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ATO urges Aussies to cash in on nearly $18 billion in lost or unclaimed super

<p>The Australian Taxation Office is urging people to check whether they are eligible to cash in on almost $17.8 billion in lost or unclaimed superannuation. </p> <p>Lost super is when your fund has lost touch with you or your account is inactive, and this can occur if you've changed your name, moved homes or changed jobs, without updating your details. </p> <p>The lost super becomes unclaimed when your fund transfers this lost money to the ATO. </p> <p>"Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,"<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> ATO deputy commissioner Emma Rosenzweig said.</span></p> <p>"If you've changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.</p> <p>"We're urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them."</p> <p>As of June 30, 2024, super funds and the ATO are holding lost super for over 7.1 million accounts, with retirees among those with lost or unclaimed super. </p> <p>The ATO revealed it was holding $471 million on behalf of those aged over 65. </p> <p>“Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said.</p> <p>You can check for lost super online through the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/keeping-track-of-your-super/super-health-check#ato-Check3Checkforlostandunclaimedsuper" target="_blank" rel="noopener">ATO</a>. </p> <p>For those wanting to search for unclaimed cash, including unclaimed refunds, share dividends, uncashed cheques and more, you can visit <a href="https://asic.gov.au/for-consumers/unclaimed-money/" target="_blank" rel="noopener">federal</a> and state websites to see if you have anything owed to you. </p> <p>Unclaimed money is cash owed to people who can't be located, either due to name or address changes, lost paperwork or just forgot about the cash. </p> <p><em>Image: Shutterstock</em></p>

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Aussies outraged over price of staple snack

<p>Australians have expressed outrage over the price of Tim Tams, after one Reddit user spotted the staple snack being sold in stores and online for $6 per pack. </p> <p>“I (remember) when a double pack used to only be about $4.50. F**k this shit,” the user who posted the photo stated.</p> <p>Others blasted the price hike as excessive and "un-Australian". </p> <p>One commenter pointed out that the iconic Australian biscuit was potentially cheaper overseas, despite the import taxes. </p> <p>“That’s in Australia? They’re half that in Canada and they have to import them from Australia,” one said.</p> <p>“Like many other shrunken and quality reduced products I can live without them," another added. </p> <p>Arnott's traditional flavours are currently listed at $6 in Coles and Woolworths, while a family packet will set buyers back $7. </p> <p>An Arnott's spokesperson told the Daily Mail that the price hike was due to increased input costs. </p> <p>“Like most Australian manufacturers, we are experiencing a significant increase in our input costs, including the surging price of cocoa," the spokesperson said.</p> <p>“This has led us to make the difficult decision to increase the price of our Tim Tam biscuits.</p> <p>“We continue to invest in promotional programs with our retailers year-round, to ensure consumers can buy our products at great value prices.</p> <p>‘The changes are necessary for Arnott’s to remain competitive as an Australian manufacturer and to continue to make the delicious products Australians know and love.”</p> <p><em>Image: Reddit</em></p>

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Heritage Aussie number plate to fetch over a million

<p>A South Australian number plate is expected to sell at auction for over a million dollars. </p> <p>The sought-after No. 8 Plate was first issued in 1906 to Arthur Ernest Ayers, the son of South Australian businessman and politician Sir Henry Ayers, the original owner of the Ayers House in Adelaide.</p> <p>The number plate became available for the first time in February this year, with the online auction going live late last month. </p> <p>Almost 1,700 bids have already been made, with the leading bid as of Monday morning at around $1.32 million with the auction closing at 7pm (local time).</p> <p>“It’s very rare and very special,” Historic Plates auctioneer, Stewart Kay, said. </p> <p>The last time the SA Government issued a single digit number plate was in 1985, when plate No. 7 was sold. </p> <p>“These plates are all about the paperwork, so having a set of number plates hanging in grandad’s shed might not necessary confer ownership.”</p> <p>He added that the plate would likely be sold to a prominent Adelaide businessman for around  $1.3 to $1.5 million.</p> <p>This is a record price for a South Australian number plate, with the previous highest being for a SA No. 1 Plate commemorating the Adelaide Grand Prix, which fetched $593,000 in 2020.</p> <p>Kay added that the older the number plate and lower the number, the higher the return expected at auction.</p> <p>“Number plates are a very historic connection back to 120 years ago when they were first issued,” Kay said.</p> <p>“They’re sort of triple threat, they look fantastic on a car, they have a great return in terms of investment and they have a certain level of prestige to them.”</p> <p>Anyone can purchase the rights to a number plate, however the plates can only be affixed to a vehicle that is registered to the state it belongs in. </p> <p>In New South Wales, a No. 1 plate surpassed its $10 million estimate and was sold for $12.4 million in January. </p> <p>Earlier this year, Victoria’s "luckiest" number plate with the number 888-888 sold for an eye-watering $230,000 to an anonymous buyer after it was privately owned for the past 30 years. </p> <p><em>Image: 7News</em></p>

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Rare coin hidden for decades to fetch eye-watering sum

<p>Three sisters from the US who inherited a dime coin kept it in a bank vault for more than 40 years, and while they know it had some value, they didn't know just how much until a few years ago. </p> <p>The rare coin, struck by the US Mint in San Francisco in 1975, could be worth more than $US500,000 ($748,000), according to Ian Russell, president of GreatCollections, the auction house selling the coin. </p> <p>What makes the coin depicting President Franklin D. Roosevelt so valuable is that it is just one of two coins missing the "S" mint mark for San Francisco. </p> <p>The other dime sold for  $US682,000 (over $1 million) at a 2019 auction and then again months later to a private collector. </p> <p>While avid coin collectors have known about the existence of these two extraordinarily rare coins, their whereabouts had remained a mystery since the late 1970s. </p> <p>“They were hidden for decades,” Russell said.</p> <p>“Most major collectors and dealers have never seen one.”</p> <p>The three sisters from Ohio, who want to remain anonymous,  inherited one of the two dimes after the recent death of their of their brother, Russell said. </p> <p>They told Russell that their brother and mother bought the first error coin discovered in 1978 for $27,225, which would amount to roughly $135,000 today.</p> <p>Their parents, who ran a dairy farm, saw the coin as a financial safety net, and it was only until last year that one of the sisters saw the coin first-hand. </p> <p>Russell also said that their brother had reached out to him about seven years ago and told him about the coin, but he too kept it a secret. </p> <p>When Russell told one of the sisters about the potential value of the coin, she told him: “is that really possible?”. </p> <p>The coin, known as the “1975 ‘no S’ proof dime,” will be displayed at a coin show beginning on Wednesday in Tampa, Florida, and before <a href="https://www.greatcollections.com/Coin/1655587" target="_blank" rel="noopener">the auction</a> closes late next month, Russell said.</p> <p>The current highest bidder has offered $US250,000 ($374,000).</p> <p><em>Images: Great Collections/ Professional Coin Grading Services</em></p>

