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"Dumb and Dumber": Karl levels brutal accusation

Treasurer Jim Chalmers has dismissed accusations that Australia’s major political parties are recklessly splurging on big-ticket promises to win votes, defending Labor’s fiscal strategy during a heated exchange with Today host Karl Stefanovic. Stefanovic didn’t hold back on Monday morning, opening the interview with a blunt comparison, saying watching the major parties was like "watching Dumb and Dumber, you guys recklessly buying our votes". Chalmers swiftly pushed back, insisting there is "a really important difference" between responsible budgeting and empty spending. “What we've shown as a Labor government is we’ve been able to maintain a focus on the cost of living,” Chalmers said. “At the same time, we’ve got the budget in much better nick, and that’s meant that we could make room for the sorts of commitments that we have been making in a really responsible way." Chalmers pointed to the government’s fiscal achievements, highlighting a significantly stronger budget position. “The budget’s more than $200 billion stronger than when we came to office. We’ve got the Liberal debt down,” he said. “We’ve delivered those two surpluses, and that’s meant we’ve been able to help with the cost of living. Ongoing tax relief, helping with medicines and energy, bill rebates and the like.” The debate comes as both Labor and the Coalition unveil costly housing policies, which economists warn could further inflate housing prices by injecting more money into an already overheated market. Chalmers criticised the Coalition’s approach, claiming it lacks lasting impact. “What Peter Dutton did yesterday was to borrow and burn another $10 billion and still provide no ongoing cost of living help for people who are doing it tough," he argued. “And then he’ll claw that back with permanently higher income taxes, lower wages and secret cuts to pay for his nuclear reactors.” As the election campaign heats up, both sides are under increasing scrutiny over their spending pledges and their real impact on Australians facing mounting cost-of-living pressures. Images: Today show

Stunning prediction for Aussie homeowners in wake of Trump's trade war

Australian homeowners could see their mortgage repayments tumble by as much as $9,000 annually if Donald Trump’s escalating trade war triggers a global recession, with experts predicting a double interest rate cut as soon as May. As stock markets worldwide reel from the fallout of Trump’s latest trade moves – with China now deeply involved – fears of a US recession are intensifying. On Monday alone, around $100 billion was wiped from the Australian share market amid growing global trade tensions. Yet, for Australian mortgage holders, there could be a surprising silver lining. According to ANZ, homeowners with a $600,000 loan could save between $76 and $156 a month under four forecasted rate cuts of 0.25 per cent each over the next year. For those with a $500,000 mortgage, repayments could fall by about $76 a month, while families with larger $1 million loans could pocket savings of around $153 monthly – amounting to a staggering $9,000 annually. ANZ’s chief economist, Richard Yetsenga, said the Reserve Bank of Australia (RBA) is expected to cut rates in May, July and August. “We now expect the RBA to ease in May, July, and August – 25 basis points at each meeting,” Yetsenga said, adding that a double rate cut of 50 basis points in May is not off the table if global growth deteriorates further. Earlier this year, the RBA trimmed the cash rate by 25 basis points in February, offering homeowners with variable rate loans some relief – saving them around $100 to $150 a month, or potentially more than $1,200 annually. In a stunning prediction, Treasurer Jim Chalmers echoed these forecasts while hinting at up to four interest rate cuts this year, with the potential for a significant 50 basis point cut as early as next month. “The next Reserve Bank interest rate cut in May might be as big as 50 basis points,” Chalmers said. “Forecasting is difficult enough in stable times, but even more so in uncertain times.” Despite the grim outlook for markets, Chalmers offered reassurance, especially for Australians nearing retirement whose superannuation balances are being rocked by market volatility. “Everyone with a super fund, everyone with shares, probably every Australian, is watching the global markets with trepidation,” Chalmers said. “But we are better placed, better prepared, and Australians should take comfort in that.” The Treasurer also voiced concerns about the impact of the trade war on Asia, noting that tariffs are hitting countries like Malaysia, Thailand and Vietnam particularly hard, while China’s economy may prove more resilient. ANZ expects Asian currencies to take the brunt of the adjustment as the tariffs unfold. While uncertainties loom large, for Aussie homeowners at least, the prospect of falling interest rates offers some financial relief in an increasingly unpredictable global economy. Images: Youtube

Money & Banking

“They are treating us like chumps": Karl fires up over supermarket practices

In a heated interview on the Today show, Karl Stefanovic confronted Treasurer Jim Chalmers over the conduct of major supermarket chains, accusing them of treating Australian consumers like "chumps". The exchange followed the release of the Australian Competition and Consumer Commission’s (ACCC) final report into supermarket practices, highlighting concerns over price-gouging, misleading discounts and "shrinkflation". The ACCC’s inquiry found that the dominance of Woolworths, which controls 38% of the national grocery market, and Coles, which holds 29%, has resulted in an “oligopolistic” effect. Despite this, the regulator refrained from endorsing Opposition Leader Peter Dutton’s call for greater powers to dismantle the supermarket giants, cautioning that there was no “silver bullet” solution. Treasurer Chalmers acknowledged the ongoing cost-of-living pressures, saying that “Australians are still feeling that pressure at the checkout. And that’s why we’re cracking down on the supermarkets.” He added that the government was working to foster greater competition in the industry to prevent further consumer exploitation. However, Stefanovic challenged Chalmers, arguing that no significant changes had been made to curb supermarket dominance. “They are treating us like chumps and they continue to,” he said. “And I’ve not seen anything that’s going to stop them from doing that.” Chalmers then defended the government’s economic policies, citing key improvements including declining inflation, rising real wages and economic growth. “We know that people are still under pressure,” he admitted but insisted that progress was being made. In response to the ACCC report, Coles issued a statement claiming the company also faces financial pressures, including rising rents and electricity costs. “We do not control these inflationary costs in the economy – but they contribute to higher grocery prices for Australian households,” the statement read. Coles also defended its pricing strategy, stating that grocery inflation (excluding tobacco) remained at just 1% for the first half of the financial year. The company assured that it is reviewing the ACCC’s recommendations and has already implemented changes to improve pricing transparency and customer communication. Images: The Today show

