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Millions of Aussies set for a payrise

Millions of low-paid Australian workers will receive a wage boost from July 1, after the Fair Work Commission (FWC) announced a 3.5 per cent increase to minimum and award wages. The decision affects around 2.9 million workers and will lift the national minimum wage from $24.10 to $24.94 an hour – a weekly increase of nearly $32 for full-time employees. The FWC’s ruling strikes a middle ground between competing demands from unions and business groups. The Australian Council of Trade Unions (ACTU) had pushed for a 4.5 per cent rise, citing the need to help workers keep up with the cost of living, while employer groups including the Australian Chamber of Commerce and Industry had argued for a more modest 2.5 per cent hike. The 3.5 per cent rise is slightly below last year’s 3.75 per cent decision, but still exceeds the current annual inflation rate of 2.4 per cent. With the Reserve Bank forecasting inflation to rise to 3.1 per cent by mid-2026 as government energy subsidies wind down, the FWC’s decision offers workers a modest real wage increase. ACTU Secretary Sally McManus said the decision was a lifeline for workers living paycheque to paycheque. “When you’re on those wages, you’re not saving money. Everything you earn, you spend,” she said. “It’s about whether you can keep up with your bills or not, whether your life gets slightly better, stays the same, or goes backwards.” The ACTU had argued that sustained low wage growth in recent years had left many workers falling behind, and that the time had come for wages to catch up. McManus pointed to productivity improvements in sectors such as hospitality and retail – where many award-dependent workers are employed – as justification for a stronger rise. “The commission previously has said, ‘yes, these workers need to catch up, we’ve just got to wait for the right time’. We say now is the right time,” she said. But employer groups warned the decision will pile pressure on businesses already grappling with rising costs and weak consumer spending. The Council of Small Business Organisations Australia, representing many of the nation’s cafes, restaurants and retail stores, argued a 4.5 per cent jump could have triggered job losses or even business closures. “Anything higher than 2.5 per cent would place unsustainable pressure on small businesses, potentially leading to reduced employment opportunities, business closures, and broader economic harm,” the council said in its submission. The federal government stopped short of recommending a specific number, but called for a “sustainable” increase that would keep wages ahead of inflation without undermining economic stability. AMP chief economist Shane Oliver had forecast the 3.5 per cent increase, suggesting it would give workers a real wage gain without fanning the flames of inflation. “It strikes a balance between supporting household spending power and avoiding a wage-price spiral,” he said. While union leaders expressed disappointment that the rise wasn’t higher, the decision is broadly seen as a compromise designed to support both workers and businesses amid a fragile economic recovery. Image: Shutterstock

Money & Banking

World's oldest practicing doctor shares his secrets to a long life

While most people slow down with age, Dr Howard Tucker has spent more than a century proving that passion and purpose are the best medicine. At 102 years old, the American neurologist has lived a life so extraordinary it earned him a Guinness World Record as the oldest practicing doctor – an honour he received just before turning 99. Though he officially hung up his white coat at 100, Tucker remains as active and engaged as ever. Today, he lectures future physicians at Case Western Reserve University in Cleveland, Ohio, and consults on medico-legal cases – work made possible by a law degree he earned at 67. His message? Retirement is not a requirement. “Retirement, I think, is the enemy of longevity,” Dr Tucker recently told Al Roker on NBC’s Today. “You have to have some purpose in life and get up in the morning and know what you’re about.” Even after the hospital where he worked shut its doors in 2022, ending his medical practice at 100, Tucker hasn’t ruled out returning to clinical work. “If it wasn’t for the closure, I’d absolutely still be seeing patients,” he told People. “Nobody wants me at my age – but I’ll keep trying.” His enthusiasm for life has captured the public imagination, especially through What’s Next, a documentary about his life produced by his grandson. The film has gone viral on TikTok, turning the centenarian into an unexpected social media sensation. Dr Tucker credits his longevity not just to good genes – his parents lived to 84 and 96 – but to lifestyle choices. “Heredity and family history of longevity is a healthy start,” he wrote in his Guinness World Record submission. “However, it must be supported by moderation of nutrition, alcohol and happiness.” His daily routine reflects that philosophy. He snowshoes in the winter, walks on the treadmill for at least four kilometres a day, and eats a mostly clean diet – fruit and cereal in the morning, fish and vegetables at night. Lunch is often skipped to maintain mental clarity. Dessert, however, is a staple – typically fruit or ice-cream, enjoyed with his wife of over 70 years. And while he rarely drinks, he allows himself the occasional martini. One thing he’s always avoided: cigarettes. Dr Tucker also says its important to keep the brain stimulated. “If they retire from their work, they should at least do something as a hobby,” he told Today. “You need a stimulus for the brain daily.” Science backs him up. Research shows that ongoing learning, social connection, and a sense of purpose contribute to mental acuity and longevity. Tucker’s life is a blueprint for all three. He remains close to his four children and 10 grandchildren and is an avid sports fan. Despite a fall in his late 80s that ended his skiing days with a broken neck, Tucker hasn’t let injury slow him down. Instead, he’s adapted, always finding new ways to stay active. With his 103rd birthday on the horizon in July, Dr Tucker says he isn’t concerned about the end. “I never think of death,” he said. “To be alive is to know that you’re going to die because life is a fatal disease. And so I live it.” For a man who’s devoted his life to healing others, Dr Howard Tucker’s greatest lesson might be how to truly live. Images: Instagram

Caring

Major bank announces huge home loan rate cut

The Commonwealth Bank of Australia (CBA) will reduce its fixed-rate home loans by up to 0.40 percentage points across all terms starting Friday, following a 0.25 percentage point cut to its variable rate in response to the Reserve Bank of Australia’s (RBA) recent cash rate reduction. The new rates will see CBA’s lowest fixed offering set at 5.49% for a three-year term. Despite the move, experts say the cuts are unlikely to spark a surge in homeowners locking in their mortgages. Sally Tindall, data insights director at Canstar.com.au, said the rate adjustments bring CBA closer to its major bank competitors but aren’t enough to significantly shift consumer behaviour. “CBA’s fixed rate cuts aren’t groundbreaking, but rather a bid to inch closer to its key competitors,” Tindall said. “Fixed rates have been falling fairly consistently this year, and we expect this activity will continue as banks price in the increasing likelihood of further cash rate cuts.” While CBA’s new rates mark progress, rivals remain more competitive. ANZ holds the lowest one- and two-year fixed rates among the big four banks, while National Australia Bank (NAB) continues to offer the most attractive three-, four-, and five-year fixed terms. Tindall also noted that with only a slim margin – just 0.10 percentage points – between current fixed and variable rates, many borrowers will likely hold off from locking in. “With the possibility of further RBA cuts ramping up, it’s hard to see many people jumping at the chance to lock up their mortgage for the next three years,” she said. “The majors might have to offer a fixed rate in the ‘4’s’ if they’re serious about getting people to lock in.” Canstar’s latest data shows a flurry of activity across the lending sector since the RBA’s decision. Twenty lenders have reduced at least one fixed rate this month, and five major lenders, excluding CBA, have already made cuts. Among them, BOQ, Community First Bank, Police Bank and Queensland Country Bank now offer at least one fixed rate below 5%, setting the benchmark at 4.99%. Tindall urged borrowers to carefully consider their financial situation and risk appetite when deciding between fixed and variable rates. “If you’re deciding between a fixed or variable rate, understand what might suit your finances and, to some extent, your personality. When you make a decision, take the time to look for a competitive rate,” she said. While the trend suggests fixed rates will continue to fall, CBA's latest move clearly shows the intense competition in the home loan market – one that still leaves many Australians hesitant to commit. Image: Supplied

