Best student discounts in Australia

A valid ID from your uni or tertiary institution can unlock savings on a big range of products, from a new laptop or tablet, to drinks and meals around campus.

Check the terms and conditions of different deals to make sure you're eligible, especially if you're only studying part-time.

Student discounts on laptops, tablets and tech

Provide an eligible student ID or student union card to Apple and you'll be able to save hundreds of dollars on the company's laptops, tablets and accessories by shopping through its online Education Store.

For example, the company's recently-released MacBook Neo is available for $150 cheaper here than on the brand's main online store, while more advanced laptops are similarly discounted.

Creating an account and verifying your student status with discount aggregator UniDays, meanwhile, can open-up access to 25%-off Samsung products and markdowns on tech from other major brands.

Concession transport fares for students

Most major city public transport networks offer cheaper concession tickets to local students whose enrolment has been confirmed by their uni or training college.

These discount fares will save you a lot compared to travelling on an ordinary adult pass, but your regular student ID card may not be enough to unlock them.

Some state transit bodies require you to apply for and be given a special concession card that you'll be required to use to get access to these cheaper fares.

For example, tertiary students in NSW and Victoria can get metro and regional tickets that are 50% cheaper than regular fares, but both state governments say you must first be carrying a special concession entitlement card approved and issued by them.

Cheap student travel passes are available in most other major cities with public trains, buses or trams, so check your local transit authority.

Student discounts on entertainment and event tickets

Some major ticket providers such as Ticketek might offer concession passes to their events, but it can be up to the event promoters themselves whether these are available.

Cinema chains are more likely to offer cheaper student tickets, but shop around if you've got competing theatres in the same area to see if these really do offer the best prices.

Food and dining discounts for students

Comparing options will also come in handy when scouting out spots to eat around campus. Cafes, pubs and restaurants near popular unis often offer discounts to anyone carrying a current student ID, so see what's available.

Note that these deals, which can include discounted food or free entry to ticketed events, might only be available on certain days or times.

The student association or union at your institution should have information on the best offers near you, while discount platforms like UniDays can be a source of deals redeemable at national restaurant chains.

Smart financial moves

Being enrolled in higher education, taking on an apprenticeship, living away from home while you're young or even just juggling study and work can make you eligible for payments from the government.

Of course there are plenty of caveats here, such as your age, income and family assets, but some of these lesser-known schemes can leave you better off financially for the long term.

Are you eligible for Youth Allowance or Austudy?

Receiving payments under Youth Allowance or Austudy can net you hundreds of dollars extra per fortnight, depending on your age and living situation.

See Services Australia's page on Top payments for higher education for more info.

Best student bank accounts and banking perks

Fees for keeping your money in the bank aren't as common as they used to be, but some major lenders will still charge you $5 or $6 a month for the privilege of holding onto your savings.

Luckily, some of these banks will waive these fees if you're a full-time student and under a certain age.

But it's worth remembering that some other banks don't charge any of these monthly admin fees whatsoever and may even offer better savings rates, so don't throw your funds at the first lender to catch your eye.

How students can get up to $1000 extra in super

If you're working part-time while you study, the fact you're earning less than a full-timer can actually open the door to getting extra money put into your superannuation.

Your employer should already be making contributions into your super account, but if your take home wages are less than $64,000 a year, you might be eligible for a co-contribution -- an extra payment chipped-in by the federal government.

This means any extra money you put into your superannuation after you've paid your tax (on top of what your employer's already put in there) matched by the government, who'll put the same amount of their money into your super account.

This co-contribution is capped at $500 per year and should arrive in your account a few months after you lodge your tax return for the year when you made that extra payment into your super.

If you're earning less than $37,000 a year, you'll automatically also get the low-income super tax offset (LISTO) - another maximum $500 payment the government makes to boost the super balances of lower-paid workers.

As part of its mission to help students better manage their finances, Money has partnered with Arc, the not-for-profit student organisation at UNSW, to provide Arc members with free digital subscriptions to Money, giving students access to trusted personal finance information and tools designed to help them make smarter financial decisions. 

AI can produce a confident legal answer in seconds. But if that answer is wrong, the consequences can be far more expensive than obtaining, or simply trusting, your lawyer's advice in the first place.

Artificial intelligence (AI) has become part of everyday life and, increasingly, part of the way people communicate with their lawyers.

We are seeing more clients send lengthy AI-generated emails setting out what they believe the law is, what an executor or beneficiary is supposedly required to do, or questioning the advice their lawyer has already provided.

There is just one problem: AI can be very convincing BUT it can be very wrong.

The hidden cost of a 'free' legal answer

AI-generated correspondence can cite legislation, legal principles and even cases with convincing authority.

But the information may be inaccurate, outdated, incomplete, based on another jurisdiction or simply inapplicable to your particular circumstances.

A lawyer cannot ignore the contents of your instructions and communications simply because they were generated by AI, nor can we accept AI-generated assertions at face value.

We are required to review them, check the authorities relied upon, correct inaccuracies and explain why the proposition is wrong or does not apply.

That takes time. And legal time costs money.

The irony is that a client trying to reduce their legal costs by relying on AI may actually increase them. Instead of paying their lawyer to progress the matter and advise on what matters, they may end up paying their lawyer to first explain AI-generated misinformation and explain, again, the advice they originally provided to you.

Sometimes, it is simply cheaper to listen to your lawyer than to pay your lawyer to justify why their advice is right.

