1. What to do if you've got a David Jones gift card

Anyone with a David Jones gift voucher is being urged to spend it as soon as possible, after the 188-year-old department store went into administration this week.

Fears for the retailer's future came true yesterday, when David Jones announced administrators and receivers had been appointed to run its business.

The appointments came after reports the storied company had been unable to pay landlords and suppliers.

Administrators and receivers are currently working out if David Jones can continue operating.

If they decide to close the business, they'll focus on distributing any leftover cash to 'secured creditors': in other words, David Jones' biggest business partners.

Experts say ordinary consumers with a gift card for the retailer will be last in line for a cut.

"Use that gift card right now or risk not being able to claim that cash at all," says Jana Bowden, professor of marketing at Macquarie University.

"If you've got a gift card, you are an unsecured creditor," she says. "You will be on the bottom rung and the last to receive anything, so use it now".

Anyone with a gift card can register with administrators as an unsecured creditor.

But Professor Bowden describes the chance of this resulting in a payout as 'extremely small'.

2. Woolworths announces home loan partnership

Woolworths is promising homeowners the chance to earn up to $2000 worth of loyalty program points after it partnered with mortgage broking platform Middle.

In what the supermarket says is an industry-leading move, Everyday Rewards members will get points for taking out loans they find through the platform.

Members will get up to 250,000 Everyday Rewards points every time they settle an eligible new home loan through a broker they find through Middle.

They'll then get 30,000 points each year they keep the loan, for up to five years.

Woolworths says this total points windfall will be worth $2000.

Everyday Rewards points can be redeemed for discounts at Woolworths stores and outlets operated by partner businesses.

The new partnership comes after some have questioned the value of supermarket loyalty schemes.

Even free tiers have been found to sometimes cost consumers by encouraging them to consistently shop at the same store, instead of at cheaper competitors.

3. Thousands lost to Vinted scammers

Aussies selling items on Vinted have lost thousands of dollars to scammers impersonating the popular online secondhand marketplace.

IDCARE received more than 130 reports of scammers impersonating Vinted between July and September, with victims losing $2200 on average.

The cyber support service says criminals are sending messages to people selling items on the platform, claiming they have a buyer.

The messages urge recipients to clink on a link to verify their account and confirm the sale.

These links lead to websites designed to look like legitimate payment platforms, where victims are told to provide their bank account and other sensitive details.

IDCARE is urging Vinted sellers to watch out for links sent through email or direct message and not to enter sensitive details on these pages.

Vinted only launched in Australia in July, but has become a popular forum for buying and selling secondhand clothes.

4. Crypto investors withdraw billions as North Korea blamed for mega theft

Cryptocurrency traders have withdrawn over $4.6 billion USD ($6.6 billion AUD) of their money from Binance after the exchange was infiltrated by North Korean hackers.

Binance began allowing withdrawals this week after it revealed $6.3 billion USD ($9 billion AUD) had been stolen by the hackers last week.

The heist, which some experts have described as the largest of its kind, has shaken global confidence in crypto.

But Binance says the amount customers withdrew following the theft represented just 2% of its total assets under management.

The company said the raid on its platform was carried out by IT operatives working for North Korea, who used fake job interviews to interact with Binance employees.

These hackers then gained access to employee computers, allowing them into Binance's systems.

Australian authorities in September warned North Korea was using fake job offers to connect with and exploit people working in the crypto industry.

Stolen cryptocurrency is considered one of North Korea's main sources of revenue.

5. ASIC threatens super funds over customer service failures

The corporate regulator has threatened to take legal action against Australia's superannuation funds if they don't improve how they handle member complaints.

The Australian Securities and Investments Commission (ASIC) says many funds aren't paying close enough attention to concerns raised by members.

"Just because trustees don't identify broader problems affecting their members doesn't mean they aren't there," says ASIC commissioner, Simone Constant.

"Small problems left unidentified, unattended or unresolved can snowball into widespread failures that expose members to harm".

ASIC also accused funds of being too quick to blame their own members' lack of knowledge about super for the issues they were facing.

The regulator has already taken three super funds to court in recent years for offering poor service to members, including for being too slow to process death benefit claims.

When you finally checked, it was still worth $100. You'd probably think the market had gone nowhere.

But what if I told you that during those 12 months, your ETF climbed to $125, then fell to $85 and eventually recovered to $100? Would you still think nothing had happened?

Now imagine another investor bought the same ETF for $100. Rather than simply holding on, they followed the trend as the price climbed to $125.

When the market turned, their trading rules told them to sell at $116.

That investor who sold made a 16% profit before costs and tax, while you made nothing from the price movement.

We're excluding distributions from this example, but the point is that both investors bought the same ETF. The difference was that one had a plan for when to sell.

Of course, no trading rule will consistently get you out near the top. But having a plan can make a significant difference to your returns.

If you think this example is unrealistic, look at what's been happening in the Australian share market.

The All Ordinaries closed in October 2025 at 9178 points. Fast forward to 5 November 2026, and it closed at 9205.2. That's a rise of 0.3% in just over a year.

But those two numbers don't tell the whole story.

Between February and March this year, the market fell around 8% before climbing nearly 7% between March and August, based on month-end closing prices.

So, while the market appeared to be going nowhere, it still saw significant price movements along the way.

And this isn't the first time we've seen this happen.

In March 2022, the All Ordinaries closed at 7790 points before falling more than 13% by the end of June. By March 2024, it had recovered to 8154 points.

That's a gain of less than 5% over two years, yet the market fell sharply and then rose almost 21% from its June 2022 low.

For years, investors have been told that the best way to invest in ETFs is to buy them, forget about them and let the market do the work.

But what happens when the market spends years moving sideways?

Your money could be tied up in an investment that's making little progress, even though the market presents opportunities along the way.

I'm not suggesting you jump in and out of ETFs every time the market moves. That's not a strategy, and it can quickly cost you money.

What I mean is that understanding market trends and having clear rules for when to buy and sell can help you make better investment decisions.

Because it's not just what you invest in that matters. Knowing when to buy and sell can be just as important.

This is where learning to think like a trader can make a real difference.

Rather than simply buying an ETF and hoping it goes up, you can learn to recognise when the market is moving down and know when the trend is turning back up.

You don't need to pick the exact top or bottom to make money. And with inflation eating into the value of your money, can you really afford to ignore the opportunities the market is presenting?

So, if you're looking to develop a new skill in 2027, why not invest in your financial education?

Find an accredited trading course that teaches you how to read charts, identify when to buy and sell, and manage your risk.

Once you understand how to make these decisions, you'll realise ETFs aren't just investments you buy and forget. They can offer far more opportunities than you might think.

Best and worst sectors

Information Technology is the best-performing sector so far this week, rising 10.9%, as falling US bond yields supported growth stocks, while NEXTDC's sharp rebound gave the sector an extra boost.

Real Estate gained 4.8%, as lower global bond yields helped support property valuations and renewed demand for listed property stocks.

Consumer Discretionary rounded out the top three, up 4.4%, as cheaper oil raised hopes of easing household cost pressures and helped retailers and other consumer stocks rally.

At the other end of the market, Energy is the worst sector so far this week. It fell 7.4% as plunging oil prices weighed on producers. Hopes of Middle East diplomacy reduced the premium for supply risks.

Utilities was the second-worst sector, down 0.7%, likely as investors rotated out of defensive shares and into growth sectors as confidence improved.

Financials rounded out the worst performers this week, falling 0.7%, as concerns about slowing growth and household stress weighed on banks.

Best and worst stocks

NEXTDC Limited led the S&P/ASX Top 100 this week, climbing more than 67% after Goodman and Digital Realty moved to acquire up to 9.9%, sparking takeover speculation.

Block Inc followed, rising more than 15% after stronger-than-expected quarterly earnings and an upgrade to its full-year gross profit outlook.

Xero Ltd rounded out the leading performers, gaining more than 14% as it rode the broad technology rally. Falling US bond yields renewed investor appetite for growth stocks.

At the other end, AMP Ltd was the worst performer, falling more than 12% as weaker profits at its Chinese pension investment raised earnings concerns, despite unchanged partnership guidance.

Eagers Automotive Limited followed, falling more than 12% after its trading update highlighted pressure on car retailing margins and tougher Australian consumer conditions.

Woodside Energy Group rounded out the worst performers, falling more than 8% as plunging oil prices reduced expectations for revenue and earnings across energy producers.

All Ordinaries Index update

The All Ordinaries Index roared back to life this week, gaining almost 2% as at Thursday's close to return to the all-important 9200 level.

This level has been one of the sellers' strongest since August 2025 and stopped previous rallies in their tracks. This time, though, the market looks better placed to push through.

The latest pullback was shallower, and a clearer price pattern suggests the underlying trend is strengthening.

Opportunities are also emerging across the market, giving investors more reason to remain optimistic. With the US election result now known, another source of uncertainty has been removed.

Markets can respond positively to having a clearer picture of what lies ahead, even when investors don't agree on the outcome.

Gold also rose alongside shares this week. While the two can move higher together, it will be interesting to see whether that strength continues and what it tells us about investor confidence.

Oil prices also plummeted after the election result, which gives us a clue about what investors believe a Democratic voice could do to the outcome of the war.

Looking ahead, the conditions are improving for a potential end-of-year rally, but buyers still need to clear 9200.

Next week will give us a better indication of whether they have the conviction to push through or whether sellers will force another pullback.

For now, the price action is encouraging. I feel this market is getting tired of moving sideways and may finally be ready to get on with it.

News of Australia's seventh month of declining house prices was delivered on Monday by research firm Cotality.

It was followed one day later by another interest rate hike and warnings from banks that the property downturn would continue into 2027.

The slump is the most dramatic in 40 years and the unprecedented series of events has got Aussies looking for a silver lining.

With the value of a property having some influence on how much it costs to insure, some Reddit users have been asking a question:

If property values are going down, shouldn't home and contents insurance premiums fall as well?

Home insurance becoming more expensive

Despite such hopes, insurance premiums are going in the opposite direction.

Consumer advocacy group CHOICE regularly analyses quotes for home and contents insurance from across Australia.

"Looking at just the first half of this year, we've seen them go up about 5.5%," says Daniel Graham, senior data analyst in CHOICE's insurance and utilities team.

"Over 2025, the average quote went up by 4.1%, so they've already smashed last year's increase."

Why home insurance premiums won't go down

A property's value and how much it costs to insure might seem aligned, but actually aren't.

"The factors going into the pricing for each of those things are very different," says Graham.

"For example, your insurer doesn't care how close you are to a good school."

While a home's value does have some bearing on the size of an insurance premium, other considerations carry greater weight.

"It's got to do more with what it would cost to rebuild your property from scratch," explains Ceyda Erem, insurance expert at Finder.

She says a whole range of factors that don't affect the value of existing properties are driving up premiums.

"The cost of living is hitting the construction industry, so things like labour and materials have all gone up in recent years."

"If your property is becoming more expensive to rebuild, your premium is going to be high as a result of that."

How to get cheaper home insurance

So if a sluggish property market won't give you a cheaper premium, what will?

Experts point to actions you can take yourself:

1. Shop around

Erem says lots of people stick with the same insurance provider for decades.

Not comparing with other options will see your premium creep above market rates over time without you realising.

"Revisit the policy that you took out ten years ago, don't just let it auto-renew," Erem recommends.

Compare what your current provider's charging you now with what they charge new customers.

If you're paying more for the same policy, negotiate or take your business elsewhere.

2. Increase your excess

Raising the excess on your policy will mean you'll have to pay more out of your own pocket when something goes wrong.

But it also means insurers get to spend less out of their own pocket and they'll reward you for this with a cheaper premium.

"If you are financially comfortable, increasing your excess can help reduce your premium a little bit," says Erem.

3. Strip unneeded extras

Erem also recommends reconsidering any extra bits of cover included in your policy.

"Review all those optional extras to see if they're needed and whether you can strip them back," she says, adding that this will further lower your premium.

4. Switch to annual billing

If you can afford to, Graham recommends paying your insurance annually.

"A lot of insurers charge you more to pay by the month," he explains. "As much as 20% more than the base annual premium... so pay your premium annually if you can."

How to prepare your home insurance for summer

A destructive storm, flood or fire can suddenly leave you relying on an insurance payout to get your life back on track.

As summer approaches and the risk of such events grows, Graham advises checking that you're appropriately protected.

"It's important to know what your insurer covers," he says, pointing to how bushfire cover in particular can be less reliable than you might think.

"Your insurer will cover you if your house burns down but... may exclude some niche things."

"Things like smoke damage from a fire that's not on your property or damage from soot, ash and sparks from fires that are a certain distance away."

"Read your product disclosure statement and know what your policy covers and doesn't cover," he says.

"If there's something you do want cover for, shop around and get a policy that suits your needs before it's too late."

Australians now spend tens of billions of dollars during the period before and after Black Friday on November 27.

This year, Shopify estimates that the average shopper will shell out nearly $350, up from $324 last year.

While the sales can offer a chance to save money and even get a head start on Christmas shopping, some Australians will inevitably spend more than they planned.

But that doesn't have to be the case.

"We're going to be inundated by Black Friday messages over the next few weeks," says Sarah Megginson, personal finance expert at Finder.

"So being prepared means you're going to have more of a chance of actually nabbing a bargain rather than buying things you don't need because you've been swept up in the moment."

So, before the sales start in earnest, here are some practical ways to help you walk away with a genuine Black Friday bargain.

1. Start with a shopping list

Perhaps it's Christmas gifts for your friends and family, or something you've been waiting to purchase for home, like a new washing machine or television.

Whatever it is you're looking to buy in the Black Friday sales, going in with a dedicated list is one way to avoid impulse purchases and budget blowouts.

2. Check prices before the sales kick off

Creating a list can help you avoid coming home with purchases you don't need, but checking prices well before Black Friday can ensure you're getting a genuine discount on the items you do want.

Some retailers have been known to increase prices ahead of Black Friday before discounting them during the sales period, which is why establishing a baseline can be useful.

You can do this yourself, or utilise tracking tools like JB Buddy or Google's Track Price feature.

3. Set a Black Friday budget

Once you've narrowed down your list and have a sense of what your target items typically cost, it's time to decide what you're actually willing to spend.

That might be a specific dollar figure for each item or a range that you'd be comfortable paying.

Having a spending limit in mind can help take the emotion out of your decisions and make it easier to decide whether to purchase or pass on an item when the time comes.

4. Make use of gift cards and points

Australians have $1.74 billion in unused gift cards tucked away in wallets and top drawers, according to Finder. That's not to mention the billions of reward points left unredeemed.

So, before spending your own money during the Black Friday sales, why not put those cards and points to use first?

And with uncertainly about the future of David Jones swirling, now may be a good time to take stock of any gift cards or points you have stashed away.

5. Watch out for sneaky sales tactics

Shoppers will need to have their wits about them during the Black Friday sales, lest they fall for some of the more dubious sales tactics some retailers employ.

As part of a recent investigation into Black Friday sales practices, the Australian Competition and Consumer Commission highlighted several tactics that consumers should be wary of:

• Inaccurate countdown timers designed to create a false sense of urgency
• Sales displayed as 'sitewide' or 'storewide' that aren't actually wide-ranging  
• The use of wording like 'Up to 50% off' when few items are actually reduced that much
• Misleading 'was/now' pricing on items

6. Know your consumer rights

It's not uncommon to see signs claiming there are 'no refunds on sale items' during major sales events. But those statements can be misleading.

Under Australian Consumer Law, shoppers are entitled to a number of consumer guarantees, including that products are of an acceptable quality, match their description and are fit for purpose.

If these guarantees aren't met, consumers are entitled to a refund or a replacement - irrespective of whether the item was purchased during a sales event or not.

If something happened to you tomorrow, would your family know where everything is?

Not just your Will, but your bank accounts, super, insurance, bills, passwords and the people they would need to call.

For a lot of families, there is one person who tends to know all of this.

That works fine until it doesn't.

An 'in case of emergency' file is simply a way of making sure the important information is all in one place.

Why it matters

I have heard stories of families losing someone suddenly and then having to work out the finances at the worst possible time.

One person in the family had always handled everything.

This person knew the passwords, paid the bills and knew where the investments and insurance were held.

When they were gone, their partner was left trying to piece it all together, while also dealing with the loss.

That is the part people often do not think about.

It is not just the money. It is the stress of not knowing where to start.

And in most cases, this is not because someone was disorganised.

Life just gets busy. We keep putting these things off because they never feel urgent. Until suddenly they are.

What should be in it?

• Your file does not need to be fancy. It could include things such as:
• Your Will and powers of attorney
• Contact details for your accountant, solicitor and financial adviser
• Super and investment details
• Insurance policies
• Loans and regular bills
• Details of important bank accounts
• Instructions for accessing important online accounts.

You do not need to put every password in a folder either. In many cases, it is better to record where passwords are securely stored and how a trusted person can access them if needed.

It can be a physical folder at home or a secure digital file.

The main thing is that someone you trust knows it exists and knows how 
to access it.

Keep it simple

Ask yourself one question: if I could not manage things tomorrow, what would my family need to know? Start with that question and go from there.

You do not need to build the perfect system. Just get the important things together and review it every year or whenever something major changes.

It is also worth making sure your partner or executor actually knows who your key advisers are.

A list of names and phone numbers can be just as useful as a stack of documents.

An 'in case of emergency' file might never be needed. Hopefully it never is.

But if it is, having one could make a very difficult time just a little bit easier for the people you love.

The thought of picking up bedbugs while travelling is enough to make anyone itchy.

Passengers have reported the pests on flights, including a recent Qantas service from Perth to Rome that was grounded for a deep clean. That raises an unexpected question: who's responsible, and will travel insurance help?

The good news is that travellers may have options if they encounter bedbugs overseas, particularly if they need medical attention.

However, cover largely depends on what you're claiming for, with an important distinction between medical expenses and the costs of dealing with an infestation.

Bedbugs and travel insurance: what's covered?

Most insurers cover eligible overseas medical expenses for an unexpected illness or injury.

If you have a reaction to bedbug bites that needs medical attention, you're likely to be covered, depending on the circumstances and your policy terms.

Contact your insurer and make sure to keep your medical records and receipts.

However, that doesn't mean every expense from a bedbug encounter will be covered, and replacing belongings is a different story.

Insect and vermin damage: a common exclusion

Many travellers don't realise that luggage cover doesn't always include infestations.

In fact, several policies specifically exclude loss of or damage to belongings caused by insects or vermin.

So, if you find bedbugs in your suitcase or clothing and need to throw items away, don't assume your insurer will pay to replace them.

What if your hotel has bedbugs?

If you encounter bedbugs in your accommodation, there are a few practical steps you can take.

If you find bedbugs in your room, contact the accommodation provider or booking platform straight away and ask for a room change or other arrangements.

Whether your insurance covers any extra accommodation costs will depend on the circumstances and your policy wording.

Seeking compensation from your airline or hotel

If an infestation damages your luggage or belongings, you may be able to recover some of the costs, depending on where it happened and whether the provider can be held responsible.

Photos of the damage, receipts for affected items and replacement costs will help support your request.

Reimbursement isn't guaranteed and will depend on the provider's policies and consumer protections, but having clear evidence will put you in a stronger position.

Making an insurance claim: what you need to know

Any compensation you receive from an airline or accommodation provider may reduce what you can claim from your insurer, because insurance isn't designed to pay you twice for the same loss.

If you've already been compensated, tell your insurer when you lodge your claim.

Keep photos, medical reports, receipts and written correspondence with the airline or accommodation provider, as your insurer may need them to assess your claim.

Check your cover before you go

The best protection is knowing what your policy covers before you leave.

While bedbugs can be an unwelcome travel disruption, understanding your cover can help you feel better prepared if something unexpected happens.

Most policies treat medical expenses, damaged belongings and trip disruption differently.

Read your insurer's Product Disclosure Statement (PDS) before you travel, familiarise yourself with the exclusions, and contact your insurer if you're unsure whether an unexpected expense is covered.

CHOICE has announced the winners of its 21st annual Shonky Awards, bestowing the dubious gong on the businesses whose products and services it says are the worst it's seen all year.

The recipients range from major ticket-selling platforms and appliance brands, to food manufacturers and pet insurance providers.

"At a time when most consumers are doing it tough, you'd think that companies might give us all a break," said CHOICE CEO Monique Perry.

"Unfortunately, consumers continue to be treated badly by businesses across Australia, so there was no shortage of contenders for this year's awards".

Ticket giants slammed for high prices

Ticketek and Ticketmaster were joint winners of the first of this year's Shonky gongs, for "sneaky tactics" and high prices on their ticket-selling platforms.

CHOICE says wording on these websites suggested they had been applying dynamic pricing algorithms.

These cause ticket prices to fluctuate depending on how popular they are.

CHOICE gave the example of tickets to a John Farnham concert, sold on Ticketek, that had been "inflated" to as much as $1650.

For Ticketmaster, it highlighted seats at an NRL game that were $50 more expensive than others in a similar location because they were deemed to be "in demand".

In a statement to Money, Ticketek denied the $1650 John Farnham tickets were the result of dynamic pricing.

It said customers are notified when dynamic pricing does apply.

Ticketmaster denied using "surge pricing or algorithms that automatically increase prices in response to real-time demand".

It added that it doesn't set the prices of tickets on its platform, which it says are decided by event organisers.

Airline called out for banking customer credits

Virgin Australia is another Shonky recipient, for giving customers limited time to use flight credits before banking them as profit.

CHOICE says a swathe of service cancellations by the airline during the COVID pandemic left customers holding $93 million worth of credits to use on other flights.

Consumers had until June 30 this year to use these vouchers to book a flight scheduled no later than May next year.

CHOICE says this timeframe allowed Virgin to take back tens of millions of dollars worth of expired credits for itself as profit.

The airline told Money it extended the cut-off date for customers to use these credits several times.

It added that more than 93% of COVID credits were redeemed.

Pet insurance accused of offering little protection

CHOICE has also given a Shonky to pet insurance provider Petcover's Economy policy.

Instead of having their cover renewed every year, CHOICE says customers are being sold a new policy every 12 months.

This classifies any conditions their pet suffered in the previous year as pre-existing and therefore excluded from cover.

What's worse, CHOICE says, is that the policy's definition of a pre-existing condition is one of the broadest it's seen, refusing to help pay for a large range of ailments.

"Basically, you're covered until you have something that needs cover," summarises CHOICE pet insurance expert Daniel Graham.

Petcover told Money it strongly refutes CHOICE's characterisation of its policy.

It says its Economy plan is designed for pets aged over eight years and is the only policy offering such cover to pets of this age.

The washer-dryer taking 25 hours

It wouldn't be a Shonky Awards without an under-performing household appliance.

This year, Hisense's HCF8I1215HB washer-dryer was included for apparently selling customers short in order to secure a higher energy rating.

CHOICE says the machine's eight-star commendation for drying came courtesy of its 'Eco' mode's "ludicrous" 13.5 hour running time.

Using the Eco setting for washing also takes more than 12 hours.

CHOICE says Hisense is "gaming a broken system", which allows appliance manufacturers to nominate which program its efficiency rating applies to.

It says the machine's 25-hour washing and drying run time is not designed to benefit consumers, but rather to get the machine a better energy rating.

Sony charging to play, but not own

Sony Interactive Entertainment has received a Shonky for announcing that all new games on its PlayStation system will only be available via digital download from next year.

CHOICE is warning gamers that this will mean they'll no longer own games, but rather just hold a licence to access them from Sony.

The advocate has pointed to examples overseas of Sony ending licensing agreements with content distributors.

This left consumers no longer able to access the games and other content they had paid for - something CHOICE says could happen here.

'Rip-off' protein chips

Lots of food products are promising extra protein these days, but CHOICE found you're usually paying 50% more per 100g for these than for standard versions of the same product.