Money & Banking

A quarter of a billion dollars in unclaimed Medicare rebates: here's how to claim them

More than a quarter of a billion dollars in unclaimed Medicare refunds are waiting to be returned to nearly a million Australians, with Services Australia urging people to check if they’re owed a share of the money. A staggering $260 million in Medicare rebates is currently unclaimed by 960,000 patients across the country. The unclaimed funds stem from GP and specialist visits where refunds were never processed due to incomplete or outdated bank account information. “You go to the doctor, you hand over your card and then you might not check what happens next,” said Justin Bott, community information officer at Services Australia. “Failing to follow up is what could be costing patients refunds they’re entitled to.” On a state-by-state basis, the figures remain eye-opening. Residents of New South Wales are owed $81 million, Victorians are missing $64 million, Queenslanders are due $51 million, Western Australians are entitled to $30 million, and South Australians could claim $19 million. The average unclaimed amount per person sits at around $265, but in some cases, individuals could receive over $10,000. One of the most affected demographics is young adults aged 18 to 25, who are often unaware of the need to update their details. The good news? The fix is simple. By logging into the MyGov portal and checking their Medicare account, Australians can update their bank details. Once updated, refunds are typically processed and deposited within three days. “It might not be you, but maybe it’s your child, your grandchild that has that money owing. Get them to check as well,” Bott urged. “Because again, what a great present to find that money being paid to them.” With hundreds of millions of dollars potentially just a few clicks away, Australians are being encouraged to act now and reclaim what is rightfully theirs. Image: Shutterstock

Money & Banking

How to get started investing later in life

For some people – particularly women – investing may not have been an option until now, constrained by a lack of income while raising children or low incomes leaving nothing to invest once the bills were paid. Others find a new-found need to invest later in life, such as after a separation, inability to work through illness or injury, or the sudden death of their partner. No matter your reason for exploring investing later in life, the following pointers will get you on your way to building financial independence and a comfortable retirement. Update your strategy When was the last time you updated your spending and investment plan (or household budget)? It may have been before the kids left home, your mortgage was paid off, or you began transitioning into part-time retirement. If so, your living costs have changed significantly – work expenses, home energy consumption, groceries etc. Furthermore, your goals, healthcare and lifestyle needs may also have changed. Update your strategy to align with your current goals, values, income and spending habits. Only then will you understand how much you can afford to invest and where to direct those funds. Right-size your superannuation In your later years, super is likely to be front of mind. Ensure this investment works its hardest for you by scrutinising its: • Structure: retail or industry fund? SMSF? Each has its own costs and benefits to contemplate. • Investments: reexamine the types of assets held, level of diversification and risk weighting. • Insurances: do you have adequate life, permanent disability and income protection cover? • Take advantage of superannuation strategies you may not be aware of Unlock home equity The biggest source of money you likely have at this stage of life is equity in your home. This can be used to invest with minimal impact on your everyday finances. In fact, unused equity is effectively dead money (until you sell the property). I always urge caution on reverse mortgages. In theory, they seem like a great way of unlocking equity without saddling you with regular repayments. However, they typically: • accumulate more debt. • have higher interest rates than standard mortgages. • only grant access to a portion of your equity. • can restrict your options to downsize later. • could leave you with no remaining equity when you sell the property or nothing to leave to your benefactors when you pass away. Consider downsizing An alternative to refinancing is downsizing from the family home. As well as unlocking money for investing, you benefit from lower upkeep costs (and cleaning!) on a smaller property and can make a lifestyle change at the same time (moving nearer to family, away from bustling cities, or into supported care if required). Additionally, you may be able to use part of the sale proceeds (up to $300,000) to turbocharge your super with a one-off <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/downsizer-super-contributions" target="_blank" rel="noopener">downsizer contribution</a>. Examine pension impacts Investing can impact your ability to claim the age pension when you retire, and how much you receive. This often comes to bite people who unlock equity in their home to invest, without realising that doing so means the money suddenly counts towards the pension means test. Before doing anything, methodically weigh up which will leave you financially better off – claiming a full or part pension, or self-funding your retirement through investments. Minimise tax Hefty tax bills can easily wipe out any investment returns, making tax a crucial factor in your decision-making. Potential tax considerations to factor into your strategy include: • Determining the most tax-effective ownership structure (e.g. do you invest in your or partner’s name? Through your super? Through a trust or company? • Incorporating stamp duty into purchase costs. • Ensuring there is enough profit from the sale of an investment to cover Capital Gains Tax (CGT) and income tax liabilities before deciding to sell. • Timing a sale to fall within the optimal financial year (e.g. in a year where your taxable income is lower or when relevant tax changes come into effect). Invest in knowledge Later in life, you have fewer working years remaining to recover any losses. Given the far-reaching implications of investing, I highly recommend first speaking to a financial adviser. Many times the fees are paid for in initial tax savings. They can help you maximise your returns, minimise your tax, ensure you don’t inadvertently leave yourself worse off and give you peace of mind. After all, the whole point of investing is to make money. And, without current professional advice, you simply don’t know what you don’t know! 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 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.

Retirement Income

RBA cuts interest rate - so what happens now?

