When most people think about estate planning, they naturally focus on family.

Who will inherit the family home? How should assets be divided between children? Who will manage affairs if capacity is lost? These are all important questions, and rightly so.

But there is another question that is often overlooked: What legacy do you want to leave behind?

Recent events have provided a powerful reminder of the impact philanthropy can have.

Australians have been inspired by reports of Queensland philanthropists Quentin and Kylie Birt making a remarkable $40 million donation to FightMND during the AFL's Big Freeze campaign, supporting the fight against motor neurone disease and honouring the extraordinary legacy of Neale Daniher.

The donation is one of the largest charitable gifts in recent Australian history and serves as a timely reminder of the profound difference that generosity can make.

At a time when much of the news cycle is dominated by cost-of-living pressures, economic uncertainty and global instability, stories such as these remind us of something uniquely Australian: a willingness to support causes greater than ourselves.

While most Australians are not in a position to make gifts on that scale, philanthropy is not reserved for the ultra-wealthy. In fact, many charitable legacies begin with ordinary Australians making a conscious decision to leave a portion of their estate to a cause that has meaning for them.

Philanthropy as part of an estate plan

Estate planning is not simply about transferring wealth. At its best, it is about ensuring that your values, intentions and life story continue beyond your lifetime.

For some people, that may mean establishing financial security for children and grandchildren.

For others, it may also involve supporting causes that have shaped their lives, such as:

• Medical research;
• Education;
• Community organisations;
• Environmental conservation;
• Religious institutions;
• Animal welfare; or
• Charities supporting vulnerable Australians.

A charitable gift within a will can allow a person to continue supporting those causes long after they are gone.

More than a financial gift

One of the most interesting aspects of charitable giving in an estate planning context is that the value of the gift often extends beyond the dollars involved.

Many people wish to leave something that reflects who they were, what they cared about, and the values they hoped to pass on to future generations.

A carefully considered philanthropic gift can achieve exactly that.

It can also provide an opportunity to engage family members in discussions about purpose, community responsibility and the broader impact wealth can have when used intentionally.

Philanthropic options are flexible

There is a common misconception that charitable giving requires a substantial estate.

In reality, philanthropic planning can be highly flexible.

Depending on a person's circumstances, a will may provide for:

• A specific monetary gift to a charity;
• A percentage of the estate;
• The gift of a particular asset;
• A residuary gift after family members have been provided for; or
• More sophisticated structures, including charitable trusts or foundations for larger estates.

Importantly, philanthropy does not need to come at the expense of family beneficiaries.

For many, charitable giving forms only one component of a broader and carefully balanced estate plan.

A legacy worth considering

During the estate planning process, it is important to consider not only who you wish to benefit, but what you wish to be remembered for.

The recent generosity shown through the FightMND campaign demonstrates the extraordinary impact that charitable giving can have on individuals, families and communities.

It also serves as a reminder that estate planning is not solely about distributing assets; it is about defining a legacy.

Whether a gift is measured in millions of dollars or a much smaller amount, the principle remains the same.

A well-structured estate plan provides an opportunity to support the people you love while also contributing to the causes that matter most to you.

And for many Australians, that may be one of the most enduring legacies they leave behind.

When most people think about estate planning, they naturally focus on family.

Who will inherit the family home? How should assets be divided between children? Who will manage affairs if capacity is lost? These are all important questions, and rightly so.

But there is another question that is often overlooked: What legacy do you want to leave behind?

Recent events have provided a powerful reminder of the impact philanthropy can have.

Australians have been inspired by reports of Queensland philanthropists Quentin and Kylie Birt making a remarkable $40 million donation to FightMND during the AFL's Big Freeze campaign, supporting the fight against motor neurone disease and honouring the extraordinary legacy of Neale Daniher.

The donation is one of the largest charitable gifts in recent Australian history and serves as a timely reminder of the profound difference that generosity can make.

At a time when much of the news cycle is dominated by cost-of-living pressures, economic uncertainty and global instability, stories such as these remind us of something uniquely Australian: a willingness to support causes greater than ourselves.

While most Australians are not in a position to make gifts on that scale, philanthropy is not reserved for the ultra-wealthy. In fact, many charitable legacies begin with ordinary Australians making a conscious decision to leave a portion of their estate to a cause that has meaning for them.

How charitable giving can be part of your estate plan

Estate planning is not simply about transferring wealth. At its best, it is about ensuring that your values, intentions and life story continue beyond your lifetime.

For some people, that may mean establishing financial security for children and grandchildren.

For others, it may also involve supporting causes that have shaped their lives, such as:

• Medical research;
• Education;
• Community organisations;
• Environmental conservation;
• Religious institutions;
• Animal welfare; or
• Charities supporting vulnerable Australians.

A charitable gift within a will can allow a person to continue supporting those causes long after they are gone.

More than a financial gift

One of the most interesting aspects of charitable giving in an estate planning context is that the value of the gift often extends beyond the dollars involved.

Many people wish to leave something that reflects who they were, what they cared about, and the values they hoped to pass on to future generations.

A carefully considered philanthropic gift can achieve exactly that.

It can also provide an opportunity to engage family members in discussions about purpose, community responsibility and the broader impact wealth can have when used intentionally.

Ways to include a charity in your will

There is a common misconception that charitable giving requires a substantial estate.

In reality, philanthropic planning can be highly flexible.

Depending on a person's circumstances, a will may provide for:

• A specific monetary gift to a charity;
• A percentage of the estate;
• The gift of a particular asset;
• A residuary gift after family members have been provided for; or
• More sophisticated structures, including charitable trusts or foundations for larger estates.

Importantly, philanthropy does not need to come at the expense of family beneficiaries.

For many, charitable giving forms only one component of a broader and carefully balanced estate plan.

A legacy worth considering

During the estate planning process, it is important to consider not only who you wish to benefit, but what you wish to be remembered for.

The recent generosity shown through the FightMND campaign demonstrates the extraordinary impact that charitable giving can have on individuals, families and communities.

It also serves as a reminder that estate planning is not solely about distributing assets; it is about defining a legacy.

Whether a gift is measured in millions of dollars or a much smaller amount, the principle remains the same.

A well-structured estate plan provides an opportunity to support the people you love while also contributing to the causes that matter most to you.

And for many Australians, that may be one of the most enduring legacies they leave behind.

Aussies eat on average around 260 eggs a year, but this popular protein is under threat, with a new strain of bird flu that has caused mass chicken culls overseas now spreading here.

As of today, Australia has recorded 123 cases of H5 bird flu - the same strain of the virus that has caused birds and seals to die en masse overseas.

All of the local cases have been detected in wild birds, but the ability of the virus to tear through chicken populations has the $4.2 billion poultry industry on tenterhooks.

As with other types of highly-pathogenic bird flu, birds infected with H5 can die at a rate of 75 to 100%.

Free-range egg-laying chickens are at particular risk because the time they spend outside often brings them into contact with the wild birds that spread the disease.

How does bird flu affect egg prices?

These open-air operations are the mainstay of Australia's egg industry: free range has been Australia's favourite type of egg for the last 10 years and now makes up 56% of supermarket sales, according to NSW's Department of Primary Industries.

The ability of bird influenzas like H5 to spread quickly means farmers who detect a case will often cull a large number of their birds in an attempt to contain the virus.

The time it takes to raise a new flock of chickens to the point where they'll be able to lay, means it can take several months before a farm can produce eggs again.

It's something Australia has grappled with before: between 2024 and 2025, poultry farms across Victoria, New South Wales and the ACT were infected by multiple strains of a different subtype of bird flu: H7.

"Around 10% of Australia's laying hens were culled, between 1.8 and 2.4 million birds," says Michael Whitehead, executive director of food, beverage and agribusiness insights at ANZ. "We saw egg shortages, price increases and purchase limits."

Some supermarkets limited customers to two egg cartons each throughout early 2025. By June that year, the Australian Bureau of Statistics (ABS) reported the H7 outbreak had caused egg prices to rise 19.1% in 12 months.

New threat emerging

Australia was one of the last places on earth to be reached by the current H5 virus and experts watching it spread overseas were spooked by how it had caused birds and some mammals like seals to die suddenly in large numbers.

Writing for The Conversation, poultry health expert Dr Jose Quinteros noted this hadn't happened with the H7 strains that hit Australia in 2024.

Government agencies and agricultural specialists expect the H5 virus to impact local poultry at some stage and fear the effect could be as bad as the 2024 H7 outbreak.

Angus Gidley-Baird, senior animal proteins analyst with agricultural lender Rabobank says the chance of chickens catching the virus will increase as it spreads locally among wild birds, not just migratory species.

"Once it gets into our permanent local wild bird population, it's going to be very hard to eradicate [it] and from there it'll be a matter of time until it potentially is transmitted to a poultry operation," he explains.

As of this week, H5 has already been detected in several local wild birds, including sea gulls and a magpie.

How expensive could eggs become?

If a virus-induced cull drove up egg prices again, it'd come after the ABS noted they had gone down in price 5% in the second half of last year.

This week, the average price for a 700g carton of 12 free range eggs sold under homebrand at Coles, Woolworth and Aldi was $6.40 - a 20% rise like that seen after the last bird flu outbreak would push the mean cost to almost $7.70.

But experts are quick to point out that Australian farmers have had lots of time to prepare for the H5 virus.

"We are one of the last countries in the world to contract it, so there are a lot of lessons we can learn from other places," says Rabobank's Gidley-Baird.

Chief veterinary officers in several states have recommended free range chicken farmers move their flocks inside to limit their contact with wild birds.

The ACCC is allowing them to keep labelling their eggs as free range if they do follow this guidance.

What about chicken meat?

The prices of chicken meat are unlikely to be affected by any bird flu outbreaks, due to where broiler birds are kept and their relatively short lifespan.

"More poultry meat operations are housed in sheds in a controlled environment, so the chance of [H5] spreading there is lower," says Gidley-Baird. "The other thing is that broiler birds have a very short life of 30 days, whereas an egg-laying hen is alive for more than a year."

Is there a vaccine?

There is a vaccine chickens can be given to protect them from H5 bird flu, but its use in Australia is currently very limited.

Experts say this has been due to concerns that vaccinating chickens or even just keeping the vaccine in the country could affect Australia's status regarding the H5 virus and farmers' ability to export poultry products.

Are humans safe?

The Australian Centre for Disease Control says the risk to human health from H5 bird flu is low and is only likely to emerge if you're in close contact with dead birds.

Authorities say chicken and eggs that are properly cooked and handled will still be safe to eat.

I think that's a mistake. Not because inflation is about to surge again, but because the RBA is underestimating the biggest threat facing Australia's economy over the next few years: artificial intelligence.

A recent Goldman Sachs report identified 35 major Australian companies where labour costs have grown much faster than sales, making them prime candidates for AI-driven cost-cutting.

Banks, retailers, healthcare companies, technology firms and industrial businesses are all on the list, and many have already said AI will play a bigger role in improving productivity.

However, these are only the companies we know about.

Across corporate Australia, businesses are no longer just asking who they should hire next; they're asking whether they need to hire anyone at all.

Which brings me to the most important point: are we walking into a recession because this is an efficiency story built around shareholder interests?

If this is correct, then it's easy to understand that a company's top priority is shareholder satisfaction, and there is no better way to keep shareholders happy than rising profit margins.

AI allows businesses to grow revenue while employing fewer people, which is a different challenge for the labour market.

The RBA spent years telling Australians that inflation was above the 2-3% target band and that it couldn't be ignored.

Yet the Reserve Bank is expected to leave interest rates on hold again, largely because inflation has eased while unemployment remains within a range it believes is manageable.

However, the reality is we are sitting at the upper band of what is acceptable, and my concern is where it could be in two years' time.

If Australian companies adopt AI as aggressively as many are signalling this reporting season, unemployment could move above 5% far quicker than traditional economic models anticipate.

By the time the official data confirms that trend, thousands of jobs may already have disappeared.

The RBA has always argued that monetary policy needs to be forward-looking.

If that's true for inflation, it should also be true for employment because I don't think the biggest risk over the next few years is another inflation shock, it will be a jobs shock.

Best and worst sectors

Information Technology was the best-performing sector this week, rising more than 7% on the back of further falls in the oil price.

Materials and Healthcare also performed strongly, gaining more than 6% after attracting buyers as both sectors are coming off double-digit pullbacks and are among the sectors tipped to shine during this earnings season.

At the other end of the market, Energy was the weakest sector, falling more than 2% as weaker oil prices drove demand for oil and gas stocks lower.

Utilities also slipped less than 0.5% as the heavily weighted stocks in this sector continue to exude caution, with prices trading sideways over the last couple of weeks.

Given the uncertainty around the interest rate decision, it's no surprise the market seems to be weighing up this outcome to decide whether utilities are back in play.

Best and worst stocks

Genesis Minerals led the gains in the ASX Top 100 this week, climbing more than 17%.

This was followed by Vault Minerals, up more than 16%, and Greatland Resources, which gained more than 15%, with all three stocks benefiting from the strong overnight rise in the gold price, which appears to have now found a major bottom.

Woodside Energy was the weakest performer, followed by Ampol Limited, with both stocks falling more than 3% on the back of the oil price wobbles.

The Lottery Corporation lost more than 2% as the sell-off continued after sellers took control at the heavily defended $5.70 level and pushed the stock sharply lower.

All Ordinaries Index update

The All Ordinaries Index has finally done it, breaking to a fresh all-time high after surging 3.4% so far this week.

After months of grinding sideways and repeatedly testing resistance, the market has decisively broken through, confirming that buyers are firmly back in control.

What makes this move even more encouraging is that it wasn't driven by just one sector.

Technology, Materials and Healthcare led the rally, while Financials also played an important role.

When multiple sectors are pulling in the same direction, it usually points to a healthier and more sustainable bull market.

The timing couldn't be better, with reporting season now underway.

Markets are clearly looking ahead, particularly to stronger earnings from the Materials sector.

However, this is still a stock picker's market.

Some companies will exceed expectations, while others won't, making careful stock selection more important than ever.

The next key level to watch is 9800, which now becomes the market's next major resistance.

More importantly, the stubborn 9200 level that rejected the market time and time again has finally become support, and that on its own should be reason to celebrate.

More than half of Australian residential property investors follow a well-worn path to long-term wealth creation and building a portfolio.

They find an established property, put in a tenant, claim the deductions in their tax return each year and let time do the heavy lifting.

The Federal Budget changed the economics of that strategy in May, as investors buying established residential property were no longer able to offset rental losses against their salary.

Newly built homes, including off-the-plan apartments, remain eligible for negative gearing, while commercial property is unaffected.

These changes are expected to send more investors towards assets that some may have never seriously considered.

Here's what to weigh up before taking the next step.

1. Is it always better to buy a new-build than an existing home?

The proposed tax changes may encourage more investors to consider new residential property, but Flint Group co-founder and investment adviser Redom Syed says instead of asking whether to buy new or established, the question should be: will this established property outperform the new one by enough to justify buying it?

"Our modelling suggests an established property needs to outperform a comparable new property by around 0.5% to 1% per year in capital growth to justify buying it instead," he says.

"Historically, that's often happened because established homes tend to be in tightly held suburbs where supply is constrained. A lot of new developments are built in growth corridors where there's simply more land to develop over time."

The balance between housing supply and population growth also differs markedly between growth corridors.

Western Sydney, for example, is expected to require more than 25,000 new homes a year to accommodate forecast population growth, yet fewer than 6000 dwellings are currently under construction across the region, according to Ray White Western Sydney.

Not all locations are equal

Knowing where to buy becomes just as important as deciding what to buy, says Eda Property founder Anissa Cavallo.

Rather than relying on suburb-level growth figures, she recommends understanding future land releases, local supply and demand, and the differences between individual estates.

"Not all estates and growth corridors are created equal, and plenty will lag on capital growth. The right street in the right pocket matters enormously."

Cavallo expects the Budget changes to increase competition for quality new housing and says investors who have already identified the right opportunity may benefit from acting sooner rather than later.

"Given the Budget has ensured that a lot of investor focus will shift to the new-build space, I think there's a real window of affordability right now."

Take the final price into account

Buying new also comes with tempting upgraded finishes and features that aren't included in the base contract, while site costs can materially change the overall budget.

"I've seen people walk into a display home, get completely mesmerised by the interior design and the very talented salespeople working those spaces, and then feel let down when they start pricing up what they need," she says.

"The quoted base price is rarely the full story. Drainage issues, easements and slope problems can add $20,000 to $60,000-plus if they weren't disclosed upfront."

Negative gearing isn't the only financial advantage of buying new, according to Cavallo.

She says depreciation and the ability to lock in today's purchase price during construction can both improve long-term returns.

2. Is it advisable to seek independent advice before buying?

Just as most investors rely on a conveyancer to review contracts and a mortgage broker to arrange finance, a buyer's agent can also play a role, particularly when purchasing a new build, an off-the-plan apartment or commercial property.

While buyers agents are often associated with established homes, many specialise in these markets, helping investors assess opportunities, negotiate contracts and navigate the different lending, construction and settlement processes.

Buyer's agent and current Property Investment Professionals of Australia (PIPA) chair Cate Bakos says demand for specialist knowledge is likely to increase as more investors explore parts of the market they may not have previously considered.

"New property selection requires a different approach and skillset given the complexities vary greatly," she says.

"From defects, sunset clauses, lending regimes and subdivision/titling, not all agents understand new builds and the responsibilities that these assets command."

When looking for the right buyer's agent, Bakos recommends checking they have a firm knowledge of lending policy for new or off-the-plan properties, and the ability to tackle the settlement process, including defecting and sign-off.

Make sure it's the right investment for you

It's a service that Cavallo believes is less common than it should be, as investors assume that because they're buying directly from a developer or project marketer, they don't need independent representation.

"When you buy through a developer's sales team, their job is to sell you that product at that price. They're not thinking about whether it's the right asset for your portfolio, whether the pricing stacks up against comparable stock in that corridor, or whether the contract terms protect you," she says.

"You need an independent and experienced set of eyes to review the contract, assess the location and developer track record, and tell you honestly whether the numbers make sense."

3. Is it worth owning more than one dwelling?

Not every investor buying new will look at greenfield estates or off-the-plan apartments.

Instead, they may add a granny flat, subdivide an existing block or create a second dwelling on land they already own.

According to Domain research, "granny flat" was Sydney's most searched property keyword in 2025, while searches for "dual living" and similar terms have risen sharply.

Solvere founder and property adviser John Pidgeon says experienced investors have long used subdivision projects and secondary dwellings to manufacture equity and improve returns, and he expects more investors to explore those strategies under the proposed tax changes.

"The sophisticated investors have always used this as a wealth-creation method so that will continue for them," he says.

"The granny flat will be in vogue as people search for a better-yielding portfolio to offset the negative-gearing impacts."

Strong capital growth vs tax benefits

However, Pidgeon says investors should remain disciplined when assessing development opportunities, and if there's no prospect of capital growth, tax benefits will be of little help.

"Proceed with caution around supply and demand, the number of investors surrounding you, build costs and reliability, and forecast supply coming into the market in the coming years," he says.

Creating additional housing is often more expensive and time-consuming than investors expect, Cavallo says, as people underestimate the cost of planning permits, surveying, civil works, service connections, legal fees and holding costs.

These can quickly erode the economics of a small subdivision.

Timing is important

"The entire process from purchase to title on the new lot can easily run two to three years. It used to cost around $50,000 on average per block. Now, even subdividing a small block can cost over $150,000 per block," she says.

"It can absolutely work, but the numbers must work, not just the concept."

Cavallo suggests the easier and least risky path is to find land that's already been subdivided.

4. Is commercial property a good investment?

Commercial property is also expected to attract greater investor interest because it sits outside the proposed residential negative gearing reforms.

BMT Tax Depreciation chief executive Bradley Beer says many investors overlook smaller commercial assets because they assume the entry price is significantly higher than residential property.

"Many investors looking around the $1 million mark focus primarily on residential property," he says.

"But smaller commercial assets such as offices, industrial units, retail spaces and consulting rooms can also sit within a similar price range."

BMT analysis found commercial properties purchased for $1 million or less delivered average first-year depreciation deductions of $13,659 and average deductions of $62,720 over the first five years.

Flint Group broker Ben Robinson says investors looking for well-leased assets in major cities should generally expect to enter the market closer to the $2 million mark, where larger tenants, longer lease terms and stronger liquidity become more common.

Smaller commercial assets can carry higher leasing risk and can be more difficult to sell.

Tenant turnover and vacancy rates

Unlike residential property, commercial values are closely tied to the income generated by the asset, making tenant quality, lease terms and vacancy risk central to the investment.

He says one of the biggest mistakes investors make is entering the commercial market too early without the financial buffer to withstand vacancies or tenant turnover.

"Unlike residential, where you might only be vacant for a few weeks, commercial properties can sit empty for months, so you need a longer runway and stronger cashflow to hold the asset," Robinson says.

He adds that commercial lending is also more structured than residential lending, with finance strategy and ownership structures required.

Urban Property Australia founder Sam Tamblyn says the best opportunities are emerging in markets where population growth, tourism, major projects or defence spending are increasing demand faster than new commercial space can be built.

He lists industrial markets on the Gold Coast, Adelaide, Perth and Melbourne's south-east, where vacancy rates remain exceptionally low, along with selected regional hotel markets benefiting from tourism and major infrastructure investment.

5. Is buying off the plan a good idea?

Developers are also expecting to see an uptick in investors making up a larger share of the buyer pool, with the Gold Coast's Lewis Land anticipating an increase in interest in its 16-hectare master-planned community, Harbour Shores, which will deliver more than 2000 new homes over 10 years on the northern Gold Coast.

Lewis Land's head of development Michael Long says the challenge will be ensuring that there's enough well-located apartments available for both investors and owner-occupiers.

"Competition between first-home buyers and investors has always been a challenging market dynamic, but the real issue is whether there is enough well-located, attainable product to serve both," he says.

Lewis Land is responding by placing greater emphasis on one- and two-bedroom apartments in future releases, while continuing to prioritise first-home buyers through projects such as Palm House, where there's a greater concentration of more affordable property.

The lowdown on apartments

Investor appetite for new apartments was already on the rise well before Budget night, with the latest Urbis Apartment Essentials insight report showing that local investors accounted for 28% of apartment pre-sale buyers during the March quarter, the highest share since 2017.

New investor loan commitments for new builds accounted for almost 43% over the same period, of up from 15.1% five years earlier.

Interest has been strongest in Perth and the Gold Coast, where the latter's sales figures were up 47% in the March quarter, the highest level of new project activity recorded since Urbis began monitoring the market.

With only 14 months of supply left at the end of March, Urbis director Lynda Campbell says demand continues to absorb new stock almost as quickly as it reaches the market.

The same can't be said for every apartment market, Flint Group's Syed says, encouraging investors to focus less on whether an apartment is new and more on whether supply is genuinely constrained.

"People often talk about apartments as though they're all the same, but they're not. Apartment markets move in cycles just like housing markets do," he says.

"The biggest thing I look at is supply. If approvals are falling, projects aren't stacking up financially and fewer apartments are getting built, eventually you create scarcity.

At some point prices have to move higher, otherwise developers simply won't build."

Quality of the asset

The final assessment still comes back to the quality of the asset, rather than the tax treatment, Ray White Group chief economist Nerida Conisbee says, listing yield, rental demand and long-term resale prospects are more important than ever.

"In a low price-growth environment, investors cannot rely as heavily on capital growth to make the numbers work. If negative gearing is no longer available on established apartments, the property needs to generate enough rental income to be viable on its own," she says.

She reminds investors that under the new tax rulings, the advantages of a new apartment are largely enjoyed by the first purchaser.

"A new apartment is also only new once. The first buyer may benefit from the tax treatment, but the subsequent buyer pool is smaller if future investors cannot access the same concessions. That could affect resale demand and long-term capital growth."

6. What really makes a good property investment?

For all the discussion around negative gearing, capital gains tax and housing supply, the Budget hasn't changed what makes a good property investment.

Investors still need to buy quality assets, pay the right price and ensure the investment suits their financial circumstances.

What is likely to change is where those opportunities are found and how investors assess them.

Syed expects the market to become more selective over the next two years as investors place greater emphasis on cashflow, rental yields and affordability than they have in the past.

Rather than stretching to borrow as much as possible, he believes many will focus on building more resilient portfolios capable of performing under a wider range of market conditions.

"I think we're going to see investors become a little more defensive. Higher yields, lower entry prices and stronger cashflow are becoming more attractive than stretching to buy the most expensive property possible."

Long-term perspective

That doesn't necessarily mean investors should become more cautious.

Periods of uncertainty have often produced some of the strongest buying opportunities, provided buyers remain disciplined and keep a long-term perspective.

Syed says investors worried about changing tax settings should spend less time trying to predict the market and more time assessing their own position.

"I'd almost ignore the market for a minute and focus on yourself. Are you financially secure? Can you comfortably service the debt? Are you investing for the long term?" he says.

"Because if those things haven't changed, then the investment thesis really hasn't changed either."

The outlook is likely to vary between markets, with supply-constrained locations expected to outperform while others contend with affordability constraints, weaker demand and softer conditions.

PIPA's Cate Bakos agrees the proposed reforms are unlikely to produce a single winning property type.

Instead, she expects investors to become increasingly discerning about the quality of individual assets, while placing greater importance on rental yields, purchase price and long-term fundamentals.

"I predict a rise in quality, boutique and low-density apartments in the capital cities," she says.

Do your research

At the same time, she cautions against assuming every new development will perform well simply because it attracts more favourable tax treatment.

