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Royal family shares sweet Father’s Day moment with Prince William

Prince George, Princess Charlotte and Prince Louis have delighted royal fans by sharing a heartwarming Father’s Day tribute to their “Papa”, Prince William. The post, shared on the official social media pages of the Prince and Princess of Wales, features two joyful photos captioned “before and after” – showing the children first hugging their father, and then in a playful heap on top of him. “Happy Father’s Day, Papa (before and after!) We love you! G, C & L,” the message read. The candid images were captured earlier this year in Norfolk by photographer Josh Shinner, who also took Prince Louis’s birthday portraits. One photo shows Prince William, dressed casually in a green jumper and jeans, with his arms around George, 11, and Charlotte, 10, as Louis, seven, beams in front. The second picture captures a fun moment with the family bundled together, lying on grass dotted with daffodils. <blockquote class="twitter-tweet"> Happy Father’s Day, Papa (before and after!) We love you! G, C & L 💖 📸 Josh Shinner <a href="https://t.co/elSVlgcyWQ">pic.twitter.com/elSVlgcyWQ</a> — The Prince and Princess of Wales (@KensingtonRoyal) <a href="https://twitter.com/KensingtonRoyal/status/1934159671868223532?ref_src=twsrc%5Etfw">June 15, 2025</a></blockquote> The post comes just a day after the family marked Trooping the Colour, celebrating King Charles’s official birthday, with another rare posed photo. Royal Father’s Day tributes are a cherished tradition. Last year, Prince William shared a nostalgic snap of himself playing football with King Charles in 1984, while this year Buckingham Palace posted touching images of Prince Philip with a young King Charles, and the Queen with her father on her wedding day. <blockquote class="twitter-tweet"> To all Dads everywhere, we wish you a happy Father’s Day today. <a href="https://t.co/pqIK97NqlW">pic.twitter.com/pqIK97NqlW</a> — The Royal Family (@RoyalFamily) <a href="https://twitter.com/RoyalFamily/status/1934159021633675308?ref_src=twsrc%5Etfw">June 15, 2025</a></blockquote> The message from Buckingham Palace echoed the warm sentiment: “To all Dads everywhere, we wish you a happy Father’s Day today.” Images: X (Formerly Twitter)

Family & Pets

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

“We miss her every day": Arrest made in 30-year cold case breakthrough

In a major breakthrough in a decades-old missing persons case, a 64-year-old man has been charged with being an accessory after the fact to murder in connection with the disappearance of Illawarra mother Pauline Sowry, last seen in 1993. Sowry, also known by her married name Pauline Lawrence, was 49 years old when she vanished from the northern suburbs of Wollongong in December 1993. Despite an unconfirmed sighting in 1994, a 2008 coronial inquest concluded she had likely died. Her case was reopened in 2022 under Strike Force Anthea, leading to Thursday’s arrest at a unit on Murphy's Avenue in Gwynneville. Police allege the man charged had a connection to Ms Sowry. He has also been charged with concealing a serious indictable offence. “The reason for his arrest is specifically in relation to the suspected disappearance of Pauline,” Assistant Commissioner Joe Cassar said during a press conference. “This is a significant development, and we wanted to tell the public as soon as possible.” Assistant Commissioner Cassar declined to provide details about what led to the arrest but confirmed that investigations would continue “until we can locate Pauline”. Earlier this year, police and the Sowry family announced a $500,000 reward for information leading to a conviction. While the reward has not yet been paid, Cassar acknowledged it acted as a catalyst for new leads in the case. One such lead included the discovery of clothing in bushland in Wollongong’s south, uncovered during a search nine months ago. The garments are still undergoing forensic examination, and authorities have not confirmed if they belonged to Ms Sowry. “We’ll continue to analyse that clothing and any additional items recovered from today’s search warrant,” Cassar added. Ms Sowry had recently separated from her husband at the time of her disappearance. He has since been ruled out as a person of interest. Her son, Jason Lawrence, welcomed the news of the arrest in a statement released Thursday. “We have waited more than 30 years to hear today’s news,” he said. “We miss her every day, and her disappearance has taken a huge toll on myself and our entire family. We thank the police officers for never giving up hope and we look forward to the outcome of this investigation.” Assistant Commissioner Cassar acknowledged the emotional weight of the developments, calling it a “bittersweet time” for the family. The investigation remains active as police continue to search for answers and work towards justice for Pauline Sowry. Images: NSW Police