When getting it wrong has much bigger consequences

The financial cost is only part of the risk.

In wills and estates law, there are circumstances where acting on incorrect information can have serious and potentially irreversible consequences.

Estate disputes are often subject to strict time limits. This includes contested estate disputes challenging the validity of a Will and family provision claims under Part IV of the Administration and Probate Act 1958 (Vic).

The applicable deadline depends on the nature of the claim and the circumstances of the claim. Relying on an AI-generated answer to advise you instead of obtaining timely legal advice may leave you relying on a false assumption of your legal position whilst a critical deadline continues to run.

Missing a deadline, taking the wrong procedural step, distributing an estate prematurely or acting on an incorrect understanding of your rights can have consequences that are difficult and sometimes impossible to undo. At that point, the cost is no longer simply an extra legal bill; it may be the loss of a legal right or opportunity altogether.

An AI platform may not know that an important deadline is approaching, whether it is applying the correct law, or that a fact you consider insignificant fundamentally changes the legal position. It does not know your complete factual circumstances and cannot assume professional responsibility for what happens if its answer is wrong.

Your legal matter is not a generic question

Wills and estates law is highly nuanced and deeply dependent on individual circumstances and human relationships.

Who owns an asset, how it is owned, the wording of a Will or trust deed, family relationships, previous financial arrangements, superannuation, capacity, evidence and events occurring years earlier can all change the legal position.

Two people can ask AI what appears to be the same question, but both may obtain entirely different answers.

Your solicitor is not simply searching for an answer to a question. They are applying the law to your facts, weighing and identifying facts and risks you may not know exist and advising you about what should happen next.

Think before you press send

There is also a practical problem with using AI to draft correspondence to your solicitor.

A five-page AI-generated email may take only seconds to produce. It does not take your lawyer seconds to properly consider it.

If it contains inaccurate legal propositions, irrelevant arguments or authorities that do not apply, your solicitor may have to work through each issue before they can return to the advice you actually need.

So, if you disagree with your lawyer's advice, ask questions. If something does not make sense, ask them to explain it. If you have read something that concerns you, raise it.

But think carefully before asking AI to construct a legal argument for you and sending it to your solicitor as though it were authoritative advice.

The bottom line

AI is fast. It is accessible. And it can sound convincingly correct.

But when the issue involves your Will, an inheritance, an estate dispute or a court deadline, "it sounded right" or "I relied on AI" will not protect you if the answer was wrong, and it certainly cannot take you back in time to prevent you missing a critical deadline.

Professional legal advice costs money. Correcting misinformation costs money too. But acting on that misinformation can cost considerably more - potentially hundreds of thousands of dollars, or the loss of an opportunity to pursue a claim at all.

The moral of the story?

Before asking AI to tell your lawyer what the law is, consider whether it might be cheaper and much safer, to ask your lawyer.

At the end of the day, your lawyer is there to understand the circumstances, protect your interests and take professional responsibility for the advice provided. AI is not.

Property was the vehicle for investment returns. Leverage was the engine.

The recent changes to negative gearing and the capital gains tax discount have weakened some of those tailwinds.

In broad terms, negative gearing will be restricted to established residential properties acquired before the Budget announcement, while the 50% CGT discount will be replaced by cost-base indexation and a minimum tax on capital gains from 1 July 2027.

While the Budget changes do not remove the investment case for property, they do reduce some of the tax advantages that previously supported these kinds of leveraged investments.

For some investors, these advantages outweighed some of the limitations of property investing, such as its illiquidity, but with the tax benefits removed, this may need rethinking.

Even without the tax benefits, property may still be an effective vehicle for building wealth.

However, as retirement approaches, reducing debt, contributing to super, improving diversification and maintaining access to capital can become just as important as growth.

Tax should be the tail, not the dog

Negative gearing was often promoted as a tax strategy, but nobody became wealthy simply because they received a tax deduction.

A $1 deduction does not produce a $1 tax saving.

Property investors must still fund the remaining loss, together with interest, maintenance and transaction costs.

For the past three decades, strong capital growth has often more than compensated property investors for these expenses.

But as we are currently seeing, capital growth can't be taken for granted. Ultimately, an asset must have an underlying reason to appreciate, whether that is rising income, increased demand or constrained supply.

The investment should work before tax. Tax concessions should improve a sound strategy, not justify a poor one.

For many investors, the numbers behind buying property may still be sound. For example, an investor who pays a deposit of $200,000 to buy a $1 million investment property has an asset worth five times their initial investment.

If the property value rises by 10%, the $100,000 gain represents 50 per cent of the original deposit, before interest, tax and costs.

This approach was particularly effective when borrowing costs were declining, property losses could reduce tax on salary and eventual gains received a substantial CGT discount.

But with less generous tax treatment and higher financing costs, future returns will depend more heavily on the property's rental income.

There are two key lessons here. Investors can't assume the conditions that supported previous returns will continue indefinitely. In addition, they need to remember that leverage works both ways.

A 10% fall in price reduces their equity by the same amount.

Concentration risk

Another consideration for investors is that many are unintentionally concentrated in their investments, with their family home, investment property and employment income all highly dependent on the Australian economy and property market.

That concentration may have helped build wealth while property values were rising and employment income was strong.

But it has also created a degree of risk which has been brought to the forefront by the Budget changes.

