O'Connor - A good pair of Levi jeans, and a good pair of boots. Pamela McDonald - I would say electricity! Seems lots complain about the cost until you lose power, then you realise how hard life would be without it. Tess Witchell - Real butter! Three ply toilet rolls, frappe iced coffee from McDonald’s, and proper bakery bread. Sue Yunker - Wine! Michael Schulze - A decent cup of coffee. Suzanne Jones - A holiday. Rose Niemack - Fruits and vegetables. Image credits: Shutterstock

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