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Transforming homes and lives: The rise of Compact Home Lifts

In an era where ageing in place has become increasingly important, homeowners are constantly looking for clever solutions to maintain their independence and comfort. Enter the game-changing alternative to traditional stairlifts: <a href="https://compactlifts.com.au/" target="_blank" rel="noopener">Compact Home Lifts</a>. These sleek and discreet elevators are revolutionising how people navigate their multi-storey homes, offering a perfect blend of functionality, style and peace of mind. For anyone considering home mobility solutions, Compact Home Lifts present a compelling case. Unlike bulky stairlifts that can radically alter the appearance of existing staircases, these lifts occupy less than a square metre of floor space, seamlessly integrating into almost any room of your house. But the real beauty lies in their versatility and minimal impact on your home's aesthetics. One of the most attractive features of these lifts is their self-supporting design. With no need for structural walls, installation is neat and non-invasive, preserving the integrity of your home. The fully contained motor and self-supporting rails ensure that the lift can be installed with minimal disruption to your daily life. Any concerns about energy consumption are quickly dispelled too when you learn that these lifts plug into a standard socket and use less power than boiling a kettle! This energy efficiency not only makes them environmentally friendly but also keeps operating costs low. <h2>Planning for the future</h2> While some homeowners may require a home lift immediately due to mobility issues, others are taking a proactive approach. By installing a Compact Home Lift, they’re future-proofing their homes, ensuring they can continue to enjoy their beloved space for years to come. This forward-thinking strategy eliminates the need for costly and emotionally taxing moves or extensive home renovations to accommodate single-floor living. <h2>Customer satisfaction and expert installation</h2> Compact Home Lifts has garnered an exceptional reputation, boasting impressive ratings from customers on Google. Their dedicated team of expert installers ensures that both homeowners and their properties are treated with the utmost care and professionalism. One satisfied customer, Kenneth S, shared his experience in August 2024, writing: “Cannot say enough good things about the team at Compact Home Lifts. They have been wonderful in every stage (including post installation). If you need a home lift, I recommend these guys.” <h2>Tailored solutions and expert advice</h2> Understanding that each home and homeowner's needs are unique, Compact Home Lifts offers personalised consultations. Their experts visit your property to help determine the optimal location for your lift and address any questions or concerns you may have. This tailored approach ensures that you receive a solution that perfectly fits your home and lifestyle. <img src="https://oversixtydev.blob.core.windows.net/media/2024/09/Article-Image-Body-3-Wheelchair-1280.jpg" alt="" width="1280" height="720" /> As Australia’s number one small home lift provider, Compact Home Lifts stands out with its rapid service, cost-effective solutions and small footprint designs. They offer a range of models, including wheelchair-accessible options, catering to diverse mobility needs. Perhaps one of the most reassuring aspects of choosing Compact Home Lifts is their commitment to quality and customer satisfaction. Each installation comes with a 7-year warranty, providing homeowners with long-term peace of mind (T&Cs apply). <h2>Embracing independence and comfort</h2> By choosing a Compact Home Lift, homeowners aren’t just investing in a mobility solution; they're investing in their future independence and quality of life. These lifts offer the freedom to move safely between floors, maintaining access to all areas of your home without the need for assistance. Compact Home Lifts represent a significant leap forward in home mobility solutions. They offer a perfect balance of functionality, aesthetics and peace of mind, allowing homeowners to continue enjoying the homes they love for years to come. As we look to the future of ageing in place, it's clear that these innovative lifts will play a crucial role in maintaining independence and enhancing the quality of life for countless individuals. For more information, watch the video below or visit the <a href="https://compactlifts.com.au/" target="_blank" rel="noopener">Compact Home Lifts</a> website. <iframe title="YouTube video player" src="https://www.youtube.com/embed/5TQEcW-lNe4?si=DonQNooUcOkadDdR" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe> This is a sponsored article produced in partnership with Compact Home Lifts.

Home & Garden

Millions of Aussies to receive cash boost as welfare payments rise

Millions of Australians who rely on welfare payments will receive a much needed cash boost as of Friday, thanks to an indexation boost. Recipients of the age and disability pensions, rent assistance, carer payments, and JobSeeker payments will all receive the increase. Age pensioners, as well as those on the disability pension and carer payments, will see an increase of $28.10 a fortnight for singles and $42.40 a fortnight for couples. This boost will take the total payment per fortnight, including energy supplement, to $1114.40 for singles and $862.60 for each member of a couple. Maximum rates of Commonwealth rent assistance will also be increased by 10 per cent from today, with indexation applied on top, as single recipients, with no children, renting on their own, and receiving the maximum rate will get an additional $23 per fortnight in rent assistance. For families with one or two children, their payment will increase by $27.02 per fortnight. Single JobSeeker recipients with an assessed partial capacity to work of zero to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight (including the energy supplement and pharmaceutical allowance). "This indexation will deliver timely boosts to people receiving allowance payments and pensions, ensuring that these vulnerable cohorts have more money in their pockets for everyday expenses," Social Services Minister Amanda Rishworth said. A full breakdown of the payment changes <a title="can be found here" href="http://www.dss.gov.au/about-the-department/benefits-payments/previous-indexation-rates" target="_blank" rel="noopener">can be found here</a>. Image credits: Shutterstock

Money & Banking

Boomer ‘cara-fan’ influencers are on the rise

In September 2023, Arthur Chapman, aka Chappys Travels and his wife Alison, decided to pack up and embark on a full time road tripping adventure documenting their travels on social media after a nudge and a bit of education from their children. Prior to their travels, Arthur spent time with his children who taught him how to use the two social media platforms and set him up for success to create a visual diary to document their travels and be able to look back on in the future. “My kids got me on to TikTok and YouTube to learn the ways of social media, I’ve always been someone who likes to keep up with the times so thought why not just give it a go." “I’m very outgoing and thought it was a great idea to document our travels not only to share a visual diary with my kids, grandkids and friends but it also gives us the opportunity to share with likeminded people who can also follow along." “Alison wanted me to take the plunge so that we can look back on all the places we’ve been and are yet to visit, plus we get to show people the beautiful backyard we live in and that they have the opportunity to visit these amazing places too.” Arthur adds. Arthur has posted hundreds of TikTok and YouTube videos, documenting his travels, sharing helpful tips, providing a realistic lens on what to expect from each location and of course an insight into the caravanning lifestyle. “I love creating and editing videos, I’m hooked on it! I enjoy sharing a variety of content whether it be the reality of what to expect when arriving in towns, for example what the streets look like and the facilities on offer, not just the picturesque views." After just under a year of posting, Arthur has created an online community with an engaged audience commenting and following along. “We are quite excited as comments have started to come through asking us questions on the caravanning lifestyle, ranging from advice on towing, caravans and the locations we have visited." "We never imagined we would be using social media at our age or that I would become a content creator or influencer, but it has given us the opportunity to meet likeminded people and to encourage others to get out there and live the dream." To any Boomers out there considering jumping on the bandwagon, Arthur comments, “Life is too short to not visit your bucket list destinations, and just give social media a go, you might get hooked on sharing your journey too." If you're looking to start your caravanning journey just in time for summer, make sure you don't miss the 2024 Let’s Go Brisbane Caravan and Outdoor Sale returning to the Brisbane RNA Showgrounds for four epic days from Thursday October 31st to Sunday November 3rd. Ticket prices, times and transport options are available <a href="https://www.caravanqld.com.au/show/lets-go-brisbane-caravan-outdoor-sale/" target="_blank" rel="noopener">here</a>. Image credits: Supplied

Domestic Travel

Old grocery receipt highlights extortionate increase at supermarkets

An old Woolworths receipt from 2021 has revealed the grim reality of increased grocery prices, and how inflation has crippled many in just a few short years. A social media user on X, formerly Twitter, shared her receipt from a Melbourne Woolworths as she highlighted how much more common household items cost today. She said it showed how Aussies were shelling out for costs that appear to have moved well past official inflation levels, which rose to 3.8 per cent by the end of June. “We all knew we’re being ripped off! Australians are now paying up to 200% more for basic grocery items than they were a few years ago!” she wrote. “Oh but inflations (sic) currently back at around 3.8% … yeah my ass it is!!” <blockquote class="twitter-tweet"> Found an old Woolworths receipt circa 2021. We all knew we re being ripped off! Australians are now paying up to 200% more for basic grocery items than they were a few years ago! Oh but inflations currently back at around 3.8% … yeh my ass it is!! Pink Lady Apply $2.90kg… <a href="https://t.co/9OPS6SnOqI">pic.twitter.com/9OPS6SnOqI</a> — Miss Madeleine (@MadsMelbourne) <a href="https://twitter.com/MadsMelbourne/status/1832282784431534448?ref_src=twsrc%5Etfw">September 7, 2024</a></blockquote> Her docket shows how everyday items like coffee grounds, potato chips and stain removers have skyrocketed in price. In the receipt items such as a 250g packet of Bega cheese is priced at $4.50 – it’s now $6 for the same item, discounted from $7.50 according to online pricing. Deli fresh Champagne leg ham sold for $2.50 for 100g according to the receipt, while current prices put that at $4.20. Ozkleen prewash power stain remover is now currently listed as $7 for a 500ml bottle, more than 200 per cent higher than the $2.75 it sold for three years ago. The woman also posted another smaller receipt from the same year, in which she bought grapes and a watermelon. In addition to sharing the image, she wrote, "Another one to add! No wonder Australia is having a cost of living crises! Woolworths Receipt circa 2021. Grapes were $3.50kg, now $14.16 = 304% increase. Watermelon was $1.50 now $6.38kg = 325% increase." Grocery prices have come under the spotlight amid the cost-of-living crisis, with the Australian Consumer and Competition Commission tasked with probing the sector. “We know grocery prices have become a major concern for the millions of Australians experiencing cost of living pressures,” ACCC chair Gina Cass-Gottlieb said in January. “When it comes to fresh produce, we understand that many farmers are concerned about weak correlation between the price they receive for their produce and the price consumers pay at the checkout.” Coles and Woolworths have defended the price rises as being pushed by supply chain struggles, while both companies posted profits of more than $1 billion in the last financial year. A spokesperson for Woolworths also released a statement saying "Ongoing economy-wide inflation means it costs more for many supermarket suppliers to manufacture their products than it did a few years ago. "We remain focussed on delivering lower prices where we can, with our average prices coming down in the last six months, and thousands of specials every week. "The price of fruit and vegetables can vary throughout the year due to weather, seasonality, supply and demand. For example, Haas avocados are currently not in season." Image credits: X / Shutterstock

