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Humble handbag smashes world auction record with $15m sale

It started life on an air sickness bag. It ended with someone in Japan spending €8.6 million ($15.29 million AUD) on it. No, not the bag you reach for mid-turbulence – THE bag. The original, one-of-a-kind, barf-bag-born Birkin. At a Paris auction that had more gasps than a Eurovision final, the iconic prototype Hermès Birkin handbag – sketched by Jane Birkin herself somewhere over the English Channel – sold for a frankly nauseating €7 million ($12.44 million AUD) before fees, setting a new bar for luxury handbags and spontaneous aircraft doodles. As the price soared past €2 million ($3.56 million AUD)... €3 million ($5.33 million AUD)... €5 million ($8.88 million AUD), the crowd broke into applause, whistles and likely a few whispered prayers that their plus-ones wouldn’t get ideas. When it leapt from €5.5 million ($9.78 million AUD) to €6 million ($10.78 million AUD) in one go, some probably checked their own bags for loose sketches, just in case. The lucky winner? A still-anonymous bidder from Japan, who triumphed after a ten-minute telephone bidding showdown that could've been scored like a tennis match. In the end, they took the prize for €7 million ($12.44 million AUD), bringing the final hammer price with Sotheby’s fees to €8.6 million ($15.29 million AUD) – a mere snip if you ignore every financial decision you’ve ever made. The price absolutely destroyed the previous record for a handbag, which was a dainty $513,040 ($770,490 AUD) shelled out in 2021 for another Hermès bag (the White Himalaya Niloticus Crocodile Diamond Retourne Kelly 28 – a name with more syllables than most people’s resumes). This means the Birkin is now officially the second most valuable fashion item ever sold at auction. Only Dorothy’s ruby red slippers outrank it, having clicked their heels all the way to $32.5 million ($49.43 million AUD) last year. Somewhere over the rainbow, indeed. The original Birkin isn’t just expensive; it’s delightfully quirky. It’s the only one with a non-removable shoulder strap (because Birkin had things to do), and came with a nail clipper. Yes, a nail clipper. Practicality, thy name is Jane. As Morgane Halimi, Sotheby’s head of handbags and fashion, put it with appropriate reverence: “It is incredible to think that a bag initially designed by Hermès as a practical accessory for Jane Birkin has become the most desirable bag in history.” Not bad for a design born out of spilled baby bottles and boarding pass chaos. Jane Birkin (actor, singer, fashion muse and mother) reportedly kept the prototype for nearly a decade before auctioning it in 1994 for AIDS research. Since then, it’s changed hands a few times, making its way back into the spotlight like a seasoned celebrity on a comeback tour. The previous owner, known only as Catherine B (because if you own this bag, you don’t need a last name), told journalists: “The price is the price of the Hermès story.” Which, translated, roughly means: "It's a nice bag. Also, it's basically priceless." To be fair, it is more than just a bag. It’s a symbol. A cultural artefact. A reminder that sometimes brilliance strikes mid-flight, and that fashion history can be born in the same seat pocket where you once stashed a sad sandwich and a crumpled boarding pass. As Birkin herself once joked before her passing in 2023: “They’ll say, ‘Like the bag,’ or something.” Honestly, Jane, we could do a lot worse. Images: Sotheby's