The biggest offender, and a recipient of a 2026 Shonky, are the Nacho Cheese Tortilla Style Protein Chips made by Quest Nutrition.

According to CHOICE, 32g packets of these "protein-forward" snacks can cost up to $6.50.

When the cost is broken down per 100g, it's a more than 800% markup from Doritos' similar nacho cheese flavoured snacks.

CHOICE says this "hefty protein tax" makes the chips well-deserving of a Shonky.

From AI billion-dollar bets and mortgage stress to food insecurity and insurance refunds, this week's Money Quiz is packed with the stories Australians have been talking about.

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Anthropic's public listing has caught much attention, but for investors, the real wealth-generation story might not be about chasing big returns through Anthropic's initial public offering (IPO); it could be about buying into the biggest suppliers who have won lucrative contracts from the Claude maker.

Anthropic is preparing to list as soon as November 2026 in the US, at a valuation reportedly near US$2 trillion.

Australian investors can buy in, as the IPO includes a public offering in Australia which Anthropic outlined in its prospectus filing last month with the US Securities and Exchange Commission.

Yet some Australian institutional investors have expressed caution over the blockbuster listing and retail investors might take note.

Most recently John Pearce, chief investment officer of Australian pension fund UniSuper, said in a panel discussion at the CFA Australia Investment Conference that while Anthropic is "an incredible company," whether or not "that translates into a fantastic investment, that's another thing".

The float is reportedly targeted for mid-November. The valuation will reportedly sit between US$1.5 trillion and US$2 trillion on a capital raise of US$100 billion or more.

To put that into context, a raise of US$100 billion would be the largest IPO on record, ahead of SpaceX's US$75 billion in June.

Why some investors are wary of the Anthropic IPO

Rather than focus on Anthropic, which reported a headline net loss of US$80.7 billion in the first half of 2026 (almost all of it a non-cash accounting charge tied to its rising valuation) Australians could instead focus on six key companies that will benefit the most from Anthropic's IPO.

Anthropic has committed billions of dollars to source computing power and data storage on cloud providers, or hyperscalers.

The IPO filing shows that up to US$800 billion has been committed to computer chips, data centres and power supply, which highlights that its spending is feeding through the entire supply chain - and only a handful of companies will get the greatest benefits.

These companies are Google, Amazon, Broadcom, Nvidia, Microsoft and SpaceX.

To break down the numbers, Anthropic has outlined key cloud deals with Google (US$114.5 billion), Amazon Web Services (US$110 billion) and Microsoft (US$44.9 billion).

Under these contracts, Anthropic has agreed to pay the contracted amounts "regardless of actual usage".

Broadcom and Nvidia could be the biggest AI winners

Computer chip and digital infrastructure provider Broadcom is perhaps the biggest winner of all.

The company will receive around US$161 billion from Anthropic to supply dedicated computer chips under leases to Anthropic. Broadcom will supply Google-designed tensor processing units (TPUs) to Anthropic.

Separately, Anthropic will pay up to another US$120.5 billion to SpaceXAI for Nvidia GPU capacityin more billion-dollar computer chips contracts.

These hyperscalers and chip providers are in for a lot of money, and it is Anthropic that is paying them, not the other way around.

So much so that Michael Burry of the Big Short fame recently wrote that Anthropic is taking "the obsolescence risk" in its dealings with hyperscalers and Broadcom.

Anthropic must pay billions of dollars to these companies for computing power regardless of whether it needs all the cloud capacity and computer chips for which it is paying.

At the same time, its own AI software customers can switch providers at any time, and move over to ChatGPT, Gemini or any other number of LLMs that are available now or in the future.

So, will Anthropic IPO investors make any money or ride the swings that followed the SpaceX IPO? That's a big uncertainty, as IPOs always are.

Anthropic's prospectus highlights safety concerns

Indeed, Anthropic's prospectus warns potential investors that advanced AI could pose catastrophic risks if it is not developed with adequate safeguards.

"Concerns have been raised, both within our organisation and by external researchers and policymakers, that sufficiently advanced AI systems could, if not developed, deployed, and operated with adequate safeguards and oversight, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponised, or allowed to operate with a high degree of autonomy," Anthropic said in its IPO documents.

Anthropic's CEO Dario Amodei warned in September that within six to 12 months AI could be capable of leading a swarm of agents that could take over the entire internet.

That warning combined with Anthropic's move to sell shares to the public, including Australians, are all part of the considerations that retail investors may need to note.

How Australians can invest in the AI boom without buying Anthropic

As for who profits, there is little uncertainty about the profitability of Broadcom, Nvidia and the hyperscalers - they are more profitable than ever, or close to it.

Regardless of the ultimate market valuation and returns on Anthropic's IPO, these companies are taking the cash either way.

Australians can invest in the very profitable semiconductors and hyperscalers through a diversified and low-cost ETF on the ASX without gambling on one big name.

But which ETFs have delivered the strongest returns?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Chris Brycki, founder and chief executive of Stockspot, to unpack the latest ETF trends and what they mean for Australian investors.

Episode timestamps

00:00 Introduction

01:55 The pull of AI and semiconductors

03:16 Resources, energy and emerging markets

04:20 Why investors are adding fixed income ETFs

06:00 The standout ETF performers of the last 12 months

10:00 Gold and cryptocurrency volatility

12:38 Outlook for ETFs in 2027

16:14 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

How often are new episodes released?

New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

Why subscribe to the Friends With Money podcast?

Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

Reader question

Can I have your opinion on this new way to buy property that my daughter was offered: zeroo.com.au.

They claim: "We provide a loan for 100% of the home purchase price, so you can buy today, not in a decade."

I am concerned that this is not for real. - Leonie

Paul's response

Zeroo Home loans are a real thing, but whether they should be is another question, Leonie!

Their business model of providing a 100% home loan, in reality closer to 105% with stamp duty and legals, gives people a chance to get into the property market with no deposit.

The deal is that they help you to find a "high-growth property" using AI. Any research-based property company can steer you to areas with high population growth and features that tend to drive prices higher, such as good transport, schools and so on.

Anyway, let's assume you find your high-growth property and you buy it.

First, you have negative equity from day one and significant repayments on a loan of greater than 100% of the home's value.

The great hope is that the property increases in value over five years or so, and Zeroo then assists you to get a "normal" loan based on the equity. Their calculator shows a simple assumption of 8.5% annual growth in your property's value, which is very optimistic, especially in the current economic climate.

If you bought for $1 million, with 8.5% annual growth, the property would be worth about $1,503,000 in five years.

You refinance and of the $503,000 increase in value, Zeroo says it gets 10% of the home's new value, in this case, $150,000. I had to laugh at the 10%. It is not 10% of any gain, it is 10% of the entire value of the home, and in their example it's actually some 30% of the increase in value.

That is cheeky!

So, what could possibly go wrong? In their perfect world example, nothing, except you lose a big chunk of any gain in value. In the real world, so much could go wrong, my eyes are spinning.

First up you will need to convince me about a reasonably high-income earner having no savings. Maybe divorce? Then I note they will also consolidate "existing debts". Save me, no deposit plus existing debts!

But then we have the really dangerous bit. If you had a good savings habit and say a 10% deposit, plus cash for stamp duty, and the market then falls 10% (which in many areas, it probably has over the past year) at least you have equity to cover your loan. But more importantly, a proven savings habit.

I laughed when I read that the founder of Zeroo is a former professional skydiver. Nothing wrong with skydivers, but in the case of Zeroo, I'd encourage him to carefully check that his parachute is set to go.

With rising interest rates, a falling property market and potentially higher unemployment, he and his shareholders, not to mention their clients, may need it.

This product is not for me, Leonie, and, I think, not for you either.

What to read next

• Can falling house prices be good for Australia?
• The property crackdown buyers and renters will love
• Ask Paul: Will buying a home with friends end in disaster?
• How to get a 6% savings rate and avoid the catches
• Australia's cheapest home loan rates aren't from the big banks

The central bank's monetary policy board agreed to a 25-basis-point increase at its meeting in Sydney this afternoon.

The increase means a borrower with an average-sized mortgage will likely have to spend an extra $121 per month on repayments.

But the hike is good news for savers, with banks expected to raise the rates they pay on high-interest deposit accounts.

Borrowers have already weathered four interest rate hikes so far this year, with today's increase coming a month after the last 0.25% increase.

The Reserve Bank (RBA) is raising interest rates to try and bring down inflation in Australia.

The Australian Bureau of Statistics last week revealed inflation was 4.3% for the year to September.

In a statement following today's meeting, the RBA said that was still too high and probably wouldn't fall back within its 2-3% target range until late next year.

It singled out war in the Middle East to blame, but said the AI investment boom was also driving up prices.

RBA divided on decision

At its last meeting, the members of the RBA's monetary policy board voted unanimously to raise interest rates.

But they were far less united this time: six members voted in favour of another increase, while three said rates should stay as they were.

The last time rates were this high

RBA meetings famously often coincide with the Melbourne Cup and today's decision is the first Cup Day hike since 2023.

But you would have to go back to a much earlier running of the famous horse race to find the last time Australia's cash rate was as high as it is now.

Namely, all the way back to the afternoon of Cup Day 2008, when the rate had just been lowered to 5.25%.

At the time, Australia was in the middle of an aggressive rate-cutting cycle.

The RBA was slashing rates by as much as 100 basis points at a time to save Australia from the effects of an economic meltdown in the United States.

That meltdown would soon be known as the Global Financial Crisis.

What does today's rate rise mean for mortgages?

Most Aussies with a mortgage are on a variable rate arrangement.

After today's announcement, they'll be preparing for an email from their lender breaking the news of a 25-basis-point hike to their loan's interest rate.

If that happens, someone with an average loan of $731,000, currently being charged the typical rate of 6.46%, would see their repayments jump by $121 a month.

That increase would be just the latest variable mortgage holders have weathered so far this year.

Analysis by Finder says the five rate hikes we've now seen will leave Aussies with an average mortgage spending more than $500 extra per month on repayments than they were in January.

What to do if you've got a mortgage

Today's historic RBA decision has pushed homeowners into "uncharted territory," says Finder personal finance specialist Taylor Blackburn.

He says now is the time to review your loan if you haven't already done so this year.

"There's still quite a gap between the best and worst rates on the market. Two borrowers with the same loan amounts could be paying very different mortgages.

"Switching to a better rate could at least claw back the cost of today's hike."

What does it mean for savers?

The four interest rate hikes handed down between February and September have already boosted returns for savers.

Last month, rates on two high-interest savings accounts broke the 6% threshold for the first time in 15 years.

But Blackburn warns these accounts will make you work for their market-topping returns.

"Some top savings accounts come with strings attached, such as minimum monthly deposits, growing the balance or a mandatory number of transactions," he explains.

"Slip up once and you could be earning a fraction of the higher advertised rate for that month".

Will the RBA lift rates again?

Economists have warned we could see more interest rate hikes into next year, as the RBA tries to get inflation under control.

The monetary board will have to decide whether to raise rates again in December, before launching into a new calendar of decision meetings next year.

What to do if you can't afford your mortgage

Even before today's RBA decision, many Aussies were already making sacrifices to keep up with their mortgage repayments.

While bank data released over the year showed most households were ahead on their repayments, mortgage stress is rising.

Financial hardship can take hold gradually and it can be useful to reach out for help before you start having to skip payments.

For many Australians, managing household finances has become an increasingly difficult balancing act.

Between mortgage repayments, groceries, energy bills and other essentials, there's often little room left in the budget for unexpected expenses, let alone another interest rate increase.

When money gets tight, the natural response is often to cut back. We compare prices, cancel subscriptions, reduce discretionary spending and look for ways to stretch every dollar further.

But what happens when cutting back is no longer enough?

Recent research commissioned by CreditSmart found that 43% of Australians experienced financial stress in the past 12 months.

Of those, 65% had taken steps to improve their financial situation, including reducing spending and comparing prices. Yet just 9% had reached out to their lenders for support.

These findings highlight something important: Australians are taking proactive steps to manage financial pressure, but many may not realise help is available beyond how they manage their own household budgets.

Financial hardship doesn't always look like a crisis

When we think about financial hardship, we often associate it with major life events such as losing a job, becoming seriously ill or experiencing a relationship breakdown.

While these circumstances can certainly create financial difficulties, hardship can also develop gradually.

For some households, the cumulative impact of higher mortgage repayments, increasing grocery bills, insurance premiums and everyday expenses can eventually make it difficult to manage existing financial commitments.

You might still be employed, earning a reasonable income and paying your bills on time, but finding that there's increasingly little left over each month.

This is where it's important to understand that financial hardship isn't necessarily about how much you earn. It's about whether your current circumstances allow you to meet your financial commitments.

Recognising those warning signs early is important.

Your lender can help before you miss a payment

One of the biggest misconceptions about financial hardship assistance is that you need to have already fallen behind on your repayments to qualify.

That's simply not the case.

Lenders have financial hardship assistance programs designed to support customers experiencing difficulty meeting their credit repayments.

Depending on your circumstances, assistance might include temporarily reducing repayments, deferring payments or pausing repayments for an agreed period.

These arrangements aren't one-size-fits-all. Your lender will need to understand your individual circumstances to determine what options are appropriate.

It's also important to understand the terms of any arrangement, including whether interest will continue accruing and how deferred repayments will be managed.

The key is to make contact early, ideally before a missed payment creates additional financial pressure.

What does financial hardship mean for your credit report?

Another important consideration is how financial hardship assistance affects your credit history.

The good news is that financial hardship information cannot be used to calculate your credit score, so entering into a financial hardship arrangement won't, in itself, affect your score.

A financial hardship arrangement will be recorded on your credit report, but this information is removed after 12 months. Your credit report won't disclose why you needed assistance.

During the arrangement, your repayment history will reflect whether you've met the agreed hardship repayments, rather than your original repayment schedule. As long as you meet those agreed obligations, your repayments will be recorded as up to date.

This means you can seek support without worrying that the hardship arrangement itself will damage your credit score. However, it's important to keep up with your agreed repayments and let your lender know if your circumstances change.

Four steps to take if repayments are becoming difficult

1. Contact your lender early

Don't wait until you've missed a payment. Explain that you're concerned about meeting your upcoming repayments and ask about hardship assistance.

2. Be open about your circumstances

Whether your expenses have increased or your income has changed, explaining your situation will help your lender identify appropriate options.

3. Understand what's being offered

Ask how any repayment changes will work, how long they'll last and what happens when the arrangement ends.

4. Know where to find free, independent support

CreditSmart.org.au provides free, unbiased information about financial hardship assistance and credit reporting.

If you need more personalised assistance, the National Debt Helpline (ndh.org.au or 1800 007 007) offers free, confidential and independent advice from qualified financial counsellors, who can help you understand your options, manage debts and access additional support services if needed.

Financial hardship can affect anyone, and seeking assistance is a responsible step towards managing your financial wellbeing.

If there's one thing Australians should remember, it's this: you don't need to exhaust every other option or reach a breaking point before asking for support. Sometimes, the most important financial decision you can make is simply starting the conversation.

It's tempting for investors to focus on headline returns. But the real measure of investment success is how much of your money remains after tax.

After all, investment performance should be measured by what investors keep rather than what their investments earn before tax.

However, as Generation Life's general manager of product Vincent Stranges explains, "Tax is complicated. Trying to figure out after-tax returns is hard."

'Tax-paid' investments can offer a simple solution.

A clearer tax picture 

With the majority of investments, investors receive a return, followed by a statement, and from there they need to decide which boxes to fill in a tax return to report their gains or income.

Tax-paid investments, such as investment bonds (a structure for managing funds) offered by insurance companies such as Generation Life, work differently.

As Stranges explains, "If an investment bond is held for 10 years, there is no income to declare and no personal tax to pay on eligible returns.

"Investors don't even need to report the investment bond in their personal tax return. Generation Life takes care of all the tax payments with our standard tax rate being 30%," he says.

Investors can make early withdrawals before the 10-year mark. In this situation, Stranges says, "We will tell you the tax assessable amount, so there is just one number to fill in on your tax return."

Tax-paid investments just became more compelling

Tax-paid investments have become even more attractive following Federal Budget tax reforms.

From mid-2027, many investors will need to index the value of their assets in line with inflation in order to calculate capital gains tax (CGT). As Stranges notes, "Plenty of investors may get a nasty surprise when they sell investments after July 1, 2027."

It's not just about the hassle of indexation.

From July 1, 2027, CGT will be set at a minimum rate of 30%. This is a key point of difference of investment bonds.

Stranges notes, "Investment bonds are internally taxed at the life company at no more than 30% on eligible returns, so investors know where they stand.

"With other investments 30% is shaping up as the minimum tax rate of CGT."

The power of tax-paid investing

Tax should always be the icing on the cake - not the main driver for investing.

And, as Stranges notes, investment bonds offer plenty of additional upsides.

"Investment bonds can be transferred from one person to another without triggering CGT", he notes. "That's a real advantage when it comes to moving assets around."

There are estate planning benefits, too.

Stranges explains, "Investment bonds have some really neat features, including the ability to control how a bequest is used, for example, by providing beneficiaries with a pre-set withdrawal amount on a regular basis."

How much tax are you paying on investments? By presenting returns on an after-tax basis and incorporating tax-paid investment strategies, Generation Life investment bonds can help investors plan for financial goals with greater clarity.

It could be time to take a closer look at the tax you're paying on investments.

What to read next

• Retirement income - avoiding 'regret risk'
• The hidden money strain for women carers
• Smart EOFY tax moves investors can still make
• How to embrace the start of the financial year
• Age pension eligibility myths debunked
• The tax-friendly way to save for school costs
• The 'four L' framework for a rewarding retirement
• Headline returns vs your return

1. Tens of thousands to receive CTP refunds

Tens of thousands of Australian drivers are being refunded millions of dollars after being overcharged for their car insurance.

NRMA Insurance is making the payments after admitting it had charged more than it should have for premiums on compulsory third party (CTP) insurance.

The company sells CTP cover to drivers in New South Wales and the State Insurance Regulator has fined it $479,500 for its actions there.

Following an investigation, the regulator found NRMA Insurance had short-changed customers on promised discounts and refunds in several cases.

But the most serious contraventions occurred when the company applied the wrong risk ratings to more than 41,000 CTP policies.

This resulted in Aussies being overcharged by a combined $12,000,000.

NRMA Insurance parent company Insurance Australia Group (IAG) says it's providing remediation payments, with interest, as quickly as possible.

IAG says anyone in line for compensation should have been contacted and most have already received their money back.

2. Middle-class Aussies going hungry

A new report into food insecurity in Australia has found the issue is affecting more middle-income households than before the cost of living crisis.

The 2026 Hunger Report, released by Foodbank, found 37% of households earning between $33,800 and $90,999 per year were food insecure.

The charity considers a household to be insecure when it can't consistently access enough nutritious and culturally-appropriate food.

Foodbank CEO Kylea Tink says rising costs are pushing more middle-class families into this category.

"Hunger is no longer confined to the margins, it's impacting middle Australia," she said.

"A wage used to be what kept food on the table, but for a growing number of working Australians, their pay packet no longer stretches that far".

The proportion of food insecure middle-class households is the same as last year, but up from 31% in 2022.

3. Homeowners in strong position despite mortgage stress

The Reserve Bank says most Aussie household balance sheets remain strong, despite increasing stress about the cost of mortgages.

Australia's central bank revealed earlier this month fewer than 1% of mortgage holders are in negative equity, owing more on their home loan than their property is worth.

It comes after major banks reported earlier this year that more than 80% of mortgage borrowers were ahead on their repayments and household deposits were at record levels.

But new research suggests many Aussies are struggling to keep their finances at this level.

Research company Roy Morgan revealed this week that almost 32% of home loan borrowers are at risk of 'mortgage stress.'

The findings follow four interest rate rises so far this year, with a fifth widely tipped to be announced next week.

Roy Morgan says a household is in mortgage stress if they're spending 25-45% (depending on income) of after-tax earnings on their home loan.

4. Gift card holders wobble on David Jones news

Department store giant David Jones has reportedly been lent $10 million to prepare for Christmas and Black Friday, as it struggles with cash problems.

The company was loaned the money to stock its stores in preparation for the busy shopping events, according to the Australian Financial Review.

The outlet also reported David Jones had been late to pay some of the brands who sell products within its stores.

The news has prompted concern from some Aussie shoppers, who suggested online the company might soon collapse, leaving its gift cards worthless.

Retail consultant Trent Rigby believes warnings of David Jones' demise are "overblown", but admits it's likely the company will have a smaller presence in the future.

"I think it'll still be around, just in a different format," he said. "I think what you'll see off the back of this is fewer stores".

5. ASIC investigating failed Firmus float

The corporate regulator has revealed it's looking into Firmus' aborted attempt to list on the Australian Stock Exchange.

Australian Securities and Investments Commission (ASIC) chairwoman Sarah Court broke the news to politicians yesterday, according to multiple outlets.

Court was quoted as saying ASIC was "making inquiries" into the deal, including whether potential investors were given misleading information about the company.

But she clarified the watchdog's probe hadn't yet escalated into a formal investigation.

Firmus cancelled plans to list on the ASX earlier this month after reportedly failing to agree with investors on how much shares in the company would cost.

The Aussie data centre operator's IPO had been hotly anticipated as a test of investor appetite for AI stocks.

But the aborted listing instead kicked off weeks of reckoning for the sector.

Fellow Aussie AI businesses AirTrunk and NextDC subsequently ran into trouble on share markets, as investors became cautious about putting money into AI.

How does increasing your mortgage repayments bring down the price of petrol?

This is the question Australians should be asking as inflation hits 4.3% and another interest rate rise enters the conversation. Families are already paying more to fill the car and keep the lights on. Now they could be asked to pay more on their home loan as well.

But what would another rate rise actually achieve?

Transport costs rose 8.7% over the past year, driven by higher global oil prices.

Meanwhile, some housing pressures are easing. The rising cost of building new homes in the 12 months to August 2026 slowed from 5.4% to 4.7% in the 12 months to September 2026. That doesn't mean homes are getting cheaper, it means price rises are slowing.

Electricity prices jumped 12.8%, largely because government rebates ended.

Increasing mortgage repayments will not bring those rebates back, just as it will not produce more oil or put extra electricity into the grid.

Higher rates can make people spend less. They can force a family to cancel a holiday, put off buying a car or stop eating out, but that family still needs to drive to work and switch the lights on.

We risk squeezing households harder without fixing the costs driving their bills higher.

If I were sitting at the Reserve Bank's table, I would be asking why households should take another hit before we have established what another rate rise will achieve.

I would hold rates for now and watch whether higher energy costs are spreading into broader price rises.

And if I were in government, I would stop leaving the Reserve Bank to do the heavy lifting while families carry the cost. Raising rates is not the only choice available.

The government needs to show some backbone. Put reliable, affordable energy ahead of political point-scoring.

Get viable projects built, remove duplicated approvals and fix the delays holding up electricity connections. Set public deadlines, name who is responsible and explain every missed target.

Australians do not need another announcement about what might happen years from now.

They need a government prepared to make difficult decisions and be accountable for delivering them.

None of this makes global oil cheaper overnight, but neither does making a family's mortgage more expensive.

Enough is enough. It is weak leadership to keep asking households to tighten their belts while accepting excuses for slow delivery.

Families are making hard choices every week. It is time the government showed the same urgency.

Best and worst sectors

Materials is the best-performing sector so far this week, rising 4.97%, supported by recovering copper prices and hopes of fresh Chinese stimulus.

Real Estate gained 3.41%, as gains in Goodman Group and retail property trusts helped lift the sector.

Information Technology rounded out the top three, up 2.66%, as renewed AI enthusiasm and a strong NEXTDC rebound boosted technology shares.

At the other end of the market, Consumer Discretionary is the worst-performing sector so far this week.

