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Refinancing your home later in life – what you need to know

There are many reasons why you may look to refinance your home. The obvious one is to lower mortgage repayments with a better rate. However, other reasons people refinance later in life include: <ul> <li>unlocking equity to invest</li> <li>paying down other debts</li> <li>buying a holiday home</li> <li>funding extended travel</li> <li>launching a new business</li> <li>supporting children with a property deposit</li> </ul> Regardless of why you want to refinance, the points below will help you navigate your options. Changing lenders It may have been a while since you last revisited your mortgage, meaning you may not be aware of current lending options and traps. A common trick lenders use is the so-called “headline rate” to grab your attention. However, this interest rate is typically not what you end up paying. It may only be an introductory rate for the first few months, or hefty fees attached may wipe out any savings. Banks aren’t the only ones offering loans nowadays. Registered non-bank lenders, fintechs and online lenders can refinance your mortgage and provide other credit services the same as any bank; they just don’t take cash deposits. Alternatively, you could explore credit unions and mutual societies. Also consider any shareholder benefits you may have. Most banks have done away with them now but may still honour pre-existing ones. If you change lenders, you could lose this entitlement – permanently. Reverse mortgages Generally, only available to people aged 60-plus, a reverse mortgage effectively allows you to unlock equity in your home without you needing to make immediate repayments. However, they often have strict conditions including: <ul> <li>minimum borrowing amounts</li> <li>maximum borrowing ratios</li> <li>higher interest rates than standard mortgages</li> </ul> Crucially, the interest accrues over time and is repaid when you sell, move or pass away. As such, your debt liability grows over time – potentially impacting your future living arrangements and how much is left for beneficiaries in your will. The Govt has the “loan equity scheme” as another option to lenders. I just want to highlight the need to be careful with reverse mortgages. Changing homes Rather than selling, downsizing could involve making an investment property your primary residence and then renting out your existing home. This approach may require you to refinance both loans simultaneously. There will also be tax considerations to work through – including Capital Gains Tax liabilities when you do sell, negative gearing, depreciation, and changes to your income tax. Then there are the lifestyle factors to weigh up, especially if you are moving to a different area: <ul> <li>living expenses</li> <li>insurance and travel costs</li> <li>access to healthcare</li> <li>rental income</li> <li>property management expenses</li> </ul> Remember that if you have a Self Managed Super Fund (SMSF), it CANNOT own any property that you directly use yourself, including your home. Becoming Bank of Mum and Dad Refinancing can unlock equity to support adult children with their first property deposit. However, it isn’t without its risks. Ask yourself honestly: <ul> <li>Will this be a gift or loan?</li> <li>If a loan, under what terms? Will interest be applied? How and when will repayments be made? What if they default?</li> <li>What happens if their relationship breaks down, will you get your money back?</li> <li>How does going without that money affect your retirement?</li> <li>Do you have alternative assets to support you if your circumstances change?</li> <li>How does this affect inheritances or deposit contributions to your other children?</li> <li>Can you assist them another way without using your home equity?</li> </ul> Draw up a written agreement outlining all conditions and scenarios to avoid disagreements in the future. Pension impacts Don’t overlook how refinancing your home could impact your pension. While your home is exempt from the means test, any income or assets you generate from unlocking equity is not. You could inadvertently see your pension amount reduced or your eligibility voided altogether. This would come as a nasty shock if you haven’t pre-budgeted for such a change! Getting advice To ensure you get the best bang for your buck when refinancing, be sure to enlist the help of a good: <ul> <li>mortgage broker to source the best loans for your circumstances</li> <li>insurance broker to ensure your cover is right sized for your needs, risk and budget</li> <li>accountant to work through any tax implications</li> <li>estate planner to manage any changes</li> <li>financial adviser to keep your investments and financial strategy working for you</li> </ul> Ultimately, decisions – including about refinancing – are only as good the information you have at hand. So, make sure you have all the relevant facts before signing on the dotted line. Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). 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 style="color: #467886;" title="http://www.onyourowntwofeet.com.au/" 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.

Money & Banking

The renting trap snaring retirees – and how to avoid it

It has long been known that renting in retirement is associated with a lower quality of life. Understanding the causal factors can help you avoid a similar fate. There are many reasons why renting in retirement can be problematic. For a start, figures on how much income we need to retire comfortably usually assumes that you own your home – the cost of rent isn’t included. So, anyone using this as a guide falls well short, potentially by 20-40 per cent. Additionally: <ul> <li>Rent usually eats up a larger portion of retirement income than home ownership.</li> <li>Over time, rents typically keep rising while mortgage debts reduce.</li> <li>Home ownership provides equity to use for other investments, further boosting retirement income.</li> <li>Downsizing homeowners can make an additional superannuation contribution from the sale proceeds, which renters cannot.</li> <li>Homeowners can make accessibility modifications to meet their needs as they age, like installing ramps or rails.</li> <li>Homeowners have greater stability and aren’t subject to eviction (and moving costs) at short notice.</li> </ul> How big a problem is it? Numerous studies have highlighted the growing scale of the problem faced by renting retirees. <a style="color: #467886;" href="https://grattan.edu.au/report/renting-in-retirement-why-rent-assistance-needs-to-rise/" target="_blank" rel="noopener">The Grattan Institute</a> recently found that “two in three retirees who rent in the private market live in poverty,” and that “most older working Australians who rent do not have sufficient savings to keep paying rent in retirement.” The rental trap is also not exclusive to low-income earners. <a style="color: #467886;" href="https://everybodyshome.com.au/resources/priced-out-priced-out-an-index-of-affordable-rentals-for-australian-voters/" target="_blank" rel="noopener">Everybody’s Home</a> recently found Australians earning $100,000 per year – above the <a style="color: #467886;" href="https://www.abs.gov.au/statistics/labour/earnings-and-working-conditions/employee-earnings/latest-release" target="_blank" rel="noopener">national median of $1,396 per week</a> ($72,592 per year) – are struggling to pay their rent. The end result is that homelessness is a growing problem for over 55s – particularly women. <a style="color: #467886;" href="https://www.mercyfoundation.com.au/our-focus/ending-homelessness/older-women-and-homelessness/" target="_blank" rel="noopener">The Mercy Foundation</a> notes that homelessness among these women grew 6.6 per cent in the 2021 Census, following a huge 31 per cent increase in the 2016 Census. What is causing it? Not owning your own home in retirement is obvious answer here. But there are various contributing factors that see people forced to rent later in life, including losing their home and being financially unable to replace it. These include: <ul> <li>Divorce/separation – court and legal fees, counselling costs, division of assets (including the family home).</li> <li>Pre-retirement chronic illness – time out of the workforce for both the patient and their partner to care for them, loss of income, less going into super, and higher healthcare costs.</li> <li>Death of a partner – up-front bills like funeral expenses, surviving partner suddenly on a single income.</li> <li>Elder abuse – an estimated <a style="color: #467886;" href="https://www.aihw.gov.au/family-domestic-and-sexual-violence/population-groups/older-people#abuse" target="_blank" rel="noopener">one in six older Australians experience elder abuse</a>, including 2.1 per cent facing financial abuse.</li> <li>Domestic violence – fleeing abusive relationships with little or no money and assets.</li> <li>Climate change – loss of uninsured home/other assets as storms, floods, cyclones, and fires increase in frequency and severity.</li> <li>Scams – <a style="color: #467886;" href="https://www.nasc.gov.au/news/australians-better-protected-as-reported-scam-losses-fell-by-almost-26-per-cent" target="_blank" rel="noopener">Australians lost $2 billion to scams</a> in 2024.</li> <li>Gambling – <a style="color: #467886;" href="https://aifs.gov.au/research/research-snapshots/gambling-participation-and-experience-harm-australia" target="_blank" rel="noopener">46 per cent of gamblers are at risk of harm</a>, including losing their home.</li> <li>Housing unaffordability – soaring prices (and stamp duty) push home ownership out of reach.</li> </ul> Women often face the brunt of these effects, disadvantaged by the gender pay gap, having less in superannuation, often having primary or sole custody of children, and having less secure employment. How can you protect yourself? Thankfully, there are steps we can all take to protect ourselves and our retirement: <ul> <li>Get your foundations right for a strong financial footing – emergency fund, spending and investment plan, insurances, superannuation, estate planning.</li> <li>Make decisions jointly – letting your partner control finances alone means more risk for you and less spending oversight.</li> <li>Have contingency plans – your own bank account, independent financial and retirement plans, insurances, and back-up plans just in case.</li> <li>Get into the market ASAP – even a cheap investment property far from where you live is a financial asset and a roof over your head if needed.</li> <li>Consider co-ownership – if you can’t afford to buy property alone, split the purchase and ongoing costs with an adult child, sibling, or close friend. Alternatively, sub-let a room to offset the costs.</li> <li>Don’t settle for less – avoid accepting an unreasonable separation settlement just to resolve things quickly.</li> <li>Be alert – know the warning signs of scams, elder abuse, gambling addiction and domestic violence to avoid losing everything.</li> <li>Get independent advice – professional legal, accounting, and financial advice can help you build financial independence, create safeguards, and recover faster if disaster does strike.</li> </ul> Overall, the best thing you can do is simply to act. By being proactive instead of burying your head in the sand, your future self stands a much better chance of enjoying a comfortable retirement! Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). 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 style="color: #467886;" title="http://www.onyourowntwofeet.com.au/" href="http://www.onyourowntwofeet.com.au/" target="_blank" rel="noopener">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: Shutterstock