Money & Banking

What’s inflation – and how exactly do we measure it?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/kevin-fox-16896">Kevin Fox</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> If the price of a cup of coffee goes up, coffee drinkers are worse off if their income doesn’t increase by at least the same amount – they have less money to spend on other things. But if the prices of many different goods and services all go up at the same time, it can have a significant impact on people’s ability to buy the things they want or need, such as food and paying the rent. This is inflation – a general increase in prices that reduces the purchasing power of money. High inflation is not good for most households, nor is deflation. Low and stable inflation is generally regarded as beneficial for economic prosperity. But how and why do we measure it? <h2>Tracking a ‘basket’ of important items</h2> A range of factors can cause or contribute to rising prices. Demand for certain products can exceed their supply, particularly when there are reductions in taxes or increases in government spending. Disruptions in supply chains and tariffs on imports can also increase prices. But how do we know if prices are going up across the whole economy, or just for some products? One popular solution is to create an aggregate measure of price changes, such as the consumer price index, or CPI for short. The CPI measures changes in the price of products that are important to consumers, as measured by relative expenditures. It’s calculated by the Australian Bureau of Statistics (ABS). The CPI covers a wide range of products that come under the following categories: <ul> <li>food and non-alcoholic beverages</li> <li>alcohol and tobacco</li> <li>clothing and footwear</li> <li>housing</li> <li>furnishings, household equipment and services</li> <li>health</li> <li>transport</li> <li>communication</li> <li>recreation and culture</li> <li>education</li> <li>insurance and financial services.</li> </ul> Currently, the full CPI is constructed on a quarterly basis. The ABS collects prices from sellers – nowadays often electronically, such as transaction data from barcode scanners at supermarket checkouts. If information on quantities sold is available, this will also be used to understand the economic importance of particular products to consumers. The main source of information on expenditure patterns is the <a href="https://www.abs.gov.au/statistics/economy/finance/household-expenditure-survey-australia-summary-results/2015-16">Household Expenditure Survey</a>. <hr /> <iframe id="9C4Qr" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/9C4Qr/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> All this information from the eight capital cities in Australia is weighted and indexed to create the CPI. <h2>What do we use it for?</h2> The CPI releases attract a lot of attention. They allow us to adjust welfare payments to maintain purchasing power, negotiate wage increases more fairly, and predict how costs are likely to change over time. Most importantly though, the figure is instrumental in determining interest rates. Our central bank – the Reserve Bank of Australia (RBA) – has the legislated responsibility to keep inflation between 2-3% per year. But because it cannot control things like taxes and government spending, the key way it does this is by adjusting interest rates. <hr /> <iframe id="CSV4V" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/CSV4V/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <hr /> The Reserve Bank sets the target cash rate – the interest rate on overnight loans between banks. Increasing this rate increases the costs to banks of borrowing. Banks pass this cost on, charging their customers higher interest rates. By increasing the cost of mortgage repayments and discouraging consumers from borrowing money for spending, this reduces consumer demand for products and can help lower inflation. <h2>Headline versus underlying</h2> The CPI is unlikely to be the inflation rate faced by any one individual – we all spend differently. It’s even possible to construct your own inflation rate, if you keep thorough spending records and understand the index methodology. But the CPI is not the only measure of inflation that is produced. It is often referred to “headline” inflation, to contrast it with measures of “underlying” inflation. Underlying inflation can better represent persistent domestic inflationary pressures which may need a policy response. Why can’t we always trust headline CPI? Some items prone to weather conditions or supply shocks, such as fruit and petrol, can face sharp, volatile price movements that skew the headline figure. Excluding them from the calculation can reveal underlying inflation conditions. Alternatives take a statistical approach to adjusting the headline rate, such as the trimmed-mean and weighted median estimates produced by the ABS and used by the RBA. By excluding certain items, these measures don’t reflect full changes in the cost of living faced by households – but neither does headline CPI. <h2>Other ‘flations</h2> You’ll often hear other inflation-related terms bandied about in the news. Here’s a helpful guide to a few of them: Deflation This is negative inflation. This can be bad as consumers will delay purchases as they wait for prices to fall further, leading to economic stagnation. Disinflation Inflation is still positive (overall prices are going up), but the rate of inflation decreases. If inflation was 4% and falls to 3%, this is disinflation, not deflation. Stagflation The economy simultaneously has stagnant growth, high inflation and high unemployment. This is rare, but famously happened during the oil crisis of the 1970s. Hyperinflation The annual rate of inflation in Argentina is currently 271.5%. In 2018 in Venezuela, it was over 1,000,000% per month. This is hyperinflation. The costs of this are enormous. Even with moderately high inflation, consumers are unable to differentiate relative price changes from general price changes in their consumption choices. With hyperinflation, money becomes virtually worthless. <hr /> This article is part of The Conversation’s “<a href="https://theconversation.com/au/topics/business-basics-157462">Business Basics</a>” series where we ask experts to discuss key concepts in business, economics and finance.<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/235673/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/kevin-fox-16896">Kevin Fox</a>, Professor, School of Economics; Director of the Centre for Applied Economic Research, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/whats-inflation-and-how-exactly-do-we-measure-it-235673">original article</a>. </div>

Money & Banking

Rising star footy player dies at just 18

Rising football star Nick Campo has tragically died just two days after his 18th birthday. The South Fremantle player was in the backseat of a ute when it crashed and rolled just before midnight in Perth, before the ute smashed into an oncoming SUV. Two of Campo's teammates, Tyler Rowe and Josh Jackson, were also in the ute and were taken to hospital with injuries. Cameron Britt, CEO of South Fremantle, said the club was in "deep shock" following the sudden tragedy. "South Fremantle Football Club is deeply saddened by news of a car accident overnight involving several of our Colts players, resulting in the tragic death of South Fremantle footballer Nick Campo," he said. "We are a club in deep shock, focused upon supporting our players, staff and their families in these tragic circumstances." Campo's parents have also shared their heartbreak following the accident, saying their lives had been "ripped apart" by the sudden loss. "In the early hours of this morning our beautiful son Nick passed away after he was involved in a tragic car accident," they said on Facebook. "Our lives have been ripped apart, 18 years old, a future with so much hope taken away, we are praying others in the car involved will be ok." In Kalgoorlie, where Campo spent his childhood, his former club described him as "a popular friend to many" with a "life full of promise that was taken way too soon". Image credits: Nine

Caring

Cheaper mortgages, tamed inflation and even higher home prices: how 29 forecasters see Australia’s economic recovery in 2024-25