The tax changes therefore provide a useful trigger for reconsidering whether adding another leveraged property to an investment portfolio remains the best use of capital.

Super opportunity

A strategy that has successfully built wealth does not automatically remain the best strategy for funding retirement or transferring that wealth to the next generation.

As property concessions are reduced, superannuation is one of the few remaining opportunities to claim a personal tax deduction while building wealth.

Concessional contributions can reduce taxable income, subject to the applicable contribution caps and eligibility requirements.

Unlike negative gearing, these contributions direct money towards an investment for retirement rather than providing a deduction for an ongoing investment loss.

This can be particularly useful when approaching retirement, when investors may be earning their highest incomes and have fewer years remaining to build their super balance.

The strategy becomes less about taking on additional debt and more about placing savings into a tax-effective retirement structure.

Estate planning

Property's illiquidity may not matter greatly during the accumulation years. In retirement, access to capital becomes more important.

A diversified investment portfolio can generate income and allow investors to sell only the amount required.

Property will generally require refinancing or selling the entire asset, often involving significant costs and settlement delays.

Liquid portfolios can also be simpler to administer and divide between beneficiaries.

Property may create practical difficulties if beneficiaries disagree about whether to retain or sell it, or if one beneficiary wishes to take ownership but the others need to be paid out.

This does not make shares inherently better than property. It means flexibility, simplicity and estate planning should form part of the comparison, particularly later in life.

Warren Buffett once said, "Diversification may preserve wealth, but concentration builds wealth."

For many property investors, concentration and leverage did build wealth. But as retirement approaches, the objective often changes from building wealth to preserving it.

That is when diversification, liquidity and simplicity become increasingly important for funding retirement and transferring wealth to the next generation.

Reader question

Hello, Paul, my husband and I have been avid readers of your column since 2023.

Your insights are invaluable to us, and we are hoping for your guidance on how to best structure our finances to enjoy a comfortable lifestyle now while securing our future retirement. We are both in our mid-40s.

Our current position

• Property: Purchased our home in 2023 for $1.8 million with a current mortgage of $670,000.
• Mortgage strategy: We use a redraw facility. All our income is paid into the loan, and we redraw funds as needed for daily expenses and holidays.
• Income: Combined annual income of $310,000 (Josh: $200,000; me: $110,000).
• We both receive 17% super contributions. My husband has about $335,000 and I have about $100,000, both on defined benefit schemes.
• Family: Two children in primary school.
• No other debts: We usually go on an overseas trip once every one to two years.

Upcoming capital expenditure

We have significant renovations planned to improve our home:

• 2026: Window replacements ($43,000 deposit already paid).
• 2027: Ensuite addition, plus bathroom and laundry updates (approximately $100,000).
• Future: Landscaping, fencing and a pergola (approximately $100,000).

The dilemma

We currently pay approximately $87,000 in annual income tax. While we've noted your previous advice regarding paying off a primary mortgage before investing, our high tax burden is making us reconsider.

Given our high marginal tax rates, would you still suggest prioritising the mortgage and renovations over acquiring an investment property or shares? Especially considering the changing legislative landscape around negative gearing benefits.

This brings us to a couple of areas where my husband and I don't quite see eye-to-eye:

• Investing vs the home: I have a strong interest in real estate, but my husband does not. He believes our retirement security lies entirely in paying off our family home. I feel that a home isn't a complete retirement plan and that we are missing out on our potential to build wealth through outside investments.
• Renovating vs moving: My husband is hesitant about the upcoming renovations, not due to the cost, but because of the living disruption and his belief that they won't add significant resale value. He would prefer to sell and buy a finished home. My view is that we can easily afford the renovations and should do them to enjoy the lifestyle benefits now, especially since buying a new home that ticks all my boxes is outside of our current budget.

Our key questions for you:

Would you suggest shares or an investment property as viable "retirement builders" for us right now, or should we stick to the "mortgage-first" path despite the heavy tax leak?

Down the road, if we can afford it, does it make sense to completely pause our renovation plans now, save the money, and eventually buy a new home while keeping our current home as a rental property?

Or should we forget about investing entirely, focus purely on climbing our respective career ladders to reach the next pay level, and simply use that extra income to pay off our home loan faster? - Sothea and Josh

Paul's response

Thanks for the kind comments, Sothea and Josh. I much enjoy answering Money reader questions and try to provide some guidance in a very volatile world. Some things, such as wars, viruses, legislation and so on, we can do little about. But we can focus on what we can control.

Speaking of volatile, as you are very aware, the landscape for negative gearing has shifted quite dramatically. Tax has a habit of doing this.

Until September 1985 we had no capital gains tax (CGT). Then it was introduced on an inflation-adjusted basis. In September 1999, we moved to a mathematically simpler system where all your gain was taxable, but we received a 50% discount.

Now it looks like we return to the past and pay CGT on any gains in excess of inflation on investments after 1 July 2027, with a minimum rate of tax of 30%.

Personal taxation did not exist until 1915 when our first federal income tax was introduced to help fund the war effort in World War I, the idea being that it was a temporary tax. So much for that, of course. As we all know, tax has evolved into an overly complex, vast piece of legislation.

Tax is changing and it must keep changing, upsetting some, pleasing others.

Take our age pension system. I know retirees would like payments to be higher, and unemployment benefits certainly could be. But an age pension did not exist before 1908, when it was decided men should get one at age 65. Back then men lived, on average, to 58. Now a man's life expectancy is nearly 82.