It fell 4.95% as higher inflation and renewed rate-rise fears raised concerns that households will cut back on non-essential spending.

Consumer Staples was the second-worst sector, dropping 4.21% as profit-taking after recent gains, followed by weakness in Coles, Woolworths and Metcash, dragged the sector lower.

Communication Services rounded out the worst performers this week, falling 1.46%, as rate-rise fears may have reduced demand for dividend-paying stocks.

It's possible that investors are reassessing their yields against cash and bonds.

Best and worst stocks

Lynas Rare Earths led the ASX Top 100 this week, climbing more than 21% as buyers returned after heavy selling. Its update this week showed stronger revenue and record average selling prices.

Greatland Resources Limited followed, rising more than 15%. Its rise appears to be part of the broader rebound in gold miners.

Paladin Energy rounded out the leading performers, gaining more than 14% as improving uranium prices provided a supportive backdrop.

At the other end, Wesfarmers Ltd was the weakest performer, falling more than 7% as slowing Bunnings sales growth and renewed rate-rise fears heightened concerns about consumer spending.

JB Hi-Fi followed, falling more than 6% due to falling Australian sales, with weaker comparable sales reinforcing concerns that households are cutting discretionary purchases.

Woolworths Group Limited rounded out the worst performers, falling more than 5% despite stronger supermarket sales.

Warnings of a tougher Christmas trading period and declining Big W sales highlighted the continued pressure on household spending.

All Ordinaries Index update

The All Ordinaries Index is on track for its strongest week in four months, up 1.2% as of Thursday's close.

Materials led the charge with a sharp rebound, supported by strength in information technology, while financials held slightly positive.

That's pushed the market back above the key 9000-point level. The question now is: can it stay there?

If buyers maintain control, 9200 is the next level to watch.

But a sharp sell-off next week would raise the risk that this is simply a dead-cat bounce, putting a fall towards 8600 back on the table.

There's certainly no shortage of potential triggers, with the RBA's interest rate decision, US midterm elections and earnings from the biggest AI companies all approaching.

One possibility is that investors have already priced in another rate rise and are looking beyond it, betting it could be the last for a while.

But rather than getting caught up in predicting the headlines, watch how the market responds.

For now, the price action is looking more positive. Buyers have stepped in, the market has reclaimed 9000, and momentum has improved.

The next test is whether buyers can defend that level and build on this week's gains.

It's too early to declare the danger is over, but after months of uncertainty, this is a welcome step in the right direction.

The figures make headlines easy: $105 million, $249 million, $750 million.

These are the payouts Aussies received after taking big airlines, financial companies and car manufacturers to court after allegedly being poorly treated or ripped off.

With cases recently launched against AGL and Jetstar and Toyota agreeing to settle a separate matter, consumer class action lawsuits are back in the news.

But the big settlement payouts many cases end in aren't always as simple as they appear.

Class actions can drag on for years and much of the compensation can be eaten up by legal costs before trickling back to consumers.

"Some people just don't like the idea of a class action," says Professor Michael Legg from the University of New South Wales' school of private and commercial law.

"They think it's there to make the lawyers rich and they get bugger-all cents in the dollar, and it has to be said there's a lot of truth in that.

"You can find a bunch of class actions where the lawyer and litigation funder made millions and the group members got very little."

But the lawyers working these cases say they give ordinary consumers, who might be nervous to take on big companies and governments, the opportunity to do so.

How do consumer class action lawsuits start?

Vavaa Mawuli is one of those lawyers, a principal in the class actions team at Maurice Blackburn.

The law firm is a prolific prosecutor of class actions, currently running cases against JB Hi-Fi and Harvey Norman.

Mawuli says Maurice Blackburn comes across these cases in two different ways.

"Sometimes consumers do approach us and bring an issue to our attention," she explains.

"But very often agencies like the ACCC are investigating companies or taking regulatory action.

"So we keep an eye on things and investigate where we think there's a company that might not be doing the right thing."

Should you get involved in a class action?

Thanks to a quirk of Australia's legal system, if you've been mistreated by a company, you're automatically considered part of any class action lawsuit launched against it.

"The system, in all of the states and in the federal court, is opt-out," Professor Legg explains.

"All a law firm needs to do is find one representative party, know there are more people out there in the same situation [group members], and commence proceedings.

"You're in that class action if you fall into the definition of a group member."

As the case progresses, you'll likely be asked to officially register so you can be given your share of any settlement payout.

"At a certain point, if there's money to be distributed, the opt-out class action requires some form of registration," Professor Legg explains.

Officially signing up means you'll get the money, but also ties you to the outcome of the case.

This means you might lose the right to launch your own legal action against the company.

"If you don't register, you lose your claim and get nothing... [but] if you don't opt-out, you're bound by the outcome," he says.

How do class action lawsuits usually end?

Most consumer class actions don't make it to a trial and end in a settlement within a few years of being launched.

This is where the company accused of misconduct agrees to pay compensation, leading to the big payouts that make the headlines.

Mawuli says Australia's opt-out system means a settlement might be the first time people find out they've been a group member in a lawsuit.

"Sometimes they don't even know they are part of [it] until they get a notification saying you're part of a class action that settled," she explains.

How much money will you get?

Commentators and consumers have criticised law firms and the companies that fund their class actions for taking large portions of settlement payouts for themselves.

In 2019, Money highlighted the story of hundreds of victims of fraudulent financial planner Bradley Sherwin, after they won a case against a bank Sherwin had worked with.

Many had lost their life savings, but were left to share just $4 million from the settlement amount, while $8 million went to lawyers.

Professor Legg says stories like these have tarnished the reputation of class action lawsuits.

But, he explains, how much of the settlement makes its way back to ordinary consumers depends on how long the case has run.

"In cases that go on for very long periods of time, probably half of the recovery is likely to go to some form of fee," he says.

"But if there's a large recovery and the case progresses relatively expeditiously, I would say 20-30% will go in costs and the remaining 70-80% will go to the group members."

The amount each group member receives is dictated by how much the company's conduct is estimated to have affected them.

"Sometimes we can be talking $50, but it could be thousands of dollars," says Professor Legg.

"With the motor vehicle class actions, the sums tend to be larger because the product was more expensive to start with."

Mawuli has a message for any group members worried about being left shortchanged by a settlement.

"The court has a very protective role over [your] rights," she says.

"As part of that, it must approve a settlement as fair and reasonable and as providing returns to group members that are fair and reasonable."

Indeed, in the 2019 Sherwin case, the court knocked back an initial request from lawyers and other administrators to take more of the settlement amount.

What happens if you lose a class action lawsuit?

The good news is that if you're a regular consumer in a lawsuit and your side loses, you won't have to pay anything.

"Group members are not liable and should never be in a situation where [they're] liable if the action was unsuccessful," says Professor Legg.

"The lawyer or the litigation funder will have to pay the defendant costs."

Or perhaps you've paid a tradesperson to do some repairs on your driveway. Halfway through the job, they stop showing up and replying to your calls though.

Sooner or later, many Australians will encounter an issue with a business or another party that can't be resolved through negotiation.

At that point, it may feel like there are only two avenues to go down: cut your losses and move on, or gear up for an expensive legal battle.

There is an alternative.

Lodging a small claim through a court or tribunal can be an option for people looking to resolve minor civil disputes without the cost or complexity of other legal action.

What is a small claim?

While the maximum amount that can be claimed varies depending on the jurisdiction and type of dispute, in most parts of Australia small claims are typically capped between $10,000 and $25,000.

They're also dealt with by specific tribunals or courts. For example, the ACT Civil and Administrative Tribunal (ACAT) or the Magistrates Court of Tasmania.

So, what kind of cases can be brought to one of these bodies? There's a broad range of issues, ranging from consumer disputes to tenancy disagreements.

Anna Meulman, a managing lawyer at Consumer Action Law Centre, says that small claims in the Victorian Civil and Administrative Tribunal (VCAT) often stem from disputes between consumers and businesses.

"They might have purchased a product or a service from a business, and something's gone wrong - the goods could have been defective, or the services weren't performed with due care and skill.

"And they've attempted to resolve that dispute directly with the business through negotiation or a friendly chat, but those attempts have failed.

"The person might have quite strong consumer rights under the Australian consumer law, but for whatever reason, they're just unable to enforce them. So, they have no option but to take that next step of pursuing a small claim in VCAT."

Can you make a small claim without a lawyer?

One of the major features that the various courts and tribunals that deal with minor claims have in common is that parties generally need to represent themselves.

"The advantage of the [VCAT] small claims list is that people are not allowed to have lawyers representing them, and neither can the business," Meulman explains.

"By allowing people to represent themselves, they don't have the pressure of the formality that comes with lawyers there."

That doesn't mean that people can't reach out for legal help with their issues though.

"Anyone's able to kind of seek legal advice at any time," Meulman says.

"It's just that they can't have a lawyer on the record for them, drafting their VCAT documents and representing them at the hearing."

How much will pursuing a small claim cost?

While fees vary, individuals can generally expect to pay anywhere from tens to several hundred dollars to lodge an application for a minor claim.

There are also reduced rates for some applicants. The NSW Civil and Administrative Tribunal has lower fees for pensioners and students, plus fee waivers for people experiencing financial hardship.

And because people will generally need to represent themselves at these courts and tribunals, legal fees won't be an issue.

"Usually, if you lose your court case, you have to pay the other side's legal fees," Meulman says.

"In the [VCAT] small claims list, there's no ability for cost orders to be made, so it's lower risk for people."

What to do before filing a small claim

Filing a claim may be relatively cheap, but it will involve some legwork. The process also varies, so it's worth checking the requirements in your state or territory on the relevant court or tribunal website.

Before reaching that point though, Meulman recommends taking a few steps. The first is trying to resolve the dispute directly with the business or other party.

If that fails, it may be time to seek legal advice or to contact a body like Consumer Affairs Victoria to get a better understanding of where you stand from a consumer rights perspective.

Then before lodging a claim with the likes of VCAT, Meulman suggests that consumers send the business a letter of demand and give them a couple of weeks to respond.

"This should set out what's happened from their perspective. If they have been able to get some legal advice or guidance, putting in what some of those arguments might be, and then clearly setting out what they want to resolve the dispute."

Meulman also highly recommends that people pull together any evidence they have about the issue they're disputing.

"If it's possible, it can be really useful to get a report from an expert about what the issues of your product or service are.

"For example, if it's a case about a faulty car, then a report from an expert mechanic. Or if it's construction work, you might want to get a report from a builder.

"Obviously, that's often really expensive for people. So, at the very least, having photos and videos, as well as their own statement about what's wrong with the product service, can be really helpful."

The reality of making a small claim

The small claims system may be designed to be simpler and less expensive than traditional court proceedings, but that doesn't mean that the process will be fast.

Disputes can take months and even years to be resolved.

Take the Queensland Civil and Administrative Tribunal. Data shows that three-quarters of matters involving minor disputes between consumers, traders and businesses took up to 53 weeks to finalise.

Meulman says that wait times are also an issue for Victorians lodging small claims with VCAT.

"People often tell us on the phone - and we experience this when we represent clients as well - that they're unable to get a hearing for a year or even longer.

"For people that might have a car that's defective, or another product that they need for everyday life, it can be really debilitating not to have your dispute resolved for such a long time.

"So, if there is a reasonable offer on the table from the business, even if it's not absolutely everything you want, it may be worth considering if it means that you don't have to face the delays of VCAT and the unpredictability of the outcome."

The comedic mass singing lessons, which regularly draw crowds in the hundreds, seem like the perfect business venture for the former music teacher, but an earlier job opportunity almost took her life in a very different direction.

Since 2017, Astrid has taken Pub Choir from one bar in Brisbane, to concert halls around Australia and the world, while also writing and releasing a memoir, Average at Best. Astrid is currently touring her show around Europe and the UK.

Tell us about your upbringing. What shaped your attitude towards money? 

I grew up as the youngest of five kids, wearing hand-me-downs from my four older brothers, including underpants.

It's safe to say that money was tight for my parents, especially during the nine years they were having children and surviving on one teacher's salary. Money has always meant 'independence' to me, that is, not needing to ask others.

I got a job at McDonald's on my 14th birthday and have worked since that day. From that first pay packet, money has meant freedom.

 

 

 

 

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You turned down an opportunity to work as an air-traffic controller to take a job leading a school choir. Why did you choose the choir over that job?

I've been playing music since I was two years old. Music is just who I am. It pours out of me. Wanting to be an air-traffic controller was not a passion, but an attempt at stability.

I'd stopped feeling brave about music and was looking for something to run away to. But I'm absolutely meant to make music.

And luckily, I was offered a job to run a 'whole school choir' at the right time, to get me back on track.

How did that job lead to the first Pub Choir event?

I'd never taken on a choir that big before but, to my surprise, I found it easier than a smaller choir.

When I walked onto the stage, I entered a flow state for the first time in my life. I intuitively knew exactly what to do and what to say to get the job done. That led me to create Pub Choir a year later.

Pub Choir is just a whole school choir for adults. Everybody is invited and we're not trying to win any awards. We're just singing together and having a nice time.

Pub Choir became your full-time job within four months of your first show. How is it funded?

I'm so proud that Pub Choir is 100% funded by the audience who buy tickets.

I've never received a single cent of funding or grant money.

The show is entirely independent and exists because people like it. How wild! I keep the tickets as cheap as possible - even against the advice of basically everybody I know.

There is no comparable, two-hour live music show that you can attend for less than $50.

Your memoir talks about 'embracing mediocrity'. Why is this important?

Mediocrity is the reality of life. You may have one 'best' day in your life. We certainly all have a 'worst' day.

But what about every other day? So much more of life is lived between the extremes. I think we have to get better at finding meaning in the in between-ness and mediocrity of life.

'Best' by its very nature is rare and singular. You'll miss out on most of your life if you only care about the 'best'.

What a lovely, freeing thing to let go of 'best' as the only important part of life and to focus instead on trying your best and seeing where that will take you.

How can embracing mediocrity allow people to be financially free?

There is no entry-level CEO position (nepo-babies excluded). For most of us, financial freedom can only be preceded by shovelling shit for years and working hard.

I really believe that mediocrity is the necessary stepping stone to learning anything or getting anywhere good.

Financial freedom likely means working for others, doing jobs you don't love and acquiring skills that aren't obviously connected to your goal. In my opinion, there is nobody better suited to leadership than somebody who had to forge a path there.

Are there days you regret not having the income of an air-traffic controller?

I absolutely out-earn an air traffic controller now and I get to travel on the planes. Thank you to air-traffic controllers for getting me safely to my destinations.

We are all much better off without me in the tower!

What is the best money advice or habit you've adopted?

Don't spend beyond your means.

My mind truly boggles at the way people feel they need expensive car loans, credit-card-fuelled holidays or Afterpay-funded wardrobes of designer clothes. Spend money that you have.

Finish this sentence. Money is good for...

...poor people. May financial freedom find everybody in this life.

I like nice things 

I've always appreciated the comfort, detail, and quality of a good experience - particularly when it involves something edible. After all, who doesn't like nice things?

And because having and enjoying those things requires resources, it's safe to say I love money. Not necessarily the physical currency, but the freedom and safety money offers.

But my feelings towards it have evolved over the years, and I still remember the specific moment they did.

My first job

When I was too young to be on the payroll but old enough to operate a vacuum cleaner, I'd help out at the family shop by cleaning for a few hours and playing the role of the 'bag lady' behind the counter.

Every customer, no matter whether they purchased a tiny light globe or a replacement bumper bar, was asked the same question by the child (me) behind the front counter: "Would you like a bag?".

They'd almost always say yes, presumably because they found me either cute or pathetic, and I'd oblige. If they attempted to engage in small talk after their goods were bagged up, I'd get shy and scamper off in to the store room to hide until I heard them leave.

This self-appointed role meant we went through a lot of plastic bags and I was eventually encouraged to only ask customers buying multiple items whether they needed a bag.

I would only learn the trials and tribulations of running a franchise - and the obscene cost of branded plastic bags - years later. I can't say I'm proud of my reckless plastic-wasting youth, but I'd probably do it again... because, well, money.

Ahhh, an entrepreneur in the making

If you're thinking, wow, she must've really enjoyed working at the shop and learning about the family business, think again.

When I got a bit older, I started selling my crafty creations at the front counter - I sold just one item to our store manager. I then moved on to home-baked goods and tried selling cupcakes on the footpath out front - the manager was yet again my only customer and I probably ate the rest.

The point is, I was filled with greed and hungry for money. Ok, that's an exaggeration... but I realised money could get me nice things.

So after I'd sucked up every last crumb or piece of dirt off that shop floor, I'd swiftly report to mum to collect my earnings.

Had I known the power of investing back then, you could be reading a very different story right now. Alas, every time she handed me that $40, I'd march straight to the local shopping centre and spend hours foraging the stores for various treasures before returning to show off my goods.

Every shift, I'd trade my hard-earned currency for whatever colourful, glittery, sequinned, fluffy goods I could afford - and I was thrilled.

The pivotal moment in my money story

Had Scott Pape pulled his finger out and written Barefoot Investor: The Only Money Guide You'll Ever Need back when I was that prepubescent 'bag lady', I'd probably have around seven investment properties by now, because that book changed my relationship with money.

Instead of spending my earnings in one go, I'd have divvied it up into categories, and only spent a portion of it, squirrelling away some of it for a rainy day and then investing the rest.

As State Street's ETF equities investment strategist, Kunhee Park tells me, the hardest part of investing is actually starting - story of my life!

"Your time horizon matters far more than your entry point," he says.

"Start now: investing a fixed amount regularly (dollar-cost averaging) turns investing into a habit, and you don't have to get the timing right."

Park says the best plan is the "one you stick to" and time in the market is more important than the size of your first deposit.

Realising the power of investing

Thankfully, I now have a firm grasp on the power of investing and have adopted Pape's methodology somewhat diligently since reading BI, although admittedly, my investments have been sporadic.

Moving forward, this is something I want to change, even if it's as little as $20 per week, which, based on advice from etoro's lead analyst Josh Gilbert, could've earned me an additional approximately $7000 in the last decade (based on the S&P 500's average performance over the last 40 years) had I been investing $20 a week.

"The earlier you start, the more time your money has to compound and ease the pressure of trying to 'pick the perfect moment'," says Gilbert.

Similarly, it's a waste of time worrying about the price of an ETF. Like Park, Gilbert says time in market is more important.

"A lot of beginners get caught up on the price of a share or the price of an ETF," says Gilbert, explaining an asset worth $30 isn't necessarily better value than one that's $600.

"An ETF's price doesn't tell you whether it's a good investment. Investing platforms such as etoro offer fractional investing, so rather than having to buy a whole share or unit of an ETF at $600, you can buy $50 of that asset.

"It's a way to make investing more accessible, so a higher price doesn't stop you getting started with a small amount."

Catch up on Diary of an ETF Beginner

• Week 1: My $100,000 investing experiment
• Week 2: I took stock tips from an influencer
• Week 3: What a $13 roast chook taught me
• Week 4: Spending wasn't my biggest mistake

You can walk out of an investment conference convinced you have found the next big thing.

A company may have an exciting product, an ambitious management team, and a market that could be worth millions or even billions.

But can you tell whether its shares are worth buying, or are you simply convinced by the presentation?

That question stayed with me after attending the Australian Microcap Investment Conference last week.

The range of businesses was impressive, from online marketplaces, biotech, investment apps, a distillery, security monitoring, antiviral treatments, to Gold and other resource projects.

Yet the most valuable moment came when an audience member challenged one company with its prolonged share-price decline and profitability.

The question came from a long-term shareholder, and it exposed a problem investors cannot afford to ignore.

Understanding what a company does is only part of the job.

You also need the knowledge to assess whether it can deliver returns, the skill to judge when buyers are taking control, and a plan for what you will do if you are wrong.

If this investor had those skills, they wouldn't have held this company for all those years, only to lose money and live in hope.

This is why investor education matters.

Researching a company is useful, but it does not automatically teach you how to invest. A compelling presentation can leave you informed about the business yet poorly equipped to decide whether to buy its shares.

The attraction is understandable: investing in microcap stocks can be very profitable, but their volatility can also magnify an uneducated investor's mistakes.

Having capital to invest does not compensate for a lack of knowledge, a weak strategy, or poor execution.

What follows are five companies from the conference that illustrate what I am alluding to. Each has a story worth investigating. Each also presents a lesson about the skills investors need before putting money at risk.

Freelancer (ASX: FLN): The danger of ignoring a downtrend

Freelancer Limited (ASX: FLN) connects businesses with freelancers and also operates Escrow.com and the Loadshift freight marketplace. The company prompted the audience's question about the gap between the business and its share price.

The chart shows why that question mattered. From an early trading high around $2.50 in 2013 to approximately nine cents, the shares have lost roughly 96%.

That doesn't mean there were no rallies along the way, but the long-term trend has been down.

Nine cents is now an important area to watch. If buyers cannot defend it, the low price offers no protection against another fall. The share that drops from ten cents to five cents still loses half its value.

The lesson is to recognise a downtrend before committing your capital. Knowing the company's products or believing in their potential does not tell you whether the market agrees.

You need rules to recognise when your original strategy is no longer working. It's a sober reminder that even an established platform with millions of users can struggle to translate its business into shareholder returns.

Island Pharmaceuticals (ASX: ILA): Potential versus timing

Island Pharmaceuticals Limited (ASX: ILA) is developing antiviral treatments through ISLA-101, targeting dengue and other mosquito-borne diseases, and galidesivir, targeting serious viral infections.

The potential benefits extend well beyond shareholders, but clinical development, regulation and funding still determine the path to commercial returns.

Its chart provides a useful contrast to Freelancer. After losing around 90% from its early trading levels, this is a classic example of an IPO that lost most of its value after listing before staging a substantial recovery. More recently, it has since pulled back approximately 50% from its November 2025 high.

A fall of that size may attract bargain hunters, but it does not establish that the shares are undervalued or ready to rise. Investors need to distinguish a pullback within a recovery from renewed weakness. The next buying response will help reveal which is developing.

Potential investors need to ask better questions here as the answers will determine whether they have a good investment or are taking unnecessary risks.

Questions such as, what milestones could change the business? How much funding might be needed? What price behaviour would justify an entry? A treatment's scientific promise and the timing of an investment require different assessments.

Ultimately, the price action from its current level will help reveal whether buyers are prepared to step back in or whether the market remains unconvinced. Either way, now is the time to wait and see rather than jump in because of a good story.

Intelligent Monitoring Group (ASX: IMB): Why a promising business isn't enough

I was impressed by Intelligent Monitoring Group Limited (ASX: IMB), which operates security, fire safety and monitoring businesses across Australia and New Zealand.

Professionally monitored security and the potential use of AI offer avenues for development.

I was also impressed by their presentation last year and the year before that. In 2024 the share price rose around 27% and in 2025 around 26%, whilst this year it fell over 21%.

Over the nearly three years, there has been growth of around 25%, which is quite acceptable, but given the presentations over those years, investors may have been hoping for much more.

The business still needs to convert their opportunities into sustained earnings, and I am one who believes this will occur and we will see IMB do well.

I am just not investing in it right now as it is still a little too early. Why do I think this?

Focusing on the chart from 2022 onwards, 45 cents stands out as an important support level. The shares have been trading within a relatively contained range, while volume has picked up. That makes the area worth monitoring for evidence that buyers are prepared to support the price.

However, higher volume alone does not tell you when to buy. It measures trading activity and needs to be interpreted alongside price.

Investors must learn to assess whether demand is strengthening, whether support is holding and what would confirm a more sustained recovery.

Being interested in a growing industry is a starting point.

Developing the skill to interpret the market's response is what allows you to turn that interest into a considered decision.