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Australia’s top economic forecasters expect the Reserve Bank to start cutting interest rates by March next year, taking 0.35 points of its cash rate by June. If passed on in full, the cut would take $125 off the monthly cost of servicing a $600,000 variable-rate mortgage, with more to come. The panel of 29 forecasters assembled by The Conversation expects a further cut of 0.3 points by the end of 2025. This would take the cash rate down from the current 4.35% to 3.75% and produce a total cut in monthly payments on a $600,000 mortgage of $335. The forecasts were produced after last week’s news of a higher than expected <a href="https://theconversation.com/australias-inflation-rate-jumps-to-4-putting-an-rba-rate-rise-back-on-the-agenda-233331">monthly consumers price index</a>. Several of those surveyed revised up their predictions for interest rates in the year ahead, while continuing to predict cuts by mid next year. Only two expect higher rates by mid next year. Only four expect no change. <hr /> <iframe id="6eIe8" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/6eIe8/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Now in its sixth year, The Conversation survey draws on the expertise of leading forecasters in 22 Australian universities, think tanks and financial institutions – among them economic modellers, former Treasury and Reserve Bank officials and a former member of the Reserve Bank board. Eight of the 29 expect the first cut to come this year, by either November or December. One of them is Luci Ellis, who was until recently assistant governor (economic) at the Reserve Bank and is now at Westpac. She and her team are forecasting three interest rate cuts by the middle of next year, taking the cash rate from 4.35% to 3.6%. <h2>Reserve Bank a ‘reluctant hiker’</h2> Ellis says inflation isn’t falling fast enough for the bank to be confident of being able to cut before November. But after that, even if inflation isn’t completely back within the bank’s target band but is merely moving towards it, a “forward-looking” board would want to start easing interest rates. Another forecaster, Su-Lin Ong of RBC Capital Markets, says in her view the bank should hike at its next board meeting in August after the release of figures likely to show inflation is still too high. But she says the bank is a “reluctant hiker” and keen to keep unemployment low. Although several panellists expect the Reserve Bank to hike rates in the months ahead, almost all expect rates to be lower in a year’s time than they are today. <hr /> <iframe id="2xF3M" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/2xF3M/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The panel expects inflation to be back within the Reserve Bank’s 2-3% target band by June next year, and to be close to it (3.3%) by the end of this year. Twelve of the panel expect inflation to climb further when the official figures are released at the end of this month, but none expect it to climb further beyond that. And all expect inflation to be lower by the end of the financial year than it is today. One, Percy Allan, a former head of the NSW Treasury, cautions that the tax cuts and other government support measures due to start this month run the risk of boosting spending and falling progress on inflation. <hr /> <iframe id="LGJa7" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/LGJa7/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The panel expects wages growth to fall from 4% to 3.5% over the year ahead, contributing to downward pressure on inflation, but to remain higher than prices growth, producing gains in so-called <a href="https://www.investopedia.com/terms/r/realincome.asp">real wages</a>. It expects wages growth to moderate further, to 3.2%, in 2025-26. <hr /> <iframe id="iV7mZ" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/iV7mZ/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Consumer spending is expected to remain unusually weak, growing by only 1.7% in real terms over the next 12 months, up from 1.3% in the latest national accounts. Mala Raghavan, from the University of Tasmania, said even though inflation was falling, previous price rises meant the prices of essentials remained high. AMP chief economist Shane Oliver expected the boost from the <a href="https://treasury.gov.au/tax-cuts">Stage 3 tax cuts</a> to be offset by the depressing effect of a weaker labour market. <h2>Unemployment to climb modestly</h2> The panel expects Australia’s unemployment rate to climb steadily from its present historically low 4% to 4.4%. Moodys Analytics economist Harry Murphy Cruise said although the increase wasn’t big, the effect on pay packets would be bigger. Employers were shaving hours and easing back on hiring rather than letting go of workers. <hr /> <iframe id="SM8PI" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/SM8PI/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Panellists expect China’s economic growth to slip from 5.3% to 5% and US growth to slip from 2.9% to 2.4%. Australia’s economic growth is expected to climb from the present very low 1.1% to 1.3% by the end of this year and to 2% by the end of next year. Although none of the panel are forecasting a recession, most of those who offered an opinion said if there was a recession, it would start this year when the economy was weak. Some said we might later discover that we have been in a recession if the very weak economic growth of 0.1% recorded in the March quarter is revised and turns negative when updated figures are released in September. <hr /> <iframe id="3I49o" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/3I49o/1/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Home prices are expected to continue to climb notwithstanding economic weakness. Sydney prices are expected to increase a further 5% in the year ahead after climbing 7.4% in the year to May. Melbourne prices are expected to rise a further 2.8% after climbing 1.8% in the year to May. Percy Allan said Sydney had fewer homes available than Melbourne, and Victoria’s decisions to extend land tax and boost rights for tenants had upset landlords, many of whom were offloading their holdings. <h2>Home prices to climb further</h2> Julie Toth, chief economist at property information firm PEXA, said rapid population growth was colliding with an ongoing decline in household size since COVID. At the same time, fewer new homes were being commissioned and long delays and high construction costs were also keeping supply tight. <hr /> <iframe id="JzLaY" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/JzLaY/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The panel expects non-mining business investment to continue to climb in the year ahead, by 5.2%, down from 6.9%. It expects the Australian share market to climb by a further 5.6% Read the answers on <a href="https://cdn.theconversation.com/static_files/files/3350/2024-25_The_Conversation_AU_Forecasting_Survey.pdf">PDF</a>, download as <a href="https://cdn.theconversation.com/static_files/files/3351/2024-25_The_Conversation_AU_forecasting_survey.xlsx?1719478737">XLS</a> <hr /> <h2>The Conversation’s Economic Panel</h2> Click on economist to see full profile. <iframe id="tc-infographic-1066" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/1066/93fb29ba32e178ec2dcda111f014a50cf7ea1f49/site/index.html" width="100%" height="400px" frameborder="0"></iframe><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/233244/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/cheaper-mortgages-tamed-inflation-and-even-higher-home-prices-how-29-forecasters-see-australias-economic-recovery-in-2024-25-233244">original article</a>. </div>

Money & Banking

Millions of Aussies set for pay rise

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

Money & Banking

Embracing healing: The rise of medical cannabis in Australia

In recent years, Australia has made significant strides in healthcare, particularly in the realm of alternative medicine. One such breakthrough gaining widespread recognition is the availability and utilisation of medical cannabis. <a href="https://www.oversixty.com.au/health/body/how-nurses-are-changing-the-conversation-around-medicinal-cannabis" target="_blank" rel="noopener">As attitudes shift and research unfolds</a>, the once-stigmatised plant is emerging as a source of genuine hope and relief for patients across the country. Medical cannabis, derived from the cannabis plant, contains compounds known as cannabinoids, notably THC (tetrahydrocannabinol) and CBD (cannabidiol), which possess therapeutic properties. While recreational use remains a contentious issue, the medicinal potential of cannabis cannot be overlooked. In Australia, its legal status has evolved; in October 2016 the Australian Government changed the law to allow organisations to grow cannabis for research and to make pharmaceutical products, allowing patients to access cannabis-based products under specific conditions. One of the most significant benefits of medical cannabis is its ability to alleviate symptoms and improve the quality of life for patients suffering from various medical conditions. From chronic pain and epilepsy to nausea induced by chemotherapy, medical cannabis offers relief where traditional treatments can fall short or have significant long-term side effects. For people with debilitating illnesses, this alternative therapy can open doors to a life with reduced discomfort and enhanced well-being. Moreover, the availability of medical cannabis fosters a more patient-centric approach to healthcare. By recognising the diverse needs of individuals and offering alternative treatment options, healthcare professionals empower patients to take control of their health journey. This shift towards personalised medicine acknowledges that what works for one person may not work for another, and cannabis-based treatments provide another tool in the arsenal of healthcare interventions. Australia's embrace of medical cannabis also extends to research and innovation. With an increasing number of clinical trials and studies exploring its efficacy and safety, the medical community is uncovering new insights into the potential applications of cannabis-based therapies. This commitment to scientific inquiry ensures that medical cannabis is integrated into healthcare practices responsibly and ethically. Furthermore, the legalisation of medical cannabis opens doors for economic growth and innovation. Australia's burgeoning cannabis industry has the potential to create jobs, stimulate investment and drive technological advancements in cultivation, processing and distribution. By capitalising on this emerging market, Australia can position itself as a global leader in medical cannabis research and production. Take the example of <a href="https://www.montu.com.au/" target="_blank" rel="noopener">Montu</a>, a Melbourne-based medical cannabis company that in November was <a href="https://www.montu.com.au/_files/ugd/0ee6ca_f78badef1cf64ccba22263ed6b5ea5d0.pdf" target="_blank" rel="noopener">named the fastest-growing tech company</a> in the entire country for the second consecutive year. The groundswell of public and investor support for such a company – whose stated mission is to deploy technology to create a better medical cannabis ecosystem for suppliers, practitioners, pharmacies and the patients they serve – is testament to the rapidly growing popularity of medical cannabis as a viable everyday resource for health and wellbeing. Companies like Montu that are streamlining and regulating access to medical cannabis via a growing network of medical practitioners are playing a vital role in getting help for those who need it most. Even though Montu was only formed in 2019, with its first products entering the market in 2020, the evolution of its company ecosystem has been dramatic to say the least. Now with a diverse range of companies under its umbrella, Montu is using innovative solutions to enhance the patient experience – from their "Leafio" dispensing system bridging the gap between suppliers and pharmacies, to their growing variety of products and brands, to their "Alternaleaf" telehealth service that connects patients with expert clinicians, and their high-end "Saged" professional online learning portal for healthcare professionals, this integrated approach is shaping a future where medical cannabis is accessible, efficient and tailored to meet the diverse needs of patients and healthcare providers alike. Perhaps most importantly of all, the availability of medical cannabis promotes harm reduction by offering a safer alternative to potentially addictive pharmaceutical drugs. For patients struggling with opioid dependence or other addictive substances, cannabis-based treatments provide a non-addictive option for managing symptoms, reducing the risk of substance abuse and overdose. The legalisation of medical cannabis in Australia marked a pivotal moment in the nation's healthcare landscape. With growing recognition of the therapeutic potential of cannabis-derived treatments, Australia has taken decisive steps to ensure that patients in need have access to this alternative therapy. Through rigorous regulation and oversight, the legal framework surrounding medical cannabis balances patient safety with the need for compassionate care, allowing individuals suffering from debilitating conditions to explore new avenues of treatment. This landmark decision not only reflected a shift in societal attitudes towards cannabis but also underscored Australia's commitment to evidence-based medicine and the well-being of its citizens. As attitudes towards cannabis evolve and its medicinal benefits become more widely recognised, Australia stands at the forefront of a healthcare revolution – one of hope, healing and a future where patients can experience relief and improved quality of life. Image: Getty

Caring

Who will look after us in our final years? A pay rise alone won’t solve aged-care workforce shortages