Money & Banking

Erin Molan speaks out after abrupt axing

Erin Molan has broken her silence after her show on Sky News Australia was abruptly cancelled, just two months after her 2GB radio show was also axed. Molan presented her final current affairs show on Sky News on Friday, before taking to Instagram to discuss her departure with her dedicated followers. In a video posted to social media, Erin said, "Well, first of all, hi. Wow, what a few days, I'm so grateful to everyone who has reached out and shared messages of support. You are all absolutely phenomenal. It's meant so so much to me, so thank you, my mind is seriously blown." She continued, "You've seen the news by now, clearly, that I finished up with Sky. I loved every second of my time with Sky, my show there became my purpose, my passion, and aside from my little girl, basically my entire existence, which is very sad, I know. And yes, I need to get out more." Erin then shared that while she is "done" with Sky now, she is "just getting started". "So, I'm sorry to those who had hoped otherwise," she said, jokingly adding, "I'm somewhat surprisingly much harder to kill off than you think." She added that her problem is that she cares "too much" about people, and "about the world, about a peaceful existence for every single child, about the safety of women everywhere". Erin revealed she's received job offers from other networks, admitting it would be nice to have "fewer death threats, more stability, a simpler life", however, she feels compelled to use her platform to shed more light on issues she is passionate about, such as the ongoing war in Gaza. "I won't ever accept what the world is dishing up right now, and nor should you," she said. "I will never bury my head in the sand, because that is not how I was raised." She finished by telling her followers to "watch this space". Erin's time at Sky News draws to a close just months after her radio show, co-hosted by Dave Hughes and Ed Kavalee, was also <a href="https://oversixty.com.au/entertainment/music/beloved-breakfast-radio-show-pulled-off-air" target="_blank" rel="noopener">pulled off the air</a> after three years. Image credits: for AWAPAC/Shutterstock Editorial

"I really thought he would kill me": Erin Molan opens up about abusive relationship

Warning: This article contains discussions of domestic violence which some readers may find confronting Radio and TV presenter Erin Molan has opened up for the first time about horrific abuse she endured at the hands of an ex-partner. Speaking candidly to the <a href="https://www.dailytelegraph.com.au/news/nsw/exclusive-interview-erin-molan-opens-up-about-horrific-abuse-she-suffered-from-a-man-she-dated/news-story/d2921145ef5010a413bab6c9a830f3bc" target="_blank" rel="noopener">Sunday Telegraph</a>, the 40-year-old presenter recalled many of her "worst" moments with her former boyfriend, sharing how she feared for her life when he became physically abusive. '“He came in drunk and dragged me out of bed and started stamping his foot into my head over and over and over,” she told the publication. “I was lying on the floor screaming and normally if I screamed really loudly he would stop because neighbours would hear. But that time he just kept going and going and it felt like my skull was going to crack open.” She said the relentless physical violence became a pattern of behaviour, and she would regularly be brutally injured. “One time he smashed a bottle over my head,” she says. “Another time I was terrified he’d throw me off a balcony. Once I ran to hide in my car and he got a rubbish bin and started smashing it against the windscreen and I feared I would be killed by glass shattering over me. “Another time he covered my face with a pillow so I couldn’t breathe. I was crying for my mum. I really thought he would kill me.” Molan said she chose not publicly discuss the abuse while her beloved dad, Senator Jim Molan, was alive because she didn’t want to break his heart, but now she wants others to know what she went through. In sharing her heartbreaking story, she also hopes she can give other victims of domestic violence the courage to come forward. “I’m not sharing my story because I want to. My preference would be for this part of my life to never be shared but with every single death I see in this space, a part of me wonders whether I could have made a difference,” she says. “Could my experience have made these beautiful, innocent women feel less alone, less ashamed, less scared and could that have been the tiny thing that may have empowered them to ask for help, the thing that might have helped to save their lives?” Molan added that while it’s confronting for her to speak out, she wants things to change, not just for her generation but for her daughter’s. As she says, “I want to worry about my daughter’s first boyfriend breaking her heart, not her bones.” Image credits: for AWAPAC/Shutterstock Editorial

Caring

Huge move to bring down cost of groceries

Federal Treasurer Jim Chalmers has announced a series of new measures to help bring down grocery prices ahead of the release of a wide-ranging review into the Grocery Code of Conduct. According to the treasurer, increasing competition among supermarket giants is key to placing “downward pressure on prices”, while also enforcing multibillion-dollar fines on retailers that fail to comply with the mandatory code of conduct. This code is set to dictate how supermarkets like Woolworths, Coles, Aldi and IGA’s parent company Metcash deals with producers and farmers, which will in turn see a reduction of prices for everyday shoppers. While Dr Chalmers stopped short of saying how far prices could drop, he told Sunrise’s Natalie Barr that a more competitive system would create “better outcomes for consumers,” and reduce grocery prices over time. “If it is more competitive, more transparent and people are getting a fair go, better outcomes will be seen at the supermarket checkout,” he said. The Treasurer said this would deliver a “fair go” for families, consumers and producers. “We recognise that the supply chains need to be better for farmers, growers and producers,” he said. “By doing that and making sure the supermarket sector is more competitive we can get better outcome for consumers.” Although the Albanese government has affirmed its support for the review, conducted by former Labor minister Craig Emerson, the final report rejected calls to expand the reforms to non-supermarkets like Bunnings, Chemist Warehouse, and Dan Murphy’s. “The review considers that the code should not be extended beyond supermarkets to cover other retailers,” the inquiry’s final report said. “This is not to say that these markets are functioning well for all players in those markets.” Image credits: MICK TSIKAS/EPA-EFE/Shutterstock Editorial/Shutterstock