Family & Pets

Major bank announces huge home loan rate cut

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

Money & Banking

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

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

Money & Banking

How to get started investing later in life

For some people – particularly women – investing may not have been an option until now, constrained by a lack of income while raising children or low incomes leaving nothing to invest once the bills were paid. Others find a new-found need to invest later in life, such as after a separation, inability to work through illness or injury, or the sudden death of their partner. No matter your reason for exploring investing later in life, the following pointers will get you on your way to building financial independence and a comfortable retirement. Update your strategy When was the last time you updated your spending and investment plan (or household budget)? It may have been before the kids left home, your mortgage was paid off, or you began transitioning into part-time retirement. If so, your living costs have changed significantly – work expenses, home energy consumption, groceries etc. Furthermore, your goals, healthcare and lifestyle needs may also have changed. Update your strategy to align with your current goals, values, income and spending habits. Only then will you understand how much you can afford to invest and where to direct those funds. Right-size your superannuation In your later years, super is likely to be front of mind. Ensure this investment works its hardest for you by scrutinising its: • Structure: retail or industry fund? SMSF? Each has its own costs and benefits to contemplate. • Investments: reexamine the types of assets held, level of diversification and risk weighting. • Insurances: do you have adequate life, permanent disability and income protection cover? • Take advantage of superannuation strategies you may not be aware of Unlock home equity The biggest source of money you likely have at this stage of life is equity in your home. This can be used to invest with minimal impact on your everyday finances. In fact, unused equity is effectively dead money (until you sell the property). I always urge caution on reverse mortgages. In theory, they seem like a great way of unlocking equity without saddling you with regular repayments. However, they typically: • accumulate more debt. • have higher interest rates than standard mortgages. • only grant access to a portion of your equity. • can restrict your options to downsize later. • could leave you with no remaining equity when you sell the property or nothing to leave to your benefactors when you pass away. Consider downsizing An alternative to refinancing is downsizing from the family home. As well as unlocking money for investing, you benefit from lower upkeep costs (and cleaning!) on a smaller property and can make a lifestyle change at the same time (moving nearer to family, away from bustling cities, or into supported care if required). Additionally, you may be able to use part of the sale proceeds (up to $300,000) to turbocharge your super with a one-off <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/downsizer-super-contributions" target="_blank" rel="noopener">downsizer contribution</a>. Examine pension impacts Investing can impact your ability to claim the age pension when you retire, and how much you receive. This often comes to bite people who unlock equity in their home to invest, without realising that doing so means the money suddenly counts towards the pension means test. Before doing anything, methodically weigh up which will leave you financially better off – claiming a full or part pension, or self-funding your retirement through investments. Minimise tax Hefty tax bills can easily wipe out any investment returns, making tax a crucial factor in your decision-making. Potential tax considerations to factor into your strategy include: • Determining the most tax-effective ownership structure (e.g. do you invest in your or partner’s name? Through your super? Through a trust or company? • Incorporating stamp duty into purchase costs. • Ensuring there is enough profit from the sale of an investment to cover Capital Gains Tax (CGT) and income tax liabilities before deciding to sell. • Timing a sale to fall within the optimal financial year (e.g. in a year where your taxable income is lower or when relevant tax changes come into effect). Invest in knowledge Later in life, you have fewer working years remaining to recover any losses. Given the far-reaching implications of investing, I highly recommend first speaking to a financial adviser. Many times the fees are paid for in initial tax savings. They can help you maximise your returns, minimise your tax, ensure you don’t inadvertently leave yourself worse off and give you peace of mind. After all, the whole point of investing is to make money. And, without current professional advice, you simply don’t know what you don’t know! Helen Baker is a licensed Australian financial adviser and author of the new book, Money For Life: How to build financial security from firm foundations (Major Street Publishing $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au/" target="_blank" rel="noopener">www.onyourowntwofeet.com.au</a> Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.

Retirement Income

RBA cuts interest rate - so what happens now?

<div class="theconversation-article-body"> The Reserve Bank of Australia <a href="https://www.rba.gov.au/media-releases/2025/mr-25-13.html">cut the official interest rate</a> for the second time this year, as it lowered forecasts for Australian economic growth and pointed to increasing uncertainty in the world economy. The bank lowered the <a href="https://www.rba.gov.au/cash-rate-target-overview.html">cash rate target</a> by 0.25%, from 4.1% to 3.85%, saying inflation is expected to remain in the target band. All the big four banks swiftly passed the cut on to households with mortgages. This will save a household with a $500,000 loan about $80 a month. Announcing the cut, the Reserve Bank <a href="https://www.rba.gov.au/media-releases/2025/mr-25-13.html">stressed</a> in its accompanying statement it stands ready to reduce rates again if the economic outlook deteriorates sharply. <blockquote> The Board considered a severe downside scenario and noted that monetary policy is well placed to respond decisively to international developments if they were to have material implications for activity and inflation in Australia. </blockquote> <h2>Inflation is back under control</h2> The latest <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release">Consumer Price Index</a> showed that inflation remained around the middle of the Reserve Bank’s <a href="https://www.rba.gov.au/education/resources/explainers/australias-inflation-target.html">medium-term target band of 2-3%</a> in the March quarter. The Reserve Bank was also comforted by the underlying inflation measure called the “trimmed mean”. This measure excludes items with the largest price movements up or down. The bank noted that it has returned to the 2–3% target band for the first time since 2021. This suggests inflation is not just temporarily low due to temporary factors such as the electricity price rebates. <iframe id="QQ6io" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/QQ6io/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> In February, Reserve Bank Governor Michele Bullock <a href="https://parlinfo.aph.gov.au/parlInfo/download/committees/commrep/28670/toc_pdf/Economics%20Committee_2025_02_21_Official.pdf;fileType=application%2Fpdf">conceded</a> the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down. Perhaps Bullock is being unduly modest. The central bank looks to have judged well the extent of monetary tightening. It did not raise interest rates as much as its peers, but still got inflation back to the target. <iframe id="ZIcUE" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/ZIcUE/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Unemployment remains low</h2> Last week, we got an <a href="https://www.abs.gov.au/statistics/labour/employment-and-unemployment/labour-force-australia/latest-release">update</a> on the strength of the labour market. Unemployment stayed at 4.1%. It has now been around 4% since late 2023, a remarkable achievement. This is below the 4.5% the Reserve Bank had <a href="https://www.rba.gov.au/speeches/2019/sp-ag-2019-06-12-2.html">regarded</a> as the level consistent with steady inflation (in economic jargon, the <a href="https://www.rba.gov.au/education/resources/explainers/nairu.html">NAIRU</a>). But neither prices nor <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/wage-price-index-australia/latest-release">wages</a> have accelerated. <iframe id="WYjUU" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/WYjUU/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Households and businesses may turn cautious</h2> In its updated <a href="https://www.rba.gov.au/publications/smp/2025/may/pdf/statement-on-monetary-policy-2025-05.pdf">forecasts</a>, the bank sees headline inflation dropping to 2.1% by mid-year but going back to 3.0% by the end of the year, as the electricity subsidies are removed. By mid-2027, it will be back near the middle of the 2-3% target. Underlying inflation is forecast to stay around the middle of the target band throughout. The Reserve Bank cut its forecast for gross domestic product (GDP) to 2.1% by December, down from its previous forecast of 2.4% made in February. It said: <blockquote> Economic policy uncertainty has increased sharply alongside recent global developments, and this is expected to prompt some households to increase their precautionary savings and some businesses to postpone some investment decisions. </blockquote> The unemployment rate is expected to increase to 4.3% by the end of the year and remain there through 2026. Cost of living pressures look set to ease, as real household disposable income grows faster than population. As the Reserve Bank governor told a media conference on Tuesday: <blockquote> There’s now a new set of challenges facing the economy, but with inflation declining and the unemployment rate relatively low, we’re well positioned to deal with them. The board remains prepared to take further action if that is required. </blockquote> <h2>Economic and policy ‘unpredictability’</h2> The main uncertainty in the global economy is how the trade war instigated by US President Donald Trump will play out. <a href="https://www.washingtonpost.com/business/2025/05/14/trump-tariffs-china-trade/">According to one count</a>, he has announced new or revised tariff policies about 50 times. “The outlook for the global economy has deteriorated since the February statement. This is due to the adverse impact on global growth from higher tariffs and widespread economic and policy unpredictability,” the bank noted. The US tariff pauses on the highest rates on China and most other nations are due to be in place for 90 days. But more measures may be announced before then. This uncertainty is likely to be stifling trade, and even more so investment decisions by companies in the face of rapidly changing policies. And it will weaken the global economy. In her <a href="https://rba.livecrowdevents.tv/MediaConferenceMonetaryPolicyDecision20May2025/stream">press conference</a>, Bullock said the board’s judgement was that “global trade developments will overall be disinflationary for Australia”. Not only is the global outlook weaker, but some goods no longer being sold to the US could be diverted to Australia. <h2>Where will interest rates go from here?</h2> The Reserve Bank’s updated <a href="https://www.rba.gov.au/publications/smp/2025/may/pdf/statement-on-monetary-policy-2025-05.pdf">forecasts</a> assume interest rates will fall further, to 3.4% by the end of the year. But this is just a reflection of what <a href="https://www.rba.gov.au/statistics/cash-rate/assumptions/index.html">financial markets are implying</a>. It is not necessarily what the bank itself expects to do. It is certainty not a promise of what they will do. But the Reserve Bank still regards its stance as “restrictive”, or weighing on growth. So if it continues to believe inflation will stay within the target band, or the global outlook deteriorates, it will cut rates further.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/256798/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Senior Lecturer, Canberra School of Politics, Economics and Society, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/rba-cuts-interest-rates-ready-to-respond-again-if-the-economy-weakens-further-256798">original article</a>. Image: Sky News </div>

