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Former Qantas CEO to have bonuses slashed

<p>Former Qantas CEO Alan Joyce is set to have his bonuses slashed by $9 million. </p> <p>The decision comes after the airline pledged to implement all 23 recommendations made in its review of key governance matters, which were revealed in an update on 2023 financial year executive remuneration.</p> <p>Joyce, who left his role as the Qantas CEO in September 2023, will have his last annual salary with the airline cut by $9.26m, leaving him with $1.8 million. </p> <p>His hefty bonuses were withheld amid mounting pressure from investors following a string of controversies, including the illegal sacking of 1,700 workers, the selling of tickets on already cancelled flights and allegations of anti-competitive behaviour.</p> <p>Qantas released a statement on Thursday saying Mr Joyce's whopping salary led to a number of mistakes that lead to “considerable harm” across multiple areas of the company. </p> <p>“The events that damaged Qantas and its reputation and caused considerable harm to relationships with customers, employees and other stakeholders were due to a number of factors,” the statement read.</p> <p>Following a settlement with the Australian Competition and Consumer Commission (ACCC), the airline admitted to “misleading customers in relation to flight cancellations processes” and with the approval of the Federal Court, will pay a $100m penalty on top of also agreeing to a $20m customer remediation program.</p> <p>Incoming Qantas chairman John Mullen said it was important that the board learns from previous mistakes. </p> <p>“It’s important that the board understands what went wrong and learns from the mistakes of the past as it’s clear that we let Australians down,” he said. </p> <p>“As the national carrier it is our duty to make sure we always act in the best interest of stakeholders and hold ourselves to the highest level of accountability.”</p> <p><em>Image credits: Getty Images </em></p>

Money & Banking

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Slashing salt can save lives – and it won’t hurt your hip pocket or tastebuds