Money & Banking

Nat Barr quizzes Jim Chalmers over one major budget flaw

Nat Barr has quizzed treasurer Jim Chalmers over one major flaw in the federal budget. On Tuesday night, Chalmers <a href="https://oversixty.com.au/finance/money-banking/biggest-winners-and-losers-of-the-2024-25-federal-budget" target="_blank" rel="noopener">handed down</a> his third federal budget that prioritised cost-of-living relief, with one major initiative saving Aussies big on their next energy bills. All Australian families will get $300 off their annual electricity bill, while small businesses will also get a $325 rebate for their bills. Chalmers joined Nat Barr on Sunrise on Wednesday morning to discuss the initiative further, as the host pointed out one major flaw in the government's plan. “If you’re earning a million dollars, why do you need a $300 power rebate?” Barr asked. But Chalmers said wealthier Australians weren’t the focus of the rebate, as everyday Aussies struggling with the rising cost of living were sure to benefit. “It is primarily for people doing it tough — you know, millions and millions of Australians are under cost-of-living pressure,” he said. “We’re trying to help. So more help is on the way for millions of people under the pump. Whether it is a tax cut for every taxpayer or energy bill relief for every household.” Barr asked Chalmers if people earning $1 million were “under pressure”, but the treasurer said offering specifically targeted assistance was logistically impossible. “Once you go beyond (pensioners), you have to design a whole new system because the energy retailers that we use to provide this help, they don’t have income information for people,” he said. “We deliver this relief via energy bills, via the retailers. There’s not a system that allows you to slice and dice that beyond providing it either to people on pensions and payments.” Barr's comments were echoed online, with many slamming the logistics of the rebate on social media. "I'm sure Gina Rinehart is stoked she's getting $300 back on her energy bills," one person commented. Another added, "If this stupid government gives me $300 off my energy bills it goes straight to charity. Join me if you can afford it." A third wrote, "Feel like there should be an exemption in the $300 energy rebate for anyone who has ever slept under a doona with the aircon on." Image credits: Sunrise

Money & Banking

Biggest winners and losers of the 2024-25 Federal Budget

The unveiling of the federal budget by Treasurer Jim Chalmers was marked by a dual focus on addressing cost-of-living pressures and strategically investing in Australia's future – and was predictably met with both praise and criticism. Reflecting a delicate balancing act between providing immediate relief to vulnerable segments of society and ensuring long-term fiscal sustainability, the measures to alleviate cost-of-living pressures and support key sectors appear commendable, yet concerns persist regarding the adequacy of support for welfare recipients and the potential implications of immigration policies on international education. Read on for the high points, the low points, and all the biggest winners and losers of the federal budget for 2024-25. BIGGEST WINNERS: Low and Middle-Income Earners: At the core of the budget lies a commitment to alleviate the financial strain on low and middle-income earners. With the implementation of stage three tax cuts, Australians can anticipate a welcome increase in their take-home pay. These cuts, announced earlier in the year, are projected to inject an average of $36 per week into taxpayers' pockets by 2024-25. Notably, this initiative is expected to benefit 84% of taxpayers and 90% of women, signalling a targeted effort to support those most in need. Parents: In a move towards greater gender equality and financial security, the government has extended superannuation payments to parents on paid leave. This initiative aims to bridge the superannuation gap and provide approximately 180,000 families annually with additional financial support during crucial early parenting stages. Households and Small Businesses: Acknowledging the escalating energy costs, a $300 rebate on energy bills was announced for more than 10 million households. It was this facet of the budget that drew ire from Jacqui Lambie, Federal Senator for Tasmania, who was furious over the "bizarre" decision, which sees funds being spent on high-income earners such as herself at a time of rising inflation. 'We don't need $300, I can assure you,' she said to a post-budget panel on ABC's Insiders on Tuesday night. "That [funding] should have been passed forward. I find it bizarre." Additionally, small businesses stand to benefit from a $325 boost to alleviate power bill pressures. The extension of the instant asset write-off and the abolishment of 457 nuisance tariffs signal the government's commitment to supporting small businesses and fostering economic growth. Aged Care Workers, Renters, Women, Last-Minute Travellers, Music Festivals, and PBS Patients: The budget also addresses various sectors of society, including aged care workers, renters, women, last-minute travellers, music festivals and Pharmaceutical Benefits Scheme patients. Measures such as wage increases, rent assistance, healthcare subsidies and support for cultural events underscore the government's multifaceted approach to addressing societal needs. Students: Recognising the financial challenges faced by students, the government has taken steps to ease the burden of student debt. By wiping out $3 billion in student debt and overhauling the indexation of HECS debt, thousands of Australian students stand to benefit. Moreover, the introduction of payments for compulsory work placements acknowledges the financial strain faced by students pursuing vocational and tertiary education. BIGGEST LOSERS: International Students: In response to concerns about housing shortages and migration pressures, the government has signaled a crackdown on the influx of international students. Universities will be required to match enrolment growth with adequate housing infrastructure, potentially limiting opportunities for international students seeking education in Australia. Welfare Recipients: Despite calls for a significant increase in JobSeeker and Youth Allowance payments, the budget falls short of implementing substantial changes in welfare support. While some targeted assistance is provided to individuals facing barriers to employment, broader calls for income support reform remain unaddressed. High-Income Earners: While the budget aims to provide relief to low and middle-income earners, high-income earners may experience a less substantial boost to their incomes compared to previous projections. This recalibration reflects the government's commitment to a fair and equitable distribution of resources. Image: ABC