Money & Banking

How long will you live? New evidence says it’s much more about your choices than your genes

<div class="theconversation-article-body"> One of the most enduring questions humans have is how long we’re going to live. With this comes the question of how much of our lifespan is shaped by our environment and choices, and how much is predetermined by our genes. A study recently published in the prestigious journal <a href="https://www.nature.com/articles/s41591-024-03483-9">Nature Medicine</a> has attempted for the first time to quantify the relative contributions of our environment and lifestyle versus our genetics in how we age and how long we live. The findings were striking, suggesting our environment and lifestyle play a much greater role than our genes in determining our longevity. <h2>What the researchers did</h2> This study used data from the <a href="https://www.ukbiobank.ac.uk/">UK Biobank</a>, a large database in the United Kingdom that contains in-depth health and lifestyle data from roughly 500,000 people. The data available include genetic information, medical records, imaging and information about lifestyle. A separate part of the study used data from a subset of more than 45,000 participants whose blood samples underwent something called “<a href="https://www.nature.com/articles/s41576-022-00511-7">proteomic profiling</a>”. Proteomic profiling is a relatively new technique that looks at how proteins in the body change over time to identify a person’s age at a molecular level. By using this method researchers were able to estimate how quickly an individual’s body was actually ageing. This is called their biological age, as opposed to their chronological age (or years lived). The researchers assessed 164 environmental exposures as well as participants’ genetic markers for disease. Environmental exposures included lifestyle choices (for example, smoking, physical activity), social factors (for example, living conditions, household income, employment status) and early life factors, such as body weight in childhood. They then looked for associations between genetics and environment and 22 major age-related diseases (such as coronary artery disease and type 2 diabetes), mortality and biological ageing (as determined by the proteomic profiling). These analyses allowed the researchers to estimate the relative contributions of environmental factors and genetics to ageing and dying prematurely. <h2>What did they find?</h2> When it came to disease-related mortality, as we would expect, age and sex explained a significant amount (about half) of the variation in how long people lived. The key finding, however, was environmental factors collectively accounted for around 17% of the variation in lifespan, while genetic factors contributed less than 2%. This finding comes down very clearly on the nurture side in the “nature versus nurture” debate. It suggests environmental factors influence health and longevity to a far greater extent than genetics. Not unexpectedly, the study showed a different mix of environmental and genetic influences for different diseases. Environmental factors had the greatest impact on lung, heart and liver disease, while genetics played the biggest role in determining a person’s risk of breast, ovarian and prostate cancers, and dementia. The environmental factors that had the most influence on earlier death and biological ageing included smoking, socioeconomic status, physical activity levels and living conditions. Interestingly, being taller at age ten was found to be associated with a shorter lifespan. Although this may seem surprising, and the reasons are not entirely clear, this aligns with <a href="https://www.sciencedaily.com/releases/2014/05/140509110756.htm">previous research</a> finding taller people are more likely to die earlier. Carrying more weight at age ten and maternal smoking (if your mother smoked in late pregnancy or when you were a newborn) were also found to shorten lifespan. Probably the most surprising finding in this study was a lack of association between diet and markers of biological ageing, as determined by the proteomic profiling. This flies in the face of the extensive body of evidence showing the crucial role of <a href="https://www.nature.com/articles/s43016-023-00868-w">dietary patterns</a> in chronic disease risk and longevity. But there are a number of plausible explanations for this. The first could be a lack of statistical power in the part of the study looking at biological ageing. That is, the number of people studied may have been too small to allow the researchers to see the true impact of diet on ageing. Second, the dietary data in this study, which was self-reported and only measured at one time point, is likely to have been of relatively poor quality, limiting the researchers’ ability to see associations. And third, as the relationship between diet and longevity is likely to be complex, disentangling dietary effects from other lifestyle factors may be difficult. So despite this finding, it’s still safe to say the food we eat is one of the most important pillars of health and longevity. <h2>What other limitations do we need to consider?</h2> Key exposures (such as diet) in this study were only measured at a single point in time, and not tracked over time, introducing potential errors into the results. Also, as this was an observational study, we can’t assume associations found represent causal relationships. For example, just because living with a partner correlated with a longer lifespan, it doesn’t mean this caused a person to live longer. There may be other factors which explain this association. Finally, it’s possible this study may have underestimated the role of genetics in longevity. It’s important to recognise genetics and environment don’t operate in isolation. Rather, health outcomes are shaped by their interplay, and this study may not have fully captured the complexity of these interactions. <h2>The future is (largely) in your hands</h2> It’s worth noting there were a number of factors such as household income, home ownership and employment status associated with diseases of ageing in this study that are not necessarily within a person’s control. This highlights the crucial role of addressing the social determinants of health to ensure everyone has the best possible chance of living a long and healthy life. At the same time, the results offer an empowering message that longevity is largely shaped by the choices we make. This is great news, unless you have good genes and were hoping they would do the heavy lifting. Ultimately, the results of this study reinforce the notion that while we may inherit certain genetic risks, how we eat, move and engage with the world seems to be more important in determining how healthy we are and how long we live.<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/251054/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hassan-vally-202904">Hassan Vally</a>, Associate Professor, Epidemiology, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin 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/how-long-will-you-live-new-evidence-says-its-much-more-about-your-choices-than-your-genes-251054">original article</a>. Image: Shutterstock </div>