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What’s a recession – and how can we tell if we’re in one?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/leonora-risse-405312">Leonora Risse</a>, <em><a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p>Today’s <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release">economic data</a> shows that, outside of the pandemic, the Australian economy has slowed down to its lowest annual rate of growth since the early-1990s recession.</p> <p>That’s prompting the dreaded question: are we headed for another one?</p> <p>Any mention of the “R” word can trigger anxiety. Recessions bring job losses and financial strain, and put serious pressure on people’s mental health.</p> <p>These impacts can be especially severe for people who are already experiencing disadvantage and vulnerabilities.</p> <p>But what exactly does it mean to be in a recession? What are the different ways we define them? And are these current approaches the best way to measure people’s economic pain?</p> <h2>What’s a recession?</h2> <p>A bit like the waves of the ocean, our economy is characterised by ebbs and flows in overall activity.</p> <p>Spending and business growth can swell during times of confidence, but slow down when optimism deflates or the economy is hit by an unexpected shock such as a pandemic or climate disaster. This pattern is what economists describe as “the business cycle”.</p> <p>Most of the time, our economy is constantly growing, even if the pace varies.</p> <p>Conventionally, we measure this pace by tracking changes in the level of <a href="https://www.rba.gov.au/education/resources/explainers/economic-growth.html">gross domestic product</a> (GDP) – the overall volume of items and services being produced, bought and sold in the economy.</p> <p>The <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/jun-2024">latest economic growth rates</a> of 0.2% for the June quarter, and 1% over the past year, tell us that the Australian economy is still growing, even if at a slower pace than previous years.</p> <p>Occasionally, the economy slows down to such a grind that economic activity, from one quarter to the next, shrinks. When this happens, the GDP measurements come out negative.</p> <p>When we have two negative measurements of GDP in a row, this is defined as a <a href="https://www.rba.gov.au/education/resources/explainers/recession.html">technical recession</a>.</p> <p>This is what happened to most countries around the globe during the COVID-19 pandemic. Prior to the pandemic, Australia hadn’t experienced a technical recession since 1991.</p> <p>The latest figures tell us Australia is staying afloat for now. But that doesn’t mean it doesn’t <em>feel</em> like a recession to many people. Some other metrics show why.</p> <h2>Other measures of recession</h2> <p>Growth in economic activity is fuelled, in part, by a growing population. Dividing total economic output by the population size, GDP per capita can offer a more accurate picture of people’s economic reality.</p> <p>This population-adjusted measure of economic growth has long fallen into negative territory. Today’s figures tell us that Australia’s GDP per person has been shrinking for 18 months. Our annual <em>per capita</em> growth rate is now -1.5%.</p> <figure class="align-right zoomable"></figure> <p>In the United States, recessions are measured differently again. Recessions are officially declared by the National Bureau of Economic Research (<a href="https://www.nber.org/research/business-cycle-dating">NBER</a>). Unlike technical recessions, these aren’t based on a simple rule.</p> <p>NBER considers a range of measures beyond GDP – including personal income, employment, personal consumption, wholesale and retail sales, and industrial production across multiple sectors – when deciding whether to declare a US recession.</p> <h2>Is Australia heading for a recession?</h2> <p>This is a challenging question to answer because the GDP figures economists conventionally use to diagnose the situation only come to light after a recession hits.</p> <p>Today’s economic figures from the ABS are for the June 2024 quarter – now more than two months old. Measurements of the current economic climate won’t come through in official statistics for some time.</p> <p>If it occurs, by the time a recession is officially diagnosed, we’re usually well and truly in it.</p> <p>A similar limitation applies to the retrospective approach of the <a href="https://www.nber.org/research/business-cycle-dating">NBER</a>, which “waits until it is confident that a recession has occurred”.</p> <p>It’s like a weather forecaster declaring a cyclone has hit only after the wind gusts have blown your roof away.</p> <p>But we can use other metrics to alert ourselves to recession risks before the eye of the storm hits.</p> <h2>Using jobs numbers as a recession alert</h2> <p>One approach is the <a href="https://fred.stlouisfed.org/series/SAHMCURRENT">Sahm Rule</a>, named after its creator, US economist Claudia Sahm.</p> <p>By analysing patterns in the monthly unemployment data that preceded past recessions, Sahm devised a <a href="https://stayathomemacro.substack.com/p/the-sahm-rule-step-by-step">formula</a> to detect when increases in the current unemployment rate were rapid enough to pose a recession risk.</p> <p>The advantage of this approach is that unemployment statistics come out more quickly and frequently than GDP numbers.</p> <p>Many would also argue that monitoring unemployment, rather than GDP, is a more meaningful metric to reflect people’s everyday experiences of the economy and wellbeing.</p> <p>The Sahm approach tracks how quickly the national unemployment rate is currently rising compared to the past year.</p> <p>It’s calculated by comparing the current three-month moving average of the national unemployment rate to this figure’s lowest value in the previous 12 months. This “moving average” approach smooths out the bumpiness of monthly figures.</p> <p>A jump of 0.5% or more signals the economy’s current pattern is on the cusp of recession.</p> <p>While the Sahm formula was developed for the US economy, it does a fairly good job of waving a red flag where recessions previously occurred in the Australian economy, too.</p> <p>Australia’s latest unemployment rate – inching up to 4.2% in July 2024 – pushed the Sahm value up to 0.5%.</p> <p><iframe id="3d239" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/3d239/5/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <p>This indicator doesn’t necessarily mean that a recession will occur. But it suggests policymakers should be on high alert.</p> <p>The Sahm indicator also validates the experiences of job seekers who – despite official definitions that the economy is not in recession – are personally feeling the pressures of a slowing economy and shrinking job opportunities.</p> <p>As our approaches to measuring and managing the ups and downs of the economy continue to evolve, these people-centred metrics are an increasingly important part of our toolkit.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/238199/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/leonora-risse-405312"><em>Leonora Risse</em></a><em>, Associate Professor in Economics, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/whats-a-recession-and-how-can-we-tell-if-were-in-one-238199">original article</a>.</em></p> </div>

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Aussies top global list for biggest gambling losses