Entropy Neurodynamics (ASX: ENP): The cost of waiting for a breakout

Entropy Neurodynamics Limited (ASX: ENP) is developing psilocin-assisted treatments delivered alongside psychotherapy.

Psilocin is the active metabolite of psilocybin, the compound associated with psychedelic mushrooms.

The approach deserves assessment of clinical evidence, regulatory progress and commercial practicality rather than assumptions about recreational drug use.

This stock is also one I saw present last year and is in much the same situation as IMB. The chart shows a stock that has spent much of the past three years moving sideways, repeatedly returning to around three cents and moving up to over four cents.

During this sideways move, several times the price moved up and down 40% to 60%.

Upwards moves of this magnitude attract those looking for quick returns and often those investors are disappointed as they enter near the end of each move.

The current sideways pattern suggests buyers and sellers have yet to establish a sustained direction even though their story is quite compelling.

For an investor, the issue is not simply whether the treatment could succeed. It is how long capital might remain committed while the company develops it. A business can make progress without providing an attractive return over your investment time frame.

An educated investor learns to distinguish patience supported by a strategy from holding indefinitely in hope.

A meaningful change in price behaviour could make Entropy more interesting, but the company's potential alone does not settle when to invest.

Aureka (ASX: AKA): Knowing when a rising share is worth buying

Aureka Limited (ASX: AKA) offers a different opportunity through its Victorian gold portfolio.

Its announced mine and mill acquisition is intended to add the operating Fiddlers Creek gold and silver mine and Wedderburn processing mill, alongside development projects including Irvine and Comstock.

Using existing infrastructure could provide a pathway to production without building everything from scratch.

Investors still need to assess acquisition execution, funding, operating costs and whether resources can become profitable production and cash flow.

The share price has already demonstrated how quickly sentiment can shift, with the chart showing a rise of around 140% since July.

The 20-cent level remains important in my analysis. A sustained break above could indicate that the shares are moving into a higher trading range.

Right now, we need to take the opportunity to assess where price might move, rather than use the recent price action as a reason to chase a recent winner.

You need to know how to recognise a credible breakout, whether it is sustainable and assess the risk of a failed move.

Investors also need to determine whether the potential return justifies that risk.

A rising share requires a strategy just as much as a falling one, and the recent move highlights just how quickly microcaps can move and why following the price action is so important.

From my perspective, AKA looks interesting, but I caution investors not to jump too early. For me I would like to see a sustained break above $0.20 signal that the share price is ready to move to much higher levels.

The biggest mistake ASX microcap investors make

The question I would put to anyone considering Microcap companies is simple: can you explain why you would buy, what evidence supports your timing and what would make you sell?

If you cannot, more enthusiasm for the company will not fill the gap in your knowledge.

Before investing, learn how to assess financial strength and funding needs, identify the prevailing price trend, and build entry and exit rules you can test.

With microcaps, you also need to understand liquidity: getting into a position can be easier than getting out at the price you expect.

These are skills that take education and practice.

Reading a few company announcements, following tips or watching presentations is not a substitute for learning how to make and manage investment decisions.

Education will not eliminate losses, but it gives you a method for assessing uncertainty instead of reacting to it.

The aim is to make decisions you can explain and repeat, rather than depend on somebody else's confidence. There is certainly potential among microcaps, but investors need to understand that potential doesn't always translate into returns quickly.

Finding an interesting microcap is the beginning. Before you buy its future, make sure you have developed the skills to judge the opportunity and protect your capital if it does not unfold as expected.

About 60,000 Australians accessed $1.4 billion of their super through early release arrangements in the year to July. More than half withdrew funds to pay for dental treatment.

Like many of his colleagues in the super industry, James Koval is concerned by the figures.

But the Association of Superannuation Funds of Australia's (ASFA) chief policy and advocacy officer understands why Aussies' nest eggs are proving tempting.

"There is genuinely a legitimate debate about dental care affordability in Australia," he says.

"Because of that unaffordability, people are looking for solutions."

When others profit from your super withdrawal

When revealing the amount people had pulled out of their super early, the Australian Tax Office (ATO) took the opportunity to sound the alarm.

You are allowed to access your super early for some expenses, including urgent medical care.

But the ATO says some businesses are encouraging Aussies to lie about their health and tap into their retirement savings to pay for cosmetic procedures.

Many of these promotions relate to cosmetic dental procedures designed to improve the appearance of someone's teeth rather than address serious pain or medical issues.

The social media ads targeting your super

Consumer advocates say social media advertising is playing a growing role in encouraging people to access their super.

"We're seeing all kinds of advertisements, particularly on social media, encouraging people to withdraw their super," says Super Consumers Australia chief executive Xavier O'Halloran.

"Some are pretty sleazy AI-generated ads of a dentist encouraging people to use their super to pay for surgery."

Experts and advocates say some operators are exploiting Australians' concerns about rising dental costs for their own financial gain.

The true cost of raiding your super for dental treatment

As mentioned above, if you do have serious dental problems causing you significant pain that you can't afford to fix, you may be allowed to access your super.

But, as outlined below, doing so can leave you with unexpected bills and significantly less money to pay for retirement.

Arranging a withdrawal through a company advertising on social media can make the damage even worse.

While accessing super may solve an immediate dental problem, experts warn the long-term consequences can be easy to overlook.

1. Unnecessary fees

Experts say dental clinics or finance companies promising to help you get access to your super will often charge for their assistance.

A 2024 investigation by SCA and CHOICE found these fees could be as high as $700.

James Koval from ASFA says such costs are still common and all the more galling considering you're being charged for something you can do yourself for free.

"You don't actually have to go through a third-party [to get your super early]," he says.

"A lot of people can just apply directly through the tax office or their superannuation fund, depending on what the request is for."

2. Higher taxes

Xavier O'Halloran from SCA says these third-parties also tend to play down the tax implications of taking super out of your account early.

"When you put money into super, you get a big tax concession," he explains.

"If you take it out early, you haven't saved it for your retirement, so the government looks to recoup what you probably would've paid in tax if [that money] had been regular income."

O'Halloran say the taxman's cut can be in the thousands of dollars: a "rude shock", leaving you with much less to cover your dental procedure than you thought.

Case in point, in 2024 the ABC reported on one man who was hit with an unexpected tax bill of more than $19,000 after withdrawing $67,000 from his super to pay for dental work.

The ATO says the transfer of super to your bank account can also play havoc with your eligibility for welfare payments like the Family Tax Benefit.

3. Rip-off bills

"These often aren't very reputable players," O'Halloran says of the dentists and third parties encouraging people to tap into super for unnecessary procedures.

He says these operators know patients using their super are likely tapping into a large sum of money and see that as a chance to up their treatment bills.

"We've got real concerns about overcharging," he says.

"We've seen evidence of some pretty expensive and probably inflated surgeries being charged for when super is in the mix."

4. Less money for retirement

The average early withdrawal from super will immediately leave you with around $20,000 less to spend in retirement.

But the Super Members Council says the absence of these funds means you'll also miss out on a significant chunk of investment returns.

The industry group says this lost power of compounding means withdrawing $20,000 at age 30 will leave you $93,000 worse off by the time you retire.

Even if you do meet the ATO's requirements for compassionate early release of super, SCA recommends talking to a financial counsellor first.

You can speak to one for free via the National Debt Helpline and get information on how withdrawing your super could affect you specifically and if there are other dental payment options you may be eligible for.

According to property research company Cotality, property prices were down 0.7% nationally in July, with Sydney and Melbourne falling 1.4% and 1.2% respectively.

Over the quarter, national prices were down 1.9%, although this was largely due to 4% and 3.4% falls in those major capitals.

Cotality says the falls were also heavily weighted towards higher end properties with upper quartile home values falling 3.2% over the quarter, compared to a 0.3% gain across the lower price tier.

Why are Australian house prices falling?

The falls are partly due to the less generous rules on capital gains tax (CGT) and negative gearing that came in after the Federal Budget. But these changes have hit alongside other pressures - rising interest rates, high fuel prices, poor housing affordability and lower consumer confidence - which has exacerbated the downward pressure on prices.

How low can they go? That's the big question, but some forecasters have put the drop as high as 10%.

In August, National Australia Bank revised its outlook downwards to predict a 5% fall across all capital cities this year, led by about 10% falls in Sydney and Melbourne. In May, Morgan Stanley predicted prices could fall by 10%, although not all estimates are this gloomy.

For example, in its August Residential Property Market Outlook, KPMG predicted a V-shaped trend with prices falling by 1.1% for houses and 2.2% for units nationally in 2026, followed by a recovery in 2027.

It said the depth of the downturn and pace of recovery are likely to vary across markets, influenced by things such as differences in affordability, supply conditions, population growth and general economic conditions.

Why falling house prices affect everyone, not just homeowners

The rationale behind the government's crackdown on negative gearing and CGT concessions was that it would make it easier for young people to buy their first home. But lower home prices also have a wider impact, driven in part by the so-called wealth effect.

As home prices have risen, Australians have enjoyed greater wealth - at least on paper - with median prices in Sydney, Brisbane and Perth all now into seven digits.

Being richer makes us more inclined to spend, so the theory goes. We're more likely to spend on consumers goods, for instance, such as cars, travel and entertainment, and we're also more likely to reinvest in our main asset through things like renovations. So, all being equal, when house prices are falling, household spending and consumer confidence should also pull back, potentially slowing economic growth.

Bloomberg economist James McIntyre said recently falling house prices could trigger a drop in consumer spending of up to 0.3% in coming months, which would spread across the economy.

He also said housing construction could take a hit as construction costs have been rising and builders may no longer be able to pass those costs on through higher prices. He said housing construction activity makes up 4%-5% of the economy.

But it's not just housing construction that is vulnerable to falling prices. Housing has flow-on effects for sectors such as banking, legal conveyancing, removalists and retail - the furniture, appliances and other items people buy when they purchase a home.

Could falling house prices lead to lower interest rates?

But here's the thing. The Reserve Bank is determined to bring inflation down and to do that it needs to curb spending.

In its August rates decision, it said it would increase rates further if needed to curb inflation.

The silver lining is that home buyers could be looking at rate cuts if the heat is taken out of the housing market and the economy more generally, which would then ease downward pressure on house prices.

Is this a housing crash or just a correction?

Perspective is important. Cotality says house prices rose 7.3% nationally in the year to June with prices in all capital cities except Sydney and Melbourne still at record highs.

Treasurer Jim Chalmers said on Budget night that house prices are up more than 400% since 1999, while AMP deputy chief economist, Diana Mousina has said national home prices are up more than 50% since the COVID-19 pandemic.

A 5% to 10% fall might be challenging for recent buyers, but it is arguably only a minor correction considering these massive gains and certainly not indicative of a major crash.

The huge run up in prices also means negative equity (where values fall below the level of mortgages) has not emerged as a significant problem.

In July, Reserve Bank governor Michele Bullock said negative equity was affecting less than 1% of borrowers with the biggest falls at the top end of the market. With lower end prices holding up better, claims of widespread negative equity for borrowers using the government's 5% deposit scheme seem overblown.

A more severe downturn would have a wider impact, but the chances of this need to be balanced against the continuing shortage of 200,000 to 300,000 homes, according to AMP chief economist Dr Shane Oliver.

Hi, Paul, I've been a subscriber for a few years, loving all the stuff you've taught me.

I am 33 years old, working as a casual pastry chef. I own two investment properties.

Property one I bought in 2020 for $515,000, now valued at $730,000. This property has a loan of $510,000. With Macquarie Bank's variable interest-only loan, I have built up some good equity in this property over the years.

I pulled out some equity to buy my second property in Ulverstone, Tasmania, for $450,000. That loan is $360,000 with a third-tier lender.

Combined, I have debt of $860,000, but both my properties are rented out.

I have $70,000 in super, $55,000 in a Vanguard account (investing in ETFs like VAS) and $45,000 in a CommSec account.

I have no student debt. I would like to retire early and be financially stable. Is there anything you would recommend I change with my current strategy?

Should I keep buying properties, or sell them and invest in shares solely, as there are so many risks and headaches when it comes to managing properties?

Should I be worried about the amount of debt I'm accumulating, or should I not worry about it since I'm young and the property growth will allow me to buy more properties? - Amila

Paul's response

Crikey, Amila, I am embarrassed. At age 33 you are smashing it with your finances. This is not exactly an endorsement of my skills, but at age 33 my wife and I owned a $90,500, mainly mortgaged, semi-detached home on a busy road opposite an industrial state.

Fortunately, my Dad had gifted us his secondhand car at trade-in time!

I had started a business, ipac securities in a one-room service office with my three terrific partners.

One minor problem was we could not afford to pay ourselves for three years, but over time the business grew to a large company. My wife, Vicki, was our source of income as a school teacher.  She remains amused at those years I was a dependent on her tax returns!

I may have answered a key part of your question. We reached pretty solid financial security by age 50, due to taking sensible risk.

We both felt the business would work and invested many unpaid hours in it. Like your properties, at times it was hard and many problems came along.

But the time to take risk is when you are young. You won't reach financial independence investing into a bank account earning taxable interest.

It seems to me your properties are doing well, my view is to sell losers and stick with winners. It is certainly easier to borrow to buy properties than shares, but the world has changed with the new rules on negative gearing.

You could look to smaller commercial properties, where the CGT rules have not changed, but here we move to your own personal comfort with debt.

You are off to a great start with wealth creation. You can continue on this path with property, but I do like diversification. I know you have super, Vanguard and some cash.

You could 'suspend' debt at your current levels and add to shares via ETFs or super. Super you will not access for many decades, so maybe just go with employer contributions?

It is an easy option to just add to Vanguard, or you could look at an investment loan to add gearing to shares.

Frankly, you are locked into a path to early financial independence. You are following all the key 'rules of money'. From here it is a personal path that depends on your attitude to risk and how much effort you are willing to put into time-heavy assets such as property.

What to read next

• Ask Paul: I quit law for pastry - can I still support my mum?
• Ask Paul: Should we pay off our home or invest in property?
• How much is your home actually worth?
• The property crackdown buyers and renters will love
• Falling house prices could be squeezing your home equity

Australians lodged 2376 complaints with the Tax Ombudsman in the six months to September, a 74% increase on the same period in 2025, according to new data released by the independent agency.

Among the complaints that went on to be investigated by the ombudsman, the most common issues related to debt collection practices and interest charges applied by the ATO.

Australians were also frustrated by unpaid superannuation and refund delays.

"We continue to see an unprecedented demand for our services," says tax ombudsman Ruth Owen.

"At a time when many Australians are facing financial distress, we are seeing increased complaints about how the ATO is collecting tax debt owed and how interest is applied to the debt, often making the amount due impossible to pay back."

What does the Tax Ombudsman actually do?

Beyond receiving complaints, the Tax Ombudsman can investigate disputes and help taxpayers resolve issues with the ATO.

That doesn't mean that it investigates every complaint. Nor does the ombudsman seek favourable outcomes for individuals. In fact, it often confirms that the ATO has followed the proper process.

As Owen notes, though, intervention can help deliver real outcomes.

"Where the ATO has not taken action or that action has been delayed, our intervention can deliver tangible outcomes such as expedited payments, decisions to remove or remit interest charges, reduction of debt owed or a fresh look at the person's circumstances."

How a taxpayer recovered a $385,000 refund

In its latest report, the ombudsman cites a case in which a $385,000 tax refund issued by the ATO was transferred to the wrong bank account.

Sarah, the taxpayer, had accidentally provided incorrect account details to the tax office. Despite efforts to recover the money, the ATO was unsuccessful, but argued that it had met its obligations.

After Sarah lodged a complaint with the Tax Ombudsman, who investigated the complaint, the refund ended up being recovered and deposited into Sarah's correct account.

Five tax problems driving a surge in complaints

Given the sharp rise in complaints, it's clear that some parts of the tax system are causing more problems than others.

With that in mind, here are answers to some of the most common questions about ATO interest charges, refunds, audits, unpaid super and tax debts.

1. When does the ATO charge interest on tax debts?

There can be consequences for Australians who don't lodge their tax returns on time or fail to pay their outstanding debts before the due date.

These include Failure to Lodge penalties, interest and other charges imposed by the ATO.

Australians who prepare their returns themselves generally have until November 21 to pay tax owed to the ATO. If they don't, interest can be applied until the debt is paid in full.

The ATO applies what's called a General Interest Charge (GIC), which accrues daily. Currently, the annualised rate is 11.51%, and the daily rate is roughly 0.03%, so it can start to add up quickly.

2. Can the ATO reduce or wipe a tax debt?

It is possible for someone to have some, or all, of their tax debt removed. But only in a limited number of situations.

The tax office notes that they can only release someone from a tax debt if paying it would leave the individual in financial hardship.

In other situations, the ATO may be able to organise a payment plan for someone to pay off their debt, or consider cancelling or reducing any interest or penalties that have been incurred.

3. Why is my tax refund taking so long?

In most cases, the ATO says that online tax returns will be processed in 12 business days. After that (if you're due a refund) the money will be paid into your nominated account.

There are a number of reasons why it may take longer for your refund to come through. For instance:

• If you've attempted to lodge another return for the same income year
• If you've amended your return before the ATO has finished processing it
• If you lodge multiple returns (for different years) in one go
• If your bank account details aren't current
• If the ATO has requested or needs to check additional information

4. What can I do if my employer hasn't paid my super?

Australian workers are estimated to miss out on billions of dollars in unpaid superannuation each year, which was one of the driving factors behind the recent payday super reforms.

While the reforms already appear to be having an impact, it's likely that there will still be instances where employers aren't paying their employees' super on time, or at all.

Workers can report missing superannuation via the ATO's unpaid super reporting tool.

You'll just need to provide a few details, including your tax file number, the time period in which super hasn't been paid and some employer details, like their ABN.

5. How will the ATO contact me if I'm being audited?

You've submitted your tax return and are waiting for a refund to come in. The last thing you'll want is an unexpected message from the ATO.

This isn't necessarily a cause for concern. In many cases, what people think is an audit is actually a review where the ATO requests extra information to assesses a potential risk.

Sometimes it will go nowhere. If concerns remain, though, that's when a review can be escalated to an audit. At this point, the ATO will write to you to confirm that an audit has commenced.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Dale Gillham, chief investment analyst at Wealth Within.

They discuss the art of selling shares and the factors investors should consider before hitting the sell button.

Episode timestamps

00:00 Introduction

02:00 Why selling shares is harder than buying

08:00 The importance of having an exit strategy before you buy

13:00 Signs that it's time to sell up

16:00 Should you sell after big gains?

20:00 How tax should affect your selling decisions

22:40 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

How often are new episodes released?

New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

Why subscribe to the Friends With Money podcast?

Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

The most common financial mistakes Australians make include failing to stick to a budget, not building an emergency fund, keeping outdated financial products, misunderstanding their home loan, being underinsured, neglecting their superannuation and taking on too much debt.

The good news is that avoiding some of the most common mistakes can put your finances on a much stronger footing.

From budget blowouts and debt spirals to forgotten super and insurance gaps, here are seven financial horrors that could come back to haunt you, and how to avoid them.

1. The budget blowout: why budgeting mistakes can cost you money

A budget is only useful if you stick to it.

If you've gone to the trouble of working out where your money should be allocated in any given month, it would be a shame not to put it into use.

If you don't have a budget at all, then this is certainly a good place to start.

Understanding the comings and goings of your finances is imperative to good money management.

Remember, the aim of the game is simple: don't spend more than you earn.

If you're looking for a budget planner to help you get started, ASIC's MoneySmart website offers a comprehensive calculator.

You can save it online or export it, so you can come back and review/adjust frequently.

2. The vanishing emergency fund: why emergency savings matter

Building your savings is essential.

If you're living from payday to payday, you're leaving yourself exposed.

Unexpected expenses can arrive at any time, whether it's a car repair, vet bill, medical expense or sudden loss of income. Having an emergency fund can help you avoid relying on credit cards or personal loans.

The trick is to set a regular savings schedule and keep it consistent.

The amounts you contribute may vary depending on what you have available; just remember that a little goes a long way, so contributing even a small amount is better than nothing at all.

3. The outdated money trap: outdated financial products can cost you money

Many of us have different products and accounts when it comes to our finances - personal loans, home loans, credit cards, savings accounts, transactional accounts, insurance, superannuation, to name a few.

It can be hard to keep track of them all, which is why reviewing them regularly can be tricky.

The fact of the matter is that our circumstances and the market change but our financial products often stay the same. It's worth doing a regular review of all the products and accounts you have to make sure they are still relevant.

There might be better, newer ones now.

Or your current providers might be willing to give you a better deal if they know you're scouring the market; it never hurts to ask.

Many Australians stay loyal to transaction and savings accounts that pay very little interest, potentially missing out on higher returns available elsewhere.

If you want to compare products, try using a comparison website such as Canstar, Mozo or Finder.

4. The home loan horror: home loan mistakes that could increase your repayments

According to Mortgage Choice's 2025 Home Loan Report, more than half of borrowers (57%) wish they had done more homework before choosing their first home loan.

That's a concern given a home loan is often the biggest financial commitment Australians will ever make.

Yet many borrowers focus solely on the interest rate and overlook features that could save them money or provide greater flexibility.

A home loan is one of the biggest financial commitments you'll ever make.

It's worth taking time to understand exactly what you're signing up for.

Beyond the interest rate, features such as offset accounts, redraw facilities, extra repayments and refinancing options can make a significant difference over the life of a loan.

5. The insurance shock: the risks of being under-insured

We never want the worst to happen but that doesn't mean you shouldn't plan for the worst.

Leaving this to chance is a risky decision. When it comes to insurance, it's worth taking a two-pronged approach.

First, you need to make sure you have all the relevant insurances for your circumstances.

The main ones to consider include home and contents insurance, car insurance, health insurance, total and permanent disability insurance (TPD), income protection and life insurance.

Next you need to make sure you have sufficient coverage.

If your insurance doesn't cover you fully it's somewhat redundant. Be sure to speak to a professional adviser if you need help determining the appropriate cover for you.

Being underinsured can leave you financially exposed when you need to make an insurance claim, potentially costing thousands of dollars out of your own pocket.

Reviewing your insurance annually is a must.

Your situation can change significantly over 12 months and you don't want to get caught with outdated insurance.

6. The retirement nightmare: superannuation mistakes to avoid

Apart from the family home, superannuation is likely to be one of the biggest assets you own.

But it can be hard to plan for something so far into the future, especially when life gets in the way and current priorities take centre stage.

Getting to post-work life and realising you don't have enough superannuation can be extremely stressful. It's time to stop taking a passive approach to your superannuation.

Regularly reviewing your superannuation can help reduce unnecessary fees and ensure your investment option remains suitable for your age, goals and risk tolerance.

There are simple ways to improve your future financial outlook:

• Consolidate your super accounts if you have more than one - this means you won't be hit by multiple fees;
• Take advantage of tax concessions and salary sacrifice options and top up your balance with personal contributions;
• Get a check-up to ensure your investment option is the right one for you and the stage of life you're in. For example, if you're younger and at the start of your career you might decide to take a riskier long-term investment option, whereas if you're close to retirement you might want to consider a safer option. This will depend on your individual circumstances and risk appetite.

7. The debt spiral: how to avoid excessive debt

We will all have debt in some form or another throughout our lives.

And true, there's good debt (your mortgage) and bad debt (your credit card) but once we start down that track it can be a slippery slope.

Keeping debt in check doesn't have to be difficult; there are simple ways to help manage your expenses.

For instance, limit the number of credit cards you have.

If you don't have automatic payments, set reminders in your calendar for when your repayments are due, pay more than the due amount if you can, and try consolidating your debt to make it easier to manage.

NEXTDC shares plunged more than 40% after delays in upgrading electricity at its Melbourne facility forced it to cut its earnings forecast.

Firmus scrapped its proposed IPO, while South Korean operator Elice fell 32% on debut, before recovering the losses the following day.