Money & Banking

Aussie couple set to give away $3.5 billion

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

Money & Banking

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

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

Money & Banking

7 films to watch this Mother’s Day

<div class="theconversation-article-body"> With Mother’s Day almost upon us, you may be wondering what gift you’ll give mum – or any of the mums in your life. This year, why not skip the fancy dinner and offer one of the most precious gifts there is: quality time, in front of the TV. When I asked seven experts what movies they’d recommend for Mother’s Day, I wasn’t expecting I, Tonya or Alien: Romulus – but their responses have made me realise just how multifaceted the experience of motherhood is, and how weirdly and wonderfully it can be reflected onscreen. So here’s what to watch if you want to laugh, cry, or scream, in an ode to mothers everywhere. <h2>I, Tonya (2017)</h2> The first film from Margot Robbie’s production company LuckyChap Entertainment – which earned Robbie an Oscar nomination for best actress – is an ideal viewing choice for anyone wanting to support Aussie female talent. Former American figure skater Tonya Harding became a household name in 1994, after her then-husband Jeff Gillooly <a href="https://time.com/5027311/i-tonya-movie-true-story/">orchestrated an assault</a> on her primary rival, Nancy Kerrigan, in a bid to block Kerrigan from representing the United States at that year’s Winter Olympics. I, Tonya presents the event, and those of Harding’s career leading up to it, from a more sympathetic perspective than usual. Although it is careful to open with the caveat that the story is derived from “irony-free, wildly contradictory, totally true interviews with Tonya Harding and Jeff Gillooly”, the film presents Harding’s life as one of abuse and cruelty at every turn. <figure><iframe src="https://www.youtube.com/embed/OXZQ5DfSAAc?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> The judges can’t stand her “unfeminine” power. Her husband only shows love through violence. And her heartless mother, LaVona (Alison Janney) is desperate to cash-in on the financial gains from her career success, while simultaneously resenting it. Janney’s performance as LaVona won her the Academy Award for best supporting actress, a title thoroughly deserved as an ice-cold LaVona chainsmokes through barbed criticisms and physical threats. While I, Tonya may not be the most obvious choice for a film to watch on Mother’s Day, it certainly will make you appreciate yours. – Jessica Gildersleeve <h2>Stepmom (1998)</h2> Stepmom, starring Julia Roberts and Susan Sarandon, is a family weepy for anyone who needs a cathartic cry. Directed by Chris Columbus, the comedy–drama follows the story of terminally ill woman Jackie Harrison (Sarandon) as she comes to grips with the fact her ex-husband’s new girlfriend Isabel (Roberts) will soon be her children’s stepmother. The film, like others under Columbus’ direction, is a critique of domestic dysfunction (think Home Alone, Mrs Doubtfire, or Nine Months), and an exploration of the lengths characters will go in order to restore the ruptured (nuclear) family, whether literally or symbolically. <figure><iframe src="https://www.youtube.com/embed/QNUu1d7i26g?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> Despite its melodramatic machinery and predictable ending, Stepmom offers a nuanced portrayal of the struggles of children during separation or divorce. We see 12-year-old Anna and her little brother, Ben, an aspiring magician, caught in an emotional tug-of-war between their loyalty to their dying mother and their natural affection for their new stepmum. In an honest moment, an anxious Ben asks his dad, “can you ever fall out of love with your kids?” “No, that’s impossible,” Dad responds. In an equally realistic thread, the sullen Anna begrudgingly turns to Isabel for advice on boys, clothes and makeup – their relationship soon resembling one of sisters rather than adversaries (controversially, Roberts’ character even takes it upon herself to explain the concept of “snowblowing” to the tween). In 1998, Stepmom was ahead of its time – not in its representation of motherhood, but in its acknowledgement the nuclear family was, even back then, a thing of the past. – Kate Cantrell <h2>Double Jeopardy (1999)</h2> Like most thrillers made in the 1990s, Double Jeopardy begins in the Pacific Northwest region of the United States: the epicentre for murder and mist. Libby Parsons (Ashley Judd) is living the idyllic waterfront life with her husband Nick (Bruce Greenwood) and son Matty. After being convinced by Nick to go yachting, Libby wakes up on the boat (during what could best be described as a mist storm) to discover Nick is missing, and there is an endless path of blood from her hands to the yacht’s edge. Libby is tried and convicted for Nick’s murder. While grieving her son in jail, she finds out her husband is actually alive and has framed her. Libby’s cellmate tells her about the “double jeopardy” rule: you can’t be tried for the same crime twice. The montage of Libby preparing for revenge in jail signals an uptick in campy action. Upon her release, we’re introduced to parole officer Travis (Tommy Lee Jones). A game of cat and mouse ensues that is equal parts thrilling and ridiculous. <figure><iframe src="https://www.youtube.com/embed/u22fy9OTaxo?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> Ultimately, Libby must choose between vengeance and getting her son back. Will she follow the rules and wait, or will she put her relentless jail workouts to good use? Double Jeopardy is profoundly stupid and fun, with all the unexpected charm of a midday movie that pulls you in, despite not making much sense. It’s just the kind of movie my mum and I have found ourselves glued to on a Saturday afternoon – cheerleaders for revenge. – Kathleen Williams <h2>Monster-in-Law (2005)</h2> What lengths would you go to protect your son from marrying someone unsuitable? One of the first references to the roles of the mother-in-law can be traced back to <a href="https://www.google.com.au/books/edition/Representations_of_the_Mother_in_Law_in/gdxfDwAAQBAJ?hl=en&gbpv=1&dq=mother+in+law+latin&pg=PA73&printsec=frontcover">Latin literature</a>, and the comedic play Hecyra, by Roman playwright Terence, which was first <a href="https://www.litencyc.com/php/sworks.php?rec=true&UID=13480">successfully performed</a> in 160 BC. The play’s comedic twist is that the mother-in-law is accused of hating her son’s wife. The 2005 box office hit Monster-in-Law (2005) follows this trajectory and takes it to the extreme. Viola Fields (Jane Fonda) becomes manipulative and acts downright dirty to prevent her son, Kevin (Michael Vartan), from getting married to his fiancée Charlie (Jennifer Lopez) – who she thinks is not good enough for him. <figure><iframe src="https://www.youtube.com/embed/njLr1z66EfA?