Money & Banking

Should Australia scrap superannuation? Experts clash in heated debate

Australia’s superannuation system has come under intense scrutiny after two financial experts clashed in a fiery debate on SBS’s Insight, with one economist declaring the system should be dismantled entirely – and the other branding that idea “insane”. The central question – should Australia’s superannuation system be scrapped? – sparked impassioned responses from both Cameron Murray, chief economist at Fresh Economic Thinking, and Andy Darroch, independent financial adviser and director at Independent Wealth Advice. Dr Murray argued the system is fundamentally flawed and does more harm than good, claiming it primarily benefits the wealthiest Australians while failing to assist the poor or the already rich. “It’s skewed to the people who would never be on the age pension and would be independently wealthy at retirement age anyway,” he told the program. <a href="https://www.news.com.au/finance/superannuation/call-to-scrap-australias-superannuation-system-sparks-heated-debate/news-story/ab56297c9ce2f43d9cb5808ab8593084" target="_blank" rel="noopener">Speaking to news.com.au after the broadcast</a>, Dr Murray pointed to major inefficiencies in the current setup, calling super an “unnecessary industry” that drains national talent and resources. He also raised concerns about accessibility, noting that one in seven men die before ever touching their super savings. “Super doesn’t help the poor, who generally will still need to rely on the pension. It doesn’t help the rich, as they have enough wealth to support themselves,” Dr Murray said. “It only increases the retirement income of the middle by making them poorer when they are young and poor with a family to support, so they can be richer when they are old and rich with no one to support.” Dr Murray proposed a radical alternative: abolish compulsory super entirely and allow Australians to access that money during their working lives. He suggested a phased transition, with capped annual withdrawals and eventual conversion of super funds into non-tax-advantaged investment accounts. In stark contrast, Mr Darroch defended the system as one of Australia’s greatest economic achievements. “You would have to be insane to want to get rid of it,” he said on Insight, calling Australia’s super setup the “envy of the world”. He said scrapping it would be “the single most destructive thing you could do to middle class Australians” and warned it could plunge a third of the population into poverty during retirement. “I think Australia is the only country on Earth that you can have a nurse and a diesel fitter get to age 65 with close to a million dollars in super,” he said. Mr Darroch also pushed back against arguments that superannuation could or should be used to address issues like housing affordability or the cost of living. “Understandably, people see their superannuation balance and have a desire to use it to assist with housing,” he said, “but superannuation can’t and won’t fix housing. Any of the suggestions won’t even move the dial.” Worse still, he warned, using super to fund home ownership or ease short-term cost-of-living pressures would ultimately “create systemic issues with poverty in retirement”. As for Dr Murray, he believes that without super, most Australians would still save voluntarily and fall back on the age pension if needed – an existing system he says already keeps older Australians out of poverty. “The age pension is the safety net,” he said. “We can quibble about its adequacy, but we should do it in the context of all welfare payments.” With the future of superannuation now firmly back in the spotlight, it’s clear that while the system may need reform, whether to overhaul – or outright abolish – it remains a fiercely divisive question. Images: SBS

Retirement Income

Antiques Roadshow uncovers incredibly rare Beatles snaps

A lifelong Beatles fan has discovered that her teenage memories are worth more than just nostalgia – they’re worth a small fortune. Appearing on a recent episode of Antiques Roadshow, the woman brought along a well-loved album filled with original photographs from a weekend in July 1963 that would change her life forever. Back then, she and four Beatles-obsessed friends travelled to Great Yarmouth, England, just as the Fab Four happened to be in town. After seeing them perform live – “screaming like mad”, as she recalled – the group of girls got an insider tip from a local friend about where the band was staying. “We went and sat in the lounge and they came downstairs and sat with us,” she said, beaming as she shared the story. Among the photos and memories was something even more remarkable: four original Beatles autographs, carefully tucked into her diary from the trip. Antiques expert Marc Allum could hardly believe what he was seeing. “In addition to the photographs, you've got a little album here with something even more special in it,” he said, visibly impressed. Allum estimated the collection, particularly the autographs from John, Paul, George and Ringo, could fetch up to £5,000 – nearly $10,500 AUD – at auction. “Good gracious. Wow!” the stunned owner exclaimed, holding her priceless teenage memories a little tighter. It’s a story of friendship, fandom and a little rock 'n' roll magic – and proof that sometimes, history hides in the most unexpected places. Images: Antiques Roadshow