These setbacks raise a question: is demand disappointing, or is the industry struggling to deliver enough capacity?

Australia has been here before. During the mining boom, ships queued outside Newcastle and Dalrymple Bay because export infrastructure struggled to keep pace.

Customers wanted the resources, but getting them to market was another matter.

Those bottlenecks did not end the boom. Investment expanded infrastructure, and by 2010 the Reserve Bank reported higher iron ore and coal export capacity.

The comparison offers a reason to remain constructive on data centres. A delayed electricity connection does not, by itself, mean demand has disappeared.

The International Energy Agency expects global data-centre electricity consumption to nearly double, from 485 terawatt-hours in 2025 to 950 by 2030.

Australian research forecasts consumption will nearly triple, from 5.2 terawatt-hours in FY26 to 15.8 by FY30.

But forecasts alone cannot pay the bills. Construction and financing costs can accumulate while revenue waits.

The RBA has warned that debt-funded AI projects could struggle if demand disappoints or adoption takes longer than expected.

For NEXTDC, Macquarie Technology Group and Goodman Group, investors should therefore watch customer commitments and funding alongside construction milestones.

Customers staying committed through delays would support the argument that revenue has been postponed. Cancellations or reduced requirements would suggest something more troubling.

I think infrastructure constraints are insufficient evidence to declare the boom is over.

The mining experience shows an industry can build through bottlenecks when demand persists, although that does not guarantee every project or share price will recover.

Ships waiting offshore helped explain why Australia needed more export capacity. For data centres, the equivalent test is whether customers will still be waiting when the power finally arrives.

Best and worst sectors

Communication Services is the best-performing sector so far this week, rising 2.86% on the back of strong gains in Telstra and TPG, with investors looking for some buy-the-dip type opportunities.

Industrials gained 2.56%, driven by Cleanaway's takeover offer, which sparked a roughly 20% jump, which helped lift the sector.

Financials rounded out the top three, up 1.78%, as the major banks continued to rebound, while takeover interest in Challenger provided support.

At the other end of the market, Information Technology is the worst sector so far this week.

It fell more than 4% as NEXTDC's earnings downgrade compounded an ongoing global sell-off in technology and AI stocks.

Materials was the second-worst sector, dropping 4% as falling gold stocks and renewed weakness in major miners weighed on the sector.

Energy rounded out the worst performers this week, falling 1.09% as oil pulled back and immediate Middle East escalation fears eased, pressuring energy shares later in the week.

Best and worst stocks

Cleanaway Waste Management led the S&P/ASX Top 100 this week, climbing more than 21% after agreeing to an EQT takeover valuing the business at approximately $9.3 billion, including debt.

Challenger Limited followed, rising more than 18% after Daiichi Life proposed an $11.80-a-share takeover, roughly 20% above its previous closing price.

Pro Medicus rounded out the leading performers, gaining more than 10% after securing two seven-year US contracts worth a combined $67 million with Billings Clinic-Logan Health and Virtua Health.

At the other end, NEXTDC Limited was the weakest performer, falling more than 37% after delayed electricity connections at its Melbourne M3 facility forced an earnings forecast downgrade.

Telix Pharmaceuticals followed, falling more than 13% after its quarterly update showed a modest sequential revenue decline, disappointing investors despite a positive full-year outlook.

Regis Resources Limited rounded out the worst performers, falling more than 10% as rain-disrupted production and higher unit costs overshadowed strong cash generation in its September-quarter results.

All Ordinaries Index update

The All Ordinaries Index has barely moved this week, slipping just 0.26% so far as it holds above 8,830.

For the past month, the index has traded in a tight range, hinting at a breakout one week and a fall the next.

This week's action tilted the balance slightly towards further weakness, although recent trading has shown how quickly that picture can change.

However, one potentially encouraging difference stands out: this is the first week in that range that the index hasn't retested 8,800.

If the market rises from here and breaks above 9,000 points, it suggests buyers are becoming more confident and stepping in earlier, rather than waiting for another return to the lows.

Seasonality also makes the next two months worth watching.

Materials typically strengthen through November and December, while Financials tend to soften in November before regaining strength in December.

Given their substantial influence on the Australian market, these sectors could determine whether the index finally escapes its range.

If Materials strength is offset by Financials weakness next month, the market could remain stuck a little longer.

December may offer a better opportunity for a Santa rally if both sectors begin moving in the same direction.

1. Scam complaints up and more on the way 

The national finance ombudsman has received its most complaints ever, including a growing number of concerns about scams.

The Australian Financial Complaints Authority (AFCA) will soon be helping even more scam victims, as it takes on a new role making sure Aussies are protected from online cons.

AFCA received almost 120,000 complaints in the year to June, including 6,706 about scams.

Scam complaints were up 12% from the previous financial year.

AFCA says these criminal schemes are becoming more sophisticated and taking longer to unravel.

But the independent resolution service could soon be hearing from even more victims.

AFCA already mediates between banks and scam victims and orders institutions to pay compensation where required.

But from March next year, the organisation will be tackling cases involving telcos and digital platforms as well.

These industries, along with banks, will be required by the government to meet new standards to protect Aussies from scams.

AFCA will operate a dedicated Australian Scams Ombudsman to step in when consumers don't believe businesses are meeting these new expectations.

AFCA told Money it's too early to reliably predict how many scam complaints it will receive, but says it has invested in its systems and teams to prepare for its new role.

2. Community resistance sinks another AI business 

Another Aussie data centre company has run into trouble on the share market, after a backlash from residents delayed expansion plans.

The price of shares in NextDC slumped more than 40% earlier this week after it predicted smaller profits due to a delay in getting electricity to one of its data centres.

The company is expanding its M3 facility in Melbourne and needs new power poles to be installed along suburban streets leading to the building.

They're significantly higher and wider than traditional poles and residents have been campaigning against having them put in outside their homes.

Earlier this month, the ABC reported locals were deliberately parking their cars along the street to prevent power company workers from installing the poles.

It comes after fellow data centre business AirTrunk delayed plans to sell assets on Singapore's stock exchange and Firmus pulled out of floating on the ASX, as investors question the numbers behind the AI boom.

3. Should the GST be higher?  

How would you feel about paying a bit more for (almost) everything?

Former politicians and advocates are calling for Australia's GST to be raised to 15%.

They say it would be a more effective way of tackling national debt and keeping up with growing healthcare costs than relying on income tax.

RMIT tax expert Dr Venkat Narayanan agrees it's a debate Australia should be having.

"The GST is a much more stable source of revenue for government," he explains.

"Particularly with ageing populations and changing demographics."

Think tank the Grattan Institute predicts state governments could soon struggle to pay for the increase in older Aussies retiring from work and needing more care.

It says a 15% GST would deliver them the money to do this and allow all governments to reduce their debt in preparation for big crises like the Covid pandemic.

Australia's current 10% tax is almost half the average rate seen in similar economies.

Dr Narayanan says increasing consumption levies is a "bread and butter" reform overseas and that Australia is unusual in having never raised its GST.

He adds that such a move would be accompanied by income tax cuts for lower earners.

But admits sensitivity to the cost of living means Australia's consumption tax is unlikely to be raised any time soon.

"There would be an almost 0% chance of this happening in the next six to 12 months," he says.

4. Bad news for Aussie fashion as shoppers get refunded

Several Aussie clothing labels have come in below online giant Shein in a global ranking of ethical fashion practices.

The latest industry scorecard released by Baptist World Aid put brands like Billabong, Quicksilver and Seafolly below the fast fashion pioneer.

Baptist World Aid gave hundreds of fashion labels a rating out of 100 for how well their parent companies ensured ethical and environmental sustainability across supply chains.

Shein was given a score of 28. Boardriders, the company behind Billabong, Quicksilver and other brands, was given a score of just three.

Meanwhile, another Aussie label has made the news this week for better reasons.

The new leaders of activewear brand Stax announced they would issue store credits to customers who had missed out on orders after the company collapsed in June.

The brand won praise for the gesture -- something leaders told Nine Newspapers they weren't legally obliged to extend, but had decided to anyway.

5. More competition coming to new airport 

Last month, we brought you news of cheaper flights in and out of Sydney thanks to the choice being offered by the city's second airport.

Now, travelers could benefit from even greater competition with another airline announcing it'll join the roster, ahead of the airport opening to passengers on Sunday.

Qatar Airways revealed it will fly between Doha and the new Western Sydney International (WSI) from December 2027.

The carrier has become a familiar site at Australian airports in recent years, competing with major airlines on routes to Europe via the Middle East.

Money revealed last month some flights were up to 50% cheaper to or from WSI than Sydney's existing airport, although the new facility is a greater distance from the CBD.

From hidden reserve prices to AI-altered rental listings, governments are introducing new rules designed to make the property market fairer and more transparent.

1. Buyers can now see a property's reserve price

This month, Victoria brought into force new rules requiring a person selling a property to be transparent about the lowest price they'll accept.

Sellers and their agents now have to share this reserve price with potential buyers seven days before an auction or fixed-date sale.

The state government is framing the reform as a crackdown on underquoting.

This is when an agent suggests a property will be cheaper than what they know it'll likely end up costing.

Dr Paul Harrison from Deakin University's business school says Victoria is the first state to require such transparency.

"It will certainly help buyers and I think it will actually help real estate agents as well," he says.

"It makes people feel more confident and I think you'll see more people genuinely being at auctions," he adds.

"[Real estate agents] will get people turning up who actually do want to buy."

Monica Rouvellas, a solicitor with Sound Counsel specialising in property law, says the change will help young people especially.

"A lot of first homebuyers spend $200 or $300 per property to do their research, only to go to an auction to find out that they're not even able to afford it," she says.

But Rouvellas also shares some of the concerns about the law raised by Victorian real estate groups.

In particular, the potential for it to deny sellers flexibility as they approach an auction date.

"If the reserve price is set too low and they need to update it, then they have to restart that seven days again," she notes.

2. AI-edited rental listings must be disclosed

From next year, landlords and agents in New South Wales will have to disclose when a rental advertisement has been altered with, or entirely generated by, AI.

It comes after Money has highlighted examples of real estate agents altering images of their properties to make them look more eye-catching.

In one case, a Queensland agency used digital tools to make it look like a property had a pool and water fountain that, in reality, didn't exist.

Dr Harrison from Deakin University says such tactics can cause potential renters to get emotionally invested in properties that aren't as good as they think.

He welcomes the incoming reform, but says agents putting a generic disclaimer acknowledging AI use won't help renters understand how exactly an image has been altered.

"They might think that once they disclose, they can do whatever they like and can put the responsibility back on the consumers," he says.

He wants the disclaimers to be more specific.

"It would be different if they actually talked about the change that was made," he argues.

"Like if it said the garden has been digitally-enhanced or the swimming pool or these windows do not exist".

3. Renters can transfer their bond to a new property

The New South Wales government is also making changes to its bond system it says will save renters up to $4000 every time they move to a new property.

The Smart Rental Bonds initiative came to life last month.

It allows renters whose security deposit has been lodged with Rental Bonds Online, the state's central holding facility, to transfer their bond from one property to the next.

New South Wales Tenants Union CEO Leo Patterson Ross says the initiative appears to be working well so far.

"It resolves a particular problem, which is when you are moving out of a home you usually have to pay for the bond at the next home before you get your old bond back," he says.

"So that means you have double the bond taken up in the system".

But Patterson Ross is critical of the $25 fee renters are being charged to use the scheme.

He also says his state could look to other parts of the country for ideas on how to better help people leasing a home.

"The ACT and Victoria are probably the two that have come the furthest and give the best deal [to renters]," he notes.

On the face of it, that seems like a lot. But it can disappear quickly.

That's why - if you're wanting to maximise your time away from work - it can be worth taking leave around public holidays and weekends.

The question is: when is the best time to do that?

From Easter to the King's Birthday, here are some of the best opportunities in 2027 to take annual leave.

Christmas and New Year (2026-2027)

• Potential break: 10 days
• Annual leave needed: Three days

Christmas is a little over two months away, which will no doubt be welcome news to Australian workers hanging out for a break.

Because of the way Christmas Day (December 25), Boxing Day (December 26) and New Year's Day (January 1) fall, it's possible to take a decent chunk of time off for very little leave.

Workers can enjoy ten consecutive days off from December 25 to January 3 by using three days of annual leave on December 29, 30 and 31.

Just remember, employees can be required to take paid annual leave during a summer shutdown if it's a reasonable request - even if they might not want to.

Australia Day 2027

• Potential break: Four days
• Annual leave needed: One day

The holiday period between Christmas and New Years never feels long enough, so why not give yourself something to look forward to by booking a long weekend at the beach in late January?

Australia Day (January 26) falls on a Tuesday in 2027, so all you'll need to do is take January 25 as annual leave to create a four-day weekend.

Need more of a break? Extended it to a nine-day holiday by taking January 25, 27, 28 and 29 as annual leave.

Easter 2027

• Potential break: 10 days
• Annual leave needed: Four days

Easter comes early in 2027, which means that the opportunity for a bumper break combining the Easter and Anzac Day public holidays won't work.

That doesn't mean that workers can't take a decent chunk of time off over Easter though.

Thanks to the Good Friday (March 26) and Easter Monday (March 29) public holidays, it's possible to engineer a ten-day break from March 26 to April 4.

All you'll need to do it take annual leave on March 30 and 31 as well as April 1 and 2.

Anzac Day 2027

• Potential break: Nine days
• Annual leave needed: Four days

Anzac Day (April 25) falls on a Sunday this year, which means different states and territories will be approaching it in different ways.

In South Australia, Tasmania and Victoria, it will only be observed on the Sunday. In Queensland and the Northern Territory, it will be shifted to the Monday (April 26).

In the ACT, New South Wales and Western Australia, it will be observed on the Sunday, but with an additional public holiday on the Monday.

What does that mean for people looking to take time off around it though?

In places where the Monday is a public holiday, workers can take April 27, 28, 29 and 30 as annual leave to create a nine-day break between April 24 and May 2.

King's Birthday 2027

• Potential break: Nine days
• Annual leave needed: Four days

The King's Birthday is held on June 14 in most parts of Australia (Queensland celebrates it on October 4 and Western Australia on September 27), which falls on a Monday in 2027.

This creates an opportunity for people to take a nine-day stretch off work in exchange for just four days of annual leave.

So, how does it work? Well, by taking June 15, 16, 17 and 18 as leave, workers will have nine consecutive days off from June 12 through to June 20.

Christmas and New Year (2027-2028)

• Potential break: 16 days
• Annual leave needed: Seven days

It may be well into the future, but for the more organised among us, it's worth thinking about the holiday period at the end of 2027 and start of 2028 now - especially if you're planning a trip abroad.

Funnily enough, Christmas Day, Boxing Day and New Year's Day all fall on a weekend.

That means there will be additional public holidays for Christmas Day and Boxing Day on Monday, December 27, and Tuesday, December 28, and one for New Year's Day on Monday, January 3.

Importantly for those looking to maximise their time away from work though, it means that they can have a 16-day break stretching from December 25 through to January 9.

To achieve that, you'll need to lodge an annual leave request on December 29, 30 and 31, as well as January 4, 5, 6 and 7.

State and territory holidays in 2027

Australian Capital Territory

• Canberra Day (March 8)
• Reconciliation Day (May 31)
• Labour Day (October 4)

New South Wales

• Labour Day (October 4)

Northern Territory

• May Day (May 3)
• Picnic Day (August 2)
• Christmas Eve - 7pm to midnight (December 24)
• New Year's Eve - 7pm to midnight (December 31)

Queensland

• Labour Day (May 3)
• Royal Queensland Show (August 11)
• Christmas Eve - 6 pm to midnight (December 24)

South Australia

• Adelaide Cup Day (March 8)
• Labour Day (October 4)
• Christmas Eve - 7pm to midnight (December 24)
• New Year's Eve - 7pm to midnight (December 31)

Tasmania

• Royal Hobart Regatta (February 8)
• Eight Hours Day (March 8)
• Easter Tuesday (March 30)
• Royal Hobart Show (October 21)
• Recreation Day (November 1)

Victoria

• Labour Day (March 8)
• Friday before the AFL Grand Final (TBC)
• Melbourne Cup (November 2)

Western Australia

• Labour Day (March 1)
• Western Australia Day (June 7)

Five common annual leave questions answered 

1. Can employers force employees to take annual leave? 

Yes, is the short answer. There are a situations in which an employer can compel a worker to take annual leave, such as during a shutdown period (e.g. over the Christmas break) or if someone has amassed an excess leave balance.

2. Will you keep accruing annual leave while you're on annual leave? 

Yes. You could be lounging next to a pool using annual leave and still be (slowly) building up your leave balance while you're away. It also continues to accrue while you're on sick or carer's leave, long service leave or even when you're on certain kinds of unpaid leave (such as jury duty).

3. Can you use sick leave for a mental health day? 

It's certainly possible to take time off for your mental health, but unless your employer provides dedicated mental health days, it will generally need to be taken as sick leave or personal leave.

4. Can sick leave be taken while on annual leave? 

It's not a situation anyone will want to find themselves in, but imagine travelling overseas for a much-needed holiday only to be struck down with the flu.

Burning through your precious annual leave while you're cooped up in bed doesn't sound much fun, so the good news is that it is possible to use your sick leave in that situation.

5. Can you take leave without pay or leave at half pay? 

It's possible, but taking leave at half pay or without pay may come down to an employers' discretion or the particular award someone is on. For example, the Fair Work Ombudsman says that some awards do allow employees to take leave at half pay.

Australians have more than $350 billion invested in more than 450 exchange traded funds (ETFs). New funds are being launched all the time and it's estimated that by 2027 Australian investors will be able to pick from more than 500 ETFs.

What's driving this growth, who are the main investors and how do you pick an ETF from the smorgasbord of available options? Let's take a look.

What are ETFs?

Australians have more than $350 billion invested in more than 450 exchange traded funds (ETFs). New funds are being launched all the time and it's estimated that by 2027 Australian investors will be able to pick from more than 500 ETFs.

What's driving this growth, who are the main investors and how do you pick an ETF from the smorgasbord of available options? Let's take a look.

ETFs are managed funds listed on the Australian Securities Exchange (ASX).

Your money is pooled with that of like-minded investors and spread across a range of underlying assets. The fund manager does the hard yards, creating and managing the fund's portfolio on your behalf and, in return, fund investors pay an annual fee.

Two game changers have made ETFs especially attractive: cheap online broking and the rise of 'index' investing, an approach also known as passive funds management.

ETFs charge super-low fees

With index investing, a strategy championed by fund manager Vanguard, the fund doesn't aim to beat the market. Instead, it aims to match the performance of a given market index.

This approach keeps costs down. As a result, ETF fees can be as low as 0.03%.

So if you have, say, $5,000 invested in an ETF, you could pay as little as $1.50 annually in fund fees.

Who's investing in ETFs?

Australian investors have flocked to ETFs, attracted to the low cost, diversification and low capital requirements they offer.

Rory Cunningham, senior manager of investment products at the ASX, says: "We are seeing strong momentum in the Australian ETF market, with an expanding range of products providing investors with greater choice and flexibility."

According to a Vanguard study, investors across the board are taking up ETFs, but it is younger Australians who are especially keen.

It turns out that one in four (26%) of all current investors holds units in ETFs, although this varies widely between generations.

As the chart shows, two in five (42%) Gen Z investors (14-29) hold ETFs compared with 36% of Millennials (29-44), one in five (19%) Gen X investors (45-60) and one in 10 (11%) Baby Boomers (60-plus).

Daniel Shrimski, Vanguard's managing director of Asia Pacific, explains the appeal of ETFs for young investors.

"Our research shows younger Australians are increasingly embracing investing and using ETFs. In many ways, they're recognising what Vanguard's founder Jack Bogle was talking about.

"They understand the importance of investing for the long term and keeping costs low. And to do that, they're not looking for a needle in the haystack, they're buying the whole haystack."

Shrimski adds that younger investors are using ETFs because they're simple, low cost and provide broad market exposure in a way that's easy to understand and stick with over the long term.

"We're seeing this trend in our own business, with strong growth in the number of younger Australians using ETFs to work towards their goals and build long-term wealth."

That said, Shrimski notes that ETFs are a simple, low-cost way for investors of all ages to build long-term wealth.

The four ETF families

A useful starting point in deciding which ETFs may suit your goals is being able to recognise the four main types of ETFs, bearing in mind there can be overlap between the different families listed below.

1. Core index ETFs

For many investors, a 'core and satellite' approach can be useful.

This involves holding key assets, such as Australian and international shares, at the heart of your portfolio, then adding smaller holdings in satellite investments such as niche or themed ETFs.

ETF manager Betashares found index funds remained the firm favourite among Australian investors in the first half of 2026, notching up $27.5 billion in inflows compared to just $2.4 billion across active funds.

Across these inflows, investors favoured international shares, which attracted $13.7 billion in investor money in the first six months of the year. This was followed by Australian equities ($8.8 billion) and fixed income ETFs ($4.7 billion).

Drilling down further, a handful of ETFs, all of which are index funds, led the field for attracting serious money during the first half of 2026.

2. Active ETFs

The rise of index ETFs has drawn attention to whether actively managed funds, which aim to beat the market, earn returns that justify their often higher fees.

The annual S&P SPIVA Scorecard, which tracks the performance of active fund managers, has consistently found that most actively managed funds fail to outpace the market. Plenty don't even match market returns.

The rate of outperformance generally declines over longer timeframes, such as 10 years.

Despite this, Darren Connolly, CEO of Investment Markets, believes both active and passively managed funds can have a place in portfolios.

"Passive ETFs remain a very effective, low-cost way to gain broad market exposure and are well suited as core portfolio holdings. Active ETFs can add value in areas where skilled managers have the opportunity to outperform or manage risk more effectively.

"The key is understanding what you're paying for and whether the strategy complements your overall portfolio."

3. Thematic ETFs

As the ETF market has become more competitive, several fund managers have branched out from the basics and launched ETFs based on specific themes.

These can range from the video game market through to the space economy.

Themed ETFs can give investors an opportunity to put their money into a trend or niche market they have a particular interest in or strong views about.

But not everyone is a fan.

Scott Phillips, chief investment officer of Motley Fool Australia and author of The One-Page Investing Plan, says: "I almost always eschew thematic and similar ETFs. Unless you've done the research on each of the companies in the ETF, how can you have a view on the value?"

Connolly, however, believes themed ETFs can be useful, but says they should generally "play a supporting role rather than form the core of a portfolio".

He adds: "Investors need to distinguish between long-term structural themes and short-term market excitement.

"It's easy to be drawn to a compelling story, but successful investing still comes back to diversification, discipline and maintaining a long-term perspective."

4. Specialty ETFs

One of the often-overlooked upsides of ETFs is that they have opened the door for retail investors to access markets such as government and corporate bonds, which can require significant sums if investing directly.

They also provide access to assets that can be difficult to trade directly, such as commodities or currencies.

There are also ETFs that invest in gold and cryptocurrencies such as Bitcoin.

Given the specialised nature of these ETFs, they can add to your satellite holdings but ideally shouldn't act as the core of a portfolio.

New trends in ETFs and the big drivers

Darren Connolly of Investment Markets says investors are increasingly using ETFs to express specific investment views, rather than just buying broad market exposure. That said, he reports seeing continued demand for income-focused ETFs as investors look for reliable cashflow in a higher cost-of-living environment.

"At the same time, AI and technology-related ETFs continue to attract attention," he says.

"While infrastructure and energy transition themes are gaining momentum as investors look for long-term structural growth opportunities."

Phillips has a more nuanced view. He suggests that some ETF providers create new ETFs "not because they think they'll be good for you, but because they think they can attract investors to invest in them".

"Sorry, ETF providers, but you know it's true," says Phillips. "That doesn't mean [these ETFs] can't be good investments - just remember the incentives at play."