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> This romantic comedy has the conventions of love, romance, a wedding, and overall impending chaos. It is about a mother trying to do what she thinks is best for her son, as well as the fragile links between romantic love, familial love and matriarchy. In parts, the film transgresses into slapstick territory, as Kevin remains oblivious of Viola’s volatile antics towards Charlie. The tension between the two strong female leads hilariously spirals out of control in the lead-up to the wedding. Monster-in-Law is a feel-good film that draws on the close bond between mother and child, making it good viewing for Mother’s Day. – Panizza Allmark <h2>The Wild Robot (2024)</h2> There’s a cultural belief that once your baby is in your arms, you’ll immediately know how to look after them, or that you can draw on your own experience of being mothered, or find the right path in one of eleventy billion parenting books. But even if you did have a good experience of being mothered (and many don’t), or you find some great books, parenthood remains a journey of uncertainty and trial and error. When I took my young children to see The Wild Robot, I laughed and cried way more than them. Not just because the animation was so beautiful, or because the story was so moving, but because of the non-didactic moments that resonated so strongly with how we parents feel. We often don’t know what we’re doing; we’re trying our best, and wishing it will be the right thing – playing out an internal war between wanting to protect our children and wanting them to forge their own path. In The Wild Robot, Roz the robot (voiced by Lupita Nyong'o) is focused on helping her adopted gosling Brightbill (Kit Connor) learn how to fly – something she has no experience of. More importantly, Brightbill must fly on a migration flight with other birds, where she can’t join him. <figure><iframe src="https://www.youtube.com/embed/67vbA5ZJdKQ?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> The film mirrors the beautiful and horrifying knowledge parents carry: if we do our job, our children will become their own individuals who are able and willing to leave us. All we can hope is we’ve formed a bond that will make them want to return. – Rebecca Beirne <h2>My Big Fat Greek Wedding (2002)</h2> Was your mother born overseas? It’s likely. Nearly half of all Australians <a href="https://www.abs.gov.au/media-centre/media-releases/2021-census-nearly-half-australians-have-parent-born-overseas">have a parent born overseas</a>. Or perhaps you married into a family where your “new mum” was born overseas? Your mother-in-law counts on Mother’s Day. Don’t forget it. And if you married into a wonderfully loud Greek/Italian family as I did, then your mother-in-law is likely a hard worker who deserves to be entertained. So why not offer her, and all the mums in your life, a sweet, disarming rom-com about a clash of cultures and a life milestone all mums can get behind: a wedding. A Big Fat Greek Wedding, to be precise. Written by and starring Nia Vardalos, this film tells the tale of Toula Portokalos, who, at the “advanced” age of 30, remains persistently unmarried in the early aughts Chicago. In Greek terms, this is already a tragedy. The title does a lot of heavy lifting in terms of what comes next. The real charm of the film is the clash of cultures that anyone with any ethnic background will recognise. <figure><iframe src="https://www.youtube.com/embed/O2mecmDFE-Q?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> My Big Fat Greek Wedding was a small film with huge global success. Will your mum care it was made with a budget of just US$5 million but <a href="https://fivethirtyeight.com/features/the-first-my-big-fat-greek-wedding-was-the-blockbuster-nobody-saw-coming/">grossed more than US$360 million worldwide</a>, making it one of the most profitable films of all time, with a more than 6,150% return? Probably not. But she’ll love John Corbett, that tall guy who was also in Sex in City (and he’s really good in this one). Just make sure you skip the sequels. – Ruari Elkington <h2>Alien: Romulus (2024)</h2> Not everyone wants to watch saccharine romantic comedies on Mothers’ Day. If you can relate, dystopian horror film Alien: Romulus (2024) offers much darker pleasures. Feminist scholars have long found the Alien franchise to be rife with symbolism and repressed fears about motherhood, birth and reproductive organs. Alien: Romulus goes further than the original 1979 film in making the theme of sexual violation explicit. As you might expect from Fede Álvarez, the director of Evil Dead (2013), there is plenty of body horror as human characters are assaulted and orally impregnated by Alien species. The film also includes neo-Marxist messages about “the company” and its violation of workers’ bodies. Working mums may enjoy the dark humour of a futuristic corporation that literally sucks the life out of workers before politely thanking them for their service. <figure><iframe src="https://www.youtube.com/embed/OzY2r2JXsDM?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> Leading action woman Rain Carradine (Cailee Spaeny) is more vulnerable and relatable than the iconic character Ripley of previous films. When Rain discovers her work contract has tipped over into slavery, she joins up with her ex-boyfriend Tyler (Archie Renaux) and his pregnant sister Kay (Isabela Merced) to hijack a space station. They must then manage a coolly indifferent IT operating system called “MU/TH/UR” to control the ship. The fact Kay is pregnant does not bode well; her baby eventually bursts out as a hideous alien-human mutant which tries to eat her. Alien Romulus is basically every unspeakable anxiety about pregnancy and motherhood realised through spectacular special effects. It’s also the franchise’s best film since the original. – Susan Hopkins<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/255004/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/jessica-gildersleeve-141286">Jessica Gildersleeve</a>, Professor of English Literature, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a>; <a href="https://theconversation.com/profiles/kate-cantrell-444834">Kate Cantrell</a>, Senior Lecturer – Writing, Editing, and Publishing, <a href="https://theconversation.com/institutions/university-of-southern-queensland-1069">University of Southern Queensland</a>; <a href="https://theconversation.com/profiles/kathleen-williams-538927">Kathleen Williams</a>, Senior Lecturer in Media, <a href="https://theconversation.com/institutions/university-of-tasmania-888">University of Tasmania</a>; <a href="https://theconversation.com/profiles/panizza-allmark-198784">Panizza Allmark</a>, Professor of Visual & Cultural Studies, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a>; <a href="https://theconversation.com/profiles/rebecca-beirne-183948">Rebecca Beirne</a>, Senior Lecturer in Film, Media and Cultural Studies, <a href="https://theconversation.com/institutions/university-of-newcastle-1060">University of Newcastle</a>; <a href="https://theconversation.com/profiles/ruari-elkington-105955">Ruari Elkington</a>, Senior Lecturer in Creative Industries & Chief Investigator at QUT Digital Media Research Centre (DMRC), <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a>, and <a href="https://theconversation.com/profiles/susan-hopkins-157472">Susan Hopkins</a>, Senior Lecturer in Education (Curriculum and Pedagogy), <a href="https://theconversation.com/institutions/university-of-the-sunshine-coast-1068">University of the Sunshine Coast</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/stepmums-alien-mums-robot-mums-vengeful-mums-7-films-to-watch-this-mothers-day-255004">original article</a>. Image: Shutterstock </div>