Money & Banking

Cheques to be phased out by 2030

Cheques will be phased out in Australia by 2030 as the federal government aims to improve the nation’s payments system. Treasurer Jim Chalmers revealed his plan for major reforms in the way payments are made which will focus on cashless and mobile financial transactions. In a speech to the Australian Banking Association (ABA) in Sydney, he said Australia’s ageing payments infrastructure was restricting the country’s productivity levels. Chalmer’s said phasing out cheques and introducing a more efficient New Payment Platform would steer Australia into the path of a digital economy. The reforms will provide direction for the banks and payments industry’s investment in future technology, ABA chief executive Anna Bligh said. "With cheques now in steady decline and accounting for only 0.2 per cent of all payments, it's time to have a smooth and well-planned process to phase out this form of payment. "Australian banks will work with the government to ensure that customers and businesses are ready for a gradual and orderly phase out.” One of the more significant reasons behind the decline in cheques can be attributed to the costs to individuals and financial institutions. After consulting with states, territories and industry and community groups, cheques will cease by 2023. The reform will see Australia in line with several major economies that have already eradicated cheques. Image credit: Getty / Shutterstock

Money & Banking

"What am I going to do?”: Centrelink mother points out crucial flaw in new budget policy for parents

An unemployed mother who relies on Centrelink benefits has broken down while noting a fatal flaw in Treasurer Jim Chalmers’ Federal Budget promises to parents. Jessica Blowers told ABC’s Q&A program that she will be forced off the Single Parent Payment when her daughter turns eight in August, leaving her unable to afford the rent increases. Currently, single parents can claim the Parenting Payment of $949.30 a fortnight until their youngest child turns eight. By September 2023, the age limit for the pay rise to when the youngest child is 14, as part of Chalmers’ budget. Ms Blowers is one of many copping the brunt of it as her daughter’s 8th birthday is four weeks before the new rules begin. She will also see a rent increase during that period from $900 a fortnight to $960. “What am I going to do? What is my choice, other than I am doing my best to get a job so that I can keep a house over my daughter's head,” she stressed to the treasurer. “When I'm applying for the jobs, I am faced with being told that more than 100 other candidates have applied for the same jobs - I'm not sure how I am supposed to compete against 100 other people for one job.” Ms Blowers added she “would like to know what measures the government has in place to bridge the gap that I and other parents in similar situations will find ourselves in”. “I don't have anywhere to go because I am paying my entire pension in rent. Everywhere else in Sydney is comparable to that.” Although sympathetic to her situation, Chalmers said those suffering like Ms Blowers were “the reason why we are lifting the age from eight to 14”. “This is something we were really keen to do in the Budget because we recognise the pressure that you are under as a single mum,” he explained. However, Chalmers was adamant that the new system could not be introduced any earlier than September 20, 2023. “We've tried to do is bring that change in as soon as possible. We think September is the soonest that we can do it,” he said. “I understand that that means a few weeks for you going from the current payment onto JobSeeker and (then) back onto the single parenting payment. “I would love to avoid that if we could, but what we're trying to do is provide this extra assistance ... that you need and deserve. If we could avoid those couple of weeks, we would, but September is the best we can do.” In total, some 57,000 single parents, 90 per cent of whom are women, will benefit from the new scheme. Previously they would have been moved onto the lower JobSeeker rate when their youngest child turned eight. “By age 14, children have typically settled into high school and need less parental supervision, and single parents are in a much stronger position to take on paid work," Prime Minister Anthony Albanese said when the policy was announced. Historically, the single parent payment was eligible for singles with children aged up to 16. But former prime minister John Howard, later supported by Julia Gillard, cut the age to eight in an attempt to encourage parents back into the workforce. Two advisory bodies have called for the government to extend the payment and the eligibility criteria. It is understood mutual obligation requirements will remain in order to continue encouraging parents to go back to work. Speaking to Nova radio in Perth, Mr Albanese explained he knew “firsthand what it's like to grow up with a single mum doing it tough”. “We want to look after single parents because we know that the role that they play in raising their children is such a priority for them and they’re deserving of more support,” he said. Image credit: ABC Q&A

Money & Banking

Erin Molan dishes on her worst ever date

Erin Molan raised eyebrows when she made the unique decision <a href="https://www.oversixty.com.au/lifestyle/beauty-style/i-didn-t-want-to-do-this-the-truth-behind-erin-molan-s-surprise-solo-wedding" target="_blank" rel="noopener">to wed herself as part of a 2Day FM radio stunt</a>, but if new insight into her dating history is anything to go by, her bold move may not be quite so surprising after all. Speaking to Confidential, Erin - who is known for keeping tight-lipped when it comes to her romantic pursuits - spilled the details on some of the worst dates she’s ever had the displeasure of being on. When asked if she could recall the bottom of the barrel experiences, Erin was quick to answer “yeah, my God. How much time do you have?” “I once went on a date with a bloke while I was working at Channel 9 in Willoughby, years ago,” the former Channel 9 sports presenter went on to explain. “He came and picked me up, and we went to a restaurant in Paddington. It was awful and awkward, one of those times when you know straight away that you’ve got zero interest.” She went on to reveal that she’d tried her best to bring the evening to an early end, informing her date that she had to be up early for work the following day. She accepted a lift home from him, but things took a turn for the uncomfortable when they missed their turn over the Harbour Bridge. “I kid you not,” she said, “he asked me for money for the extra toll.” And while Erin handed over the cash, she certainly “never spoke to him again”. A second unsuccessful romantic pursuit began in Hawaii, when Erin crossed paths with a Brisbane truck driver she believed could be her “future husband”. However, that dream was short-lived, with their flame fizzling upon their return to Australia. As Erin recalled, “I remember getting to his place, sitting on the couch with his housemate, and he couldn’t even look at me.” Despite her poor encounters, Erin dipped her feet back into the dating pool in 2022, but as of 2023 is single again - and she isn’t mad about it. “I don’t think you could pay me enough to entice me to date right now,” she told The Daily Telegraph. “The thought of it - I’m not going to say it would make me physically ill - but my focus is being the best mum I can be and getting myself into a really good place. That takes a lot of work.” Images: Instagram