He points to new trends such as AI, space, income - and previously, things like Bitcoin, lithium and renewables, that have been 'hot'. "Be careful about getting sucked into the hype," adds Phillips.

How to choose the 'right' ETF

With just a handful of ETFs, it's possible to put together a diverse portfolio. The question is, with hundreds of ETFs to pick from, how do you narrow down the choice? Here's what the experts say.

Connolly provides a basic framework. "Start with your investment objective rather than the ETF itself. Investors should understand what they're trying to achieve, whether that's long-term growth, income, diversification or exposure to a particular sector."

From there, Connolly suggests looking at factors such as the underlying asset holdings, fund fees, liquidity, how closely the ETF tracks its benchmark and whether it adds something to your portfolio.

Phillips says he applies three tests when it comes to picking ETFs. "I want them to be broad, index-based and low cost," he says. "That gives the best diversification and keeps one of the biggest drags - costs - from eating too much into your returns."

Does size matter?

The more popular ETFs in Australia tend to be the biggest and they're managed by the goliaths of the industry. At one end of the spectrum, the Vanguard Australian Shares Index ETF (VAS) muscles in at a hefty $27 billion.

At the other end, the ETFS Global Lithium Miners ETF (VOLT) weighs in at just $503,000. To be fair, VOLT gives exposure to global lithium mining companies so it has a far narrower focus than, say, VAS. Even so, size can matter.

Phillips explains that larger ETFs are likely, although not guaranteed, to have lower costs over time than their smaller counterparts. But when it comes to a fund closing its doors because it is small, he notes, "As long as an ETF provider is reputable, you will be able to redeem your units in the fund. There's no need to worry too much".

Phillips adds that a fund closure could "cause a tax event, but your capital should be secure".

Connolly believes larger ETFs "generally have stronger liquidity and lower closure risk", but he adds that a smaller ETF isn't necessarily a poor investment.

"Investors should also consider who the issuer is, the level of investor demand and whether the ETF provides unique exposure," says Connolly.

"While smaller funds are more likely to close, closures are usually managed in an orderly way and don't typically result in investors losing their capital."

Building a portfolio of ETFs 

Connolly says that while diversification is "one of the biggest benefits of ETFs", it is easy to accidentally double up on holdings.

He cites the example of an investor who may own an Australian share ETF and a dividend ETF, with each potentially holding many of the same companies.

"It's important to look through the underlying assets and ensure each ETF has a clear role within the portfolio, rather than simply adding more of the same exposure," he says.

Discovering what an ETF invests in is easy. Most list current holdings - and the proportion of the total portfolio they represent - on the fund's webpage.

Are some trends falling out of favour?

Phillips points out that while almost all ETFs are growing, changing trends and investor focus mean some are less popular than they were.

"ETFs focusing on cybersecurity, and sustainability, for instance, are attracting a lower share of new investment."

Connolly believes that some of the more niche, thematic ETFs that benefited from market hype have seen interest cool as investors refocus on the fundamentals.

"We're seeing a shift back towards diversified core exposures and strategies with clear long-term investment cases, rather than chasing the latest trend," he says.

Top five share trading platforms and their brokerage fee structures

If you have limited funds to invest in ETFs, two options may be worth a look:

• Micro-investing apps like Raiz and CommSec Pocket are backed by a basket of ETFs. You can get started from as little as $5 with the likes of Raiz or $50 with CommSec Pocket. The downside of such small amounts is that it's going to be a long road to build wealth.
• Low-cost platforms such as Vanguard Personal Investor let investors get started with smaller sums. With Vanguard, for example, you can invest with as little as $200 and pay $0 brokerage. While it's possible to invest in the top 300 ASX-listed shares with Vanguard Personal Investor, your choice of ETFs is limited to those managed by Vanguard.

If you prefer to directly buy and hold the ETFs of your choosing, you're going to need an online broker.

Setting up an account is easy. And to start trading you simply transfer money from your everyday account to your online broking account. Your first purchase of any ETF must be at least $500.

This is the 'minimum marketable parcel'. So you'll need at least this amount plus the cost of brokerage in your broking account.

From here you can usually top up your holdings with smaller purchases.

Some platforms charge $0 brokerage. It can sound like a good deal but you'll likely 'pay' in other potentially less transparent ways, such as less favourable buy/sell spreads, mark-ups on foreign currency conversions, inactivity penalties, or account maintenance fees. Opting for a broker that charges a set fee can make it easier to compare apples with apples.

That said, price isn't the only aspect to consider. How comfortable you feel with a broker's platform or app and the availability of the latest research can play a role in your choice.

Several of the big banks have online broking platforms of their own, and they have become more price competitive in recent years. nabTrade charges $9.95 for trades up to $1,000 on both ASX and international trades.

Westpac Share Trading charges $4.95 on local and overseas trades up to $1000.

CommSec charges $5 on trades up to $1000 but from there the price rises to $10 on trades worth $1000-$3000. Trades on global markets are priced at $US5 or 0.12% (whichever is greater).  That said, CommSec is currently offering up to 30 trades, brokerage-free for new customers.

About 25 years ago I swapped Sydney for the Upper Hunter Valley. The upsides are plentiful. A strong sense of community, less hustle and bustle, and vastly more affordable property prices.

Of course, there are downsides.

My nearest bank branch is a 45-minute drive away.

As a devotee of online banking, this is rarely an issue.

But there have been occasions when regional branch closures have proven costly and frustrating.

Several years ago, my (then) 16-year-old son was keen to take advantage of a St George promotion that saw new customers receive a $50 bonus deposit.

Fifty bucks is a lot when you're 16.

So, we made the 45-kilometre trek to our nearest major centre, where I recalled a St George Bank being located. What we found was a vacant office - the all-too common story of a branch closure.

Determined to score that $50 freebie, we checked the St George website, which showed a branch at the next big town, another hour's drive away.

Alas, we were met with the same 'was here, not here anymore' vibe. The St George sign was still above the entrance but the space was empty with a 'To Let' sign in the window.

Along with a waste of time and petrol, the whole pointless exercise spoke volumes about the bank's attitude towards regional customers. It hadn't even bothered to update its branch listings.

My son eventually opened an NAB account. The irony is that he is now completing a law degree, and will undoubtedly be courted by the major banks when he applies for a home loan at some future date.

Others will not be so lucky.

And that's where branch closures stop being an inconvenience and become a community problem.

The pensioner who isn't comfortable banking online, the social security recipient who can't afford to drive long distances to visit a branch, or the farmer busy with harvest who doesn't have a spare couple of hours for the round-trip into town - these are just some of the Australians who have to cop it sweet when regional branches shut their doors.

And plenty have closed for good.

The latest 'point of presence' data from bank regulator APRA, shows that between mid-2017 and June 2026, 901 bank branches were closed across regional and remote Australia - a decline of 38%.

The banks' plan to win regional Australia back

Westpac has paused regional branch closures until 2030. The Commonwealth Bank recently announced a similar moratorium.

However, in a new move, the Australian Banking Association (ABA) has lodged a proposal with the Australian Competition and Consumer Commission, that could see the major banks pool resources to set up shared regional banking 'hubs'.

These hubs, which may be located in council offices, libraries, Australia Post outlets, or operate out of modular 'bank in a box' units, could assist customers with what the ABA says are "basic banking needs".

In what may be unintended bush humour, the ABA cites an example of basic needs as "assisting with navigating online banking apps". That's despite the Telecommunications Industry Ombudsman saying poor coverage continues to be a common source of complaints among regional and remote Australians.

For complex banking requirements, the ABA is proposing staff at these shared hubs would help connect customers with their bank through telephone or video banking services. It's expected that staff would not advise on, or be able to sell, any bank products.

'We deserted them because they deserted us'

So, what do country folk think of the idea?

To find out, I ran a straw poll of locals, who uniformly met the hub proposal with a 'meh' response.

There's a good reason for this. Almost everyone I spoke to had simply moved on.

As the big banks closed their branches, townspeople took their business to the one bank that hadn't deserted town - Regional Australia Bank.

Across New South Wales, Regional Australia Bank has 38 branches, often in communities like my own, where the population is less than 2,000.

Elsewhere in Australia, other small member-owned banks and local credit unions are filling the gap left by the major banks.

As Sue Brax, a local teacher, put it, "We deserted the big banks because they deserted us."

A local dairy farmer, who'd come into town for some cattle drench, was scathing about the proposed banking hubs.

"So they expect me to stand in line to be shown how to use a banking app," he mused.

"They obviously don't know - or care - that we barely get internet reception out on the farm."

The banks may have left it too late

There's no doubt that operating a branch network can be expensive.

Yet small regional banks and credit unions manage to do it - often on profits far lower than the $11 billion reported by CommBank last financial year, or the $7 billion recorded by Westpac.

The lesson here is that regional Australians know loyalty when they see it.

Don't bank on them embracing what may be little more than a token gesture of customer service from some of the nation's wealthiest companies.

Reader question

My super regularly deducts premiums for death, TPD and income protection insurances.

I have had these set up for years and have never really looked at them. As I'm now over 50 and my kids are adults and (relatively) financially independent, should I stop some/all of these insurances? It would save me a lot each year.

I have a super account balance that is heading towards $800,000 and I'm regularly saving more into it outside payroll contributions.

I have an investment property that is only slightly negatively geared.

I have no other debt and my husband is financially independent with his own job, super and insurances.

Is this a way to save some money and keep more of my money earning and growing in super, rather than being sucked up by fees and charges? - Karen

Paul's response

The day I was able to cancel all my life insurance and income protection cover was a day I much enjoyed, Karen.

My wife and I were also around age 50 and when doing our 'financial security' numbers we realised that with three adult kids, no mortgage and little other debt, we no longer needed life cover.

Which, incidentally, was just as well as it was getting quite expensive.

Please do your numbers carefully, but with your large super balance, an investment property that is only slightly negatively geared and your husband also in a strong financial position, it seems to me you no longer need this type of insurance cover.

What to read next

• Why your TPD insurance claim could be rejected
• Super insurance premiums are rising - what you can do
• Why mental health battles are driving young Aussies out of work
• Life insurers can no longer use genetic test results against you
• Why your insurance through super isn't always enough

For many Australians, their mobile plan is just another expense that flows out of their bank account each month, alongside the likes of streaming subscriptions and energy bills.

But is there an alternative, and potentially cheaper, option to monthly phone plans? One that isn't as easy to set and forget?

While the upfront cost is greater, annual prepaid plans can be better value over the course of a year.

So just how cheap can annual phone plans be? And which mobile users could they prove to be a good match for? Here's what you need to know.

What is an annual mobile plan and how does it work?

Annual phone plans, also known as 365-day plans or long-expiry plans, are a variation of the monthly prepaid plans many mobile users will be familiar with.

"Long-expiry plans are similar to regular phone plans, but the idea is that rather than paying month to month, you pay for the whole year upfront," explains Alex Choros, telco expert and managing editor of WhistleOut Australia.

"Pricing tends to range between $150 to $400 for the year, depending on how much data you want. You're looking at 140 gigabytes on the lower end to as much as 500 gigabytes.

"It's worth noting that data is for the entire year though. So, 140 gigabytes, for example, works out to be the equivalent of just over 11 gigabytes a month."

Are annual prepaid plans cheaper than monthly phone plans?

The least expensive annual prepaid plans on the market at present start from around $150, according to WhistleOut data - the equivalent of $12.50 per month.

That's slightly less than the cheapest comparable monthly options.

Generally speaking, Choros says, individual service providers tend to offer their annual plans for less than their monthly plans.

"If you're looking at plans from the same provider, annual plans should be cheaper 99% of the time - you're getting a better deal in exchange for making a longer commitment and paying upfront."

This doesn't necessarily hold true for providers and plans across different mobile networks though (i.e. Optus, Telstra and Vodafone).

"If you're comparing, say, Boost Mobile's (Telstra network) annual plan to a monthly plan on the Vodafone network, you might still get a better deal with the month-to-month option," Choros says.

Which annual plans offer the best value?

Like monthly prepaid offers, many of the cheapest 365-day plans available at the moment are from smaller telcos and service providers.

"In terms of plain value right now, we're seeing really good deals from Amaysim, OnePass and Kogan in terms of cheaper plans that really over index on data per dollar," Choros says.

For mobile users on the hunt for a lower-cost alternative to Telstra though, Choros says that Boost Mobile's annual plans could be worth looking at.

"Boost is a much cheaper option than going with Telstra, and it's the only provider with access to the full Telstra network.

"All the other providers on the Telstra network have a slightly smaller footprint, so you don't get coverage in some regional and rural areas like you do with Boost and Telstra itself."

Who should consider an annual mobile plan?

Ultimately, an annual plan may not be the right option for everyone.

First of all, mobile users will need to be able to afford to stump up hundreds of dollars to cover the cost of the plan in advance.

Choros says that these plans are also unlikely to be a good fit for heavy data consumers, or users who won't be able to ration their data over 12 months.

"You should ideally have pretty consistent data needs. You've got your data allowance for the entire year, so there's the risk that you could run out if you're likely to blow 50 gigabytes in a single month."

Annual plans are also designed for people who already own their own phone outright.

"All these plans are also SIM-only - you can't pair a new phone with them," Choros says.

"So, you'll want to already own a phone that you're happy with using for the next year. Or, if you're planning on buying a new phone, you're happy to buy it outright rather than on a plan."

Cash discounts are well and truly back after Australia's card surcharge ban came into effect on October 1.

Cafes have led the way, with many charging customers less if they pay with notes and coins.

It comes as coffee prices rise and some cafes introduce extra fees for customers who order through an app.

As a result, Australians can now pay dramatically different prices for the same coffee depending on how they order and pay.

For regular coffee drinkers, the difference can add up quickly. Money's analysis found that buying three flat whites a week via a café app could cost more than $118 extra a year compared with ordering in person and paying cash.

Why cash discounts are suddenly everywhere

"Prior to October 1, it would be hard to find a restaurant or cafe that had a published cash discount," says Wes Lambert, CEO of the Australian Restaurant and Cafe Association (ARCA).

"However, we're getting reports from members and first-hand experience that about 10% of the industry has taken up some sort of cash discount".

Lambert expects more businesses to get on the cash bandwagon in coming weeks, once they get their next bill from the financial institution which operates their card terminal.

"Many businesses will be shocked when they get their first [post-surcharge ban] merchant fee bill," he says.

"Their overall fee will likely be 1% or more of their revenue and we believe many will then implement price increases and cash discounts."

How much can cash really save you?

Lamberts says most ARCA members who have introduced a cash discount have put it at 2-5%.

Five per cent seems a popular figure: this was the markdown of choice for several cafes visited by Money in Sydney's CBD.

Aussies online have also shared images of several cafés spruiking a 5% cash discount.

But some cash users are scoring even bigger savings: there have been reports of some businesses marking down prices by as much as 10% if customers pay in cash.

Why are cash discounts back?

The Reserve Bank's decision to ban card surcharges means businesses like cafes can no longer charge customers extra for paying with card.

But business advocates say the ban has deprived owners of a way of recouping overheads which haven't gone away.

"Small businesses still face costs associated with accepting card payments," explains Skye Cappuccio, CEO of the Council of Small Business Organisations Australia.

"Every additional expense matters, so offering a discount for cash may be one way for businesses to encourage customers to use a payment method that avoids card processing fees."

What the savings look like in dollars

So what does a cash discount actually mean for your wallet?

Small Flat White is an online platform that tracks coffee prices across Australia.

Earlier this week, it listed the average price of a regular-sized flat white as $5.16.

With a 5% cash discount, the average flat white falls from $5.16 to $4.90.

If you visited your café for a regular flat white three times a week, you'd save more than $0.70 by paying cash rather than card.

That may not sound like much, but over a year the saving would exceed $40. Just keep in mind that ATM fees could eat into those gains if you need to withdraw cash regularly.

Some consumers have questioned whether cash discounts are being used to avoid tax obligations. Business groups reject that suggestion, arguing that discounts simply help businesses offset card processing costs.

Why the same coffee can cost you $118 more a year

The cash savings may only be a few cents per coffee, but new app and ordering fees can quickly outweigh them.

The arrival of the surcharge ban has coincided with some businesses bringing in 'platform,' 'service' and other fees for online orders.

Instigators include coffee chains where customers can order their coffees in advance so they can be picked up on arrival.

Such convenience is coming with an increasing price tag: Money has seen cafes whose online order fees can be as much as $0.50.

This would push the cost of your three-a-week flat white habit to $16.98.

Interestingly, these cafes also offer a 5% cash discount, making turning up in-person even more attractive.

Using their online system for a three-a-week coffee habit would cost you $2.28 more than if you were ordering in person and paying cash.

Over a year, that's an extra $118.56 for exactly the same number of coffees, simply because of how you order and pay.

Can you get a coffee discount with PayID?

Cash discounts are legal and businesses can also give customers a deal if they use other payment methods that don't come with card processing fees.

These include digital systems like PayID or QR code platforms.

But Wes Lambert from ARCA says Aussies shouldn't hold their breaths for their local café to start rolling out these payment options.

He says the systems can run on a delay, which can make it hard for businesses to match payments received with sales.

"It's not instantaneous, so they don't instantly integrate with the point of sale software and tech stack of the hospitality business... it makes the reconciliation very cumbersome".

For now, the cheapest way to buy a coffee remains surprisingly old-fashioned: walk in, order at the counter and pay with cash. As cafés adapt to the surcharge ban, the gap between the cheapest and most expensive cup may only grow wider.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Natalie Smith, travel insurance expert and head of marketing at Comparetravelinsurance.com.au.

They run through what travel insurance really covers and the common mistakes travellers make.

Episode timestamps

00:00 Introduction

01:44 When should you buy travel insurance?

03:13 Basic vs comprehensive travel insurance

03:38 How much does travel insurance cost?

05:23 Does travel insurance cover adventure activities?

07:00 Can you rely on credit card travel insurance?

09:00 The most common travel insurance mistakes

10:20 Natalie's top travel insurance tip

11:14 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

How often are new episodes released?

New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

Why subscribe to the Friends With Money podcast?

Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

For some Australians, workplace stress doesn't end when they log off.

Long hours, mounting workloads, constant notifications and pressure to do more with less are leaving many workers feeling exhausted and overwhelmed. In some cases, the impact can be severe enough to force people to take time away from work, affecting not only their health but their finances too.

Now, new research suggests the problem is also taking a massive economic toll.

A report from Mentally Healthy Workplaces Australia (MHWA), Australia's Economic Case for Mentally Healthy and Safe Workplaces, found workplace-driven mental ill-health is already costing Australia's economy $12 billion a year in lost gross domestic product (GDP). Without action, that figure is expected to exceed $27 billion annually within the next 15 years.

The report found workplace-driven mental ill-health is a leading contributor to Australia's productivity slowdown.

When work becomes too much

Burnout, stress and anxiety can have consequences far beyond the workplace.

Time away from work can affect household finances, while ongoing treatment and recovery can create additional costs. Previous reporting by Money has highlighted how some Australians feel unable to step back from demanding jobs because of mortgages, rent and rising living costs.

According to the MHWA report, lost productivity accounts for close to 54% of the direct economic costs associated with workplace-driven mental ill-health.

This includes absenteeism, presenteeism, staff turnover and lower workforce participation.

The report says these costs are initially borne by employers before flowing through to workers' compensation systems, life and health insurers, and government-funded support services.

Why experts say the problem is getting worse

MHWA executive director and co-lead Margo Lydon says workplace-driven mental ill-health is already having a significant impact on both workers and the wider economy.

"Workplace-driven mental ill-health is not a future issue - it is a social and financial crisis that is already imposing substantial, and rapidly growing, burdens on Australia's economy and workplaces," Lydon says.

"The economic cost of inaction clock is ticking rapidly."

She says the shifting labour market, including automation and the rise of artificial intelligence (AI), will only intensify pressures on workers.

AI and changing workplaces may add pressure

The report points to major changes in the labour market, such as automation and AI, as factors that could increase psychosocial pressures on workers in the years ahead.

Lydon says a co-ordinated national response is needed to prevent the problem from worsening.

"There is power in a nationally co-ordinated approach to action," she says.

She pointed to Australia's road safety efforts as an example of how a long-term national strategy can reduce harm.

"Road fatalities were considered inevitable until Australia introduced its first national road safety strategy in 1992, with sustained investment in evidence, education, infrastructure, and regulation. The result is a 60% decline in road deaths," she says.

The cost of doing nothing

Lydon says workplace mental health now requires the same type of long-term, prevention-focused approach.

"Workplace mental health, safety, and wellbeing now requires the same long-term, prevention-led, and co-ordinated system-wide approach to address the problem. We cannot just continue to shift the cost - we urgently need preventative and practical action, nationally."

While the report focuses on the economic impact, the findings also highlight a growing challenge facing many Australian workers.

As workplaces evolve and technology continues to change how people work, MHWA argues that preventing workplace-driven mental ill-health will be critical not only for productivity, but for the wellbeing of workers, their families and the broader community.

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A version of this report previously appeared on Financial Standard

For millions of Australians, financial stress isn't just about money. It can affect sleep, relationships, confidence and overall mental wellbeing.

Three in four Australians are experiencing financial stress, according to Finder's Consumer Sentiment Tracker, while almost half of renters are struggling to pay their rent and 38% of homeowners are finding it difficult to keep up with mortgage repayments.

The pressure is particularly pronounced among women, with 82% reporting some level of financial stress in July, compared with 69% of men.

Financial therapist Jane Monica-Jones says the figures highlight the close connection between financial wellbeing and mental health.

"There is a huge connection between money and mental health," she says.

The good news is that while some financial challenges may be outside our control, there are practical ways to manage the stress they create. Monica-Jones shares five strategies to help build resilience, regain perspective and protect your mental wellbeing when money worries start to take over.

1. Why financial stress and mental health are closely linked

First, Monica-Jones says it's important to recognise the strong relationship between financial wellbeing and mental health.

"There is a huge link between the two. Money and our finances are one of the most stressful aspects of our life, because they hit on our basic needs.

"Money is a device to get our food, our shelter and our clothing. And if that feels under threat - whether that threat is real or not - it can make us feel vulnerable and it's going to impact our mental health."

2. How doomscrolling can make money stress worse

While staying informed can be useful, doomscrolling through news stories about property prices or checking in on a bank balance too often may not only prove detrimental, it can also become compulsive.

"Doing things like doomscrolling or engaging in distressing news articles can actually have an impact on our resilience, our sense of wellbeing and our mental health," Monica-Jones says.

"When we're stressed, we often seek out those things that continue to stress us - we're compelled to seek out the source of our distress. We think that if we can work it out, we can overcome it. But often, that keeps us sucked in and it doesn't necessarily support us."

Monica-Jones suggests tackling these types of behaviours with the same strategies that can be used for any type of stress, such as exercise, meditation, getting outdoors or connecting with other people.

"What might feel supportive is getting more rest, some exercise, some meditation - anything that makes us feel more resilient.

"If we can support our physical and mental health first, we feel more resilient, then we are more able to come up with creative ideas and potential solutions."

3. Why social media comparison can hurt financial wellbeing

Beyond limiting behaviours like excessive news consumption or account checking, Monica-Jones says that it's worth being mindful about the negative impacts of comparison.

"The role of social comparison is really important here. Social media exacerbates it, but advertising companies are also really great at bombarding us and prompting ideas like 'Why can't I afford that expensive car?' or 'Why am I not having those expensive holidays?'"

Instead of becoming lost in comparison, Monica-Jones suggests homing in on what success looks outside of the financial sphere.

"It could be that contribution that we make to our family and to our kids, or our friends, or our parents, or our community.

"It's also about focusing on our personal values. What do I actually find is valuable to me? Is it exclusively to do with the trappings of financial wealth, or are there other values that I could maybe place some deeper focus on?'"