Movies

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

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

Remains of 4 Australian soldiers discovered just days ahead of Anzac Day

The remains of four Australian soldiers who perished in World War I have been uncovered in northern France, more than a century after they were killed in the brutal Second Battle of Bullecourt. According to the Australian Department of Defence, the discovery was made during a recent fieldwork operation conducted by the Australian Army’s Unrecovered War Casualties unit. The soldiers were among the thousands who fought in the battle in May 1917, a fierce attempt by the Australian Imperial Force to penetrate the German Hindenburg Line. Up to 10,000 Australian troops were either killed or wounded during the operation, with approximately 3,700 confirmed dead between April and May 1917. Tragically, more than half of these fallen soldiers are believed to lie in unmarked graves across the region. The site of their final stand lies near Villers-Bretonneux, where the Australian National Memorial to the Missing was erected to honour the many who have no known grave. Australian Army Chief Lieutenant General Simon Stuart acknowledged the emotional timing of the find, just days before Anzac Day. “As we approach Anzac Day, recovering these four Australian soldiers reminds us the search for the missing is tireless and ongoing,” Lieutenant General Stuart said. “We do not forget the service and sacrifice of those who serve our nation.” Efforts are now underway to identify the soldiers using forensic analysis and historical research. The Defence Department has vowed to ensure they are reburied with full military honours and the dignity they deserve. The Unrecovered War Casualties unit continues to receive dozens of leads each year regarding the locations of Australian war dead. Discoveries like this are not uncommon: nine soldiers from the Battle of Fromelles were identified in 2018, with another five identified as recently as 2023. More than 44,000 Australians died on the Western Front during World War I, and around 17,000 remain without known graves. This Friday, Australians around the world will pause to reflect at dawn services in honour of the more than 103,000 servicemen and women who have laid down their lives in conflicts past, with the latest discovery serving as a reminder of the war's enduring legacy. Image: Wikimedia Commons

Caring

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

Catch of the day: bride hauls in shark at her wedding!