Caring

Cruise passenger facing life sentence after onboard discovery

A Brazilian passenger has been charged with drug-related offences after authorities discovered a significant quantity of cocaine hidden in his cruise ship cabin upon docking in Sydney Harbour on Saturday. The Australian Federal Police (AFP) allege that the 48-year-old man had concealed 10kg of cocaine within the ceiling cavity of his room aboard the vessel, which had arrived from Argentina. During a search conducted by Australian Border Force (ABF) officials, officers reportedly uncovered 28 individually wrapped parcels of the substance, which tested positive for cocaine. In addition to the drugs, authorities also discovered "body packing material" hidden in the ceiling cavity and the wardrobe. According to the AFP, such materials are commonly used by drug couriers attempting to smuggle narcotics across international borders and security checkpoints. An examination of the suspect’s mobile phone allegedly revealed further evidence linked to drug trafficking. The AFP subsequently charged the man with one count of importing a commercial quantity of a border-controlled drug and one count of possessing a commercial quantity of an unlawfully imported border-controlled drug. If convicted, he faces a maximum penalty of life imprisonment. AFP Detective Superintendent Kristie Cressy highlighted the potential impact of the drug haul, noting that the seized cocaine could have been distributed in 10,000 individual street deals, with an estimated street value of $3 million. “This amount of cocaine could have been sold in the community as 10,000 individual street deals of 1 gram for about $3 million,” Cressy stated. “Drug traffickers are motivated by greed, and they do not care about the harm they cause. These drug deals put pressure on the health system.” The Australian Institute of Health and Welfare reports that between 2022 and 2023, there were more than two hospitalisations per day in Australia due to drug-related incidents. ABF Superintendent Matt O’Connor acknowledged the increased risk of drug smuggling during the cruise season but reassured the public of law enforcement's vigilance in tackling such operations. “The cruising season brings with it additional opportunities for criminal syndicates to attempt to smuggle illicit drugs into the country; however, Border Force officers are very attuned to their pivoting tactics,” O’Connor said. “Our ABF officers process and border-clear thousands of passengers and crew members on every international cruise ship which arrives into Sydney and are ready to respond to any threat which may present itself.” The accused is set to appear in court as investigations continue into the broader implications of the smuggling attempt. Images: Australian Federal Police

Travel Trouble

An artificial heart may save your life. But it can also change you in surprising ways

<div class="theconversation-article-body"> This week, <a href="https://www.theguardian.com/australia-news/2025/mar/12/australian-man-survives-100-days-with-artificial-heart-in-world-first-success">doctors announced</a> that an Australian man with severe heart failure had left hospital with an artificial heart that had kept him alive until he could receive a donor heart. The patient, a man from New South Wales in his 40s, was not the world’s first person to receive this type of artificial heart. However, he is <a href="https://www.svhs.org.au/newsroom/news/australia-first-total-artificial-heart-implant">said to be</a> the <a href="https://www.monash.edu/news/articles/australias-first-durable-total-artificial-heart-implant-announced-as-a-success">first with one to be discharged from hospital</a> to wait for a heart transplant, which he’s since had. <blockquote class="twitter-tweet"> WARNING: GRAPHIC CONTENT This machine has enabled an Australian man with severe heart failure to be the first person in the world to leave hospital with an artificial heart transplant <a href="https://t.co/6S12mINwBm">pic.twitter.com/6S12mINwBm</a> — Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1899862954155126824?ref_src=twsrc%5Etfw">March 12, 2025</a></blockquote> I am a philosopher and bioethicist. I <a href="https://bridges.monash.edu/articles/thesis/Phenomenology_and_Artificial_Hearts/22312204">completed my PhD</a> on artificial hearts – particularly how these implants can change people’s lives in profound ways. Here’s what patients and their families need to consider. <h2>What is an artificial heart?</h2> Artificial hearts began to be developed in the 1960s, sponsored by the United States government and funded in a similar way to space and military programs. In 1982, a man named <a href="https://www.historynewsnetwork.org/article/hero-or-victim-the-25th-anniversary-of-barney-clar">Barney Clark</a> received the Jarvik-7 total artificial heart. Doctors removed his failing biological heart and replaced it with a plastic and metal device to circulate blood to his lungs and around his body. He lived for 112 days before dying from multi-organ failure. He never left hospital. In the 1980s and 1990s, medical device companies began to develop alternatives to total artificial hearts. These partial artificial hearts, known as ventricular assist devices, help out a biological heart by supplementing or replacing one of its two pumping chambers. These are more straightforward and versatile than total artificial hearts, and can be used for earlier stages of heart failure. Not all artificial hearts generate a pulse. Artificial hearts with a pulse generally mimic the biological heart. They pump blood in the same way the heart beats, by filling with blood and squeezing to circulate blood in waves or pulses. But some devices continuously push blood around the body instead of pulsing. So with these continuous-flow devices neither the patient nor their health team can <a href="https://link.springer.com/article/10.1007/s11906-017-0782-6">detect a pulse</a>. <a href="https://linkinghub.elsevier.com/retrieve/pii/S0003497524008749">In the US between 2014 and 2024</a>, almost 30,000 patients received continuous-flow ventricular assist devices. In the same period, more than 310 total artificial hearts were implanted. The total artificial hearts <a href="https://www.syncardia.com/syncardia-total-artificial-heart-stah.html">commercially</a> <a href="https://www.carmatsa.com/en/our_product/">available</a> today are licensed exclusively as bridging therapies – to keep people alive until a donor heart becomes available – rather than permanent implants. <h2>How about the device making news this week?</h2> The device in the news – the <a href="https://www.monash.edu/news/articles/australias-first-durable-total-artificial-heart-implant-announced-as-a-success">BiVACOR Total Artificial Heart</a> – was developed by a US-Australian collaboration. This device is innovative, mainly because it is the first continuous-flow device designed to replace the whole heart. Designers are also aiming for it to be the first total artificial heart suitable as a permanent transplant (known as destination therapy). A reliable, durable and responsive total artificial heart is, <a href="https://www.abc.net.au/news/2025-03-12/sydney-hospital-artificial-heart-implant-operation-success/105036154">in the words</a> of Paul Jansz, the surgeon who implanted the device, “the Holy Grail”. The BiVACOR’s clinical success so far gives us reason to be optimistic about an alternative to scarce donor hearts for responding to severe heart failure. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&rect=12%2C12%2C8231%2C5475&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&rect=12%2C12%2C8231%2C5475&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/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=400&fit=crop&dpr=1 600w, https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=400&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=400&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=503&fit=crop&dpr=1 754w, https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=503&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/655013/original/file-20250313-56-4w24qy.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=503&fit=crop&dpr=3 2262w" alt="Hand holding the BiVACOR artificial heart" /></a><figcaption>This device is designed to replace the whole heart, and for now, is licensed as a temporary implant, ahead of a heart transplant. BiVACOR TIQ</figcaption></figure> <h2>Transplants can change lives</h2> However, patients do not just resume their old lives when they leave hospital with an artificial heart. While the pumping component is inside their chest, there are also <a href="https://www.instagram.com/p/BHW0ATvgFDu/?hl=en">external components</a> to manage and monitor. A thick tube perforates their abdomen and connects to an external controller unit and power supply, which the patient carries around in a bag. Controllers must be closely monitored, and batteries must be regularly recharged. My research showed that even a perfectly safe and reliable total artificial heart could transform patients’ lives in at least three major areas. 1. Is it part of me? Do I trust it? Patients must <a href="https://www.tandfonline.com/doi/10.1080/09638288.2020.1717648">trust, tolerate and receive sensory feedback about how the device is working</a> for it to feel like part of them. In the case of an artificial heart, this might mean the device feels responsive to exercise and the body’s needs. But it may be difficult for artificial hearts to meet these criteria, especially for devices that do not generate a pulse. Patients may also question whether their heart is located in their body, or in the controller unit. They may wonder if they even have a heart, particularly if they can’t feel a pulse. 2. Beeps and alarms An artificial heart also changes how patients live their lives and <a href="https://link.springer.com/article/10.1007/s11097-024-10050-7">navigate the world</a>. Interruptions from <a href="https://journals.sagepub.com/doi/10.1177/1049732317700853">loud device alarms</a> distract patients from their normal activities. And patients must switch between mains power and batteries when they <a href="https://linkinghub.elsevier.com/retrieve/pii/S0147956311002718">wake in the night and need to visit the toilet</a>. 3. Marking time Our hearts may be our <a href="https://www.frontiersin.org/journals/neurorobotics/articles/10.3389/fnbot.2014.00015/full">natural</a> <a href="https://linkinghub.elsevier.com/retrieve/pii/S0301051111000032">metronomes</a>, marking time. So removing someone’s heart rhythm can confuse their sense of time. The need for batteries to be recharged periodically can also reshape patients’ days. Waiting around for a transplant heart, or the latest software update, may change patients’ perspectives on what months and years feel like. <h2>We need to give patients the whole picture</h2> Artificial hearts are remarkable devices with great promise. But patients and families also deserve to know how these extraordinary treatments might change how they feel about themselves and the world. They need to know this before they sign up for them. Artificial hearts don’t just save lives – they also change them.<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/252165/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/pat-mcconville-2344684">Pat McConville</a>, Lecturer in Ethics, Law, and Professionalism, School of Medicine, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin 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/an-artificial-heart-may-save-your-life-but-it-can-also-change-you-in-surprising-ways-252165">original article</a>. Image: Shutterstock </div>