"New property will likely thrive, but investors will need to be cautious about overpayment risk, high outgoings, and compromised locations and zones."

Whether the next investment is an off-the-plan apartment, commercial property, a house-and-land package or a subdivision project, location, supply, quality, cashflow and a long-term investment horizon will be far more critical than any tax concession.

Over the next two decades, Australia is set to experience one of the largest wealth transfers in history.

Baby boomers will pass trillions of dollars to younger generations through property, superannuation and investments.

For many families, this transfer will shape financial futures more than any pay rise or inheritance before it.

But there is a challenge. Money passed down without financial understanding can disappear as quickly as it arrives.

The most valuable inheritance we can leave our children is not the money itself, but the literacy to manage it well.

Talk to your children about money early

In many families, money is still treated as a private or even taboo topic.

Children grow up hearing 'we can't afford that' or 'don't talk about money' but rarely learn how it works in practice.

These gaps in understanding can lead to poor habits and anxiety later in life.

The simplest way to build financial confidence is to talk about money openly. Explain how budgeting works in your household.

Show children how you make decisions between saving, spending and giving.

These conversations do not need to involve figures; they simply teach that money is a tool to be managed thoughtfully, not a source of fear or secrecy.

Teach practical money skills that last a lifetime

Financial literacy starts with small, consistent lessons.

Encourage children to divide pocket money between saving for goals, spending wisely and sharing with others.

When they earn their first income, discuss superannuation and the importance of paying themselves first.

Teenagers can learn valuable lessons from managing their own bank account or setting savings goals for something meaningful.

Mistakes made early, when the stakes are low, become lifelong lessons about responsibility and planning.

How to prepare children for a future inheritance

Wealth transfer should be more than a transaction; it should be a transition of knowledge and values.

By normalising conversations about money, you prepare the next generation to make confident, informed decisions.

Financial literacy is not about teaching children to chase wealth. It is about helping them understand how to use it wisely.

That understanding is what turns an inheritance into a legacy.

The takeaway: financial literacy is the ultimate legacy

The true gift is not the money itself but the mindset that comes with it.

Teaching financial literacy early helps children build confidence, independence and respect for money.

When you pass on knowledge and values, you create an inheritance that lasts far beyond the balance sheet.

Woolworths shoppers hit with another price hike

Everyday Extra members are facing higher costs as the supermarket moves to a monthly subscription model.

Woolworths is phasing out the annual fee for its Everyday Extra loyalty program in favour of a monthly subscription model.

Existing members will remain on their current plan until their annual subscription expires, after which they will need to switch to the monthly option or opt out.

Everyday Extra offers shoppers the chance to save through:

• 10% off one shop per calendar month at Woolworths, and
• Double points at Woolworths and BIG W.

A Woolworths spokesperson told Money, "From July 30,  2026, Everyday Extra will only be offered via a monthly plan of $7 per month. The annual plan option will no longer be available. All the subscription benefits remain exactly the same."

But with members set to pay 20% more for the same benefits, many Woolworths shoppers are unhappy.

As Reddit user VantageXL reminded everyone, "When Everyday Extra first launched a few years ago it was just $59/year (sometimes $35 during a promotion), the 10% discount also worked at Big W and you received 3x points instead of 2x points. I wonder what the next 'enhancement' will be. Maybe they'll just scrap it entirely."

The free Woolworths Everyday Rewards program boasts more than 14 million subscribers.

"FFS. I hate monthly subs," said one Reddit user.

"Me too. See ya later everyday rewards! I'm shopping at Aldi mostly anyway," added another.

Jetstar to charge for overhead carry-on luggage from 2027

Passengers could pay up to $52 extra per flight to store bags in overhead lockers.

From February 2, 2027, Jetstar will scrap its current free 7kg carry-on limit.

Instead, it is introducing 'Priority Carry-On'.

This will see passengers pay upwards of $25 for each domestic flight, and as much as $52 per international flight for luggage stored in overhead lockers.

There will be no cost for a laptop, handbag or small backpack that can be stowed under the seat.

Jetstar is trying to put a positive spin on the new charges, saying passengers who pay for overhead luggage will have priority boarding.

However, for a family of four holidaying in Japan, the overhead luggage fee could add an extra $400-plus to airfares - and that's just based on the fare from Cairns to Tokyo, let alone connecting domestic flights.

The reaction from travellers has been mixed.

As Reddit user Numerous_Problems points out, carry-on allowance has been abused for years.

But another - theparrotofdoom, says "One day, they'll figure out a way to charge us for the luxury of having wings on the plane, or stairs to get onto the plane."

Jetstar says it will no longer routinely weigh passengers' bags before boarding following the introduction of Priority Carry-On

That said, customers will need to keep their bags to 10kg in weight so they can lift the luggage themselves.

Travellers with existing bookings after February 2, 2027, will be upgraded to include Priority Carry-on at no cost.

HSBC to exit Australian retail banking after 40 years

More than 90,000 home loan customers will eventually be transferred to a new lender.

What happens if my home loan lender shuts down?  It's a question plenty of mortgage holders ask, and around 91,000 Australians who have a home loan with HSBC are about to find out.

After 40 years of banking in Australia, HSBC is calling time on its local retail banking operations.

HSBC will sell its $36 billion portfolio of Australian home loans and personal loans to Blackstone, the world's largest alternative asset manager, with Pepper Money set to manage the loans on a daily basis.

All this is expected to happen in 2027.

For now, HSBC says its customers can continue to bank as normal. No action required at this point.

HSBC claims it is bailing out of its Aussie retail operations as "part of the ongoing simplification of the HSBC Group".

Still, it goes to show how hard it can be for foreign banks to crack into the lucrative Australian mortgage market.

Another major international bank - Citibank, sold its retail business to NAB in 2022.

Low-income Australians to benefit from new bank fee protections

Banks will be required to move eligible customers into cheaper accounts unless they opt out.

Back in 2024 the Australian Securities and Investments Commission unearthed a scandal that saw more than 150,000 low income and First Nations customers pay $6 million in bank fees over a year.

This was despite many account holders being eligible for a basic, low-fee account.

As the saga unfolded, the Commonwealth Bank dug in its heels and refused to refund excessive fees charged to low income customers (those relying on Centrelink for income).

However, the Australian Competition and Consumer Commission (ACCC) has just issued a landmark ruling requiring banks to proactively move eligible customers into low or no-fee accounts unless they choose to opt out.

ACCC deputy chair Mick Keogh says, "These conditions will help more eligible Australians access lower-cost banking products and avoid bank fees that significantly impact people on lower incomes.

"We want banks to do more than simply make these accounts available. They should actively identify customers who may benefit and make sure they are aware of their options."

Consumer Action Law Centre CEO Stephanie Tonkin, describes the ACCC's move as "a common-sense decision that will put money back into the pockets of people who can least afford to lose it."

She adds, "For too long, thousands of low-income Australians, pensioners and concession card holders have languished on inappropriate bank accounts simply because they faced barriers to switching or didn't know a cheaper option existed."

Sydney drivers to save on tolls

Motorists using the M2, M7 and Lane Cove Tunnel will see lower charges from 2027.

Sydney motorists grappling with 13 different toll roads, can expect a reprieve of sorts - though not until mid-next year.

From July 2027, motorists using the Lane Cove Tunnel, M2 and M7 will be able to save up to 10% on current tolls.

Motorcyclists will pay 50% less on all motorways progressively from 1 July 2027, and tolls on the Cross City Tunnel will reduce by 20% when the Western Harbour Tunnel opens in 2028.

John Graham, NSW Minister for Transport, admits the toll savings are "modest".

However, he says Western Sydney motorists have been copping a "raw deal" for some time, and adds "we've levelled the playing field with the price reductions and a toll cap that means regular users won't spend more than $50 a week on tolls."

Two of Sydney's key toll roads - the WestConnex and NorthConnex, are not listed among the roads to see lower tolls.

Test your knowledge with this week's Money Quiz, featuring the latest developments in super, property, workplace trends, loyalty programs, share investing and more.

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A free, weekly 10-question challenge that tests your knowledge of personal finance, investing, property, superannuation, consumer trends, economic news and more.

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Each question relates back to a recent money story or trend, helping you stay informed in a fun, interactive way.

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A new quiz is released every week.

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Brighter Super has announced plans to deliver a new lifetime retirement income solution designed to enable eligible members to begin building future lifetime income benefits while they are still working.

Brighter Super says the move makes it the first member-owned fund to announce the development of this style of product, which enables eligible members still in the accumulation phase to begin building future potential Age Pension benefits while still enabling choice as to how their super is invested.

The fund says Australia's superannuation system has been highly successful in helping people accumulate retirement savings, but many Australians remain uncertain about how to convert those savings into a reliable income that lasts throughout retirement.

Brighter Super says the solution is designed to help address that challenge by allowing eligible members to begin building future lifetime income benefits during their working years, with greater income certainty and longevity in their retirement years.

By beginning to accrue these benefits during the accumulation phase, members may be able to increase their overall retirement income, potentially improve their Age Pension outcomes depending on their individual circumstances, and gain greater flexibility and choice in how they structure their income in retirement, Brighter Super says.

The fund's modelling suggests members could receive additional income of between $70,000 and $95,000 on average over 25 years of retirement.

Brighter Super chief executive Kate Farrar says the announcement reflected the fund's commitment to helping members achieve better retirement outcomes.

"Australians have become very good at building super balances. The next challenge for our industry is helping people turn those balances into an income that provides confidence throughout retirement," Farrar says.

"Bringing this approach to the member-owned sector is an important step. Rather than waiting until retirement to start thinking about lifetime income, we're helping members begin preparing and maximising future retirement income outcomes while they're still working."

The initiative builds on Brighter Super's growing retirement offering, which it said is a priority. The new solution aims to further strengthen the fund's support for members as they move from accumulating super to using their super to provide an income in retirement.

Brighter Super will develop the solution in partnership with TAL, who will provide the lifetime income guarantee underpinning the retirement solution.

TAL chief executive of group life and retirement Jenny Oliver says the partnership reflects a shared commitment to improving retirement outcomes for Australians.

"We're focused on helping more Australians have a confident retirement. TAL is proud to partner with Brighter Super on this lifetime income solution, because we're passionate about helping more people plan for retirement and enjoy access to savings that can last for life," Oliver says.

The solution will be introduced progressively, with the accumulation feature expected to become available to eligible members in the first half of 2027 and the guaranteed lifetime income option in 2028.

This article first appeared on Financial Standard

The regulator's investigation uncovered cases where borrowers were hit with thousands of dollars in fees, fell behind on repayments within months and were left owing large debts even after their vehicles were repossessed.

As demand for EV and hybrid finance continues to grow, experts say it's more important than ever to understand exactly what you're signing up for.

The Australian Finance Industry Association, which represents 150 banks and other lenders, says the value of loans for EVs and hybrid cars surged 20% to $7.37 billion in 2025.

More recently, CommBank and NAB reported a spike in demand for EV finance as motorists looked for ways to reduce fuel costs.

 

 

 

 

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What's gone wrong with car loans?

ASIC has been taking a close look at loans provided by eight of Australia's biggest car finance providers.

In its examination of more than 350,000 loans given out between 2023 and 2025, the business watchdog found many were too expensive for the people they were being given to.

The findings didn't surprise Mark Holden, acting director of Mob Strong Debt Help, a legal and financial counselling service.

"We see a lot of [clients] being set up for loans that were inappropriate for them in the first place," he says.

"They go to a car dealership and get themselves on a loan, but they're not able to keep up and end up defaulting on it within the first six months."

Reporting its findings, ASIC described borrowers being hit with multiple fees totalling thousands of dollars.

In one case, a customer had to cough up almost $10,000 in administrative and handling charges - almost 20% of the value of the loan they had taken out.

ASIC says a key cause of the trouble is dealerships inflating the value of the cars they're selling, leading to borrowers still owing sizeable sums, even after their car has been re-possessed and sold.

"They have all the interest being added onto [the price] and then the car is re-possessed and they still have this massive shortfall to contend with," says Holden.

Summing up its concerns, ASIC said car finance providers weren't keeping a close enough eye on the third parties like brokers and dealerships who sell their loans and making sure these businesses treat customers properly.

The Australian Retail Credit Association, which represents several of the lenders included in ASIC's report, declined to comment on the regulator's findings.

How to avoid a car loan you can't afford

Pushy salespeople are synonymous with car shopping and this pressure can extend to the finance options you'll need if you're not buying a vehicle outright.

The dealership selling you your car might push you to get a loan there and then with their affiliated lender, but experts warn these convenient options can come with extra fees.

Therefore, it's a good idea to shop around different loan brokers to see what sort of credit they can extend to you, before going in to buy a vehicle.

A brokerage should be able to look for a loan that suits your personal situation, rather than a particular vehicle and will have more lenders to shop your options around to.

"We've generally got a lot more choice... we may have 40 to 70 different lenders to choose from, depending on what the client's looking for and what their situation is," explains Jenaya Kennett, founder and managing director of Pink Loans Financial, a brokerage. "We go and seek the best loan option for you based on your personal scenario."

But even when considering a broker's offers, it's important to check the details of the loan before you sign to make sure you can afford it (see how further below).

Also make sure you're being offered the right type of loan.

"Some people are being encouraged to use an ABN or to apply for an ABN, so [the lender is] able to sell it as a business-purpose loan," says financial counsellor Deb Shroot, who helps people facing unreasonable vehicle finance deals.

"The issue with that is there are certain protections like responsible lending obligations with consumer credit. With business credit, the same protections don't apply."

It's also worth remembering that if you're in a vulnerable situation or have a low income, you might be able to get access to a No Interest Loan (NIL) worth up to $5000 to go towards buying a vehicle.

Can you get a cheaper loan for an EV?

If you're one of the growing number looking to finance a new EV, consider getting a personal green loan.

These are designed to help people buy more eco-friendly cars and can come with lower interest rates and fees than regular personal loans, but only limited options may be available.

Over the past two decades, there has been a sharp drop in the number of young Australians owning property.

Homeownership among 35- to 44-year-olds fell from 76% in 1981 to 57% in 2021, according to the Australian Bureau of Statistics.

Why first-home buyers face less competition

The government's changes to negative gearing and capital gains tax in the recent Federal Budget make investing in property less attractive.

So instead of coming up against cashed-up property investors, first-home buyers are more likely to be competing for existing homes with others who are in the same boat.

Before the changes, property investors accounted for 40% of all new home loans.

Further increasing the availability of affordable homes to first-home buyers, the government has banned foreign property investors from purchasing existing homes in Australia until mid-2029.

How the 5% deposit scheme is helping buyers

Another measure to help first-home buyers is the 5% deposit scheme.

About 250,000 Australians have made use of this scheme, formerly the Home Guarantee Scheme, since it began in 2020.

The scheme has made it possible for 172,000 Australians to buy homes in urban areas, and more than 81,000 have purchased property in regional and remote Australia.

This is great news for first-home buyers. Owning a home offers financial security, and rent hikes over the past several years have been punishing.

While mortgage repayments eventually come to an end, paying rent goes on forever.

How higher interest rates cooled the property market

It's not just the government changes to negative gearing that have slowed down property prices.

Buyers have also been spooked by a string of interest rate increases.

My family and I have breathed a sigh of relief. The cooling property market not only takes some of the pressure off my adult children who want a toehold in the market, it helps parents wanting to fund adult kids into property.

These days there's almost an expectation to be the Bank of Mum and Dad and bankroll kids into property. And the average gift or loan from parents to adult children keeps rising too. I know parents who raided their superannuation, leaving their own retirement plans in tatters.

Or parents working into their seventies to help their 30-something children. Other parents have passed on their own inheritances to their children to give them a financial boost.

The growing role of the Bank of Mum and Dad

It surprises me how determined some parents are to get their kids into property.

One couple is considering giving their daughter and her young family their family home and buying a small unit in the same suburb to be close by.

Other couples sell the family home to move closer to their children because they can't afford to buy near their parents and they need help with childcare. It is common for adult children, and often their partners, to live with their parents for years so they can put rent money towards a home deposit.

For children without the support of a benefactor, housing and student debt can be a struggle, and this is where the 5% deposit scheme can make a difference.

What the negative gearing changes mean for investors

For anyone who is a fan of negative gearing, it still applies to newly built housing from July 1, 2027.

People sometimes overextend themselves with poor-quality investment properties simply to be eligible for a tax benefit from the government.

But negative gearing is only an advantage when interest paid is greater than net rental income. While the negative gearing of income is grandfathered under the government's changes, what isn't well understood is that future capital gains will now be taxed differently.

A tax offset for inflation now applies. But this is a minor discount over the short term.

Most of your capital gain will be taxable, so the investment arithmetic for a negatively geared investment changes.

A property investment needs to appreciate meaningfully in the future on a consistent basis to make it worthwhile continuing. If it goes backwards or flatlines, you've been paying a cash deficit with insufficient recovery from the capital gain after tax.

How to buy a home with just a 5% deposit

The government ramped up the scheme so that all first-home buyers can buy a home with a 5% deposit.

Single parents or legal guardians of one or more dependants can apply with a minimum 2% deposit.

Usually you need a 20% deposit to avoid paying lenders mortgage insurance (LMI), but the government guarantee means first-home buyers are exempt from paying LMI, saving them tens of thousands of dollars.

To be eligible, the property must be residential and its purchase price and property value must be at or below the location's price cap, which varies by state, city and regional area.

For example, if a first-home buyer pays $820,000 for a home, a 5% deposit is $41,000, instead of $164,000, which would be needed as a 20% deposit to avoid LMI.

The government has shaved more than $2.3 billion off LMI costs and taken years off the time it takes to get into a home.

Picture this: a new smile, a week by the pool and a dental bill thousands less than the quote at home.

For someone facing $25,000-plus for implants or a mouthful of crowns, the overseas option can look very appealing.

The Victorian Government's Better Health Channel estimates that about 15,000 Australians travel overseas for healthcare each year, with a large proportion seeking dental work.

In a 2025 Insurance Council of Australia and Department of Foreign Affairs and Trade survey, dental care was the overseas procedure travellers were most likely to consider.

The price gap can be huge. An implant, set of crowns or full-mouth reconstruction can cost tens of thousands here, while prices in Asia may be 30% to 70% lower.

But the lower prices are not without risks.

One patient ultimately faced more than $80,000 in repair costs after extensive overseas dental treatment failed.

Why are more Australians travelling overseas for dental work?

Dental care is one of the biggest gaps in Australia's universal health system.

Most adult care sits outside Medicare, public clinics are restricted to eligible patients and private health insurance commonly covers only part of a large bill.

The Australian Institute of Health and Welfare says $12.5 billion was spent on dental services in 2022-23. Patients paid 61% directly and private health insurers funded 20%.

In 2023-24, 28% of Australians aged 15 years or older who needed dental care delayed or skipped a visit, with 18% citing cost.

"Dental tourism is what economists would call the 'exit' response when domestic prices exceed willingness or ability to pay," says Dr Maryam Naghsh Nejad, senior research fellow at the Centre for Health Economics Research and Evaluation at the University of Technology Sydney.

Add cost-of-living pressure, frequent flights to South-East Asia, glossy social media marketing and the chance to see family or tag on a holiday, and the appeal grows.

Dr Mark Morrin, president of the Australian Dental Association NSW (ADA NSW), says the procedures most commonly marketed to Australians are implants, crowns, veneers and full smile makeovers.

"Patients are often presented with packages that promise a complete smile transformation in a short timeframe," he says.

How much can you save on dental treatment overseas?

The headline savings can be substantial.

Naghsh Nejad says indicative prices put a single implant, including the fixture, abutment and crown, at about $1200 to $2000 in Vietnam and $1500 to $2500 in Thailand.

A crown that commonly costs $1500 to $2000 in Australia may be available for a few hundred dollars in either country.

The biggest gaps appear in complex work.

Full-arch implant care, often marketed as All-on-4, is commonly quoted at $25,000 to $35,000 or more per arch in Australia, compared with about $6000 to $12,000 in Vietnam.

Overseas clinics and agencies regularly advertise savings of 30% to 70% and sometimes more.

Naghsh Nejad has not conducted a direct international fee comparison and cautions that most published figures come from medical tourism businesses.

"Advertised savings of 70%-80% are common, but these are list prices, not like-for-like quality-adjusted comparisons."

The final bill depends on the diagnosis, implant brand, materials, laboratory work, specialist input and whether bone grafting, extractions or other treatment is required.

It is also hard to know whether two quotes represent equivalent care.

Naghsh Nejad says travellers also need to budget for flights, accommodation and time off work, with costs varying widely depending on the destination and length of stay.

Major implant treatment may require two or more trips, months apart.

Her advice is to compare the expected cost: the procedure, travel, accommodation, time off work, repeat trips, and the chance of paying Australian prices to put a problem right.

"The sticker price and the realised cost to the patient are rarely the same thing."

Best countries for dental tourism from Australia

Thailand, Vietnam, Indonesia and Türkiye are the countries most Australian dental patients are travelling to.

Thailand has a long-established medical tourism industry and large dental hospitals geared to international patients.

Vietnam attracts travellers with low prices, while some combine treatment with visiting friends or family.

Türkiye is heavily marketed for veneers, crowns and rapid smile makeovers.

But a country is not a quality rating.

Dr Diana Bueno Toro, principal dentist at VIP Dental Clinic in Sydney, says she has seen excellent and poor dentistry performed in many parts of the world, including Australia.

"The reality is that quality varies from practitioner to practitioner, not just from country to country," she says.

"The more important question is whether the treatment was properly diagnosed, planned and followed up over time."

That means looking beyond the price and the dentist's credentials.

Check whether the clinic follows robust infection-control practices, uses recognised materials and offers proper follow-up care.

Verify the dentist's registration through the destination's official regulator rather than relying on a clinic biography or social media account.

Ask who will perform each procedure, what materials and implant systems will be used, whether the clinic is independently accredited and what protections apply if treatment fails.

Should you use a dental tourism agency?

Dental tourism has also produced a new facilitator: the dental or medical concierge.

These agencies can shortlist clinics, obtain treatment plans and quotes, coordinate appointments, arrange transfers and accommodation, assist with translation and provide a contact before and after the trip.

Xavier Mito, founder and chief executive of The Medical Agency, says his company assesses providers on clinical expertise, accreditation, technology, patient outcomes and experience with international patients.

It also negotiates prices and coordinates travel logistics.

That support can be useful when assessing a clinic from another country, but an agency is not a substitute for your own checks.

Ask how the agency is paid, whether it receives referral fees, how clinics are selected, what happens if the treatment plan changes on arrival, and what help it provides if complications develop at home.

Dental patient Safron, from Queensland, used The Medical Agency when she travelled to Bangkok, Thailand, in May 2026.

An Australian dentist had quoted about $4800 for an implant, healing abutment and crown.

Her Bangkok implant stage was about $3000-plus, with the final total dependent on the implant and future crown.

Safron has worked in dentistry for 25 years.

She says the agency handled communication, appointments and costs, and found the dental hospital was modern and professional.

Her experience has been positive so far, although the treatment is recent and the final crown and longer-term result are still to come.

What are the risks of getting dental work overseas?

The scale of the job matters.

Dr Rick Iskandar of Smile On Clinics draws a clear line between basic care and major, full-mouth work.

"For a simple clean or a single filling on a holiday you already had booked, fine," he says.

"For implants, multiple crowns or a full smile makeover, I'd think hard."

No procedure is risk-free, wherever it is done.

But the more invasive the work, the more diagnosis, staging, healing and continuity of care matter.

A poor result can damage the tooth, gum and bone beneath it.

Why dental implants and veneers can go wrong overseas

One of the major problems with combining major dental work and a holiday is the timetable.

Complex dentistry is often compressed into a few days because the patient has a return flight booked.

"Many biological processes cannot be compressed into a holiday," says Bueno Toro.

"Healing takes time. Infections take time to resolve. Soft tissues and bone need time to respond."

Implants may need months to integrate with bone before they are loaded.

Crowns, veneers and full-arch restorations may need bite adjustments after the mouth settles.

Gum disease or infection may also need to be stabilised first.

"A lot of it comes down to speed and a lack of follow-up care," says Dr James Tran, a cosmetic and implant dentist at Lumi Dental in Sydney.

"Patients are treated very quickly, sometimes quite roughly, and then sent home with no ongoing support. The problems only show up once they're back in Australia."

Tran is particularly concerned by overly aggressive care.

"One of the most concerning things I see is root canals carried out on younger patients that should never have been done in the first place," he says.

"Many of these patients are shocked to learn they've had root canals at all and were never properly told beforehand."

The repair bill

By the time failed work reaches an Australian dentist, the fix may involve more than swapping one crown for another.

Infection may need to be treated, restorations dismantled and lost bone rebuilt before anything new can begin.

Bueno Toro recalls a patient who had crowns and veneers placed on virtually every tooth overseas.

Some had fallen off, his gums were badly inflamed and X-rays showed several infections.

The teeth had been prepared so aggressively that all the upper teeth were eventually removed.

He then needed a full upper-arch implant reconstruction and the lower restorations also required replacement.

"This type of treatment can easily exceed $80,000," she says.

The money is only part of it.

She also points to the "biological cost": pain, lost tooth structure, repeated procedures and a poorer long-term outlook.

Iskandar treated a patient whose upper implants failed to integrate with the bone.

Infection spread into the sinus and the patient lost so much upper-jaw bone that the repair required a maxillofacial surgeon.

He could not afford it and, as far as Iskandar knows, remains without upper teeth.

These cases do not prove that overseas dentistry is generally inferior.