<p>A new report has revealed that Australians are the biggest gambling losers in the world, with the average Australian adult gambling away $1635 per year according to the Grattan Institute think tank. </p> <p>That is more than most households pay for power and exceeds the average spend in similar countries like the US and New Zealand. </p> <p>Collectively, Australians lost $24 billion to gambling in 2020-21, with half of that amount lost through poker machines. </p> <p>The rest was lost on sports or race betting, in casinos, and on lotteries and Keno. </p> <p>The report also claims that there are more pokies than post boxes and public toilets across Australia, bringing light to the "lax approach" that has let the industry "run wild". </p> <p>"Gambling products are designed to be addictive, and the consequences can be catastrophic: job loss, bankruptcy, relationship breakdown, family violence, even suicide," the report's authors wrote.</p> <p>People in the Northern Territory and NSW lost the most amount of money, with the two states having the highest concentration of polies in their jurisdiction. </p> <p>The report recommended the federal government ban all gambling advertisements and urged them to cut the number of pokies in each state over time.</p> <p>They also suggested a mandatory pre-commitment system for online gambling and pokies, which would put a limit on daily losses. </p> <p>There are many different ways to get help and information about gambling. Call the National Gambling Helpline on 1800 858 858; use <a href="https://www.gamblinghelponline.org.au/tools-resources/chat-counselling" target="_blank" rel="noopener">online counselling</a>. </p> <p><em>Images: </em><em>SNEHIT PHOTO / Shutterstock.com</em></p> <p> </p>

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Cash boost for millions of Aussies as indexation kicks in

<p>Millions of Australians are set to get a cash boost within weeks as the Services Australia payments are indexed on top of additional increases to Rent Assistance payments, with the changes coming into effect on September 20</p> <p>The indexation will be applied to a range of pensions and payments including the Age Pension, Disability Support Pension and Carer Payments, Commonwealth Rent Assistance, JobSeeker, and Parenting Payments.</p> <p>The indexation increases of up to $41.50 a fortnight will vary based on the payments.</p> <p>Centrelink JobSeeker recipients will receive an extra $71.20 per fortnight. </p> <p>“Single JobSeeker Payment recipients with an assessed partial capacity to work of 0 to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight,” the Department of Social Services said.</p> <p>The maximum rates of Commonwealth Rent Assistance will be increased by 10 per cent.</p> <p>For families with one or two children, he Rent Assistance fortnightly payment will increase by $27.02.</p> <p>Single age pensioners will see an increase of $28.10 to their fortnightly payments, and recipients in a couple will receive a combined $42.40 increase to their payments.</p> <p>The same increase will apply to the Disability Support Pension and Carer Payment.</p> <p>Single recipients receiving the fortnightly Parenting Payment will  receive a $19.80 increase, while single recipients without children will get a $15.30 boost. </p> <p><em>Image: Shutterstock</em></p>

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Thousands of eligible Aussies to receive cost-of-living payments

<p>Around 210,000  eligible South Australian households will receive a cost-of-living payment this week, including pensioners, Centrelink recipients and low-income earners. </p> <p>A Cost of Living Concession of $255.60 will be paid to all eligible households, with the annual payments made to eligible tenants and self-funded retirees doubled to match the amount given to homeowners.</p> <p>The payment is part of the state government's $266.2 million cost-of-living relief package announced in this year's state budget.</p> <p>This included the one-off additional payment of $243.90 to households who received last year's cost-of-living payment in June. </p> <p>South Australia's Premier Peter Malinsauskas said the government had delivered the “single largest cost-of-living assistance package in South Australia’s history”.</p> <p>“We know people are doing it tough and cost-of-living pressures are continuing to have an impact on many South Australians,” he said.</p> <p>“In the past two months, our government will have issued more than $100 million in targeted cost-of-living relief to South Australian households.”</p> <p>Pensioners and other card holders including, the Pensioner Concession Card, Veteran Gold Card, Low Income Health Care Card and Commonwealth Seniors Health Card, as well as low-income households and those receiving Centrelink payments including JobSeeker, the Parenting Payment and Youth Allowance, are eligible to receive the  SA Cost Of Living Concession.</p> <p>Those who want to receive the concession for that financial year will need to apply <a href="https://www.sa.gov.au/topics/care-and-support/concessions/household-concessions/cost-of-living-concessions" target="_blank" rel="noopener">online</a> by December 31 and only one person per household can receive the payment and it will be based on your circumstances on July 1. </p> <p>Those who have previously received the payment and whose circumstances haven't changed don't need to reapply. </p> <p>The payments started rolling out this month, with Human Services Minister Nat Cook saying that all payments should come through by early next week. </p> <p>“This includes everyone who received a payment last year and who is still eligible, as well as new applications which have been processed up to now,” Cook said.</p> <p>"Anyone who thinks they might be eligible for cost-of-living support should head to the sa.gov.au website to have a look at the eligibility criteria."</p> <p>Other states have also provided cost-of-living support, with eligible seniors in Western Australia able to receive a Cost of Living Rebate of $107.12 for singles and $160.68 for couples.</p> <p>While in the ACT, apprentices and tradies in the state can get a one-off $250 Cost Of Living payment if they are employed by an ACT employer.</p> <p>NSW has a few cost-of-living initiatives including up to $350 energy rebates for eligible households, and up to  $4,220 early childhood fee relief for 3 to 5-year-olds attending eligible community and mobile preschools.</p> <p><em>Image: Shutterstock</em></p>

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The eye-watering cost of Karl Stefanovic's "highly secret" 50th birthday bash

<p>Karl Stefanovic had a "highly secretive" birthday party in Saint-Tropez. France, according to <em>Women's Day</em>. </p> <p>The <em>Today </em>host, who was in Paris to cover the Olympic games earlier this month, reportedly booked out an entire hotel for his 50th birthday bash. </p> <p>A source claimed that his party cost a staggering $200,000, with A-listers James Packer and Anthony Bell among the guests. </p> <p>"He'd be thinking you only turn 50 once so let's do this properly and go big!" the insider claimed. </p> <p>"Much like the $50,000 he dropped for (wife) Jasmine's 40th earlier this year, and the rumoured $10,000 birthday parties they have hosted for their four-year-old daughter Harper," they continued. </p> <p>"And then there was their $700,000 lavish Mexican nuptials - Karl has never done anything half-baked!" </p> <p>The party was allegedly 1970s themed, with Stefanovic's wife also showing off her new designer dresses.</p> <p>This comes after it was initially reported that Stefanovic was set to cancel his planned 50th birthday bash in Paris.</p> <p>Earlier this year, the <em>Today </em>host was reported to have spent a whopping $50,000 on his wife's lavish birthday celebrations in Noosa, according to the publication. </p> <p>Jasmine's entire look alone was worth an eye-watering $5,575, with her gown from Zimmermann costing $1,950. </p> <p>The party reportedly lasted for about two days, with a "recovery shindig" allegedly worth $10,000 also taking place. </p> <p>A close friend of the couple said at the time that "Karl is an old romantic" and was more than happy to treat his wife to a lavish birthday. </p> <p><em>Images: Instagram</em></p>

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Booktopia saved from collapse