<p><em><a href="https://theconversation.com/profiles/peter-breadon-1348098">Peter Breadon</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/lachlan-fox-1283428">Lachlan Fox</a>, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></em></p> <p>Each year, more than <a href="https://www.aihw.gov.au/getmedia/eb5fee21-7f05-4be1-8414-8b2bba7b4070/ABDS-2018-Risk-factor-supp-data-tables.xlsx.aspx">2,500 Australians</a> die from diseases linked to eating too much salt.</p> <p>We shouldn’t be putting up with so much unnecessary illness, mainly from heart disease and strokes, and so many deaths.</p> <p>As a new <a href="https://grattan.edu.au/report/sneaky-salt/">Grattan Institute report</a> shows, there are practical steps the federal government can take to save lives, reduce health spending and help the economy.</p> <h2>We eat too much salt, with deadly consequences</h2> <p>Eating too much salt is bad for your health. It <a href="https://www.nature.com/articles/s41569-018-0004-1">raises blood pressure</a>, which increases the risk of <a href="https://www.ahajournals.org/doi/full/10.1161/HYPERTENSIONAHA.119.14240">heart disease and stroke</a>.</p> <p>About <a href="https://www.aihw.gov.au/reports/risk-factors/high-blood-pressure/contents/summary">one in three</a> Australians has high blood pressure, and eating too much salt is the biggest individual contributor.</p> <p>Unfortunately, the average Australian eats far too much salt – <a href="https://onlinelibrary.wiley.com/doi/abs/10.5694/mja17.00394">almost double</a> the recommended daily maximum of 5 grams, equivalent to <a href="https://www.heartfoundation.org.au/sodium-and-salt-converter#:%7E:text=We%20recommend%20adults%20eat%20less,about%201%20teaspoon%20a%20day">a teaspoon</a>.</p> <p>Australian governments know excessive salt intake is a big problem. That’s why in <a href="https://www.health.gov.au/resources/publications/national-preventive-health-strategy-2021-2030?language=en">2021 they set a target</a> to reduce salt intake by at least 30% by 2030.</p> <p>It’s an ambitious and worthy goal. But we’re still eating too much salt and we don’t have the policies to change that.</p> <h2>Most of the salt we eat is added to food during manufacturing</h2> <p>Most of the salt Australians eat doesn’t come from the shaker on the table. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7231587/">About three-quarters</a> of it is added to food during manufacturing.</p> <p>This salt is hidden in everyday staples such as bread, cheese and processed meats. Common foods such as ready-to-eat pasta meals or a ham sandwich can have up to half our total recommended salt intake.</p> <h2>Salt limits are the best way to cut salt intake</h2> <p>Reducing the amount of salt added to food during manufacturing is the most effective way to reduce intake.</p> <p>Salt limits can help us do that. They work by setting limits on how much salt can be added to different kinds of food, such as bread or biscuits. To meet these limits, companies need to change the recipes of their products, reducing the amount of salt.</p> <p>Under salt limits, the United Kingdom reduced salt intake <a href="https://www.ahajournals.org/doi/10.1161/HYPERTENSIONAHA.120.16649">by 20% in about a decade</a>. <a href="https://www.nature.com/articles/s41371-021-00653-x">South Africa</a> is making even faster gains. Salt limits are cheap and easy to implement, and can get results quickly.</p> <p>Most consumers won’t notice a change at the checkout. Companies will need to update their recipes, but even if all the costs of updating recipes were passed on to shoppers, we calculate that at most it would cost about 10 cents each week for the average household.</p> <p>Nor will consumers notice much of a change at the dinner table. <a href="https://www.mdpi.com/2072-6643/6/10/4354">Most people don’t notice</a> when some salt is removed <a href="https://www.sciencedirect.com/science/article/pii/S0022316622031224">from common foods</a>. There are many ways companies can make foods taste just as salty without adding as much salt. For example, they can make <a href="https://www.wsj.com/articles/SB10001424052748704534904575131602283791566">salt crystals finer</a>, or use <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4520464/">potassium-enriched salt</a>, which swaps some of the harmful sodium in salt for potassium. And because the change will be gradual, our tastebuds will <a href="https://doi.org/10.1093/eurjcn/zvac060.077">adapt to less salty foods</a> over time.</p> <h2>Australia’s salt limits are failing</h2> <p>Australia has had voluntary salt limits since 2009, but they are badly designed, poorly implemented, and have reduced population salt intake by just <a href="https://www.abs.gov.au/articles/healthy-food-partnership-reformulation-program-two-year-progress">0.3%</a>.</p> <p>Because Australia’s limits are voluntary, many food companies have chosen not to participate in the scheme. Our analysis shows that 73% of eligible food products are not participating, and only 4% have reduced their salt content.</p> <h2>Action could save lives</h2> <p>Modelling from the University of Melbourne <a href="https://mspgh.unimelb.edu.au/__data/assets/pdf_file/0004/4783405/The-Health-and-Cost-Impacts-of-Sodium-Reduction-Interventions-in-Australia.pdf">shows</a> that fixing our failed salt limits could add 36,000 extra healthy years of life, across the population, over the next 20 years.</p> <p>This would delay more than 300 deaths each year and reduce health-care spending by A$35 million annually, the equivalent of 6,000 hospital visits.</p> <p><a href="https://www.nature.com/articles/jhh2013105">International experience</a> <a href="https://www.ahajournals.org/doi/10.1161/HYPERTENSIONAHA.120.16649">shows</a> the costs of implementing such salt limits would be very low and far outweighed by the benefits.</p> <h2>How to fix our failed salt limits</h2> <p>To achieve these gains, the federal government should start by enforcing the limits we already have, by making compliance mandatory. <a href="https://www.sciencedirect.com/science/article/abs/pii/S216183132300042X">Fifteen countries</a> have mandatory salt limits, and 14 are planning to introduce them.</p> <p>The number of foods covered by salt limits in Australia should more than double, to be as broad as those the <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/604338/Salt_reduction_targets_for_2017.pdf">UK set in 2014</a>. Broader targets would include common foods for which Australia does not currently set targets, such as baked beans, butter, margarine and canned vegetables.</p> <p>A loophole in the current scheme that lets companies leave out a fifth of their products should be closed. The federal government should design the policy, rather than doing it jointly with industry representatives.</p> <p>Over the coming decades, Australia will need many new and improved policies to reduce diet-related disease. Reducing salt intake must be part of this agenda. For too long, Australia has let the food industry set the standard, with almost no progress against a major threat to our health.</p> <p>Getting serious about salt would save lives, and it would more than pay for itself through reduced health-care costs and increased economic activity.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/213980/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/peter-breadon-1348098"><em>Peter Breadon</em></a><em>, Program Director, Health and Aged Care, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a> and <a href="https://theconversation.com/profiles/lachlan-fox-1283428">Lachlan Fox</a>, Associate, <a href="https://theconversation.com/institutions/grattan-institute-1168">Grattan Institute</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/slashing-salt-can-save-lives-and-it-wont-hurt-your-hip-pocket-or-tastebuds-213980">original article</a>.</em></p>

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Cost of prescription meds to be slashed

<p>From the beginning of 2023, the price of prescription medications will be slashed in a new cost-of-living measure by the federal government.</p> <p>Australians' co-payment for scripts under the Pharmaceutical Benefits Scheme (PBS) will be capped at $30 as opposed to the current maximum co-payment of $42.50. </p> <p>That will save people who have multiple regular medications hundreds of dollars each year.</p> <p>The measure will also help prevent people having to decide between spending their money on medicines or other essentials.</p> <p>Measures won’t come into effect until January 1, with the Albanese government tabling the bill in parliament on Wednesday.</p> <p>Health Minister Mark Butler said almost a million Australians delayed or avoided filling prescriptions, citing recent research.</p> <p style="box-sizing: inherit; margin: 0px 0px 5px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; color: #323338; font-family: Roboto, Rubik, 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif; background-color: #ffffff; outline: none !important;">“This change will put close to $200 million back in the pockets of Australians each year."</p> <p style="box-sizing: inherit; margin: 0px 0px 5px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; color: #323338; font-family: Roboto, Rubik, 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif; background-color: #ffffff; outline: none !important;"><em>Image: Getty</em></p>