The University of Sydney's Alexander Holden notes there are no strong population studies showing poorer outcomes overall.

The bigger issue is accountability when something goes wrong.

Back in Australia, the new dentist may have no treatment notes, original X-rays, laboratory records or details of the implant system.

Parts used overseas may not be available here.

"Without that information we can't safely repair what's there," says Tran.

"In many cases we have to remove and dismantle everything and start again from scratch."

What happens if overseas dental work fails?

Dental work does not end when the final invoice is paid.

Implants need monitoring, crowns and veneers need cleaning and bite checks, and full-arch implant teeth require professional maintenance indefinitely.

"Follow-up care is one of the most overlooked aspects of dental tourism," says Bueno Toro.

A small bite adjustment or early sign of inflammation may be straightforward when the treating dentist is nearby.

From Australia, it may mean another flight, a new dentist taking over an unfamiliar case or leaving the problem until it becomes harder and more expensive to fix.

Morrin recommends agreeing on an aftercare plan before travelling and being clear about who will manage complications at home.

Request copies of the treatment plan, consent forms, scans, X-rays, laboratory information, implant brand and component details before leaving the clinic.

Does travel insurance cover dental tourism?

Standard travel insurance is built for unexpected events, not a procedure planned before departure.

Most policies exclude complications linked to elective dental work undertaken as the purpose of the trip, says Sophie Johnston, director of government and media at the Insurance Council of Australia.

That means an infection or genuine medical emergency may still be excluded if it resulted from the planned procedure.

Yet only 33% of respondents to the ICA and DFAT survey knew extra cover could be needed for medical tourism.

"Specialist medical tourism insurance products do exist and are worth exploring for anyone planning to travel specifically for dental or medical treatment," says Johnston.

"Travellers should read their product disclosure statement carefully and speak directly to their insurer if they're unclear about their cover."

Smartraveller advises looking for a policy that specifically covers the procedure, post-operative care, complications and medical evacuation, and disclosing your plans in full.

It also recommends telling your private health insurer.

Medicare does not cover care overseas and the Australian Government will not pay your bills or evacuation costs.

Case study: The saving that shrank

Kim Phuoc Huynh travelled to Vietnam in 2016 for implants and bone grafting.

The work cost about $20,000, excluding flights and accommodation, compared with an Australian quote of about $50,000.

For five years, the result seemed successful.

Then some implants became loose, his gums became painful and infection and further bone loss developed.

Huynh is returning to Vietnam for remedial treatment expected to cost about $5000, again excluding travel and accommodation.

Huynh is candid that he did not keep up with six-monthly professional cleaning or return for follow-up care.

His experience is a reminder that new teeth are not set-and-forget.

Huynh advises checking the dentist's skill and asking what warranty applies if the work fails, overseas or at home.

The real value

Good dentists and modern clinics exist around the world, and many Australians have saved money and been pleased with the result.

For a clearly defined, lower-risk procedure at a well-vetted clinic, particularly on a trip you've already planned, the numbers may stack up.

For implants, extensive crowns, veneers or a full-mouth reconstruction, the equation is less certain.

The upfront quote may be dramatically lower, but the value depends on diagnosis, materials, healing time, aftercare and access to help if something changes.

As Naghsh Nejad puts it, the right comparison is not Australia's price compared with the price advertised in an overseas advertisement.

It is the expected total cost of each option, including the risk and cost of putting things right.

Less glamorous than "sun, sea and a new smile", perhaps, but more useful when it is your money and mouth on the line.

Case study: The $21 dental bill

Not every successful dental trip involves five-figure treatment work.

Mick Owar, from Melbourne, had a clean and three old amalgam fillings replaced with composite resin in Da Nang, Vietnam, in 2023.

His bill was $21 and, three years on, he says the work has held up without problems.

His return flight was about $600, but he was already spending three weeks holidaying in Vietnam.

"The cost difference is so large it sounds like there must be a catch," he says.

He would consider a clean, filling or other basic work overseas, but would think harder about implants or root canal treatment where follow-up matters more.

The op shops provide affordable clothing to communities while also helping to fund local Indigenous business initiatives.

We sort through how Tanya set it up, the lessons she learned along the way, and how it provides a blueprint for sustainable remote businesses.

What shaped your attitude towards community/sustainability?

I grew up in Yamba, NSW.

My early life was shaped by the natural environment, a small-town community and a fairly simple way of life.

I think when you grow up close to nature, you develop a sense of responsibility for it, even before you have the language for sustainability.

That understanding deepened through my work.

I had a career in marketing with global fashion brands, including Patagonia, which exposed me to business-for-good and the idea that companies could take responsibility for their environmental and social impact.

Later, when I found myself working in remote First Nations communities, including places like Cape York in Queensland and the Top End of the Northern Territory, my understanding of community shifted.

I began to see sustainability as something much bigger than the environment alone.

I don't believe profit, people, environment, culture and community are mutually exclusive.

At their best, they are interconnected, and good business models should be able to strengthen all of them at once.

How did you come to found the Remote OpShop Project?

The project started with a group of women in Jilkminggan in the Northern Territory in 2016.

These women were artists. They loved painting, weaving and sewing, but they were required to participate in work-for-the-dole activities where, really, they were just turning up with nothing meaningful to do.

They told me they wanted to start an art centre. So we sat down with a piece of butcher's paper and mapped out ways they could self-fund it.

An op shop emerged as an idea because clothing was so hard to access in the community.

We put a call out on Facebook asking for a couple of boxes of clothes, and the post went viral.

People from all over Australia wanted to donate, and we ended up with hundreds of boxes of clothing arriving in Katherine.

The women opened the op shop, sold about $10,000 worth of goods, bought art supplies and formally incorporated their art centre.

That was the moment I really saw what the model could be. It wasn't charity, it was self-determination in action.

We now have more than 45 remote community partners, with op shops operating in different ways depending on local needs, from pop-ups and mobile op shops through to permanent community-led spaces.

Have you refined the business model since you first began?

I don't think of business models as static. They are living systems, and they need to keep changing as you learn, adapt and respond to what is happening on the ground.

In the early stages, we had a simple, low-cost model where donors sent goods directly to remote communities by post.

It worked because it was practical and direct.

But as demand grew from remote communities wanting to join the network, we needed to strengthen the system behind it.

That led to the opening of our first reuse hub in Darwin.

The hub has enabled us to engage fashion industry partners and work with them to redirect quality surplus goods into a central point, where items can be sorted and redistributed to communities that need them.

Designing business models for remote Australia is challenging.

There are elements that are non-negotiable, like no road access during the wet season, cultural obligations and protocols, long distances, dispersed communities, limited infrastructure and high freight costs.

You cannot design around those realities, you have to design with them.

In communities, the op shop model has evolved, but the core has stayed the same: community-led, low-risk and built around local ownership.

Where to next for the Project?

The next stage is about building the infrastructure to support scale without losing the community-led heart of the project.

Our Darwin Reuse Hub is a key part of that.

Over the longer term, the vision is to establish regional reuse hubs in places like Cairns, Broome and Alice Springs, connecting quality surplus goods with remote communities across the Northern Territory, Western Australia and Queensland.

We are also working towards securing impact investment to develop a broader precinct model, a logistics hub and community of purpose-led businesses focused on circular economy, Indigenous enterprise and regional employment.

The idea is to create the infrastructure that allows excess goods to move more efficiently, while also creating opportunities for collaboration, training, jobs and innovation.

What are the greatest challenges communities in remote areas face?

Access is one of the biggest challenges. Access to affordable food, clothing, household goods, transport, infrastructure and employment is extremely limited.

Distance changes everything, it adds cost, complexity and time.

A family might have to prioritise food over clothing, or go without basic household items because prices are too high or supply is limited.

But I think the deeper challenge is that in remote communities, First Nations people have had generations of programs and systems designed for them, rather than with them.

People have often been told what to do, rather than being backed to lead.

One elder once said to me, "We have been told to sit down for so long that now it can be hard to stand up."

That has stayed with me.

What gnarly issues have you had to fix that you didn't anticipate?

Logistics is by far the biggest challenge.

In the early stages, our direct donation model helped us avoid a lot of handling costs, while also creating a powerful direct connection between public donors and the women leading op shops in their communities.

But as the network has grown, so has the complexity.

Moving goods across remote Australia is expensive and difficult. There are long distances, limited freight options and communities where people may already be travelling a 100-kilometre round trip just to get to the post office.

We have been fortunate to have a strong partnership with Team Global Express, who have been incredibly generous in their support.

The next step is to build a more sustainable logistics model that creates employment opportunities for logistics coordinators in remote communities, while also increasing the volume and value of goods being sent so the model becomes more viable.

Finish this sentence: money is good for...

Money is good for turning values into action.

When Australians think about investing, they usually focus on one question: "What will give me the best return?"

Soon, they may need to ask another one. "How will it be taxed?"

The Federal Government's proposed capital gains tax (CGT) reforms represent one of the biggest changes to Australia's investment landscape in decades.

From July 1, 2027, the long-standing 50% CGT discount is set to be replaced with an inflation-based system, alongside a minimum 30% tax rate on capital gains.

Existing gains accrued before that date will generally remain subject to the current rules, while gains accruing afterwards will fall under the new regime.

While much of the public debate has focused on whether investors will pay more tax, I think the more interesting question is this:

How will these changes influence the way Australians invest?

Because tax policy doesn't just change tax bills. It changes behaviour.

Over the years, we've seen firsthand how Australians adapt whenever tax rules change.

While every investor's circumstances are different, one thing remains consistent: once the tax implications become clearer, people naturally reassess how and where they invest.

Investors have always adapted

One thing I've learned after advising investors for many years is that they rarely stand still when tax rules change.

When superannuation rules are tightened, people contribute differently.

When stamp duty changes, buyers adjust their timing.

When depreciation rules change, investors rethink renovations.

Capital gains tax will be no different.

I don't expect Australians to stop investing. I expect them to invest differently.

How the proposed CGT changes could affect property investors

Property has long been Australia's favourite investment.

Part of that is cultural. Australians like owning bricks and mortar.

Part of it is financial. Property offers leverage, rental income and historically strong long-term capital growth. And part of it has been tax.

The combination of negative gearing and the 50% CGT discount created a powerful incentive to accept lower rental returns today in exchange for larger after-tax capital gains tomorrow.

As those tax settings change, that equation changes too.

Does that suddenly make residential property a bad investment? Absolutely not.

Good property in desirable locations will still have the same fundamentals it had yesterday.

Population growth, housing shortages, infrastructure spending and local demand don't disappear because tax legislation changes.

But I do think future investors will become much more selective.

Why rental income could become more important

For years I've met investors who were happy to buy a property producing very little rental income because they believed future capital growth would outweigh the ongoing losses.

Some of those investments worked brilliantly. Others relied almost entirely on favourable tax treatment.

Under the proposed rules, I think investors will place much greater emphasis on cash flow, higher rental yields, lower holding costs and stronger income generation.

Rather than simply asking, "How much will this property be worth in twenty years?", investors may increasingly ask, "Can this investment pay for itself along the way?"

That's not necessarily a bad outcome. It encourages more disciplined investing.

Could dividend shares become more attractive under the new CGT rules?

One trend I wouldn't be surprised to see is greater interest in listed investments.

Shares have always offered several advantages over property. They're easier to diversify, they're easier to buy and sell, and transaction costs are lower.

Investors can build portfolios gradually rather than borrowing hundreds of thousands of dollars from day one.

Australia's dividend imputation system also remains one of the most generous in the world.

If investors become less focused on chasing capital gains and more interested in generating reliable after-tax income, dividend-paying Australian shares could become even more attractive. Recent commentary already suggests many investors are reassessing the balance between growth assets and income-producing investments in response to the proposed reforms.

Why diversified investors could benefit

One behavioural change I hope these reforms encourage is diversification.

Australia has long had an unusually high concentration of household wealth tied up in residential property.

That's understandable.

Property has served many Australians well.

But concentrating too much wealth in a single asset class also creates risk.

A more balanced portfolio might include:

• Australian shares
• International shares
• Listed property trusts
• Fixed interest
• Cash
• Direct property

I've always encouraged clients to think about building wealth across multiple asset classes rather than relying on one investment to do all the heavy lifting.

Tax changes may simply reinforce that message.

Don't let tax become your investment strategy

One mistake I've seen repeatedly over the years is investors allowing tax to drive every decision. They buy a negatively geared property because the tax deduction looks attractive, hold an investment they no longer want because they don't want to pay CGT, or sell purely because they fear future rule changes.

Rarely do those decisions produce the best financial outcome.

Good investing has always been about fundamentals, quality assets, reasonable prices, long-term thinking and strong cash flow.

Tax should support those decisions, not replace them.

There may be opportunities as well

Interestingly, major tax reforms often create opportunities.

When some investors hesitate, others step forward. If fewer buyers compete for certain assets, prices may become more attractive. If more investors chase income-producing assets, growth assets may become relatively cheaper.

Markets rarely stand still; they adjust.

That's why I always caution against making investment decisions based solely on headlines.

By the time most people react emotionally to tax announcements, the market has often moved on.

What investors should do before the CGT changes start

One practical consequence of the proposed reforms is that planning ahead becomes increasingly valuable.

Investors will need to think carefully about acquisition dates, record-keeping and, in some cases, obtaining market valuations around the commencement of the new rules to correctly distinguish gains that accrued under the existing regime from those subject to the new methodology.

These aren't particularly exciting topics but they could ultimately have a significant impact on after-tax returns.

It's another reminder that successful investing isn't simply about picking winning assets; it's also about managing them well.

We've found that the investors who tend to achieve the strongest long-term outcomes aren't necessarily those chasing the biggest tax advantage.

More often, they're the ones who plan ahead, keep good records and understand how tax fits into a broader investment strategy, rather than letting it drive every decision.

The bottom line

The proposed CGT reforms will undoubtedly change Australia's investment landscape, but I don't think they'll fundamentally change what makes a good investment.

Quality businesses will still create wealth.

Well-located property will still appreciate over the long term.

Diversified portfolios will still help manage risk.

The biggest change, in my view, won't be the amount of tax investors pay. It will be the questions they ask before investing.

Instead of chasing assets primarily because they deliver the biggest tax concession, I suspect more Australians will focus on investments that generate stronger cash flow, better diversification and sustainable long-term returns.

And that's probably not a bad shift.

Because the most successful investors I've worked with over the years never built their wealth around tax rules.

They built it around good investment decisions.

The tax outcome was simply the icing on the cake.

Dear Paul,

I am a 68-year-old woman still working part-time.

I had intended to work until the age of 70.

I work as a phlebotomist for a private pathology company. I retrained at 52, having started working at the age of 16.

Unfortunately, I have been on workers compensation for the past 12 months and cannot perform my daily duties.

My company has demanded I refund $4500 of the superannuation guarantee (SG) paid by them to my super account since I went on workers compensation leave.

The Workplace Injury Rehabilitation and Compensation Act 2013 states that anyone receiving weekly compensation payments who is over retirement age is not entitled to the SG.

This discrepancy needs to be addressed.

In my case I have very little superannuation. I funded four eye operations, have multiple chronic illnesses now, and became a single mum at 40.

This and not being able to work full-time have all contributed to a low superannuation balance - $4500 is a lot of money to me.

The overpayment is their accounting system's fault.

Do you think I should pay this amount? What can be done to change this Act? It is discrimination against older workers. Why?

I hope you can highlight this problem for older workers. - Sheryl

Paul Clitheroe's response

I am very sorry to hear about your situation, Sheryl, and particularly upset by your company demanding the repayment of the $4500 paid by them into your super fund, seemingly in error.

As an investment person, the complexities of workers compensation and super contributions are way out of my area of expertise.

But I fully get your point about the treatment of workers above the age of 67 and discrimination towards older workers.

In terms of repayment, I would have thought your employer would have at least taken your health and situation into account.

I'd suggest you take a look at seeking advice from Legal Aid. I think it would also be worth getting in touch with the Fair Work Ombudsman.

I'd provide contact details, but this is an issue governed by each State and Territory. A list of contact information can be found online at the Fair Work Ombudsman.

In terms of changing this bias against older workers, at Money we are pleased to be able to highlight this to our readers.

You may have done this already, but I would also encourage you to email your local and Federal member.

What to read next

• Can you access one-off financial advice through your super fund?
• More than half of super funds fail service test
• How to check if your employer is paying your super correctly
• Where to complain about superannuation
• Ask Paul: My boss hasn't paid my super for 10 months

New figures from the Australian Financial Complaints Authority (AFCA) show complaints jumped 19% from 100,745 a year earlier, marking the third consecutive financial year the ombudsman has received more than 100,000 complaints.

The figures suggest cost-of-living pressures, claim disputes and financial hardship issues are continuing to drive consumer frustration with financial firms.

"These numbers highlight the impact that ongoing cost-of-living challenges and economic uncertainty are having on consumers, and the flow-on effects these conditions can have across the financial system," says Deborah Jenkins, AFCA's chief customer officer.

"Every complaint represents someone's experience, and collectively they provide a view of where consumers are struggling. By working with us and acting on these insights, firms can help prevent recurring issues that lead to complaints with AFCA."

Transaction accounts and everyday bank accounts generated the largest number of complaints nationally, underscoring how problems with everyday banking products are becoming a growing source of consumer frustration.

The ombudsman notes that the figures released today are preliminary though, with the finalised data set to be published in its annual review later in the year.

Australia's most complained-about financial products 

While AFCA recorded an increase in complaint numbers across all the categories it tracks, banking and finance proved to be the most troublesome area.

Australians lodged 66,971 complaints in the category over the last financial year - a 23% uptick on the year before.

Jenkins says that financial difficulty was one of the leading drivers of this growth, and one of the areas that banks and lenders need to improve on.

"These numbers point to opportunities for firms to strengthen hardship support, improve communication with customers and ensure accurate credit reporting, helping resolve issues before they become disputes."

Transaction accounts topped the list of complained-about financial products, followed by motor vehicle insurance and credit cards, highlighting just how many disputes stem from everyday financial products rather than complex investments.

General insurance was the second-largest category by complaints volume, with motor vehicle insurance once again proving to be the largest source of frustration among customers.

Insurance-related issues also topped AFCA's overall complaints list, with claim handling delays and claim rejections among the top three issues, along with service quality concerns.

Shield and First Guardian trigger complaints surge

Banking and finance may have generated the most complaints, but the sharpest growth came from investments and financial advice.

Complaints in the sector surged 56% over the year, fuelled by the fallout from the collapse of the Shield Master Fund and First Guardian Master Fund investment schemes.

It's estimated that more than 11,000 Shield and First Guardian investors were impacted when the schemes collapsed, with $1.1 billion in retirement savings put in jeopardy.

"While most financial advice firms do the right thing, we are seeing a significant number of complaints stem from major financial collapses that have affected thousands of consumers," Jenkins says.

"These matters are complex and can be incredibly stressful for individuals and their families."

AFCA has a dedicated page for investors caught up in the collapses, including information on the options available and the types of complaints it will and won't be able to assess.

How to lodge a complaint with AFCA

In most situations, the advice for consumers having an issue with a financial firm is to reach out to the relevant customer service department to try and solve it directly.

If that initial contact doesn't prove fruitful, it may then be worth asking to escalate the issue with someone more senior.

Should that fail though, consumers may want to consider lodging a formal complaint.

For issues related to banking, insurance, superannuation, investments and financial advice, AFCA is the relevant body to contact for both individuals and small businesses.

Complaints can be made online, over the phone, via email or in writing. Though before getting started, AFCA suggests pulling together any relevant documents and having a think about the kind of outcome you're hoping for.

For issues in different sectors, like goods and services or energy, consumers may need to reach out to their state or territory fair trading agency or relevant ombudsman.

Need help resolving a dispute? Check out our guide on where to complain about banks, insurers, telcos and retailers for a comprehensive rundown of your options.

But many Australians still aren't sure how they work or whether they could be an option worth considering.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Marisa Broome, certified financial planner and principal of wealthadvice.com.au, to explain the mechanics, benefits and risks of SMSFs.

Episode timestamps:

00:00 Introduction

01:45 What an SMSF is and how it differs from retail and industry funds

03:25 Why fees and asset allocation matter

05:00 Why people choose SMSFs

06:20 Who SMSFs are best suited to (and who should avoid them)

08:45 How much money you should have before starting an SMSF

10:00 The practical steps involved in setting up a fund

15:00 Why investors should do their homework before setting up an SMSF

16:15 Conclusion

Listen to this episode of Friends With Money

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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.

Are there investment strategies that can help retirees access the age pension sooner? Yes!

And it is worth talking to your financial adviser about these - even a part age pension can play an important role in a retirement income strategy.

And the good news is that you don't have to exhaust your own resources before you qualify for that 
first age pension dollar.

The thresholds for age pension eligibility increased on July 1, 2026.

A couple, who live together and own their home, can have up to $1,102,500 and still qualify for a part age pension.

For a single homeowner the limit is $733,500.

But here's the thing. A key misconception among retirees is that they must spend most of their savings to qualify for the age pension.

That's simply not the case. This is where a lifetime annuity, which pays an income guaranteed for life, can be worth investigating.

It's all about the assets test

For many Australians, account-based pensions (ABPs) are the go-to way to use super in retirement.

ABPs, however, are fully assessable under the age pension income and assets tests.

By contrast, only 60% of a lifetime annuity investment counts towards the annuitant's assets test.

After five years from the initial investment or when the annuitant later reaches 85, only 30% is assessed. Similarly, only 60% of income generated by a lifetime annuity is assessed under the annuitant's income test.

So for every $200,000 invested in a lifetime annuity, such as Generation Life's LifeIncome product, assessable assets reduce by $80,000.

Own $1 million in assets and still qualify for a part age pension 

The favourable treatment of lifetime annuities means that a homeowning couple who live together can have more than $1 million in retirement assets and still qualify for a part age pension.

Put simply, a lifetime annuity can reduce your assessable assets below the threshold separating self-funded retirees from those on a part age pension.

The benefits of a lifetime annuity can go a lot further.

Along with a regular income guaranteed for life, a lifetime annuity can bring forward the age at which you can qualify for the age pension depending on your other retirement assets.

With a regular income stream from a lifetime annuity, ABP and age pension, retirees can gain greater confidence and flexibility in managing their retirement income.

Talk to your financial adviser about how a lifetime annuity can help you access the age pension sooner than you expected.

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

Australian borrowers may have more bargaining power than they've had in months.

New figures from NAB show home loan applications fell 15% in the June quarter, while broker data points to an even sharper slowdown.

As competition for new customers intensifies, experts say borrowers may be in a stronger position to negotiate a lower rate or secure a refinancing deal.

In its ASX announcement yesterday, NAB revealed it had received 15% fewer applications for its home loans in the three months to June than in the previous quarter.

The announcement came after mortgage company Loan Market reported applications to around 6000 brokers - some its own, and others whose data it collects as an aggregator - had declined 26% between February and June.

The results make sense to Newcastle-based Loan Market broker Liam Hardy, who says he's seeing a "downturn in commitment".

"People are taking a lot longer to decide whether or not their idea to purchase a property or even refinance is worth it," he says.

Despite recent Reserve Bank efforts to tighten money supply and fight inflation, Hardy says the slowing demand for mortgages is motivating some lenders "hungry for business" to more actively court borrowers.

"We've had some offers just this week come through from lenders who are offering special or limited time offers [with] rates for variable home loans in the 5.9 to 6 % range... a lot of the main players in the market, they're not playing under 6%," he says.

Hardy's observation is backed up by data from mortgage comparison site Canstar, which shows 28 different lenders cutting rates on their new customer variable loans in the last two months, including Macquarie - Australia's fifth-largest lender.

Why is mortgage demand falling?

Loan Market credit expert Shay Waraker says a series of high-profile events has caused demand for home loans to cool between February and June.

"Over that period, there were three cash rate increases, so that significantly impacted people's borrowing power. We also had the federal budget in May which changed the tax environment for investors, so we saw the investors taking a bit of a step back."

NAB has also pointed the finger at changes to negative gearing and capital gains tax for its slimming mortgage book and told the Australian Financial Review that war between Iran and the United States had also created uncertainty for customers.

How you can save

Money experts say these recent shifts in the credit market could create some opportunities for mortgage holders to get a lower interest rate.

"If you haven't actually checked and compared your interest rate since the start of the year, then it's definitely a good time to do so," says Waraker.

"Lenders would likely have increased their interest rates in line with those Reserve Bank cash rate increases, so it's definitely worthwhile checking to see if that rate is still competitive or if there's a better deal out there."

In another sign of a mortgage market potentially shifting in favour of borrowers, several Aussie Reddit users have reported receiving cold calls from banks offering them money if they switched their home loan.

Refinancing costs to be aware of

Money coach Marion Mays agrees now is a good time to shop around, but recommends considering any costs that might come with refinancing before you switch to a new lender.

"When you look at the discharge cost, any break costs and a new application fee, they're all costs that you need to consider in the equation when you work out: Is this actually saving me money in the long-term?"

She also says to be sceptical of any cold calls from a lender offering you a better deal.

"Get just the basic details and where they claim they're calling from. Then jump off the phone and go onto that provider's website and call them direct if you're interested in pursuing [an] offer."

Every inflation report and jobs number sparks a fresh round of predictions about whether rates are going up, down or staying put.

However, one of the biggest influences on where rates go next may not be in Australia at all.

It could be nearly 8000 kilometres away in Japan.

For decades, Japan's ultra-low interest rates encouraged its biggest pension funds, insurers and banks to invest overseas in search of better returns and Australia was one of the biggest beneficiaries.