Money & Banking

Cheapest supermarket for winter shopping revealed

Aldi has once again cemented its reputation as Australia’s most budget-friendly supermarket, topping <a href="https://www.choice.com.au/shopping/everyday-shopping/supermarkets/articles/cheapest-groceries-australia" target="_blank" rel="noopener">CHOICE’s latest quarterly survey</a> on the cost of winter groceries. The consumer advocacy group compared the prices of an average basket of 14 common grocery items – including staples such as milk, chicken, and fresh fruit, as well as popular winter additions like vegetable stock, drinking chocolate, and butternut pumpkin. Aldi offered the most affordable basket at $55.35 without specials, with Woolworths close behind at $58.92, followed by Coles at $59.22 and IGA at $69.74. “Aldi had the best deal for shoppers looking to keep cosy this winter,” said CHOICE CEO Ashley de Silva. “Without specials, Woolworths had the cheapest chicken breasts and pumpkin, while Coles offered the best price on apples. IGA came out on top for carrots and garlic. For all other products in our basket, Aldi is your best bet.” When specials were taken into account, Aldi still led the pack, with its basket dropping to $54.44. Coles followed at $57.67, Woolworths at $58.86, and IGA at $67.54. “All up, if you’re planning a hearty porridge breakfast or wanting a cup of hot chocolate to keep you feeling snug, Aldi should be your first stop,” de Silva added. He also encouraged shoppers to look beyond supermarket choice for savings: “Checking the unit pricing, keeping an eye on specials, shopping around, and trying out house brand products can all add up to significant savings.” CHOICE field workers collected prices in March 2025 at 104 supermarkets across 27 locations nationwide. The group’s base basket includes full cream milk, Weet-Bix, Royal Gala apples, carrots, Cavendish bananas, strawberries and chicken breast fillets. This quarter’s additional winter items were vegetable stock, sour cream, drinking chocolate, butternut pumpkin, quick oats, garlic and onions. The findings come as supermarket prices remain a hot political issue. Cost-of-living pressures and alleged price gouging by major chains dominated debate in the last federal parliament. During the recent election campaign, Labor pledged to introduce laws to crack down on price gouging, while the Coalition promised to introduce divestiture powers that would allow the ACCC to force supermarkets to sell off stores to boost competition. Image: Pexels / Gustavo Fring

Money & Banking

Council to refund up to $12m in parking fines after 12-year error

Drivers across Melbourne’s inner north are set to be refunded millions of dollars in parking fines after Merri-bek City Council admitted to overcharging motorists for more than a decade due to an administrative blunder. The council, formerly known as Moreland, revealed this week it had incorrectly issued parking fines worth up to $12 million between July 1, 2013 and June 11, 2025. Around 248,000 infringements are believed to be affected, with individual refunds ranging from $43 to $59 depending on when the fine was issued. The error stemmed from the council charging 0.5 penalty units for certain parking violations – without having the necessary resolution in place. Under Victorian law, in the absence of a formal resolution, the maximum charge should have been 0.2 penalty units. “Unfortunately, it has recently been discovered that there was no resolution in place setting this value,” the council said in a statement. “This was due to an administrative error in 2013, which has not been identified until recently.” The fines in question relate primarily to overstaying time limits in “green sign zones” and other minor parking infringements. The 11 affected offence types include failing to park at the correct angle, parking outside a marked bay, or stopping in designated motorbike or bicycle parking areas. Merri-bek City Council chief executive officer Cathy Henderson apologised for the long-standing oversight. “Today’s announcement reflects Merri-bek City Council’s commitment to integrity, transparency and fairness. Now that we have found the mistake, we are fixing it,” she said. “This is a regrettable historical administrative error, and we apologise for the impact of the overcharge.” Henderson emphasised that parking fines are reinvested into community services and facilities, and that parking controls remain necessary to ensure fair access to limited spaces. The council will launch a Parking Fines Refund Scheme in July, offering affected motorists 12 months to apply for a refund. Fines Victoria has confirmed it will place impacted outstanding fines on hold during this process, suspending enforcement action and additional fees. “Fines Victoria will continue to work with Merri-bek City Council as they take action to resolve this matter,” the agency said in an online statement. Drivers keen to find out if they are eligible for a refund can <a href="https://www.merri-bek.vic.gov.au/my-council/news-and-publications/news/parking-fines-refund-scheme/" target="_blank" rel="noopener">visit the Merri-bek City Council website</a> for further details. Image: Merri-bek City Council

Legal

What does Trump’s looming ‘revenge tax’ mean for Australia?