Money & Banking

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Lisa Wilkinson’s book price slashed by 70 percent

<p dir="ltr">The price of Lisa Wilkinson’s new book has been slashed by more than 70 percent.</p> <p dir="ltr">The former <em>Today Show</em> co-host released a memoir called It Wasn't Meant To Be Like This in November 2021, which addressed – among other things – her pay dispute with Karl Stefanovic. </p> <p dir="ltr">However, her book was not well received as the RRP took a massive cut by up to more than 70 percent at some retailers. </p> <p dir="ltr">Kmart was selling a paperback copy of the memoir for $24 and placed it on clearance for a measly $6.</p> <p dir="ltr">Big W had the book for RRP $45 and slashed a massive 73 percent off the pricing to just $12.</p> <p dir="ltr">Amazon also had the book for $12 with only Booktopia and Dymocks keeping the price at $36 and $45 respectively.</p> <p dir="ltr">Despite the price cuts on her book, it has now been revealed that Wilkinson is making money off it in a different way. </p> <p dir="ltr"><em>The Project </em>host is promoting her memoir at exclusive women’s networking breakfast group Business Chicks, where attendees are also being charged the full $45 for her book.</p> <p dir="ltr">She also held an event at the luxurious Melbourne Crown Palladium to a sold-out crowd of more than 500 attendees.</p> <p dir="ltr">Tickets to the event ranged from $145 to $185 per seat.</p> <p dir="ltr">In an Instagram post in April, Wilkinson promoted her new book tour “after a couple of false starts at the end of last year, courtesy of good old COVID”.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/tv/CcfEm0IhvYR/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/tv/CcfEm0IhvYR/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Lisa Wilkinson (@lisa_wilkinson)</a></p> </div> </blockquote> <p dir="ltr">“I’ll be telling the stories BEHIND the stories in the book, the truth about some of the headlines you may have read in recent times, the many lessons I’ve learnt across the years, the people I’ve met, and why the book almost didn’t happen,” her caption read.</p> <p dir="ltr">“And if you already have the book, please bring it along for me to sign, or you can purchase one on the day, and I’ll be signing those too.”</p> <p dir="ltr">She went on to convince attendees about the event which would include some “darn good coffee” as well as a great networking space.</p> <p dir="ltr">“And again, thank you to everyone who continues to send me messages, stop me in the street, and share their thoughts in book clubs around the country about how much the book has meant to them…you sincerely have no idea how much your feedback has, in turn, meant to me. Thank you.”</p> <p dir="ltr"><em>Image: Instagram </em></p>

Books

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Woolies slashes the price of everyday items

<p dir="ltr">Woolworths has slashed the prices of everyday items to help Aussies with the rising cost of living. </p> <p dir="ltr">The supermarket giant announced from May 4 more than 300 seasonal staples will be included in the price cut. </p> <p dir="ltr">Woolworths’ Chief Commercial Officer Paul Harker explained the decision was important to help support customers and the team as the cost of living increases and ahead of the cooler weather.</p> <p dir="ltr">“As we move to colder weather conditions, we know there’s a huge appetite for these winter warmers,” he said.</p> <p dir="ltr">“We recognise that cost-of-living pressures are being felt by our customers and our team, and it’s important we continue to help them save each time they shop.</p> <p dir="ltr">“We work really hard with our suppliers and we look at what our customers are buying at this time of the year and we look for all the ways that we can try and provide value.”</p> <p dir="ltr">Products set to be discounted include: Chicken Breast (was $14.50 now $14), Pork Leg Roast (was $11/kg now $9/kg), Cheer Cheese Slices (was $9.30 now $8.50), Odd Bunch Potatoes 4kg (was $5.90 now $4.50) and the WW Soup Range 300g (was $3 now $2.50).</p> <p dir="ltr">Some medications will also be cheaper including: Dimetapp Kids Cough Plus Immune 200ml (was $19 now $15) and Betadine Anaesthetic Lozenges Berry 36pk (was $15 now $10.50).</p> <p dir="ltr">Mr Harker also announced that more than 650 Woolies brand products will be added to the rewards program which will see more savings for customers. </p> <p dir="ltr">“Not only are we reducing the prices of more than 300 winter staples, we’re also introducing more than 650 own-brand products including flour, sugar, snack foods and other essential items to Low Price, which means customers can expect the prices of these products to remain consistent while on the Low Price program.”</p> <p dir="ltr"><em>Image: Shutterstock</em></p>

Money & Banking

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What a disaster: federal government slashes COVID payment when people need it most