4. How to stay resilient during financial uncertainty

In the midst of periods of greater uncertainty, it can be difficult to imagine a time when things improve. This is where finding perspective can prove helpful, Monica-Jones notes.

"If we're thinking about perspective, we can look at the idea that there is growth and there is contraction. That there is always winter and that there is always spring."

Of course, that doesn't mean that people should stop being proactive about managing their bills or sticking to their budget in the short-term, nor does it mean that the larger issues in the financial world will immediately go away.

Monica-Jones also suggests looking for perspective at an individual level, especially for those who are experiencing financial setbacks.

"Getting perspective, or thinking a little bit wider about our life as a whole, gives us that sense of resilience because we're actually seeing the bigger picture.

"That could be a bigger picture which shows that we're more resilient or capable than we thought we were, because there's plenty of evidence of the hurdles that we've overcome in the past."

5. Where to get help with debt, money stress and mental health

Perhaps the most crucial point of all for those who are in a precarious financial situation or struggling with their mental health is that there are people out there who can help.

"The important thing to know if you're truly struggling, if you've got debt issues, or even if you have small business issues, that you can go and see a financial counsellor. That's part of a free service that's offered to all Australians," Monica-Jones says.

A financial counsellor will be able assess the situation and help with managing debt, developing a budget, negotiating with government agencies or creditors, and accessing any grants, concessions or legal support (if required it) that some may be eligible for.

"There's also other types of professional help. That could be someone like a financial therapist who deals with your challenges with money, but it can also be a financial advisor or a therapist," says Monica-Jones.

For many households, the explanation is simple: prices have risen faster than incomes. While the economy has continued to grow, higher living costs and interest rates have left many Australians feeling poorer despite positive headline economic figures.

So why is there such a gap between the economic data and everyday reality?

How is the Australian economy performing?

On paper, Australia's economy is doing pretty well.

Australia's GDP grew by 2.1% between June 2025 and June 2026, which is a decent growth rate considering other developed countries like the UK grew at 1.2% and the US at 2.2% in the same period. The latest growth rate was also above what markets and analysts had expected.

Another economic indicator, the unemployment rate, was low at 4.7% in September 2026, meaning most people who want a job are able to find one.

Considering the conflict in the Middle East is still pushing up oil prices, causing input costs to increase for Australian businesses, and the impacts of artificial intelligence on the workforce remain uncertain, the economy isn't doing too badly at all.

In September, the Reserve Bank of Australia (RBA) also increased the cash rate, which acts as a brake to slow down the economy, to 4.6%, the highest it has been in 15 years.

The board expressed some concerns about inflation pressures, but noted economic growth had been stronger than anticipated.

Why are people so pessimistic about the economy?

For many households, the issue is simple: prices have risen faster than incomes, making it harder for people to get ahead even while the economy grows.

Most Australians are earning less money in real terms than they were five years ago, contributing to a general pessimism about the state of the economy. The inflation rate has averaged around 4.4% annually over the past five years, while annual wage growth has averaged about 3.4%, with some fluctuations.

A 2026 report from the OECD, a group of mostly developed countries, noted that Australia had some of the weakest real wage recovery since the start of the cost-of-living crisis.

In other words, many Australians are still spending more on essentials such as groceries, fuel and housing than they were a few years ago, without seeing equivalent gains in their pay packets.

Behavioural economist Phil Slade said people don't experience the economy through headline indicators like GDP growth. Instead, they judge it through the costs they encounter every day.

"They experience the petrol bowser, the mortgage statement and the weekly shop. When fuel is back above $2.30 a litre and the cash rate is at its highest since 2011, those reminders are hitting people several times a week, and that adds up to a constant low hum of stress," he says.

What is a recession, and is Australia in one?

Despite widespread cost-of-living pressures, Australia is not officially in recession.

The most common definition of a recession, called a "technical recession", is two consecutive quarters of negative growth in real GDP.

By this definition, Australia has not recorded a recession since the early 1990s.

However, this official indicator can hide slow GDP growth and can be influenced by volatile changes in some sectors of the economy. For example, the national GDP figure can grow because of an increase in the number of migrants working in the country.

For this reason, some experts prefer to use GDP growth per capita to measure how the economy is going. Others may use increases in the unemployment rate to identify a recession.

Is GDP growth still the best measure of economic health?

It depends on what exactly you're trying to measure.

For the RBA, commercial banks, investors and policymakers, GDP growth shows the health of the economy as a whole. GDP growth numbers broken down by sector, such as mining, agriculture or retail, can also give a better idea of how and where the economy is growing or declining.

However, if you're trying to understand how households are coping, it can be more useful to look at spending and savings trends than headline GDP figures.

Data from the Australian Bureau of Statistics shows household discretionary spending increased by 1.4% in the three months to June 2026, but nearly half of that was from people buying vehicles, particularly electric cars.

Demand for "luxury" services like domestic and international travel was particularly weak, and the "rising cost of living pressures aligned with restrained spending", the ABS said.

That suggests many households are still prioritising essentials and major purchases over discretionary spending.

Similarly, household savings rates have remained relatively high compared to the late 2010s, which can indicate households are being cautious about the future and keeping more money aside where possible.

That's a very different picture to positive GDP growth.

What are economists, investors and policymakers watching most closely?

Experts are watching the inflation rate, the RBA's cash rate decision and further disruptions to oil and gas supply in the Middle East.

If the inflation rate continues to stay stubbornly high or increase further, that would cause general prices to rise again in Australia. The RBA may need to increase the cash rate again in November, increasing the cost of bank loans and leading people to cut back on spending.

Further disruptions to oil and gas supply routes in the Middle East are also a major concern for inflation growth. If oil delays or stoppages continue, that will increase the cost of petrol and push up inflation.

For Slade, the key issue is whether today's cost-of-living concerns start affecting people's confidence in their employment and financial future.

"At the moment people are worried about the cost of living rather than their jobs. If job security concerns start to climb, that's when households really pull back, and that becomes self-fulfilling," he says.

Most life insurance claims are paid, but TPD and income protection claims remain the biggest source of disputes, delays and declined payouts.

If you're unable to work due to illness or injury, making a TPD insurance claim may not be as straightforward as you expect.

New data from the Australian Prudential Regulation Authority (APRA), covering the 12 months to June 30, 2026, shows TPD claims are more likely to be disputed, delayed or declined than other types of life insurance claims.

While most life insurance claims result in a payout, the figures highlight challenges policyholders can face when claiming on TPD and income protection cover.

How often are TPD claims paid?

Death claims recorded the highest acceptance rates, with 97% of claims accepted for individual advised policies and 98% for cover held through superannuation funds.

By comparison, TPD claims were accepted at rates of 81% for advised policies and 88% for group super cover.

Income protection insurance, also known as disability income insurance, recorded acceptance rates of 94% for advised policies and 96% for group super cover.

The data shows most claims are ultimately accepted, but TPD claims have lower acceptance rates than other major forms of life insurance cover.

Why are some TPD claims rejected?

One of the biggest reasons TPD claims are declined comes down to eligibility requirements set out in the policy.

According to APRA, failure to meet contractual definitions or eligibility requirements accounted for 80% of declined advised TPD claims and 91% of declined group super TPD claims.

This highlights the importance of understanding exactly what your policy covers and how your insurer defines total and permanent disability before you need to make a claim.

Which claims generate the most disputes?

While most disputes are eventually resolved, TPD and income protection insurance generate higher levels of complaints and disagreements than death cover.

Disability income insurance recorded 326 disputes per 100,000 lives for advised policies and 493 disputes per 100,000 lives for non-advised cover, compared with 98 for group super cover.

TPD insurance also recorded elevated dispute rates across individual policies.

The data showed most disputes were ultimately resolved, with between 81% and 94% resolved across different types of cover. Of those resolved, between 83% and 99% were completed within 45 days.

Why do TPD claims take so long?

The data also revealed significant differences in claims processing times.

Three in four death claims were finalised within two weeks, making them the fastest type of claim to process.

TPD claims were significantly slower. Just 23% were completed within two weeks, while the estimated average time to finalise a TPD claim was 3.9 months.

For people dealing with serious illness or injury, waiting months for a claim decision can place additional financial and emotional pressure on households.

What this means for policyholders

APRA's report provides insurer-level and industry-wide data covering individual advised and non-advised policies, group superannuation cover and group ordinary business.

For consumers, the findings suggest it's worth understanding the definitions, eligibility requirements and claims process attached to your cover before you need it.

While most claims are accepted, TPD and income protection insurance remain the areas where policyholders are most likely to encounter delays, disputes and more complex assessments.

This article first appeared on Financial Standard

New ways of dating wipe billions off apps

Dating app Bumble is being sold for a fraction of its previous value, as young people in many countries go cold on online matchmaking.

Bumble announced this week it would be bought by a tech holding company for $1.3 billion USD ($1.9 billion AUD).

It's a significant fall in value for one of the world's most recognisable dating apps, which was worth $14 billion USD ($20 billion AUD) just over five years ago.

Bumble announced Ithaca Holdings would pay current owners $6.05 USD per share.

Shares in Bumble previously sunk to $2.50 this month, a fall from $75 when the company first floated on the stock exchange in 2021.

The slump comes as many young singles in countries like Australia and the US say they're getting tired of dating apps and stories of scams and harassment on the platforms.

Such is the digital fatigue that many cities in Australia have seen the return of in-person dating events and opportunities to meet built around activities like run clubs.

Big businesses rocked by class actions

Hundreds of thousands of Aussies could be in line for a financial windfall as two major brands grapple with lawsuits.

Energy company AGL has been taken to court, accused of telling customers their plans were carbon neutral when they allegedly weren't.

Law firm Slater and Gordon is leading the case, claiming customers were misled into paying $1.50 extra per week for the plans over several years.

AGL allegedly told these customers emissions linked to their energy use would be negated through carbon offsets.

But Slater and Gordon claims the carbon credits the company used didn't deliver that outcome.

The new greenwashing allegations come as another class action wraps up.

Multiple outlets reported this week Toyota had agreed to pay $750 million to settle a long-running legal case.

The company had been accused of supplying Aussie drivers with hundreds of thousands of diesel vehicles with faulty exhaust systems.

Second data centre company pauses share market plans

Australian data centre operator AirTrunk has reportedly postponed a plan to sell assets on Singapore's stock exchange.

It comes as global investors become more cautious about AI.

AirTrunk had planned to sell some of its data centre assets in the Singapore through a real estate investment trust to raise $1.5 billion USD ($2.1 billion AUD).

The delay comes a week after fellow Aussie AI company Firmus cancelled plans to list on the Australian stock exchange.

CMC Invest market analyst Henry Fisher says investors are questioning the viability of AI companies and how much money they're worth putting into.

"Firmus' shelved IPO has been a reality check for AI infrastructure companies," he explains.

"I wouldn't read this as a sign that the AI boom is in trouble," Fisher adds.

"But two major listing setbacks in quick succession suggest investors are becoming more demanding about the economics behind it".

In signs of more AI jitters, South Korea's Kospi stock index, which is dominated by semiconductor companies, has fallen more than 35% since June.

Help coming for fed-up telco customers

More internet and mobile issues are costing Aussies money and customers are unhappy with how they're being treated by their telcos, according to new data.

The latest complaint statistics from the telco ombudsman come as service providers face bigger fines for breaking consumer protections.

A Telecommunications Industry Ombudsman report covering the year to July revealed a 63% increase in Aussies bringing attention to issues that had cost them money.

Complaints about unconscionable conduct from telcos, meanwhile, more than doubled compared to the previous financial year.

Lycamobile was singled out for particular scorn, with complaints to the TIO about the budget service provider up by more than 300%.

Though the 832 grievances pale in comparison to the more than 35,000 complaints received about Telstra and Optus.

The data came just before federal parliament passed laws that increase the fines telcos can face for breaking consumer protections.

Advocates have previously said mobile and internet businesses are under-regulated and need to be treated as essential services.

Mortgage brokers told to explain why they're not offering best deals

More than 80% of Aussie mortgages are arranged through a broker, but now the corporate regulator has put the industry on notice.

The Australian Securities and Investments Commission (ASIC) says mortgage brokers aren't always giving customers the cheapest deals.

It found brokers didn't recommend the cheapest loan option in more than 20% of cases.

ASIC admits brokers might have good reasons for pushing clients towards more expensive loans, such as prioritising better features.

But the watchdog said some brokers hadn't been able to supply evidence supporting these suggestions and may not be properly explaining them to clients.

"Consumers should be able to clearly understand why that recommendation delivers greater value for their circumstances," said ASIC commissioner Alan Kirkland.

Pikachu. Even those not well-acquainted with Pokémon will recognise the yellow, mouse-like creature with the lightning-bolt tail. What might come as a surprise is that a card bearing Pikachu's image recently became the most expensive trading card ever sold.

In February, a mint condition 'Pikachu Illustrator' Pokémon card was purchased at auction for a cool US$16.49 million, about $23 million. That may seem an astronomical sum for a relic from a children's game, but Pokémon cards, along with other trading cards, have become a serious collectable category in their own right.

This is a world Sydney-based Jonathan Marin, 45, lives and breathes, not only as a collector, but as a certified valuer and one of the country's leading experts on trading cards and collectables.

The managing director of TCG Valuations is a collector, certified valuer and one of Australia's leading authorities on trading cards and collectables. He first discovered Pokémon cards in his late teens and opened his own trading card store, TAG Collectibles, in 2019.

"I've got this core memory of opening a box under the Christmas tree when I was eight. It was my very first Nintendo. From there I began building my own collections, starting with retro video games."

Jonathan was in his late teens when he was first introduced by his younger cousins to what would become another major passion: Pokémon cards.

But it wasn't until 2015, when he started building a proper collection, that he realised the real value in the cards.

How Pokémon cards became a serious investment

At that point Jonathan was still a collector. That all changed in 2019 when he took the plunge and opened his own store, TAG Collectibles. That was followed by the acquisition of grading business TCG Grading in 2023, and the founding of TCG Valuations in late 2024.

Jonathan's timing proved impeccable. Much like it did with sourdough starters and online cocktail-making classes, the COVID pandemic unleashed a new wave of interest in collectables.

"We started to see two big things emerge. The first was people dipping into the retro video game scene. Then there was Pokémon and people rushing out to pick up cards. I think it was a case of nostalgia converging with boredom."

Interest in trading card games (TCGs), sports cards and other collectables hasn't died down, but nostalgia is by no means the only driving force.

For some, these have become investments. One recent customer brought in a childhood Pokémon collection with no idea what it was worth. One card alone was valued at $13,800.

How to tell if your Pokémon cards are valuable

For every Pikachu Illustrator, there are millions, likely billions, of Pokémon cards in circulation worth only a fraction of the value. The question is: why?

Like a fine wine or vintage car, there are numerous factors that go into determining the value of trading cards, including rarity, age and popularity among collectors. As Jonathan explains, the most significant factor is condition.

"When it comes to determining the worth of a card, what we've seen in the past two or three decades has been an anchoring to the grade of the card, to its condition."

Grading works on a scale of 1-10, where a 10 indicates a flawless card, across the various lines of trading card games and sports cards, based on four main factors.

"The first is the centering, the overall positioning of the artwork on the card. The second is the surface and whether there are any marks, scratches or creases. The third is the corners and whether they are dented, blunted or show signs of whitening or dog earing. The fourth is the edges and whether they show signs of whitening, serration or tampering.

"The closer a card is to that mint or pristine condition, the more money it's worth. But that's not to say that all cards graded 10 are worth squillions of dollars."

As Jonathan has experienced himself, even cards that come fresh out of an unsealed packet are not guaranteed to be rated pristine.

"I actually opened a pack recently with an ultra-rare Mega Charizard. I was so happy, but I took it to one of our graders and they said, 'Look, sorry, this is an eight'.

"Even though it had come straight out of the pack, there was a dent in the back. This isn't uncommon. You'll see pack-fresh cards with print lines, with whitening, with the centering being completely off."

How Pokémon card valuations and grading work

To an outsider, the process of having a trading card professionally assessed might seem as simple as giving it a once-over for wear and tear and looking up a few comparable listings.

As Jonathan lays out, however, it's more like a forensic examination.

"First of all, we do a consultation trying to understand the percentage mix of the collection and the customers' goals. We're seeing a lot of people with multi-collectable lines, whether it's sports cards, Pokémon cards or Lego, contained within their collections."

Next is the condition assessment, authentication and valuation, based on standards set by the Auctioneers and Valuers Association of Australia. Then comes the process of determining the market value of an item.

"Once we understand the condition and that it's authentic, we get into the market value. At a minimum, we look at three to four price points across sources. eBay is one of those sources, but we also look at PriceCharting, Card Ladder, Troll and Toad, 130 Point and SportsCardsPro."

Finally, customers are walked through the findings and provided with recommendations.

All up, Jonathan says a formal assessment starts at $195, while a simple market opinion can cost as little as $80-$100.

"It really is a combination of hard and soft skills that makes you a really good valuer. You have to be excellent at researching, your data and analytical skills need to be on point, and your precision and ability to use loupes, magnification systems and UV lights needs to be there."

These skills, Jonathan says, can make all the difference when it comes to spotting a well-executed counterfeit from the real deal.

"A lot of the time, you will be presented with some really good fakes and even items that other valuers may have passed as authentic when they are absolutely not."

Found old Pokémon cards? Here's what to do next

That was exactly what played out recently when a customer of Jonathan's came in with a binder full of Pokémon cards from his childhood.

"He had no idea what the cards were worth. Unfortunately, we went through the process and explained to him that some of them were not authentic.

"What he did have was an authentic Gold Star Rayquaza."

The Pokémon card worth $13,800

"We did the pre-grade assessment, and it came in at $13,800. He nearly fell off his chair. It was one of those Antique Roadshow moments where he looked at us like, 'Really?' That was pretty cool."

With the renewed popularity and value of Pokémon cards, Jonathan has heard plenty of stories of people digging through cupboards and attics in pursuit of cards from their youth.

For those lucky enough to uncover an old collection of their own, or inherit a set of sports cards or trading cards from a family member or friend, Jonathan says it pays to do some homework before rushing out to get a professional assessment.

"Research the cards in your collection. You'll want to try and figure out what's worth something, what isn't and whether something is authentic or not. That will save you time and money before approaching a grading company like ours.

"Getting your bearings around where the market sits will also help people avoid underselling their cards if they choose to sell them without going through a formal grading or valuation."

How to protect a valuable Pokémon card collection

The irony, says Jonathan, is that even collectors who do have a sense of what their collections are worth don't always take the steps to safeguard their valuables.

"Last month we did an assessment for a client whose collection ended up being valued at about $1.7 million.

But he was storing it in cardboard boxes in a storage shed.

"Once someone has decided to collect as an investment, I always recommend taking the collection out of storage.

"Invest in some good security, a fireproof safe and make sure that it's insured.

"Something as simple as a penny sleeve and a top loader is your best friend, if it's kept in a box that's in a cool, dark, dry place, ideally in a safe."

Are Pokémon cards a good investment?

With prized cards regularly trading for thousands and tens of thousands of dollars, and for the rarest of the rare, even more, it's easy to see why people have been drawn to trading cards as investments.

Jonathan stresses that, like any investment, there's an element of risk.

"Trading cards are operating in a highly speculative environment that isn't underpinned by regulatory frameworks like shares and other investment classes."

Having said that, he adds there are particular lines of cards that may be worth considering when building a collection from scratch.

"If anyone is looking to start their investment journey in trading cards, Pokémon is one of those core staples that has now been around for 30 years.

"One Piece is another that is really accelerating at the moment. Because of the quality and rarity of the cards, people are really loving it. Then there are dark horses like Yu-Gi-Oh! and Riftbound."

Jonathan also advises newcomers to focus on a niche rather than chasing big cards or influencer hype.

"Take the time to understand the rarity, the difference between eras and series and sets, the difference between types of pre-runs and chases and hits and commons and uncommons. And try to stick within one particular set, series or TCG line that you can master."

The biggest mistake new collectors make

Ultimately, Jonathan says people looking to turn a quick profit are unlikely to find much success.

Rather, it's collectors who genuinely enjoy immersing themselves in their hobby who are more likely to succeed over the long run.

"The biggest mistake people make is thinking that they can sell their shares or other investments to pour into Pokémon and within six months they'll be millionaires," he says.

"You have to have the passion and the patience to really get behind it and understand it."

Most Australians probably see America's midterm elections as a political sideshow, but the November 3 outcome could affect global oil prices, inflation, interest rates, and even your superannuation.

President Donald Trump has repeatedly predicted that oil prices will tumble after the November midterm elections.

He's under growing pressure to lower fuel costs, and his administration has already struck a deal to secure Russian diesel supplies to ease the squeeze on American drivers and businesses.

However, the big question is whether these measures can deliver lasting relief, or whether oil prices will remain hostage to the conflict with Iran.

The political stakes are significant.

Historically, the president's party has lost 20 of the 23 midterm elections since 1934.

If Republicans lose control of Congress, Trump could face greater scrutiny and resistance over government spending, military funding and his wider agenda.

That wouldn't automatically end the Iran conflict, but it could make it politically harder to continue the campaign.

So why should Australians care? Start with your super.

Australian retirement funds invest heavily overseas, particularly in American shares. In 2025, the US represented more than half of Australia's overseas portfolio-equity holdings, and super funds were major contributors to those investments.

If a shift in US policy sends American shares sharply higher or lower, that can flow through to Australian retirement balances.

The Australian share market also has potential upside.

If the conflict genuinely winds down and oil prices fall, cheaper fuel could ease inflation and reduce costs for our biggest and most popular sector on the ASX, Materials. This could significantly shape the market's direction over the coming months.

Additionally, the RBA has highlighted how higher fuel prices feed directly into inflation and indirectly into the cost of producing and delivering goods.

A sustained fall in energy prices could give the RBA more room to ease monetary policy, potentially supporting rate-sensitive shares and consumer spending.

Of course, cheaper oil isn't guaranteed, and lower prices caused by a global economic slump would be a very different story.

But if Trump is right and the elections mark a turning point in the conflict, the benefits could extend well beyond America. For Australian investors, the question is whether we're entering another period of global uncertainty or the start of a major relief rally.

Best and worst sectors

Consumer Staples is the best-performing sector so far this week, rising 3.91% as defensive buying supported the sector. Woolworths was among the main contributors as investors sought more reliable earnings.

Financials gained 3.74% as banks found support after softer employment data eased concerns about another interest rate rise, helping the sector recover some lost ground.

Utilities rounded out the top three, up 3.72%, as gains appeared to reflect a shift towards defensive earnings and dividend income amid market uncertainty, with AGL among the stronger performers.

At the other end of the market, Information Technology is the worst sector so far this week. It fell more than 6% as a global tech sell-off and growing concerns about AI spending pressured growth stocks, with Megaport and WiseTech among those hit.

Materials was the second-worst sector, down more than 5% as weaker commodity prices and selling across major miners, gold stocks and lithium producers dragged the sector lower.

Real Estate rounded out the worst performers this week, falling 1.49%. Interest rate uncertainty kept property stocks under pressure, as investors remained concerned about borrowing costs and valuations.

Best and worst stocks

Bank of Queensland led the ASX Top 100 this week, climbing more than 7%. Investors welcomed its full-year results, with statutory profit rising 88% and the dividend maintained, despite weaker underlying cash earnings.

Westpac Bank followed, rising more than 5% as investors rotated into bank shares from technology and mining stocks.

Treasury Wines Estate Limited rounded out the leading performers, gaining more than 5%. Stronger sales momentum in China and the US, along with reaffirmed FY27 earnings guidance, helped restore confidence.

At the other end, Paladin was the weakest performer, falling more than 17% as disappointing quarterly uranium production and higher costs at Langer Heinrich triggered heavy selling, despite unchanged annual guidance.