<div class="theconversation-article-body">The Australian Labor Party just won an <a href="https://theconversation.com/albanese-increases-majority-and-dutton-loses-seat-in-stunning-election-landslide-255616">election victory for the ages</a>. Now, it may be forced to walk back one of the key achievements of its first term. Here’s why: United States President Donald Trump is about to declare an income tax war on much of the world – and we Australians are not on the same side. Over in the US, the “<a href="https://www.congress.gov/bill/119th-congress/house-bill/1/text">One Big Beautiful Bill act</a>” – a tax and spending package worth trillions of dollars – has been <a href="https://www.theguardian.com/us-news/2025/may/22/what-is-trump-big-beautiful-bill">passed</a> by the House of Representatives. It’s now before the Senate for consideration. Within it lies a new and highly controversial provision: <a href="https://www.axios.com/2025/05/30/taxes-section-899-big-beautiful-bill">Section 899</a>. This increases various US tax rates payable by taxpayers from any country the US claims is maintaining an “unfair foreign tax” by five percentage points each year, up to an additional 20% loading. Having been an integral part of an international effort to create a global 15% minimum tax, Australia now finds itself in the firing line of Trump’s “<a href="https://finance.yahoo.com/news/revenge-tax-buried-deep-budget-213451951.html">revenge tax</a>” warfare – and it’s a fight we’re unlikely to win. <h2>A global minimum tax rate</h2> The origins of the looming income tax war <a href="https://www.oecd.org/en/publications/2013/07/action-plan-on-base-erosion-and-profit-shifting_g1g30e67.html">started in 2013</a>, when the Organisation for Economic Co-operation and Development (<a href="https://www.oecd.org/en/about.html">OECD</a>) released its plan to stamp out “base erosion and profit shifting”. This refers to a range of strategies often used by multinational companies to minimise the tax they pay, exploiting differences and gaps in the tax rules of different countries. The OECD’s first attempt to tackle the problem was a collection of disparate measures directed not only at corporate tax avoidance, but also controlling tax poaching by national governments and “<a href="https://www.theguardian.com/politics/2013/apr/29/sweetheart-tax-deals">sweetheart deals</a>” negotiated by tax officials. Under both Labor and the Coalition, Australia was initially an enthusiastic backer of these attempts. However, the project was not a widespread success. Many countries endorsed the final reports but, unlike Australia, few countries acted on them. After the failure of this first project, the OECD tried again in 2019. This evolved to encompass two “pillars” to change the global tax rules. <a href="https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/cross-border-and-international-tax/pillar-one-amount-a-fact-sheet.pdf">Pillar one</a> would give more tax to countries where a company’s customers are located. <a href="https://www.oecd.org/en/topics/sub-issues/global-minimum-tax/global-anti-base-erosion-model-rules-pillar-two.html">Pillar two</a> is a minimum tax of 15% on (a version of) the accounting profits of the largest multinationals earned in each country where the multinational operates. Labor picked up this project for the 2022 election, <a href="https://jimchalmers.org/latest-news/media-releases/labor-s-plan-to-ensure-multinationals-pay-their-fair-share-of-tax/">promising</a> to support both pillars – and they honoured that promise. <h2>Mixed success</h2> Around the world, the two pillar project had mixed success. Pillar one was dead-on-arrival: most countries did nothing. But Australia and several other countries, mostly in Europe, implemented pillar two – the global minimum tax. The OECD has always maintained the base erosion and profit shifting (BEPS) project was a coalition of the willing, meant to rebalance the way income tax is allocated between producer and consumer countries, and rid the world of tax havens. In the US, Republicans <a href="https://www.reuters.com/world/us/yellen-us-negotiating-rd-tax-credit-part-global-tax-deal-2024-04-30/">did not share that view</a>. For them, BEPS was simply another attempt by foreign countries to get more tax from US companies. This Republican dissatisfaction with the OECD is now on full display. On the first day of his second term, Trump issued an <a