<p>With Australia’s official COVID-19 infection numbers topping <a href="https://www.nytimes.com/interactive/2021/world/australia-covid-cases.html">100,000 a day</a>, the federal government has slashed its last remaining pandemic support payment.</p> <p>The decision is ill-timed, irresponsible and heartless. It is stripping away support for those most affected by the pandemic at the time they need it most. It will place those in low paid and precarious work in further financial stress as they lose income to isolate when infected or in close contact with someone else with COVID-19.</p> <p>The Pandemic Leave Disaster Payment was introduced in August 2020 in response to concerns casual workers and others without sick or pandemic leave entitlements could not take time off work when infected or in contact with someone with COVID-19.</p> <p>The leave payment was initially available to those not qualifying for JobKeeper – or, after JobKeeper ended in March 2021, the “disaster payment” introduced in response to <a href="https://theconversation.com/support-package-for-sydney-better-and-more-fit-for-purpose-than-jobkeeper-164394">the Sydney lockdown</a> in July 2021. Since that payment ended the Pandemic Leave Disaster Payment is the only individual financial support the federal government provides.</p> <p>Available to people who had contracted COVID, were a close contact or needed to care for someone who had COVID, until this week it paid A$750 a week for two weeks. You could claim the payment regardless of the number of hours of paid work you lost.</p> <p>On January 18 the rules tightened – a move announced via a <a href="https://ministers.pmc.gov.au/mckenzie/2022/changes-pandemic-leave-disaster-payment">press release </a> on January 8 (a Saturday).</p> <p>Now it only pays $750 if you lose 20 hours or more of paid work a week. If you lose 8-19 hours you get just $450 a week. If you lose less than eight hours you get nothing.</p> <p>Getting the payment has also been made more difficult by imposing a 14-day time limit to apply, from the start of the isolation period. To qualify, you must show evidence of a positive PCR or rapid antigen test. Considering the difficulty of obtaining RATs, and delays in PCR test results <a href="https://www.smh.com.au/politics/victoria/test-samples-no-longer-suitable-after-seven-day-wait-20220108-p59ms1.html">of a week or more</a>, this is a unreasonable and unnecessary constraint.</p> <h2>Flawed eligibility rules</h2> <p>A major flaw in the eligibility rules for the leave payment it is not available to people receiving social security payments. This excludes all JobSeeker recipients, despite about <a href="https://data.gov.au/data/dataset/dss-payment-demographic-data/resource/80cc89a3-3208-4e0d-9745-598f7a882e28">one in four</a> being in some form of paid work – generally low-paid casual jobs.</p> <p>The leave payment has been a vital part of the economic supports to help people stay safe and protect their loved ones and the community.</p> <p>The peak body for the community services sector, the Australian Council of Social Service, has <a href="https://www.acoss.org.au/media-releases/?media_release=another-income-hit-for-casual-workers-massive-cut-to-pandemic-leave-disaster-payment">condemned this decision</a>. It says cutting the payment will leave people without enough to cover basic costs, let alone the extra costs of isolation such as delivery fees, rapid tests (if you can get them) and personal protective equipment.</p> <h2>Worst time possible</h2> <p>There could scarcely be a worse time to cut this payment, with Australia now in the worst stage of the pandemic.</p> <p>Between August 5 2020 and July 8 2021 the Pandemic Leave Disaster Payment provided <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp2122/Quick_Guides/COVID-19DisasterPayments">almost 15,000 grants</a> to support those in need. During this period the peak COVID case rate was just over 500 day, in August 2020. Consider, therefore, the likely need now we’re at more than <a href="https://www.nytimes.com/interactive/2021/world/australia-covid-cases.html">100,000 a day</a>.</p> <p>With no other form of federal income support available you may apply for an unemployment or sickness payment like JobSeeker. But Services Australia advises this will be paid about <a href="https://www.servicesaustralia.gov.au/when-youll-get-your-first-jobseeker-payment?context=51411">two weeks after</a> a claim is granted. That is of little help to cover rent while you’re isolating with COVID. JobSeeker is also a maximum of $315 a week – inadequate to cover basic costs.</p> <p>This cut will affect many of the same people <a href="https://www.dailytelegraph.com.au/news/national/pm-announces-national-day-of-thanks-for-pandemic-heroes/news-story/174c8ccb94814aaa554d79eea0193e4f">lauded as the heroes of pandemic</a> – essential workers employed casually in health and aged care, supermarkets, hospitality venues and warehouses. It will also hurt temporary visa holders, who are entitled to the leave payment and do not qualify for any other federal income support.</p> <p>Last week <a href="https://www.acoss.org.au/media-releases/?media_release=community-sector-calls-for-collaboration-and-decisive-leadership-from-national-cabinet-to-deal-with-covid-debacle">ACOSS called for</a> the establishment of a civil society COVID Rapid Response Group to work alongside National Cabinet. We need the interests of people most at risk in the room at the highest levels when decisions like the future of the Pandemic Leave Disaster Payment are made.</p> <p>Cutting this payment now is effectively telling low-paid workers at the worst stage of the pandemic in Australia that they’re on their own.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/175146/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><span><a href="https://theconversation.com/profiles/cassandra-goldie-94635">Cassandra Goldie</a>, Adjunct Professor and UNSW Law Advisory Council Member, <em><a href="https://theconversation.com/institutions/unsw-1414">UNSW</a></em></span></p> <p>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-a-disaster-federal-government-slashes-covid-payment-when-people-need-it-most-175146">original article</a>.</p> <p><em>Image: Mick Tsikas/AAP</em></p>

Retirement Income

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Coles slashes prices on 190 everyday buys