Body

Replacing stamp duty with a land tax could save home buyers big money. Here’s how

<div class="theconversation-article-body"> Infrastructure Victoria has released a <a href="https://assets.infrastructurevictoria.com.au/assets/Victorias-draft-30-year-infrastructure-strategy.pdf">draft 30-year plan </a> outlining how the state can grow sustainably. It focuses on key areas like transport, housing, energy, and public services to support a growing population and improve liveability. The plan also suggests ways to make the state’s infrastructure and tax system fairer, more efficient and more sustainable. The plan’s recommendations are expected to cost between A$60 billion and $75 billion, mostly spent before 2035. This is around 10% of <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-state-accounts/2023-24-financial-year#data-downloads">Victoria’s yearly economic output</a> in 2023-24, spread over the next decade. With Victoria already spending record amounts on infrastructure, and <a href="https://pbo.vic.gov.au/document/BudgetUpdateSnapshot2024-25">budget deficits forecast</a> until 2025-26, finding the money to fund social housing, transport and other projects is a key challenge. We estimate the Infrastructure Victoria proposals would add between $4 billion and $5 billion to Victorian government expenditure each year. Yet one of its proposals — replacing stamp duty with an annual land tax — would only cost between $1 million and $5 million to implement, but generate substantial gains for Victorian households. <h2>Why replace stamp duty with land tax?</h2> Stamp duty is one of the biggest barriers to moving house in Victoria and other Australian states. This tax, which people pay when they buy property, adds thousands of dollars to the cost of moving. In 2022-23, Victorians paid about <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-state-accounts/2023-24-financial-year#data-downloads">$12 billion</a> to move house. Of this, $3 billion went to actual moving costs (like real estate services, and removalists) and $9 billion was <a href="https://www.abs.gov.au/statistics/economy/government/taxation-revenue-australia/latest-release#data-downloads">stamp duty</a>. That’s an effective tax rate of 300% on the true cost of moving, and in 2023 <a href="https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty">added about</a> $40,000, or 5.3%, to the cost of purchasing the average Victorian home. High stamp duty discourages people from relocating, even when their needs change — whether that’s moving for a new job, finding a bigger home for a growing family or downsizing after retirement. This leads to longer commutes, traffic congestion and a less efficient housing market. Switching from stamp duty to an annual land tax would make moving easier and spread the tax burden more fairly. Instead of a large, one-time tax when buying a home, all landowners would pay a smaller tax each year. This would help fund schools, hospitals, and other infrastructure more sustainably. <h2>What can we learn from Canberra?</h2> Victoria University’s Centre of Policy Studies <a href="https://www.treasury.act.gov.au/__data/assets/pdf_file/0009/1618407/cops-final-report.pdf">studied a similar reform</a> in the Australian Capital Territory, where stamp duty has been gradually phased out since 2012 and replaced with higher general rates (a type of land tax). Each year, the ACT government sets a target for how much money it needs to raise. Landowners then pay a share of that total, based on the value of their land. One of the biggest benefits of this approach is that it raises money more efficiently. Unlike other taxes, land taxes don’t discourage investment or economic activity. The study found removing stamp duty had a big positive impact on the ACT’s economy. Around 80% of the economic boost came from removing stamp duty, while introducing land tax also had benefits. By studying transaction data from the ACT, we showed each 10% reduction stamp duty rates drove a 6% rise in property transactions. <h2>Would it help housing affordability?</h2> One of the main arguments for replacing stamp duty with land tax is its effect on housing prices. Economists widely agree land taxes reduce land values, which makes housing more affordable. However, the impact of removing stamp duty is less predictable. Our previous research found <a href="https://theconversation.com/swapping-stamp-duty-for-land-tax-would-push-down-house-prices-but-push-up-apartment-prices-new-modelling-finds-184381">the effect on house prices</a> depends on how often properties are bought and sold. Apartments, for example, tend to change hands more frequently than houses. Because of this, removing stamp duty tends to push up apartment prices more than house prices. Even so, the overall effect of the reform is a drop in property prices. The challenge is ensuring this price reduction is evenly spread across different types of housing. <h2>A fairer tax system</h2> To make the system fairer, policymakers could adjust how land tax is applied. One option is to introduce a fixed-rate component, as <a href="https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-buyer-choice">proposed </a> in New South Wales. Another idea, suggested 15 years ago in the <a href="https://treasury.gov.au/sites/default/files/2019-10/afts_final_report_part_1_consolidated.pdf">Henry Tax Review</a>, is to base the tax on the per-square-metre value of land. Another key factor is housing supply. If planning laws allow more high-density housing in inner suburbs, price changes could be better managed. <h2>We also need short-term solutions</h2> Replacing stamp duty with land tax is a long-term reform that would take years to fully implement. The ACT, for example, planned a 20-year transition. If all state governments implemented this reform, we estimate Australian households would ultimately be <a href="https://www.copsmodels.com/ftp/workpapr/g-337.pdf">better off by about</a> $,1600 per household per year. In the short term, <a href="https://theconversation.com/whats-the-best-way-to-ease-rents-and-improve-housing-affordability-we-modelled-4-of-the-governments-biggest-programs-225446">other policies </a> could help improve housing affordability. These include increasing Commonwealth Rent Assistance and rethinking first-home buyer support. These steps could complement broader tax, infrastructure and housing supply reforms. The Victorian government is <a href="https://engage.vic.gov.au/victorias30yearinfrastructurestrategy">seeking feedback</a> on the draft plan before releasing the final version later this year. This is an opportunity for Victorians to contribute ideas on how to shape the state’s future and ensure its infrastructure and tax system work for everyone.<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/251472/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/jason-nassios-318488">Jason Nassios</a>, Associate Professor, Centre of Policy Studies, <a href="https://theconversation.com/institutions/victoria-university-1175">Victoria University</a> and <a href="https://theconversation.com/profiles/james-giesecke-9853">James Giesecke</a>, Professor, Centre of Policy Studies and the Impact Project, <a href="https://theconversation.com/institutions/victoria-university-1175">Victoria 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/replacing-stamp-duty-with-a-land-tax-could-save-home-buyers-big-money-heres-how-251472">original article</a>. Image: 7news.com.au </div>