<p>Online book retailer Booktopia have confirmed they have secured a buyer for the troubled business.</p> <p>Just one month after it entered administration, the bookseller has been sold to online electronics store digiDirect, with owner Shant Kradijan confirming his intention to hire 100 extra staff in addition to those still remaining.</p> <p>"We are incredibly pleased to have completed the sale of the Booktopia business to the owner of digiDirect," McGrathNicol Restructuring's administrator Keith Crawford said.</p> <p>"The transaction will result in the retention of all remaining employees, the recruitment of some 100 additional employees and continuity of supply for Booktopia's trade creditors.</p> <p>They have also encouraged former staff to rejoin the company.</p> <p>When Booktopia went into administration there were around 150,000 orders that went unfulfilled, most of them were pre-ordered books that had not yet been delivered to the company.</p> <p>Some customers who were owed books from the company managed to get refunds from their credit providers.</p> <p>An estimated $3 million was also owed to customers with gift cards, and Kradjian has confirmed that they are offering special arrangements to customers with unredeemed gift cards.</p> <p>"Booktopia has been a key part of Australia's publishing industry for 20 years, and transitioning the business to such a well-known Australian retailer is a great outcome for all stakeholders," Crawford said.</p> <p>He also thanked Booktopia's secured creditor, Moneytech, which provided funding for the business during the administrative period.</p> <p>According to <em>Nine News</em>, the sale price, which was not disclosed, will not provide return to shareholders.</p> <p>Image: Booktopia</p>

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Aussie dad's life-changing $100,000 find

<p>After seven years of hunting for lost items with his metal detector, one Vi dad has struck gold - unearthing a nugget worth about $100,000. </p> <p>Luke Phillips, who shares metal-detecting videos on his YouTube channel <em>Dig It Detecting</em>, recorded the moment found the nugget in the Goldfields region. </p> <p>Phillip initially found tiny flecks of gold in the 150-year-old miner's hole dating back to the Victorian gold rush. It was when he decided to run his detector over a moss-covered log that he heard a faint signal.</p> <p>He rolled the log over and thought he might actually be digging for a horseshoe before repeatedly exclaiming “oh my god” as he realises it was something much bigger. </p> <p>“This is probably the deepest target I’ve ever dug for gold,” Phillips said in the video. </p> <p>“Holy smokes! Mate, we didn’t dig that far for no reason,” he says to his friend, Andrew, as they unearthed the nugget. </p> <p>“Holy smokes, if we didn’t get a gram before we’ve certainly got it now.</p> <p>“Holy f***, look at it!”</p> <p>Phillips then joked his friend would not need his glasses to see the nugget.</p> <p>“I’ve never witnessed or seen or experienced something quite like this,” Phillips said. “I didn’t expect to see gold. That is so cool.”</p> <p>Phillips continued to excavate a larger hole, and couldn't hide how astonished he was. </p> <p>“I never thought I would see this day where I was going to unearth a nugget,” he said.</p> <p>“It’s like an egg ... that’s like a freaking egg.”</p> <p>He took the nugget home where he cleaned it and weighed it at 868.4g.</p> <p>He has reportedly sold the nugget since finding it back in May, and although the sale price was confidential, it was likely to have been sold for a six-figure-price. </p> <p>"It was an exhilarating feeling — I knew it was a once-in-a-lifetime moment. That moment in time will be with me forever," Phillips told <em>9News</em>.</p> <p>The discovery and sale of the gold nugget has been "life-changing" for Phillips after he had to stop working full time due to health issues a few years ago.  </p> <p>He said that the nugget will help out his family in a "big way". </p> <p>"It's not something I'm going to retire on, of course, but it will pay some bills off and we can put a bit on the mortgage, or buy a car," he said.</p> <p><em>Images: YouTube</em></p>

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Financial hardship is the biggest driver of loneliness. Here’s why – and how to tackle it