<p>Coles is celebrating the anniversary of its Down Down campaign by slashing prices and offering major savings on an extra 190 everyday buys in their stores around Australia.</p> <p>It’s been 10 years since Coles created its Down Down program, where they commit to long-term price reductions on some of their most popular products.</p> <p>Some of the most cost efficient, long-running Down Down offers include Quilton 20-pack toilet paper for $10, Moro Olive Oil 1L for $12, Fab Laundry Powder 2kg for $7 and Bega Peanut Butter 780g for $6.50.</p> <p>And now the supermarket has reduced nearly 200 more popular buys for customers to celebrate the milestone.</p> <p>These cut backs include:</p> <ul> <li>Uncle Toby’s Cheeries cereal 570g - down from $6.50 to $5</li> <li>Oreo Biscuits 370g - down from $4.50 to $3.50</li> <li>Coca-Cola Soft Drink 8pk 8x200ml - down from $8.50 to $6</li> <li>Coon Dairy Cheese Slices 750g - down from $12 to $10</li> <li>Coles Free Range Pork Leg Roast - reduced from $14 to $12</li> </ul> <p>Down Down is Coles commitment to keep a price reduced for at least three months, sometimes longer.</p> <p>“It is more important than ever that we are providing customers with great value every time they shop,” Coles Chief Marketing Officer Lisa Ronson said.</p> <p>“Down Down and the Big Red Hand have been an important way for Coles to provide our customers with trusted value they can rely on. The campaign changed the face of retail by keeping the cost of groceries for Australians down.</p> <p>“As we celebrate its tenth anniversary, we remain committed to lowering the cost of living during what has been a very challenging time for so many.”</p>

Food & Wine

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Brisbane policeman slashed in the face, man shot multiple times

<p>A man is in hospital after he was shot in the abdomen in result of allegedly stabbing a police officer in the face in Brisbane’s south on Wednesday night.</p> <p>Police say the Mount Gravett 25-year-old has undergone surgery after slashing a male senior constable across the face,</p> <p>This morning, police said the officer's injuries were non-life-threatening and he is recovering in hospital.</p> <p>Hillgrove Street, in Mount Gravatt, has been sectioned off from the public so a forensic team can examine the scene and gather evidence, which was haphazardly strewn over the road.</p> <p>Police said the male and female officers went to the home about 5:00 pm yesterday to deliver paperwork and was greeted by a man allegedly wielding a knife.</p> <p>They say that still standing outside, the male officer was allegedly slashed on the face, before his partner shot the suspect at least three times.</p> <p>A dozen police descended on the street moments later.</p> <p>Detective Superintendent Tony Fleming said he understood the man was shot at least three times.</p> <p>"It is very sad and unfortunate, two people have been wounded and in serious conditions," he said.</p> <p>"They [officers] did their best to retreat — we are lucky it was not worse than it is.</p> <p>"Two police from an inquiry office turning up at a house [to deliver documents] is an every-day event.</p> <p>"What followed is not an everyday event."</p>

News

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Supermarket giant slashes prices just in time for Christmas

<p>Coles has taken shopper by surprise by kicking off a huge pre-Christmas sale.</p> <p>Prices have been slashed on a range of Christmas staples, and with less than a week until Christmas Day, shoppers are able to cash in on dozens of savings.</p> <p>One of the biggest bargains is on hams, with Coles Half and Full Leg Hams and Coles Finest Half and Full Leg hams all $10 off the total marked price from today until Friday.</p> <p>This means that Coles customers can benefit from savings as the average sized Coles Beechwood Smoked Half Leg Ham at $9 per kilogram as this means they pay $30 instead of $40.</p> <p>Turkey lovers can also benefit from savings, as the Coles RSPCA whole medium turkey is reduced from $30 to $28.40 each or $7.47 a kilo.</p> <p>Other bargains at Coles include Reindeer Cake, reduced from $15 to $8, Coles Finest Pudding, Gingerbread and Butterscotch, Coles Finest Fruit Cake, Iced and Jewelled and Coles Gingerbread House, which have all been reduced to $10 from $12.</p> <p>Stocking fillers are discounted as well, including Santa sacks, Frozen 2 and Star Wars products, thongs, pyjamas and T-shirts.</p> <p>A Coles spokeswoman told<span> </span><a rel="noopener" href="https://www.news.com.au/finance/business/retail/supermarket-giant-slashes-prices-on-dozens-of-items-including-ham-and-turkey/news-story/47901c08e88a732f03cc21d17d6f26ca" target="_blank"><em>news.com.au</em></a><span> </span>that the supermarket aims to help customers come Christmas time.</p> <p>“We know customers are looking for the very best value in the lead up to Christmas Day,” the spokeswoman said.</p> <p>“We are offering great savings on some of our most premium Christmas range from our Aussie ham smoked over beechwood to luxury puddings and Christmas cakes along with a big selection of groceries, fun toys and stocking fillers.</p> <p>“These products are convenient and make life easier for our customers and the savings will help them spread their budgets further this Christmas.”</p>

Food & Wine

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Coles slashes family favourite to just 50c – better get in quick!