Money & Banking

"Miraculous rescue": Renter saves stray dog trapped underground

An American renter was minding his own business at his rental home in Longview, Texas when he heard faint barking. The man, who chose to remain anonymous, initially thought the barking was coming from outside, but soon realised that it was coming from below his floorboards. Animal control officer Bobby Jumper was called to the scene and "was very shocked" to find a dog trapped at the bottom of an almost four-metre-deep well underneath the house. The renter did not know there was a well under the house. "I've been doing this for over seven years and that's the first time I've ran into something like this," the animal control officer told the Washington Post. Jumper immediately called in back up from the local fire brigade, who built a makeshift sling to pull the stray dog out from safety. "It took multiple people and a lot of different tools and equipment," he said. The rescue took three hours and the team did consider ripping up the floorboards, but managed to find a way into the house without damaging it. Rescuers said the stray pup, a Basset hound mix, had been trapped for days without food or water, but luckily came out unscathed. The pup was taken to the Longview Animal Care and Adoption Centre and given the name Timmy, after the character known to fall down the well on the TV show Lassie. Timmy has since been adopted by a loving family, with the adoption centre sharing the "rescue story of a lifetime" on Facebook. "We witnessed a heartwarming tale of bravery and kindness that we just had to share," they wrote. "Thanks to the quick thinking and heroic efforts of our local firefighters and animal control team, the dog was safely brought to the surface, shaken but unharmed!" "Thank you to everyone who played a part in this miraculous rescue," the post continued. "It's a true reminder of the incredible bond between humans and animals and how a community comes together in times of need!" Images: Facebook

Family & Pets

Steve Smith's huge retirement news

Australian veteran cricketer Steve Smith has announced his retirement from One Day International cricket. The 35-year-old, who stepped in to fill Pat Cummins’ captaincy role during the ICC Champions Trophy tournament, has played his 170th and last match in the ODI format, losing to India by four wickets. After the epic showdown, Smith fronted the media to make the bombshell announcement that his time in the green and gold 50-over uniform had come to an end, effective immediately. He said, “Now is a great opportunity for people to start preparing for the 2027 World Cup so it feels like the right time to make way.” A two-time Australian ODI player of the year and a member of the ICC’s ODI Team of the Year in 2015, Smith plans to continue playing Test matches for some time yet. “Test cricket remains a priority and I am really looking forward to the World Test Championship Final, the West Indies in the winter and then England at home,” he added. “I feel I still have a lot to contribute on that stage.” Cricket Australia chief executive Todd Greenberg led the tributes to Smith, stating: “Congratulations to Steve on an amazing One-Day International career during which he has made a vast contribution to Australia’s performances in the 50-over format." “Right up until his final ODI innings Steve exhibited an incredible ability to accumulate runs in all conditions and his astute leadership has been crucial in the team’s ongoing success including the 2015 and 2023 ICC World Cup victories." “We’re fortunate Steve still has much to offer in the Test and T20 arenas and I look forward to witnessing the next stage of one of cricket’s great careers.” Image credits: RAHAT DAR/EPA-EFE/Shutterstock Editorial

Retirement Life

Young couple sold almost everything to live on a cruise ship

Two savvy US school teachers Monica Brzoska, 32, and Jorrell Conley, 36, have sold almost all of their possessions to live at sea. The couple fell in love with cruising after travelling to Mexico, Belize and Grand Cayman almost a decade ago. In 2023, after Monica's father fell ill, she was inspired to live the life she had always wanted. "Don’t wait for retirement to follow your dreams. Do it now," her mother had told her. That's when she and her husband made the life-changing decision. “Instead of coming back, why not keep booking consecutive cruises for as long as we could afford to?” Monica told The Sun. “It sounds mad, but the numbers made sense. Accommodation, food and entertainment would be included – we’d only need spending money. “And because we’d been on so many Carnival cruises, we’d earned access to some amazing offers. “If we chose the cheapest cabins, our savings from the pandemic would allow us to book eight months of cruising for $16,000 – some trips paid for in full, others with deposits. “We could then use the rent from our three-bedroom house in Memphis to make extra payments as needed. Many cruises start and end in the same ports, so we knew we’d be able to disembark and easily board our next ship, or otherwise fly to the port.” <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/DEQkivEJ0DS/?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/DEQkivEJ0DS/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Monica Brzoska (@life_by_any_means)</a> </div> </blockquote> The pair quit their jobs, sold most of their possessions and rented out their three-bedroom home in Memphis, and have been cruising for almost two years now. Since making the move, the couple have completed 36 consecutive cruises and visited almost 50 countries. “I instantly felt free,” she said. “People are amazed when they hear we live on ships, and I’m always happy to share the tricks we’ve learned to save money. We’ve won excursion tickets, jewellery and spa treatments in onboard raffles, while on land, we do our own tours, using local transport to explore," she said. However, she admitted that there are a few challenges, including missing family, but regardless "it really is a dream come true". Image: Instagram

Retirement Life

Man who saved the lives of over 2 million babies dies aged 88

James Harrison OAM, the famous Australian blood donor who saved the lives of 2.4 million babies by donating his rare plasma, has died aged 88. Australian Red Cross Lifeblood has confirmed that Harrison died "peacefully" on February 17 at Peninsula Village Nursing Home on the NSW Central Coast. Harrison, also known as the Man with the Golden Arm, began donating in the 1950s became the world's most prolific blood and plasma donor thanks to his rare antibody, Anti-D, which helps mothers who are at risk of passing on deadly antibodies to their babies. Since he started donating at the age of 18, Harrison has donated 1173 times, continuing his kind act up until his retirement in 2018 aged 81. His family have since paid tribute to him, with his daughter Tracey Mellowship, remembering him as a generous soul. "James was a humanitarian at heart, but also very funny," she said. "In his last years, he was immensely proud to become a great grandfather to two beautiful grandchildren, Trey and Addison. "As an Anti-D recipient myself, he has left behind a family that may not have existed without his precious donations." Lifeblood Chief Executive Officer Stephen Cornelissen added that Harrison's impact has made a difference all around the world. "James was a remarkable, stoically kind, and generous person who was committed to a lifetime of giving and he captured the hearts of many people around the world," Cornelissen said. "It was James' belief that his donations were no more important than any other donors', and that everyone can be special in the same way that he was. "James extended his arm to help others and babies he would never know a remarkable 1173 times and expected nothing in return." "He leaves behind an incredible legacy, and it was his hope that one day, someone in Australia would beat his donation record," he added. "On behalf of Lifeblood, and the entire Australian community, we thank James for the incredible life- saving contribution he made and the millions of lives he saved." Harrison's rare blood and plasma may continue to save lives even after his death, with researches hoping they would be able to use his blood to develop lab-grown Anti-D. Image: Nine News