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>One in four Australians <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/why-we-feel-lonely.pdf">report</a> feeling lonely, according to our new report released this week from our research collaboration.</p> <p>The data builds on a large <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">study we conducted last year</a> on social connection. Together, the data show that once someone <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">becomes lonely</a>, they’re likely to stay lonely.</p> <p>Feeling lonely can have a <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">negative impact on your health</a>. It increases the chance of having <a href="https://pubmed.ncbi.nlm.nih.gov/27124713/">social anxiety and depression</a>, and impacts the <a href="http://dx.doi.org/10.1037/0022-3514.85.1.105">health of your heart</a>, your <a href="http://pss.sagepub.com/content/13/4/384.full.pdf">sleep</a> and levels of <a href="https://pubmed.ncbi.nlm.nih.gov/15041083/">inflammation</a>. It also increases the likelihood of an <a href="https://www.ncbi.nlm.nih.gov/pubmed/?term=Loneliness+and+Social+Isolation+as+Risk+Factors+for+Mortality%3A+A+Meta-Analytic+Review">earlier death</a>. Staying lonely can accelerate these <a href="https://pubmed.ncbi.nlm.nih.gov/31237442/">negative impacts</a>.</p> <p>As more Australians grapple with a cost-of-living crisis, a key driver of loneliness is financial hardship.</p> <h2>Am I lonely?</h2> <p>Loneliness is a negative feeling that arises when your <a href="https://www.gilc.global/_files/ugd/410bdf_62e236db3a7146cd9f2654877a87dbc6.pdf">social needs are not met</a> by the relationships you hold. So you can feel alone, even if you’re surrounded by others, if you’re not getting the right kind of company and support.</p> <p>This might mean you feel, to a certain extent, that:</p> <ul> <li>you are not “in tune” with others</li> <li>your relationships are not meaningful</li> <li>you do not belong</li> <li>you do not have a group of friends</li> <li>no one understands you</li> <li>you do not have shared interests with others</li> <li>there is no one you can turn to.</li> </ul> <p>Not all of these may relate to you and you may experience these in varying degrees.</p> <h2>What drives loneliness?</h2> <p>We <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">found</a> particular communities were more at risk of persistent loneliness:</p> <ul> <li>those aged 18 to 24</li> <li>people from culturally and linguistically diverse backgrounds</li> <li>people who were single or divorced</li> <li>those with a chronic disease</li> <li>those with mental ill health.</li> </ul> <p>But the largest effect we found, even after we accounted for all other possible contributing factors, is the impact of financial hardship.</p> <p>People who face financial hardship were almost seven times more likely to report persistent loneliness, and almost five times more likely to report persistent social isolation, compared with people who did not face financial hardship.</p> <p>This aligns with other studies that link economic hardships to <a href="https://pubmed.ncbi.nlm.nih.gov/33241698/">poor health</a>.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37761396/">children from low-income backgrounds</a>, for example, their family’s economic hardship is one of the main factors that negatively impacts their physical and psychological health.</p> <p>In a large <a href="https://www.sciencedirect.com/science/article/pii/S0277953622004282?via%3Dihub">study</a> using the UK Biobank, people who are from a lower economic background had a higher probability of reporting loneliness.</p> <p>In <a href="https://pubmed.ncbi.nlm.nih.gov/37528108/">Australia</a>, when compared with people on incomes more than A$150,000, those with incomes under $80,000 were 49% more likely to experience loneliness in one year and 66% more likely to report loneliness in at least two consecutive years.</p> <h2>Being poor affects how we interact with others</h2> <p>Factors such as income and your living environment are some of the <a href="https://www.who.int/health-topics/social-determinants-of-health#tab=tab_1">social determinants of health</a>, which influence our health outcomes.</p> <p>However, to date, little has been done to examine exactly how the lack of financial resources negatively affects the way we interact with others. There are two plausible scenarios.</p> <p>First, having financial pressures may change the way we feel and relate to others due to higher stress levels.</p> <p>Second, financial pressures may stop us from socialising because we have to take on more work to earn more money or we try to cut costs to save money. Socialising can be free in some circumstances, but most of the time, there is a cost to getting to places, or doing an activity together.</p> <h2>What can we do as a society?</h2> <p>The <a href="https://news.gallup.com/opinion/gallup/512618/almost-quarter-world-feels-lonely.aspx">high prevalence of loneliness across the world</a> – and the growing scientific evidence of the negative impact on our health, wellbeing and productivity, and subsequently the economy – can no longer be ignored.</p> <p>The World Health Organization is repositioning loneliness as a global public health priority and has established a <a href="https://www.who.int/groups/commission-on-social-connection">Commission on Social Connection</a>. This commission aims to set the global agenda for social connection, work with high-level commissioners to make the case for global action, scale up proven solutions and measure progress.</p> <p>We need to start by building a <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/How-can-we-create-a-culture-of-connection.pdf">culture of connection</a> in Australia. This means changing the way we make decisions on how we relate to each other, promoting social connection within our schools, workplaces and communities. And to modify policies to allow us to start and maintain healthy social connections.</p> <p>Health and social policies to address loneliness and social isolation have to consider the impact of low incomes and increased financial pressures as barriers to building and maintaining meaningful social connection.</p> <p>Related to this is urban planning. People require safe and no- or low-cost spaces to interact in and to start and maintain relationships. This includes parks, libraries, public squares, community gardens and neighbourhood houses.</p> <p>Cuts to building or maintaining these spaces will stop people from interacting, gathering, or socialising within their community.</p> <p>Not addressing loneliness effectively or quickly will lead us to persistent loneliness and to potentially more distress.</p> <h2>How to connect if you’re financially pressured</h2> <p>Don’t feel alone in this experience. Let your family or friends know that you are financially pressured. Chances are, they are experiencing the same pressures because of the rise in the cost of living.</p> <p>Select no- or low-cost activities such as walking in the park with a friend, or connecting on the phone. Look for free events offered in your local area and city.</p> <p>Consider having meals at home as opposed to going out, or low-cost food options. Find some digital spaces which can allow you to interact with others in shared interest topics.</p> <p>If someone shares they are feeling lonely, asking “is there anything I can do to help?” facilitates the conversation and lets others know you are there without judgement.</p> <hr /> <p><em>If this article has raised issues for you, or if you’re concerned about someone you know, you can call Lifeline on 13 11 14.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/236135/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, Associate Professor of Psychology, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/financial-hardship-is-the-biggest-driver-of-loneliness-heres-why-and-how-to-tackle-it-236135">original article</a>.</em></p> </div>

Money & Banking

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Sorting a loved one’s finances after their death – what you need to know