href="https://www.whitehouse.gov/presidential-actions/2025/01/the-organization-for-economic-co-operation-and-development-oecd-global-tax-deal-global-tax-deal/">executive order</a>, formally repudiating any OECD commitments the Biden administration might have given. He also directed his officials to report on options for retaliatory measures the US could take against any foreign countries with income tax rules that are “extraterritorial” or “disproportionately affect American companies”. <h2>Why Australia is so exposed</h2> Australia could find itself in the firing line of Trump’s tax warfare on many fronts. And the US doesn’t lack firepower. Section 899 adds to a number of <a href="https://theconversation.com/what-is-the-90-year-old-tax-rule-trump-could-use-to-double-us-taxes-on-foreigners-248154">retaliatory tax provisions</a> the US already had at its disposal. The increased tax rates would affect Australian super funds and other investors earning dividends, rent, interest, royalties and other income from US companies. Australian super funds in particular are heavily invested in US markets, which have outperformed local stocks in recent years. It would also affect Australian managed funds owning land and infrastructure assets in the US, as well as Australian entities such as banks that carry on business in the US. And there are other measures that would expose US subsidiaries of Australian companies to US higher tax. The bill would even remove the doctrine of sovereign immunity for the governments of “offending” countries. <a href="https://www.ato.gov.au/individuals-and-families/your-tax-return/if-you-disagree-with-an-ato-decision/object-to-a-decision/what-to-include-in-your-objection/supporting-information-to-provide/sovereign-immunity">Sovereign immunity</a> refers to a tax exemption on returns that usually applies to governments. This means the Australian government itself could have to pay tax to the US. There are <a href="https://www.bloomberg.com/news/articles/2025-05-30/trump-revenge-tax-would-lower-foreign-investment-in-us-scorekeeper-predicts">concerns on Wall Street</a> this will dampen demand for US government bonds from foreign governments, which are big buyers of US Treasuries. The argument may sway some in the Senate – but how many remains to be seen. <h2>What Australia may need to do next</h2> We may be incredulous that anyone would consider our tax system combative, but enacting the OECD pillar two was always known to be risky. There are other, homegrown Australian tax measures that have drawn American ire. In 2015, Australia enacted an income tax measure (commonly called the “<a href="https://www.smh.com.au/business/the-economy/google-restructures-to-avoid-hefty-penalties-in-australia-as-tax-bill-hits-16-million-20160429-goi8fl.html">Google tax</a>”) specifically directed at US tech companies. In 2017, we followed this up with a <a href="https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/in-detail/doing-business-in-australia-or-overseas/diverted-profits-tax">diverted profits tax</a>. Trump’s bill specifically targets both measures. Tying ourselves to the OECD’s global minimum tax project might have seemed like a good idea in 2019. In 2025, it looks decidedly unappealing, and not just because of Trump. First, there is not actually any serious revenue in pillar two for Australia. Treasury’s <a href="https://archive.budget.gov.au/2023-24/bp2/download/bp2_2023-24.pdf">revenue estimate</a> totalled only $360 million after four years, just slightly more than a rounding error in the federal budget. Second, we are increasingly alone and vulnerable in this battle. It might feel emotionally satisfying to stand up to the US. If there was a sizeable coalition alongside us, there might be some point. If Trump’s One Big Beautiful Bill act does pass through the US Senate, the Australian government and business will be left exposed to much higher costs. Since abandoning the US market is not really an option, it might be time to surrender quietly and gracefully – by reversing, at the very least, the contentious bits of pillar two.<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/257961/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/graeme-cooper-3215">Graeme Cooper</a>, Professor of Taxation Law, <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/australia-is-in-the-firing-line-of-trumps-looming-revenge-tax-its-a-fight-were-unlikely-to-win-257961">original article</a>. Image: Pexels / Nataliya Vaitkevich </div>