Caring

Kiwi tourist banned for life after diving into Trevi Fountain

Three tourists from New Zealand have landed themselves in trouble after they were caught wading into the famous Trevi Fountain in central Rome. As they were being escorted away from the popular tourist attraction, one of them, a 30-year-old man wrestled free from the police and jumped into the fountain as authorities chased him, according to a spokesperson for Rome's Capitol Police. He managed to bypass the controlled area by climbing over the marble sculptures lining the fountain basin. "Alcohol was definitely involved," the spokesperson told CNN. The man was fined 500 euros ($832 AUD) and banned from visiting the iconic landmark for life. Each year, about a dozen tourists are fined for dipping things into the fountain, whether it is their toes or a water bottle, according to Roman police. Taking a dip in the fountain has been an aspiration for many tourists, who may have been inspired by Federico Fellini's 1960 film La Dolce Vita, where the main actress waded into the fountain in an evening gown. Other ill-behaved tourists have tried stealing some of the 1.5 million euros worth of coins that are thrown into the water each year. The money, is collected daily and donated to a charity. In 2024, the city introduced a limit to the number of visitors allowed to be in front of the fountain, to 400 at a time, with the access area open from 9 am to 9 pm daily. Image: vvoe / Shutterstock.com

Travel Trouble

"It's time": ABC legend announces retirement

ABC’s chief election analyst Antony Green has announced his plans to step down from the public broadcaster after 30 years in his distinguished role. Green announced that he would be retiring after the next federal election, which is rumoured to take place between March and May 2025. “By the time of the next election, I’ll be 68 and I know I’m not as sharp and quick as I was five years ago,” Green said, according to the ABC. “It gets harder and harder. It’s like a footballer, sometimes they play on a season too long, and I’m making sure I don’t do that.” Green, who has covered more than 90 Australian elections, said it was “time to retire” but he would “stay on” for a couple years “handing over work and doing other things”. “Essentially I’m deciding to retire and work less,” Green said. “I got this job as an election worker 36 years ago and I decided I enjoyed doing it – I’ve done a lot of development since. It’s been a long, fun journey.” Green’s final on-air appearances will be the West Australian state election on March 8th and the federal election, which is yet to be announced. Casey Briggs will step in as ABC’s chief election and data analyst after Green's departure, as she announced he would be missed. “For more than three decades Antony Green has set the bar for election analysis. He is sharp, fast and, even under the immense pressure of the night, manages to keep his sense of humour,” Briggs said. “For me, it has been such a privilege to have had a front-row seat to watch and learn from the master at work." “We will all miss him from our screens, but I’m thankful that at least we get a couple more chances to celebrate his monumental contribution to Australia and its democracy.” ABC journalist Annabel Crabb said covering four federal elections with him had been “one of the great pleasures of (her) professional life”. “What a gift it is to our democracy and to our national broadcaster that in 1989 this wee maths nerd saw the ad in the paper for a research position at the ABC and the late Ian Carroll recognised in him the sprouts of the Tree Of Wisdom he’d become!” Crabb wrote in a social media post. “A legendary figure. A migrant success story. A generous colleague.” Image credits: ABC

Retirement Life

Centenarian shares the secrets to a long life

A centenarian has share the few simple things she credits for her long life, just days after celebrating her 100th birthday. Sydney woman Betty Woodhams spent her milestone birthday doing one of her favourite things: buying for new plants from Bunnings. Woodhams was treated to a warm reception from staff as she perused the aisles snapping up new flowers for her small balcony garden. The mother-of-two told <a href="https://www.dailymail.co.uk/femail/article-14414941/I-just-turned-100-life-lessons-want-young-person-know-late-beauty-secret-Ive-sworn-years.html" target="_blank" rel="noopener">Daily Mail Australia</a> that she credits her age and enduring happiness down to great friends, a balanced diet, no regrets and "always wearing a hat". "Try to stay happy, even when things may seem like they are getting the better of you," Betty told the publication. "There really is something good in everything. Relaxing with a glass of wine at dinner or enjoying the odd champagne or two with friends always helps too." Betty grew up in Parramatta before moving to Bondi when she married her late husband Ron in 1951. The couple then built their dream house in Tambourine Bay, Lane Cove, while Betty immersed herself in her career as a secretary in the TV and publishing industry. Betty always surrounds herself with good friends, stays socially active and never sweats the small stuff, as she said, "don't get stuck on the negative things". "It doesn't matter what your age is, there's always something you can do to stay active whether it's walking, gardening, swimming or even a day at the races," she says. "Age is just a number. We do all age but you choose to get old!" Betty also hopes to change the perception of "getting older" and insists there's nothing "boring" about it, as she said, "People assume that life gets boring and quiet. It will if you let it!" "Yes you do slow down but that doesn't mean you stop. You can still get out and enjoy yourself... just at a slower pace!" Image credits: Daily Mail Australia

Caring

Modern memories: Forget the memoir, create a life story film

Every single person has a story to share, and a growing number of older Australians are choosing to record their life memories as short films. While writing memoirs can take years, creating a life story film takes just a few hours—and the resulting films are far more vivid than writing or looking through photo albums. Television producer and director Danika Armytage, known for producing shows like The Block, River Cottage Australia, Travel Guides, and The Living Room, has launched a company called Big Stories Little Films, which specialises in creating life legacy films. Since its inception in 2024, Danika has been busy bringing people's stories to life in film. “Our films tell life stories, capture family ancestry, and allow wisdom to be passed between generations,” Danika explains. “They are often a gift between family members—either commissioned as a birthday present from the kids, or as a film gifted from the grandparents to their grandkids - it’s like a film heirloom to pass between generations.” “I’ve created life story films for people from all walks of life,” says Danika, “from Commodores in the Navy, restaurateurs, fifth-generation sheep farmers, to immigrants who were born in concentration camps or fled war-torn countries. The films and stories are as unique as the people in them.” Danika was inspired to start the company after filming an interview with her own grandmother, Halimah, before she passed away. “The film became priceless to my family, especially after Granny died. Now my own children can meet their great-grandmother and feel connected to our family history, even though they never met her in person. Memories fade, but films are a time capsule that safeguards stories, keeping them as vivid as if you're sitting at the kitchen bench hearing them directly from your grandparent.” <img src="https://oversixtydev.blob.core.windows.net/media/2025/02/Danika-and-gma.jpg" alt="" width="1280" height="720" /> Big Stories Little Films creator Danika Armytage (L) and her inspiration, her grandmother Halimah “One of my favourite films was about brother and sister Raymond and Jennice Kersh (A.M.), now in their 80s, who ran the iconic Sydney restaurant Edna’s Table and were pioneers in serving indigenous ingredients in the Sydney restaurant scene. It was one of the first restaurants to serve Indigenous ingredients. Their story is inspiring, and their recollections of growing up in Pyrmont in the 1940s, a suburb where ‘everyone was poor but no one was lonely’ are a perfect example of how these films capture living history.” “Another of my favourite films was the story of John French, a fifth-generation sheep farmer from Tumut, in regional NSW. John can trace his family history all the way back to 1840, when his ancestors arrived from Scotland to work as shepherds. He still lives and works on the same land at the age of 79. His film was a gift from his daughter.” <img src="https://oversixtydev.blob.core.windows.net/media/2025/02/Raymond-and-Jennice.jpg" alt="" width="1280" height="720" /> <span style="font-size: 16px; caret-color: #212529; color: #212529; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji'; background-color: #ffffff;">Raymond and Jennice Kersh, who appeared in one of Danika's first films Big Stories Little Films began in Sydney but can film across Australia. To view examples of their films and learn more about their packages and pricing, visit their website: <a href="http://www.bigstorieslittlefilms.com.au">www.bigstorieslittlefilms.com.au</a>. Image credits: Supplied