<a href="https://theconversation.com/profiles/stephen-duckett-10730">Stephen Duckett</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> Aged-care workers will receive a significant pay increase after the Fair Work Commission <a href="https://www.fwc.gov.au/documents/decisionssigned/pdf/2024fwcfb150.pdf">ruled</a> they deserved substantial wage rises of up to 28%. The federal government <a href="https://ministers.dewr.gov.au/burke/fair-work-decision-aged-care">has committed to</a> the increases, but is yet to announce when they will start. <blockquote class="twitter-tweet"> Tens of thousands of aged care workers will receive a major pay rise after the Fair Work Commission recommended the increase. <a href="https://t.co/NeNt1Gvxd9">https://t.co/NeNt1Gvxd9</a> — SBS News (@SBSNews) <a href="https://twitter.com/SBSNews/status/1768557710537068889?ref_src=twsrc%5Etfw">March 15, 2024</a></blockquote> But while wage rises for aged-care workers are welcome, this measure alone will not fix all workforce problems in the sector. The number of people over 80 is expected to <a href="https://treasury.gov.au/sites/default/files/2023-08/p2023-435150.pdf">triple over the next 40 years</a>, driving an increase in the number of aged care workers needed. <h2>How did we get here?</h2> The Royal Commission into Aged Care Quality and Safety, which delivered its <a href="https://www.royalcommission.gov.au/aged-care/final-report">final report</a> in March 2021, identified a litany of tragic failures in the regulation and delivery of aged care. The former Liberal government was dragged reluctantly to accept that a total revamp of the aged-care system was needed. But its <a href="https://www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/respect-care-and-dignity-aged-care-royal-commission-452-million-immediate-response-as-government-commits-to-historic-reform-to-deliver-respect-and-care-for-senior-australians#:%7E:text=Minister%20for%20Senior%20Australians%20and,%2C%20dementia%2C%20food%20and%20nutrition.">weak response</a> left the heavy lifting to the incoming Labor government. The current government’s response started well, with a <a href="https://theconversation.com/anthony-albanese-offers-2-5-billion-plan-to-fix-crisis-in-aged-care-180419">significant injection of funding</a> and a promising regulatory response. But it too has failed to pursue a visionary response to the problems identified by the Royal Commission. Action was needed on four fronts: <ul> <li>ensuring enough staff to provide care</li> <li>building a functioning regulatory system to encourage good care and weed out bad providers</li> <li>designing and introducing a fair payment system to distribute funds to providers and</li> <li>implementing a financing system to pay for it all and achieve intergenerational equity.</li> </ul> A government taskforce which proposed a <a href="https://theconversation.com/what-will-aged-care-look-like-for-the-next-generation-more-of-the-same-but-higher-out-of-pocket-costs-225551">timid response to the fourth challenge</a> – an equitable financing system – was released at the start of last week. Consultation closed on a <a href="https://media.opan.org.au/uploads/2024/03/240308_Aged-Care-Act-Exposure-Draft-Joint-Submission_FINAL.pdf">very poorly designed new regulatory regime</a> the week before. But the big news came at end of the week when the Fair Work Commission handed down a further <a href="https://www.fwc.gov.au/documents/decisionssigned/pdf/2024fwcfb150.pdf">determination</a> on what aged-care workers should be paid, confirming and going beyond a previous <a href="https://www.fwc.gov.au/documents/sites/work-value-aged-care/decisions-statements/2022fwcfb200.pdf">interim determination</a>. <h2>What did the Fair Work Commission find?</h2> Essentially, the commission determined that work in industries with a high proportion of women workers has been traditionally undervalued in wage-setting. This had consequences for both care workers in the aged-care industry (nurses and <a href="https://training.gov.au/Training/Details/CHC33021">Certificate III-qualified</a> personal-care workers) and indirect care workers (cleaners, food services assistants). Aged-care staff will now get significant pay increases – 18–28% increase for personal care workers employed under the Aged Care Award, inclusive of the increase awarded in the interim decision. <figure class="align-center "><figcaption></figcaption>Indirect care workers were awarded a general increase of 3%. Laundry hands, cleaners and food services assistants will receive a further 3.96% <a href="https://www.fwc.gov.au/documents/decision-summaries/2024fwcfb150-summary.pdf">on the grounds</a> they “interact with residents significantly more regularly than other indirect care employees”.</figure> The final increases for registered and enrolled nurses will be determined in the next few months. <h2>How has the sector responded?</h2> There has been no push-back from employer groups or conservative politicians. This suggests the uplift is accepted as fair by all concerned. The interim increases of up to 15% probably facilitated this acceptance, with the <a href="https://theconversation.com/what-does-the-budget-mean-for-medicare-medicines-aged-care-and-first-nations-health-192842">recognition of the community</a> that care workers should be paid more than fast food workers. There was <a href="https://www.accpa.asn.au/media-releases/accpa-welcomes-further-aged-care-wage-rises">no criticism from aged-care providers</a> either. This is probably because they are facing difficulty in recruiting staff at current wage rates. And because government payments to providers reflect the <a href="https://www.ihacpa.gov.au/">actual cost of aged care</a>, increased payments will automatically flow to providers. When the increases will flow has yet to be determined. The government is due to give its recommendations for staging implementation by mid-April. <h2>Is the workforce problem fixed?</h2> An increase in wages is necessary, but alone is not sufficient to solve workforce shortages. The health- and social-care workforce is <a href="https://www.jobsandskills.gov.au/data/employment-projections">predicted</a> to grow faster than any other sector over the next decade. The “care economy” will <a href="https://theconversation.com/care-economy-to-balloon-in-an-australia-of-40-5-million-intergenerational-report-211876">grow</a> from around 8% to around 15% of GDP over the next 40 years. This means a greater proportion of school-leavers will need to be attracted to the aged-care sector. Aged care will also need to attract and retrain workers displaced from industries in decline and attract suitably skilled migrants and refugees with appropriate language skills. The <a href="https://theconversation.com/demand-driven-funding-for-universities-is-frozen-what-does-this-mean-and-should-the-policy-be-restored-116060">caps on university and college enrolments</a> imposed by the previous government, coupled with weak student demand for places in key professions (such as nursing), has meant workforce shortages will continue for a few more years, despite the allure of increased wages. A significant increase in intakes into university and vocational education college courses preparing students for health and social care is still required. Better pay will help to increase student demand, but funding to expand place numbers will ensure there are enough qualified staff for the aged-care system of the future. <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/225898/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/stephen-duckett-10730">Stephen Duckett</a>, Honorary Enterprise Professor, School of Population and Global Health, and Department of General Practice and Primary Care, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</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/who-will-look-after-us-in-our-final-years-a-pay-rise-alone-wont-solve-aged-care-workforce-shortages-225898">original article</a>. Image: Getty

Retirement Income

Restaurant sparks outrage for "ridiculous" fee

As inflation rates continue to rise it is not surprising that restaurants are charging extra fees, but one disgruntled customer was particularly shocked to see this "ridiculous" fee on their bill. The customer, who dined at restaurant and cocktail bar in Georgia, USA shamed the restaurant for charging their customers a $20 fee for “live band entertainment”. They shared their complaints on Reddit with a copy of their receipt and an unexpected fee at the bottom which read: “Two Live Band Entertainment Fee — $20”. Most people in the comments were equally annoyed and called the fee "ridiculous". “This is one of those leave money on the table, hand the waiter a tip and leave, sorry but if I didn’t order it, I’m not paying for it,” one wrote. “Great way to not have repeat customers,” said another. “This will backfire for them, just be honest and upfront," a third added. Other commenters were less sympathetic and did not understand why the customer was complaining when it looked like they could afford it. “When you’re paying seven dollars for a bottle of water, you really don’t get to complain about ‘unexpected costs.’ You knew what you signed up for," one commenter wrote. “Imagine a live band getting paid, huh,” another added. “They’re buying $7 bottles of water, they can probably afford it,” added a third. Image: Getty/ Reddit

Money & Banking

Rise in insurance premiums set to devastate Aussies

Australians struggling with the cost of living are set to be hit with another blow to their wallets as health insurance premiums rise. Coming into effect on April 1st, private health insurance premiums are set to rise by more than 3 per cent, in the biggest increase in five years. The federal government has approved an average industry premium rise of 3.03 per cent, which will impact 14 million Australians paying for private health cover. The 2024 increase is slightly higher than a rise of 2.9 per cent in 2023, and 2.7 per cent in 2022 and 2021. In 2019, premiums rose by 3.3 per cent, making the 2024 rise the biggest in five years. Health Minister Mark Butler said the rise was smaller than the increase in wages, the age pension and inflation. “I wasn’t prepared to just tick and flick the claims of health insurers, as the opposition asked me to do,” Butler said. “I asked insurers to go back and sharpen their pencils and put forward a more reasonable offer for the 15 million Australians with private health insurance.” “Private health insurers must ensure their members are getting value for money,” Butler said. “When costs rise, Australians want to know that higher premiums are contributing to system-wide improvements like higher wages for nurses and other health workers and ensuring that affordable services are available.” Image credits: Getty Images

Money & Banking

"Absolute joke": Hefty pay rise for traffic controllers met with outrage

A new union pay agreement that would see junior labourers and traffic controllers working 36-hour weeks earn $120,000 a year has received mixed reviews. According to reports by the Herald Sun, the Construction, Forestry, Maritime Employees Union (CFMEU) was close to cementing a new pay agreement with the Victorian state government that will see its workers given “at least” a 5 per cent pay rise. The three-year agreement would guarantee that basic labourers and traffic controllers would earn more than $2000 per week plus another $260 a week in travel allowance, equating to 23 per cent more than the average full-time weekly income of $1838. Those working overtime or more than five days per week would earn much more than the $120,000 a year figure, which is for a basic 36-hour week. CFMEU boss John Setka told the publication that the rise was to help workers combat the rising cost of living. “It could be more than 5 per cent,” he said. “Everyone is allowed to increase the cost of everything but we are not allowed to increase wages — fair dinkum? We want a pay rise to keep up with the cost of living and we are not allowed? We are not going to be the sacrificial lambs.” The proposal was met with mixed reactions online, with some people on social media wondering how the labourers were able to make higher wages than those with valuable degrees. “Let me see. Get a tertiary education and become a teacher or a paramedic. Or hold up a pole all day and get paid 50 per cent more. Only in Victoria,” one person wrote. “Visit any of the train crossing removal sites around town and you’ll see dozens of people doing nothing but standing around and looking at their phones, and just a handful doing anything that could be described as work. It’s an absolute joke,” another said. A third added, “Who other than the union thinks it’s realistic for a labourer to earn $120,000 in the same state where a trained doctor earns $83,000 first year post grad and doesn’t get to $120,000 until five years post grad.” Despite the outrage, many came to the defence of workers, saying the pay rise is well overdue. “It’s called traffic control and it is dangerous, hard work,” one X user wrote. “We respect trades in this country do not try to be America about this. Also a field that’s becoming more and more female dominated I’m sure that plays no part in the righteous indignation of men who earn $200,000 a year to say things on radio.” Another said, “I dare anyone talking s**t about this job to do it for a single summer day.” Image credits: Getty Images

Money & Banking

Mortgage and inflation pain to ease, but only slowly: how 31 top economists see 2024