<div class="theconversation-article-body"> The Reserve Bank of Australia <a href="https://www.rba.gov.au/media-releases/2025/mr-25-13.html">cut the official interest rate</a> for the second time this year, as it lowered forecasts for Australian economic growth and pointed to increasing uncertainty in the world economy. The bank lowered the <a href="https://www.rba.gov.au/cash-rate-target-overview.html">cash rate target</a> by 0.25%, from 4.1% to 3.85%, saying inflation is expected to remain in the target band. All the big four banks swiftly passed the cut on to households with mortgages. This will save a household with a $500,000 loan about $80 a month. Announcing the cut, the Reserve Bank <a href="https://www.rba.gov.au/media-releases/2025/mr-25-13.html">stressed</a> in its accompanying statement it stands ready to reduce rates again if the economic outlook deteriorates sharply. <blockquote> The Board considered a severe downside scenario and noted that monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation in Australia. </blockquote> <h2>Inflation is back under control</h2> The latest <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release">Consumer Price Index</a> showed that inflation remained around the middle of the Reserve Bank’s <a href="https://www.rba.gov.au/education/resources/explainers/australias-inflation-target.html">medium-term target band of 2-3%</a> in the March quarter. The Reserve Bank was also comforted by the underlying inflation measure called the “trimmed mean”. This measure excludes items with the largest price movements up or down. The bank noted that it has returned to the 2–3% target band for the first time since 2021. This suggests inflation is not just temporarily low due to temporary factors such as the electricity price rebates. <iframe id="QQ6io" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/QQ6io/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> In February, Reserve Bank Governor Michele Bullock <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/28670/toc_pdf/Economics%20Committee_2025_02_21_Official.pdf;fileType=application%2Fpdf">conceded</a> the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down. Perhaps Bullock is being unduly modest. The central bank looks to have judged well the extent of monetary tightening. It did not raise interest rates as much as its peers, but still got inflation back to the target. <iframe id="ZIcUE" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/ZIcUE/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Unemployment remains low</h2> Last week, we got an <a href="https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release">update</a> on the strength of the labour market. Unemployment stayed at 4.1%. It has now been around 4% since late 2023, a remarkable achievement. This is below the 4.5% the Reserve Bank had <a href="https://www.rba.gov.au/speeches/2019/sp-ag-2019-06-12-2.html">regarded</a> as the level consistent with steady inflation (in economic jargon, the <a href="https://www.rba.gov.au/education/resources/explainers/nairu.html">NAIRU</a>). But neither prices nor <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/wage-price-index-australia/latest-release">wages</a> have accelerated. <iframe id="WYjUU" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/WYjUU/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Households and businesses may turn cautious</h2> In its updated <a href="https://www.rba.gov.au/publications/smp/2025/may/pdf/statement-on-monetary-policy-2025-05.pdf">forecasts</a>, the bank sees headline inflation dropping to 2.1% by mid-year but going back to 3.0% by the end of the year, as the electricity subsidies are removed. By mid-2027, it will be back near the middle of the 2-3% target. Underlying inflation is forecast to stay around the middle of the target band throughout. The Reserve Bank cut its forecast for gross domestic product (GDP) to 2.1% by December, down from its previous forecast of 2.4% made in February. It said: <blockquote> Economic policy uncertainty has increased sharply alongside recent global developments, and this is expected to prompt some households to increase their precautionary savings and some businesses to postpone some investment decisions. </blockquote> The unemployment rate is expected to increase to 4.3% by the end of the year and remain there through 2026. Cost of living pressures look set to ease, as real household disposable income grows faster than population. As the Reserve Bank governor told a media conference on Tuesday: <blockquote> There’s now a new set of challenges facing the economy, but with inflation declining and the unemployment rate relatively low, we’re well positioned to deal with them. The board remains prepared to take further action if that is required. </blockquote> <h2>Economic and policy ‘unpredictability’</h2> The main uncertainty in the global economy is how the trade war instigated by US President Donald Trump will play out. <a href="https://www.washingtonpost.com/business/2025/05/14/trump-tariffs-china-trade/">According to one count</a>, he has announced new or revised tariff policies about 50 times. “The outlook for the global economy has deteriorated since the February statement. This is due to the adverse impact on global growth from higher tariffs and widespread economic and policy unpredictability,” the bank noted. The US tariff pauses on the highest rates on China and most other nations are due to be in place for 90 days. But more measures may be announced before then. This uncertainty is likely to be stifling trade, and even more so investment decisions by companies in the face of rapidly changing policies. And it will weaken the global economy. In her <a href="https://rba.livecrowdevents.tv/MediaConferenceMonetaryPolicyDecision20May2025/stream">press conference</a>, Bullock said the board’s judgement was that “global trade developments will overall be disinflationary for Australia”. Not only is the global outlook weaker, but some goods no longer being sold to the US could be diverted to Australia. <h2>Where will interest rates go from here?</h2> The Reserve Bank’s updated <a href="https://www.rba.gov.au/publications/smp/2025/may/pdf/statement-on-monetary-policy-2025-05.pdf">forecasts</a> assume interest rates will fall further, to 3.4% by the end of the year. But this is just a reflection of what <a href="https://www.rba.gov.au/statistics/cash-rate/assumptions/index.html">financial markets are implying</a>. It is not necessarily what the bank itself expects to do. It is certainty not a promise of what they will do. But the Reserve Bank still regards its stance as “restrictive”, or weighing on growth. So if it continues to believe inflation will stay within the target band, or the global outlook deteriorates, it will cut rates further.<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/256798/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Senior Lecturer, Canberra School of Politics, Economics and Society, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</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/rba-cuts-interest-rates-ready-to-respond-again-if-the-economy-weakens-further-256798">original article</a>. Image: Sky News </div>

Money & Banking

Aussie couple set to give away $3.5 billion

Billionaire Canva co-founder Cameron Adams and his wife Lisa Miller have pledged to give away at least half of their estimated $7 billion fortune, calling on Australia’s wealthiest to follow suit in the fight against environmental degradation. The philanthropic commitment will see the couple funnel significant resources into green initiatives via The Giving Pledge and Founders Pledge – two global efforts that encourage billionaires and entrepreneurs to donate a substantial portion of their wealth to impactful causes. “Nature nourishes us, sustains us, inspires us and shapes how we live,” Mr Adams wrote in his letter to The Giving Pledge, the global charity initiative co-founded by Warren Buffett and Bill and Melinda Gates. “But today, many of the ecosystems that support our lives are being destroyed – and our future depends on how we choose to save them.” Adams, who co-founded the homegrown tech success Canva in 2013, and Miller, a former zoologist turned entrepreneur, say their focus will be on reversing biodiversity loss and restoring natural ecosystems, which they see as critical to the survival of life on Earth. “Philanthropy is more than charity; it is a means of addressing systemic issues, driving meaningful change and ensuring that future generations inherit a world rich in possibility and biodiversity,” Mr Adams said. The couple’s wealth is largely tied up in Canva equity, with the company currently valued at around AU$49.5 billion (US$32 billion) and reportedly considering a NASDAQ listing in 2026. Canva’s other co-founders, Melanie Perkins and Cliff Obrecht, joined The Giving Pledge in 2021. The new pledge by Adams and Miller follows earlier environmental commitments by the couple, including the establishment of Wedgetail Ventures, an eco-investment fund backing conservation projects and local communities. They also own a 5000-hectare property in Tasmania, now being developed into a conservation research centre in partnership with the University of Tasmania. “In recent years, we have grown in our confidence that these are issues worth fighting for, and that we can make a unique contribution with the funds and skills that we have,” Mr Adams said. Lisa Miller echoed the sentiment in joint statements, underscoring the importance of bold, scalable efforts in the environmental space. “We must not only halt nature’s decline but also begin its restoration,” she said. Through Founders Pledge, the couple joins a growing network of tech entrepreneurs including Spotify’s Magnus Hult, Culture Amp’s Jon Williams, and Klarna’s Niklas Adalberth. The organisation has attracted over 2,000 members across 45 countries, with more than US$1.5 billion (AU$2.3 billion) already donated from pledged funds. “Entrepreneurs are uniquely placed to transform the world,” Founders Pledge states. “We advise on, facilitate and maximise the impact of our members’ giving.” The Adams-Miller announcement adds to a growing number of high-profile philanthropic moves by Australian billionaires. Mining magnate Andrew “Twiggy” Forrest and his former wife Nicola were among the first Australians to sign on to The Giving Pledge back in 2013. “As a family, we agreed many years ago to give away the majority of our wealth,” the Forrests said at the time. “We felt that if our children were to inherit considerable wealth, it would only get in the way of them striving for and achieving their best.” Adams hopes his and Miller’s decision will spark a wider cultural shift among Australia’s wealthiest. “We hope others will recognise the power of philanthropy to create lasting environmental and societal impact by joining us in this commitment,” he said. Image: Wedgetail