Movies

Should you use your retirement savings to pay off debt? Three things to keep in mind

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela University</a> A host of countries have taken steps to reform the terms under which people can access their retirement benefits. South Africa is the most recent. In 2024 it <a href="https://theconversation.com/south-africa-has-changed-its-retirement-rules-to-help-boost-country-savings-how-it-will-work-233287">introduced changes</a> that allow access to some retirement savings while ensuring that most of the money is still preserved for later. Other countries that have changed the rules to allow members to dip into their savings before retirement include Australia, Chile, India and Portugal. Changes were introduced to ease the financial strain caused by COVID-19 pandemic lockdowns. People across the world are grappling with debt and the cost of living. <a href="https://www.treasury.gov.za/comm_media/press/2024/2024%20Two-pot%20System%20Updated%20%20FAQ%20August%202024.pdf">Policymakers</a> have considered this an avenue that offers financially distressed fund members the flexibility to access their retirement funds while still supporting long-term retirement savings. Retirement funds are also often the only sizeable savings that fund members have. A recent report by South Africa’s <a href="https://www.discovery.co.za/portal/business/top-reasons-for-two-pot-withdrawal-requests">Discovery Corporate and Employee Benefits</a>, which represents 3,000 employers that provide pension and provident funds for just over one million employees, found that people aged between 35 and 45 made the most claims to access the savings component of their retirement. When asked what they used the funds for, 24% of members said their withdrawals were for financing home or car expenses. Another 21% of members were using their funds to pay off short-term debt. The majority of members who withdrew their retirement savings were low-income earners (earning up to R125,000 or US$7,000 a year). On the other hand, withdrawals were lowest among high-income earners (earning more than R1 million or US$56,000 a year). This data provides evidence that most low- to middle-income South African consumers are grappling with the trade-off between preserving their capital for retirement and meeting their monthly financial obligations. Given that everyone’s financial situation, goals and needs are different, it’s always best to speak to a financial advisor to assess whether using your retirement savings to pay off debt will be a sound move. But, as academics who have focused on financial planning, we offer three pointers to consider: <ul> <li> understand what you owe, to whom, and what it’s costing you </li> <li> plan beyond paying off debt </li> <li> weigh the pros and cons carefully. </li> </ul> <h2>Know which debt to settle first</h2> Debt with a high interest rate often takes longer to repay, because at the start of the loan repayment period, most of the repayments are going towards interest payments – not reducing the capital amount. If you use your retirement proceeds towards this, it could shorten the period that it would take to settle the loan and reduce the interest repayments, which are compounded according to the outstanding loan balance. Short-term loans, such as those with a repayment term of up to 18 months, tend to have higher interest rates. Unsecured debt, which is debt that is not tied to an asset, also attracts high interest rates because they have little to no collateral requirements. Collateral provides the lender with a guarantee of compensation in the event of default. When there is no collateral, the cost of debt becomes more expensive. Using your retirement proceeds towards settling these short-term loans can free up cash that can be used towards settling other debt and will improve your credit score. <h2>Understanding borrowing behaviour</h2> Using your retirement savings to settle debt should be a priority if you have a plan in place to ensure that your overall financial position will improve. Once the debt is cleared, consider how you can use your free cash in your favour. This could mean boosting your savings or acquiring assets and investments. But if retirement savings are being used to pay off debt while you accumulate more debt, this indicates on ongoing cycle of debt. For example, paying off the minimum amount due on a loan but also consuming the balance that becomes available on the same loan is a sign of poor borrowing behaviour. A more extreme example is taking on more debt to service existing debt. Without a change in borrowing behaviour, using your retirement savings to pay off debt will leave you worse off. You will have missed out on the opportunity to grow your retirement savings and you will have got into more debt. <h2>Debt repayments vs retirement returns</h2> When considering withdrawing from your retirement savings to pay down debt, it’s also important remember this will be at the expense of building your retirement nest egg. For instance, if a 35-year-old were to draw down R30,000 from their retirement fund, that same amount could have grown their retirement capital by over R200,000 by the time they reached 55 years old (assuming an investment return of 10%). Withdrawing your retirement savings on a frequent basis could also mean you may need to work longer and past your intended retirement age to compensate for the withdrawals. Or you may need to find ways to supplement your retirement savings through other investments, or consider reducing your standard of living at retirement. <h2>Is this a sound move?</h2> Remember, withdrawal from retirement savings is subject to tax. While retirement may seem far off when there are more pressing financial needs, using your savings to pay down debt has its advantages and drawbacks. Since withdrawals are being used to pay for expenses and service debt, it’s also important to reflect on borrowing behaviours that may need to be corrected. Otherwise, using retirement savings could become a financial crutch that could make your retirement income less secure. Settling debt using your retirement savings should be done after careful consideration and planning. If in doubt, speak to a financial advisor.<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/244837/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Associate Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> and <a href="https://theconversation.com/profiles/jasmine-kinsman-1438670">Jasmine Kinsman</a>, Senior Lecturer in Financial Planning and Certified Financial Planner, <a href="https://theconversation.com/institutions/nelson-mandela-university-1946">Nelson Mandela 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/should-you-use-your-retirement-savings-to-pay-off-debt-three-things-to-keep-in-mind-244837">original article</a>. </div>

Money & Banking

Readers response: What’s something unexpected that’s brought you happiness or peace in this phase of life?