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/kate-reed-1548385">Kate Reed</a>, <a href="https://theconversation.com/institutions/university-of-sheffield-1147">University of Sheffield</a></em></p> <p>Financial anxiety is often talked about, but rarely in the context of bereavement. Following the death of a loved one, relatives usually have to complete a range of financial “death administration” tasks.</p> <p>These can be anything from closing bank accounts and settling utility bills to managing probate (things like property sales, asset management and inheritance distribution). The <a href="https://bereavementcommission.org.uk/media/xube5elb/ukbc_summary_report_low-res.pdf">UK Commission on Bereavement</a> has estimated that 61% of adults struggle to deal with such time consuming and time sensitive administrative responsibilities.</p> <p>While research has begun to shed light on some of the financial difficulties bereaved people can face after the death of a <a href="https://bmcwomenshealth.biomedcentral.com/articles/10.1186/s12905-015-0194-1">spouse</a> or a <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/1468-4446.12190">family member</a>, the emotional toll of navigating financial admin after bereavement remains <a href="https://www.bereavementjournal.org/index.php/bcj/article/view/1114">largely invisible</a>.</p> <p>But the good news is there are several resources that can help bereaved people to navigate these processes, including the UK government’s own <a href="https://www.gov.uk/when-someone-dies">step-by-step guide</a>. We conducted <a href="https://thenbs.org/partnerships/death-admin-research-report">research</a> on death admin in collaboration with the <a href="https://thenbs.org/">National Bereavement Service</a>, an organisation that provides free practical and emotional support for anyone who has lost a loved-one. The study showed how government services provide a gateway to sorting out a range of financial issues.</p> <p>Financial organisations require proof of the death through a death certificate. This is provided when you <a href="https://www.gov.uk/when-someone-dies">register</a> a death with the local registrar of births, marriages and deaths. Where there is an inquest, an interim death certificate will be issued.</p> <p>Often, multiple copies of the death certificate are needed. And, at £12.50 for <a href="https://www.gov.uk/order-copy-birth-death-marriage-certificate">each copy</a> (£12 in <a href="https://www.mygov.scot/birth-death-marriage-certificate#:%7E:text=You%20can%20order%20a%20certificate,orders%20made%20in%20another%20way.">Scotland</a>), the financial burden falling on bereaved people can quickly grow.</p> <p>In terms of tax, pensions and benefits, the registrar provides a unique reference number that bereaved people can use to inform the government through a service called <a href="https://www.gov.uk/after-a-death/organisations-you-need-to-contact-and-tell-us-once">Tell Us Once</a>.</p> <p>This is an initiative that notifies national and local government bodies including HM Revenue and Customs (to deal with personal tax and to cancel certain benefits and tax credits) and the Department for Work and Pensions (to cancel benefits and entitlements like universal credit or the state pension). The <a href="https://www.gov.uk/valuing-estate-of-someone-who-died?step-by-step-nav=4f1fe77d-f43b-4581-baf9-e2600e2a2b7a">government website</a> also provides help on how to value the person’s estate and work out inheritance tax.</p> <h2>Avoiding family fall-outs</h2> <p>But other financial aspects of death administration can be more challenging to navigate.</p> <p>Probate, for example, is the legal right to deal with someone’s property, money and possessions (their “estate”) when they die. You can <a href="https://www.gov.uk/applying-for-probate?step-by-step-nav=4f1fe77d-f43b-4581-baf9-e2600e2a2b7a">check</a> on the UK government website whether you require probate.</p> <p>It remains one of the most challenging aspects of death administration. Our <a href="https://thenbs.org/partnerships/death-admin-research-report">research</a> shows that people often seek legal advice to manage probate because they are scared to get things wrong, or because they want to avoid future disputes with family members.</p> <p>The process of closing bank accounts and managing assets can be straightforward when the deceased person had made clear arrangements and had few bank accounts. But financial concerns often arise in situations where there are multiple or complicated banking systems. As one of the participants in our research stated: “It’s been a real mess … my dad had quite a few properties, and it’s been quite difficult winding those down.”</p> <p>Worse still, bereaved people can face threatening letters from companies like utilities providers in relation to bills and closing accounts. We found organisations often lack compassion in this context.</p> <p>We encountered cases of companies continuing to write directly to the deceased person, causing further distress to their loved-ones. One of our participants told us that their stepmother was “still getting the bill with my father’s name on, which distresses her”.</p> <p>It is also worth noting that certain types of death present particular administrative and financial challenges. For example, in 2022 17% of deaths in England and Wales were subject to a <a href="https://www.gov.uk/government/statistics/coroners-statistics-2022/coroners-statistics-2022-england-and-wales#inquests-opened">coroner’s inquest</a>.</p> <p>These deaths can be more difficult to administer on the Tell Us Once initiative due to the time-lag and extra bureaucracy involved. In addition, many people die without a will, which usually makes navigating financial issues much harder.</p> <p>The location of the death can also have financial implications. For example, our <a href="https://www.bereavementjournal.org/index.php/bcj/article/view/1114">research</a> shows how financing a care home stay is usually interconnected with inheritance or selling the person’s house, which places extra pressure on those trying to release the funds.</p> <p>Many organisations could make their administrative processes clearer and train their staff to be more compassionate towards people who have recently been bereaved.</p> <p>There are, however, glimmers of hope that things are improving. My own father died last year and while my experiences of helping my mum deal with the financial aspects of death administration have been mixed, we did experience many acts of kindness and compassion along the way.</p> <p>There is also excellent practical guidance out there from organisations like the <a href="https://thenbs.org/">National Bereavement Service</a>, which along with emotional support from charities like <a href="https://www.cruse.org.uk/">Cruse Bereavement Support</a> are vital to helping people navigate complex administrative systems.</p> <p>The COVID pandemic and death of the queen in 2022 have likely meant that, as a society, we are talking more about death and grief both publicly and privately. Death and bereavement happen to us all, and it is crucial that we talk more openly, not just about our emotional concerns, but about the practical and financial implications too.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/231967/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/kate-reed-1548385">Kate Reed</a>, Professor of Sociology and Director of the Sheffield Methods Institute, <a href="https://theconversation.com/institutions/university-of-sheffield-1147">University of Sheffield</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/sorting-a-loved-ones-finances-after-their-death-what-you-need-to-know-231967">original article</a>.</em></p> </div>

Money & Banking

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Fighting for change: how much cash Olympic medallists actually win at Paris 2024

<p>As the world soaks up the glitz and glamour of Paris 2024, athletes are not just eyeing the podium – they're also thinking about the cash they might pocket. Or, in some cases, the cash they might not pocket. Because while the Olympics is a billion-dollar spectacle, the earnings for athletes can range from princely sums to pocket change.</p> <p><strong>Australia: A Gold Medal and a Discount Coupon</strong></p> <p>Let’s start with the Aussies. Winning gold at the Olympics might be the pinnacle of an athlete's career, but for Australian athletes, it also means... $20,000. Yes, you heard that right. In a land where a house deposit will likely cost you a LOT more, Aussie Olympians are basically getting paid in Monopoly money. Silver and bronze medalists get $15,000 and $10,000 respectively. That's enough for a decent holiday, but you might still need a GoFundMe for the flights.</p> <p><strong>Singapore: the million-dollar carrot</strong></p> <p>On the other end of the spectrum, athletes from Singapore are practically diving into pools of gold – like Scrooge McDuck, but in real life. A gold medal will earn them a staggering AU$1.13 million. That’s the kind of money that makes you forget about the gruelling four-year training cycle and instead think about which colour Lamborghini matches your national flag.</p> <p><strong>Hong Kong: fencing your way to riches</strong></p> <p>Hong Kong, not to be outdone, will reward its fencing champion Vivian Kong with AU$1.17 million for her gold. That’s enough to make you consider taking up fencing, even if you’re as coordinated as a baby giraffe.</p> <p><strong>Malaysia and Kazakhstan: cars and apartments</strong></p> <p>In Malaysia, winning athletes might not get cold hard cash, but they do get a new car. And in Kazakhstan, you can literally earn a place to call home – with more rooms depending on the colour of your medal. A gold gets you a penthouse, a silver a two-bedroom, and a bronze... well, maybe a studio with a view of the parking lot.</p> <p><strong>France: host with the most (ish)</strong></p> <p>The host nation, France, offers a more modest reward of $108,000 for a gold medal. That’s enough to cover a year's rent in Paris, or a really good wine collection. But let’s face it, in the land of fine dining, they might just spend it all on cheese.</p> <p><strong>New Zealand, Norway and the UK: the love of the game</strong></p> <p>Athletes from New Zealand, Norway and the UK? Well, they’ll have to make do with a pat on the back and a hearty “well done”, because there’s no financial incentive for winning a medal in these countries. Just the satisfaction of representing your nation, which, as any athlete will tell you, doesn't pay the bills.</p> <p><strong>The United States: the great divide</strong></p> <p>The US offers $37,500 for a gold medal, but that's chump change compared to the endorsement deals top athletes like swimmer Katie Ledecky pull in. She's reportedly earning $1 million a year from swimwear endorsements. Meanwhile, many other American athletes are scraping by, with some earning less than $15,000 a year. That's barely enough for a year's supply of Weet-Bix, let alone world-class training.</p> <p><strong>Jamaica: sharing the love</strong></p> <p>Jamaica’s Olympic team will share a pot of about AU$3,500 each, regardless of their results. It's the ultimate participation trophy – except it’s not enough to buy a trophy, or even a decent pair of running shoes.</p> <p><strong>World Athletics: the global jackpot</strong></p> <p>World Athletics is offering a $3.6 million prize pool for track and field events, with $76,000 per gold medalist. It's a model that some athletes, like Australia’s Arianne Titmus, think other sports should follow. After all, nothing says “thank you for your hard work” like a big, fat cheque.</p> <p>So, whether they’re racing for millions or just a modest thank you, athletes at Paris 2024 will be giving it their all. Because at the end of the day, it's not just about the money. It's about the glory, the honour, and ... well, okay, it’s mostly about the money.</p> <p><em>Images: Instagram \ Shutterstock</em></p>