Relationships

"I didn't want to do this": The truth behind Erin Molan’s surprise solo wedding

TV and radio presenter Erin Molan has made her way down the aisle in lavish style to marry herself. Escorted by her four-year-old daughter, Erin took the plunge as part of a radio event for her 2DAY FM show Hughesy, Ed and Erin. And although Erin was the most highly publicised bride present, she wasn’t the only one to vow forever to herself, with a whole host of other solo brides 'marrying’ right alongside her. And although Erin was all smiles on the day - and in every picture to come out of the event - she hadn’t always been so thrilled about the whole spectacle. Sharing a video of her ‘wedding day’ to social media, Erin used her caption to explain the heartache that had been weighing on her, and how her young daughter’s enthusiasm helped her put her best foot forward. “I’m going to be completely honest… I didn’t want to do this… at all,” she wrote. “We came up with this concept late last year because so many of our listeners were single mums/unmarried/unlucky in love/unhappy in their relationships and we just thought WHY wait until you’ve met the one… just marry yourself.” Erin went on to explain that she’d never believed in “self love and all of that” before, and she “didn’t know what was to come when I agreed… and then we lost dad… and one of the million things that broke my heart about that was the realisation that he’d never be able to walk me down the aisle… “I’ve never dreamt of a wedding and it’s never really been that important to me… but the thought of even doing it for a radio segment, without him, made me feel sick… and I nearly pulled out so many times. “I didn’t want to be emotional and ruin it for all the beautiful and excited listeners who were doing the same thing and are so far ahead of me in realising that the greatest love of all has to be the love you have for yourself.” She admitted to feeling “a bit embarrassed”, as she had never expected to be a 39-year-old single mum. “It was actually my 4 year old who got me over the line,” she noted. “I told her about it and she was more excited than I’ve ever seen her… and that helped me immensely. “I actually had a ball, [and I] am so grateful for my radio family and the beautiful listeners who inspire me every single morning. I love you all”. <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-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/CqU4YEbJTXZ/?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/reel/CqU4YEbJTXZ/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Erin Molan (@erin_molan)</a> </div> </blockquote> And as with celebration of love, Erin’s friends and fans wanted to join in, stopping by her comment’s section to share their support for her bold move. “Very moving. Your honesty is beautiful,” wrote fellow TV presenter Kate Langbroek. “Wow….this has me thinking….Axel would love this…,” shared Michelle Bridges. And one fan had only the most heartfelt intentions when they told her, “you didn’t need your dad to walk you down the aisle to be proud of you. You gave him thousands of reasons to be proud without that. And your love for one another is so strong that should you ever decide to marry you’ll know he is right there beside you.” Images: Instagram

Beauty & Style

Reese Witherspoon announces shock family update

Reese Witherspoon and Jim Toth have announced their divorce after over a decade of marriage. In a joint statement posted to Witherspoon’s Instagram, they shared that it was “a difficult decision”. “It is with a great deal of care and consideration that we have made the difficult decision to divorce,” Witherspoon said in the statement. “We have enjoyed so many wonderful years together and are moving forward with deep love, kindness, and mutual respect for everything we have created together. “Our biggest priority is our son and our entire family as we navigate this next chapter. These matters are never easy and are extremely personal. “We truly appreciate everyone’s respect for our family’s privacy at this time.” <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-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CqLzAB_vgc-/?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/CqLzAB_vgc-/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Reese Witherspoon (@reesewitherspoon)</a> </div> </blockquote> Witherspoon’s marriage to Toth, a fellow actor, producer and talent agent spanned just shy of 12 years. The decision to call it quits came as the marriage had become platonic, Page Six reported. According to Architectural Digest, the pair sold their seven bedroom, 10 bathroom English Country-style estate for $21.5 million back in 2020. They co-parent two children together, Ava and Deacon, from Witherspoon’s first marriage to actor Ryan Phillipe, and share a son, Tennessee James Toth. In an interview with Harper’s BAZAAR, Witherspoon said that Toth was the reason behind her starting a production company, “He said, ‘You should produce movies. You read more books than anybody I know. You should just buy some of them and turn them into films.” Despite their divorce, Witherspoon had told the outlet they enjoyed being wed and was lucky to be with someone who supported and appreciated her. Image credit: Instagram