Money & Banking

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

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

What makes somebody a narcissist?

<div class="theconversation-article-body"> Narcissism has become the armchair diagnosis of the decade. Social media is awash with people flinging the label around. Everyone’s ex seems to be a narcissist, some of our parents are under suspicion, and that office villain? They definitely tick the box, too. The accuracy of these rampant diagnoses warrants scepticism. But the reality is narcissists do exist. At its extreme, narcissism is a rare mental health diagnosis, known as <a href="https://www.ncbi.nlm.nih.gov/books/NBK556001/">narcissistic personality disorder</a>. But narcissism also describes a cluster of personality traits, which we all display to varying degrees. For those of us who have been in close quarters with someone high in narcissistic traits, we rarely walk away unscathed. And we may be left with lingering questions. For example, what made them this way? In a recent <a href="https://doi.org/10.1016/j.paid.2025.113255">meta-analysis</a>, my colleagues and I pulled together studies examining the link between narcissism and adult attachment styles. Our findings offer an important clue – especially when it comes to the potential roots of vulnerable narcissism. <h2>Types of narcissism</h2> There are two main types of <a href="https://doi.org/10.1111/j.1467-6494.2010.00711.x">narcissism</a>. Grandiose narcissism is what typically comes to mind. It is characterised by an overtly grandiose, aggressive and dominant interpersonal style. In contrast, vulnerable narcissism is marked by introversion, hypersensitivity to criticism, and a defensive, insecure grandiosity that masks fragile self-esteem. Antagonistic traits such as entitlement, manipulation, and a lack of empathy lie at the core of both narcissism types. This helps to explain the <a href="https://doi.org/10.1037/abn0000298">interpersonal difficulties</a> linked to each. Vulnerable narcissism, in particular, has been linked to a range of harmful behaviours in romantic relationships. Individuals high in this trait are more likely to engage in <a href="https://www.respectvictoria.vic.gov.au/news/red-flags-what-love-bombing-and-why-it-bad">love bombing</a>, <a href="https://doi.org/10.1016/j.tele.2023.101985">ghosting and breadcrumbing</a>. They also tend to report <a href="https://doi.org/10.1080/15298868.2019.1707272">lower relationship satisfaction</a>, hold more permissive attitudes towards <a href="https://doi.org/10.1037/fam0001126">infidelity</a> and perpetrate <a href="https://doi.org/10.1177/15248380231196115">intimate partner violence</a> at higher rates. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/DIyj175t6iV/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/DIyj175t6iV/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Amanda E. White, LPC, LMHC (@therapyforwomen)</a> </div> </blockquote> <h2>Secure versus insecure attachment</h2> Researchers have turned to <a href="https://theconversation.com/attachment-theory-what-people-get-wrong-about-pop-psychologys-latest-trend-for-explaining-relationships-195034">attachment styles</a> to help explain how individuals high in narcissism behave in romantic relationships. <a href="https://doi.org/10.1002/9781118938119.ch2">Attachment theory</a> proposes that early experiences with primary caregivers shape our beliefs about ourselves and others. These beliefs are thought to persist into adulthood and influence how we experience and navigate adult relationships. If we felt safe, loved and supported as children, we are more likely to have a positive view of our self and others. This is the hallmark of secure attachment, which lays the foundation for healthy, stable relationships in adulthood. But when early relationships are marked by neglect, inconsistency or abuse, they can give rise to insecure attachment styles. <a href="https://psycnet.apa.org/record/1991-33075-001">Adult attachment models</a> generally identify three types of insecure attachment. Preoccupied attachment develops