Japanese investors became major buyers of Australian government and bank debt, helping fund our financial system. In fact, Japan has been the single largest foreign investor in Australian fixed income by country for many years.

That picture is now starting to change. The Bank of Japan has lifted interest rates to their highest level in decades.

As returns improve at home, Japanese investors have more reason to keep their money in Japan rather than investing overseas.

Why does that matter?

Australia relies heavily on foreign investors to help finance its bond market.

If Japanese investors buy fewer Australian bonds, demand falls.

When that happens, bond yields generally rise, making it more expensive for governments and banks to borrow. Those higher funding costs can eventually flow through to businesses, home loans and the wider economy.

What happens next depends partly on Japan.

If the Bank of Japan keeps raising interest rates, more Japanese capital could stay at home or flow back.

That could keep upward pressure on Australian bond yields and make it harder for borrowing costs in Australia to fall, even if the Reserve Bank starts cutting the cash rate.

Ultimately, Japan won't decide Australia's interest-rate future on its own.

Inflation, wages and the domestic economy will still be the biggest drivers, but Japan has quietly become another important piece of the puzzle, and it's one Australians can no longer afford to ignore.

What are the best and worst-performing sectors this week?

The best-performing sectors include Information Technology and Healthcare, both up more than 7%, followed by Communication Services, up more than 4%.

The worst-performing sectors include Utilities and Energy, down under 0.5%, followed by Materials, slightly up more than 0.5%.

The best-performing stocks in the ASX top 100 include WiseTech Global, up more than 26%, followed by Xero Limited, up more than 16%, and Seek Limited, up more than 15%.

The worst-performing stocks include Paladin Energy, down more than 9%, followed by Challenger Limited and Whitehaven Coal, both down more than 7%.

What's next for the Australian stock market?

The All Ordinaries Index came alive this week, finishing with an impressive 2% gain by Thursday's close as buying swept across almost every sector of the market.

Technology and Healthcare led the charge, providing a welcome boost to investor confidence.

Healthcare found fresh momentum after CSL released positive news surrounding its plasma business, helping reignite interest across the sector.

It's often these types of developments that spark a broader shift in sentiment, and this week's price action may well have marked an important turning point for the market.

From a technical perspective, the move is even more encouraging.

The All Ords has now broken above the downward momentum that has been in place since the October 2025 peak, while continuing to respect the longer-term upward trend established from the April 2025 low.

After months of compressing between these two forces, it appears the market has finally chosen a direction, and for now, it is up.

That doesn't mean the path ahead will be easy.

The market still faces two significant hurdles: the well-publicised 9200 resistance level, followed by the all-time high around 9400. Both have proven formidable in the past, but this week's rally is certainly a positive first step.

With reporting season just around the corner, the timing couldn't be better.

Expectations remain strong for the Materials sector, while the Financials continue to display healthy momentum.

If both sectors deliver solid results, they could provide the fuel needed to carry the market through these key resistance levels.

Whether you decide to take advantage of the opportunities you've been patiently researching during this extended sideways market or prefer to sit on the sidelines while reporting season plays out, one thing is becoming increasingly clear.

The weeks ahead are likely to shape the market's longer-term direction, making this one of the most important reporting seasons we've seen in quite some time.

Everyone loves a tax refund. But every year thousands of Australians either miss out on deductions they're entitled to - or claim expenses that simply don't qualify.

The Australian Taxation Office (ATO) has become increasingly sophisticated at identifying incorrect claims, using data matching and other technology to compare tax returns against information from employers, banks, insurers and other organisations.

The good news?  Most tax mistakes are entirely avoidable.

Recent H&R Block research found that six in 10 Australians questioned whether they'd lodged their tax return correctly after submitting it, while four in 10 believe they've previously missed something on a return - highlighting just how common tax uncertainty can be.

Here are some of the deductions that taxpayers are most likely to get wrong this year - and how to avoid making the same mistakes.

'I work from home most days, so I'll just estimate my hours'

Case study: Sarah, marketing manager

Sarah worked from home three days a week throughout the year.

When it came time to lodge her tax return, she estimated she'd worked around 700 hours from home.

The problem? Estimates aren't enough.

If Sarah wants to claim working-from-home expenses using the fixed-rate method, she needs records of the actual hours she worked from home.

A diary, roster, timesheet or electronic calendar can all help support her claim.

Working from home doesn't mean every household expense becomes deductible either.

You can't simply claim part of your mortgage repayments, and you need to understand exactly which costs are already covered under the ATO's fixed-rate method.

The lesson: Keep records throughout the year-not just at tax time.

'I use my car for work, so I'll claim the maximum'

Case study: Ben, electrician

Ben regularly travels between different job sites during the day, so he knows some of his travel is deductible.

Unfortunately, he also includes his daily commute from home to his first job and claims the maximum number of kilometres without keeping any evidence.

That's a common mistake.

Travel from home to your normal workplace is generally private and not deductible.

Travel between worksites, visiting customers or travelling from one employer to another may be deductible.

Even if you use the cents-per-kilometre method, you still need to be able to explain how you calculated your work-related kilometres.

The lesson: Just because you drive for work doesn't mean every kilometre is tax deductible.

'I have to wear business clothes, so surely they're deductible'

Case study: Emma, accountant

Emma spends thousands each year on suits, dresses and shoes because her employer expects her to look professional.

Many people assume that's deductible.

It isn't.

The tax rules distinguish between conventional clothing-which remains a private expense-and items such as compulsory uniforms, protective clothing or occupation-specific clothing.

Even expensive office attire doesn't become deductible simply because your employer has a dress code.

The lesson: Looking professional and being entitled to a deduction aren't the same thing.

'My phone is basically a work phone'

Case study: Daniel, sales representative

Daniel uses his mobile constantly for work.

He also uses it to call family, stream music and browse social media.

If he claims his entire annual phone bill as a work expense, he's likely to have a problem.

Only the work-related portion is deductible.

The same applies to home internet services.

A reasonable calculation based on actual usage is far more likely to stand up if the ATO asks questions.

The lesson: Work use is deductible. Private use isn't.

'I'm studying, so everything should be deductible'

Case study: Priya, registered nurse

Priya enrols in a postgraduate nursing qualification that will help her progress into a more senior clinical role.

Those education expenses are likely to be deductible because they're directly connected to her existing employment.

If Priya instead decided to study architecture with the intention of changing careers, those expenses generally wouldn't qualify.

The lesson: Tax deductions are designed to improve your current career-not fund a new one.

The biggest mistake of all? Claiming what everyone else claims

Tax advisers hear it every year.

"My mate claimed it."

"My colleague told me it was deductible."

"I saw someone talking about it on social media."

Unfortunately, tax law doesn't work like that.

Two people doing similar jobs can have completely different deduction entitlements depending on who paid the expense, whether they were reimbursed, and exactly how the item relates to earning their income.

Every deduction needs to satisfy three basic tests:

• You paid for the expense yourself.
• It directly relates to earning your income.
• You have records to prove it.

Miss any one of those tests and the deduction may not be allowed.

Don't let the pursuit of a bigger refund backfire

Most Australians want to do the right thing.

The challenge is that tax law isn't always intuitive.

Claiming too little means paying more tax than necessary.

Claiming too much can result in amended assessments, penalties and interest if the ATO reviews your return.

The smartest approach isn't to chase the biggest possible refund - it's to claim every deduction you're legally entitled to, and nothing you aren't.

That's why keeping good records throughout the year is still the simplest tax strategy of all.

It makes lodging your return easier, gives you confidence that your claims are correct, and means you're prepared if the ATO ever asks you to substantiate them.

AMP launches 40-year loan

AMP Bank has unveiled a 40-year investment loan, joining a growing number of lenders extending mortgage terms beyond 30 years.

It wasn't so long ago that 25-year mortgage terms were the norm.

Recent years have seen this pushed out to three decades.

This week saw AMP Bank stretch loan terms out even further - for property investors at least - with its new Equity Flex Loan.

Equity Flex offers a whopping 10 years of interest-only payments with a loan term of up to 40 years.

With an interest-only rate of 6.54%, this loan is pitched at investors.

So how long is too long for a home loan?

Other lenders with 40-year mortgages include Bluestone Home Loans, Liberty Financial and Unity Bank, though not all these loans are pitched at investors.

While a longer term will lower regular repayments, it can also significantly raise the loan's overall interest cost.

The thing is, few landlords hold onto a rental property for 40 years.

Research by the Australian Housing and Urban Research Institute found half of all residential property investments last for just two years. The average investment period is closer to four years.

Most Australians don't understand how interest rates fight inflation: RBA

An RBA survey found only 25% of Australians correctly understand how higher interest rates are intended to bring inflation down.

It's a fair bet homeowners grappling with three rate hikes since February are focusing on how they'll meet higher loan repayments rather than worrying about the economic rationale behind the rate decisions.

But the Reserve Bank of Australia (RBA) says part of the problem is that most of us just don't get the connection between higher rates and the RBA's efforts to tame rising prices.

A recent RBA survey identified what it describes as "a large gap" in the understanding among Australians of how interest rates affect inflation.

Apparently, only one in four (25%) of us "assessed correctly" that higher interest rates would ultimately lead to lower inflation.

More than half believed that higher interest rates would lead to higher inflation (which you have to say is not an unreasonable assumption given that higher rates raise home loan repayments).

Fortunately, the RBA recognises the need for further community education.

Our central bank says it is adapting its "communication approach to better meet the needs of different audiences".

Nearly one in three scam victims suspected a scam but lost money anyway

CommBank research shows nearly one in three scam victims had doubts.

Never underestimate scammers. They are masters of psychology.

A new CommBank study shows nearly one-third of scam victims suspected something was wrong - but went ahead anyway.

It goes to show that scams are designed to override our instincts in moments of pressure.

CommBank's executive general manager for scams and fraud, James Roberts, says the findings challenge the stereotype that scam victims are simply careless or uninformed.

"Scams don't just work because people miss the warning signs - often people sense something is off, but the scam is designed to push them to act anyway," notes Roberts.

"Scammers are no longer just trying to trick people - they're targeting how we make decisions.

"Many scams are designed to feel routine and legitimate, so people act without stopping to verify. That's exactly what scammers rely on."

According to Roberts, one of the most powerful things we can do is treat that uneasy feeling - our gut instinct - as a signal.

He says, "If something feels off, stop, check and verify the source before you act."

To help Australians spot scams in the moment, CommBank has launched a new investment scams educational video showing how scammers operate and what to watch for.

Australia's biggest HECS debt hotspots revealed

Melbourne and Sydney account for the largest share of Australia's HECS debt.

Tertiary education doesn't come cheap.

Almost 2.4 million Aussies have a HECS debt, with the average balance sitting at $28,500, and around half of all HECS debts held by people aged under 30.

But accounting firm KPMG says the bulk of the nation's $67.6 billion HECS debt is held by Sydneysiders and Melbournites.

KPMG urban economist Terry Rawnsley says, "This is really a story about the geography of opportunity."

He adds, "Rather than signalling financial stress, it shows how higher education can act as an investment in future earnings.

While average HECS balances exceed $30,000 in both Melbourne and Sydney, the Gold Coast has an average HECS debt of $31,000.

Rawnsley explains this, saying, "The Gold Coast stands out with one of the largest average HECS balances outside the major capitals, as the city's economy becomes more diversified and attracts more highly skilled workers."

Graduates may easily be stressed about their outstanding HECS debt.

But Rawnsley believes "HECS empowers graduates to achieve higher wages in the long run, offering significant financial and career benefits over time."

KttiPay customers have one month to move their money

The group payments app will close on August 31, 2026.

Launched in 2023 as a shared digital wallet, Kttipay was designed to make it easier for mates to split the cost of dining out, accommodation and special events like hen's nights.

But after just three years, KttiPay is closing down with what the website says is a shift to a new project called Maytes.

KttiPay can continue to be used until August 24 but users will need to settle or close any open kttis, PayLinks or payment requests and move or cancel direct debits linked to their KttiPay account

App users will still be able to access their account and transfer any remaining money out until KttiPay closes on August 31.

Tell us about your early years. What were your formative money experiences?

I am the youngest of many children and I grew up in a working-class family - not that I knew it really as we had everything we needed, including a stable home, organic homemade food and new clothes when we needed them.

I grew up with two belief systems that my mum and dad modelled for me: one, there is always enough to go round; two, there are always creative ways to make do. So while I may have been at the lower end of the social economic system, I never felt this.

My parents did everything together and shared the responsibility equally for money, chores, cooking and childcare. That was unusual for that time, but it is all I knew growing up, equality seemed normal to me. They instilled in me a notion that I should not borrow money or spend what I didn't have.

While well-intended, that advice would have stopped me from borrowing money to buy things, such as a car that impacted my ability to travel for work or stopped me from investing in property.

What was your first job and how much did you earn? What did you spend that money on?

My first job was in the Coles bakery in my local area. I didn't spend my wages, I always saved them. I'm going to guess about $4 an hour.

You're a money coach with three decades in the field, helping Australians navigate their finances. Tell us the main insights you've garnered about our relationship with money. 

That we all have one and it was formed between the ages of two and 10. I liken it to the theory of 'attachment'; we all have a money story or an attachment style to money if you will, be it avoidant, anxiously attached or securely attached.

The main insight is that until we address this core belief/wound/story that drives our negative money beliefs or fears, no app, spreadsheet, system, financial product or course will be enough to sustain behavioural change and better outcomes.

Why did you found Money Strong and what is unique about it?

I founded Money Strong because the current financial ecosystem only has about 15,544 financial planners and 1500 counsellors and we are a population of 27.3 million people trying to do better with money.

There are a lot of people stuck in the middle; they are not in hardship and needing the services of a financial counsellor, they are not financial-advice ready or deemed financial-advice worthy, so they have nowhere to go. Enter Money Strong.

Money Strong is a non-advice alternative for Australians who want to do better with money. It is unique because it services a section of the market that is not met by financial counsellors at one end of the spectrum or financial planners at the other end of the spectrum. It takes care of those in the middle.

It helps ordinary people change/improve their relationship with money, while helping them level up their money smarts. More importantly, it supports people to implement and set themselves up for financial wellbeing.

What does money mentoring provide that a financial adviser doesn't?

A behavioural science approach to addressing our relationship with money and improving it.

It helps ordinary people upscale their money smarts, addresses serious money issues, such as under-earning, over-spending, mismanagement of money and assisting with behavioural change.

It shows people how to manage money in ways that align with their values and life goals. It also helps people set up and automate their money life.

You've recently focused some of your advocacy on issues that separated can face over delay and control tactics in family court proceedings. Tell us about that.

We know that in 95% of domestic violence cases financial abuse in some form is present.

One way abuse is continued after the victim leaves (if via the Family Court) is by using financial abuse as a vehicle to continue controlling the victim's life by forcing them to attend court, pushing them into financial hardship due to excessive legal fees, using court hearings as a means to see the victim and bringing vexatious matters before the court to mentally torment a victim.

Then there are the tactics of child-support avoidance to reduce the mother/child's quality of life, impacting where they can live and what experiences they can have. It is an extension of the need to control by withholding money.

I have researched, studied and learnt about this topic for more than 16 years and the reality is it happens, to nice people, to innocent people and to those who believe it could never happen to them.

When it comes to your personal money habits, how have they evolved over time?

The biggest shift in my money habits has been eliminating the use of money on things that are not really values aligned for me. An example, at a small level, would be not buying alcohol and a bigger example would be no longer needing to drive an expensive European car.

I'm very conscious now in my use of money; if it is bad for me I'm not using my money on it, if it is bad for the planet or harms others, my dollars will never find their way to it, if it's unfair on anyone in the distribution chain, it's off limits.

To me money is an extension of using our voice to say what we support and what we will not tolerate. I wish more people used money in more conscious ways.

What's the best investment - financial or personal - you've ever made?

Financially, commercial property. I used the bank's money and the tenants covered 110% of all the costs. Personally, mentors have been my greatest investment. I continue to invest a lot of money in mentors today for various areas of my personal and professional life.

Please finish this sentence: Money is good for...

... confidence to live our own path, especially as a woman. It is the one thing that will give you the confidence to stay, leave, say no, walk away or say yes to exploring a crazy expensive dream.

Australian home loan customers may be paying more interest than they should be after ASIC uncovered widespread offset account failures at major banks, with lenders already paying $55 million in compensation.

Released July 29, the Australian Securities and Investments Commission's (ASIC) review covered eight major lenders with a combined share of more than 70% of the mortgage market.

The list includes AMP, ANZ, Commonwealth Bank, Credit Union Australia (now Great Southern Bank), HSBC, ING, Macquarie and Westpac.

The review period spanned between September 2023 and August 2025, though the regulator also analysed around 204,000 home loans settled between March and August 2025.

ASIC found a number of failures by banks, including:

• Offset accounts requested by customers that weren't established at all
• Established offset accounts that weren't linked to the relevant loan
• Significant delays in linking offset accounts to loans

To date, banks have already paid out $55 million in compensation to affected customers.

But the regulator notes that the true extent of the failures is unlikely to be evident quite yet - in part, because customers have been uncovering the issues themselves.

"Some banks are not getting the basics right. Customers should not have to discover their offset account has not been working as promised," says ASIC chair, Sarah Court.

"In some cases, offset failures went undetected until ASIC started asking questions. That should concern every bank offering offset accounts."

What is an offset account and how does it work?

In essence, an offset account is a transaction account linked to a mortgage which helps reduce the loan balance on which interest is calculated.

That can then help reduce the interest a borrower will pay over time and help them pay off the loan faster.

"Australians love a good financial hack and for borrowers, offset accounts are right there at the top of the list," says Sally Tindall, data insights director at Canstar.

"For many customers, it's one of the most powerful tools borrowers have to reduce the amount of interest they pay on their mortgage, but only if it's working as intended."

Given their usefulness, it's not surprising that they've become a popular tool. According to data cited by Canstar from the Reserve Bank, 55% of mortgages have an offset account attached.

They've also jumped in popularity in recent years.

In total, ASIC notes that nearly $350 billion was being held in offset accounts as of March this year - 28% more than at the same time in 2024.

Offset account failures cost borrowers thousands in interest

In one case highlighted by ASIC in its report, a banking error led to a customer's offset account being unlinked from their loan.

The error wasn't discovered until the borrower realised that they were being charged more interest than they had been anticipating.

A complaint was then lodged with the bank, but not before the customer had forked out more than $3500 in extra interest.

In another case shared on Reddit, a user claimed that they lost out on more than $6000 after their offset account was de-linked from their mortgage during a loan restructure.

Because of the nature of offset accounts, Court says that errors can be difficult for borrowers to pick up on straight away.

"When offset accounts don't operate correctly, the harm can be hidden. Loan repayments stay the same, while customers unknowingly pay more interest and take longer to repay their loan.

"Customers are doubly hit - not only losing promised interest savings but also the opportunity to use that money elsewhere."

How to check if your offset account is linked correctly

Because banks haven't identified issues themselves in many cases, ASIC is encouraging borrowers to be proactive in ensuring that their offset accounts are working as intended.

ASIC says borrowers should check their mortgage offset account as soon as possible, as some customers have unknowingly paid thousands of dollars in additional interest.

To start, the regulator recommends that customers log in to their banks' mobile app or online platform to ensure that the offset account has been set up and linked to the right home loan.

If that information isn't available, then it's worth contacting the bank.

Beyond that, ASIC suggests running the numbers to see if the offset account is delivering the savings that it should be.

For anyone who isn't confident in crunching those figures themselves, Tindall suggests reaching out to a trusted third party for help.

"One option is to get a trusted advisor such as your mortgage broker or accountant to check for you.

"If the maths doesn't stack up, reach out to your bank and present them with your figures. If you formally raise a complaint, your bank must reply within 30 days."

ASIC notes that it will continue to monitor offset-related issues and the banks' response to them going forward, and that it expects lenders to support affected customers where needed.

"We expect all banks to identify and address offset account failures and ensure affected customers are appropriately compensated," says Court.

Grocery bills are climbing, but a growing number of Australians are using AI tools to plan meals, reduce food waste and avoid impulse purchases.

Australians now spend about $207 a week on groceries, up from the mid-$160s just a couple of years ago, according to Finder's Consumer Sentiment Tracker.

The good news is that free or low-cost AI tools can help you stretch your grocery budget further.

Why grocery prices keep rising

The overall inflation rate sits at 3.8% for the year to June 2026, yet in that same time, certain grocery items have outpaced inflation.

Beef and veal have risen by 13.5%, coffee, tea, and cocoa by 11.5%, and snacks and confectionery by 6.7%.

You can't control global events, beef prices or supermarket margins, but you can control what goes into your meal plan, your list, and your trolley.

That's where AI comes in.

1. Use AI meal planning to cut grocery costs

Structured meal plans can feed a household for $93-$193, often well below the $200-plus figure many Aussies now spend.

Take stock of your pantry

On your phone, photograph what's on the shelves in your pantry and in your fridge and freezer, or quickly type a list of what you already have.

Give an AI tool a clear brief

You can use any mainstream chatbot or a grocery app with built-in AI.

Make sure your prompt includes your household size and ages, dietary needs (gluten-free, kids' lunchboxes, CSIRO Total Wellbeing Diet), weekly grocery budget (set your target, not what you're currently spending), and a list or photos of pantry and freezer items to use up first.

The more specific you are to your circumstances, the better the results you'll get.

For example, a family spending $220 a week could ask AI to create five dinners using ingredients already in the pantry plus a $120 shopping budget.

The chatbot might recommend using frozen vegetables, beans and existing staples before suggesting additional purchases.

Turn the AI's menu into a realistic week

Ask AI to swap out expensive proteins for cheaper alternatives in some meals. Ask for 2-3 'leftover night' meals that intentionally empty any fresh produce.

Check AI's suggestions against what your household will actually eat.

Price it and sanity-check your savings

Plug your ingredients into WiseList (a Melbourne-developed app that compares prices between Coles, Woolies, and ALDI) or your usual supermarket's online cart to see the total upfront.

2. Use AI to create a smarter shopping list

Sort your list into three buckets

In their productivity book First Things First, Stephen R. Covey, A. Roger Merrill, and Rebecca Merrill taught the idea of managing by importance.

You can apply this idea to shopping by organising your list around:

• Essentials (core ingredients for the week's meals)
• If on special (brands or extras you'll only buy on discount)
• Only if under budget (treats and non-essentials)

Ask AI to structure and price your list

Paste the AI-generated meal plan or your own recipes into a chatbot.

Ask it to output a shopping list grouped into the three buckets.

Ask it to estimate prices, then verify them using your supermarket's online catalogue or price comparison tools.

Remember that AI can make mistakes or use outdated information. Always verify prices, specials and dietary advice before making purchasing decisions.

Use AI to find cheaper swaps

Try prompts like "Suggest cheaper supermarket-brand alternatives for each item in my Essentials list." "Where can I swap in beans, lentils or frozen veg without sacrificing nutrition?"

On a $178-$207 weekly shop, a 5-10% saving is $9-$20 a week, or $450-$1000 a year.

3. Use AI to beat your impulse triggers

The best laid plans can be derailed by habitual impulse buys. Here's how to beat them:

Find your weak spots

Make a list of your impulse triggers and then ask AI to help identify common impulse triggers (half-price snacks, bakery smells, shopping while hungry, kids in tow).

Write 'if-then' rules with AI

Plan how you'll handle each trigger in advance.

Examples include: "If I see something that isn't on my list, I'll take a photo and add it to next week's plan instead of buying it now." "If a treat is half-price, I'll only buy it if my cart is still under budget."

Prompt AI to condense these into a simple 'shopping rules' card you can save on your phone.

Start with one small change this week

To save money on your grocery bill, you don't have to become an AI power user. If you can write a text message, you can ask a chatbot to map out a week's dinners or tidy your shopping list.

Start with one tactic on your next grocery shop. Even a small reduction in your weekly spend can add up to hundreds of dollars over a year.

That could mean paying more than $10 extra to fill a family-sized car, just as global oil prices continue to climb.

Motorists who need fuel in the coming days may want to act now. Experts say prices are likely to rise as service stations begin replenishing stocks after the tax increase, meaning drivers who fill up this week could avoid some of the incoming pain at the bowser.

What's happening to fuel prices?

Fuel prices have already risen sharply this month, with regular unleaded increasing by about 20 cents a litre in some capital cities over the past two weeks.

"In our major capital cities, we've seen a 10 cent (per litre) increase in the regular unleaded price in the last week, and that follows a similar increase the week before," says Dr Ian Jeffreys, principal economic and affordability specialist at the Royal Automobile Club of Queensland.

The increase in diesel prices has been "significantly higher", he adds.

Early this week, motoring groups reported the average national bowser rate for unleaded was around $1.90 per litre, while for diesel it was around $2.30.

The recent increases have been driven by escalating conflict between Iran and the US and continuing fighting between Russia and Ukraine, but NRMA spokesperson Peter Khoury says prices are about to get even higher.

"We've seen those national averages go up somewhat significantly in the last few weeks. And unfortunately, given what we're expecting next Monday, we will see that continue."

Why petrol prices could rise from August 3

Monday, August 3, will see the fuel excise (the federal government's fuel tax) return in full, after months of discounts designed to ease cost pressures on consumers.

On top of this incoming 16 cents per litre levy, an extra one or two cent charge will also be added to the tax, as it's adjusted in line with inflation.

The exact increase will depend on how much of the excise is passed on by retailers and local competition.

What is the fuel excise?

The fuel excise is a tax on petrol and diesel designed to fund Australia's road and transport infrastructure.

It's charged on wholesale prices and then filters down to the price consumers pay at service stations.