Relationships

Murderer and Eric Clapton drummer dies at 77

Jim Gordon, an infamous session drummer from the ‘60s and ‘70s, has passed away at the age of 77. Gordon, who in his prime played with the likes of the Beach Boys and George Harrison, died in a psychiatric prison in California’s Vacaville. He had been sentenced to 16 years to life after killing his mother during a psychotic episode in 1983, and it is reported that he never attended parole hearings, or ever left prison. His publicist Bob Merlis confirmed the news in a statement, where he also explained that Gordon had died of natural causes. Gordon was born and raised in Los Angeles, and opted to pursue a career as a drummer while a teenager, even turning down a scholarship to UCLA. At just 17, he toured the United Kingdom with the Everly Brothers. His professional resume only grew from there, with Gordon going on to become on the primary drummers for George Harrison’s All Things Must Pass. Additionally, he contributed to songs by The Beach Boys on Pet Sounds, Cher, Nancy Sinatra, Judy Collins, and Bobby Darin. In 1970, he formed a group - Derek and the Dominos - with Eric Clapton. Together they wrote the hit ‘Layla’, with Gordon playing both piano and drums. Gordon’s girlfriend at the time, Rita singer Coolidge, claimed she had written the piano section. Gordon’s relationship with Coolidge ended when he physically assaulted her. As the years went by, Gordon developed issues with addiction, telling Rolling Stone in 1985 that he considered himself to be an alcoholic, and admitted to using heroin. By the late ‘70s, after he had confessed to hearing voices in his head, his mother had requested he seek help. “He used to talk to me about hearing voices,” Bobby Whitlock informed Rolling Stone in 2013, “but I told him that it was his consciousness speaking to him. He said it was someone else. Evidently he never stopped or even lightened up on his drug and alcohol intake. “The end result was the destruction of his family.” As Gordon’s mental health deteriorated, so did his career. He claimed to often hear his mum’s voice, and despite a number of medical interventions, he never maintained a consistent treatment schedule. And in June 1983, his mother paid the price, when Gordon fatally struck the 71-year-old Osa Marie Gordon with a hammer and knife. In the wake of her murder, Gordon was diagnosed with schizophrenia, and sentenced to his 16-years-to-life in prison. In 2018, he was deemed to still pose “an unreasonable risk of threat to public safety.” However, those who had known and worked with Gordon before the dark period of his life wanted to pay tribute to the late drummer, taking to social media to write of his professional success, citing some of his greatest hits and collaboration. Gordon’s publicist, Eric Alper, did so while confirming the news, adding that he “will be missed.” <blockquote class="twitter-tweet"> Jim Gordon, one of rock’s all-time greatest drummers, has died at the age of 77. Not only did he play in the Wrecking Crew, but also with Derek and the Dominos, Joe Cocker, Gordon Lightfoot, Merle Haggard, Joan Baez, Tom Petty, and hundreds of others, and will be missed. <a href="https://t.co/m3jP5LKaqB">pic.twitter.com/m3jP5LKaqB</a> — Eric Alper 🎧 (@ThatEricAlper) <a href="https://twitter.com/ThatEricAlper/status/1636133384853282818?ref_src=twsrc%5Etfw">March 15, 2023</a></blockquote> Eric Clapton’s ex-wife - Pattie Boyd - to whom he was married 10 years, paid her respects with a throwback picture of Gordon at a drum kit, writing that she was “sorry to hear of the passing of Jim Gordon.” <blockquote class="twitter-tweet"> I'm sorry to hear of the passing of Jim Gordon. Some of you will know that Jim co-wrote 'Layla' with Eric when they were both in Derek & The Dominoes. Jim also worked with George on the 'All Things Must Pass' album. RIP <a href="https://t.co/83YPA664yt">pic.twitter.com/83YPA664yt</a> — Pattie Boyd (@thepattieboyd) <a href="https://twitter.com/thepattieboyd/status/1636388726850072576?ref_src=twsrc%5Etfw">March 16, 2023</a></blockquote> Images: Twitter, Getty

Music

"We’re all f***ed if that happens": 60 Minutes' stunning f-bombshell

60 Minutes reporter Tom Steinfort spoke for Australians all across the nation when he swore at Treasurer Jim Chalmers in an interview on interest rates. The exchange transpired as homeowners brace for a 10th consecutive rate rise, with the move expected to produce the highest interest rates Australians have seen in the past decade. “Do you see similarities between now and what happened in the early ‘90s?” Steinfort asked the treasurer, referencing a difficult period of recession for Australia. “There’s absolutely no chance that interest rates will get to the level that they were at in the early 1990s. I wanna make that clear,” Chalmers responded. And while the treasurer had wasted no time in giving his answer, it wasn’t enough to stop Steinfort from scoffing, “yeah, well, we’re all f***ed if that happens.” In January 1990, interest rates peaked - or hit rock bottom - at a record high of 17.5 per cent. And now, the RBA is set to deliver more bad news - passing on another 0.25 per cent interest rate rise - with homeowners already feeling their wallet strings tightening when faced with the disparity between house prices and annual wages. Australia’s inflation rate of 7.8 per cent marks the highest level since the early 1990s and is over twice that of the RBA’s 2-3 per cent inflation target - one they adopted in 1993. - the RBA took on its inflation target in 1993. Experts fear that further interest rate hikes will see Australia face its first recession since 1991, a concern that Steinfort clearly shares. Elsewhere in the interview, Steinfort wanted to know if Chalmers believed Australians had seen the worst of the inflation crisis, asking, “do you think we’ve hit the inflation peak?” “That’s our expectation, yeah,” Chalmers said. “We think that’s most likely, uh, that inflation peaked at Christmas time and has started to moderate. But we won’t know until we get that next set of data.” “You think we might be through the worst of it?” Steinfort pressed. “Well, I think inflation is starting to come off,” Chalmers responded, before adding that despite his optimism, Australians shouldn’t expect for things to get easier overnight, “but even as it moderates we can’t be complacent about it, because it’s still going to be a challenge in ‘23, just like it was in ‘22.” “You paint a picture that we’ve turned a bit of a corner and that there are better times ahead, but the people we’re speaking to - I mean, even when I look at my home mortgage bill - we’re not feeling it,” a sceptical Steinfort pointed out. To which a smiling Chalmers answered, “yeah, I understand, and I think that certainly the prime minister understands, and that the government understands, that people are under real pressure now. “We’re doing what we can to deal with it within the constraints of a responsible budget.” <blockquote class="twitter-tweet"> Federal treasurer Jim Chalmers believes we’ve already seen the worst of Australia’s inflation problem. However he says 2023 will still be a challenging time for many families. Watch <a href="https://twitter.com/hashtag/60Mins?src=hash&ref_src=twsrc%5Etfw">#60Mins</a> on <a href="https://twitter.com/9Now?ref_src=twsrc%5Etfw">@9Now</a> <a href="https://t.co/4G5tZZO3fU">pic.twitter.com/4G5tZZO3fU</a> — 60 Minutes Australia (@60Mins) <a href="https://twitter.com/60Mins/status/1632322412959215617?ref_src=twsrc%5Etfw">March 5, 2023</a></blockquote> Images: 60 Minutes