<div class="replay"> <div class="reply_body body linkify"> <div class="reply_body"> <div class="body_text "> <p>Coles has just slashed its prices on a massive family item – Birds Eye Chips – ahead of a major new launch.</p> <p>The supermarket sent shoppers into a frenzy after a shopper announced the sale to the popular Facebook page, I Bought It At.</p> <p>“50 CENTS! No, not the rapper, this is the actual PRICE of these chips!!” The user wrote excitedly in a post.</p> <p>“Coles are officially clearing ALL of their Birds Eye chips ready for a new range to be launched this week.”</p> <iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2FiBoughtAU%2Fphotos%2Fa.341457543368116%2F369895367191000%2F%3Ftype%3D3&amp;width=500" width="500" height="528" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe> <p>The frozen hot chips can typically be purchased for a retail price of AUD$4.30. Currently, the item has been put on sale for the bargain price of just a 50-cent coin.</p> <p>A Coles spokesperson told <a rel="noopener" href="https://www.dailymail.co.uk/femail/food/article-6896907/Shoppers-race-hands-50-CENT-Birds-Eye-chips-Coles.html" target="_blank">Femail</a> the sale is happening on a “store by store basis based on stock volumes,” to make shelf room for a new launch.</p> <p>“Coles is clearing space for an exciting new range of products that are set to land in stores across Australia over the next couple of weeks... watch this space,” they said.</p> <p>Shoppers suspect the Birds Eye fries are either being discontinued or coming back with newer packaging, although this is unconfirmed.</p> <p>Just weeks before Coles priced the items for 50 cents, the popular brand of chips had already been slashed to 98 cents.</p> <p>The heavily discounted price included the sea salt and rosemary and parmesan garlic flavours.</p> <p>Woolworths also held a half-price sale on selected frozen foods for just one day only, which caused a frenzy online.</p> <p>Make sure you grab your hands on a few bags of these fries as these “cheap” chips will not last long. </p> </div> <div class="body_assets"></div> </div> </div> </div>

News

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The simple hack that could slash $500 off your holiday booking

<p>With summer well and truly around the corner, people all over the country are gearing up to book their holidays, reserving accommodation and coordinating itineraries.</p> <p>Which is why you need to get on board with this one woman’s simple hack that could cut down hundreds of dollars off your final bill.</p> <p>Melbourne mother-of-two Janica Place, 39, spoke to <em><a href="https://www.kidspot.com.au/things-to-do/family-travel/family-holidays/the-private-trick-thatll-save-you-money-when-booking-a-family-holiday/news-story/006ff515ffef3a9b35cdb0eaef6dd434">Kidspot</a> </em>and revealed how she got a discount of $500 on return flights between Melbourne and Helsinki for herself and her two children by doing this one simple thing.</p> <p>“I use two devices in order to make sure that prices aren’t being manipulated,” she said.</p> <p>“I search with my computer for instance, and then I book my flights on my phone.”</p> <p>The mother of two was so surprised to see how much cheaper the flights were that she couldn’t believe it until she returned to her computer to check that they were indeed different.</p> <p>“I’ve since booked all my flights that way,” she said.</p> <p>“I had no idea that searching destinations on different devices had such an effect. It’s crazy!”</p> <p>Another simple trick to nab cheap flights is one that is revealed by savvy travellers.</p> <p>All you need to do is clear your “cookies” – which are small computer files that let websites know if you’ve been on their page previously – on your device so that your details are not stored.</p> <p>When information is stored, then there is a chance that sites may raise their prices as they can see that you’re most likely to book the fare.</p> <p>And this trick doesn’t just work on flights, but on hotels too.</p> <p>Will you be trying out this hack? Let us know in the comments below.</p>

Travel Tips

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21 tricks to drastically slash your grocery bill