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> A panel of 31 leading economists assembled by The Conversation sees no cut in interest rates before the middle of this year, and only a slight cut by December, enough to trim just $55 per month off the cost of servicing a $600,000 variable-rate mortgage. The <a href="https://theconversation.com/au/topics/conversation-economic-survey-81354">panel</a> draws on the expertise of leading forecasters at 28 Australian universities, think tanks and financial institutions – among them economic modellers, former Treasury, International Monetary Fund and Reserve Bank officials, and a former member of the Reserve Bank board. Its forecasts paint a picture of weak economic growth, stagnant consumer spending, and a continuing per-capita recession. The average forecast is for the Reserve Bank to delay cutting its cash rate, keeping it near its present 4.35% until at least the middle of the year, and then cutting it to <a href="https://cdn.theconversation.com/static_files/files/3028/The_Conversation_AU_February_2024_Economic_Survey.pdf">4.2%</a> by December 2024, 3.6% by December 2025 and 3.4% by December 2026. <hr /> <iframe id="xV821" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/xV821/4/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The gentle descent would deliver only three interest rate cuts by the end of next year, cutting $274 from the monthly cost of servicing a $600,000 mortgage and leaving the cost around $1,100 higher than it was before rates began climbing. Six of the experts surveyed expect the Reserve Bank to increase rates further in the first half of the year, while 20 expect no change and three expect a cut. Former head of the NSW treasury Percy Allan said while the Reserve Bank would push up rates in the first half of the year to make sure inflation comes down, it would be forced to relent in the second half of the year as unemployment grows and the economy heads towards recession. Warwick McKibbin, a former member of the Reserve Bank board, said the board would push up rates once more in the first half of the year as insurance against inflation before leaving them on hold. Former Reserve Bank of Australia chief economist Luci Ellis, who is now chief economist at Westpac, expects the first cut no sooner than September, believing the board will wait to see clear evidence of further falls in inflation and economic weakening before it moves. <hr /> <iframe id="ZQgno" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/ZQgno/7/" width="100%" height="400px" frameborder="0"></iframe> <hr /> <h2>Inflation to keep falling, but more gradually</h2> Today’s <a href="https://www.rba.gov.au/">Reserve Bank board meeting</a> will consider an inflation rate that has come down <a href="https://theconversation.com/the-7-new-graphs-that-show-inflation-falling-back-to-earth-220670">faster than it expected</a>, diving from 7.8% to 4.1% in the space of a year. The newer more experimental monthly measure of inflation was just <a href="https://theconversation.com/the-7-new-graphs-that-show-inflation-falling-back-to-earth-220670">3.4%</a> in the year to December, only points away from the Reserve Bank’s target of 2–3%. But the panel expects the descent to slow from here on, with the standard measure taking the rest of the year to fall from 4.1% to 3.5% and not getting below 3% until <a href="https://cdn.theconversation.com/static_files/files/3027/The_Conversation_AU_2024_economic_survey.pdf">late 2025</a>. Economists Chris Richardson and Saul Eslake say while inflation will keep heading down, the decline might be slowed by supply chain pressures from the conflict in the Middle East and the boost to incomes from the <a href="https://theconversation.com/albanese-tax-plan-will-give-average-earner-1500-tax-cut-more-than-double-morrisons-stage-3-221875">tax cuts</a> due in July. <hr /> <iframe id="buC9f" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/buC9f/6/" width="100%" height="400px" frameborder="0"></iframe> <hr /> <h2>Slower wage growth, higher unemployment</h2> While the panel expects wages to grow faster than the consumer price index, it expects wages growth to slip from around <a href="https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/wage-price-index-australia/latest-release">4%</a> in 2023 to 3.8% in 2004 and 3.4% in 2025 as higher unemployment blunts workers’ bargaining power. But the panel doesn’t expect much of an increase in unemployment. It expects the unemployment rate to climb from its present <a href="https://www.datawrapper.de/_/w9h9f/">3.9%</a> (which is almost a long-term low) to 4.3% throughout 2024, and then to stay at about that level through 2025. All but two of the panel expect the unemployment rate to remain below the range of 5–6% that was typical in the decade before COVID. Economic modeller Janine Dixon said the “new normal” between 4% and 5% was likely to become permanent as workers embraced flexible arrangements that allow them to stay in jobs in a way they couldn’t before. Cassandra Winzar, chief economist at the Committee for the Economic Development of Australia, said the government’s commitment to full employment was one of the things likely to keep unemployment low, along with Australia’s demographic transition as older workers leave the workforce. <hr /> <iframe id="pAioo" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/pAioo/2/" width="100%" height="400px" frameborder="0"></iframe> <hr /> <h2>Slower economic growth, per-capita recession</h2> The panel expects very low economic growth of just 1.7% in 2024, climbing to 2.3% in 2025. Both are well below the 2.75% the treasury believes the economy is <a href="https://treasury.gov.au/speech/the-economic-and-fiscal-context-and-the-role-of-longitudinal-data-in-policy-advice">capable of</a>. All but one of the forecasts are for economic growth below the present population growth rate of 2.4%, suggesting that the panel expects population growth to exceed economic growth for the second year running, extending Australia’s so-called <a href="https://theconversation.com/were-in-a-per-capita-recession-as-chalmers-says-gdp-steady-in-the-face-of-pressure-212642">per capita recession</a>. <hr /> <iframe id="TO8bP" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/TO8bP/4/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The lacklustre forecasts raise the possibility of what is commonly defined as a “technical recession”, which is two consecutive quarters of negative economic somewhere within a year of mediocre growth. Taken together, the forecasters assign a 20% probability to such a recession in the next two years, which is lower than in <a href="https://theconversation.com/two-more-rba-rate-hikes-tumbling-inflation-and-a-high-chance-of-recession-how-our-forecasting-panel-sees-2023-24-208477">previous surveys</a>. But some of the individual estimates are high. Percy Allen and Stephen Anthony assign a 75% and 70% chance to such a recession, and Warren Hogan a 50% chance. Hogan said when the economic growth figures for the present quarter get released, they are likely to show Australia is in such a recession at the moment. The economy barely grew at all in the September quarter, expanding just <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release">0.2%</a> and was likely to have shrunk in the December quarter and to shrink further in this quarter. The panel expects the US economy to grow by 2.1% in the year ahead in line with the <a href="https://www.imf.org/en/Publications/WEO/Issues/2024/01/30/world-economic-outlook-update-january-2024">International Monetary Fund</a> forecast, and China’s economy to grow 5.4%, which is lower than the International Monetary Fund’s forecast. <h2>Weaker spending, weak investment</h2> The panel expects weak real household spending growth of just 1.2% in 2014, supported by an ultra-low household saving ratio of close to zero, down from a recent peak of 19% in September 2021. Mala Raghavan of The University of Tasmania said previous gains in income, rising asset prices and accumulated savings were being overwhelmed by high inflation and rising interest rates. Luci Ellis expected the squeeze to continue until tax and interest rate cuts in the second half of the year, accompanied by declining inflation. The panel expects non-mining investment to grow by only 5.1% in the year ahead, down from 15%, and mining investment to grow by 10.2%, down from 22%. Johnathan McMenamin from Barrenjoey said private and public investment had been responsible for the lion’s share of economic growth over the past year and was set to plateau and fade as a driver of growth. <h2>Home prices to climb, but more slowly</h2> The panel expects home price growth of 4.6% in Sydney during 2024 (down from 11.4% in 2024) and 3.1% in Melbourne, down from 3.9% in 2024. ANZ economist Adam Boyton said decade-low building approvals and very strong population growth should keep demand for housing high, outweighing a drag on prices from high interest rates. While high interest rates have been restraining demand, they are likely to ease later in the year. <hr /> <iframe id="syk8x" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/syk8x/6/" width="100%" height="400px" frameborder="0"></iframe> <hr /> In other forecasts, the panel expects the Australian dollar to stay below US$0.70, closing the year at US$0.69, it expects the ASX 200 share market index to climb just 3% in 2024 after climbing 7.8% in 2023, and it expects a small budget surplus of A$3.8 billion in 2023-24, followed by a deficit of A$13 billion in 2024-25. The budget surplus should be supported by a forecast iron ore price of US$114 per tonne in December 2024, down from the present US$130, but well up on the <a href="https://budget.gov.au/content/myefo/index.htm">US$105</a> assumed in the government’s December budget update. <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images 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/mortgage-and-inflation-pain-to-ease-but-only-slowly-how-31-top-economists-see-2024-218927">original article</a>.