Money & Banking

Anthony Albanese confirms changes to superannuation

Australia’s super rich are set to pay more on their superannuation funds, Prime Minister Anthony Albanese has confirmed. The announcement came <a href="https://www.oversixty.com.au/lifestyle/retirement-life/major-overhaul-of-aussie-superannuation-system-touted" target="_blank" rel="noopener">one week after Treasurer Jim Chalmers declared</a> there would be a review of the superannuation scheme’s future, and that the proposed changes would only impact about 0.5% of Australians, with the added benefit of saving the budget $2b. The changes would see Australians with over $3m in their super accounts have their concessional tax rate doubled - from 15 per cent to 30 per cent - and won’t be effective until around 2025-26. On average, Australians have about $150,000 in their super accounts. However, for the 80,000 individuals with over $3m to their name, the average rises to a substantial $6m. The remainder, the other 99.5 per cent of Australians, are set to continue receiving the same tax breaks as they were before, according to Chalmers. Albanese has now stated that this marks an “important reform” and would not alter the fundamentals of the existing system, and if anything would only serve to make it stronger. “With 17 people having over $100 million in their superannuation accounts, one individual with over $400 million in his or her account, most Australians would agree that this is not what superannuation is for. It’s for people’s retirement incomes,” he explained. “Confronted with this information, it would be irresponsible to not take any action whatsoever. This reform will strengthen the system by making it more sustainable.” In a statement, Chalmers expanded on the situation, saying, “the majority of these super tax breaks go to high income earners. “For instance, over 55 per cent of the benefit of superannuation tax breaks on earnings flow to the top 20 per cent of income earners, with 39 per cent going to the top 10 per cent of income earners.” Chalmers also explained how the government inherited $1 trillion of debt, and that it was becoming increasingly more expensive with rising interest rates. “We have persistent and growing spending pressures,” he explained. “Budget pressures are intensifying, rather than easing. This is the mess that we were left with and this is the mess we’re trying to clean up. “This announcement is part of the effort. Every dollar spent on a tax break with tens of millions of dollars in super, is a borrowed dollar that makes the deficit bigger.” He added that higher earners would still receive tax concessions, although people shouldn’t expect them to be quite as generous anymore. “I’m confident that Australians will see this change as modest, reasonable, and fair. But one which makes a difference to the sustainability and affordability of the superannuation system that we cherish.” Anthony Albanese assured Australians that the changes did not mean that the concessional tax would be altered for the remaining 99.5 per cent of Australians. “People can see what we’re doing here,” he said. “Which is why we’re proposing a change that will have an impact on 0.5 per cent of the population. There will be no changes this term [to super]. Even this change. “We can’t be clearer.” Images: Getty

Retirement Income

Major overhaul of Aussie superannuation system touted

There may be a major change coming to Australia's $3.3 trillion superannuation system, with Treasurer Jim Chalmers looking to crack down on early access. Chalmers will be speaking to call for an objective for superannuation that will emphasise the need for it to be preserved until retirement. This would make it harder for Australians to access their funds early. The federal opposition are taking a different stance and have pushed for early access to remain open as part of a first home buyers scheme. John Kehoe, Australian Financial Review economics editor, told Today $36 billion had been withdrawn from Australians’ collective super during the COVID-19 pandemic. "That's something that Labor wants to shut the door on," he said. Kehoe said there were two sides to the first home buyers scheme, saying that people accessing their super early could drive prices higher. "The retirement income system showed the best way to have financial security in retirement is owning your own home," he said. "It is people renting in retirement that do it really tough.” Independent Senator Jacqui Lambie expressed her view on the proposal, saying life wasn't "black and white.” "There are things that happen in our lives where that money may come in handy, whether it is part of that money, or 20 per cent of that money, just to keep us afloat," she said. "And especially in the next two years, if we are going into recession, if there are guys out there who can dig in to make sure we can keep the roof over their head, to continue to pay their house rates, we have to be a bit more flexible than that when we are going through tough times." Image credit: Getty

Retirement Life

Erin Molan breaks silence over father’s passing

Erin Molan has shared an emotional tribute in honour of her late father, saying she will be "forever broken" following his death. Erin's dad, Senator Jim Molan, died earlier this month after a long battle with prostate cancer. He was laid to rest during a moving service at the Royal Military College at Duntroon, Canberra, during which Erin described her dad as her “hero” who she idolised her whole life. After the funeral service, Erin shared a tribute to her dad as she thanked her followers for their support during the difficult time. “We all knew how we felt about dad but to have so many people share such beautiful words and memories has blown me away … and I know dad would have been supremely chuffed,” she said. <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/Cn_NBlvpqnk/?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/Cn_NBlvpqnk/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Erin Molan (@erin_molan)</a> </div> </blockquote> “I promise I will get back to every single person who has reached out… it just might take me a while.” "We are forever broken without Dad but he taught my siblings and I that we can endure anything life throws our way… even this." "Not sure how right now but I know we will… because as he’d tell you himself… he was seldom ever wrong." Erin Molan and her sister Anne and Sarah addressed Senator Molan’s funeral in Canberra last week in a ceremony attended by Governor-General David Hurley, former prime ministers Tony Abbott and Scott Morrison and opposition leader Peter Dutton. Senator Molan is survived by his wife Anne, four children and five grandchildren. Image credits: Instagram / Getty Images