We asked our readers what unexpected thing has brought then happiness or peace in this phase of life, and the response was overwhelming. Here's what they said. Mary Michelon - Meeting the man meant for me. Last thing on my mind also. Jo Bolland - Finding living on my own to be such a joy. Mandy OConnor - The bird life where I moved to has been a game changer for me. Joanna Tyler - Moving to a regional area to chill for the rest on our lives. Kris Peterson - My Greenhouse, my happy place. Mary Paffas - Moving to a small beachside community. Dale Hunter - Wine! Ralph G Smith - My grandchildren. Julia Flavel - Meeting my partner when it was the last thing on my mind. Image credits: Shutterstock

Mind

"This ruined my life": Mum still seeking justice after horror e-bike crash

Sarah was crossing on George Street in Sydney's CBD on February 2023 when she was brutally struck by a Lime e-bike rider. At the time of the accident, she was three months pregnant. Speaking to Yahoo News, Sarah explained she had been crossing the street when she heard someone yell "look out!" but before she could react, she was knocked down by the speeding vehicle. She claims that the bike user was illegally riding with a companion on the handle bars at the time, and fled the scene when she cried out "my baby!" Fortunately, Sarah's unborn daughter was unharmed during the incident, but she was left with lifelong injuries. "My foot was crushed, I had dislocations and many broken bones, and I needed 21 screws, two plates and two pins," Sarah said. "As a result of the injury, the skin on my foot began to die with fracture blisters, so I needed skin grafts as well. "I required six surgeries on my foot in total. One on my elbow, which was broken. One big plate and seven screws. Six weeks of non-weight bearing on my arm, and much longer on my foot. Around 12 weeks plus altogether." It took the mum six months after the accident to be able to walk again - three weeks before she gave birth. "The pain was unbelievable," she recalled. "The trauma was unbelievable. It was all just horrible, horrendous. It really was." Her family tried to seek compensation from Lime, but they deflected any blame saying that they would only take responsibility if the accident was caused by a faulty Lime bike, but not reckless riding. Since Lime e-bikes are rented by individuals, liability typically falls on the rider, not the company, they argued. The family's solicitor had also obtained CCTV footage of the incident, and had tried to get police to follow up but have been hit with multiple roadblocks since. "The police had their name, addresses, mobile and photos. [But] they only called one time, and went to the house one time. That's it. A high commissioner rang me to apologise, but then they still did nothing." Now, Sarah and her family are calling for the total ban of e-bikes in Australia. "They should be banned," Sarah said. "The government and Lime have just let loose motorised vehicles that can hurt riders and pedestrians, and have not covered anyone but themselves. "There is no policing how fast they are going. This ruined my body, my life and my first pregnancy. And nobody has been held accountable." While Sarah's baby was unharmed in the accident, nine months after her birth, the baby girl "was found to have tetralogy of Fallot" — a rare but serious heart defect that affects how blood flows through the heart. "She needed open heart surgery and will need it every 10 years. My injuries made everything a lot harder. But hopefully I can change things," Sarah said. "I'm certainly scarred for life." Image: Yahoo News

Legal

Readers response: What’s a physical or mental challenge you didn’t expect to face in retirement?

We asked our readers what physical or mental challenge they didn’t expect to face in retirement, and the response was overwhelming. Here's what they said. Christine Stewart - I looked forward to retirement, only to have my husband diagnosed with dementia. It's a tough gig caring for him. Toni Pratley - How busy social life can be and managing to balance it is a challenge. Lynette Miller - The passing of my husband of 50 years has been totally devastating for me. Sue Meers - Living in a retirement village. Nola Schmidt - Two strokes and spinal stenosis. Debra Hutchen - Becoming a grandparent carer and a marriage breakdown. Mary Lintott - Arthritis. Marilyn Larsen - Not being financial enough to even retire. Kim Nissen - Being alone. Wendy Fisher - Having trouble with balance & walking. Kath Wilkinson - Loneliness. Elaine Ralph - The lack of money. Craig Donney - Boredom! Image credits: Shutterstock

Retirement Life

Calls for life ban on Tony Jones over Djokovic coverage

The Serbian Davis Cup captain has called for the Tony Jones to be banned for life from tennis commentary over his “disrespectful and disappointing” comments about Djokovic during the Australian Open. Viktor Troicki slammed the veteran Channel Nine reporter after Djokovic was forced to withdraw from Serbia’s tie against Denmark due to the injury he suffered in Melbourne, ending his campaign for an 11th title in the semi-final. Troicki ranted that Australia has been treating Djokovic “worse and worse” after he was deported before the 2022 Open when his visa was cancelled on “health and safety” grounds. “There was the situation around Channel 9, which I noticed as well. If I had hired that journalist (Tony Jones), I would have fired him straight away. He would never work in sports again,” Troicki said ahead of the tie. “I think they are treating Novak worse and worse. It is surprising and disappointing to see the greatest player of all time experiencing so many bad things happening in Australia again. After Covid and what they did to him a few years ago, it has never been the same." “To mock an athlete during the tournament is unacceptable. I don’t think an apology is enough. I think he should be banned for life from covering tennis.” Following Djokovic's semi-final clash with Alexander Zverev, the Serbian tennis champ was booed by the audience, which Troicki believes is a sign of his deteriorating relationship will Aussie tennis fans. “They were booing him after the injury, which I don’t think happens in any sport. Not even in football, where the crowd is normally more wild. When someone gets injured in football, even an opponent, they will applaud you and wish you to get better,” he said. “That’s why it was surprising to see, especially in a place where he has played his best tennis and has won 10 titles, that he got booed after the injury. It was really disrespectful and disappointing.” “They are booing him in the crowd, which was not happening before in Australia. I think they were admiring his results more and greeting the champion with more respect in the past.” Serbia’s ambassador to Australia, Rade Stefanovic, also expressed his “profound concern” to Nine, writing in a statement, “The Embassy of the Republic of Serbia considers that Mr Jones’ comments are totally inappropriate and disrespectful”. He went on to say: “There has never been in the history [sic] the case that [an] Australian athlete has been insulted and disrespected in such a way by the media or any public official in Serbia.” The Serbian Council of Australia has also lodged an official complaint with the Human Rights Commission, demanding for Jones be stood down from all sports broadcasting duties at Channel Nine. <div> </div> Image credits: Nine / Instagram

Legal

"Almost cost me my life": Jelena Dokic on childhood trauma

Jelena Dokic has shared more details of her traumatic childhood as she launches her new documentary series, Unbreakable: The Jelena Dokic Story, in hopes of changing the "shame and stigma" that victims of domestic violence and abuse may feel. At the height of her tennis career, she was ranked number four in the world, but behind the scenes she was battling a traumatic home life with an abusive father. Now, Dokic has become an advocate for body positivity and mental health awareness, candidly sharing how she has turned her pain into power. "People know me as a tennis player and I did alright on the tennis court, but I think my story is much bigger than that," she told Today Extra. "It's about hardship, adversity and child abuse and domestic violence and mental health and being a refugee and what that does and the consequences of it, we need to have more open conversations in order to be able to make change. "But also we need to change the perception around it and remove the shame and stigma, because I struggled with it and that almost cost me my life and silence is the biggest enemy of all of those things and victims and survivors, having another chance and just putting it on screen is another way to reach more people and to tell the story." During book tours and advanced screening at film festivals, Dokic admitted that most people who have seen her new documentary mentioned how confronting it was to watch. "But that's the whole point, because life is not sunshine and rainbows, it's universal and so many people go through a lot of these things that I talk about and that I've been through," she said. "It really resonates with them - there's been so much silence around it for a very long time and it's really creating change if me speaking up might help someone else realise what they're going through or help them in some way. "Ultimately, I do want people to look at this as a story of success, I'm a winner at the end of the day and you can come through it and maybe someone out there will say, 'you know what? She did it, I can do it too.'" Image: Today

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Should you use your retirement savings to pay off debt? Three things to keep in mind

Readers response: What’s something unexpected that’s brought you happiness or peace in this phase of life?

"This ruined my life": Mum still seeking justice after horror e-bike crash

Readers response: What’s a physical or mental challenge you didn’t expect to face in retirement?

Calls for life ban on Tony Jones over Djokovic coverage

"Almost cost me my life": Jelena Dokic on childhood trauma

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