Money & Banking

Man's hilariously Aussie response to rising flood water

An Australian man has gone viral for his laid back response to flood waters rising around him, as Queensland continues to be ravaged by Cyclone Jasper. Gavin Dear, a man from the flood-stricken town of Helensvale, and two of his friends took off in his boat to help stranded locals who were displaced from the floods. While filming their rescue mission, the men came across Jonesy, a grey-haired shirtless man who was clinging to a gate as flood waters raced around him. In a clip shared to Facebook, a voice from behind the camera asked, "Jonesy, are you all right?" "Yeah mate. All good," Jonesy responded casually before raising concerns about others in danger nearby. When the men assured Jonesy his neighbours were safe, they asked him again if he needed assistance, to which he said, "Yeah nah mate, bloody fine." <iframe style="border: none; overflow: hidden;" src="https://www.facebook.com/plugins/video.php?height=476&href=https%3A%2F%2Fwww.facebook.com%2F10NewsQLD%2Fvideos%2F1334777510741703%2F&show_text=false&width=380&t=0" width="380" height="476" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen"></iframe> Hundreds of social media users flocked to the comments section to express their praise for the Aussie larrikin. "There's no possible way this could be any more Far North Queensland," one said. "I think that was the most Australian moment since the first ever utterance of G'day," another wrote. "Surrounded by utter chaos, waist deep in flood water, chopper evac in the background, worried about the other blokes and a dog and saying 'yeah, I'm all good'." Others were quick to label the man "a bloody legend" for worrying about his community despite being half underwater himself. Image credits: Facebook

Travel Trouble

Why "Grey Divorce" is on the rise in Australia

It seems that the older generation is taking a page out of the millennial playbook and saying, "Thanks, but no thanks" to marriage. According to a recent report by <a href="https://www.seniors.com.au/documents/australian-seniors-series-love-after-50-report-whitepaper.pdf" target="_blank" rel="noopener">Australian Seniors</a>, the trend of "Grey Divorce" has become so prevalent that one in three couples in Australia decide to call it quits after hitting the big 5-0. It turns out that once the kids have flown the nest, some couples find themselves facing a conundrum. And no, it's not a midlife crisis involving sports cars and questionable hair dye choices. It's the dreaded "empty nest syndrome" – the sadness and upheaval that parents experience when their adult children finally leave the family home. The report clearly highlights that almost half of these later-in-life divorces are triggered by the empty nest syndrome, followed closely by increased financial pressures (35 per cent) and retirement adjustments (34 per cent). But the report also reveals a silver lining. Many singles over 50 are discovering greater happiness and fulfilment in their solo acts. It's like they've found the secret formula for joy, and it doesn't involve a partner – just personal space, independence, financial control, peace and quiet, and less stress. Who needs a spouse when you can have tranquillity and control over the TV remote? In fact, more than half of single people over 50 reported being content without a committed partner, and almost one-third claimed that their relationship status was a positive influence on their happiness. Move over, relationship goals; it's time for solo satisfaction to take centre stage. And for those still treading the murky waters of late-life love, there's hope yet. The report offers some sage advice from those who've managed to keep the spark alive, including open and honest communication about changing needs, supporting personal growth, and maintaining independence. While the report concludes that overall divorce rates in Australia have actually hit an all-time low in recent years, the over-50 crowd appear to be shaking things up and going their own way. So, whether you're contemplating marriage or dealing with an unexpected guest cancellation at your wedding, just remember – there's a 50/50 chance you'll be navigating the exciting world of "Grey Divorce" someday. Image: Getty

Legal

The rise and fall of antibiotics. What would a post-antibiotic world look like?

<a href="https://theconversation.com/profiles/allen-cheng-94997">Allen Cheng</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> These days, we don’t think much about being able to access a course of antibiotics to head off an infection. But that wasn’t always the case – antibiotics have been available for less than a century. Before that, patients would die of relatively trivial infections that became more serious. Some serious infections, such as those involving the heart valves, were <a href="https://pubmed.ncbi.nlm.nih.gov/20173297/">inevitably</a> fatal. Other serious infections, such as <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3070694/">tuberculosis</a>, weren’t always fatal. Up to a <a href="https://www.biorxiv.org/content/10.1101/729426v1.full.pdf">half</a> of people died within a year with the most severe forms, but some people recovered without treatment and the remainder had ongoing chronic infection that slowly ate away at the body over many years. Once we had antibiotics, the outcomes for these infections were much better. <h2>Life (and death) before antibiotics</h2> You’ve probably heard of Alexander Fleming’s accidental <a href="https://www.acs.org/education/whatischemistry/landmarks/flemingpenicillin.html">discovery of penicillin</a>, when fungal spores landed on a plate with bacteria left over a long weekend in 1928. But the <a href="https://www.ox.ac.uk/news/science-blog/penicillin-oxford-story">first patient</a> to receive penicillin was an instructive example of the impact of treatment. In 1941, Constable Albert Alexander had an infected scratch on his face that had become infected. He was hospitalised but despite various treatments, the infection progressed to involve his head. This required removing one of his eyes. Howard Florey, the Australian pharmacologist then working in Oxford, was concerned penicillin could be toxic in humans. Therefore, he felt it was only ethical to give this new drug to a patient in a desperate condition. Constable Alexander was given the available dose of penicillin. Within the first day, his condition had started to improve. But back then, penicillin was difficult to produce. One way of extending the limited supply was to “recycle” penicillin that was excreted in the patient’s urine. Despite this, supplies ran out by the fifth day of Alexander’s treatment. Without further treatment, the infection again took hold. Constable Alexander eventually died a month later. We now face a world where we are potentially running out of antibiotics – not because of difficulties manufacturing them, but because they’re losing their effectiveness. <h2>What do we use antibiotics for?</h2> We currently use antibiotics in humans and animals for a variety of reasons. Antibiotics reduce the duration of illness and the chance of death from infection. They also prevent infections in people who are at high risk, such as patients undergoing surgery and those with weakened immune systems. But antibiotics aren’t always used appropriately. <a href="https://www.thelancet.com/journals/laninf/article/PIIS1473-3099(20)30084-0/fulltext">Studies</a> consistently show a dose or two will adequately prevent infections after surgery, but antibiotics are <a href="https://irp.cdn-website.com/d820f98f/files/uploaded/surgical-prophylaxis-prescribing-in-australian-hospitals-results-of-the-2020-surgical-national-antimicrobial-prescribing-survey.pdf">often</a> continued for several days unnecessarily. And sometimes we use the wrong type of antibiotic. <a href="https://irp.cdn-website.com/d820f98f/files/uploaded/antimicrobial-prescribing-practice-in-australian-hospitals-results-of-the-2020-hospital-national-antimicrobial-prescribing-survey.pdf">Surveys</a> have found 22% of antimicrobial use in hospitals is inappropriate. In some situations, this is understandable. Infections in different body sites are usually due to different types of bacteria. When the diagnosis isn’t certain, we often <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/resp.13334">err</a> on the side of caution by giving broad spectrum antibiotics to make sure we have active treatments for all possible infections, until further information becomes available. In other situations, there is a degree of inertia. If the patient is improving, doctors tend to simply continue the same treatment, rather than change to more appropriate choice. In general practice, the issue of diagnostic uncertainty and therapeutic inertia are often magnified. Patients who recover after starting antibiotics don’t usually require tests or come back for review, so there is no easy way of knowing if the antibiotic was actually required. Antibiotic prescribing can be more complex again if <a href="https://www.mja.com.au/journal/2014/201/2/antibiotic-prescribing-practice-residential-aged-care-facilities-health-care">patients</a> are expecting “a pill for every ill”. While doctors are generally good at educating patients when antibiotics are not likely to work (for example, for viral infections), without confirmatory tests there can always be a lingering doubt in the minds of both doctors and patients. Or sometimes the patient goes elsewhere to find a prescription. For other infections, resistance can develop if treatments aren’t given for long enough. This is particularly the <a href="https://pubmed.ncbi.nlm.nih.gov/11971765/">case</a> for tuberculosis, caused by a slow growing bacterium that requires a particularly long course of antibiotics to cure. As in humans, antibiotics are also used to prevent and treat infections in animals. However, a proportion of antibiotics are used for growth promotion. In Australia, an <a href="https://www.mja.com.au/journal/2019/211/4/antibiotic-use-animals-and-humans-australia">estimated</a> 60% of antibiotics were used in animals between 2005-2010, despite growth-promotion being phased out. <h2>Why is overuse a problem?</h2> Bacteria become resistant to the effect of antibiotics through natural selection – those that survive exposure to antibiotics are the strains that have a mechanism to evade their effects. For example, antibiotics are sometimes given to <a href="https://www.thelancet.com/journals/laninf/article/PIIS1473-3099(18)30279-2/fulltext">prevent</a> recurrent urinary tract infections, but a consequence, any infection that does <a href="https://academic.oup.com/cid/article/73/3/e782/6141409">develop</a> tends to be with resistant bacteria. When resistance to the commonly used first-line antibiotics occurs, we often need to reach deeper into the bag to find other effective treatments. Some of these last-line antibiotics are those that had been <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4202707/">superseded</a> because they had serious side effects or couldn’t be given conveniently as tablets. New drugs for some bacteria have been developed, but many are much more <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7955006/">expensive</a> than older ones. <h2>Treating antibiotics as a valuable resource</h2> The concept of antibiotics as a valuable resource has led to the <a href="https://pubmed.ncbi.nlm.nih.gov/8856755/">concept</a> of “antimicrobial stewardship”, with programs to promote the responsible use of antibiotics. It’s a similar concept to environmental stewardship to prevent climate change and environmental degradation. Antibiotics are a rare class of medication where treatment of one patient can potentially affect the outcome of other patients, through the transmission of antibiotic resistant bacteria. Therefore, like efforts to combat climate change, antibiotic stewardship relies on changing individual actions to benefit the broader community. Like climate change, antibiotic resistance is a complex problem when seen in a broader context. Studies have linked resistance to the values and priorities <a href="https://www.thelancet.com/journals/lanplh/article/PIIS2542-5196(18)30186-4/fulltext">of governments</a> such as corruption and infrastructure, including the availability of electricity and public services. This highlights that there are broader “causes of the causes”, such as public spending on sanitation and health care. Other <a href="https://academic.oup.com/jac/article/74/9/2803/5512029?login=true">studies</a> have suggested individuals need to be considered within the broader social and institutional influences on prescribing behaviour. Like all human behaviour, antibiotic prescribing is complicated, and factors like what doctors feel is “normal” prescribing, whether junior staff feel they can challenge senior doctors, and even their <a href="https://www.nytimes.com/2016/10/07/upshot/your-surgeon-is-probably-a-republican-your-psychiatrist-probably-a-democrat.html">political views</a> may be important. There are also issues with the <a href="https://www.cambridge.org/core/journals/international-journal-of-technology-assessment-in-health-care/article/value-assessment-of-antimicrobials-and-the-implications-for-development-access-and-funding-of-effective-treatments-australian-stakeholder-perspective/D45758CFB95520DA4FF06E46135E0628">economic model</a> for developing new antibiotics. When a new antibiotic is first approved for use, the first reaction for prescribers is not to use it, whether to ensure it retains its effectiveness or because it is often very expensive. However, this doesn’t really <a href="https://academic.oup.com/cid/article/50/8/1081/449089?login=true">encourage</a> the development of new antibiotics, particularly when pharma research and development budgets can easily be diverted to developing drugs for conditions patients take for years, rather than a few days. <h2>The slow moving pandemic of resistance</h2> <blockquote> If we fail to act, we are looking at an almost unthinkable scenario where antibiotics no longer work and we are cast back into the dark ages of medicine – <a href="https://amr-review.org/">David Cameron</a>, former UK Prime Minister </blockquote> Antibiotic resistance is already a problem. Almost all infectious diseases physicians have had the dreaded call about patients with infections that were essentially untreatable, or where they had to scramble to find supplies of long-forgotten last-line antibiotics. There are already hospitals in some parts of the world that have had to carefully <a href="https://www.reactgroup.org/news-and-views/news-and-opinions/year-2022/the-impact-of-antibiotic-resistance-on-cancer-treatment-especially-in-low-and-middle-income-countries-and-the-way-forward/">consider</a> whether it’s still viable to treat cancers, because of the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6276316/">high risk</a> of infections with antibiotic-resistant bacteria. A global <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)02724-0/fulltext">study</a> estimated that in 2019, almost 5 million deaths occurred with an infection involving antibiotic-resistant bacteria. Some 1.3 million would not have occurred if the bacteria were not resistant. The UK’s 2014 <a href="https://amr-review.org/sites/default/files/AMR%20Review%20Paper%20-%20Tackling%20a%20crisis%20for%20the%20health%20and%20wealth%20of%20nations_1.pdf">O'Neill report</a> predicted deaths from antimicrobial resistance could rise to 10 million deaths each year, and cost 2-3.5% of global GDP, by 2050 based on trends at that time. <h2>What can we do about it?</h2> There is a lot we can do to prevent antibiotic resistance. We can: <ul> <li> <a href="https://www.marketingmag.com.au/news/film-picking-gonorrhoea-wins-tropfest-prize/">raise</a> <a href="https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-019-7258-3">awareness</a> that many infections will get better by themselves, and don’t necessarily need antibiotics </li> <li> use the antibiotics we have more appropriately and for as short a time as possible, supported by co-ordinated clinical and <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3437704/">public policy</a>, and <a href="https://www.amr.gov.au/">national</a> <a href="https://www.thelancet.com/journals/laninf/article/PIIS1473-3099(22)00796-4/fulltext">oversight</a> </li> <li> <a href="https://www.safetyandquality.gov.au/our-work/antimicrobial-resistance/antimicrobial-use-and-resistance-australia-surveillance-system/about-aura-surveillance-system">monitor</a> for infections due to resistant bacterial to inform control policies </li> <li> reduce the inappropriate use of antibiotics in animals, such as <a href="https://nam.edu/antibiotic-resistance-in-humans-and-animals/">growth promotion</a> </li> <li> <a href="https://pubmed.ncbi.nlm.nih.gov/11971765/">reduce</a> cross-transmission of resistant organisms in hospitals and in the community </li> <li> prevent infections by other means, such as clean water, <a href="https://apps.who.int/iris/bitstream/handle/10665/204948/WHO_FWC_WSH_14.7_eng.pdf">sanitation</a>, hygiene and <a href="https://www.who.int/teams/immunization-vaccines-and-biologicals/product-and-delivery-research/anti-microbial-resistance">vaccines</a> </li> <li> continue developing new antibiotics and alternatives to antibiotics and ensure the right <a href="https://www.thelancet.com/journals/lanepe/article/PIIS2666-7762(23)00124-2/fulltext#:%7E:text=We%20consider%20four%20incentive%20options,exclusivity%20extensions%2C%20and%20milestone%20payments.">incentives</a> are in place to encourage a continuous pipeline of new drugs. </li> </ul> <a href="https://theconversation.com/profiles/allen-cheng-94997">Allen Cheng</a>, Professor in Infectious Diseases Epidemiology, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-rise-and-fall-of-antibiotics-what-would-a-post-antibiotic-world-look-like-213450">original article</a>.