Did we need to move the qualifying age up? Yes, we did. But it was only increased to 67 for men and women, a two-year increase, when on average we live some 16 years longer.

Changes to tax are inevitable as life expectancy increases.

One of my key money rules is "investment first, tax second". I am very cautious when I see tax being the primary driver.

Take the crazy tax schemes of the 1980s and 1990s. Huge tax breaks were introduced for film production and rural activities such as pine plantations and all sorts of things. In the vast majority of these, be it a film or a pine plantation, we got very few good films or pine plantations. Salespeople and managers of these products did well, but few investors did.

Super is an area where tax is part of the conversation, but the first part is holding good-quality assets for low fees. Add tax breaks to this and we investors have a winner.

With 17% super contributions, Josh will have little or no scope to salary sacrifice into super, but you should be under the $30,000 cap and, if your super balances are below $500,000, which at your ages I think they would be, you may be able to use your unused amounts from the previous five years.

I'd like you to chat to your accountant, your super fund or a financial adviser about this.

With the changes to CGT and negative gearing, super and the family home have become two very attractive, tax-advantaged assets.

We would have had a far more interesting chat about negatively gearing an investment property before the recent federal budget, but now, of course, you are restricted to a new build.

I'll be interested to see the actual legislation, but it seems a new build is one bought from a developer, a home built on vacant land, or an older demolished property where there is a significant increase in housing density.

My decades-long view has been to negatively gear an existing property in a tightly held area near a city centre or hub, with well-established public transport, schools, entertainment and so on, with scope to improve it and with as much land as possible.

There is a simple rule here. Property depreciates, which is why investors get depreciation allowances. Land appreciates in tightly held, established locations.

It is a bit sad, but it is also true that older buildings are often better built than newer ones.

So I'd be very cautious with negative gearing under the new rules.

My view would be to keep adding to your offset account via your redraw account. Top up super to the maximum, while recognising you can't touch this money until retirement.

I think there is an investment property in your future, but I don't want to see you buy the wrong new build that you can negatively gear just for tax purposes.

I'd suggest that a bigger deposit, where your rent pretty much offsets the costs of holding the property, and buying the very best property in a great location, is the way to go.

But with your incomes, large super contributions, adding value to your home with renovations and a commitment towards saving, I have little doubt you will be financially independent well before your retirement years.

I wish you all the best.

What to read next

• Could new CGT rules make shares more attractive than property?
• The best property investments after negative gearing changes
• What happens after you pay off your mortgage
• Ask Paul: We've paid off our house in our 40s, what now?
• How to choose investments that fit your life

While many borrowers focus on the big four banks when comparing home loans, customer-owned banks, credit unions and mutual banks often offer lower interest rates and lower fees.

New research from EY Australia shows customer-owned banks are typically offering cheaper variable home loan rates than the major banks, potentially saving borrowers hundreds or even thousands of dollars each year.

What is a customer-owned bank?

Customer-owned banking institutions include building societies, credit unions and mutual banks.

In total there are 48 customer-owned institutions with around 5.4 million members across Australia, according to the EY report.

What unites them is the ownership model they share.

Unlike many of Australia's largest banks which are listed and owned by shareholders, customer-owned banks are owned by their members.

Customer-owned banks offer some of Australia's lowest home loan rates

To get a sense of the competitiveness of home loan rates from customer-owned institutions, EY compared the sector to Australia's four major banks: ANZ, CommBank, NAB and Westpac.

The analysis revealed that, in May, the majors offered basic variable rates in the 5.99% p.a. to 7.24% p.a. range, while the top 25 customer-owned banks offered rates from 5.74% p.a. to 6.19% p.a.

That 25-basis-point gap between a 5.74% and 5.99% rate comes out at roughly $120 per month or $1440 a year, based on a $750,000 loan being paid off over 30 years.

Looking at the broader market, customer-owned banks are still among the most competitive.

As the table below shows, seven of the 10 lowest rates in the Finder database are from customer-owned players (shaded).

Michael Lawrence, chief executive of the Customer Owned Banking Association (COBA), says that one of the major reasons customer-owned institutions can offer sharper interest rates is thanks to their ownership model.

"The profits are not paid away to shareholders. Instead, the money that customer-owned banks earn gets put back into the development of products, service, or into regional communities.

"That structure enables our sector to produce very competitive and, in many cases, cheaper rates."

Are customer-owned banks open to everyone?

At this point, some borrowers may be wondering if there's a catch.

What's important to know about the customer-owned banking sector is that while the players within it have a shared ownership ethos, each institution is different.

Some are relatively large institutions that operate nationally, like Bank Australia and Great Southern Bank. Others are smaller, regional institutions, like Northern Inland Credit Union and Bank of us.

Others cater to specific sectors or professions, like Australian Military Bank and Teachers Mutual Bank.

Traditionally, some of these institutions have restricted their membership to people working in those industries, but as Lawrence explains, it's no longer quite as clear cut.

"Some COBA members have their roots with a particular profession, but their business model has expanded beyond that, so they are happy to bank more broadly.

"But we've got other members that still operate tightly within their traditional bond."

In practice, that means that most customer-owned institutions accept a broad range of customers, but it's worth double-checking before applying for a mortgage or another banking product.

Are customer-owned banks safe for savings and home loans?

Bank failures are rare in Australia, but it's only natural that customers with significant sums of money in a savings or offset account will want to know what would happen if the worst was to occur.