from a negative view of the self and a positive view of others. Individuals with this style often feel unworthy of love and seek constant reassurance in relationships, fearing rejection and abandonment. Dismissive attachment is rooted in a positive view of the self but a negative view of others. These individuals tend to prioritise independence over intimacy. As a result, they often struggle to form deep connections. Fearful attachment involves negative views of both the self and others. Those with this style typically crave connection while at the same time fearing it, leading to push-pull dynamics in relationships. <h2>An interesting pattern</h2> In our meta-analysis, we combined the results of 33 previous studies comprising more than 10,000 participants to examine how narcissism relates to each of the four adult attachment styles. Overall, narcissism was linked to each of the three insecure attachment styles. But when we looked at the two types of narcissism separately, an interesting pattern emerged. Vulnerable narcissism was consistently linked to insecure attachment styles – with associations of moderate strength for preoccupied and fearful attachment styles. In contrast, grandiose narcissism showed no such link. Does this mean insecure attachment causes vulnerable narcissism? Not necessarily. The studies we reviewed were “correlational”, which means they looked at connections, not causes. So we can’t say attachment styles cause vulnerable narcissism. To answer that, we’d need longitudinal research tracking people over time. Still, our findings suggest that insecure attachment – particularly preoccupied and fearful attachment styles – may be an important risk factor in the development of vulnerable narcissism. Of course, not everyone with an insecure attachment style has high levels of vulnerable narcissism. However, for some, vulnerable narcissism may emerge as a defensive coping strategy that arises when early attachments were marked by inconsistency, neglect or abuse. <h2>Healing childhood wounds</h2> Attachment styles tend to be <a href="https://doi.org/10.1207/S15327957PSPR0602_03">fairly consistent throughout a person’s life</a>, however change is possible. Attachment-focused therapies, such as <a href="https://theconversation.com/im-a-failure-how-schema-therapy-tackles-the-deep-rooted-beliefs-that-affect-our-mental-health-250789">schema therapy</a> and <a href="https://www.psychologytoday.com/au/therapy-types/emotionally-focused-therapy">emotionally focussed therapy</a>, can help individuals heal attachment wounds and build more secure relationship patterns. These approaches may be especially helpful for those high in vulnerable narcissism. At the same time, it is important that families have access to free and timely mental health care, so that children are supported to process and heal from trauma before it shapes their adult relationships, and the way they parent the next generation. But prevention is better than cure. Supporting parents and caregivers to build secure attachments with the their children and equipping them with the tools to parent effectively is essential. This is especially urgent given disturbingly <a href="https://onlinelibrary.wiley.com/doi/full/10.5694/mja2.51873">high rates of child maltreatment in Australia</a>, including emotional abuse, physical abuse and neglect – all of which have been <a href="https://onlinelibrary.wiley.com/doi/full/10.5694/mja2.51873">linked to the development of vulnerable narcissism</a>. We don’t need to look too far to see the cost of turning a blind eye.<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/257468/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/megan-willis-8914">Megan Willis</a>, Associate Professor, School of Behavioural and Health Sciences, <a href="https://theconversation.com/institutions/australian-catholic-university-747">Australian Catholic 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/what-makes-somebody-a-narcissist-mounting-evidence-suggests-links-to-insecure-attachment-styles-257468">original article</a>. Images: Engin Akyurt / pexels.com </div>