Money & Banking

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Olympic disaster as Nine publishing staff stage mass walkout

<p>Nearly all journalists employed by Nine Entertainment newspapers – more than 90 percent – are going on strike just as the 2024 Olympic Games in Paris are about to commence. This includes 20 reporters already on the ground in Paris, significantly impacting coverage of the event.</p> <p>The strike, beginning Friday July 26 and lasting for at least five days, follows a vote by staff at Nine's key mastheads – <em>The Age, the Sydney Morning Herald, Australian Financial Review, WAtoday, </em>and<em> Brisbane Times</em>– who overwhelmingly supported the industrial action. The decision comes after failed negotiations over annual pay rates between union representatives and Nine Entertainment management.</p> <p>During a crucial meeting on Thursday, <a href="https://www.news.com.au/entertainment/tv/current-affairs/more-than-90-per-cent-of-nine-publishing-staff-walk-off-the-job-on-eve-of-2024-olympics/news-story/1bb81c607dbae8c7756e9726d085e45c" target="_blank" rel="noopener">news.com.au reported</a> that a 3.5 percent annual pay rise offer from Nine executives, up from the existing 2 percent, was rejected by journalists. The Media, Entertainment & Arts Alliance (MEAA), representing 90 percent of the journalists, deemed the proposal insufficient amid ongoing inflation and recent announcements of significant job cuts, including 90 positions from the publishing division.</p> <p>The strike, coinciding with the Olympic Games' opening, poses a substantial challenge for Nine, which holds exclusive broadcast rights to the event in a $305 million deal. The company has assured the public that plans are in place to maintain production and distribution during the walkout, with "skeleton staff" working in local newsrooms.</p> <p>In a statement, Nine's publishing managing director, Tory Maguire, expressed disappointment over the union's decision while still committing to continued negotiation: "While it is disappointing the union has elected to proceed with industrial action, we can confirm comprehensive plans are in place to ensure the production and distribution of Nine Publishing mastheads will not be impacted and our readers will continue to have access to unrivalled coverage of the Paris Olympics."</p> <p>The situation is further complicated by concerns among staff over job security and the potential use of artificial intelligence in journalism, exacerbating fears of further job losses.</p> <p>Should the strike threaten to extend beyond the initial five days, the financial implications for Nine are substantial. The network, having invested over $120 million in this year's Games, faces potential losses amid high production costs and declining advertising revenue.</p> <p><em>Image: Nine Entertainment</em></p>

Legal

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"Dignified retirement": Aussies set for $21k cash boost

<p>The average Australian is set to receive a $21,000 cash boost following a change to superannuation contributions. </p> <p>From July the superannuation guarantee increased from 11 to 11.5 per cent, meaning that the compulsory superannuation payments made by employers have risen. </p> <p>This means that an average worker earning around $72,000 would pocket an extra $21,000 at retirement as a result of the permanent increase, according to an analysis by the Treasury Department. </p> <p>“Wages growth and tax cuts are putting cash in people’s pockets now, and our increase to the super guarantee will put cash in people’s pockets for the future,” Treasurer Jim Chalmers said.</p> <p>“This will make a meaningful difference for millions of Australians who deserve a dignified retirement.</p> <p>“The superannuation guarantee has increased three times under our government.”</p> <p>The government has been progressively increasing the super guarantee rate until it hits 12 per cent, which will come into effect from July 2025. </p> <p>The concessional super contributions cap - the amount that you can invest into your super each year without copping extra tax and includes employer payments - also increased on July 1, up from $27,500 to $30,000 per year.</p> <p>In addition to this, the after-tax super or non-concessional super contributions cap has also been increased from $110,000 to $120,000.</p> <p><em>Image: Shutterstock</em></p>

Retirement Income

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What you need to know about protecting your children’s inheritance

<p>For many people, ensuring that their children’s inheritance is protected is of paramount importance to them. There are a number of strategies that you can put in place to achieve this objective, you just need to determine which one bests suits you and your family’s circumstances.</p> <p><strong>Put a Will in place</strong></p> <p>By putting a Will in place, you get to decide who your assets go to, allowing you to make provision in your Will for them to pass to your children upon your death. If you do not have a Will in place then it is up to the government where your assets get paid and this may mean that your assets do not pass to your children, or do not pass to them in the manner that you desire. Play it safe and ensure things go the way you want them by taking the time to put a Will in place.</p> <p><strong>Testamentary trust </strong></p> <p>Let me introduce you to Testamentary Trusts.  These amazing vehicles allow you to transfer your wealth to your children in the most asset protective and tax effective way possible. With an increasing number of marriages crumbling and divorce rates soaring, the last thing you want is your hard earned wealth passing to your child’s estranged partner in the event of one of your child’s marriage breakdown. By making provision in your Will leaving your children’s inheritance in a Testamentary Trust it protects their inheritance from any divorce or family law risks if your child’s relationship breaks down.</p> <p>Additionally, you may have a child who works in a high-risk occupation – a doctor, financial advisor or perhaps carrying on the role of a director. Alternatively, your child may be an entrepreneur, taking risks in their own business operations.  </p> <p>If something adverse happened to your child whilst they were undertaking these roles and they were sued, they could be personally liable for them for any actions brought upon them by the aggrieved party.</p> <p>Creditors and other associated parties could only seek recourse to moneys owed by your child from them in their own personal capacity. If your child had received their inheritance in their own name, and hence the assets were now individual assets, the creditors and other associated parties would have recourse in recovering funds owed to them by your child.</p> <p>However, if your child’s inheritance was paid to a Testamentary Trust for their benefit at the time of your death then these assets would be held on trust for them and are not personal assets, hence the creditors and other associated parties would not have recourse in respect to these assets.</p> <p><strong>Blended marriages</strong></p> <p>If you have children from a previous marriage, it’s imperative that you obtain the appropriate legal advice  in respect to how to protect your assets for your children. There are a number of options that you can put in place including a Binding Financial Agreement and a Mutual Wills Agreement. </p> <p>There are also strategies that you can put in place which ensure that your assets pass to your children upon your death. Options are also available where you may wish for your partner to receive some benefit of some of your assets during your lifetime with all assets passing to your children upon your partner’s death.</p> <p><strong>Choose the right executor </strong></p> <p>If you have young children, it will be your executor who looks after your children’s inheritance until your children reach the age that you have stipulated in your Will that you would like them to receive your assets.</p> <p>It is therefore imperative that you have the best person possible to undertake this role as you are effectively giving them the keys to everything that you own and control. That’s big. You need to appoint someone that you trust implicitly to undertake this role. You need to appoint your most trusted ally. </p> <p>Your executor also needs to be financial savvy or receptive to obtaining the appropriate financial advice to enable them to look after and grow your children’s inheritance.</p> <p>It is important that you seek the appropriate advice so that you can put the best strategies in place that protect your children’s inheritance in the best manner possible. There are a number of ways that you can protect your children’s inheritance, you just need to find the best one that works for you and your children.</p> <p><strong><em>Melisa Sloan, author of Big Moments, expert advice for conquering those moments that define us, is a lawyer, industry leader, author and board director who loves helping people put in place beautiful legacies. For more information visit www.melisasloan.com.au</em></strong></p> <p><em>Image credits: Shutterstock </em></p>