It's normally 52.6 cents per litre, but was halved to 26.3 cents in March, after fuel prices spiked following the outbreak of war between Iran and the US.

A federal deal with the states and territories soon after cut it by another 5.7 cents.

This lower rate applied until the beginning of this month, when the federal government re-introduced some of the tax.

Next week is expected to see the remaining discount wound back and the excise return in full. The inflation indexing is expected to take the incoming charge on prices to around 17.5 cents per litre.

How much more could drivers pay?

"[The fuel excise] is applied at the wholesale level. So that won't immediately hit retail prices," explains Dr Jeffreys, who says when the extra charge will flow through to bowser prices depends on where you're filling up.

"The capital cities respond quicker because those retailers will be getting resupplied quicker... then regional cities next and more remote locations last."

How you can save

Experts say you shouldn't let fear of fuel shortages drive you to buy more fuel than you need.

"It's the only way you're going to create a supply issue, given that Australia has secured supply for the months ahead," says Khoury.

Seeking to shore up confidence in the national stockpile, Prime Minister Anthony Albanese said on the weekend there's more fuel in Australia today than there was when conflict kicked off between Iran and the US in February.

1. Shop around

Even as prices increase, there can be big differences between fuel costs per litre between competing petrol stations in the same area.

A difference of 20 cents per litre could save a driver $12 on a 60-litre fill. For someone filling up weekly, that's more than $600 a year.

Luckily, there are dozens of free apps and websites you can use to find the cheapest price near you.

Most draw their prices from government databases that retailers are required to report to, while others rely on crowdsourcing for their data.

In addition to the retailer databases, most state and territory governments also operate their own local price comparison apps and websites for consumers.

Money motoring expert and host of The Right Car channel on YouTube, Matt Campbell, says it can pay in the long run to try premium fuels, even if these are more expensive.

"You might see better efficiency from your petrol engine than if you bought the cheaper fuel," he says. "You might spend a little more, but you might end up getting more kilometres per tank."

2. Care for your car

Campbell also has two main practical tips for how you can treat your vehicle differently to save fuel.

Check your tyre pressure

"If you are running a low tyre pressure, you're putting more load on everything," he says.

"If your tyres aren't at the right level, then you will potentially be using more fuel."

Clean out your boot

"Take stuff out of your car that you don't need in there. Some people have a boot full of stuff that they just take everywhere, and we're talking potentially an extra 100 kilograms of stuff. Take that out. If you add weight, it adds to your fuel consumption."

3. Avoid aggressive driving

Rapid acceleration, hard braking and speeding can all increase fuel consumption.

Maintaining a steady speed and anticipating traffic conditions can help reduce fuel use.

Reader question

Hi Paul, under the new CGT rules, will my future net capital gain from the sale of ETFs be taxed at 30%, regardless of the tax-free threshold?

Is it better to sell now and add the money into my superannuation as a non-concessional contribution instead?

I am 45 and planning to sell the investment at 60 when I retire. - Giovanni

Paul's response

Interesting question, Giovanni.

Yes, if you sell your ETFs in years to come, you will pay the old, 50% discount CGT on gains up to July 1, 2027 and the new CGT on gains after this date.

Does super look very advantaged? Yes, it does.

What you need to do is to talk to your super fund or adviser.

The correct answer for you depends upon your income, amount currently in super, your need to access funds and personal situation.

But as I mentioned to Fran, for the vast majority of people, super is, what else can I say... super.

It is very attractive if you don't need the money until retirement.

At this time in life, where else can you keep up to $2 million, paying no tax on earnings, able to draw both your pension and any lump sums you need tax free?

Start by chatting to your super fund.

But neither of us needs to be Albert Einstein to figure out that with salary sacrifice only being taxed at 15% from our pre-tax salary and concessional payments we make with our own money only paying 15% tax on income and 15% on capital gains, until we go to pension phase, where no tax is payable up to $2 million in super, I know where I want my money!

So where should people start if they want to get on top of it?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Deb Shroot, financial counsellor and Financial Counselling Australia sector advocate, to discuss prioritising debt, freeing up cash flow and working towards becoming debt free.

Episode timestamps

00:00 Introduction

02:00 Rising debt stress: mortgages, credit cards and utilities

03:00 First steps when debt feels overwhelming

04:30 How to prioritise multiple debts

07:00 The danger of the debt spiral

08:00 Common debt repayment mistakes and hardship options

09:00 Where to find extra money in a tight budget

12:00 Why you should seek help before reaching breaking point

14:00 Building healthy financial habits that last

15:00 Seeking trustworthy financial advice

16:05 Conclusion

Listen to this episode of Friends With Money

Listen on Apple Podcasts

Listen on Spotify

Watch on YouTube for closed captions

Subscribe to Friends With Money

Subscribe wherever you get your podcasts

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.

Whether you're following stock market news, researching shares or trying to make sense of discussions on Reddit and WallStreetBets, you'll regularly come across investing terms that can be confusing without the right context.

This investing glossary explains 29 common stock market terms and pieces of investing jargon, including HODL, diamond hands, ETFs, short selling and bear markets. Understanding what these terms mean can help investors follow market commentary, spot potential risks and make more informed investment decisions.

Meme stock and Reddit terms

1. What does diamond hands mean in investing?

Diamond hands is an expression made popular in online communities like WallStreetBets which refers to holding on to an investment despite its volatility or the pressure an investor is under to sell it.

It's often accompanied by diamond and open hand emojis.

2. What are paper hands in investing?

Paper hands is a slang term for an investor who sells an investment quickly, especially during periods of volatility or price declines.

The phrase is often used negatively in online investing communities and is the opposite of having "diamond hands".

3. What does HODL mean?

HODL is a misspelling of "hold" that became a popular investing term meaning to keep an investment despite market swings.

It is commonly used by cryptocurrency and meme stock investors.

4. What does "to the moon" mean?

To the moon is a phrase used online to express enthusiasm that a stock, cryptocurrency or other investment will rise sharply in value.

It is often accompanied by rocket emojis and became popular during the GameStop saga.

5. What are meme stocks?

Meme stocks are shares that gain popularity through social media, online forums or viral investor communities rather than traditional company fundamentals.

Their prices can rise or fall dramatically as retail investors pile in.

6. What is WallStreetBets?

WallStreetBets is a popular online forum for discussions related to stock trading on the social media platform Reddit.

The community became globally famous during the GameStop short squeeze and remains a hub for retail investor discussion.

7. What is dumb money?

Not just the name of a 2023 film, dumb money is a pejorative for retail investors (or their investments), while "smart money" is used to describe institutional investors.

Trading terms

8. What is short selling?

Short selling is a trading strategy based on the belief that the value of a particular stock will fall.

In practice, it could involve a short seller borrowing shares from a broker and then buying them back after the price falls, allowing them to profit from the difference.

9. What is a short squeeze?

A short squeeze happens when a heavily shorted stock rises sharply in price, forcing short sellers to buy shares to cover their positions and limit losses.

The resulting demand can drive the share price even higher.

10. What is a gamma squeeze?

A gamma squeeze occurs when heavy options trading forces market makers to buy shares, pushing the stock price higher.

This can create a feedback loop that accelerates gains.

11. What are call options?

A call option is a contract between a buyer and seller for a specific stock or security.

The buyer has the right, but not the obligation, to purchase the security at an agreed price before a specified date.

12. What is options trading?

Options trading involves contracts that give traders the right to buy or sell an asset at a predetermined price before a certain date.

Options can magnify gains, but they can also increase losses.

13. What is day trading?

Day trading is the practice of buying and selling shares or other assets within the same trading day.

Day traders aim to profit from short-term price movements rather than long-term investing.

14. What is volatility?

Volatility measures how much an investment's price moves up and down over time.

High volatility means larger price swings, while low volatility generally indicates greater stability.

Investing basics

15. What is an ETF?

An exchange traded fund (ETF) is an investment fund that holds a basket of assets, such as shares or bonds, and trades on a stock exchange.

ETFs can provide diversification at a relatively low cost.

16. What is a bull market?

A bull market occurs when share prices are rising or expected to continue rising over a prolonged period.

The term is associated with optimism and investor confidence.

17. What is a bear market?

A bear market occurs when share prices fall significantly from recent highs, typically by 20% or more.

Bear markets are associated with pessimism and weaker investor sentiment.

18. What are retail traders?

Retail traders are individuals who use their own money to buy and sell investments.

Unlike institutional investors, they do not manage money on behalf of others.

19. What is an institutional investor?

Institutional investors are organisations that invest money on behalf of large groups of people.

Examples include superannuation funds, pension funds, hedge funds and managed funds.

20. What is a multibagger stock?

A multibagger is a stock that increases several times above its original purchase price.

For example, a five-bagger has increased fivefold since it was bought.

21. What is Robinhood?

Robinhood is an American trading platform founded by Baiju Bhatt and Vladimir Tenev.

It became popular among retail investors by offering commission-free trading on stocks and ETFs.

Quirky Wall Street terms

22. What is a dead cat bounce?

A dead cat bounce is a temporary recovery in a falling share price or market before the decline resumes.

The phrase reflects the idea that even a badly falling asset can experience a brief rebound.

23. What is a bag holder?

A bag holder is an investor who continues holding a stock after its value has fallen sharply.

The term suggests the investor is left carrying losses while other investors have exited.

24. What is a fallen angel?

A fallen angel is a company, stock or bond that was once highly regarded but has experienced a significant decline.

Some investors view fallen angels as turnaround opportunities.

25. What is a black swan event?

A black swan event is a rare and unexpected event that has a major impact on financial markets.

These events are difficult to predict and often only seem obvious in hindsight.

26. What is the greater fool theory?

The greater fool theory suggests investors can profit from overvalued assets if they can sell them to someone willing to pay an even higher price.

The strategy relies on finding a "greater fool" rather than on an asset's underlying value.

27. What does catching a falling knife mean?

Catching a falling knife refers to buying a rapidly falling stock in the hope that it will rebound.

The phrase highlights the risk of buying before a share price has stabilised.

28. What is a widow maker trade?

A widow maker is a notoriously risky trade or investment strategy that has caused substantial losses for many investors.

The term is often used for trades that repeatedly catch investors out.

29. What is a pump and dump scheme?

A pump and dump scheme is a form of market manipulation in which false or misleading information is used to inflate a stock price.

The perpetrators then sell their holdings at the higher price, often leaving other investors with significant losses.

Scammers are using fake videos, AI-generated endorsements and private WhatsApp groups to lure Australians into "pump and dump" share scams. You end up holding the shares, but they could be worth a fraction of what you paid.

ASIC Commissioner Alan Kirkland explains how the scam works, the red flags to watch for, and why a hot stock tip from a finance "expert" could cost you thousands.

Before you panic, check how long it's been. If the money still hasn't arrived, there are steps you can take, including contacting the ATO to make sure you're getting what's owed.

The question is becoming increasingly relevant as more Australians approach retirement with mortgage debt still attached to their home.

Research based on ABS housing data found that 54% of homeowners aged 55-64 still had a mortgage in 2019-20, up from 23% in 2002-03.

Among Australians aged 65 and over, the share carrying mortgage debt rose from 4% to 13%.

"My experience, having paid off a mortgage twice, is it's great, but it feels like you're on a plane coming into land," says Serina Bird, author of How to Pay Your Mortgage Off in 10 Years.

"You touch down, feel that first bump and go: 'Wow, we've hit the ground, we've paid off the mortgage, it's all fine.' But then there's a few more bumps."

For Bird, those post-mortgage bumps are the major expenses that can suddenly arise later in life.

She says keeping a mortgage account open, rather than immediately discharging it, can provide an extra layer of financial flexibility when unexpected costs arise.

Is anyone actually paying off their mortgage completely?

Yes, but it's becoming less common as more Australians carry mortgage debt into retirement.

Vince Scully, co-founder and CEO of financial advice firm Life Sherpa, says it's a trend he's seeing among clients.

"I don't see that many people doing it," he says. "More people heading into retirement have guaranteed loans for their kids to get them into a house, and the banks take their house as security for that."

Even so, plenty of Australians are reaching the point where they've repaid their home loan and are deciding whether to formally discharge the mortgage or keep the facility open.

For these borrowers, reaching a zero loan balance raises a new question: should they formally discharge the mortgage, or keep the facility open for future flexibility?

And for some borrowers, financial advisers say discharging the mortgage may not be the best option.

"Generally, we would encourage people to not pay it off, particularly if they have a redraw or offset account and particularly if they're coming towards retirement and having to access credit," says Scully.

Should you discharge your mortgage after paying it off?

There is no one-size-fits-all answer. Whether you should discharge your mortgage after paying it off depends on how likely you are to need credit in the future, the costs of keeping the loan open and how much value you place on being completely debt-free.

Financial advisers say one of the biggest advantages is maintaining easy access to credit through redraw facilities or other lending arrangements.

For example, a homeowner who has spent two decades making extra repayments could have tens or even hundreds of thousands of dollars available through a redraw facility. Keeping the mortgage facility open could allow them to access those funds later for renovations, helping adult children into the property market or funding an investment purchase.

But Scully also acknowledges the benefit of hoisting off a mental load borrowers may have been carrying for decades.

"There's that feel-good factor, knowing that the bank's not on the top anymore and we should never underestimate the power of those sorts of psychological feelings."

Why some Australians keep their mortgage open

Paying off and discharging your mortgage can mean losing access to a relatively cheap and easy way to borrow money.

This is because your loan might have come with a redraw facility, a feature which gives you access to any repayments you made above the minimum required by your lender.

"You can draw that money out, usually at no charge, depending on the lender, to use for whatever purpose you like," explains Edwards.

Financial advisers say such facilities can give mortgage holders access to sizeable sums of money.

"If you think of somebody at 40 years old buying a family home and making additional payments along the way, at 55 or 60, they could have built up hundreds of thousands of dollars available to recall," explains Scully from Life Sherpa.

"You can do what you'd like with those funds, in terms of accessing or gifting them, if you want to gift them for helping kids out, or use them to purchase an investment property," adds Edwards.

What does it cost to keep a mortgage open?

Despite these benefits, Edwards notes that a mortgage with a low amount owing may still come with ongoing costs and obligations.

"Typically there's either account-keeping fees or, if your home loan is in a package with an offset account and a credit card attached, there'll be a package fee," she says.

"You also have to check with the lender whether, if there is zero balance showing, does that trigger a closure of the facility and is there a minimum balance that needs to be retained?"

How much does it cost to discharge a mortgage?

Savings expert Serina Bird warns going through the steps above will cost time and money.

"[Your bank] won't go: 'Congratulations, you paid off your mortgage. We're so happy for you, and here's the discharge form and we'll make it really easy!' You really have to chase them to get the discharge form and pay for it."

Financial advisers say bank fees to process a discharge and land titles office fees for searching and making changes to a Certificate of Title can add up to several hundred dollars.

Frequently asked questions

Does a mortgage automatically close when it's paid off?
No. In many cases you'll need to request a mortgage discharge from your lender.

Can you keep a mortgage open after paying it off?
Often yes, although your lender may impose fees or minimum balance requirements.

How much does it cost to discharge a mortgage?
Costs vary by lender and state or territory, but can total several hundred dollars.

What to do after you've paid off and discharged your mortgage

Banks urge anyone discharging their mortgage to consider what implications this might have for their insurance, estate planning and will.

Bird says it's also important to recalibrate your financial plans once the burden of the loan has been lifted.

"Often paying off a mortgage is a really big goal for people, it's something that really motivates them with their finances," she notes.

"So once you've achieved that goal, it's important to think about what comes next and what your next financial goal will be."

Student exchange - where kids travel overseas to live and study - is becoming more popular.

We have a school-age student staying and we are finding it a great way to learn about another country and culture.

My daughter will stay with her family later in the year. It will test her independence.

She is enjoying the new friendship and looking forward to making new friends at her overseas school.

If it all works out, going on an exchange can be a rewarding experience, boosting kids' confidence and developing their judgement skills.

And it can fast-track learning a foreign language.

How much does a student exchange cost?

It isn't cheap. Australia is a long way from popular destinations such as Japan, France, Germany, Italy, Great Britain and South America, making airfares a big cost.

If the school organises a reciprocal exchange, the main cost is the airfare.

You provide food, accommodation and the day-to-day costs for the student who comes here.

In return, the host family provides food and, depending on the family's generosity, organises trips and sightseeing.

Your child will need money for incidentals such as transport to and from school, school lunches and some entertainment.

You will also want to make sure your child is covered by travel insurance.

As well as school-organised exchanges, plenty of external companies offer short-term and one-year exchanges.

The costs are considerably higher but this is partly offset by not having to host a child yourself.

You can expect to pay from $10,500 to more than $12,000 for a long-term Rotary Youth Exchange in Australia in 2026, depending on the destination.

Not all host families may work out - the benefit of an organised group is that your child can be moved to another family.

Exchanges in a gap year after school are popular. Your kids are more mature, and capable too.

There are some terrific programs around the world but they are expensive.

Are student exchanges worth it?

A friend of mine's daughter is spending four months in Peru, working in a local school and living with a family.

She is with a group of Australian students and there is a co-ordinator on the ground that looks after the group.

This came in handy when she ended up in hospital with food poisoning.

The parents were notified immediately and she was well looked after.

One of the advantages with an end-of-school exchange is that you can encourage your kids to save up over high school to meet part or all of the cost.

While a student exchange can be a significant financial commitment, many families see it as an investment in their child's future.

The experience can help teenagers develop maturity, confidence and a broader view of the world, qualities that may last far longer than the trip itself.

But here's the catch: this could be one of the most misleading reporting seasons we've seen in years.

Over the past six months, we've seen almost every major market driver shift.

Oil prices surged on escalating tensions in the Middle East before pulling back.

After hitting record highs, gold and silver have since corrected sharply as investors rotated back into risk assets and expectations around interest rates changed.

Copper has remained resilient thanks to demand from AI infrastructure and electrification, while inflation, interest rates and government policy continue to shape the outlook for Australian businesses.

The obvious winners should be the Materials and Energy sectors.

Higher commodity prices are expected to boost earnings, particularly for miners and energy producers.

The key won't be the results themselves, but what management says about the road ahead.

Consumer staples such as Coles and Woolworths will also be worth watching.

Rising transport and operating costs have squeezed margins, but both companies have shown they can pass many of those costs onto consumers.

With both stocks remaining in long-term uptrends, investors clearly still view them as reliable defensive plays.

Healthcare, Technology and Real Estate could tell a different story.

Many companies in these sectors have already seen their share prices retreat over the past year.

If the market has already priced in weaker earnings, even average results could be enough to spark a rally.

That brings me to what I believe is the wildcard sector this reporting season: Financials.

Australia's banks have spent months battling concerns around slowing credit growth, softer consumer spending and pressure on lending margins.

But what if the bad news is already factored into their share prices?

If results come in even slightly better than expected, the sector could quietly surprise investors.

My wildcard stock is South32 (ASX: S32).

While everyone focuses on the big iron ore names, South32's exposure to copper and other base metals gives it a unique position if industrial demand continues to strengthen.

What are the best and worst-performing sectors this week?

The best-performing sectors include Energy, up more than 5%, followed by Materials, up more than 4%, and Consumer Staples, down less than 0.5%.

The worst-performing sectors include Healthcare, down more than 4%, followed by Consumer Discretionary, down more than 3%, and Communication Services, down more than 2%.

The best-performing stocks in the ASX top 100 include Paladin Energy, up more than 21%, followed by South32 Limited, up more than 19%, and Regis Resources Limited, up more than 12%.

The worst-performing stocks include Pro Medicus, down more than 13%, followed by WiseTech Global, down more than 9%, and Xero Limited, down more than 7%.

What's next for the Australian stock market?

The All Ordinaries Index ground higher this week, finishing 0.44% higher by Thursday's close.

While the move itself wasn't spectacular, it reinforces the theme we've been discussing over the past month: the market continues to tighten, with neither buyers nor sellers willing to give much ground.

The trading range is becoming increasingly compressed, and markets rarely stay like this for long.

The difference now is that we have a potential catalyst just around the corner.

Reporting season is about to begin, and this could be the event that finally breaks the deadlock.

If the Materials sector delivers the strong earnings many are expecting and the Financials can provide support once again, the market may finally have the momentum needed to push through resistance.

Seasonally, August is often a quieter month than July.

However, markets don't always follow the averages.

July is typically the strongest month of the year for Australian shares, yet this year it has delivered a relatively subdued return of just 0.4% so far.

That raises an interesting possibility: perhaps August becomes the release valve, allowing the market to make up for lost time.

It's also worth remembering how Australia's market has compared with the rest of the world.

While many major global indices have pushed to fresh highs, the ASX has spent much of the year moving sideways, ending the first half not far from where it began.

Yet beneath the surface, there is a subtle shift taking place.

Since the March 2026 low, the All Ordinaries has posted a higher monthly close every single month.

The gains haven't been dramatic, but the consistency is difficult to ignore.

Momentum often builds quietly before everyone notices it.

That's why the weeks ahead could prove so important.

Reporting season won't just determine which companies outperform, it may also decide whether the broader market finally breaks free from the range that has contained it for weeks.

The players are in position, the stage is set, and now it's over to corporate Australia to decide whether the next act is a breakout or another period of waiting.

New bank takes on the majors with 5.05% savings rate

Global giant Revolut launches in Australia with high-interest savings accounts and a $0 annual fee credit card.

The Aussie banking market just became more competitive with the launch of Revolut Bank Australia.

Revolut is far from a bit-player.

It has 75 million customers globally, and plans to invest nearly $400 million into the Australian market over the next five years.

The bank is rolling out new options for Aussie consumers including:

• Instant access savings accounts with rates of up to 5.05% and no minimum deposit hurdles. 
• A $0 annual fee credit card, which allows customers to earn RevPoints transferable 1:1 across 44 major airlines. Customers can also redeem points for Uber, Woolworths, and Big W gift cards.

Matt Baxby, CEO at Revolut Bank Australia, says, "Our mission remains simple: to build the most seamless, secure, and customer-first banking experience for Australian consumers and businesses."

Origin Energy confirms data hack

The energy giant has over 4.8 million customers Australia-wide.

Origin Energy announced on Wednesday that it was "investigating a potential security incident which may involve unauthorised access to some customers' data".

By late Friday, the company confirmed a "customer data security incident".

It involved unauthorised access and disclosure of some customers' data including name, address, date of birth, contact phone number and the last four digits of a credit card, or the last three digits of a bank account.

Incomplete credit card or bank account information cannot be used to make purchases or access accounts.

Origin CEO Frank Calabria says, "I'm sorry this has happened. Customers trust Origin with their information, and I apologise for the impact this may cause.

Origin says it will contact affected customers. However, given the nature of the incident, customers are urged to watch for suspicious links and attempts to solicit personal information by email, phone, text, or post.

Origin Energy is one of Australia's largest energy retailers with around 4.8 million customers.

BYD triples compensation in model-year scandal

The car maker has upped its payout to $3500 for buyers who purchased 2025 cars labelled as 2026 models.

Chinese car manufacturer BYD is making big inroads into the Aussie market.

For the year to date it's sold 52,335 vehicles, second only to Toyota (95,141), and well ahead of third placegetter Ford (42,296).

But the road to market expansion hasn't been smooth.

More than 1200 motorists who purchased vehicles they believed to be 2026 models, were recently contacted and told their car was in fact built in 2025.

BYD initially offered compensation of $1100 to the affected buyers.

However, that cash offer has now been lifted to $3500.

Buyers who decide against the payout can get a replacement vehicle on a like-for-like 2026 model, or a full payout of the vehicle purchase and return the vehicle inclusive of all fees incurred.

To date, the majority of impacted drivers have reportedly chosen to take the compensation.

NSW Fair Trading takes Bondi United to court

Business accused of exploiting Bondi tragedy faces court

NSW Fair Trading will face off in court against clothing and accessories website Bondi United Pty Ltd (Bondi United) and its director Mr Marvaldeep Singh.

It follows a public warning earlier this year from Fair Trading NSW that Bondi United made various claims about the founders having a connection with the Bondi Beach terrorist attack, or that proceeds of sales had been given to the victims or their families.

NSW Fair Trading says these claims were false.

In response to NSW Fair Trading's investigations, Bondi United has taken down its websites and social media pages.

The matter is now heading to court to determine if Australian Consumer Law was broken.

Executive Director Consumer Affairs Andrew Floro says the court action shows NSW Fair Trading's "commitment to protecting consumers and taking action where traders are alleged to exploit community goodwill and public sympathy."

Anyone who has dealt with Bondi United and is not satisfied with their experience can make a complaint with NSW Fair Trading via the NSW Fair Trading website, at any Service NSW centre or by calling 13 32 20.

The wine check-up that doesn't require opening the bottle

Pop-up clinic lets wine lovers taste treasured bottles without opening them.

It's an age-old dilemma for wine buffs - is a bottle you've been squirrelling away yet to peak or past its prime?

The problem can be solved this August when Sydney hosts the world's first Coravin Aged Wine Clinic.

It allows wine enthusiasts to taste their most prized vintages and have them professionally assessed by a Master of Wine, without ever removing the cork or interrupting the aging process.

The clinic, to be held at Grappa, The Rocks, on August 27, 2026, is an opportunity to 'health-check' a bottle you've always wanted to open.

One of Australia's top wine authorities - Andrea Pritzker, will use a specifically engineered Coravin needle to pass through old and fragile corks without damaging them, to extract two small tasting serves.

Once the needle is removed the cork naturally reseals itself, allowing the remaining wine to continue its ageing journey undisturbed.