Caring

Five ways to take advantage of rising interest rates to boost your savings

<a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a> With the Bank of England base rate <a href="https://theconversation.com/how-the-bank-of-englands-interest-rate-hikes-are-filtering-through-to-your-finances-210344">currently the highest</a> it has been since early 2008, you may have a valuable opportunity to increase your earnings on pensions, investments and savings accounts. After all, when the central bank raises its main rate – the base rate, which is typically used as a benchmark for loans as well as savings accounts – it is trying to encourage people to spend less and save more. But UK banks and building societies have <a href="https://www.independent.co.uk/money/martin-lewis-savings-rates-mortgage-crisis-b2362955.html">recently been accused</a> of letting their savings rates lag the recent rapid rise in the base rate. UK regulator the Financial Conduct Authority has urged these financial firms to offer “<a href="https://www.fca.org.uk/news/press-releases/action-plan-cash-savings">fair and competitive</a>” savings rates in response to the increasing interest rates. Many financial institutions do offer accounts with <a href="https://www.theguardian.com/money/2023/jul/15/uk-savings-accounts-interest-nsi-building-societies-banks-deals">rates of 6% or more</a>. This is good news for avid savers – but only if you keep an eye on the market so you can switch from less competitive products. This is why it’s important to establish a regular savings habit, but many people are unsure about what that should involve. My colleagues and I have studied the <a href="https://dspace.stir.ac.uk/handle/1893/32240">correlation between people’s savings goals</a> (if they have any) and how they invest their money. We also looked at how seeking financial information advice, and being “good with numbers”, both influence this correlation. We analysed data from more than 40,000 individuals in 21,000 UK households from five waves of the Office for National Statistics Wealth and Assets Survey (WAS), conducted between 2006 and 2016. This data captures comprehensive economic wellbeing information and attitudes to financial planning. Our research shows the importance to your finances of setting multiple savings goals, keeping up with financial news, and seeking professional advice. Based on this, here are five research-based ways to make the most of your money. <h2>1. Set specific savings goals</h2> Establishing personal savings goals is one of the first steps most financial institutions and advisers will recommend to their customers, because it’s a good idea to <a href="https://www.investopedia.com/terms/c/compoundinterest.asp">save regularly</a>. Plus, our study shows that total financial assets increase in line with the number of savings goals you have, and that setting specific, rather than vague, goals leads to higher performance. Specific savings goals should have an end date, target figure, and even a meaningful name – for example, “£1,000 for 2024 trip to Asia” or “£250 for 2023 Christmas present fund”. This will create tangible reference points that encourage self-control and increase the pain you feel if you fail to meet your goal. <h2>2. Seek professional financial advice</h2> Rather than relying on friends, family and social media for financial advice, speak to an expert. Our research shows households that access professional financial advice were more likely to allocate a higher share of their wealth to stock portfolios than those that rely on friends, family and social media for financial advice. This result was consistent even across different wealth and income levels, with lower earners possibly using products like ISAs to make investments in stocks and shares. Other <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">research shows</a> stock portfolios outperform most other types of investment in the long term. We also found that access to professional financial advice can substitute for setting goals, because your adviser should help you to determine the kinds of products to invest in (which is called asset allocation) for specific timelines and aims. <h2>3. Brush up on your maths</h2> <a href="https://doi.org/10.1111/j.1475-5890.2007.00052.x">Several studies</a> show numerical skills affect how households gather and process information, <a href="https://psycnet.apa.org/doi/10.1037/a0013114">set goals</a>, perceive risks, and <a href="https://heinonline.org/HOL/P?h=hein.journals/fedred89&i=791">decide to invest</a> in various financial assets. So, by brushing up on your basic numeracy and financial literacy skills – even with free online videos – you could boost your savings for the long term. Our study shows that individuals with high confidence in their numerical skills tend to have better financial planning habits – such as investing more in stocks and bonds than cash, which carries more risk but also the potential for greater returns. This trend is particularly evident among households with no savings goals, suggesting that numerical ability could compensate for failing to set such goals. <h2>4. Adopt appropriate savings strategies</h2> Diversified stock market portfolios generally outperform bonds and cash savings <a href="https://doi.org/10.1093/qje/qjz012">over longer periods</a>. However, stock markets can be volatile, so putting savings into less risky assets like bonds and cash is wise for savings goals of less than five years. In the longer term, investing across different global stock markets for more than five years can help counteract inflation. And you can access low-cost, diversified investment portfolios via financial products based on indices of stocks or other assets, such as exchange traded funds. <h2>5. Set, monitor and adjust your plan</h2> Free financial planning and budgeting apps can help you save money by tracking your spending and savings goals, and encouraging you to adhere to a budget. Most importantly, once you set savings goals and create a budget, don’t forget about them. Check regularly to see how your savings are building up and to monitor for any spending changes. A growing array of fintech tools can prompt and encourage this kind of long-term planning. Keeping an eye on savings rates is also important. As banks change rates or create new accounts, consider switching to get a better deal if you can do so without falling foul of account closure fees. It’s important to make sure your savings are working for you at any time, but its crucial in the current economy, when finances are tight but interest rates are rising.<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/208853/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, Lecturer in Accounting & Finance, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/five-ways-to-take-advantage-of-rising-interest-rates-to-boost-your-savings-208853">original article</a>.