"We [customer-owned institutions] are regulated in exactly the same manner as other banks - be it through APRA, through ASIC, or any of the federal banking laws," Lawrence says.

"And because we are regulated in exactly the same manner as other authorised deposit-taking institutions, we are also covered under the government's Financial Claims Scheme."

That means, should a bank get into difficulty, deposits of up to $250,000 per account holder, per institution, are covered by the government under the Financial Claims Scheme.

Lawrence notes that customer-owned institutions are also working with the wider banking industry to improve their anti-scam and fraud measures via initiatives like the Scam-Safe Accord.

"We signed up to the Scam-Safe Accord with the Australian Banking Association, which is about making sure that there is an appropriate level of uplift and security from all banks.

"It's all about investing in things like confirmation of payee and other safeguards to prevent fraud. So, there's a lot of work going on in that space as well."

Aussie property owners pay tens of millions of dollars in state and territory land taxes and local council rates every year.

But these levies are influenced by property values, so will the recent fall in real estate prices mean some relief from these charges?

To find out what owners can expect, we asked three residential property experts:

• Melissa Barlas, founder of Conveyed conveyancing
• Mathew Tiller, head of research and business intelligence at LJ Hooker
• Dr Cameron Murray, chief economist at Fresh Economic Thinking

1. What is land tax?

Melissa Barlas: Land tax is an annual state or territory government tax levied on the ownership of land, based on its total taxable value. It's separate from council rates and from stamp duty, which is a one-off tax paid on purchase.

2. How is it calculated?

Mathew Tiller: It's not a federal government tax, which is why the rules are different across Australia... the main thing to understand is that land tax is generally based on the value of the land only, not the full market value of the property including the house.

Dr Cameron Murray: It's a tax on the unimproved value of the land. It's not how much your home would sell for, it's how much, if your house burnt down, your empty block would sell for... [there are] a variety of exclusions for owner-occupiers and low-value holdings. For example, in Queensland, you have to own at least $600,000 of residential land that's not your principal place of residence to start falling into the land tax bracket.

3. Who pays land tax?

Melissa Barlas: Owners of land that isn't their principal place of residence, investment properties, holiday homes, vacant land and commercial land, generally pay it once the total value of their landholdings in that state exceeds the threshold. Most owner-occupied homes are exempt (thresholds and exemption rules vary by state). Foreign owners often pay an additional surcharge.

4. How is the government-assessed land value different to the market value of a residential property?

Mathew Tiller: This is one of the biggest sources of confusion around land tax. A property's market value and its government land value are not meant to be the same number. A property could have a market value of $1 million, while its government assessed land value may be considerably lower.

Melissa Barlas: The government valuation (often called unimproved or site value) values the land only, it strips out the house, granny flat, pool and any other improvements. Market value is what a buyer would actually pay for the land and everything built on it.

5. How do government land values influence council rates?

Mathew Tiller: Official property valuations can be used when councils calculate rates, but the approach varies across Australia... your rates bill is not simply a tax on the value of your property. Councils usually work out how much revenue they need to raise, then share that cost across properties using their rating system. Property values can influence that calculation, but so can rating categories, minimum rates, service charges and other council charges.

6. There's been talk of property market prices falling in Australia - will this affect official land values and therefore land tax?

Melissa Barlas: Eventually, but with a lag. Valuations in several states are based on multi-year averages or periodic revaluation cycles, so a market downturn doesn't show up immediately, it needs to be sustained across a full valuation cycle to meaningfully pull down official land values.

Mathew Tiller: Even if the assessed land value falls, the land tax bill may not fall by the same amount. Tax rates, ownership structures, exemptions and the treatment of multiple properties can all affect the final bill.

Dr Cameron Murray: Depending which state you live in, they might not go down. The [tax] rates might go up, even if your land value goes down. For example, if you're in Victoria, they might want to not give up that tax revenue, given their budget tightness.

7. Will falling property market prices lead to lower council rates?

Melissa Barlas: Not automatically, no... because council rates are ultimately a budget-allocation tool, not a direct percentage of your property's value.

Mathew Tiller: Councils need to raise money to provide local services, infrastructure and facilities. Property valuations are used as part of the system to work out how that cost is shared between properties... but if property values fall across an entire council area, the council may still need to raise a similar amount of money. Everyone's property might be worth less, but that does not automatically mean everyone's rates bill will fall.

8. What recourse do property owners have if they believe their government-assessed land valuation is too high?

Melissa Barlas: Owners can lodge a formal objection with the relevant valuation authority... supported by independent valuation evidence or recent comparable sales. If the objection is rejected, most states allow a further appeal to a tribunal or court.

Mathew Tiller: Timeframes vary across states and territories... but the key point is to act quickly. These processes usually have strict deadlines, so owners should not leave it too late if they think the valuation is wrong. It is also worth checking whether land tax or council rates still need to be paid while an objection is being reviewed.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Jonathan Shead, head of investments, Australia, at State Street Investment Management.

They discuss the evolution of ETFs and the investing behaviours that matter most.

Episode timestamps

00:00 Introduction

01:11 Biggest lesson from 25 years of ETFs

03:07 How investors should approach ETFs as investments

04:35 The evolution of diversification over time

06:20 Can you own too many ETFs?

07:37 Which ETFs have been most popular with investors?