<p>A thrifty food blogger has shared her easy tips and tricks to drastically slash your grocery bills.</p> <p><strong><u><a href="https://www.instagram.com/amysheppardfood/">Amy Sheppard</a></u></strong>, author of <em>The Savvy Shopper's Cookbook</em>, of Cornwall, UK, shared with <strong><em><u><a href="http://www.dailymail.co.uk/femail/food/article-6113623/Blogger-Amy-Sheppard-reveals-slash-food-grocery-bills-21-easy-steps.html">Daily Mail</a></u></em></strong> her 21 top tips for reducing your food bills.</p> <ol> <li><strong>Meal planning</strong> – The best way to save money on your grocery bill is to plan out a week’s worth of meals before putting together your shopping list.</li> <li><strong>Shop weekly</strong> – It’s difficult to plan further ahead than a week as specials change and fruit and veg go off. Stick to a seven-day roster to avoid doing “top up” shops during the week, which will cost you more over time.</li> <li><strong>Buy frozen</strong> – Frozen veg, chicken and fish are just as good for you as fresh – and it’s cheaper, too.</li> <li><strong>Make your own lunch</strong> – Leftovers make great lunches so it's worth cooking up extra at dinner time.</li> <li><strong>Grow your own food</strong> – If you can try to grow your own fruit and veg. Even if it’s a little herb garden, it will save you money on expensive packets of fresh herbs.</li> <li><strong>Reduce food waste</strong> – Make a note of what foods you’re throwing away and stop buying it!</li> <li><strong>Eat vegetarian</strong> – Vegetarian meals are cheaper, healthier and usually quicker to cook than meat.</li> <li><strong>Look at your bank account</strong> – Do you have a realistic picture of just how much you’re spending on food? Make sure you know exactly how much you're spending on food. </li> <li><strong>Cook extra portions of food</strong> – Make extra portions of foods like mashed potato, rice, pasta, and chicken to use for lunches or other dinners later in the week.</li> <li><strong>Pay attention to prices</strong> – Remember, supermarkets change their prices daily so keep an eye for changes in prices, even your staple foods.</li> <li><strong>Check out markets</strong> – Visit your local fruit and veg market for cheaper groceries.</li> <li><strong>Go tinned</strong> – Tinned foods last for months and costs a fraction of the price of their fresh counterparts.</li> <li><strong>Avoid offers</strong> – Unless you usually buy the products, don’t get sucked into buying “specials”, which are often expensive branded products.</li> <li><strong>Set a maximum budget</strong> – And stick to it.</li> <li><strong>Switch brands</strong> – Try switching a few products every week to see if it makes a dent on your budget.</li> <li><strong>Stick to your shopping list</strong> – Only buy things on your shopping list (which is based on your meal plan).</li> <li><strong>Change your supermarket</strong> – Compare the cost of your trolley with an online store to see if you could be saving money if you shopped elsewhere.</li> <li><strong>Compare price per kilo</strong> – Look for the price per kilo to compare products so you know what represents the best value for money.</li> <li><strong>Buy loose veg</strong> – Loose fruit and vegetables is often cheaper than wrapped products. You can also buy the actual quantity you need and use less plastic. </li> <li><strong>Freeze your food</strong> – Cooking in batches is a great way to save time and money. Freeze fresh meat like chicken breast and mince and defrost when you need them.</li> <li><strong>Buy cheaper cuts of meat</strong> – A slow cooker is a great investment to make tougher cuts of meat, usually the cheaper ones, into delicious dishes.</li> </ol> <p>Do you have any tips to add? Let us know in the comments below. </p>

Money & Banking

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Price of 1400 prescription medicines slashed

<p>On Sunday, more than 1400 medicines were reduced in price, including treatments for cholesterol and breast cancer. </p> <p>The price cuts are the result of the government's new price disclosure process that monitors the discounts chemists receive on medicine prices. </p> <p>Millions of Australians who suffer from a range of health conditions will benefit from these price reductions. </p> <p>The new process will see anti-cholesterol pill Atorvastatin fall in price by 52 cents and Tamoxifen for breast cancer by $3.50.</p> <p>Cold sore treatment Zovirax will reduce in price by $3.17 and Capecitabine for certain types of cancer will be slashed by $6.26.</p> <p>Leflunomide for rheumatoid arthritis and psoriatic arthritis will be reduced by $4.24.</p> <p>Telmisartan for high blood pressure will fall in price by $1.75 and Quetiapine for mental health conditions will fall in price by $5.94.</p> <p>Diflucan to treat fungal infections will drop by a significant 17 per cent.</p> <p><span>This new scheme is expected to save taxpayers $430 million over the next four years. There are also estimated savings of $75 million to patient out-of-pocket expenses over the next four years. </span></p> <p>Paul Cross of Pharma Dispatch said the price reduction will be welcomed by many Aussie households. </p> <p>"Millions of Australians suffer from really common conditions like high cholesterol, high blood pressure and diabetes, and what this means is their medicines are going to be cheaper.</p> <p>Aussies with chronic illnesses who take multiple medications daily will make the biggest savings. </p> <p>What do you think of the price reductions on prescription medicine? Tell us in the comments below. </p>

Body

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Penalty rates to be slashed

<p>The Fair Work Commission has slashed penalty rates in a long-awaited decision handed down at 11am this morning.</p> <p>After a process of consultations and submissions that started in 2015, the commission has decided to cut penalty rates for working on Sundays.</p> <p>Businesses have long argued that Sunday penalty rates of double time should be more in line with Saturday rates of time-and-a-half.</p> <p>The decision is in line with several workplace relations recommendations made by the Productivity Commission last year.</p> <p>Thousands of retail, hospitality and fast-food workers will be affected by the decision. </p> <p><span>Prime Malcolm Turnbull said prievious he will accept the decision of the commission. </span></p> <p>Labor leader Bill Shorten said on Wednesday, "With wages growth at record lows and underemployment at record highs, there could not be a worse time to cut penalty rates."</p> <p>"Millions of Australian families rely on penalty rates to put food on the table - Labor will fight for these people and their penalty rates."</p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.com.au/finance/money-banking/2017/02/australias-biggest-bank-accused-of-ripping-off-thousands-of-workers/"><em>Australia’s biggest bank accused of ripping off thousands of workers</em></a></strong></span></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.com.au/finance/money-banking/2017/02/you-could-be-eligible-for-hundreds-of-dollars-interest-free/"><em>You could be eligible for hundreds of dollars interest-free</em></a></strong></span></p> <p><span style="text-decoration: underline;"><strong><a href="http://www.oversixty.com.au/finance/money-banking/2017/02/how-to-find-out-which-is-the-best-credit-card-for-you/"><em>How to find out which is the best credit card for you</em></a></strong></span></p>