Money & Banking

Millions of Aussies set to receive cost-of-living pay bump

Prime Minister Anthony Albanese has thrown his government’s support behind a “fair” pay rise for Australia's lowest-paid workers, setting the stage for a potential showdown with employer groups ahead of the Fair Work Commission’s annual wage review. In a submission to the Commission, the federal government recommended a real wage increase – meaning one above the rate of inflation – for around three million Australians earning either the minimum wage or under an industry award. The push is part of Labor’s broader strategy to ease cost-of-living pressures and boost household incomes. “This will help around three million workers across the country, including cleaners, retail workers and early childhood educators,” said Treasurer Jim Chalmers and Employment Minister Amanda Rishworth in a joint statement. “Boosting wages, cutting taxes for every taxpayer and creating more jobs are central parts of our efforts to help Australians with the cost of living.” While the government did not specify an exact figure, it made clear that any increase should outpace inflation, a stance likely to be met with resistance from employers. Business groups, including the Australian Chamber of Commerce and Industry, are calling for a more modest 2.5% increase, warning that anything higher could hurt struggling businesses, especially with superannuation contributions set to rise from 11.5% to 12% on July 1. Last year, minimum wage earners received a 3.75% pay rise, lifting the national minimum wage to $24.10 per hour, or $915.90 per week. With headline inflation then at 3.6%, workers saw only a marginal real wage increase of 0.15%. However, the economic backdrop has shifted. In the year to March, overall wages grew by 3.4% while the consumer price index rose just 2.4%, indicating a real wage growth of 1% for many Australians. Inflation is now within the Reserve Bank’s target band of 2-3%, which the government says supports its call for a generous, yet “economically responsible” wage hike. “An increase in minimum and award wages is consistent with inflation sustainably remaining within the RBA's target band and will provide further relief to lower income workers who are still doing it tough,” Chalmers and Rishworth added. Since Labor took office in 2022, the minimum wage has surged by historically high margins: 5.2% in 2022 – the largest rise in 16 years – and 5.75% in 2023. In total, the minimum wage has increased by $143 per week under the Albanese government. Despite concerns from employers over weak economic growth and rising business costs, the government remains optimistic about a rebound in domestic demand. Its submission acknowledged global risks, including the potential impact of Donald Trump's trade policies, but forecast stronger growth in 2025 and 2026. Prime Minister Albanese reinforced Labor’s commitment to wage growth during a cabinet meeting this week, saying a further increase to the minimum wage would be one of his top priorities heading into the next federal election. “Labor will always stand for improving people's wages and conditions,” he declared. Still, the looming expiry of the government’s $75 quarterly electricity rebates at the end of 2025 poses a risk of reigniting inflationary pressures – something the Fair Work Commission will weigh carefully as it prepares to announce its decision in June. The outcome of the review will directly affect 180,000 workers on the national minimum wage and an additional 2.7 million on industry awards, making it a critical flashpoint in the battle over how best to balance worker welfare and economic sustainability. Images: Instagram

Money & Banking

“Angels in scrubs”: Cancer survivor's pledge to repay the nurses who saved his life

Just six months after completing one of the most aggressive cancer treatment regimens his hospital had ever seen, Shane Whiteford is lacing up his running shoes – not to escape his past, but to honour those who carried him through it. Diagnosed in December 2023 with a rare and dangerously situated Ewing Sarcoma in his neck, Shane’s year-long battle with cancer included major surgery, a gruelling 12 months of chemotherapy, and four relentless weeks of daily radiation. Now in recovery, the devoted father of two, husband and son is taking on a different kind of challenge: running 200 kilometres in the month of June to raise funds – not for hospital equipment or research – but for the nurses he calls “angels in scrubs”! “They help you understand the complexities of treatment, they talk you through each step,” Shane said. “And along the way, they become friends, therapists, a shoulder to cry on, and your rock to rely on.” From chemo chairs to emotional breakdowns, the oncology nurses at <a href="https://www.calvarycare.org.au/hospitals/calvary-mater-newcastle/services-and-clinics-3/cancer-services-3/medical-oncology" target="_blank" rel="noopener">Calvary Mater Newcastle’s Day Treatment Centre</a> were with Shane through it all. And now, he wants to give back. “This fundraiser is for them,” Shane wrote on his <a href="https://www.gofundme.com/f/oncology-nurses-at-calvery-mater-newcastle" target="_blank" rel="noopener">GoFundMe page</a>. “Not the hospital, not the directors… but for my great support team.” The funds raised will go toward whatever the nursing team chooses – “something to make their workdays a little brighter.” Running an average of six kilometres per day, Shane’s goal is part of his ongoing rehab – his return to physical fitness only beginning in February 2025 after months of debilitating treatment. “I am now six months clear and have started to gain my ‘new’ normal life,” he shared. “This run is my way of saying thank you. I couldn't have done my journey without them.” With every kilometre, Shane is not only rebuilding his strength but reminding the world of the quiet heroes in our hospitals. His battle cry? “FU Cancer. I kicked your ass.” And now, with every step, he’s lifting others up – one stride, one donation and one angel in scrubs at a time. Image: GoFundMe

Caring

When can you expect to benefit from Albanese's election promises?

Following the sweeping victory for Prime Minister Anthony Albanese and the Labor Party over the weekend, Australians are now looking to the government to deliver on a suite of cost-of-living promises aimed at easing financial pressures across the country. Finance expert and Money editor Effie Zahos told the Today show that the scale of the Labor win should pave the way for campaign commitments to be swiftly translated into policy. "The strength of the government's win should make the passage from promise into law a lot easier," Zahos said. "And there were so many promises made – everything from a two-year beer tax freeze to a new 1800 Medicare line." Among the most anticipated reforms is a no-receipt $1000 tax deduction for work-related expenses, set to roll out on July 1 next financial year. Zahos described the measure as an "exciting" step in a broader tax overhaul, but she also offered a word of caution: "This is a tax deduction, not a refund. So how much you get will come down to your tax bracket. Assuming you're on a 30 per cent tax rate, your relief will be $300." The Albanese government estimates around six million Australians will benefit, with average savings of $205 per person. However, a broader income tax cut for those earning between $45,000 and $80,201 – reducing the rate from 16 per cent to 14 per cent – won't take effect until July 1, 2027. Housing and Construction Promises On the housing front, the government has committed to enabling five per cent deposits for home buyers and offering shared equity loans, starting July 1. However, Zahos noted that implementation could vary. "The shared equity one still is uncertain because they've got to be pushed out through the states as well," she said. Additional measures include the construction of 100,000 new homes and a $10,000 bonus for apprentice tradies such as bricklayers, electricians, carpenters, and plumbers living away from home. The bonus will be distributed in $2000 instalments beginning in the new financial year. Support for Students and Parents In a bid to appeal to younger voters, the government has pledged to cut 20 per cent off student HELP debts before June 1. The move is expected to reduce the average student loan by more than $5000. From January 5, 2026, parents will be entitled to three days of subsidised childcare per week – a policy that removes the activity test, meaning employment will no longer be a requirement for access. Energy Relief on the Horizon Households can also expect temporary relief on energy costs, with rebates and a 30 per cent discount on home batteries starting from July 1. But Zahos warned these benefits will expire by the end of 2025. "And then the pain will continue," she said, hinting at the ongoing challenges Australians face despite the short-term reprieve. With expectations high and timelines tight, all eyes are now on the Albanese government to turn its electoral promises into tangible support for everyday Australians. Image: ABC News

Money & Banking

Aussie bank says good news on the way for homeowners

Bendigo Bank is forecasting four interest rate cuts from the Reserve Bank of Australia (RBA), including one later this month, following the release of key inflation figures that show underlying inflation has returned to the central bank’s target range for the first time in over three years. According to Bendigo Bank’s chief economist David Robertson, the RBA is expected to pivot from its primary focus on inflation to broader economic concerns such as employment and growth. “The RBA has been dealing with global inflation shock for three years, but its concerns are quickly moving from price stability and inflation to protecting growth and jobs,” Robertson said. The RBA's preferred measure of underlying inflation, the trimmed mean, fell from 3.3% to 2.9%, marking a return to the target range of 2–3% for the first time since December 2021. Headline inflation held steady at 2.4%. Robertson said the new inflation data sets the stage for a rate cut on May 20, with the only remaining uncertainty being the size of the cut. “The next cut is almost certain for May 20, but of what magnitude?” he said, suggesting a 35 basis point reduction was more likely than a larger move. “A larger 50 basis point cut in May is most unlikely unless markets become dislocated like in the GFC.” Bendigo Bank is forecasting a total of four rate cuts, including the expected May move, bringing the cash rate down to approximately 3.1% by the end of the year. Market analysts are even more aggressive, pricing in five cuts that could take the rate to around 2.8%. Despite the improved inflation outlook, global economic headwinds remain a significant concern. Robertson pointed to ongoing market volatility driven by US President Donald Trump’s trade tariffs and uncertainty surrounding global trade flows. “Equity markets have been clawing back some of their losses but there are still difficult times ahead,” he said. “Tariffs are generally bad for everyone but especially problematic for the country imposing them.” The International Monetary Fund (IMF) has revised global growth projections in light of the economic tensions, cutting its forecast for US GDP growth from 2.7% to 1.8% and China’s from 4.6% to 4%. Australia, too, has felt the impact, with the IMF reducing its 2025 growth estimate from 2.1% to 1.6%. Bendigo Bank has adjusted its own forecast accordingly, downgrading Australia’s expected growth to 2%. With inflation easing and global pressures mounting, the RBA appears poised to shift gears from restraint to support. “The environment is changing quickly,” said Robertson. “It’s time for the RBA to support the broader economy again.” Image: Bendigo Bank