Mind

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

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

Why are political parties allowed to send spam texts? And how can we make them stop?

<div class="theconversation-article-body"> Another election, another wave of unsolicited political texts. Over this campaign, our digital mailboxes have been stuffed with a slew of political appeals and promises, many from the new party Trumpet of Patriots (backed by Clive Palmer, a <a href="https://www.abc.net.au/news/2019-01-11/clive-palmer-united-australia-party-unsolicited-text-messages/10709106">veteran</a> of the mass text campaign). The practice isn’t new, and it’s totally legal under current laws. It’s also non-partisan. Campaigns of all stripes have partaken. Behold, the Liberal Party’s <a href="https://www.sbs.com.au/news/article/liberal-party-defends-sending-text-messages-to-voters-on-asylum-seeker-boat-intercepts/mmqwk5508">last-minute SMS</a> to voters about asylum seekers before the 2022 federal election, or Labor’s controversial “<a href="https://www.smh.com.au/politics/federal/federal-election-2016-shorten-confirms-labor-sent-mediscare-text-20160705-gpzasl.html">Mediscare</a>” text before the 2016 poll. Despite multiple cycles of criticism, these tactics remain a persistent feature of Australian election campaigns. A recent proposal to update decades-old rules could help change things – if a government would put it into practice. <h2>What does the law say about political spam?</h2> Several laws regulate spam and data collection in Australia. First, there is the Spam Act. This legislation requires that organisations obtain our consent before sending us marketing emails, SMSs and instant messages. The unsubscribe links you see at the bottom of spam emails? Those are mandated by the Spam Act. Second, the Do Not Call Register (DNCR) Act. This Act establishes a “do not call” register, managed by the <a href="https://www.acma.gov.au/say-no-to-telemarketers">Australian Communications and Media Authority</a> (ACMA), which individuals can join to opt out of telemarketing calls. Finally, there is the Privacy Act, which governs how organisations collect, use and disclose our personal information. Among other things, the Privacy Act requires that organisations tell us when and why they are collecting our personal information, and the purposes for which they intend to use it. It restricts organisations from re-purposing personal information collected for a particular purpose, unless an exception applies. This trio of laws was designed to offer relief from unsolicited, unwanted direct marketing. It does not, however, stop the deluge of political spam at election time due to broad political exemptions sewn into the legislation decades ago. The Spam Act and DNCR Act apply to marketing for goods and services but not election policies and promises, while the Privacy Act contains a <a href="https://classic.austlii.edu.au/au/journals/UNSWLawJl/2021/21.html#fn13">carve-out</a> for political parties, representatives and their contractors. The upshot is that their campaigns are free to spam and target voters at will. Their only obligation is to disclose who authorised the message. <h2>How do political campaigns get our information?</h2> Secrecy about the nature and extent of campaign data operations, enabled by the exemptions, makes it difficult to pinpoint precisely where a campaign might have obtained your data from. There are, however, a number of ways political campaigns can acquire our information. One source is the electoral roll (though not for phone numbers, as the Australian Electoral Commission <a href="https://x.com/AusElectoralCom/status/1434752533294194692">often points out</a>). Incumbent candidates might build on this with information they obtain through contact with constituents which, thanks to the exemptions, they’re allowed to re-purpose for campaigning at election time. Another source is data brokers – firms which harvest, analyse and sell large quantities of data and profiles. We know the major parties have long maintained voter databases to support their targeting efforts, which have become <a href="https://www.abc.net.au/news/2022-05-19/behind-liberal-labor-data-arms-race-this-election/101074696">increasingly sophisticated</a> over the years. Other outfits might take more haphazard approaches – former MP <a href="https://www.smh.com.au/politics/federal/united-australia-party-leader-craig-kelly-defends-spam-messages-20210829-p58mv7.html">Craig Kelly</a>, for example, claimed to use software to randomly generate numbers for his texting campaign in 2021. <h2>What can be done?</h2> Unwanted campaign texts are not only irritating to some. They can be misleading. This year, there have been <a href="https://www.abc.net.au/news/2025-04-17/monique-ryan-polling-amelia-hamer-trust-fund-kooyong/105185290">reports</a> of “push polling” texts (pseudo surveys meant to persuade rather than gauge voter options) in the marginal seat of Kooyong. The AEC has <a href="https://www.aec.gov.au/media/2025/03-31a.htm">warned</a> about misleading postal vote applications being issued by parties via SMS. <figure class="align-right zoomable"><a href="https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=237&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=738&fit=crop&dpr=1 600w, https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=738&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=738&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=927&fit=crop&dpr=1 754w, https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=927&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/664617/original/file-20250429-74-yothae.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=927&fit=crop&dpr=3 2262w" alt="Screenshot of a text message from Trumpet of Patriots." /></a><figcaption>This election campaign has seen a flood of texts from Trumpet of Patriots, among others. The Conversation, <a class="license" href="http://creativecommons.org/licenses/by-sa/4.0/">CC BY-SA</a></figcaption></figure> Generative AI is hastening the ability to produce misleading content, cheaply and at scale, which can be quickly pushed out across an array of online social and instant messaging services. In short, annoying texts are just one visible symptom of a wider vulnerability created by the political exemptions. The basic argument for the political exemptions is to facilitate freedom of political communication, which is protected by the Constitution. As the High Court has said, that freedom is necessary to support informed electoral choice. It does not, however, guarantee speakers a <a href="http://www6.austlii.edu.au/cgi-bin/viewdoc/au/cases/cth/HCA/2019/11.html">captive audience</a>. In 2022, the Attorney-General’s Department <a href="https://www.ag.gov.au/sites/default/files/2023-02/privacy-act-review-report_0.pdf">proposed</a> narrowing the political exemptions, as part of a suite of updates to the Privacy Act. Per the proposal, parties and representatives would need to be more transparent about their data operations, provide voters with an option to unsubscribe from targeted ads, refrain from targeting voters based on “sensitive information”, and handle data in a “fair and reasonable” manner. The changes would be an overdue but welcome step, recognising the <a href="https://bridges.monash.edu/articles/journal_contribution/Conceptualising_Voter_Privacy_in_the_Age_of_Data-Driven_Political_Campaigning/27330276?file=50073381">essential role</a> of voter privacy in a functioning democratic system. Unfortunately, the government has not committed to taking up the proposal. A bipartisan lack of support is likely the biggest obstacle, even as the gap created by the political exemptions widens, and its rationale becomes flimsier, with each election cycle.<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/255413/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/tegan-cohen-1331144">Tegan Cohen</a>, Postdoctoral Research Fellow, Digital Media Research Centre, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</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/why-are-political-parties-allowed-to-send-spam-texts-and-how-can-we-make-them-stop-255413">original article</a>. Image: Shutterstock </div>

Legal

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

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

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