09:35 Lessons from the GFC and COVID downturns

11:37 ETF liquidity during market crises

13:47 The future: active ETFs and tokenisation

15:36 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

How often are new episodes released?

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

Can I watch episodes with captions?

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

Why subscribe to the Friends With Money podcast?

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

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

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

Why we like Henkel shares

Henkel is a high-quality, cash-generative business anchored by the adhesive technologies unit, the global leader in adhesives, sealants and functional coatings.

Its leading positions, technical expertise and deep customer integration support average organic growth of around 4% and margins in the high teens, with exposure to secular growth in electronics, EVs and industrial applications.

The other key business unit, consumer brands, holds leading positions in hair and laundry care and is becoming more focused and profitable following years of restructuring and portfolio simplification.

Henkel converts most earnings into free cash flow and returns surplus cash through a growing dividend and opportunistic buybacks.

The investment case rests on both segments delivering sustainable 3% to 4% organic growth, led by the adhesives unit, supplemented by inorganic growth from recent acquisitions (mid to high single-digit growth) and steady margin expansion.

About Henkel

Henkel is a German multinational chemical and consumer goods company headquartered in Düsseldorf, Germany.

The company employs about 50,000 people worldwide, with more than 80% of staff based outside Germany, including in Australia.

The company has two key business units: adhesive technologies and consumer brands. Its consumer brands portfolio includes Schwarzkopf, Dynamo and Sard across the hair care, laundry care and home care categories.

Strategy and outlook  

Adhesives should benefit from structural growth in electronics and a recovery in broader industrial demand, while consumer brands should improve as hair remains strong and laundry care returns to growth.

Recent acquisitions across both segments provide an additional growth lever.

Margins should expand modestly, primarily from volume growth and a favourable mix, although near-term raw material inflation could temper progress.

We expect capital allocation to remain disciplined, with strong free cash flow generation supporting a robust balance sheet and continued shareholder returns through a growing dividend.

Returns 

At a share price of about €78, Henkel trades on around 13.5 times FY26 earnings and offers a free cash flow yield of around 7%, towards the cheaper end of its historical range and at a discount to both adhesive and home and personal care peers.

We expect mid single-digit earnings growth from low single-digit organic growth, acquisitions and modest margin expansion.

Combined with a dividend yield of about 3%, this provides the potential for solid shareholder returns while waiting for valuation normalisation over time.

Our fair value estimate of around €89 assumes 13 times EV/EBIT, consistent with periods of similar EBIT momentum and implying about 16 times earnings and a free cash flow yield of about 6%, which we believe is reasonable for a high-quality, cash-generative business.

Each time Odysseus draws close, another obstacle appears: a storm, a monster, a god with a grudge. He knows where home is. Getting there is the hard part.

Retirement can feel like its own odyssey.

After decades of being told to save, Australians suddenly face a very different challenge: spending the nest egg they spent 40 years protecting and not knowing how long it will need to last.

The obstacles are less dramatic than the terrifying Sirens and Cyclops, but no less uncertain. Nobody knows exactly how long they will live, what they will need to spend each year or what their future circumstances will look like.

Even well-funded retirees can therefore become reluctant to spend.

Behind that reluctance sits regret risk: the possibility that, later in retirement, retirees look back and regret having been overly cautious in the earlier years.

Spending too cautiously can mean missing experiences that may not come again, or the retirement assets those savings were built to fund.

To combat regret risk, Odysseus offers a useful lesson. He does not wait for calm seas or danger to disappear.

He prepares, adapts his course and puts safeguards in place, so no setback sinks the voyage to get where he wants.

Retirement planning calls for the same approach. Here are four ways to navigate uncertainty without letting fear set the course.

1. Know what it costs to live the retirement you want

Start by separating the "must-haves" from the "nice-to-haves".

Add up essential annual expenses such as housing, groceries, utilities and healthcare, then distinguish them from flexible spending such as, on travel, hobbies or helping family.

Next, subtract dependable income, such as the Age Pension or a defined benefit pension. The remainder is the essential income gap.

ASFA's Retirement Standard puts the cost of a comfortable lifestyle at roughly $56,000 a year for a single retiree.

If $40,000 represented your must-have expenses and dependable income covered $30,000, the essential income gap is $10,000.

The remaining $16,000 represents flexible spending.

You can then consider how much of the essential gap should be covered by an income for life and how much of your savings should stay accessible.

This turns an abstract fear into a manageable number. Instead of worrying whether every dollar will last, you can focus on the income your daily life depends on.

2. Build flexibility into your spending

Generation Life's 2025/26 Navigating Uncertainty research found that two in three Australians believe superannuation rules change too often to plan confidently.

The concern is understandable, but markets, inflation and policy settings may never behave exactly as expected.

Rather than trying to predict every possibility, consider how your spending might change from year to year: essential expenses tend to stay roughly the same, while travel, home improvements or family support may rise and fall.

An account-based pension can flex with these changes, allowing withdrawals to adjust as your needs evolve, drawing more in a big-spend year and less after weaker market performance.

The aim is not to forecast every obstacle. It is to build enough flexibility into the plan to respond when circumstances change.

These decisions can involve significant financial considerations, so professional financial advice can help determine an appropriate approach.

3. Recognise that under-spending has a cost too

After a lifetime of saving, drawing down capital can feel reckless, even when the retirement plan allows for it.

This is where regret risk comes into play.

Spending too cautiously in the early years of retirement can lead to looking back later with regret over missed trips, less support for family, and experiences postponed until they may no longer be possible.