Family & Pets

Jim Chalmers confronted by struggling pensioner over the cost of living crisis

A struggling pensioner with just $20 in her bank account has quizzed treasurer Jim Chalmers on what essentials she should be forced to give up in order to keep up with the surge in cost of living prices. The Treasurer appeared on ABC's Q+A on Thursday night for a post-budget breakdown, when Fiona got her chance to ask him a question. “With non-discretionary items rising faster than CPI indexation, welfare recipients like myself are meant to be grateful for (the rise to indexation). What essentials should I be cutting from my budget?” she said. Age, Carer and Disability Support Pensioners will receive a rise of $38.90 a fortnight for singles and $58.80 for couples as part of routine indexation, but Fiona said it was still not enough. “It’s all falling behind, I’m playing catch up,” she said. Her desperate plea left Chalmers struggling to offer her any hope, as he warned inflation would continue to rise, forcing the government to make difficult decisions. <blockquote class="twitter-tweet"> Jim Chalmers spruiked the simplicity of his first budget, but as the price of items rises faster than the rate of welfare - is it really ‘bread and butter’ for struggling households? <a href="https://twitter.com/hashtag/QandA?src=hash&ref_src=twsrc%5Etfw">#QandA</a> <a href="https://t.co/p0eECVajlR">pic.twitter.com/p0eECVajlR</a> — QandA (@QandA) <a href="https://twitter.com/QandA/status/1588105528353296384?ref_src=twsrc%5Etfw">November 3, 2022</a></blockquote> “The best thing we can do is try and address inflation. That’s what the budget was about,” he said. <div id="indie-campaign-DifJheZrCrms7j4pmefw-0" data-campaign-name="NCA FINANCE Cashed Up Newsletter OneClick SignUp" data-campaign-indie="newsletter-signup" data-jira="TSN-268" data-from="1645448400000" data-to="1680181200000"></div> “But I don’t want to pretend to Fiona or to anyone in Fiona’s position that the budget nine nights ago fixed all of these challenges. " “I do need to be upfront with all of you about the nature of this challenge that we are confronting right now." And our best contribution to this problem is being restrained in our spending.” Dr Chalmers was called up by host Stan Grant, who said Fiona’s question had been more about hard decisions she was having to make. For example, she said she had to make the choice to go for an eye scan rather than go to a doctors appointment because her GP no longer bulk bills. Dr Chalmers was unable to give Fiona a straight answer, rather saying he understood how difficult it was for people in a similar position. “The cost of living is going through the roof, and that has a disproportionate impact on the most vulnerable amongst us, and we understand that,” Dr Chalmers said. “My responsibility to you, Fiona, and to the whole country, is to try and take the right economic decisions, to make sure we are not making inflation worse.” “The main thing I can do here – the worst thing that could happen for Fiona and for people around Australia – is if we let this inflation get out of control … That’s what I’m trying to avoid.” Image credits: Q+A / Getty Images

Retirement Income

What can we expect from the incoming budget?

Treasurer Jim Chalmers is due to hand down his first budget on Tuesday night, but “pre-budget” announcements have shed some light on what we can expect. The budget hand down will see Mr Chalmers explain how the global economy has deteriorated over this past year. He has said it will probably be necessary to spend more money than the government will raise in taxes over the next couple years, making it a budget “deficit”. While Mr Chalmers has spent the last few months lowering expectations in the lead-up to the reveal of the numbers in this budget, here is what we know about some of the major areas that will be affected. Parental Leave Australia’s current 20 weeks of paid parental leave will be extended to 26 weeks - but it won’t happen overnight. The Labor government plans to stagger the increase, adding two weeks to the program every year. The current scheme sees the primary caregiver receive 18 weeks of leave paid at the minimum wage, with two additional weeks for the partner. In July 2024, 2025, and 2026, another two weeks will be added to the program, bringing it up to a maximum of 26 weeks (or six months) of paid parental leave. The leave will also be more flexible, with parents able to split the leave more equitably or claimed in its entirety by single parents. Childcare With Labor promising to make childcare cheaper during the last election, the new government will be increasing the childcare subsidy in this budget. Legislation has already been introduced to parliament to increase the subsidy for early childhood education for 90 percent of families earning $80,000 or less a year. For every $5,000 families earn over $80,000 up to $530,000 a year, the subsidy will decrease by one percentage point. The new subsidy is due to commence from July 2023 and is expected to cost $5.1 billion over the next four years. A 12-month inquiry into rising childcare costs by the Australian Competition and Consumer Commission (ACCC) has also been announced, with the inquiry said to cost $10.8 million. Aged Care and Health In the wake of the royal commission into aged care, the government has introduced legislation to parliament to reform the sector, with an expected cost of $2.5 billion. Recommendations made by the commission are also set to be adopted, including raising the standard of care, ensuring aged care homes have a registered nurse on-site 24/7, and increasing the transparency of the sector and its funding. The government has also promised to increase wages for aged care workers, but have yet to disclose a figure. New commitments to subsidise medicine and spend more on Medicare will also feature in this budget, with Health Minister Mark Butler saying that $9.9 billion would be invested in these measures. Tax Cuts While there have been no changes to the controversial stage three tax cuts in this budget, it has been announced that the Albanese government won’t be extending the low-and-medium income tax offset (LMITO) after it expired on June 30. As a result, tax returns for the 2021-22 financial year will be the last where Australians earning under $126,000 will receive a tax offset of up to $1500. Electric cars are in, fuel excise is out The six-month fuel excise introduced by the Morrison government, which saw petrol prices drop by over 20 cents a litre, won’t be extended after it ended in September. But, legislation has been introduced to make electric cars cheaper, such as removing fringe benefits tax and import tariffs from eligible electric vehicles. It is hoped the changes will make electric vehicles more affordable, encourage their take-up and help the Albanese government meet its emissions targets. NBN Another of Labor’s election promises, the government will be injecting the National Broadband Network (NBN) with a $2.4 billion equity investment over the next four years. The government has said the investment will give 1.5 million homes and businesses the option to upgrade to faster fibre broadband access by 2025. Wellbeing and climate change In a first for Australia, the budget will dedicate a chapter to wellbeing, including outlining how the government plans to measure wellbeing going forward. For the first time since the Abbott government, the Treasury has also been asked to model the impact of climate change on the economy in this year’s budget. Legislation has been introduced for a disaster ready fund intended to help fund projects that mitigate and prepare for climate change. This will provide up to $200 million a year for projects such as flood levees, cyclone shelters, fire breaks and evacuation centres. General expectations Mr Chalmers has shared some predictions for what will happen over the next few years in relation to food costs, inflation and unemployment. The Treasurer said it’s expected that the price of food will increase significantly later this year due to the floods across NSW, Victoria and Tasmania. He said Treasury officials think annual inflation will peak at around 7.75 percent at the end of this year before declining in mid-2023, while unemployment will likely rise from its current 3.5 percent to 4.5 percent in 2023-24. Image: Jim Chalmers MP (Facebook)

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