Money & Banking

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Lower commissions would slash insurance cost, report says

<p>Life insurance is $100 million a year more expensive than it needs to be, because of commissions paid to independent insurance advisers, a divisive new report claims.</p> <p>The report, by actuarial firm Melville Jessup Weaver (MJW), was commissioned by the Financial Services Council.</p> <p>It says analysis shows high upfront commissions paid to advisers when they sell a new policy are driving them to replace policies more frequently than they should.</p> <p>In some cases, advisers earn a one-off fee of up to 200 per cent of the annual premiums their clients pay when they place new business.</p> <p>The report says about 10 per cent of banks' policies are replacement policies but up to half of advisers' sales are.</p> <p>The report claims inappropriate policy replacement activity adds up to 15 per cent a year in industry costs every year.</p> <p>"This equates to over $100 million every year in excess cost to customers and to the economy of New Zealand."</p> <p>The issue of commission is already in the spotlight because the Financial Advisers Act, which governs the sector, is up for review.</p> <p>One of the authors of the MJW report, David Chamberlain, said New Zealand was an outlier in international terms when it came to adviser commissions.</p> <p>"Advisers are looking for every reason to move customer from one insurer to another. We don't know what's good or bad in many cases, it can be very hard to determine.</p> <p>"We are trying to deal with the underlying cause, which we think is the high initial commissions. If we take out the underlying incentive it should slow the rate of replacement business,  that should reduce costs to the industry and should benefit consumers and ultimately advisers because it would be a stronger industry."</p> <p>The report recommends that advisers' commission be restricted to 50 per cent of annual premiums upfront, and then 20 per cent a year on an ongoing basis.</p> <p>That is up from about 7.5 per cent a year at present.</p> <p>No commission would be allowed on policies replaced within seven years, unless there was an increase in premiums.</p> <p>It wants advisers to disclose their actual commission to clients and tell them what their premiums would be without it.</p> <p>"A high upfront commission paid on a successful sale incentivises a consultant to firstly make a sale, and to sell as much as they can.</p> <p>"So we can end up with inappropriate sales and inappropriate levels of cover (too high). A manifestation of this conflict of interest is that personal risk insurance cover is more expensive than it needs to be and can be compromised by inappropriate policy replacement," the report says.</p> <p>The report has proved divisive among the insurance sector. AIA, Asteron Life and Partners Life have tendered their resignations from the FSC over the report.</p> <p>Partners Life managing director Naomi Ballantyne said there was no supporting evidence for the data it used. "They've guessed."</p> <p>She said if advisers were replacing policies with something better, that should be encouraged. "</p> <p>[Advisers] should be actively reviewing clients' policies and making sure they stay relevant. Even if it is 50 per cent [of business that is replacement] if it's in the clients' interests, what is the problem with that?"</p> <p>Ballantyne said advisers could not operate independently on the commission structure suggested.</p> <p>"I would have to step in and pick up some of the marketing costs. And if I've got that fixed cost I am going to want to know where the business is being placed, so what it does is it influences their ability to be independent."</p> <p>Rod Severn, chief executive of the Professional Advisers Association, said he agreed disclosure should be simplified and there was a need for an industry-wide policy around replacement business.</p> <p>But he said advisers were being unfairly targeted.</p> <p>"The industry functions as a whole - therefore singling out one channel does not accurately represent the role and obligations of all parties in evolving the industry in the interest of consumers.</p> <p>"The whole industry must work together – providers and advisers - to clearly define issues and promote change in the interests of consumers. How consumers access advice and who pays for that advice is not a new subject, and one that is high on the agenda for the advice industry," he said.</p> <p>"The formula for the current remuneration model needs to provide more clarity for consumers. But reducing remuneration by up to 75 per cent would decimate the industry and is not a sustainable model and would underpin the chronic underinsurance already present in New Zealand."</p> <p>FSC chief executive Peter Neilson said the report would inform some of the debate around the Financial Advisers Act review, without being a formal submission from his organisation.</p> <p><em>Written by Susan Edmunds. First appeared on <span style="text-decoration: underline;"><a href="http://www.stuff.co.nz/" target="_blank">Stuff.co.nz.</a></span></em></p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/finance/insurance/2016/01/unnecessary-types-of-insurance/">The types of insurance that aren’t worth your while</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/finance/insurance/2015/12/factors-affecting-your-life-insurance-premium/">What factors are affecting my life insurance premium?</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/finance/insurance/2016/01/insuring-your-home-for-a-natural-disaster/">Insuring your home for a natural disaster</a></em></strong></span></p>

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