The bedroom hack helping renters save
How Aussies are saving on rent, the real value of an Olympic gold medal, and has Champagne lost its pop? Here are five things you may have missed this week.
Renters go big to save
Rising rents have left tenants scrambling for cash to pay the weekly rent.
But now they're fighting back with a smart strategy - renting larger homes either as share houses or for multi generation family living.
The idea is that the more bedrooms, the lower the rent per resident.
According to CoreLogic that's seen rents for houses with five or more bedrooms climb 8.7% over the last year.
For context, rents on two-bedder apartments have increased by 7.9%, while one-bedder units have seen a 7.1% rent rise in the last 12 months.
Despite larger homes seeing bigger rent hikes, they can still be a more affordable option.
CoreLogic says the average weekly rent per bedroom in a five-bedroom house is about $175 nationally, compared to $293 in a two-bedroom unit, or $541 in a one-bedroom apartment.
Aussies give up complaining about telcos
If you've ever felt that raising a complaint with your telco fits firmly in the too-hard basket, you're not alone.
The latest data from the Telecommunications Industry Ombudsman (TIO) reveals consumers and small businesses lodged 15,799 complaints about phone and internet companies in the first three months of 2024 alone.
Yet that's likely to be the tip of the iceberg.
New research from the TIO shows over half (55%) of us experienced at least one problem with our telco in the last year - but 77% didn't bother making a complaint thinking the process would be overwhelming.
Ombudsman Cynthia Gebert says this result should drive a re-think across the sector of how customers, especially battlers, can interact with telcos.
She adds, "I believe the telco sector should, and must, do more to support customers who are doing it tough. The first step is to get the sector to pull together,"
Gebert has announced the formation of a Telecommunications Accessibility Task Force to address how telcos can better serve customers experiencing vulnerability.
What is an Olympic gold medal worth?
After years of training it must feel pretty darn good to win an Olympic gold medal.
But it turns out the medals aren't quite as golden as you may think.
The medals at the Paris Olympics are certainly hefty, weighing in at about half a kilo apiece.
However, the gold medals are actually 92.5% silver - exactly the same as the silver medals. The difference is that the winning medals are plated with 6 grams of gold.
That makes the gold content worth about $270 at current market rates.
Of course, no athlete trains for the Games with a view to making money from a medal.
That said, former Olympians have been known to pocket a small fortune by selling their gold medals once they've hung up their sporting gear.
Ukrainian boxer Wladimir Klitschko reportedly sold his gold medal from the 1996 Atlanta Olympics for $US1 million ($1.53 million) in 2012.
Champagne loses its fizz as sales fall
It seems the mood of the moment isn't conducive to popping the cork on a bottle of Champagne.
Luxury brand LVMH Moët Hennessy Louis Vuitton, reports a 26% drop in profits from its wine and spirit sales in the first half of 2024 compared to the same period last year.
The company says the decline in Champagne sales reflects the "ongoing normalisation of post-COVID demand". Alcohol sales soared through the pandemic, jumping 29% in Australia alone.
Maybe it's not the zeitgeist. Perhaps we're all just hunting for better value.
A bottle of Moët & Chandon Impérial Brut, for instance, retails at BWS for $85. Or you can pick up a homegrown bottle of Jacob's Creek Trilogy Cuvée Brut NV for $16.
More broadly, Australians are consuming less wine, a trend that industry body Wine Australia says reflects economic factors as well as a general movement towards alcohol moderation.
Since 2019, the number of regular (weekly) wine drinkers in Australia has decreased by half a million, led by Gen Z and Millennials who make up more than half the buyers of no- and lower-alcohol wines.
Under 40s and their parents not talking about wealth transfers
Over the next 25 years older generations of Australians are expected to transfer a massive $3.5 trillion in wealth to the next generation.
That's a lot of money. The trouble is, not many families are talking about it.
Research by AMP shows three in five under-40s haven't spoken to their parents about a wealth transfer. That's despite half expecting to financially support their parents as they age.
And debunking the myth that younger Aussies are holding off for an inheritance, AMP found only one in five under-40s are relying on an inheritance from parents for their future financial security.
AMP director of retirement, Ben Hillier says the research shows "an interesting dynamic within families, including a lack of communication between the generations on wealth matters".
He adds that many Australian retirees are fearful their savings won't last, and believes "it's very possible these concerns are inadvertently conveyed to their children and hinder open dialogue on wealth matters".
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