Following the tasting, Pritzker will provide custom tasting notes. The bottle will be stamped with a Coravin seal, the tasting date, and an expert recommendation on when to revisit the wine.

Coravin Founder and Inventor Greg Lambrecht, explains, "An aged bottle of wine is a time capsule, but historically, the only way to know if it was at its peak was to open it, which is a rather final commitment.

"I invented Coravin because I wanted the ability to check in on that journey."

Tickets to the pop-up clinic are priced at $199 (plus booking fee) via Eventbrite.

That's one reason exchange traded funds, better known as ETFs, have become one of Australia's most popular investments.

Here's what ETFs are, how they work and what to consider before buying one.

What is an ETF?

Exchange traded funds, better known as ETFs, have become one of the most popular ways for Australians to invest.

ETFs may sound technical, but the basic idea is straightforward. An ETF is a fund you can buy and sell on the share market, much like you would buy or sell shares.

When you buy shares, you are usually buying a piece of one company, such as Commonwealth Bank. When you buy an ETF, you are buying units in a fund that holds a basket of investments.

That basket may include Australian shares, global shares, bonds, cash-like investments, gold or a specific group of companies.

One ETF can give you exposure to hundreds of investments through a single trade.

How do ETFs work?

In Australia, there are now more than 450 ETFs listed on the ASX. Many ETFs are designed to track an index. The S&P/ASX 200, for example, is an index that tracks 200 of the largest companies listed in Australia.

The job of an ETF that tracks an index is to follow that index as closely as possible, after fees and costs. These are often called passive ETFs.

Some ETFs are actively managed, which means an investment manager decides what to buy and sell. They usually aim to outperform a benchmark or achieve a particular investment outcome.

The value of your ETF units will generally rise or fall depending on what happens to the investments inside the fund.

You can buy and sell ETFs during market hours through an online broker or an investment platform that creates a portfolio of ETFs for you.

Why are ETFs so popular?

ETFs have become popular because they make investing easier.

Diversification is a major driver of their popularity, because one ETF can give an investor exposure to many underlying investments.

Diversification does not remove risk, but it can reduce the impact of one company performing badly.

They have also made it easier for everyday investors to access investments that were once harder or more expensive to reach, such as overseas shares and fixed income.

What are the different types of ETFs?

There are many types of ETFs. Some are broad and relatively easy to understand. Others are more specialised.

Australian shares ETFs

Australian shares ETFs invest in Australian companies. Some track the broad local market, while others focus on areas such as banks, resources or dividends.

Global shares ETFs

Global shares ETFs invest in companies outside Australia. They can help reduce reliance on the Australian sharemarket, which is heavily weighted to a few major sectors.

Bond ETFs

Bond ETFs invest in fixed income securities, such as government or corporate bonds. They are often used by investors who want a more defensive part of their portfolio, although they can still fall in value.

Income ETFs

Income ETFs focus on investments that aim to pay income, such as dividends or interest. They can appeal to investors looking for cash flow.

Thematic and sector ETFs

Thematic and sector ETFs focus on specific areas such as technology, healthcare, artificial intelligence, resources or energy. They can be interesting, but they are often more concentrated than broad market ETFs, so their returns can swing more sharply.

What are the risks of ETFs?

ETFs are simple to buy, but are not risk-free.

The main risk is that the investments inside the ETF fall in value. If you buy a share market ETF and the share market falls, your ETF will generally fall too.

There is also concentration risk. Some ETFs may hold many investments, but still be heavily exposed to one country, sector, currency or theme.

Overlap is another issue. An investor might hold a broad global shares ETF and then add a technology ETF, not realising both may hold many of the same companies, and end up paying multiple sets of fees for the same underlying investments.

Currency risk can matter with global ETFs. If the Australian dollar moves, it can affect returns.  Some global ETFs are hedged, which can reduce the impact of currency volatility.

Liquidity is worth checking. Big, widely traded ETFs are usually easy to buy and sell. Smaller or niche ETFs can be harder to trade and may cost more to buy or sell.

InvestSMART uses a five-star rating system to assess every ETF on the ASX across key risk measures, including size, fees, spreads, liquidity and tracking error.

It is a free tool and a useful starting point for researching and comparing ETFs.

What do ETFs cost?

The main cost is the management fee, usually called the MER. It is shown as a percentage per year. An ETF with an MER of 0.20% costs $2 a year for every $1,000 invested, before other costs.

You may also pay brokerage when you buy or sell, depending on the platform you use. The bid-ask spread is another cost, and it can be wider for smaller or more specialised ETFs.

Tax also matters. ETFs may pay distributions, and you may make a capital gain or loss when you sell. The outcome will depend on your circumstances.

Are ETFs suitable for beginners? 

ETFs can suit many types of investors, including beginners.

They may suit investors who want diversified exposure without picking individual shares.

Not every ETF suits every person. The right ETF depends on what you are trying to achieve, how long you plan to invest, and how comfortable you are with the value moving up and down.

Money needed in the next year or two probably does not belong in a share market ETF. Money being invested for longer-term goals has more time to ride out market falls.

How ETFs can form the core of a portfolio

ETFs really come into their own when they are combined to create a diversified portfolio.

A thoughtful mix of ETFs can combine growth, income and defensive assets in a way that matches an investor's goals, timeframe and comfort with risk.

The aim is not to collect as many ETFs as possible. More ETFs does not always mean better diversification, especially if several funds hold similar underlying investments.

Used well, ETFs can create excellent building blocks for the core of an investor's portfolio. Used poorly, they can become another way to chase the latest market trend.

Earlier in the year, former finance director Brendan Gunn pleaded guilty to dealing with more than $180,000 when it was "reasonable to suspect those funds were the proceeds from a crime".

The funds were suspected of being proceeds of crime derived from an offshore cryptocurrency investment scam that targeted Australians.

Gunn is to be released immediately upon entering into a recognisance of $3000 requiring he be of good behaviour for 12 months.

ASIC says warnings were ignored

ASIC chair Sarah Court said: "Gunn ignored several clear warnings, including customer complaints made to Mormarkets' various Australian banks, that the money moving through Mormarkets' accounts was linked to suspected scam activity."

"By continuing to deal with those funds, he helped suspected international scammers move money taken from Australians."

How the scheme operated

From December 2018, Gunn was a director of Mormarkets, trading as Coinshype.

Mormarkets received deposits from Australians for cryptocurrency and other investments.

Between January 2019 and May 2020, 22 separate bank accounts with six different financial institutions were opened in Mormarkets' name.

On a number of occasions, banks informed Gunn they had received complaints that funds credited to Mormarkets accounts had been affected by fraud or other suspicious activity.

All accounts associated with Mormarkets were eventually closed by the banks, ASIC said.

What happened to the funds?

When two of the Mormarkets bank accounts were closed, Gunn received two bank cheques which included proceeds of investment amounts totalling $181,000.

He then dealt with the bank cheques by sending them to an associate.

ASIC vows to keep targeting scam facilitators

"ASIC is committed to disrupting scams and, where possible, holding those who enable them to account," Court added.

"This case is another example of ASIC's broad work to combat scams, from pursuing alleged facilitators of cross-border investment scams, to taking action against institutions whose failures leave customers exposed."

This article first appeared on Financial Standard

A seemingly modest 1% increase in annual returns could leave an Australian with a super balance that's 35% larger over 30 years.

Why super remains a powerful wealth-building tool

Superannuation has had many rule changes over the years, most recently being higher taxes for super balances above $3 million set to apply from July 1, 2027.

But for most Australians, super remains a highly tax-effective structure for building wealth during their working years and, once retired, can provide a tax-free income stream.

This is why I often tell clients to maximise the earnings of their superannuation during working years, in order to increase their final superannuation balance upon retirement.

The annual tax saving for those who have maximised super balances compared to those who may choose to invest their wealth in their own name or through a company or a family trust could exceed a million dollars over all your retirement years.

The two super decisions you can control

There are only two levers that you can really control with your super.

The first is whether to put additional contributions above the 12% employer-guaranteed contribution, and the second is broadly how your money is invested within it.

Most Australians never review this super setting

Yet many Australians do neither.

They don't make additional contributions and often stay in their fund's default option for decades without reviewing whether it suits their goals or retirement timeframe.

I think this largely comes down to education.

Could your default super option be holding you back?

A "Balanced" option will look different with every superannuation fund, but they will be around 70% in 'growth' assets, being Australian and international shares, property and infrastructure and about 30% in 'defensive' assets, being mostly fixed interest and cash investments.

Typically, this is the type of asset allocation we see from those who are currently retired and drawing a pension to live from - in this case, having 30% in defensive assets makes sense.

But what investment option is right for you often comes down to a blend between your investment horizon and your overall risk tolerance.

How a 1% higher return could boost your retirement savings

Let's explore a 'High Growth' option as an example.

This could look like an allocation of 90% in growth assets and 10% in defensive assets.

For this, you would expect a higher return over a 10-year period - potentially around 1% per annum, based on a historic equity risk premium that shares will deliver a higher return than a risk-free investment of about 5% per annum, to compensate for the risk or volatility of returns that shares will produce.

Therefore, each additional 10% allocation to 'growth' assets should provide an overall 0.5% increase in the expected return.

Of course, the investment world is not as simple as the above and there will be long periods of time when the equity risk premium does not deliver higher returns than safer defensive assets, but we do know the longer the investment period, the greater the chance of shares delivering a substantially higher return.

So what is the impact on your super balance of an additional 1% per annum return?

Over 20 years it is an additional 22% higher super balance and over 30 years it is an additional 35% higher balance, assuming all other factors are equal.

This is the magic of compounding; a seemingly small higher expected return produces a significant final difference to the outcome over 20-plus years.

Could a high-growth option be right for you?

Should we all now go out and change our investment option to the most aggressive investment option?

This requires expert guidance that provides a clear picture of your personal circumstances and how much you should be aiming to build up into super to ensure you have a comfortable retirement.

However, as a general rule, if you are more than 10 years away from retirement, review your current investment option and consider whether a more aggressive option within super and perhaps lower your risk with investments outside of super is worth considering as part of your long-term retirement strategy.

The overlooked tax deduction that can boost your super

Finally, as some of the tax advantages associated with investing in property have been reduced, making additional concessional super contributions and claiming a personal tax deduction remains one of the most effective ways to lower taxable income while building retirement savings.

Particularly if your super balance is below $500,000, the amount you can claim as a tax deduction could be substantial and well worth receiving some advice on.

Australian workers miss out on billions of dollars in unpaid super each year. While new Payday Super reforms are designed to make contributions easier to track, it's still important to check you're receiving the correct amount. Here's how to make sure your employer is paying your super properly.

Unpaid super is a long-running problem in Australia. Even though employers are generally required to contribute 12% of an employee's ordinary time earnings to super, industry groups say it doesn't always happen, leaving workers with billions of dollars less for their retirement.

For a long time, it's been hard for some people to spot if they're being short-changed, but experts say a new rule coming into force this month should be making a difference.

Payday Super explained

Until July 1, your employer could pay any super it owed you into your fund account as sporadically as once every quarter.

James Koval, chief policy officer at the Association of Superannuation Funds of Australia, says this made it difficult for people in some jobs to know if they were getting their 12% guarantee.

"For those in less secure work or people who have irregular hours, it's always been very tricky to check [their] super once every three months and go backwards and go: 'Is that 12% of every hour that I worked over the last three months?'"

But now, as of July 1, your employer is legally required to make the 12% contribution into your super fund account at the same time as it pays your salary or wages.

This means instead of getting your super every quarter, you might be receiving it weekly, fortnightly or monthly.

How Payday Super makes it easier to spot unpaid super

The requirement for super to be paid more often won't prevent underpayments from happening, but it should make them easier to identify.

"It's going to be much easier for people to check in with whether their super is actually arriving on time, whether it's the right amount," says Koval.

"Even if the amount of money being received hasn't changed over the course of the year, just the frequency makes things so much simpler."

Andrew Buchan, partner at accounting firm HLB Mann Judd, agrees and thinks it may lead workers to become more engaged with their retirement fund.

"I think it will make people a little bit more aware, curious and interested in what's happening with their super," he says.

"Because money is going to drop in on a more regular basis... they might want to tweak their portfolio or the asset allocation."

How to check you're getting the right amount of super

"[Payday Super] means the amount that's going into super on your pay slip is the same as what will land in your [superannuation] account a few days later," says Koval.

"After you get your pay slip, log into your super account and just make sure that the money's arriving [and] that it's the correct amount."

Upon logging into your fund account, do the following:

• Log in to your super fund account.
• Look for employer contributions rather than your overall balance.
• Compare the contribution amount with the super listed on your payslip.
• Check that contributions are arriving shortly after you're paid.
• Keep records of any missing or incorrect payments.

Payday Super issues to be aware of

Experts say there may be some "teething issues" as employers who haven't already been making payday contributions switch to doing so.

But in the long run, super contributions from your employer should appear in your super account a few days after you've been paid your salary or wages.

"It's important that contributions reach super funds within seven business days after payday for it to be considered paid on time (unless longer applies, such as for new employees)," says Australian Tax Office (ATO) Deputy Commissioner Emma Rosenzweig.

What to do if you're not receiving the right amount of super

There can be significant consequences for you and your employer if the correct amount of super isn't paid.

Not only will you end up with a lower retirement income, but you might also lose any insurance cover you receive from your super fund.

Here's what to do if your employer hasn't paid your super in full, on time or to the correct fund:

1. Raise it with your employer

Mistakes do happen, such as incorrect fund details or payroll errors, and these can sometimes be fixed quickly, so your first port of call should be to let your employer know there's an issue.

Make sure you keep records of emails, messages and pay slips in case the issue escalates.

2. Report unpaid super to the ATO

If your employer does not resolve the issue, you can report unpaid super contributions to the ATO.

Even small super shortfalls can add up over time, so regularly checking your payslips and super account could help you spot problems before they have a major impact on your retirement savings.

Reader question

Hi Paul, I have a question about a family farm under personal ownership (not in a trust or company structure).

It was bought before the 1985 capital gains tax exemption.

Would it now be impacted by capital gains tax if the owners sell it to fund their retirement? - Naomi

Paul's response

Hi Naomi, I can give you general guidance here, but you must speak with your tax adviser before making any decisions.

Farms can be quite complex from a tax perspective and require advice tailored to your personal circumstances.

There are several concessions that could mean you pay little or no CGT if you sell after July 1, 2027.

One is the 15-year small business CGT exemption. If you are aged over 55, retiring, and have actively operated the farm as a primary production business, you may be able to pay no CGT at all.

There are also other small business concessions, including the active asset reduction and the CGT retirement exemption.

In addition, the main residence exemption may apply to your home on the farm and the surrounding land used for private purposes, generally up to two hectares.

So yes, it is possible that a farm held in personal names could become partially taxable under the proposed rules if it is sold after July 1, 2027, assuming the legislation passes and is not altered by a future government.

In that situation, a valuation would typically be needed as at July 1, 2027. Any increase in value after that date could potentially be subject to the new CGT rules, with inflation taken into account when calculating the taxable gain.

As you can see, this is an area where professional tax advice is essential before taking any further steps.

What to read next

• Ask Paul: Who should inherit the family farm?
• Accountant vs financial planner: which expert do you need?
• Ask Paul: I invested in good faith, now the rules are changing
• Budget 2026: The changes you'll feel first
• What does the Federal Budget mean for your family trust?

A stock tip from a celebrity finance expert could be the first sign you're being targeted by scammers.

Australia's securities and investments regulator is urging budding investors to beware of 'pump and dump' scams after seeing a spike in criminals using fake celebrity endorsements to draw people into these ruinous schemes.

What are pump and dump scams?

A pump and dump refers to when someone with a financial interest in a small company or asset spreads disinformation in order to encourage other people to chip in and inflate the price of their investment.

ASIC says pump and dump operators are increasingly using AI to create images and videos that make it look like well-known finance industry figures, such as high-profile investors and economists, are endorsing their investment opportunity.

The regulator's warning comes after Money finance expert Paul Clitheroe was impersonated by scammers trying to lend credibility to unreliable stock tips.

Other scam efforts have included fake endorsements from popular media personalities like David Koch and Scott Pape or successful business people, including Andrew Forrest and Elon Musk.

These fake endorsements often feature prominently in social media ads designed to lure investors into private messaging groups.

Anyone who clicks on these to register their interest will be funneled into a group chat on a messaging platform like WhatsApp and Telegram.

"It gives the appearance that it's a really thriving investment program," says Grant Williams, head of financial crime operations at banking group NGM.

"[The victims] see other people talking about how much money they've made [and] don't want to miss out, so they start putting money into these investments."

Once those drawn into the opportunity have bought a large amount of the asset and it's price has been sufficiently "pumped," the operators behind the scheme will "dump" (sell) their share for a profit.

"Because they are selling those assets in a large chunk, the price of the asset will collapse. So later investors will be left with substantial losses," says Professor Angel Zhong from the School of Economics, Finance and Marketing at RMIT.

Sticky assets leading to million-dollar losses

ASIC says victims can be left holding shares worth a fraction of what they paid.

To make matters worse, the obscure nature of the assets at the centre of pump and dump scams can make selling them even at their depleted value a difficult task.

"[The assets are] normally very small or illiquid, small cap or micro cap stocks," says Marc Jocum, senior investment strategist at Global X, a company providing ETFs to investing platforms.

"Some of these smaller companies don't have as much market depth or trading volume in them, so let's say you wanted to sell at a particular price, but there's no buyer on the other end."

In a sign of how quickly the tables can turn on budding investors chasing a hot tip, ASIC says it's seen prices of shares pumped as high as US$11, before quickly falling to $1.

Such situations lead to what the regulator saw earlier this month, when more than $2.75 million was lost by only 16 Aussie investors sucked into pump and dump operations.

What makes pump and dumps so appealing?

ASIC Commissioner Alan Kirkland says the fact that participants are being directed to buy real shares through legitimate trading platforms is central to what makes pump and dump schemes powerful.

"Many victims don't realise they're being scammed because they genuinely own the shares they've purchased," he explains.

"[But] just because you can see shares in your trading account doesn't mean the investment recommendation was legitimate."

The capacity of online communities to supercharge the spread of disinformation is also pushing these scams to new heights, adds Professor Zhong.

"In the past, promoters may have relied on newsletters or email campaigns... social media and group chats make the problem worse," she says.

"Scammers can reach thousands of investors very easily and this online community creates the impression of independent and professional opinions."

Why retirees are being targeted

Bankers and regulators say pump and dump scammers are aiming their online outreach to people in particular life stages where they might have built-up funds.

"We suspect scammers are deliberately targeting Australians nearing retirement because they know many people in this age group have accumulated savings and are looking for investment opportunities," says Kirkland.

What can be done

Marc Jocum from Global X ETFs admits the investing industry has a role to play to protect Australians from pump and dump scams.

"Investor education needs to come first and foremost, both from providers like Global X and big investment houses, but also from social media platforms," he says.

Several banks and experts sounding the alarm on pump and dumps have also called out social media platforms and their algorithms for helping scammers reach their target audience.

Experts like Professor Zhong say these services could highlight more clearly when content is AI generated, in order to highlight high-profile endorsement that could be fake.

She says trading platforms could also issue warnings and watch out for abnormal trading volumes.

Facebook, Instagram and WhatsApp owner Meta have been contacted for comment.

It's a brave new world out there in the workforce. In the space of a generation, workplaces have changed radically, and it's creating opportunities for some, while others may be struggling to keep pace.

We still refer to the nine-to-five grind, but rigid working hours are fast becoming a relic of the past. Australian Bureau of Statistics (ABS) data shows that 30% of employees work flexible hours - and one in three of us works from home.

Despite these advances, it can be easy to yearn for simpler times when we clocked off work at 5 pm, had the rest of the day to ourselves and enjoyed reasonable income security.

Today, one in five employees - about 2.4 million people - works on a casual basis. A similar number of employees doesn't have guaranteed minimum hours, making it hard to plan ahead.

There are many stressors in the modern workplace.

Pressure to meet deadlines, schedules and key performance indicators mean we are under intense pressure to be always 'on'. It's made the eight-hour working day a pipe dream for many.

Unions NSW says Australians typically work nine hours of unpaid overtime each week - and it's costing us about $21,563 annually.

The situation reached a tipping point in 2024 when right-to-disconnect laws were introduced, allowing employees to refuse to monitor, read or respond to the boss's emails outside of working hours. We're also more likely to be white collar workers - more Australians (about 34%) hold university degrees than ever before.

This has fuelled the rise of jobs that are less physically demanding than blue collar jobs. The downside is that more than 5.5 million people are entering the workforce with a five-figure HECS debt.

The biggest workplace challenges reshaping every generation

Deloitte Access Economics partner David Rumbens, points to "structural changes in the labour market", notably the rise of artificial intelligence (AI).

According to Rumbens, demand for roles involving routine tasks is weakening, while demand for trades, physical roles and human-centred services continues to expand. So, who will win, who risks falling behind, and what steps can we each take to shore up our value in the workforce?

Here's how different generations of Australians are dealing with the challenges of today's workplace including real people who have made the workplace work for them. We show what each generation wants and tap into expert advice to get there.

Gen Z: Building a career in the age of AI

While all generations of workers are concerned about losing their jobs to AI, a recent Finder survey found this fear is highest among Gen Z professionals, with two in five worried they'll be replaced by AI.

Those fears are not without foundation.

Anglicare Australia's annual jobs availability snapshot confirms entry-level roles are among the most vulnerable to automation and AI because they often involve routine or standardised tasks.

Reflecting this, entry-level jobs now make up only 11% of all job vacancies - the lowest share in a decade.

Will AI replace entry-level jobs?

Graham Cooke, consumer insights analyst at Aussie Insights, says, "The risk isn't just about robots taking over jobs, it's about roles quietly shrinking, hours being cut and fewer opportunities coming through the door."

Despite the concerns, global recruitment agency Robert Half's director Tom Ward says AI is broadly being embraced by workers, with 83% believing "generative AI skills are now necessary for career success".

"There is some pushback," he adds.

"But it is mostly a trust issue, not a technology issue.

Employees will embrace AI when it helps them do better work, but they push back when it feels like a surveillance tool or a shortcut that ignores quality."

It seems plenty of Gen Zs are embracing AI at work even if it is with cautious optimism.

Sarah Carney, Microsoft ANZ's national technology officer, says 78% of Gen Z workers have introduced a new AI tool, shortcut or hack that was later adopted more broadly.

Three in five (61%) have built or customised an AI agent, proactively looking for ways to automate part of their job.

That said, Carney points to an emerging digital divide that risks creating a two-speed workforce where some young employees race ahead with AI, while others are left behind.

Carney says, "AI should be a launchpad for every worker, not a privilege for a few. Especially for young professionals whose entire careers will be shaped by how they harness AI.

"Even in heavily regulated sectors, the answer isn't to stand still; it's to adopt AI safely and responsibly, because there is also the risk of doing nothing."

How Gen Z workers are building multiple income streams

Bernadette Schwerdt, author of Secrets of the New Online Entrepreneurs, says "Gen Z don't clock off; they just switch income channels. The idea of a single job as a safety net is an outdated concept.

Where security for Gen Xers used to be a salary, for Gen Z, it's a portfolio.

One income stream is risky, so for them, multiple streams is the go-to strategy."

According to Schwerdt, freelancing, content creation, micro businesses and digital products run in parallel, with each adding a layer of protection to ward off a restructure, redeployment or realignment.

"They no longer rely on one employer, but build a system that can move, adapt and deliver a pay cheque, no matter what happens to them, the economy or the world."

That change demands a different kind of mindset. As Schwerdt notes, "Creativity is no longer a hobby; it's a revenue model. Gen Z are looking at their skills, interests and experiences through a commercial lens, asking: how can this be monetised?"

Managing all of this requires discipline. "For Gen Z, the 9-5 funds the 5-9," says Schwerdt.

"Their primary job provides stability, but the real opportunity resides in the side hustle. Gen Z aren't job stacking; they're risk spreading.

"They are building income streams that scale independently of their time, using platforms and audiences that offer optionality."

Careers are no longer a series of steps on a ladder to the top. For Gen Zs, every skill is an asset and every asset can be monetised. Constant reinvention is the name of the game and knowing their next job probably doesn't exist yet, means everything that happens today is an opportunity for tomorrow.

Why one future lawyer doesn't expect one career for life

A job for life is a thing of the past. But so is a career for life.

Research suggests the average Australian will have at least three careers during their working life. Gen Z could have as many as seven.

Nicholas Terrell, 20, is studying to be a commercial lawyer, but he doesn't see this dominating his career path.

"I think careers are a lot less linear today," he says.

"There's more movement between roles and industries. "I don't see myself doing just one thing for my entire career. I want to start in law and build a strong foundation, but I'd be open to moving into other areas."

Workplace mobility - how frequently we change jobs - is highest among younger Australians. Like many of his generation, Terrell has no expectations of staying in the same job long term.

"I'd say two to four years in a role provides enough time to properly develop skills and actually contribute." While salary is Terrell's top priority when choosing an employer, remote working and flexible work also matter.

"Life comes before work and a workplace that recognises this is doing a far better job than the alternative," he says.

And he's "not overly concerned" about the possible impact of AI on his career.

"I think it'll change the nature of work more than replace it," he says.

"More repetitive tasks are already being automated. That means there's more of a focus on judgement, strategy and client-facing work."

Gen Y: Caught between housing costs and career change

The resilience of Gen Y (Millennials) has to be admired.

They copped the global financial crisis early in their careers and have seen property values skyrocket 43% nationally in the past five years, while wage growth has limped along at a little more than 3% annually.