Most brides on their big day are content with a nice bouquet, a slice of cake and a husband who hasn’t locked his knees and fainted at the altar. But Miccala Toms of Darwin had slightly more ambitious ideas – and they involved beer, fishing and a decent-sized aquatic predator. After saying “I do” to her now-husband Brodie, the couple did what any sensible Territorians would do in the sweltering heat: they swung by the Dundee Tavern for a couple of cold ones and some casual wedding photos. You know – veil, vows and VB. But while some brides might be focused on getting the perfect shot with golden sunlight and maybe a well-behaved Labradoodle, Miccala spotted a local teen fishing off the rocks and thought, “Now that’s a vibe.” “It was a hot day,” Miccala explained on the Today show. “So we thought we’d have a few drinks and take some photos at the front.” The vibe was clearly: bridal glam meets bush telly. The helpful teen handed over his fishing rod – probably assuming she’d hook a little barra or, at worst, a mildly confused crab. But Darwin had other plans. Cue dramatic Jaws music. What Miccala thought would be a cute “bride-with-fish” moment turned into a full-on marine wrestling match when something large, scaly and very toothy yanked on the line. “It was a shark and I’m like, ‘Oh my god, it’s a shark!’” she recalled, possibly while her wedding photographer simultaneously reconsidered their life choices. In true Northern Territory fashion, this bride did not flinch. In fact, she dug in her heels (or possibly bare feet, unclear), while Brodie jumped in to help haul in the unexpected guest star of their wedding album. And because true love is built on mutual support, Brodie did what any man witnessing his wife dragging a shark in her wedding dress would do: picked the beast up by the tail so they could pose together, glowing with wedded bliss and mild concern for their fingers. The shark, possibly the only one more confused than the couple, was photographed before being safely released back into the water, no doubt with a wild story to tell its shark mates. As for Brodie? He knows he’s punched above his weight. “To be honest, I wouldn’t be here without her, that’s for damn sure,” he said. “She’s given me three lovely children and made me the happiest I’ve ever been, so can’t let it go now.” And why would he? When you marry a woman who’ll fish in full bridal gear and take a spill while catching a shark with a beer buzz and a grin... well, you know you’ve found The One. Moral of the story? In Darwin, love is real, the beer is cold and the brides are tougher than the wildlife. Images: The Today show

Relationships

Our ancestors didn’t eat 3 meals a day. So why do we?