Money & Banking

Going up! The rising cost of living

You don’t need to watch the news to know the cost of living is rising – and for many products and services, well above the headline inflation rate. The evidence is there every time you walk down a supermarket aisle, fill your car with petrol and open an energy bill. It’s at the doctor’s surgery and the pharmacy, the butcher and the baker. It seems that inflation’s appetite for your retirement income is insatiable. Then there’s the other unknown that affects your retirement income – the number of years you need to fund. None of us know how long we have to budget our retirement savings for. When your income is fixed at a rate to make it last across many years of retirement, something has to give. And for many people, the first things to go are those they enjoy most. A restaurant meal, trips to the cinema, exercise classes at the local gym. For others, more critical things may fall by the wayside – heating in winter, nourishing food, critical repairs to the home or car. If you’re worried that your retirement income won’t stretch to cover the rising cost of living over an unknown number of years, there are ways to boost it. Despite a recent dip in home values, strong growth over many years has seen the value of retirees’ home equity skyrocket. And now, you can unlock the wealth accumulated in your home to <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">improve your retirement funding</a>. This wealth in your home can be used to fund a monthly or fortnightly income stream, to top up pension payments received from your super fund or the government. It can also be drawn as a lump sum – or a mix of capital and income. Access to capital is important – you can use it to repair or renovate your home, buy a new car or enjoy a holiday. Unlocking the wealth in your home enables you to live the retirement lifestyle you deserve in the home you love…without watching every dollar you spend or foregoing the important things that make you happy. About Household Capital <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">Household Capital</a> is a specialist retirement funding provider that provides responsible long-term access to home equity to meet the needs of an ageing population. We work with you to improve your retirement lifestyle: by enhancing retirement income, providing access to capital and improving retirement housing. Our approach aims to provide you with the best of both worlds – to continue living in your family home with the confidence to enjoy the retirement lifestyle you deserve. In providing access to your <a href="https://householdcapital.com.au/household-loan/" target="_blank" rel="noopener">home equity</a>, we offer you the choice and flexibility to use the wealth in your home in a variety of ways that suit you, today and in the future. These might include: <ul> <li>Providing <a href="https://householdcapital.com.au/testimonials/bill/" target="_blank" rel="noopener">a regular income stream</a> through a regular drawdown facility, so the rising cost of living doesn’t mean going without</li> <li>Paying off <a href="https://householdcapital.com.au/testimonials/dennis/" target="_blank" rel="noopener">an existing mortgage</a> or other debt to free up your cashflow</li> <li>Setting up <a href="https://householdcapital.com.au/testimonials/john/" target="_blank" rel="noopener">a contingency fund</a> for those unexpected expenses, which can be drawn on as you need</li> <li>Covering the costs of in-home or residential aged care.</li> </ul> Our customers – Lynne, Raylene and Suzanne <iframe title="YouTube video player" src="https://www.youtube.com/embed/8Czho7sfH8I?si=Ih6vH8COkfvGR3xK" width="770" height="433" frameborder="0" data-mce-fragment="1"></iframe> Lynne, Raylene and Suzanne have been friends for more than 30 years and although they no longer live in neighbouring suburbs, they get together at least weekly to laugh, to talk and to sew. The three of them sew quilts to donate to aged care facilities, where they are gratefully received by the residents. Lynne was the first to approach Household Capital. She needed a reliable car – but as a widow in her 70s, banks would not lend to her. Instead, Lynne unlocked her home wealth to purchase her new car and to set up a contingency fund to draw on in the event of unexpected expenses. She told her friends Raylene and Suzanne about Household Capital, as both were struggling to make ends meet. Raylene and Suzanne have now used their home wealth to each establish a regular income stream and a contingency fund, giving them confidence in their future and the flexibility to meet their financial needs. Despite the rising cost of living, you can take control of your retirement and Live Well At HomeTM – and it’s Household Capital’s mission to facilitate that. After all, home can be both the best place to live and the right way to fund your retirement. To find out more about the retirement wealth source that most Australian retirees aren’t using, and see how much wealth you can unlock visit <a href="https://householdcapital.com.au/" target="_blank" rel="noopener">householdcapital.com.au</a> or call us 1300 734 720 to have an obligation free chat with one of our Australian based retirement funding specialists. Applications for credit are subject to eligibility and lending criteria. Fees and charges are payable, and terms and conditions apply (available upon request). Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764 Image: Supplied. This is a sponsored article produced in partnership with Household Capital.

Retirement Life

Cancer is rising in under-50s – but the causes are a mystery

<a href="https://theconversation.com/profiles/ashleigh-hamilton-1468163">Ashleigh Hamilton</a>, <a href="https://theconversation.com/institutions/queens-university-belfast-687">Queen's University Belfast</a> Cancer is often thought of as a disease that mostly affects older people. But worrying new research shows that cancer in younger adults is a growing problem. The study found there’s been a nearly 80% increase in the number of under-50s being <a href="https://bmjoncology.bmj.com/content/2/1/e000049">diagnosed with cancer</a> globally in the last three decades. Also of concern are the types of cancers being seen in younger adults – with this latest study and previous research showing that cancers thought of as typical of older age groups are now increasingly being diagnosed in younger people. These include <a href="https://pubmed.ncbi.nlm.nih.gov/31105047/">bowel cancer</a>, <a href="https://pubmed.ncbi.nlm.nih.gov/31331685/">stomach cancer</a>, <a href="https://pubmed.ncbi.nlm.nih.gov/32144720/">breast cancer</a>, <a href="https://pubmed.ncbi.nlm.nih.gov/30733056/">uterine cancer</a> and <a href="https://pubmed.ncbi.nlm.nih.gov/35053447/">pancreatic cancer</a>. This is worrying because some of these cancers – particularly <a href="https://www.cancerresearchuk.org/about-cancer/pancreatic-cancer/survival">pancreatic</a> and <a href="https://www.cancer.org/cancer/types/stomach-cancer/detection-diagnosis-staging/survival-rates.html">stomach</a> cancer – have low survival rates, due to the fact they’re often diagnosed at a late stage. Research has also shown that bowel cancer tends to be <a href="https://pubmed.ncbi.nlm.nih.gov/29564176/">diagnosed at a more advanced stage</a> in young people compared with older adults. While it’s clear from this latest study that cancer is becoming more common in those under 50, experts still aren’t entirely sure what’s causing this rise. <h2>Early-onset cancer</h2> The study investigated cancer cases in people under the age of 50 (termed “early-onset cancer”) from 204 countries and regions. The data analysed was collected between 1990 and 2019. The researchers were interested in knowing not only the incidence of early-onset cancer, but what types of cancer had the highest burden in under-50s. They found that in 2019, there were 3.26 million cases of early-onset cancer diagnosed worldwide – a 79% increase since 1990. The authors also predicted that by 2030, the number of under-50s diagnosed with cancer would increase by a further 31%. Breast cancer was the most common early-onset cancer in 2019, but incidences of prostate and throat cancers increased at the fastest rate since 1990. Liver cancer decreased the fastest over the same time period. The number of deaths due to early-onset cancers also increased from 1990 to 2019 – although less quickly than the rate of diagnosis, with 1.06 million deaths worldwide in 2019, an increase of 28%. The cancers with the highest number of deaths in 2019 were breast, lung, bowel and stomach cancers. The age group at greatest risk of early-onset cancer were those in their 40s. In 2019, early-onset breast cancer had the highest burden for women, while early-onset lung cancer the highest burden for men. Women were disproportionately affected in terms of death and poor health from early-onset cancer in low- and middle-income countries. The study also shows that while the highest number of early-onset cancer cases were in developed countries such as western Europe, North America and Australasia, many cases were also seen in low- and middle-income countries. Death rates were also higher in low- and middle-income countries. The main limitation of this paper is the variability of the data collected by different countries, making it difficult to measure its completeness. Nonetheless, it is still useful in getting a picture of global health. <h2>Unknown causes</h2> There’s no single explanation for why cancers are rising in under-50s. Some cancers in younger people happen as a result of a genetic condition – but these only <a href="https://aacrjournals.org/cancerres/article/80/16_Supplement/1122/641186">account for a small number of cases</a> (around 20%). Lifestyle factors such as the foods we eat, whether we drink alcohol or smoke, and being overweight are all linked to an <a href="https://www.cancer.gov/about-cancer/causes-prevention/risk">increased risk</a> of many types of cancer. Research indicates that these factors may be contributing to a rise in <a href="https://pubmed.ncbi.nlm.nih.gov/33524598/">early-onset colorectal cancer</a>, for example. Whether this is true for other types of early-onset cancer remains unknown. Some people affected by early-onset cancers may live healthy lifestyles. This suggests there are probably other reasons for the increase that have not yet been discovered. It’s clear from this research that the landscape of cancer is changing. While the incidence of early-onset cancers is increasing, cancer in this age group is still much less common than for those over-50. Early-onset cancers account for only around a tenth of <a href="https://www.cancerresearchuk.org/health-professional/cancer-statistics/incidence/age">new cases in the UK</a>. But though the numbers are still relatively low, this doesn’t mean the trend we’re seeing isn’t of concern. It will be crucial now to ensure there’s greater awareness of early-onset cancers. Most younger people, and even healthcare professionals, don’t necessarily put cancer at the top of the list when symptoms develop. It’s important for people to see their GP if they notice any new symptoms, as detecting cancer at an early stage leads to a better prognosis. Urgent research into early-onset cancer is also needed at a national and international level. The underlying causes are probably different depending on a person’s sex, ethnicity and where they live. On a personal level, there are many things you can do to reduce your risk of developing cancer. <a href="https://www.cancerresearchuk.org/about-cancer/causes-of-cancer/can-cancer-be-prevented">Following a healthy lifestyle</a> remains important. This includes eating a healthy diet, stopping smoking, exercising regularly, reducing your alcohol intake, being safe in the sun and maintaining a healthy weight. If something doesn’t feel right with your body or you experience any new symptoms, it’s important to see a doctor as soon as you can.<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/212834/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/ashleigh-hamilton-1468163">Ashleigh Hamilton</a>, Academic Clinical Lecturer, Centre for Public Health, <a href="https://theconversation.com/institutions/queens-university-belfast-687">Queen's University Belfast</a> Image credits: Getty Images 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/cancer-is-rising-in-under-50s-but-the-causes-are-a-mystery-212834">original article</a>.

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Cancer is rising in under-50s – but the causes are a mystery

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