Money & Banking

"Find a life worth enjoying": King Charles opens up on his battle with cancer

King Charles III has opened up publicly for the first time about his battle with cancer, offering a heartfelt reflection on the lessons he has learned during a special event at Buckingham Palace. The monarch, who was diagnosed with cancer in February 2024, described the experience as one that “brings into sharp focus the very best of humanity”, as he addressed guests gathered to celebrate community initiatives raising cancer awareness and supporting those affected by the disease. “Each diagnosis, each new case, will be a daunting and at times frightening experience for those individuals and their loved ones,” the King said. “It has certainly given me an even deeper appreciation of the extraordinary work undertaken by the remarkable organisations and individuals gathered here this evening.” The event was attended by healthcare professionals, volunteers, advocates and families affected by cancer, many of whom Charles has supported throughout his public life. He praised their efforts, noting that his own experience had reinforced a long-held belief: that compassion and connection are vital to the healing journey. “The darkest moments of illness can be illuminated by the greatest compassion,” he said, highlighting the roles of hospice volunteers, specialist nurses and support groups in forming what he called a “community of care”. Charles also expressed his family's deep gratitude to the healthcare professionals involved in cancer treatment across the UK. “They have my whole family’s deepest admiration and gratitude,” he said. “Their care represents the very best our country can offer.” While the King has kept the specific details of his condition private, Buckingham Palace confirmed he was <a href="https://www.oversixty.com.au/health/caring/king-charles-admitted-to-hospital" target="_blank" rel="noopener">hospitalised last month</a> due to side effects from his treatment. His diagnosis came just weeks before Princess Kate, 43, revealed she was undergoing preventative chemotherapy, sparking concern and sympathy across the nation and beyond. Global statistics underscore the urgency of the fight against cancer: in 2022, approximately 20 million new cases were diagnosed worldwide, with 9.7 million lives lost, according to the American Cancer Society. Concluding his remarks, King Charles shared a quote from Dame Deborah James – the beloved British journalist and campaigner who died of bowel cancer in 2022 – whose parents were in attendance at the Palace. “‘Find a life worth enjoying; take risks; love deeply; have no regrets; and always, always have rebellious hope,’” he said. Image: Sunrise

Caring

What every parent should read before becoming the bank of mum and dad

In late 2023, economists Jarden estimated <a style="color: #467886;" href="https://www.afr.com/companies/financial-services/the-bank-of-mum-and-dad-is-good-for-70-000-new-analysis-concludes-20231129-p5enpp">15 per cent of mortgage borrowers received some form of financial support</a> from their parents. A separate poll by comparison site Finder around the same time <a style="color: #467886;" href="https://au.finance.yahoo.com/news/first-home-buyers-reveal-huge-amount-aussie-parents-gifted-them-201221909.html">put the figure at 11 per cent</a>. Fast forward to February this year, with a UBS survey <a style="color: #467886;" href="https://www.abc.net.au/news/2025-02-06/cost-of-living-sting-lessened-by-bank-of-mum-and-dad/104882754">suggesting almost half of first home buyers receive parental assistance</a>. Clearly, the Bank of Mum and Dad is a rapidly growing source of funds for younger people seeking to purchase property. However, some older Australians are now paying a hefty price for having done so without adequate planning and protections. On the hook Amid the excitement of homebuying, many parents overlook the fact they could be left on the hook to cover any shortfall. The worst-case scenario here is losing your own home, as well as your child losing theirs, if you went guarantor on their loan and they defaulted and you didn’t have a backup plan. If you loaned them money which they subsequently can’t repay, the principal amount goes unrepaid and you also miss out on the interest/compound growth that money could have earned if invested elsewhere. You may even be asked to fork out more in future if your child needs help to keep the property or to subsequently buy a replacement property. Unlike for a real bank, there is no public bailout for the Bank of Mum and Dad. Financial shortfall A common problem that I and other financial advisors are now seeing is parents inadvertently giving their children more than they can actually afford. Take people who acted as Bank of Mum and Dad before the pandemic hit. They budgeted how much they would need for retirement and then gave their adult kids money towards buying a home of their own. Then COVID-19 arrived. Countless jobs were lost and businesses shuttered. Many would-be retirees were forced to stay in the workforce for longer than planned. Next came the inflation crisis, with mortgages and living costs soaring. Retirement budgets blew-out as more money was suddenly needed for everyday expenses, particularly energy, insurance and food. Meanwhile ballooning house prices over the pandemic years saw first homebuyers needing even larger deposits. That all translated to significant financial shortfalls for the Bank of Mum and Dad. Elder abuse <a style="color: #467886;" href="https://www.aihw.gov.au/family-domestic-and-sexual-violence/population-groups/older-people#abuse">Government figures from 2023</a> estimate one in six older Australians suffer elder abuse in some form, with 2.1 per cent experiencing financial abuse – undue control, pressure or restricted access to their own money and financial decisions. Half (53 per cent) of elder abuse perpetrators are family members, with adult children the most common offenders. Given the amount of money involved in property purchases, and the stresses associated with housing affordability, the potential for the Bank of Mum and Dad to suffer elder abuse is alarmingly high. Relationship breakdowns Money is perhaps the greatest source of tension in relationships. Usually that is between partners, yet these can multiply for the Bank of Mum and Dad and its stakeholders. Some examples include: <ul> <li>You and your partner disagree on what or how much assistance to provide.</li> <li>Your other children feel disadvantaged if they don’t receive the same financial assistance.</li> <li>Having provided the finances, you then interfere in how your child manages the property or their general finances, causing resentment to build.</li> <li>A marriage breakdown (yours or your child’s) affects the repayment of a loan or the nature of a mortgage guarantee.</li> </ul> Protect yourself While supporting children is the foremost concern of the Bank of Mum and Dad, it is important to protect yourself too. A written agreement outlining the nature of the support, conditions and contingencies is crucial to keep every aligned. Independent advice from your financial adviser, lawyer, mortgage broker and accountant ensures you fully understand what you are on the hook for, how much you can afford to contribute, and whether there are less-risky options. Finally, be sure that the decision to support your child’s property ambitions is your own and that you aren’t coerced into it. If you’re concerned that you may be experiencing elder abuse, call the free <a style="color: #467886;" href="https://www.health.gov.au/contacts/elder-abuse-phone-line">elder abuse line on 1800 353 374</a>. 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. Image: Shutterstock

Money & Banking

Australia has the highest gambling losses in the world. Is it time for mandatory limits?