<div class="theconversation-article-body"> Pop quiz: name the world’s most famous trio? If you’re a foodie, then your answer might have been breakfast, lunch and dinner. It’s an almost universally accepted trinity – particularly in the Western world. But how did it come about? <h2>The first meals</h2> <a href="https://theconversation.com/when-did-we-become-fully-human-what-fossils-and-dna-tell-us-about-the-evolution-of-modern-intelligence-143717#:%7E:text=Fossils%20and%20DNA%20suggest%20people,%3A%2050%2C000%2D65%2C000%20years%20ago">Early humans</a> were nomadic. Forming small communities, they would travel with the seasons, following local food sources. While we can only guess what daily mealtimes rhythms looked like, evidence dating back <a href="https://global.oup.com/academic/product/feast-9780199209019?cc=nz&lang=en&">30,000 years</a> from the South Moravia region, Czech Republic, shows people visited specific settlements time and again. They gathered around hearths, cooking and sharing food: the first signs of human “commensality”, the practice of eating together. One of the best-preserved hunter-gatherer sites we’ve found is <a href="https://global.oup.com/academic/product/feast-9780199209019?cc=nz&lang=en&">Ohalo II</a> – located on the shores of the modern-day Sea of Galilee (also called Lake Tiberias or Lake Kinneret) in Israel, and dating back some 23,000 years. In addition to several small dwellings with hearths, it provides evidence of diverse food sources, including more than 140 types of seeds and nuts, and various birds, fish and mammals. The development of <a href="https://education.nationalgeographic.org/resource/development-agriculture/">agricultural knowledge</a> some 12,000 years ago gave rise to permanent settlements. The earliest were in the Levant region (across modern-day Iraq, southwestern Iran and eastern Turkey), in an area called the “Fertile Crescent”. Permanent agriculture led to the production of a <a href="https://www.nationalgeographic.com/foodfeatures/evolution-of-diet/">surplus of food</a>. The ability to stay in one place with food on-hand meant the time it took to cook no longer mattered as much. It quickly became common to eat one <a href="https://www.bloomsbury.com/us/history-of-the-world-in-6-glasses-9780802718594/">light meal</a> early in the day, followed by a larger <a href="https://global.oup.com/academic/product/feast-9780199209019?cc=nz&lang=en&">hearth-prepared meal</a> later on. The specific timings would have varied between groups. <h2>Eating together as a rule</h2> The communal nature of foraging and hunting, and later farming, meant humans almost always ate their meals in the <a href="https://doi.org/10.1525/gfc.2009.9.3.42">company of others</a>. In the ancient city-state of Sparta, in the <a href="https://doi.org/10.2307/293895">4th century BCE</a>, these practices were codified as common main meals called <a href="https://doi.org/10.1525/gfc.2017.17.2.51">syssitia</a> (meaning “eating together”). These meals were consumed at the end of the day in communal dining halls. Food was served by young boys to tables of 15 or so men who lived together and fought in the same <a href="https://www.perseus.tufts.edu/hopper/text?doc=Perseus%3Atext%3A1999.04.0063%3Aalphabetic+letter%3DS%3Aentry+group%3D5%3Aentry%3Dsyssitia-cn">military division</a>. The men gradually shared generational knowledge with the young boys, who themselves would join the tables by age 20. In the 5th century BCE, Greek historian Herodotus <a href="https://www.penguin.co.nz/books/the-histories-9780140455397">wrote about</a> how syssitia evolved from a Spartan military practice to having deep political meaning in society. Similarly, <a href="https://www.penguin.co.nz/books/the-republic-9780140455113">Plato</a> <a href="https://www.penguin.co.nz/books/the-laws-9780140449846">wrote</a> common meals were an integral component of civil society, and that missing a meal without good reason was a civic offence. By dining in <a href="https://doi.org/10.2307/293895">full view</a> of the rest of society, citizens were compelled to maintain self-discipline. Mealtime was also an opportunity for social linkage, and <a href="https://doi.org/10.1525/gfc.2017.17.2.51">important discussions</a> ranging from business deals to politics. The eating habits of Spartan women are missing in the texts, although it is implied they <a href="https://doi.org/10.1525/gfc.2017.17.2.51">ate at home</a>. <h2>Bunches of lunches</h2> Counter to the tough Spartan way of life, the Romans enjoyed their main meal, <a href="https://www.press.jhu.edu/books/title/1550/everyday-life-ancient-rome?srsltid=AfmBOooVPsJL24HR9woTdVNQwEG1uCU7q0k7r2beD-KD13m0KX-l1dSY">cena</a>, earlier in the day, followed by a lighter meal just before bed. The northern European tribes tended towards two larger meals per day, as more <a href="https://doi.org/10.1002/ajpa.23071">sustenance</a> is required in colder climes. To the Vikings, these meals were known as <a href="https://www.historyonthenet.com/what-did-vikings-eat">dagmal and nattmal</a>, or day meal and night meal. Nattmal was the cooked evening meal, while dagmal usually consisted of leftover nattmal with the addition of bread and beer or mead. In Australia, evidence suggests Aboriginal peoples tended toward a <a href="https://www.tandfonline.com/doi/full/10.1080/03122417.2022.2089395">daily single meal</a>, which aligns with the predominant method of cookery: slow-cooking with hot coals or rocks in an <a href="https://doi.org/10.1080/03122417.2022.2089395">earth oven</a>. This underground oven, used by Aboriginal and also Torres Strait Islander communities, was referred to as a <a href="https://www.facebook.com/watch/?v=745326709638881&t=0">kup murri</a> or <a href="https://www.sbs.com.au/food/the-cook-up-with-adam-liaw/recipe/slow-cooker-kap-mauri/lfza7eqs4">kap mauri</a> by some groups. This is similar to other Indigenous preparations throughout the Pacific, such as the New Zealand Māori <a href="https://doi.org/10.1080/15528014.2024.2381305">hāngī</a>, Hawaiian <a href="https://www.jstor.org/stable/20707103?seq=1">imu</a>, Fijian <a href="https://www.proquest.com/docview/1021389307?accountid=8440&parentSessionId=605Pt1iTclBEC77VSlZvrnxxY%2Bdc7e%2Bx9pT4MgRLPqQ%3D&sourcetype=Dissertations%20&%20Theses">lovo</a>, and even the Mayan <a href="https://doi.org/10.1007/s12231-012-9207-2">píib</a>. The once-daily meal would have been supplemented with snacks throughout the day. <h2>Three’s the magic number</h2> The timing of meals was heavily influenced by class structure, local climate and people’s <a href="https://www.wiley.com/en-us/Cuisine+and+Culture%3A+A+History+of+Food+and+People%2C+3rd+Edition-p-9780470403716">daily activities</a>. Practicality also played a part. Without reliable lighting, meals had to be prepared and eaten before dark. In settled parts of Northern Europe, this could be as early as 3pm. So how did we go from one or two main meals, to three? The answer may lie with the British Royal Navy. Since its inception in the 16th century, the navy served <a href="https://www.historyhit.com/what-did-sailors-in-the-georgian-royal-navy-eat/">three regular meals</a> to align with the shipboard routine. This included a simple breakfast of ship’s biscuits, lunch as the main meal, and dinner as more of a light supper. Some sources suggest the term “<a href="https://www.grammar-monster.com/sayings_proverbs/square_meal.htm">square meal</a>” may have come from the square wooden trays meals were served in. <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=455&fit=crop&dpr=1 600w, https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=455&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=455&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=572&fit=crop&dpr=1 754w, https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=572&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/660040/original/file-20250407-56-xgt2pm.jpg?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=572&fit=crop&dpr=3 2262w" alt="" /></a><figcaption>Initially, sailors recieved a daily gallon of beer with meals. This was later changed to watered-down rum, the infamous ‘grog’, which is being handed out in this 1940 photo taken aboard HMS King George V. <a class="source" href="https://www.iwm.org.uk/collections/item/object/205185139">Imperial War Museums</a>, <a class="license" href="http://creativecommons.org/licenses/by-nc/4.0/">CC BY-NC</a></figcaption></figure> The <a href="https://www.bbc.com/news/magazine-20243692">Industrial Revolution</a>, which started around 1760, arguably also played a role in formalising the concept of three specific mealtimes across the Western world. The cadence of breakfast, lunch and dinner matched the routine of the longer, standardised workdays. Workers ate breakfast and dinner at home, before and after work, while lunch was eaten with coworkers at a set time. With minimal breaks, and no time for snacking, three substantial meals became necessary. <h2>The fall of the holy trinity</h2> Today, many factors impact the <a href="https://doi.org/10.1016/j.cmet.2015.09.005">time and frequency</a> of our meals, from long work commutes to juggling hobbies and social obligations. The COVID pandemic also impacted how and what we eat, leading us to eat larger amounts of <a href="https://doi.org/10.1016/j.jhealeco.2022.102641">higher calorie foods</a>. The rapid growth of <a href="https://doi.org/10.1017/S1368980020000701">delivery services</a> also means a meal is no more than a few minutes away from most people. All of this has resulted in mealtimes becoming less rigid, with social meals such as <a href="https://rowman.com/ISBN/9781442229433/Brunch-A-History">brunch</a>, <a href="https://www.harpercollins.co.nz/9780261102354/the-fellowship-of-the-ring/">elevenses</a> and <a href="https://rowman.com/ISBN/9781442271029/Afternoon-Tea-A-History">afternoon teas</a> expanding how we <a href="https://doi.org/10.3390/ijerph18126235">connect over food</a>. And mealtimes will continue to <a href="https://doi.org/10.1525/gfc.2013.13.3.32">evolve</a> as our schedules become ever more complicated.<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/250773/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/rob-richardson-2328981">Rob Richardson</a>, Senior Lecturer in Culinary Arts & Gastronomy, <a href="https://theconversation.com/institutions/auckland-university-of-technology-1137">Auckland University of Technology</a> and <a href="https://theconversation.com/profiles/dianne-ma-2331997">Dianne Ma</a>, Lecturer in Culinary Arts & Gastronomy, <a href="https://theconversation.com/institutions/auckland-university-of-technology-1137">Auckland 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/our-ancestors-didnt-eat-3-meals-a-day-so-why-do-we-250773">original article</a>. Image: Shutterstock </div>