PLS Group followed, falling more than 15% as weak lithium sentiment and reduced broker lithium-price forecasts weighed on the shares, despite a midweek rebound.

NEXTDC Limited rounded out the worst performers, falling more than 14% as the broader AI and technology sell-off weighed on sentiment, while a break below $10 added to its technical weakness.

All Ordinaries Index Update

Indecision continues to hang over the Australian market, with the All Ordinaries Index down around 0.4% so far this week. After September's aggressive selling, a modest decline almost feels like a relief.

The encouraging sign is that 8830 continues to hold, although the recent price action suggests the market may be pausing rather than building a convincing recovery. If that support gives way, a move toward 8600 remains possible.

For now, patience and preparation matter. With the market drifting sideways and conviction lacking, there is little reason to over-leverage or chase highly speculative trades.

Stretched valuations among the big US AI names and growing uncertainty around the sustainability of that spending boom are adding to investor caution. Locally, buyers also appear reluctant to commit without clearer signs that the market is finding its footing.

Despite the near-term risks, I still see longer-term opportunities in the Australian market.

Corrections can create attractive buying opportunities, but there is no need to rush simply because prices have fallen.

My focus is on identifying quality stocks, watching for stronger buying support and being ready to act when the evidence improves. Staying patient and selective now should leave investors better placed to take advantage of the next sustained move higher.

For investors seeking equity market returns, the Federal Government's changes to capital gains tax could materially affect how after-tax returns are generated.

While the reforms increase the effective tax paid on real capital growth, it may not affect the tax treatment of income in the same way.

With no minimum tax rate proposed for income, but a 30% minimum tax rate on real capital gains, active dividend income strategies may become increasingly attractive, especially for investors seeking a greater proportion of their total return from income over capital appreciation.

So why is this the case?

The active harvesting of dividends and franking credits shifts a significant proportion of returns towards income.

What this means is that while fund managers continue to target outperformance relative to the benchmark's total return, a larger share of that return may be generated through income rather than capital gains.

Therefore, as this income is not subject to the proposed 30% minimum tax rate on real capital gains, investors may be less impacted by the effective increases in taxation on investment returns.

Companies capable of delivering a meaningful proportion of total returns through sustainable income may be particularly valuable in this environment.

One example that's piqued our interest at Ausbil is APA Group.

APA Group (ASX: APA) owns and operates gas transmission and distribution assets across all states and territories in mainland Australia.

Over the next three years, APA is expected to invest $3.5 billion in organic growth capex for gas transmission and storage assets and renewable projects. This is supported by existing balance sheet funding capacity.

Data centres are also a central earnings generator for APA as users of gas-powered generation, with the Australian electricity market transitioning away from fossil fuels. APA is seen as a key provider of reliable power, along with Origin and AGL.

APA's total return currently includes a distribution yield of more than 5% p.a. (based on the year to August 2026), and APA has been able to grow this distribution over time. This is partly because of the nature of its long infrastructure cash flows.

APA Group has been able to capture and slightly exceed CPI on its growth over the past year, with most of its return being income with inflation protection, which benefits our active dividend strategy.

As a smaller proportion of total return is derived from capital gains, the impact of the new CGT measures may be lower than for investments that rely more heavily on capital appreciation.

For many investors, this tax position also improves after the application of franking credits.

Investors may seek capital growth that shifts up by inflation to retain capital value. Under the CGT changes, the tax treatment of nominal and real capital gains may differ.

In theory, if capital growth broadly matches inflation, the impact of proposed taxation of real capital gains may be reduced, leaving a larger proportion of returns generated through income.

With its attractive yield, inflation protection and lower reliance on capital appreciation, APA is well positioned to deliver resilient after-tax returns under the CGT regime.

More than 11 million Aussies now hold assets outside of their superannuation and primary home, according to a new survey from the Australian Securities Exchange.

The ASX 2026 Australian Investor Study found that while most current investors are still men, the market could soon look very different.

Women dominate the cohort of Aussies who plan to start investing within the next year.

Record 11.5 million Australians now invest outside super

The ASX says the results make Australia a "nation of investors", with this group now comprising 54% of the adult population.

Beyond putting money into property, Aussies are more likely than people in many other countries to buy assets listed on a local or international exchange, like ETFs or shares.

Almost 40% of adults hold these assets bought and sold on exchanges like the ASX, compared to 35% of people in the United Kingdom and 20% of Germans.

Across all types of investing, the median portfolio size is $130,000 and 42% of investors have portfolios under $100,000.

ETFs emerge as the gateway investment

Ownership of ETFs has doubled since 2020, with these managed funds now one of the most popular assets in Australia.

The growth doesn't surprise Betashares senior investment strategist Cameron Gleeson.

He says ETFs have become the gateway from which many people start their investment journey.

"More and more Australians are starting to build a portfolio by looking at ETFs and more and more are choosing ETF-only portfolios," he explains.

The ASX says one third of people who don't currently invest but want to within the next 12 months are considering buying ETFs.

Betashares is one of several companies which manages ETFs for investors and Gleeson says the business has seen growing interest in the assets from a new cohort.

"Through the early COVID-19 period, the growth was in younger investors," he says. "Now we're seeing the greatest growth in older investors."

Why shares remain Australia's favourite investment

Despite all the attention ETFs are getting, the ASX says shares in companies listed on the local exchange remain the most popular type of asset for investors in 2026.

Even among the wave of people planning to start investing within the next year, 41% want to put their money into company stock.

ASX senior manager of investment products Rory Cunningham says this is due to the stability and premium status Aussies attach to certain companies.

"Commonwealth Bank, BHP - these are names that we see day in and day out, so I think that really resonates with investors," he says.

"When you think about investing and as you grow up learning about it, often the example that's provided is investing in a company."

Women lead the next wave of investors

Men still dominate Australia's investor cohort, with only 43% of those currently putting their money to work outside of their home or super found to be women.

But in a sign of change to come, the ASX found women "significantly outnumber" men in the race to start investing in the near future.

Among those the company surveyed who planned to start making moves with their money in the next 12 months, 61% were women.

It's the largest cohort of aspiring female investors the ASX has ever seen.

Cunningham believes this is due to an "incredible evolution" in the ways women can learn about investing.

"Over the last five years, there has been an increase in the number of groups that have a specific focus on educating female investors," he explains.

"These groups are run by women, their membership is female and the education and experience they're delivering is catered towards what women are looking for."

The biggest myth stopping Australians from investing

Experts say initiatives like these will help many of those wanting to invest to get involved, but barriers remain.

One of the most common, according to the ASX, is someone's lack of confidence that they have enough money to buy into the market.

Cunningham believes greater education is needed here too, to make people realise they don't need as much cash as they think.

"Those that intend to invest in the next 12 months are saying that they need a median $690 to do so," he notes.

"But there are investment platforms out there that allow you to invest your spare change, so I think that is a barrier we can overcome."

It's 1992 and I'm sitting in the car, sulking like the moody teenager I am, hoping no one will see me parked outside the op shop.

Meanwhile my mum is happily sorting through the racks, finding bargain Rip Curl T-shirts and on-trend denim overalls to add to my wardrobe. Fast forward to today and I'm excited to tell anyone who will listen about my latest op shop discovery. Thankfully I grew out of my awkward teens and into a frugal, second-hand fashion hunter.

And if you're looking for an excuse to give op shopping a go, Vinnies NSW is offering 50% off everything for one day only on Saturday, October 17, in celebration of World Op Shop Day.

The discount applies across Vinnies NSW stores and online through Vinnies Finds, offering bargain hunters a chance to snap up pre-loved clothing, homewares and books for half price.

With cost-of-living pressures still biting, many Australians are turning to op shops as a way to cut spending on clothing, furniture, books and household goods without sacrificing quality.

How op shopping slashed my clothing bill

Having to dress for work, social events or special occasions can be expensive.

Building a work wardrobe can easily cost hundreds, if not thousands, of dollars. Buying second-hand has allowed me to wear quality brands for a fraction of the retail price.

One of the things I've noticed over the years is that many older garments simply feel better made. From heavier fabrics to sturdier stitching, second-hand clothes can offer quality that's surprisingly hard to find at the same price point today.

On the racks of your local Vinnies, it's not uncommon to find a Cue dress for less than $20. In many cases, that same dress could later be resold online for considerably more.

I'll often wear an outfit for a season, then sell it and use the money to fund my next op shop haul. This works particularly well for special occasion outfits.

Besides underwear, I can barely remember the last clothing item I bought brand new.

And op shopping's appeal extends well beyond saving money.

Good for your budget, better for the planet

The savings are one reason I love op shopping. The environmental benefits are another.

World Op Shop Day celebrates the role op shops play in keeping usable goods out of landfill and giving pre-loved items a second life.

The scale of Australia's textile waste problem shows why extending the life of clothing through reuse and resale has become increasingly important.

Every purchase also helps support the charity's work assisting people experiencing hardship across NSW.

As Gemma Presley, retail experience and brand manager at Vinnies NSW, puts it: "World Op Shop Day is a wonderful opportunity to celebrate everything people love about op shopping; the thrill of finding something unique, the affordability, the sustainability and the sense of community."

My favourite op shop bargain ever

Of all my op shop finds, the one that attracts the most compliments is a wool check Country Road jacket I picked up for just $30.

It was a little over my usual op shop budget, but considering it retailed for more than $300, it was still an absolute bargain.

Over the years I've also picked up barely worn Cue dresses, designer jackets and books that looked as though they'd never been opened. That's part of the appeal of op shopping, you never know what treasure might be waiting on the next rack or shelf.

And if I haven't convinced you to start op shopping already, I can tell you there's something especially satisfying about receiving compliments on an outfit that cost next to nothing.

The op shopping tips I swear by

1. Shop sale days and special events

Keep an eye out for discount days such as World Op Shop Day, when charities like Vinnies offer major storewide sales. Many op shops also run regular coloured-tag promotions and clearance events.

2. Check online before you visit

Many charities now sell premium items online through platforms such as Vinnies Finds, while stores often promote new stock and sales on social media.

3. Know the brands worth hunting for

Brands such as Assembly Label, Country Road, Aje, Witchery, Cue, Sportscraft , Trenery and Gorman often turn up at op shops for a fraction of their original price and tend to hold their value well.

4. Inspect before you buy

Always check for stains, holes, missing buttons, broken zips and fabric pilling. A bargain isn't a bargain if it needs expensive repairs.

5. Use resale apps to gauge value

Before buying, check eBay, Depop or Facebook Marketplace to see what similar items are selling for. You might discover a hidden bargain or avoid overpaying.

6. Don't stop at clothing

Some of the best bargains are in homewares, books, furniture, kitchenware, sporting goods and children's toys. Cast a wider net and you're more likely to find hidden gems.

7. Buy with a wishlist, not just impulse

It's easy to get carried away when everything seems cheap. Keep a list of items you actually need, whether it's workwear, a coffee table or a winter coat, and focus on purchases you'll genuinely use.

8. Think cost per wear

Before buying, ask yourself how many times you'll realistically use the item. A $20 blazer worn 50 times is often a better purchase than a $5 impulse buy that stays in the wardrobe.

Whether you're hunting for a designer jacket, a new bookshelf or simply a way to stretch your budget, there's never been a better time to give op shopping a try. And with Vinnies offering 50% off for World Op Shop Day, you might just discover your own bargain worth bragging about.

The countdown is on for Australians who haven't lodged their tax return.

With the November 2 deadline now just weeks away, taxpayers are being urged to get their affairs in order, particularly given overdue returns can attract penalties of $364 for every 28 days they're late in some cases.

More than eight million returns have already been lodged with the ATO. If yours isn't one of them, here's what you need to know before the deadline arrives.

When is the ATO tax return deadline for 2026?

For people who are lodging their own returns, the due date for getting their taxes sorted and in to the ATO is typically October 31.

That's not the case this year though says Mark Chapman, director of tax communications at H&R Block.

"Under the ATO's rules, when a lodgment deadline falls on a weekend or public holiday, it moves to the next business day.

"That means Australians who prepare and lodge their own 2025-26 tax returns have until Monday, November 2, 2026 to get them in."

What is the penalty for a late tax return?

Aside from the possibility of receiving a refund, the other motivation for Australians to submit their income tax return by November 2 is to avoid the possibility of a late penalty.

For individuals, the penalty is currently $364 for every 28 days (or part thereof) that a return is overdue, up to a maximum five penalty units.

"In practice, the ATO generally takes a fairly reasonable approach to taxpayers who are a little late, particularly where they have a good lodgment history and are expecting a refund," Chapman says.

"In those circumstances, the ATO will often decide not to impose a penalty.

"However, the position is different for taxpayers who repeatedly miss deadlines, have outstanding returns from previous years or ignore ATO reminders."

Chapman also cautions taxpayers against putting off lodging their return because they expect to receive a bill. In this case, interest will be charged on any unpaid tax after the November 21 payment deadline, in addition to any applicable penalties.

Can I still use a tax agent?

Many Australians are comfortable preparing their tax returns themselves, but a sizeable number rely on the expertise of tax agents.

Of the roughly eight million returns already received by the ATO, more than 3.7 million have been lodged by tax agents on behalf of individuals.

The good news is that, for taxpayers who haven't submitted a return yet and would rather leave it to a professional, it isn't too late.

"If you register with a tax agent by 31 October, you may qualify for an extended lodgment deadline, potentially until May 2027," Chapman explains.

"That means you don't necessarily have to rush to get everything done by November 2.

"However, you need to make sure the tax agent has actually added you to their client list by the relevant date. Simply making an appointment or intending to use an agent isn't necessarily enough."

Do I need to lodge a tax return in 2026?

For the vast majority of Australians who earned income during the 2025-26 financial year, submitting a tax return is mandatory.

That also generally applies to people who ran businesses, received government payments above certain thresholds and earned investment income (like dividends). The full list is extensive.

There are situations when someone won't need to lodge a return though.

"The most obvious example is someone whose total income falls below the $18,200 tax-free threshold," says Chapman.

"If you're an Australian resident for tax purposes, your only income was wages of less than $18,200 and no tax was withheld, you generally won't need to lodge a return.

"This could apply to students working part-time, people who worked for only a few weeks during the year, or someone who retired partway through the financial year."

The good news is that you don't have to guess to find out.

The ATO has a tool on its website that can tell people whether they need to lodge a return, as well as a similar tool in the ATO portal in myGov which is quicker and can provide more personalised results.

Can I pay my ATO tax bill with a credit card?

Not everyone will receive a refund after lodging their tax return - some people will have a tax debt.

The exact amount owed and the due date will be laid out on an individual's notice of assessment, but what about payment options?

Taxpayers have few choices. They can pay their ATO tax bill through BPAY, bank transfer, or even in-person at Australia Post with cash, EFTPOS or a cheque.

They can also use a credit card or debit card, either via direct debit or through the ATO's Government EasyPay service.

However, it's worth noting that after June 30, 2027, the ATO will stop accepting credit card payments, following recent changes to card surcharges.

Last-minute tax return mistakes to avoid

With the November deadline approaching fast, Australians who haven't lodged their returns may be tempted to get them out of the way quickly. Chapman urges people to take their time though.

"Spending an extra half-hour checking your figures, reviewing your deductions and ensuring your income has been declared could save you money and prevent problems down the track."

Here are some of the more common mistakes Chapman comes across:

1. Missing eligible deductions

"The biggest mistake people make when they're rushing is failing to check the details properly.

"That can work against them in two ways: they might overlook deductions they're legally entitled to claim, or they might claim expenses that aren't deductible.

"Working-from-home expenses are a classic example. Some people forget to claim them altogether, while others claim expenses without keeping the records needed to support them."

2. Relying on ATO pre-fill data

"Another common problem is relying too heavily on information the ATO has pre-filled into myTax.

"It's a useful starting point, but it's not necessarily complete or correct. Taxpayers are still responsible for making sure they've declared all their income.

"This is particularly important for anyone who's changed jobs, worked for multiple employers, earned income from a side hustle or sold investments during the year."

3. Forgetting to declare capital gains

"Capital gains are another area where people frequently make mistakes.

"Selling shares, cryptocurrency or an investment property can create a tax liability, even if the proceeds have been reinvested.

"People sometimes assume that if they haven't withdrawn the money or received it in cash, there's nothing to declare."

4. Overclaiming work-related expenses

"There's also a tendency for people to overclaim expenses that have a mixture of work and private use.

"If you use your phone or laptop partly for work and partly for personal purposes, you generally need to apportion the expense rather than claim the entire cost."

How many ATMs are there?

There are currently around 22,000 ATMs in Australia, down from a peak of over 32,000 in late 2016.

Much of the fall has been due to a significant decline in the number of machines operated by the nation's major banks.

There were just under 5000 bank-run ATMs spread around the country in June, less than half the number of seven years ago.

Swinburne University payment system expert Professor Steve Worthington says this is largely due to big banks shrinking their branch networks.

"If banks close a branch, it's quite common they also close the ATMs at that location at the same time".

The number of ATMs not affiliated with banks, meanwhile, has remained steady, giving independent operators an increasingly large share of the cash machine market.

This has been driven by shopkeepers and pub and club owners installing ATMs run by third-parties in their businesses.

Experts say this is because these machines charge more fees than bank-operated ATMs and give business owners the opportunity to earn money.

How much are ATM fees?

In the 2010s, banks made agreements to not charge each other's customers for using their ATMs.

But experts say the fall in bank machines and rise in independent ATMs means fees have once again become common.

"If it's an independently-owned ATM, it is much more likely, in fact it's almost certain that users will be charged a fee, says Stuart Hall, chief operating officer of banking group NGM.

"Typically, you'll be charged something like $2 or $3.50".

Avoid credit card cash advance fees

Another easy way to avoid being stung with charges is to be careful with what type of bank card you're using to get cash out.

"Make sure you're using your debit card to do the withdrawal, not your credit card" says Hall.

This is because credit providers treat taking cash out differently to a regular purchase, meaning any interest-free arrangements may not apply.

"A credit card withdrawal at an ATM is a cash advance and you will pay interest on it from day one," Hall explains.

Credit, cheque or savings: Which ATM account option should you choose?

Sticking your card into an ATM, you might be asked to select what type of cash withdrawal you want to make.

The options on the screen will be some variation of: Savings/debit, credit or cheque.

Hall recommends being careful here too, at risk of accidentally drawing down on your credit account.

"Don't hit the credit option, because that's your credit card. If [your savings account] is linked to that, you'll pay interest," he warns.

So play it safe by only selecting savings or debit. And the cheque option?

"Relatively few people have got a cheque account these days," Hall explains.

"And if they have got one, they probably know".

Can you use your phone instead of an ATM card?

Banks are continuing to upgrade their ATM networks, meaning more can be used with the digital wallet on your phone or smart device.

But as Hall notes, some machines in Australia can be up to 20 years old, so it's still a good idea to have an old-fashioned back up.

"There are still plenty of machines where you need a physical card," he says.

Should you worry about card skimming?

State and federal police have arrested several people in recent years accused of tampering with ATMs in order to steal users' card details and personal data.

Common scams involve fitting card slots with devices that glean information about your card, which criminals can use to make a copy.

Scammers might also hide cameras on parts of the machine to capture your PIN as you enter it.

Professor Worthington says card skimming and other ATM scams aren't overly common in Australia, but recommends staying alert to them.

"We should be worried about it happening, but I wouldn't put it very high on the list of potential scams," he says.

Stuart Hall from NGM Group recommends closely inspecting any ATM you haven't used before and checking for any signs it's been tampered with.

"Have a good look at the machine: Does it all look reasonable and appropriate?"

And to avoid hidden cameras: "I know this sounds a bit stupid, but I always still make a point of covering my hand when I'm putting my PIN in," he admits.

One of the most frequently used phrases in our house when my two boys were younger was, "Just stop touching it".

Don't pull it apart. Don't press the button again. Whatever is happening right now, there is a reasonable chance that your involvement will make it worse.

As it turns out, this isn't terrible investment advice either.

There is something deeply irritating about investing. The smartest thing to do is often nothing.

Humans aren't particularly good at nothing. We like activity. We especially like decisions that make us feel clever. Investing gives us an almost endless supply of opportunities to scratch that itch.

Should I buy? Should I sell? Is the market too high? Should I take the profit? A friend made 40% on something I'd never heard of until Tuesday, should I get in too?

Every one of these feels like an opportunity to make money. They're also opportunities to make a mistake.

Which is why one of the most interesting things about exchange traded funds, or ETFs, isn't necessarily what they invest in. It's what they can stop us doing.

A broad ETF is wonderfully boring. Rather than trying to identify which individual companies will outperform, you can buy a basket containing tens, hundreds or even thousands of investments.

Why investors are their own worst enemy

In behavioural terms, that's important because humans have an impressive track record of undermining ourselves when making financial decisions.

Take overconfidence. Most of us believe we're better-than-average drivers. We tend to think we're pretty good judges of character too.

Give us access to a trading account, a few finance podcasts and six months of rising markets, and suddenly Warren Buffett had better watch his back.

The problem is that confidence and competence are not the same thing. Picking individual investments also gives our brains something they love: a story.

We can explain why a particular company is going to take off. We've seen the new product. We've read about the CEO. Everyone is talking about AI, lithium or whatever else is currently attracting attention.

Once we've constructed the story, confirmation bias gets to work finding reasons we're right.

The cost of doing something

Then there's recency bias.

Whatever has happened lately suddenly feels more likely to keep happening.

A sector that's delivered spectacular returns starts looking like an obvious investment, conveniently after it has delivered spectacular returns.

When prices fall, another quirk enters the room: loss aversion.

Losing $1000 generally hurts considerably more than gaining $1000 feels good. So when markets become volatile, our instinct isn't always to calmly revisit our long-term strategy. Sometimes it's simply to make the uncomfortable feeling stop.

We sell.

Then the market recovers and another uncomfortable feeling arrives: the fear that we're missing out.

So we buy again.

This isn't because people are stupid. It's because our brains weren't designed for financial markets. They were designed to respond to threats and learn quickly from recent experience.

Very useful when something is rustling in the bushes. Less useful when your portfolio has fallen 8% and you've checked it four times before breakfast.

Perhaps the most underappreciated problem is action bias. When something important is happening, we feel we should do something about it.

It's something I've watched with my boys countless times.

If something won't fit, push harder. If a button doesn't work, press it another six times. If your brother is annoying you, apparently the obvious solution is to annoy him back.

Adults are more sophisticated, of course.

Markets fall, so we sell. Something shoots up, so we buy it. Nothing much is happening, so we fiddle with the portfolio just to make sure we're still participating.

Doing something gives us the comforting sensation that we're in control. But activity and progress aren't the same thing.

This is where broad ETFs become psychologically interesting. Used as part of an appropriate long-term strategy, they reduce the number of predictions you need to make.

You don't necessarily need to decide which bank will outperform, which mining company has the better prospects, or whether this month's hot stock still has room to run.

You're effectively admitting something humans find surprisingly difficult to admit: I don't know.

And that can be an incredibly powerful financial position.

The hardest investing skill

Of course, we've even managed to complicate ETFs. There are now funds covering increasingly narrow sectors, industries and themes.

Give humans a simple investment tool and enough choices, and we'll eventually find a way to start tinkering with it, which rather misses the point.

We often imagine wealth is built through brilliant financial decisions. Spotting the winner, selling at exactly the right moment or seeing something everyone else missed.

Occasionally this is true.

For most of us, though, there may be a more reliable strategy.

Build a sensible system. Automate what you can. Diversify appropriately. Give your investments time.

Then create fewer opportunities for your emotional, overconfident brain to interfere.

Raising boys has taught me that one of life's great lessons is knowing the difference between something that requires your attention and something that merely attracts it.

Sometimes the smartest thing you can do is to just stop touching it.