<div class="theconversation-article-body">Gambling prevalence studies provide a snapshot of gambling behaviour, problems and harm in our communities. They are typically conducted about every five years. In some Australian states and territories, four or five have been conducted over the past 20 or so years. These have provided a snapshot into how gambling has changed – and how it has not. So, how has gambling in Australia changed in the past two decades or so, and where may we be heading? <blockquote class="twitter-tweet"> Australia has the highest gambling losses in the world. Australia should: 🚫 Ban gambling ads 🎰 Introduce loss limits on pokies and online gambling 📉 Progressively cut the number of pokies in each state Our new report shows how governments should prevent gambling harm.… <a href="https://t.co/7U3IgzOLSp">pic.twitter.com/7U3IgzOLSp</a> — Grattan Institute (@GrattanInst) <a href="https://twitter.com/GrattanInst/status/1831297414080176469?ref_src=twsrc%5Etfw">September 4, 2024</a></blockquote> <h2>The intensification of gambling</h2> In 1997-98, the Productivity Commission found <a href="https://www.pc.gov.au/inquiries/completed/gambling/report/summary.pdf">about 82% of Australians</a> had gambled in the previous 12 months. Almost all further prevalence studies show the proportion of adults gambling has declined substantially over time. The <a href="https://www.gambleaware.nsw.gov.au/resources-and-education/check-out-our-research/published-research/nsw-gambling-survey-2024">2024 NSW prevalence survey</a>, for example, found 54% reported gambling in the previous 12 months, down from 69% in 2006. While fewer people are gambling, the proportion of people experiencing problems has not changed much, <a href="https://www.qgso.qld.gov.au/statistics/theme/society/gambling/australian-gambling-statistics">nor has gambling turnover</a>. In some states, gambling turnover has increased, even when you take inflation into account. So while a smaller proportion of people are gambling, those who do gamble are doing so more frequently, and spend more money – a phenomenon we have described as the “intensification” of the industry. As figures from the Grattan Institute show, the vast majority of gambling spend comes from a very small proportion of people who gamble. <iframe id="Z6EYJ" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/Z6EYJ/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>What’s the problem?</h2> Typically, the focus in gambling studies has been on “problem gamblers”, a term we now avoid because it can be stigmatising. This refers to those experiencing severe problems due to their gambling, which is typically <a href="https://www.justice.vic.gov.au/justice-system/safer-communities/gambling/victorian-population-gambling-and-health-study-2023">about 1% of the adult population</a>, and around 2% of people who gamble. This doesn’t sound like much, until you remember 1% of adults in Australia is more than 200,000 people. That’s a lot of people struggling with severe problems. Based on recent prevalence surveys in Australia, these gamblers spend <a href="https://www.gambleaware.nsw.gov.au/resources-and-education/check-out-our-research/published-research/nsw-gambling-survey-2024">about 60 times as much</a> as people who do not experience problems. However, that’s just the most severe cases. <h2>How gambling harms people</h2> When most people think of gambling harm, they think about financial harm. But gambling can cause problems with relationships, work and study, emotional and psychological harm, and <a href="https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-016-2747-0">even cause health issues</a>. Some degree of gambling harm is experienced by <a href="https://www.gambleaware.nsw.gov.au/resources-and-education/check-out-our-research/published-research/nsw-gambling-survey-2024">around 10-15%</a> of people who gamble. Some groups are overrepresented: young men typically experience very high levels of harm compared to others. Other overrepresented groups are: <ul> <li>those who have not completed tertiary education</li> <li>people who speak a language other than English</li> <li>people who identify as Aboriginal or Torres Strait Islander.</li> </ul> Harm isn’t just experienced by people who gamble, though – it impacts the people around them. While young men are more likely to experience harm from their own gambling, <a href="https://www.gambleaware.nsw.gov.au/resources-and-education/check-out-our-research/published-research/nsw-gambling-survey-2024">women, particularly young women</a>, are most likely to experience harm from someone else’s gambling. When we take all of these sources of harm into account, we get a much better picture of gambling harm in our community: <a href="https://www.gambleaware.nsw.gov.au/resources-and-education/check-out-our-research/published-research/nsw-gambling-survey-2024">around 15-20% of all adults</a> (not all gamblers) experience harm. That’s very different to the figure of 1% we’ve focused on in the past. We’re still missing some accounting, though: we don’t know how much harm is experienced by people under 18, for example, because prevalence studies typically only include adults. <h2>Where does the harm come from?</h2> The most problematic form in Australia is pokies, responsible for <a href="https://pmc.ncbi.nlm.nih.gov/articles/PMC10260219/#:%7E:text=EGMs%20are%20responsible%20for%2051,problems%20due%20to%20low%20participation.">about 51-57% of problems</a>. Casinos are responsible for <a href="https://ftp.justice.vic.gov.au/justice-system/safer-communities/gambling/victorian-population-gambling-and-health-study-2023">another 10-14%</a>, although fewer people have been gambling in casino games in recent years. Sports betting and race betting together account for about another 19-20% of harm. Between them, pokies, casino games and sports and race betting account for about 90% of harm to Australian gamblers. <iframe id="w2wEY" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/w2wEY/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Availability is an issue</h2> This widespread availability of pokies is the biggest single driver behind gambling harm in Australia. <iframe id="hIgeD" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/hIgeD/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> In other countries, pokies are limited to venues that are specifically used for gambling, like casinos or betting shops. We have pokies in a huge number of our pubs and clubs, except in Western Australia. A couple of years ago, we used national prevalence data to compare gambling problems in WA <a href="https://akjournals.com/view/journals/2006/12/3/article-p721.xml">to the rest of the country</a>. A higher percentage of adults in WA gamble, but mostly on the lotteries which are typically <a href="https://theconversation.com/pokies-lotto-sports-betting-which-forms-of-problem-gambling-affect-australians-the-most-240665">not associated with much harm</a>. Gambling on pokies is far less prevalent in WA because they’re only available in one casino. Gambling problems and harm are about one-third lower in WA, and our analysis shows this can be attributed to the limited access to pokies. This also tells us something important. If pokies are not available, people will typically not substitute them with other harmful forms. It points to the role of the availability of dangerous gambling products in gambling harm, rather than personal characteristics. Online gambling has also become a lot more available. Most of us now have a mobile phone almost surgically implanted onto our hand, making online gambling more accessible than ever. Not surprisingly, <a href="https://www.gamblingresearch.org.au/publications/second-national-study-interactive-gambling-australia-2019-20">online gambling continues to increase</a>. <h2>An obvious solution to try</h2> Governments have taken increasingly proactive measures to help address gambling harm, such as the <a href="https://www.dss.gov.au/gambling/resource/national-consumer-protection-framework-online-wagering-national-policy-statement">National Consumer Protection Framework for Online Gambling</a>, strategies for minimising harm such as NSW’s investment into <a href="https://www.nsw.gov.au/media-releases/gambleaware-week-0">gambling harm minimisation</a>, Victoria’s <a href="https://www.theguardian.com/australia-news/2024/nov/26/victoria-pokies-changes-limits-new-laws">proposed reforms on pokies</a> including mandatory precommitment limits, Queensland’s <a href="https://www.publications.qld.gov.au/dataset/gambling-harm-min/resource/84d444db-97e0-4be0-8e87-0c6f0cb412d6">Gambling Harm Minimisation Plan</a> and the ACT’s <a href="https://www.gamblingandracing.act.gov.au/__data/assets/pdf_file/0009/1436580/Strategy-for-gambling-harm-prevention.pdf">Strategy for Gambling Harm Prevention</a>. Voluntary limits have been trialled to help people keep their gambling under control, but have had <a href="https://www.abc.net.au/news/2024-12-03/nsw-government-cashless-gaming-trial-findings-released/104679384">virtually no uptake</a>. For example, the recent <a href="https://www.liquorandgaming.nsw.gov.au/__data/assets/pdf_file/0018/1340136/evaluation-of-the-nsw-digital-gaming-wallet-trial-2024.pdf">NSW Digital Gaming Wallet trial</a> was conducted in 14 venues. Only 32 people were active users, and 14 of these were deemed genuine users. <a href="https://www.adelaide.edu.au/saces/ua/media/652/evaluation-of-yourplay-final-report_0.pdf">Another study</a> found only 0.01% of all money put through machines in Victoria used the voluntary YourPlay scheme. The problem with voluntary limits is, no one volunteers. Mandatory limits though are almost certainly necessary, just like we have mandatory limits for how fast you can drive, or how much you can drink before the bartender puts you in a taxi. There will almost certainly be push back against this, just like the introduction of mandatory seatbelts in the 1970s, or <a href="https://www.abc.net.au/news/2023-10-04/road-safety-history-australia-toll-increase/102903364">the introduction of random breath testing</a>. Now, we accept them as important public health measures. History tells us the same will happen with mandatory gambling limits, even if we’re a bit uncomfortable about it at first.<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/252389/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/alex-russell-133860">Alex Russell</a>, Principal Research Fellow, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a>; <a href="https://theconversation.com/profiles/matthew-browne-97705">Matthew Browne</a>, Senior Lecturer in Statistics, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</a>, and <a href="https://theconversation.com/profiles/matthew-rockloff-569">Matthew Rockloff</a>, Head, Experimental Gambling Research Lab, <a href="https://theconversation.com/institutions/cquniversity-australia-2140">CQUniversity Australia</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/gambling-in-australia-how-bad-is-the-problem-who-gets-harmed-most-and-where-may-we-be-heading-252389">original article</a>. Image: Shutterstock </div>