Money & Banking

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How to sign up for energy bill relief

<p>In the face of rising living costs, thousands of Australians have turned to their energy providers for financial assistance, highlighting the community spirit and support available during these challenging times. Energy companies like AGL Australia and Energy Australia are stepping up to help their customers manage their bills and find relief.</p> <p>AGL Australia has seen a significant increase in its financial hardship program, with 10,000 customers joining in the past year. Energy Australia receives 1,000 calls every weekday from customers seeking bill relief. These numbers reflect the proactive measures Australians are taking to manage their expenses and the readiness of energy providers to offer support.</p> <p>Crystal Noronha, who has worked at the AGL call centre for 11 years, has witnessed firsthand the growing need for assistance. "There's a lot of distress in their voice, there's anxiety," Noronha <a href="https://www.9news.com.au/national/thousands-of-customers-signing-up-for-energy-bill-relief-with-millions-more-eligible/9dc9535b-f94b-42f4-aeaf-6534dc898df2" target="_blank" rel="noopener">shared with 9NEWS</a>. "Some hide away from sharing their difficulties, but we're here to help them."</p> <p>Customers need not face extreme financial hardship to seek help, as everyone is eligible for some form of assistance.</p> <p>Gavin Dufty, from the charity St Vincent De Paul, underscores the commitment of energy companies to support their customers. "Every energy company has a legal obligation to provide support for all households regardless," Dufty explains. The assistance offered varies based on the provider and individual circumstances, ranging from bill extensions and more manageable payment plans to, in some cases, complete debt waivers.</p> <p>Adding to this support, the federal government is taking significant steps to ease the burden on households. Starting July 1, every household will receive a $300 credit into their energy account, providing substantial relief. Additionally, a free government website is available for customers to compare energy plan prices and find the most cost-effective options.</p> <p>These measures reflect a collaborative effort between energy providers and the government to ensure Australians can navigate the financial challenges of today's world. By offering practical solutions and financial relief, they are making a positive impact on the lives of many, ensuring that no one is left to face these difficulties alone.</p> <p><em>Image: Getty</em></p>

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Millions of Aussies set for pay rise

<p>Millions of Aussies are in line for a boost on July 1, with the Fair Work Commission set to hand down their decision on minimum pay rates on Monday morning. </p> <p>The workplace umpire's annual wage review, which affects minimum and award wage earners, is expected to hand down an increase of between 3.5 per cent and 4 per cent on the pay rate of $23.23 an hour.</p> <p>These wage increases factor in economic conditions and broader goals such as closing the gender pay gap. </p> <p>A substantial boost was handed out last year - 5.75 per cent for awards and 8.6 per cent for the national minimum - with the commission basing their decision on factors like low unemployment, falling wages and high inflation.</p> <p>The Albanese government has submitted that it would prefer the “real wages of Australia’s low-paid workers do not go backwards." </p> <p>“We want to see strong and sustainable wages growth because we see this as part of the solution to the cost-of-living challenge, not part of the problem,” Treasurer Jim Chalmers said ahead of the decision.</p> <p>No number was specified but they are advocating to an increase which keeps up with inflation, which was at 4.1 per cent annually in the March quarter. </p> <p>In their submission, the government also said that tax relief due to kick in mid-year should not be viewed as a replacement to a wage boost. </p> <p>Meanwhile, peak employee representative the ACTU, has advocated for an increase of 5 per cent, arguing that workers affected by the cost-of-living pressures deserve a hike to their pay. </p> <p>Australian Industry Group has proposed a wage increase of 2.8 per cent, warning that an excessive pay boost could increase the risk of job losses, as the economy is slowing and labour market is weakening. </p> <p>Economists have also warned that an increase of over 4 per cent could further complicate the Reserve Bank’s efforts in fighting inflation, which  have already slugged borrowers with 13 rate hikes in the last two years. </p> <p>But AMP chief economist Shane Oliver said that an increase of at or just below 4 per cent, could help the RBA return inflation back to its target band of two to three per cent. </p> <p>“A rise around 4 per cent would give workers a real wage rise, it’s not so high as to add to the risk of a wage price spiral, … and in line with the rough assessment that 4 per cent wages growth is consistent with 2 per cent to 3 per cent inflation.”</p> <p><em>Image: Shutterstock</em></p> <p> </p>

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David Beckham's incredible offer for 'stealing' couple's wedding venue

<p>David Beckham has reportedly made a huge offer to a couple in a bid to steal the venue from them. </p> <p>The couple had booked the luxury resort Gleneagles in Scotland, UK for their dream wedding, but the football legend - who has reportedly been busy hunting for the perfect location to celebrate his 50th birthday - also wanted to book the venue to mark the milestone birthday. </p> <p>According to <em><a href="https://www.mirror.co.uk/3am/celebrity-news/david-beckham-steals-couples-wedding-32864115" target="_blank" rel="noopener">The Mirror</a>,</em> Beckham has apparently convinced the couple to move their wedding date and venue by helping them pay off their wedding and a few other special offers. </p> <p>A “friend of a friend” took to X, to share the claim this week. </p> <p>“A friend of a friend is getting married at Gleneagles next year but David Beckham wants the date for his 50th, so to get the friend to move it so he can have the hotel, Gleneagles are paying for their new wedding date, honeymoon AND paying off their mortgage … the power of Becks," user Ollienarrator wrote in a tweet. </p> <p>Fans of Beckham praised the football legend for being so generous. </p> <p>“OMG!!!! That’s absolutely wild! Ah but so worth it,” wrote one person. </p> <p>“What a wedding present!” added another, to which the original poster responded:  “I bet Beckham won’t have to pay either! But yeah, mortgage paid off will do!” </p> <p><em>The Mirror</em> reported that they have contacted Beckham's representatives for a comment. </p> <p><em>Image: Ryan Browne/ Shutterstock Editorial</em></p> <p> </p>

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