Having a regular income provides a structured way to help meet essential expenses, and bypasses the need to repeatedly decide when to access capital.

When essential expenses can be covered by a regular income, spending should feel more like using a retirement pay cheque rather than eroding a lifetime of savings.

A similar approach is to budget for enjoyment the same way you would budget for bills.

Someone with $12,000 a year earmarked for travel, hobbies and family time could transfer $1,000 a month into a separate account, reviewed annually with a financial adviser.

This makes enjoyment a planned part of retirement, rather than an expense they must repeatedly give themselves permission to make.

The objective is not to spend for the sake of it. It is to make deliberate choices before fear makes them for you.

4. Give different pools of money different jobs

It may be claimed that no single retirement solution is designed to meet every objective equally.

A retirement plan could weigh four broad priorities: longevity, or income that lasts throughout retirement; lifestyle, or funding the experiences and choices that matter; liquidity, or retaining access to money when circumstances change; and legacy, or supporting loved ones and leaving an inheritance.

Cash may cover near-term expenses, an account-based pension can provide flexible income and some access to capital, and growth assets can help savings keep pace with inflation over a retirement that may last several decades.

For some retirees, an investment-linked lifetime annuity such as LifeIncome may complement these sources as it provides a regular income for life.

Its income is linked to the performance of selected investment options, meaning payments can rise or fall from year to year and have the potential to grow over time.

This can help address longevity risk and provide greater confidence to spend from other assets.

The question is not which solution does everything. It is how different solutions can work together to meet different objectives.

The right combination will depend on individual circumstances, including spending needs, risk tolerances, health, family priorities and other assets, and is a conversation worth having with a financial adviser.

Remember what the voyage is for and don't let fear steer the ship

Odysseus's voyage was never about protecting his ship.

It was about getting home - what he wanted most. The ship mattered because it could take him there.

Retirement savings deserve the same perspective.

Success should not be measured by only how much remains untouched. Retirement savings are akin to the vessel.

A successful retirement plan can be measured by the life it makes possible: the trips taken, the family supported and the freedom to say yes to what matters.

After all, what is the point of preserving the vessel if fear prevents you from making the voyage?

We're still talking about inflation, weak growth, geopolitical risk and whether markets have run too far. Yet beneath those concerns, some of Australia's biggest companies appear to be preparing for something very different.

Look at where the money is flowing. BHP's latest result showed copper overtaking iron ore as its largest earnings contributor. Rio Tinto has delivered $870 million in productivity benefits while increasing its exposure to copper, aluminium and lithium.

Across the sector, investment continues to flow into copper, lithium, rare earths and critical minerals. These aren't decisions made for the next quarter. They're bets on where demand could be years from now. We're also seeing important changes elsewhere.

After a difficult period, CSL expects underlying profit to grow in FY27 despite broadly flat revenue. AGL is forecasting stronger earnings as its battery portfolio expands and costs fall. Then there are interest rates.

The RBA expects inflation to move back towards its target over time. Meanwhile, CBA is forecasting two rate cuts in 2027. If rates fall while companies emerge leaner and more efficient, the combination could be powerful.

So, what would I be doing with this information? I'd watch for companies demonstrating three qualities: falling costs, improving earnings potential and investment in areas where future demand is growing.

Not because 2027 is guaranteed to be a great year. Rather, this reporting season is providing an early look at where corporate Australia is placing its bets.

The headlines remain focused on what could go wrong. Yet some of Australia's biggest companies are spending billions on what they believe will go right.

That is the part of this reporting season I wouldn't ignore.

Best and worst sectors

Healthcare was the best-performing sector this week, rising more than 11%. The gain was driven largely by an impressive result from its biggest constituent, CSL Limited.

Materials gained more than 5%. Investors responded positively as mining giants including BHP and Rio Tinto continued shifting towards higher-growth commodities. This helped offset the effect of weaker iron ore.

Energy also rose more than 3%. Another surge in oil prices supported the sector as instability surrounding the Iran conflict continued.

At the other end of the market, Financials was the weakest sector, falling more than 5%. Selling continued from the previous week as reporting season weighed on sentiment towards the sector.

Consumer Discretionary dropped more than 4%. JB Hi-Fi's result triggered a broader sell-off across retail stocks.

Consumer Staples fell more than 2%. The recent weakness may reflect short-term profit-taking after the sector's strong run earlier this year.

Best and worst stocks

CSL Limited led the ASX Top 100 this week, climbing more than 25% following its FY26 result. The market responded positively to the company's major restructuring plans.

Pro Medicus followed, rising more than 15%. Another strong FY26 result reassured investors that its underlying growth story remains firmly intact. Evolution Mining rounded out the leading performers, gaining more than 14%.

The company delivered a record FY26 result, supported by another strong rise in the gold price.

At the other end, JB Hi-Fi was the weakest performer, falling more than 14%. Despite record FY26 sales, investors focused on weaker recent trading and its implications for FY27 growth.

Aurizon Holdings followed, falling around 13%. Expectations of lower coal earnings in FY27 overshadowed an otherwise solid result. HUB24 also fell more than 12% despite delivering strong earnings growth.

After a significant rise in recent years, its share price is now trading sideways. Investors are now weighing how much future growth is already priced in.

All Ordinaries Index update

The All Ordinaries Index finished almost flat, falling just 0.16% this week. However, the most important move came on Thursday.