But Millennials have a few aces up their sleeve.

They are the first generation to have employer-paid super throughout their entire working lives and have benefitted from first-home buyer incentives from the First Home Owner Grant, launched in 2000, to, more recently, the Federal government's 5% deposit scheme.

Why Millennials won't give up hybrid work

For many Gen Ys, the COVID pandemic shifted the dial on workplace expectations and many are lukewarm about returning full-time to formal workplaces.

On the plus side, Robert Half's Tom Ward, says, "Employers are still willing to offer hybrid work.

"In fact, the 2026 Robert Half Salary Guide found that 43% of Australian employers say working from home and hybrid work options have the highest usage among their staff."

Still, the market has shifted.

"Hybrid is still very much alive because employers know it helps attract and retain talent," says Ward.

"But businesses are under pressure to maintain productivity, collaboration and team culture. As a result, many employers are now setting clearer expectations around office attendance, rather than offering full flexibility by default."

Notions of loyalty to an employer have changed too. "Loyalty today is less about tenure for tenure's sake and more about whether the employer delivers an experience people believe in," says Ward.

"Culture and flexibility matter much more than they used to, but they are not silver bullets.

"Employees are less willing to stay somewhere that no longer fits with how they want to work or what they want from an employer."

Should you pay off HECS or buy a home?

Like Gen Z, Millennials are likely to have a hefty HECS-HELP debt.

But Vince Scully, financial adviser and founder of Life Sherpa, says, "HECS-HELP remains the lowest cost debt available," he says.

"It also dies with you. And the government is developing a habit of writing off chunks of it." However, it's different if you're in the housing market. Scully says,

"A single person earning the average weekly earnings for a full-time adult, of $2051, with no other debts could borrow $470,000.

"With a typical HELP debt of $29,000, this would fall to $414,000. So, using $29,000 of savings to repay a HELP debt could leave them with more to spend on a home."

Scully adds that engagement with super is "critical" for Gen Ys, but says, "the fund that's right for you now may not always be".

"When your balance is low, fixed fees matter. A $1.50-a-week fixed admin fee is 0.78% of a $10,000 balance. This is usually more than the investment fee. Look for a fund that has only asset-based fees. As your balance grows, returns and asset allocation become more important," he adds.

"At $50,000, that $1.50 weekly fee is a much more respectable 0.16%." Interestingly, Scully cautions against making additional contributions at a young age.

"The trade-off for the tax benefit is that you don't get to spend the money until you turn 60. Don't forget about super, but focus on aspects outside super until you are more settled - like having the home loan under control, eliminating consumer debt and holding investments outside of super."

The redundancy that changed everything

Plenty of Gen Ys are discovering that career experience is no protection from the tap on the shoulder that spells redundancy.

Human resources specialist, Lyra Jai, 32, found herself on the receiving end of redundancy in mid-2025.

"I wasn't completely shocked," says Jai.

"I was managing the (company's) redundancy processes at the time, so I knew where things were heading.

"The overall morale in the company had dipped quite a bit, so moving on didn't feel like a loss so much as a natural next step." Fortunately, Jai received a job offer before her redundancy payment ran out. Even so, the experience cemented what really matters to her in a job.

"Perks such as remote or hybrid working are a big one for me, probably because I've been working in a hybrid setup since COVID," she explains.

"It's hard to unlearn the joys of not having to sit in traffic each workday or give up the freedom to throw on a load of laundry between meetings."

Jai says she would now find it hard to join a company without a strong hybrid policy.

"To me, flexible working reflects a level of trust. It means you have leadership believing that their people are capable and responsible, and don't need to be watched to do good work."

Jai and her husband recently became first homeowners though this meant added pressure to hold onto a good job.

"It's really exciting to finally have a place we can call our own," says Jai.

At the same time, it comes with a sense of responsibility. I feel more motivated to stay financially stable and contribute as much as I can to our household."

Gen X: Squeezed by ageism, AI and retirement

Gen X has faced unique generational challenges. They were the first to pay for a tertiary degree.

They had to navigate the global financial crisis at the outset of their careers and later adapt to the COVID pandemic.

Today, many Gen X hold leadership roles, although they can still face workplace threats.

Too old at 50? The growing ageism problem

A survey by the Australian Human Resources Institute found one in four (23%) employers now classifies over-50s as 'older' workers, more than double the proportion (10%) in 2023.

This suggests Australians may be considered 'old' long before they plan to retire and well in advance of the average intended retirement age (65).

And if Gen X doesn't feel threatened by younger, cheaper and more digitally savvy jobseekers, they may fear the looming spectre of AI.

According to Boston Consulting, over the next two to three years, almost half of jobs in the US will be reshaped by AI.

This doesn't necessarily translate to job losses, but it can see workers face radically new expectations for how they work. Career expert Robyn Greaves, says, "Artificial intelligence is accelerating change, but it is highlighting also the value of deeply human capabilities."

She explains, "Experience is not just knowledge. It is judgement, pattern recognition, perspective and the ability to navigate complexity. These are strengths that tend to deepen over time. The key is to make that visible."

Greaves says this means demonstrating curiosity and engagement with new tools, including AI, showing how experience translates into better decisions and outcomes.

In a plus for Gen X, Greaves is confident that as work becomes more complex, their ability to interpret, guide and connect becomes more valuable, not less.

The super and mortgage dilemma

For Gen X, outdated skills are less about ability and more about pace and pressure.

Rapid change is the primary driver, compounded by practical constraints, such as limited time to upskill (29%) and uncertainty around which skills are now required (21%).

Gen X are often at the peak of their earning power. The flipside is that they may be facing peak expenses - a home loan and school fees, coupled with the need to grow super savings.

Financial adviser Shaun Ganguly believes Gen X can crisis-proof their finances by building a cash buffer equal to "three to six months' worth of expenses, held either in cash or available in an offset account, if anything goes wrong."

He recommends reviewing personal insurances too, adding, "When something goes wrong, you want options, not panic."

As for super, Ganguly says most people focus on their balance - usually with the $1 million threshold of savings in mind.

"That was a marketing gimmick from an industry fund and it's the wrong starting point," he says. "You need to start with the lifestyle you want." He says the key is to convert a super balance into income.

"That's where most people get lost. A number on a statement doesn't tell you what you can safely spend."

As Ganguly notes, salary sacrifice is a useful way to grow super savings, especially if you have a stable salary. Personal deductible contributions are typically better for people with variable incomes such as business owners.

"You can wait until year end, see your income position, then contribute to super and claim the deduction. The real opportunity is carry-forward contributions. These are available if your super balance is under $500,000. But timing matters because older unused caps expire."

One of the challenges Gen X faces is paying down their home loan ahead of retirement.

More than one in four (27%) Gen X expects to have a mortgage when they retire.

Is it better to focus on paying down a mortgage sooner or tuck extra cash into super?

Ganguly says, "Higher income earners tend to benefit more from putting money into super. You're turning income taxed at up to 45% into contributions taxed at 15%, with the benefit of concessionally taxed investment earnings.

"For lower income earners, paying down the mortgage can be more effective. It's a guaranteed, tax-free return and your home is exempt from the age pension assets test."

Why more Gen X workers are becoming their own boss

Running your own show is often seen as one of the great Australian dreams and, when thrown out of the workforce, Gen X is turning that dream into reality and becoming their own boss.

The Committee for Economic Development of Australia (CEDA) says that more than one in 10 (13%) adults aspires to business ownership as part of their career journey.

But starting an enterprise from scratch isn't easy. CEDA chief executive Melinda Cilento, says, "New and small firms often have fewer resources to navigate regulation, secure finance or compete against established incumbents."

The solution can be to buy an existing business with a proven track record.

Simon Winter, principal of Raine & Horne business sales, says, "Higher interest rates can boost demand for business acquisitions. But it boils down to risk versus return.

"Nobody would buy a small business unless the return is there. There are very few small businesses that have a really low risk.

"I'm talking about post offices, childcare centres and maybe a few others that derive much of their revenue from government sources."

Winter adds that about 80% of businesses he sees listed for sale are coming onto the market because the owners wish to retire - and the sellers are typically motivated and flexible when it comes to price negotiations.

Even so, buying a business calls for plenty of homework.

"Due diligence is not necessarily that complicated," says Winter.

"The three issues to address are income, gross profit and expenses. Income can be confirmed by looking at a tax return - nobody's going to overstate their income in a tax return.

"Or look at a BAS (business activity statement) that declares sales results.

"When you're looking at expenses in a business, if you look at wages and rent alone, you'll find they generally represent 60%-70% of expenses, with inventory costs making up the balance.

"Probably the most important aspect of due diligence is meeting the owner," says Winter.

"That's a chance for the buyer to ask whatever questions they want and gauge their sense of trust in the owner."

Business operations specialist and founder of Auvie Consultants, Lyn Nguyen, says 'boring' businesses could easily be overlooked but they can offer lucrative opportunities.

"Boring businesses are the unsexy ones," says Nguyen.

"Those that don't typically attract attention or headlines. Think waste management, solar panel cleaning or pest control.

"These businesses tend to be consistently profitable, in steady demand and, in many cases, more resilient during periods of economic uncertainty. They're also less exposed to disruption from technology, including AI, because they rely on essential, hands-on services."

How divorce sparked a second career

Gen X couples are especially vulnerable to separation and divorce. If it happens, it can radically overhaul the work patterns of one or both partners.

That was the case for Fiona Knodler, founder and managing director of NSW-based Leave it to me Cleaning.

Knodler, 56, had previously worked as a truckie. By the time she and her former husband separated eight years ago, she had been a homemaker for 15 years.

When the dust settled on her divorce, Knodler walked away with both the family home - and the mortgage.

With two primary school-age children, she needed to return to work but faced a wall of hurdles.

"I could only work school hours," says Knodler.

"And when I applied for jobs, my age, lack of tech skills and the fact I'd been out of the workforce for 15 years worked against me."

But when the going got tough, Knodler found a solution.

She launched her own professional cleaning service.

It ticked the boxes for flexible work hours, low capital requirements, and plenty of demand.

One in three Australians outsources household jobs to the tune of $6 billion annually. Hard work, attention to detail and sheer determination has seen Knodler's business bloom.

Today, she leads a team of employees, with cleaning contracts that span residential properties to the defence industry. Her workplace journey, while not easy, has been rewarding.

"I'm getting to the point where I am finding out who I am," says Knodler.

"I am proud of what I have achieved personally and professionally.

"The next step is to work on the business, rather than in the business - if that happens I could keep going for another 10 years."

Baby Boomers: Why retirement isn't what it used to be

One of the most significant changes to the workforce occurred 34 years ago, yet its impact is only being felt today.

Compulsory employer-paid super, introduced in 1992, has seen about 18 million Australians - close to four in five of us - build retirement savings, one of the highest coverage rates in the world.

Retirement is being rewritten

While this has helped the Baby Boomer generation retire with more of a nest egg, they also face the prospect of greater longevity. One in two (48%) Australians aged 50 to 66 is worried they will run out of money in retirement.

At the same time, Boomers are realising that employment offers more than a regular income.

Staying in the workplace for longer doesn't just stretch out super savings, it also provides non-financial benefits - a sense of purpose, social connection and mental stimulation.

The catch is that holding onto an existing role or scoring a new job isn't always easy as we age. Boomers can come up against the brick wall of ageism in the workforce.

Robyn Greaves, career change expert and author of Your Third Chapter says, "Many of the assumptions we hold about ageing and retirement come from an outdated model of life and work.

"For decades, careers followed a predictable path: build, peak, then step back," she says.

"That model no longer reflects reality. We are living and working longer, and many people still have the energy and desire to contribute in meaningful ways well beyond traditional retirement age."

One option for Boomers keen to stay in the workforce is to move beyond the advertised job market into portfolio, advisory and project-based work. Greaves says this is "often where the most meaningful and flexible work sits".

Many later-career opportunities can emerge through conversations and referrals.

"Organisations are increasingly looking for people who can solve specific problems, bring perspective and lead through complexity, often without a full-time hire," says Greaves.

"To access this, people need to shift how they position themselves. That means moving away from listing past roles and towards clearly articulating who they are now, how they work and how they add value today.

"When you focus on contribution rather than chronology, age becomes far less relevant."

How to make your super last through retirement

From age 60, it's possible to access super through a transition-to-retirement pension (TRP).

But Shaun Ganguly, founder of Prime Years financial planning, urges caution about using a TRP.

"Investment earnings are taxed at 15% within a TRP," he says. You are forced to draw down funds and, if markets drop, this could mean crystallising losses by selling depressed assets."

Ganguly adds, "The tax savings aren't always there for higher income earners, especially under 60. Plus the income drawn out is generally subject to income tax (with an offset).

"But you really need to know what the taxable components (of super) are. I've seen DIYers with unexpected tax bills."

The upshot, he says, is to get advice before drawing on super ahead of full retirement.

From age 65, the tables can turn.

It's possible to access super whether you're working or not and, at this point, Ganguly says, "The biggest risk for most people isn't running out of money, it's being so scared that they never actually spend it properly.

"I see this constantly. People go into retirement with a decent (super) balance, then spend like they're about to go broke, it's like they live their best years in fear.

"Longevity risk shows up as underspending, not overspending for most," says Ganguly.

According to Ganguly, one of the most effective ways to manage money in retirement is by "income layering".

He explains this isn't about "having one big account-based pension and hoping it lasts", but instead blending an account-based pension with:

• A guaranteed income, through the likes of a lifetime annuity, to cover essential costs 
• Investments, such as shares, property, managed funds and investment bonds, for discretionary spending, and 
• Accessing the age pension where possible. 

"This helps with the psychology of fresh money coming in, so people actually enjoy spending their money after a lifetime of hard work, while leaving something for the kids/grandkids," says Ganguly.

Made redundant in her late 50s

For Janelle Turek, 63, a change to her work prospects came hard and fast.

In her late 50s, Turek found herself staring down the barrel of redundancy, despite 40 years of experience managing quality control across some of Australia's largest television networks.

"I was so angry," says Turek.

"It was pure ageism. My employer could hire younger, less experienced workers who cost less.

"To rub salt into the wound, it didn't matter that my replacements had less experience because so many systems and processes were becoming digitalised."

With rent to pay and ageing parents to care for, Turek needed an income stream fast.

"I soon realised that when no money is coming in, your savings start to run down very quickly," says Turek.

"I needed a job that at least let me pay the bills."

However, as she approached 60, Turek found her options narrowing.

She took on jobs in meat-processing factories, where long hours standing at production lines in near-zero temperatures took a toll on her physical health.

A fresh career 'break' came about a year ago when Turek landed a role as retail assistant at a local pharmacy.

"I really enjoy the job," says Turek. "The hours are flexible, I have lots of contact with local community members and I have built close relationships with my customers."

While Turek is confident her super savings will help her enjoy a comfortable retirement, she has no immediate plans to stop working.

"I'm physically healthy, I enjoy the social contact of the pharmacy and, frankly, none of us likes to believe we are getting older - retirement to me still seems a long way off," she explains.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Arjun Paliwal, founder and chief executive of InvestorKit, to discuss the latest rentvesting developments.

Episode timestamps:

00:00 Introduction

02:43 Who is rentvesting used by?

04:15 The tax changes impacting rentvesting

06:02 Is rentvesting still worth it?

06:27 Sydney case study and numbers

12:04 The rentvesting decision checklist

15:34 How investors should adapt to policy changes

19:49 Final lessons for long-term investors

22:05 Conclusion

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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.

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Every week, more than 1.5 million listeners tune in to the Kyle & Jackie O commercial breakfast radio show on KIIS FM, to hear a variety of chat, music and, of course, the all-important, revenue-building advertising.

The listeners hear the duo joke about - and graphically describe - a range of crude and, at times, harmful topics.

Among these listeners is a group who call themselves Mad F***** Witches (MFW).

What is Mad F***** Witches and what was the #VileKyle campaign?

This group is not listening for enjoyment, they are taking note of sexist, misogynist, racist and homophobic content. Most, importantly they are noting companies that advertise on the show.

The activist group's followers then email these companies to bring their attention to the objectionable content and lobby them to stop spending their advertising budget on the show.

MFW calls it the #VileKyle campaign. It's an example of a new type of group that is forgoing boycotts to trigger change; instead they employ the power of finance.

The idea being that if enough advertisers pull their spots from the Kyle & Jackie O show, it will reduce network owner ARN Media's radio advertising revenue to the point where they are left with no choice but to take 54-year-old Kyle Sandilands off air.

"Kyle is degrading to women and people in minority groups; he speaks in a degrading, bullying manner to pretty much anyone who's not a straight white male," says Jennie Hill, the founder of MFW.

"I don't have any idea whether he's a physically violent man, and would obviously never accuse him of that, but what he does is verbally violent and it validates the violence that men who are prone to physical violence will commit."

Why advertisers targeted Kyle & Jackie O

There are numerous examples of the sort of content MFW objects to. While chatting to Jackie 'O' Henderson, Sandilands makes regular references to sexual violence towards women, incest, fat-shaming, homophobic slurs and more.

Money is reproducing one example here so readers can understand the context of the #VileKyle campaign: reacting to criticism about his since-cancelled TV show from journalist Alison Stephenson, Sandilands called her "a fat slag", commented on the size of her breasts and threatened to hunt her down.

Some of the content is simply puerile: Sandilands talks about eating a Magnum ice-cream while on the toilet and "holding it in" (this content is promoted on the KIIS YouTube channel).

Hill says MFW doesn't object to puerile content in general, it's the harmful content it is targeting. It's worth nothing that more than 200,000 children and teenagers listen to the show in Sydney alone.

The uncomfortable truth is, however, that it is Sandilands' and Henderson's crudeness that attracts listeners. And that large number of listeners in turn attracts advertisers.

"Kyle and Jackie O have been like they've been for well over a decade and they've been wildly successful. They haven't needed to change," says Chris Walton, managing director of Nunn Media, which buys advertising space on behalf of companies.

Any change to the content or the line-up will be driven by commercial imperatives, not a lobbying campaign, he says. If the MFW campaign ever got to the point that it began to impact commercials, then it would be taken into consideration.

Kyle & Jackie O's Melbourne expansion and ratings battle

Last year the show started broadcasting on KISS 101.1 in Melbourne, in what was to be the first step in a push to syndicate the show around the country.

Ratings were disappointing, which commentators said was because the sort of crude content that attracts Sydney audiences turned off the more refined Melburnians.

But the latest radio ratings survey suggested that the show might have turned the corner in the southern capital, with ratings starting to improve, dashing hopes among detractors that the pair would have to retreat from Melbourne or tone down their content.

In fact, ARN is making a virtue of the crude content and in May launched an advertising blitz for the hosts in Melbourne with the theme 'Radio Gone Rogue!'.

How much advertising revenue is at stake for ARN Media

At stake are many hundreds of millions in advertising revenue.

ARN Media earned more than $300 million from radio advertising in 2024, and would earn significantly more should the national syndication plan succeed.

Much of this comes down to Sandilands and Henderson, and their pay reflects it. They are on a 10-year contract said to be worth $200 million.

At the same time, ARN Media is implementing what it calls a businesses transformation program to reduce its costs by $40 million a year.

The cost cutting has done little to help ARN Media's share price, which has slid from $2.20 at the end of 2021 to 51 cents at the end of May this year.

How many advertisers left Kyle & Jackie O?

Hill points to the cost-cutting program in her estimate that MFW has cost ARN Media $30 million to $40 million in lost advertising revenue.

MFW publishes a list with the names of several hundred businesses that it says no longer advertise on the Kyle & Jackie O show.

However, Hill acknowledges that the list may contain errors and that companies might have stopped advertising on the show for reasons other than the MFW campaign.

This is MFW's claimed list of new and returning advertisers, released recently:

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

 

 

A post shared by MFW (@mfwitches)

What major brands said about advertising on the show

Most of Australia's big businesses don't want their name associated with MFW in any way.

Of more than a dozen enquiries sent to major corporates, only a couple supplied an 'on the record' comment - that is, a statement they are happy to put their name to.

Among the major banks, only NAB responded, saying: "The placement of our advertising campaigns is dynamic and constantly changing as we seek to meet our customers' needs. We continually work with our agency and media buying partners to ensure the integrity of our brand and to position our advertising where are customers consume their media."

It did not dispute MFW's claim that it doesn't advertise on the Kyle & Jackie O show.

Westpac, Commonwealth Bank and ANZ didn't respond.

However, in an email to an MFW supporter who had asked the bank to reconsider its advertising expenditure given its 'inappropriate content', ANZ wrote that the Kyle & Jackie O show is on its brand exclusion list.

The bank explained that some of its 'bonus' slots - where the radio network plays their ads for free - weren't filtered to ensure that they didn't appear on the show. ANZ said it had contacted ARN about the issue.

It's not just the big banks that don't want to comment on MFW.

Qantas and Virgin didn't respond to enquiries, nor did Optus.

Telstra supplied a statement: "We stopped advertising on the program in August 2024 as the content didn't align with our brand."

Woolworths and Coles also didn't respond, although Coles has emailed an MFW supporter to say it will not advertise during the Kyle & Jackie O show.

Has the campaign actually hurt ARN Media?

Steve Allen is a media analyst at Pearman, a media agency that buys advertising space on behalf of companies.

The suggestion that MFW has cost ARN up to $40 million is fanciful, he says, and questions whether they have cost ARN any revenue at all.

There is, Allen says, no doubt that some companies are concerned when contacted by MFW. They then tell ARN they don't want their advertisements to appear when Sandilands is on air or ask their media agency to tell ARN.

But the advertising spots taken out of the breakfast timeslot are usually placed elsewhere in the KIIS FM or other stations' schedules.

"When they get the call from us, the last thing they're going to do is let go of dollars," Allen says of ARN Media.

"They're sympathetic to the plight that advertisers find themselves in and the simplest and easiest commercial way is to reschedule."

And while MFW's campaign is generating headlines and making advertisers take note, Allen also doubts that it will result in the pair toning down their content because, ultimately, it's the ratings that count.

MFW's Hill argues, however, that if organisations are taking their advertisements out of the four-hour prime time KIIS breakfast spot, there is only so much other prime-time broadcasting they can go into instead, and that many organisations have pulled their advertisements from the network altogether.

ARN Media did not provide an executive to interview and instead responded in writing to questions.

The company didn't directly address questions on the effect the #VileKyle campaign has had on its revenue, instead saying it has a strong and stable advertiser base, "with partners continuing to achieve great results across our platforms".

The broadcaster acknowledged that the Kyle & Jackie O show "may not be for everyone", but said its enduring success lies in its ability to resonate with a large portion of everyday Australia.

"Radio is subject to robust regulations. The same can't be said for social media, and some of the personal attacks and radical views held within these activism groups are deeply concerning," ARN Media said.

On activist groups in general, the broadcaster said they "pick fights" with radio personalities to increase their own relevance.

"These groups are prone to overstating their impact, and they don't dictate our strategy or programming. We are focused on the millions of loyal fans who enjoy our content and the advertisers that get quality results," ARN said.

Who is Jennie Hill, founder of Mad F*** Witches?**

MFW came about in 2016, after then Minister for Immigration and Border Protection Peter Dutton referred to political journalist Samantha Maiden as a 'mad f#$$!!$ witch' in a text message and mistakenly sent the message to Maiden herself.

The name resonated with Hill and she started what she describes as a "silly little Facebook page". It now has 90,000 followers on Facebook and tens of thousands on other social media sites.

Some followers contribute $5 to $10 per month to MFW's $120,000 revenue, which it uses to pay five part-time workers around $25,000 each, including Hill, who refers to herself as an accidental activist.

She says she is embarrassed by the swearing in her group's name and still cringes when she hears it, but says it also carries an important message because it has not traditionally been acceptable for women to swear, and that by swearing without apology women are taking back their power.

Three years after she formed MFW, she heard an interview with then Prime Minister Scott Morrison, during which bombastic Sydney radio host Alan Jones said Morrison should "shove a sock down [New Zealand Prime Minister Jacinda Ardern's] throat". He followed it by saying the PM should give her "a few backhanders".

"[MFW] didn't really want to start a campaign, but the pressure from our followers was intense," says Hill.

"I was working in a successful career at that time, had run my own business for 30 years, so I wasn't looking for anything like that."

Inspired by campaigns overseas, Hill and her supporters drew up a roster to listen to the Alan Jones Breakfast Show and make a note of the advertisers. The supporters then emailed the advertisers to say they were unhappy with the content, urging them to pull their ads.

In May 2020, Jones announced his retirement from his role at 2GB and the following year Sky News Australia announced it would not be renewing Jones' contract.

MFW was widely credited for ending Jones' media career.

Hill made herself available to Money for two interviews to answer any questions, including claims from companies whose advertising MFW targets (who asked that their names not be used).

These included claims that MFW is an extremist group.

"We're only extremists because we're women," she says, adding that pro-nuclear, tax cuts and policies seeking to control women's bodies are more extreme.

MFW has been accused of bullying individuals, such as receptionists or customer service people who work for the advertisers.

However, sending them examples of the offensive content is an important part of MFW's campaign strategy.

Hill says MFW is sorry for upsetting these people, but considers it hypocritical that MFW is being criticised when these companies are supporting offensive content.

Commenting on the #VileKyle campaign, she says: "What I work for now is just trying to make the world a bit better for other women," she says.

Next week, all eyes will be on Australia's jobs data with the release of the June labour force report.

If the unemployment rate remains at 4.4%, many headlines will declare the labour market is still strong. If it rises, attention will quickly turn to whether the Reserve Bank is less likely to raise interest rates.