Food & Wine

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

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

Money & Banking

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

<div class="theconversation-article-body"> Financial markets around the world have been slammed by the Trump adminstration’s sweeping tariffs on its trading partners, and China’s swift retaliation. Share markets have posted their biggest declines since the COVID pandemic hit in 2020, as fears of US recession surged. Iron ore, copper, oil, gold and the Australian dollar have all tumbled. On Wall Street, <a href="https://www.reuters.com/markets/sp-500-loses-24-trillion-market-value-biggest-one-day-loss-since-2020-2025-04-03/">leading indices</a> have fallen around 10% since the tariffs were announced, while the tech-heavy Nasdaq is down 20% from its recent peak. European and Asian markets have also slumped. In Australia, the key S&P/ASX 200 slid another 4.2% on Monday to levels last seen in December 2023, taking its three-day losses since the announcement to more than 7%. <hr /> <iframe id="AJ2rZ" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/AJ2rZ/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> <h2>Why are markets reacting so badly?</h2> Financial markets reacted so negatively because the tariffs were much larger than expected. They represent the <a href="https://www.abc.net.au/news/2025-04-05/trump-tariffs-upend-80-year-old-world-economic-order/105139464">biggest upheaval</a> in global trade in 80 years. Many traders were hoping the tariffs would be used mainly as a bargaining tool. <a href="https://finance.yahoo.com/news/live/trump-tariffs-live-updates-trump-digs-in-says-markets-may-have-to-take-medicine-as-stock-futures-plunge-191201959.html">But comments</a> by US President Donald Trump that markets may need to “take medicine” seem to suggest otherwise. The tariffs are expected to weaken economic growth in the US as consumers pare back spending on more expensive imports, while businesses shelve investment plans. Leading US bank JP Morgan has put the <a href="https://www.reuters.com/markets/jpmorgan-lifts-global-recession-odds-60-us-tariffs-stoke-fears-2025-04-04/">chance of a US recession</a> as high as 60%. This comes at a time when the US economy was already looking fragile. The highly regarded GDPNow model developed by the <a href="https://www.atlantafed.org/cqer/research/gdpnow">Atlanta Federal Reserve Bank</a> indicates US March quarter GDP will fall 2.8%, and that was before the tariff announcement. <h2>Worries about global growth</h2> Fears of a recession in the United States and the potential for a global downturn has led to a broad sell-off in commodity prices, including iron ore, copper and oil. Further, the Australian dollar, which is seen as a barometer for risk, has <a href="https://wise.com/au/currency-converter/currencies/aud-australian-dollar">fallen below 60 US cents</a> in local trading – its lowest level since 2009. While the direct impact of tariffs on Australia is expected to be modest (with around 6% of our exports going to US), the indirect impact could be substantial. China, Japan and South Korea together take more than 50% of Australia’s exports, and all have been hit with significantly higher tariffs. Treasurer Jim Chalmers said on Monday that the direct impact on the Australian economy would be “<a href="https://www.abc.net.au/news/2025-04-07/asx-markets-business-news-live-updates/105144276">manageable</a>”. The full effect on Australia will depend on how other countries respond, and whether we can redirect trade to other markets. The rapid decline in the Australian dollar will help offset some of the negative effects associated with a global downturn and the fall in commodity prices. We can also expect some interest-rate relief. Economists are now predicting <a href="https://www.afr.com/markets/debt-markets/traders-expect-up-to-five-rba-rate-cuts-amid-market-turmoil-this-year-20250407-p5lpo0">three further interest rate cuts</a> by the Reserve Bank, starting in May. This brings economists into line with financial market forecasts. <h2>Hang in there, markets will recover</h2> Watching equity markets tumble so dramatically can be unsettling for any investor. However, it is important to note that equity markets have experienced many downturns over the past 125 years due to wars, pandemics, financial crises and recessions. But these market impacts have generally been temporary. <hr /> <iframe id="lsNFF" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/lsNFF/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> History suggests that over the long term, equity prices continue to rise, supported by growing economies and rising incomes. The key thing for investors to remember is to not panic. Now is not the time to decide to switch your superannuation or other investments to cash. This risks missing the next upswing while also crystallising any current losses. For example, despite the steep market sell-off in March 2020 as the first COVID lockdowns came into effect, the Australian share market had completely recovered those losses by June 2021. It is good practice for investors to regularly reassess their risk profile to make sure it is right for their current stage of life. This means reducing the allocation to riskier assets as investors get closer to retirement age, while also maintaining a cash buffer to avoid having to sell assets during more turbulent periods such as now. <h2>Super funds are exposed to global risks</h2> The current sell-off has highlighted a potential issue facing the superannuation industry. So much of our superannuation is now invested in global equity markets, mostly in the US, because Australia’s <a href="https://www.abc.net.au/news/2025-04-02/australia-superannuation-retirement-savings/105098840">superannuation savings pool</a> – at more than A$4 trillion – has outgrown the investment opportunities available in Australia. Another issue facing the superannuation industry is the growth of cyber attacks, with several funds <a href="https://theconversation.com/hackers-have-hit-major-super-funds-a-cyber-expert-explains-how-to-stop-it-happening-again-253835">targeted in a recent attack</a>. Given the massive size of the assets held by some funds, it would seem they need to improve their security to be on par with that of the banking system.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/253929/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> By <a href="https://theconversation.com/profiles/luke-hartigan-1491669">Luke Hartigan</a>, Lecturer in Economics, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/financial-markets-are-tanking-heres-why-its-best-not-to-panic-253929">original article</a>. Image: Shutterstock </div>

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