Money & Banking

UK Supreme Court makes major ruling on definition of "woman"

In a landmark ruling that has stirred celebration and concern in equal measure, the UK Supreme Court has unanimously ruled that the legal definition of "woman" refers exclusively to someone born biologically female. The decision effectively excludes transgender women from being counted as women under the Equality Act, marking a decisive turn in a years-long legal battle over gender identity and women's rights in Scotland. The case, brought by the feminist campaign group For Women Scotland (FWS), challenged guidance issued by the Scottish government that included transgender women with gender recognition certificates in official gender quotas. The ruling has been hailed as a victory by women's rights advocates who argued that expanding the definition undermined protections for biologically female people. “Everyone knows what sex is and you can't change it,” said Susan Smith, co-director of FWS, celebrating the court’s decision outside the courthouse. “It’s basic common sense. People have tried to deny science and reality. Hopefully, this now brings us back to reality.” The Supreme Court’s five justices ruled unanimously that the Equality Act permits single-sex spaces – such as women-only changing rooms, shelters, and medical services – to exclude transgender women, even those who hold gender recognition certificates. In his written opinion, Justice Patrick Hodge said that the ruling does not strip transgender people of their broader protections under UK law but rather clarifies the scope of “sex” in certain legal contexts. “Interpreting ‘sex’ as certificated sex would cut across the definitions of ‘man’ and ‘woman’… and create heterogeneous groupings,” he wrote. The dispute originated from a 2018 Scottish law requiring that at least 50% of board members of public bodies be women. The inclusion of trans women in this target was central to the legal challenge, with FWS arguing that such a move effectively redefined the concept of womanhood without parliamentary authority. Aidan O’Neill, legal counsel for FWS, told the court that “sex” should be interpreted in the “ordinary, everyday” sense, based on biology from birth. “It is an expression of one’s bodily reality,” he said. “An immutable biological state.” The ruling has sparked celebration among gender-critical activists. Outside court, campaigners from several women’s groups opened champagne and chanted, “Women’s rights are human rights.” Maya Forstater, founder of the advocacy group Sex Matters, said: “The court has given us the right answer: the protected characteristic of sex refers to reality, not paperwork.” Author JK Rowling, a vocal supporter of FWS, praised the campaigners as “extraordinary” and “tenacious.” In a post on X, she said, “In winning, they've protected the rights of women and girls across the UK.” However, the judgment has drawn sharp criticism from trans rights organisations and human rights advocates. The campaign group Scottish Trans said it was “shocked and disappointed,” warning that the ruling risks eroding legal protections for trans people. Green Party Member of the Scottish Parliament Maggie Chapman called the decision “deeply concerning” and a “huge blow to some of the most marginalised people in our society.” “Trans people have been cynically targeted and demonised by politicians and large parts of the media for far too long,” Chapman said. “This has contributed to attacks on longstanding rights and attempts to erase their existence altogether.” Amnesty International also condemned the ruling, arguing that it clashes with broader human rights standards. “A blanket policy of barring trans women from single-sex services is not a proportionate means to achieve a legitimate aim,” the organisation stated. The UK government welcomed the Supreme Court's clarification, stating, “Single-sex spaces are protected in law and will always be protected by this government.” Scotland’s semi-autonomous government, which initially defended the inclusion of trans women in public board quotas, said it accepted the court's decision. “We will now engage on the implications of the ruling,” said First Minister John Swinney. “Protecting the rights of all will underpin our actions.” The ruling is expected to have wide-reaching implications for public policy, equalities law, and gender identity debates across the UK – a country increasingly at the centre of a global reckoning on the boundaries of sex, gender and rights. Images: For Women Scotland

Legal

Win a free Legacy Film and capture a life story that matters

Have you ever wished you could freeze time – preserve a loved one’s stories, laughter and quiet reflections so they can be cherished for generations to come? Now you can. Danika Armytage, founder of <a href="https://www.bigstorieslittlefilms.com.au/" target="_blank" rel="noopener">Big Stories Little Films</a>, recently appeared on The Morning Show to share her mission: helping Australians preserve their life stories on film. And now, she’s giving one lucky person the chance to win a professionally made legacy film – completely free. Take a look: <iframe title="YouTube video player" src="https://www.youtube.com/embed/z1DPvQFmZFg?si=8yIDGnbaKRA20n_D" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe> A legacy film is a beautifully crafted short documentary film that captures a life story, family history, and the wisdom passed between generations – something to treasure forever. Nominations are open throughout April, with the winner to be announced in May. Valued at over $3,000, the film can feature the life story of an individual or a couple. So how will the winner be chosen? “The story doesn’t need to be defined by fame or accolades,” Danika says. “Maybe the person has led an extraordinary life, overcome big obstacles, or perhaps this film is simply something their family deeply wants to preserve. When choosing the winning nomination, it’s really about the story that matters to the people who love them.” While the giveaway is open to everyone, Danika adds that they’re especially mindful of those for whom the timing feels particularly important. “There are some stories that really can’t wait to be told,” she explains. “But truly, I encourage everyone to apply.” If you or someone you love has a story worth telling – and treasuring – head to <a href="https://www.bigstorieslittlefilms.com.au/" target="_blank" rel="noopener">bigstorieslittlefilms.com.au</a> to submit a nomination. And if you DO win, be sure to contact us via <a href="mailto:contact@oversixty.com.au" target="_blank" rel="noopener">contact@oversixty.com.au</a> so we can share it with the world! Images: Big Stories Little Films

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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