But what if Australia's most-watched economic number is also its most misleading?

Think of it like driving a car using only the rear-view mirror.

Unemployment tells us what has already happened; it doesn't tell us what businesses are planning to do next. Employers rarely begin by making workers redundant.

They first stop hiring, reduce overtime, cut casual hours, delay investment and simply not replace staff who leave. Those changes can take months or years before they appear in the unemployment rate. Yet many of those forward-looking indicators are already showing signs of strain.

Official ABS data shows almost one in three Australian businesses reported lower revenue in June, while nearly half experienced higher operating costs.

More than one in four expect difficulty meeting their financial commitments over the coming month, and 15% have delayed or cancelled investment.

Official job vacancies have also fallen more than 30% from their 2022 peak, suggesting businesses are becoming more cautious about hiring.

Consumers are hardly painting the picture of a booming economy either.

Consumer confidence remains among the weakest readings in almost 50 years, while Australia recorded more than 14700 corporate external administrations in the past financial year, the highest annual number on record in raw terms.

So rather than focusing solely on next week's unemployment rate, the RBA should pay closer attention to what sits beneath the surface.

Was job growth driven by full-time or part-time positions? In May, almost 87% of new jobs created were part-time.

Did hours worked increase or fall? Is underemployment rising, suggesting more Australians have jobs but cannot secure the hours they need?

When the numbers come out next week, I wouldn't be surprised if the unemployment rate remains around current levels, but that's not the number I'll be watching.

The real test will be whether Australia is creating quality, full-time jobs, Australians are working more hours and if underemployment continues to rise.

If the headline remains strong while those underlying measures deteriorate, it suggests the labour market is considerably weaker than the unemployment rate implies.

For the sake of Australian households and businesses, I hope the Reserve Bank looks beyond the headline figure. Monetary policy shouldn't be driven by one lagging statistic when so many forward-looking indicators are telling a very different story.

What are the best and worst-performing sectors this week?

The best-performing sectors include Consumer Discretionary, up more than 2%, followed by Communication Services and Financials, both up more than 1%.

The worst-performing sectors include Consumer Staples, down more than 2%, followed by Information Technology and Real Estate, both down more than 1%.

The best-performing stocks in the ASX top 100 include AMP Limited, up more than 14%, followed by James Hardie Industries, up more than 7% and SEEK Limited, up more than 6%.

The worst-performing stocks include Paladin Energy, down more than 8%, followed by Capricorn Metals, down more than 6% and Xero Limited, down more than 5%.

What's next for the Australian stock market?

This week, the All Ordinaries Index delivered another quietly bullish performance, closing around 0.37% higher as of Thursday.

While that gain may seem modest, an old market saying explains why this week was more important than it first appears: "Professionals close the market." It's not where the market trades during the week that matters most, it's where the big money chooses to leave it at the close.

Last week, I highlighted 9050 and 8900 as the market's key battleground levels.

Since June 19, buyers have repeatedly tested 9050 but have been unable to secure a weekly close above it. This week followed the same pattern. The All Ords traded above 9050 before sellers stepped in, pushing the index back below resistance by Thursday's close. That's now four consecutive weeks where buyers have challenged this level without breaking it.

At first glance, many technical analysts would view that as bearish, but there's another side to the story.

Despite repeated selling, buyers haven't surrendered ground. For the past month, the market has consistently closed near 9050 rather than falling back towards 8900.

That tells me buying demand remains strong enough to absorb the selling pressure.

Based on technical analysis, the longer a market can hold beneath a major resistance level without retreating, the greater the probability it will eventually break through.

If that happens, the next move higher could be swift. That's why now is the time to prepare rather than react. Once this month-long battle finally produces a winner, investors may have very little time to position themselves.

There are also encouraging signs beneath the surface.

The XFL Index, which tracks Australia's 20 largest listed companies, has already broken to new highs while the All Ordinaries continues to lag. Large-cap stocks often lead the broader market, suggesting the All Ords may simply be in the final stages of catching up.

The professionals will cast the deciding vote again this week. If they can finally close the market above 9050, it could be the signal that the next leg of the bull market has begun.

A new scorecard from consumer advocacy group Super Consumers Australia (SCA) assessed the customer service performance of 20 major super funds and found widespread shortcomings in call centre responsiveness, empathy and support.

The findings raise concerns for millions of Australians who rely on their super fund for help with retirement planning, insurance claims, financial hardship applications and account enquiries.

Across the industry, super funds achieved an average score of just 49 out of 100.

"Almost all of them performed pretty poorly," says SCA chief executive Xavier O'Halloran.

"At an industry-wide average, they only got 49 out of 100. That's pretty bad."

How the super fund customer service study worked

SCA worked with Customer Service Benchmarking Australia to conduct 1000 calls to 20 of the largest Australian pension funds, including Australian Super, Aware and AMP, over three months last year.

Callers posed as either a prospective customer, someone trying to help a relative from a non-English speaking background, or a customer in distress trying to access their super early.

They then graded how customer service agents responded and gave each call an overall score out of 100.

How your super fund performed

Nine funds, including AMP, Cbus and HESTA, received an overall score below 50 out of 100, which SCA considers a fail.

Another nine funds, including Aware Super, Australian Retirement Trust and Rest, scored between 50 and 54.7, meaning no fund achieved a score of 55 or higher.

SCA notes that while there were instances of very good service, with some calls scoring as high as 86, many funds failed to provide empathy and support or shifted too much responsibility for solutions back onto callers.

Best and worst call centres

CareSuper recorded the highest overall score of 54.7.

Two funds included in the study - Australian Super and Team Super -- fell at the bottom of the table because they didn't answer enough calls to be given an overall service score.

"Australian Super, which is the biggest superannuation fund in the country, failed to pick up the call in the 15 minutes that we gave them 90% of the time," explains O'Halloran. "So that's a terrible outcome for anyone trying to get in contact with that fund."

Check SCA's Superannuation Call Centre Scorecard to see how your fund performed.

What the super funds say

A spokesperson for the Super Members Council, an industry body, criticised SCA's study for only focusing on call centres and not including other channels they said consumers use to get support.

They also told Money the study had "limitations" because the test callers were not actual fund members, meaning calls did not progress beyond member verification processes.

The spokesperson added that funds have made "significant investments" to uplift service standards in recent years.

Why the results matter

National Seniors Australia CEO Chris Grice finds the results "alarming," especially as call centres are a popular point of contact for older Australians seeking help with their super.

"[Our] members want to be able to talk to people. They want to talk to them face to face. If they can't talk to them face to face, they want to talk to them through at least a local call centre," he says.

"As AI and robo-advice becomes more prevalent, there needs to be that source of truth and super funds have an obligation to support the best interests of their members."

Calls for stronger service rules

SCA is using the results of its study to push the federal government to introduce mandatory customer service standards across the superannuation system, which it says could be realised by funds committing to independent benchmarking and better staff training.

"Superannuation is mandatory, but good customer service is not. That has to change," says O'Halloran.

The federal government did promise to introduce mandatory standards last year, but SCA says these are yet to be released for consultation.

In a statement, the federal Treasury told Money the government is still committed to bringing in the new rules, which it says will be consistent with the recommendations SCA has made.

It added that it has already consulted with industry, consumer groups and regulators on the standards and still plans to conduct a public consultation.

How to make a complaint about your super fund

Here's what to do if you have a question or concern about your superannuation:

• Your first step should be to contact your fund - one mandatory standard that does already exist is a rule requiring them to respond to most complaints within 45 days.
• If you aren't satisfied with its response, raise the issue with the Australian Financial Complaints Authority (AFCA).

A simple typo when entering a BSB or account number can send your money to a complete stranger, and the clock starts ticking the moment it happens.

The good news is that mistaken bank transfers can often be reversed or recovered. But your chances of getting the money back generally fall the longer you wait to report the error.

Whether you've sent $50 or $5000 to the wrong account, acting quickly is crucial. Banks have specific processes for dealing with mistaken payments, and there are strict timeframes that can affect the outcome.

What happens if you transfer money to the wrong bank account?

If you do accidentally make a transfer to a valid account, you should contact your bank as soon as possible. The chance of recovering the money decreases the more time goes by.

The Australian Financial Complaints Authority (AFCA) outlines the timeline associated with recovering mistaken internet payments based on the ePayments Code:

• Within 10 business days: The funds will be returned to you if the unintended recipient hasn't withdrawn the funds.
• Between 10 business days and seven months: The recipient's bank will freeze the funds. The recipient will then have 10 business days to show they are entitled to the funds. If they do not, the funds will be returned to you.
• After seven months: The funds will only be returned if the other person agrees to return them. Even if you prove the funds are yours.

What if someone spends money sent to the wrong account?

If you've transferred money to the wrong account and the receiver has already spent some or all of the funds, things can get trickier.

In short, if both banks agree that a mistaken payment has occurred but there aren't enough funds in the recipients' account, the recipients' bank can decide whether to try and recover the full amount, part of the amount or not pursue it at all.

That decision needs to be based on the interests of both the sender and the recipient. For example, the bank may consider any financial impact on the unintended recipient if they pursue some or all of the funds, or whether recovering the money would overdraw the account.

Where can you turn if your bank isn't helping?

If your bank or credit union isn't playing ball and helping you resolve a mistaken payment, you can make a complaint to the financial ombudsman, AFCA.

It's always worth trying to resolve the issue with your financial institution first before lodging a complaint with AFCA though.

What about BPAY mistakes?

Putting in the wrong biller code or customer reference number when paying a bill using BPAY is just as easy as typing in the wrong BSB or account number.

Unlike transfers from one bank account to another, BPAY payments aren't covered under the mistaken internet payments section of the ePayments Code. The advice is still the same though.

Customers should get in contact with their bank or financial institution straight away. The difference is banks may have their own processes and timeframes when dealing with mistaken BPAY payments.

What if the payment was part of a scam?

The ePayments Code makes it clear that a mistaken internet payment is one in which someone has typed in an incorrect BSB or account number, or selected the wrong identifier from a list.

That means that - like BPAY payments - the obligations and timeframes laid out for mistaken internet payments don't apply to scams.

So, what should people who have been tricked into transferring money to a scammer do?

The first course of action, according to Moneysmart, is to contact your bank immediately and to have any transactions frozen. Your bank may then be able to provide you with additional advice.

How is new banking technology preventing payment errors?

The good news is that new technology and banking features are making it easier for people to get the details right for their intended account transfers.

PayID

Since the launch of the New Payments Platform (NPP) and PayID in 2018, Australians have been able to transfer money using a recipient's mobile number or email address which is linked to their bank account.

Beyond reducing mistakes that can crop up when typing in a BSB and account number, users are also shown the name linked to the PayID before they approve a transfer.

Confirmation of Payee

Australian banks and financial institutions have also been rolling out a new security feature called Confirmation of Payee since July last year which is designed to reduce scams and mistaken payments.

When making a transfer, customers can input an account name, BSB and account number as usual. But with Confirmation of Payee, the bank will check these details and alert the customer if they match, if the account name is similar (but doesn't quite match) or if there's no match.

How to avoid sending money to the wrong account

As always, prevention is the best cure when it comes to mistaken payments. Before making a transfer, consider the following:

• Take it slow and double-check the recipient's details (account name, account number and BSB), plus the transfer amount, before hitting confirm
• If you're planning on sending a larger sum of money, it may be worth conducing a test by transferring a very small amount first
• Make use of features like PayID and Confirmation of Payee (if available) which offer stronger safeguards

Interested in learning more about the new technology Australian banks are rolling out to keep customers safe? Check out our article on the best banks for customer service and scam protection.

Australia's highest-paid CEOs revealed

The top-paid ASX 200 chief executive earned almost $48 million last year.

The Australian Council of Superannuation Investors (ACSI) has revealed Australia's highest-paid chief executive officers of ASX200 companies.

Chris Hulls, CEO of Life360, which runs a family tracking app, topped the leaderboard for the 2025 financial year with annual pay of $47.7 million.

That's about 430 times the average annual pay of $110,790 for a full-time worker.

The crazy thing is, Hulls doesn't even live in Australia. Along with four other top 10-earning CEOs, he's based in the US.

The highest-paid Australian-based CEO, Vikesh Ramsunder, CEO of Sigma Healthcare, earned $42.6 million.

Not all CEOs are on multi-million-dollar pay packets. The median pay is a more modest $1.83 million.

Are they worth the money?

"Where CEOs appear in the highest-paid list, their companies will generally have delivered strong performance over the long term," says Ed John, executive manager of stewardship at ACSI.

Flybuys members can now redeem up to $100 at Coles

Customers can use reward points to save more on their grocery shop.

Pay with points launched at Coles this week, letting shoppers tap into instant rewards at the checkout.

Flybuys members can use reward points to save up to $100 on purchases.

You'll need at least 2000 Flybuys points to redeem $10 at the checkout, rising to 20,000 points to claim a $100 saving.

Previously, Flybuys members were limited to a $10 saving.

Coles chief customer experience officer Michael Courtney says the expansion of Pay with Points will give customers more choice and value when they shop in-store.

It's a move that replicates Woolworths Everyday Rewardshttps://www.moneymag.com.au/woolworths-slashes-everyday-extra-perks, which lets members claim at least $10 off a future shop or convert to 1000 Qantas Points every time they reach 2000 points.

Flybuys has more than nine million members, and according to Anna Lee, Flybuys chief executive officer, "Millions of members who shop in store at Coles already have enough points to redeem."

How investors can earn Qantas points through share trading

Webull Australia's new partnership rewards investors with Frequent Flyer points.

Webull Australia has joined with Qantas Frequent Flyer, allowing investors to earn Qantas points through account funding and trading activity.

Webull investors can earn:

• 1000 bonus Qantas points by opening a new account with at least $500
• Up to 2000 Qantas points per month by trading international equities
• Up to 100,000 bonus Qantas points if you have an eligible balance of $2000, earning 1 Qantas point for every $1 held, up to a maximum of 100,000 points. Offer ends September 30, 2026.

Rob Talevski, CEO of Webull Australia, says the partnership with Qantas Frequent Flyer "gives clients a new and compelling way to keep earning Qantas Points through an activity they're already doing".

Webull charges brokerage of $1 per trade for ASX-listed shares or 0.03% of trade value, whichever is greater.

Webull's offer replaces the partnership between Superhero and Qantas Frequent Flyer, which ended on June 30, 2026.

Are Australians paying too much for pet insurance?

New provider says many pet owners could save thousands over a pet's lifetime.

One in seven Australian pet owners spend more than $1000 a year at the vet, prompting newly launched CoverMy Pet to offer more affordable pet insurance.

CoverMy Pet says many pet owners are paying high premiums for cover they'll never use.

As a guide, just 1.49% of owners claimed more than $8000 in the past 12 months.

Grant Pugh, general manager of CoverMy Pet, says, "What we see across the industry is that pet owners start to cancel their policies after three or four years because the premiums have increased dramatically since they signed up.

"Unfortunately, shortly after they make this decision their pet is injured or becomes ill and they find themselves grossly out of pocket."

CoverMy Pet offers cover from $22 a month, covering 85% of usual vet bills for the lifetime of a pet. The average cost of pet insurance in Australia is $134 a month.

Pugh says shopping around for cover can mean saving upwards of $30,000 over the life of a pet.

Working from home could be affecting your health

Research suggests remote work may contribute to weight gain over time.

Close to one in two (46%) Australians work from home at least part of the time.

Along with flexibility, it can offer valuable savings.

The Committee for Economic Development of Australia (CEDA) estimates working from home cuts an average of three hours off weekly commute times, a saving worth around $5308 annually.

Add in the option of a 70-cent tax deduction for each hour worked from home, and it's easy to see why returning to the office full-time can hold limited appeal.

But there can be a downside.

A study by RMIT found working from home increases the likelihood of obesity over time.

That's because we no longer race to catch the bus, and without strict lunch breaks, we tend to snack more at home.

On the plus side, the research notes working from home doesn't always lead to weight gain, and it comes with the upside of greater flexibility around when we choose to exercise.

Consumer advocates estimate millions of Australians were impacted by Telstra's outage last week, including over 600 who, alarmingly, had trouble reaching triple zero.

But for many, waking up unable to connect to services crucial to daily life might not have been an entirely unfamiliar experience.

Ever since Optus' first big blackout in 2023, it feels like major telco outages have rarely been out of the news, in a period when we've also seen glitches across major bank networks.

Telco outages like last week's snafu might just be an inconvenience for those of us with only our own phone to worry about, but can cause major pain for anyone running a small business.

What caused the Telstra outage?

In the early hours of last Wednesday, a device Telstra uses to keep time synchronised across parts of its mobile network malfunctioned, leading to customers across the country waking up to find they couldn't access data or make calls on their devices.

But it wasn't just the screens we use for social media scrolling that were affected - some EFTPOS terminals businesses rely on to take card payments also went dark.

Soon after the outage began, EFTPOS system provider Tryo confirmed the Telstra breakdown had left some of its machines unable to process transactions.

With cards used for 73% of payments made by Aussie consumers, according to the RBA, this left any cafés, coffee shops and other businesses relying on these machines for their morning trade seriously out of pocket.

"When those services fail, the impacts can be immediate and costly," says Skye Cappuccio, CEO of the Council of Small Business Organisations Australia.

"Small business owners should not be left carrying the cost of failures in essential services they pay for and rely on to operate."

Hinting at the scale of the issue, Telstra said some business customers were without service for longer than individual consumers, as the federal government noted the issue was causing "real stress" for these small enterprises.

Why did EFTPOS terminals stop working during the Telstra outage?

The breakdown of Telstra's network affected EFTPOS payments because some terminals used by businesses to process transactions need to connect to 4G or 5G to work

When these systems go down, as they did during Telstra's blackout, and the machines have no backup way to connect to the internet, they stop working.

Latest payment glitch after bank bug

This isn't the first time a malfunction in the systems of a major company has caused havoc with finances.

In 2024, Money reported on a glitch at Commonwealth Bank that caused customers to be charged twice for purchases they had made through their accounts.

How to claim compensation after the Telstra outage

The Telecommunications Industry Ombudsman (TIO) -- the independent body that mediates disputes between telcos and their customers - says it expects service providers to make compensation available to customers affected by outages.

In accordance with this, Telstra has already promised assistance for individual and small business customers affected by last week's outage.

If you run a business that lost money or are someone who was otherwise left out of pocket, you can request compensation by lodging a complaint on Telstra's website.

The TIO says requests for compensation are more likely to be successful if you also provide records of:

• Your attempts to contact Telstra about the issue and any responses you received
• How long your service was disrupted for
• Any extra costs you incurred because of the outage, such as buying additional mobile data, travelling to access communications or losing business sales
• Receipts, invoices or other proof of these expenses
• Records showing impacts of the outage, such as screenshots, emails or messages about disrupted work or missed appointments.

The TIO says to contact them if you're having trouble reaching a resolution with Telstra or are unhappy with the outcome you're being offered.

Compensation scheme criticised

Consumer advocacy group the Australian Communications Consumer Action Network has welcomed the compensation scheme, but has criticised it for "putting the onus back on consumers."

The TIO agrees it shouldn't all be up to customers and says it's ready to help Australians having trouble with the process.

"Consumers shouldn't have to do all the heavy lifting after a major outage," said Ombudsman Cynthia Gebert. "If consumers aren't happy with the outcome they receive from their telco, they can reach out to the TIO for free and independent help."

The ABC reports Telstra executives will answer questions about the outage when they appear before a Senate inquiry on Friday.

How to prepare for the next telco or EFTPOS outage

Telstra's outage is a reminder of how reliant we are on telco networks, not just for chatting on the phone, but also for making payments, receiving information and organising our lives.

Consider these strategies if you're a small business owner or regular consumer looking for ways to build resilience before the next outage:

1. Carry cash as a backup

Many of us go without it these days, but notes and coins can be a lifesaving backup for essential purchases when payment networks or bank systems go down.

Financial adviser Amir Rodnia is a "big fan" of always keeping notes and coins on hand in case of an outage.

"It's sort of like keeping a spare tyre in your car: You hope you're not going to need it, but you know it's there when you have to use it," the author of Freedom Gameplan explains.

"Anywhere between $50 to $100 should suffice, unless you're in a regional area, where you may need a little bit more. [Keep some] on your person, in the car, maybe even a little bit in the house."

2. Be prepared to keep records

Your telco may ask for proof of costs you incurred, your attempts to resolve issues or other pieces of information if you go seeking compensation after an outage. Be prepared to collect this evidence.

3. Get to know your EFTPOS terminal

Running a business that uses an EFTPOS terminal connected to a mobile network to process payments? Seek information from the bank or financial institution that provided you with the device to see if there are backup options for keeping your terminal online during an outage.

4. Watch out for scams

Telstra says it's received reports of fraudsters calling customers and trying to take advantage of the recent outage by claiming to work for the telco and asking for personal details.

Beware of calls, emails, texts or social media messages appearing to come from Telstra if you haven't already lodged a request via the telco's online form. Any legitimate messages from the company should also appear in your account in the My Telstra app.

Contact the telco using details you've found yourself to confirm any suspicious requests or directions.

Beware of text messages labelled as coming from "Unverified". These have been flagged by Australia's SMS Sender ID Register - a new system designed to protect consumers and businesses from scammers.

Although Cuscal has a 60-year operating history, it has been listed on the ASX for only a short time and, in that time, has largely been ignored.

At least, that is, until we put it on the Buy List in March, after which the company made an acquisition at an astonishingly cheap price.

Cuscal operates a toll for electronic payments, collecting a fixed fee for transactions made across multiple payment rails.

If you pay by tapping your phone, credit card, or through EFTPOS or the Osko payment platform, there's a decent chance that Cuscal processed some of those payments.

Why every tap and subscription counts

There are three reasons for buying the stock, current price notwithstanding.

One is that the volume of transactions across the New Payments Platform, which provides instant, direct-to-account settlements, is growing explosively.

Consumers now pay for small purchases like coffee and train rides with a tap rather than with cash. This generates additional fee income for Cuscal.

For another reason, thank Netflix.

Streaming services such as Spotify and Amazon have been credited with changing consumer behaviour, from paying large annual sums to smaller, more frequent monthly subscriptions.

Everything from TV, music, insurance, toilet paper and telecoms is now largely paid by monthly subscriptions.

Splitting payments into 12 neat amounts is manna for Cuscal, as it generates 12 times the fees for the same annual payment.

The RBA reports that between 2013 and 2023, the number of payments per person rose from 330 to 730. That figure is no doubt higher today.

The third reason for buying the stock is the most compelling because it also confounds.

The acquisition that could transform earnings

Last year, Cuscal acquired Indue, a smaller competitor that has been in its crosshairs for years.

Indue offers a service like Cuscal's, only it leases payment rails and connections.

Cuscal can now migrate all of Indue's revenues that ran through leased infrastructure to its own. Doing so will make a dollar of revenue at Indue even more valuable.

The acquisition should significantly lift earnings, but not immediately.

First, Cuscal needs to integrate transactions into its own payment system by certifying payment paths, migrating bank cards and meeting reporting and security requirements. This is expected to take two to three years and cost $25-$30 million upfront.

Cuscal also needs to wait for lease terms to expire before Indue's transactions are moved over.

These are for a maximum of three years.

For the first year or two after the acquisition, the benefits of the purchase won't show and the cost of completing it may hide transaction growth.

After year three, though, earnings should explode.

A near-monopoly at a bargain price

Following the purchase of Indue, Cuscal recently agreed to buy Paymark, New Zealand's original EFTPOS network, from French processing business Worldline for $27 million.

The deal is expected to complete by June 30.

Paymark was New Zealand's first EFTPOS provider.

As with Cuscal, it operates the switch that routes payment authorisations between merchants, acquiring banks and card issuers.

Every time a Kiwi taps to pay at a supermarket or petrol station, there's a good chance it's going through Paymark's infrastructure.

The business processes more than 1.5 billion transactions a year and serves all four major NZ banks alongside merchants in every industry.

Around 75% of NZ merchants are connected to the Paymark network. This is not a niche business, it's a core part of the national payments infrastructure.

How Cuscal struck its best deal yet

Paymark was sold by the banks to French group Ingenico for NZ$190 million in 2018. Worldline then absorbed Ingenico in 2020.

So, how did a sought-after quality business end up as a distressed asset? Because Worldline itself is in financial strife.

Paymark was in the firing line because it was due to absorb $21 million in capital expenditure that Cuscal will now take on. This is what happens when a distressed seller meets a patient buyer.

Paymark is expected to generate A$5.4 million net profit next year, implying that Cuscal is paying just five times earnings for a near-monopoly asset with guaranteed transaction growth ahead.

For comparison, the Indue acquisition was struck at 25 times earnings.

Paymark won't provide the same opportunities for scale, but the capital project will end by 2030.

After that, the business will generate a reliable, growing stream of earnings. The return on capital on the purchase price will likely be more than 20%.

To fund the deal, Cuscal is raising A$33 million in new equity, the bulk of which is a fully underwritten institutional placement priced at A$4 per share.

This results in about 7.5 million new shares, equivalent to about 3.9% of existing shares on issue. The dilution is modest.

There are no heroic assumptions needed here.

These kinds of assets, at this sort of price, are rare. It is the best deal we've seen for a while.

That said, Cuscal is a better-than-average business but is not exceptional.

It must carry a huge capital buffer that stifles returns, and the big banks remain formidable competitors.

But a second sensible acquisition suggests that, in upgrading the stock in March, we may have undercooked growth potential and underestimated management.

So far, this has been a masterclass in capital allocation. With the share price up 21% since, we're downgrading to HOLD.