Financial markets are tanking. Here’s why it’s best not to panic

<div class="theconversation-article-body"> Financial markets around the world have been slammed by the Trump adminstration’s sweeping tariffs on its trading partners, and China’s swift retaliation. Share markets have posted their biggest declines since the COVID pandemic hit in 2020, as fears of US recession surged. Iron ore, copper, oil, gold and the Australian dollar have all tumbled. On Wall Street, <a href="https://www.reuters.com/markets/sp-500-loses-24-trillion-market-value-biggest-one-day-loss-since-2020-2025-04-03/">leading indices</a> have fallen around 10% since the tariffs were announced, while the tech-heavy Nasdaq is down 20% from its recent peak. European and Asian markets have also slumped. In Australia, the key S&P/ASX 200 slid another 4.2% on Monday to levels last seen in December 2023, taking its three-day losses since the announcement to more than 7%. <hr /> <iframe id="AJ2rZ" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/AJ2rZ/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> <h2>Why are markets reacting so badly?</h2> Financial markets reacted so negatively because the tariffs were much larger than expected. They represent the <a href="https://www.abc.net.au/news/2025-04-05/trump-tariffs-upend-80-year-old-world-economic-order/105139464">biggest upheaval</a> in global trade in 80 years. Many traders were hoping the tariffs would be used mainly as a bargaining tool. <a href="https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-digs-in-says-markets-may-have-to-take-medicine-as-stock-futures-plunge-191201959.html">But comments</a> by US President Donald Trump that markets may need to “take medicine” seem to suggest otherwise. The tariffs are expected to weaken economic growth in the US as consumers pare back spending on more expensive imports, while businesses shelve investment plans. Leading US bank JP Morgan has put the <a href="https://www.reuters.com/markets/jpmorgan-lifts-global-recession-odds-60-us-tariffs-stoke-fears-2025-04-04/">chance of a US recession</a> as high as 60%. This comes at a time when the US economy was already looking fragile. The highly regarded GDPNow model developed by the <a href="https://www.atlantafed.org/cqer/research/gdpnow">Atlanta Federal Reserve Bank</a> indicates US March quarter GDP will fall 2.8%, and that was before the tariff announcement. <h2>Worries about global growth</h2> Fears of a recession in the United States and the potential for a global downturn has led to a broad sell-off in commodity prices, including iron ore, copper and oil. Further, the Australian dollar, which is seen as a barometer for risk, has <a href="https://wise.com/au/currency-converter/currencies/aud-australian-dollar">fallen below 60 US cents</a> in local trading – its lowest level since 2009. While the direct impact of tariffs on Australia is expected to be modest (with around 6% of our exports going to US), the indirect impact could be substantial. China, Japan and South Korea together take more than 50% of Australia’s exports, and all have been hit with significantly higher tariffs. Treasurer Jim Chalmers said on Monday that the direct impact on the Australian economy would be “<a href="https://www.abc.net.au/news/2025-04-07/asx-markets-business-news-live-updates/105144276">manageable</a>”. The full effect on Australia will depend on how other countries respond, and whether we can redirect trade to other markets. The rapid decline in the Australian dollar will help offset some of the negative effects associated with a global downturn and the fall in commodity prices. We can also expect some interest-rate relief. Economists are now predicting <a href="https://www.afr.com/markets/debt-markets/traders-expect-up-to-five-rba-rate-cuts-amid-market-turmoil-this-year-20250407-p5lpo0">three further interest rate cuts</a> by the Reserve Bank, starting in May. This brings economists into line with financial market forecasts. <h2>Hang in there, markets will recover</h2> Watching equity markets tumble so dramatically can be unsettling for any investor. However, it is important to note that equity markets have experienced many downturns over the past 125 years due to wars, pandemics, financial crises and recessions. But these market impacts have generally been temporary. <hr /> <iframe id="lsNFF" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/lsNFF/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> History suggests that over the long term, equity prices continue to rise, supported by growing economies and rising incomes. The key thing for investors to remember is to not panic. Now is not the time to decide to switch your superannuation or other investments to cash. This risks missing the next upswing while also crystallising any current losses. For example, despite the steep market sell-off in March 2020 as the first COVID lockdowns came into effect, the Australian share market had completely recovered those losses by June 2021. It is good practice for investors to regularly reassess their risk profile to make sure it is right for their current stage of life. This means reducing the allocation to riskier assets as investors get closer to retirement age, while also maintaining a cash buffer to avoid having to sell assets during more turbulent periods such as now. <h2>Super funds are exposed to global risks</h2> The current sell-off has highlighted a potential issue facing the superannuation industry. So much of our superannuation is now invested in global equity markets, mostly in the US, because Australia’s <a href="https://www.abc.net.au/news/2025-04-02/australia-superannuation-retirement-savings/105098840">superannuation savings pool</a> – at more than A$4 trillion – has outgrown the investment opportunities available in Australia. Another issue facing the superannuation industry is the growth of cyber attacks, with several funds <a href="https://theconversation.com/hackers-have-hit-major-super-funds-a-cyber-expert-explains-how-to-stop-it-happening-again-253835">targeted in a recent attack</a>. Given the massive size of the assets held by some funds, it would seem they need to improve their security to be on par with that of the banking system.<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/253929/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/luke-hartigan-1491669">Luke Hartigan</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</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/financial-markets-are-tanking-heres-why-its-best-not-to-panic-253929">original article</a>. Image: Shutterstock </div>

Money & Banking

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

"No sympathy": 26-year-old roasted over massive tax bill complaint

It’s a classic tale of riches to tax brackets – OnlyFans creator Talia Batiste, 26, has found herself in the fiery depths of an Australian Tax Office reckoning, and the internet has wasted no time serving up a heaping plate of zero sympathy. Batiste, who revealed that she’s been hit with a tax bill totalling $71,008.45 (yes, she included the cents for maximum devastation), took to social media to lament her financial woes. “For everyone that likes to make sure I’m paying my tax. I’m going to go and cry myself to sleep now,” she wrote, presumably while clutching her silk pillow stuffed with $100 bills. The internet’s reaction? Less “thoughts and prayers”, more “play stupid games, win inevitable government-mandated financial responsibilities”. “Absolutely robbery,” one concerned citizen commented, clearly distressed by the idea of anyone having to contribute to society. “To pay that much tax, you earn a sh**load. No sympathy,” another user shot back, presumably while furiously entering their own lacklustre income into a tax return calculator. Some were more pragmatic, offering sage financial wisdom. “I hope you have a good accountant to get you those tax deductions,” someone advised, the unspoken message being: “There’s still hope, young one.” While many scoffed at the idea of crying over a salary that most people only see on TV shows where billionaires buy entire islands for sport, Batiste remained defiant. <a href="https://www.news.com.au/finance/economy/cry-myself-to-sleep-26yearold-in-tears-over-giant-tax-bill/news-story/7adfcb10f0ea62a1749f4dc6c1b65934" target="_blank" rel="noopener">Speaking to news.com.au</a>, she admitted that the bill “wasn’t too bad” compared to the tax nightmares of yesteryear. (Yes, it turns out paying taxes gets easier when you know they’re coming. Who knew?) Batiste revealed that an early accounting blunder had initially classified her as a sole trader rather than a business, making her tax situation about as pleasant as a surprise phone call from the ATO. “So when I make $400,000+ a year, it looks like that is my personal income rather than money going back into a business,” she explained, finally unlocking the ancient wisdom of self-employment taxation. Now, with proper financial advice in place, she says she takes a modest salary while the rest of her earnings go into business expenses – like, presumably, funding the tissue budget for her post-tax breakdowns. Despite her newfound tax strategy, Batiste insists that the process “never gets easier”. (Except for last year, when she owed a whopping $136k, making this year’s bill look like pocket change by comparison.) She also had some words about Australia’s taxation system: “Everybody pays too much tax.” Yes, much like death and bad reality TV spin-offs, taxation is inevitable. But Batiste isn’t letting it get her down – at least, not too much. Even though she says she’s “prepared” for these bills now, that doesn’t mean she enjoys sending her hard-earned money into the great abyss of government spending. “Hitting send on that ATO payment hurts every time,” she said. Meanwhile, taxpayers earning a fraction of her income simply sighed, checked their bank balances, and went back to their regularly scheduled programming: budgeting how to afford avocados and rent in the same month. Images: TikTok

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