After drifting lower earlier in the week, the market tested the 9200 level we've been highlighting.

Buyers then stepped in and pushed the market higher. That initial reaction is encouraging and reinforces 9200 as the key level to watch. If it fails to hold, 9000 becomes the next important support level.

Interestingly, Healthcare was the strongest-performing sector this week, led by CSL. Materials also performed strongly.

That is encouraging given the significant volatility we've seen in individual stocks throughout reporting season.

Only a couple of weeks of reporting season remain, and most major companies have now released their results. We should therefore see volatility begin to settle.

This should also provide a clearer picture of where the market wants to head next. The market's underlying structure looks considerably different from what we saw earlier this year.

The recent weakness still resembles a retracement within a broader bullish move.

At this stage, it doesn't appear to signal the beginning of something more serious. The market's reaction around 9200 is now crucial and, so far, it's positive. If buyers continue defending this level, it will strengthen the bullish case.

It could also position the market for a healthy finish to the year.

Australians have become accustomed to price rises in years - groceries, rent, energy bills, you name it. But one of the most notable has been comprehensive car insurance.

Between 2019 and 2024, premiums jumped 42%, a new report released by the Australian Securities and Investments Commission (ASIC) has revealed.

Then in the 12 months to July 2025, they rose a further 8%.

Despite the increases being well above the rate of inflation, ASIC contends that insurers haven't been providing adequate explanations to their customers as to why.

"With many households already facing cost-of-living pressures, consumers deserve to know why premiums are going up so they can decide whether to stay with their current insurer or shop around," says ASIC commissioner, Alan Kirkland.

"Most insurers gave only generic explanations in supplementary documents, with some providing no explanations at all."

Why some drivers are overpaying

Soaring premiums and a lack of transparency aren't the only issues though. The corporate regulator found that many customers are paying much more than they need to.

The main culprit? Apathy. Two thirds of consumers renewed their latest policy with their existing insurer, with 40% of those admitting that they didn't shop around or try to negotiate a better deal.

As ASIC's research found though, pushing back against your insurers' renewal offer can be beneficial, with a third of customers walking away with a cheaper premium for doing so.

"The problem is that not everyone has the time, confidence or capability to negotiate with their insurer, and many may not even know that this is possible," Kirkland says.

"Sadly, these findings indicate that sometimes loyalty is not repaid."

The case for comparing quotes

For customers who are determined to get a better car insurance deal, one of the first steps worth taking is comparing their existing offer to the broader market.

Sarah Orr, a spokesperson at Compare the Market, explains that this may be particularly important for those who haven't shopped around in recent years.

"When you sign on for a car insurance policy, a lot of the time you'll get discounts upfront - the little sweeteners that insurers use to entice you in.

"But then year on year, you'll often see a quite a significant premium increase because all of those introductory discounts will have fizzled away."

So how many quotes should customers aim to get? Orr suggests that a quote from five or six different insurers should give people a good sense of their options.

"You can use comparison sites to you get quotes from several insurers - to see how they compete on price side by side.

"But if there are brands you like that aren't featured, go directly to the insurers sites to run some quotes yourself."

Asking your insurer for a better deal

With competing quotes in hand - especially if they're better value - insurance customers will be in a stronger position to go back to their insurer to ask for an improved offer.

"I would also look at the insurer's website and what they're offering new customers. Sometimes they'll give 10% off to new customers who sign up online, so see if they can match that," Orr recommends.

Ultimately though, Orr says that whether or not someone is successful in negotiating may come down to the individual's situation and the insurer's desire to retain them.

"Insurers used to have more of an appetite for negotiating, but they seem to be playing that retention game a bit less.

"But going in informed won't hurt. And if they [the insurer] say no, then perhaps it's time to switch.

"Interestingly, the home loans market is actually a bit different. Lenders are really competitive and want to retain their customers, so people are getting some good results negotiating there."

Four more ways to cut your car insurance costs

Even if customers don't have any joy negotiating a cheaper premium with their current insurer, Orr says that there are other levers they can pull.

1. Increase your excess

"A lot of people choose a really low excess and pay a higher premium for the privilege. But if you're a safe driver who hopefully won't need to claim, then setting a higher excess could help you save.

"You could even put the money you save into your emergency fund or offset account. That way it's working for you, but if you do need to make a claim, it's there."

2. Opt for a low-kilometre policy

"Drive less, pay less or low-kilometre policies are becoming increasingly popular.

"If you're spending less time on the road, it could be worth updating your kilometre estimate and seeing if one of these policies would be suitable, because the premiums can be more reasonable."

3. Update your details

"If you've recently moved and you're parking your car in a garage rather than on the street, that can help shave money off your premium. Or if you're in a suburb that's considered safer by your insurer.

"You can't build your life around your insurance policy, but if your life circumstances have changed, then it's possible that you could be paying less."

4. Switch to annual payments

"It's not true for every insurer, but many do charge extra for monthly payments. So, when you generate a quote, toggle the options to see what it would cost you to pay monthly versus annually.

"Then if you are able to pay upfront, sometimes that can take a decent chunk off the premium."

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For most of his career, Professor Joel Pearson was fascinated by things that seemed impossible to measure.

Intuition. Imagination. Consciousness. Creativity.

They were topics that sat somewhere between neuroscience, philosophy and art, intriguing but rarely the stuff of everyday conversation.

Then AI arrived.

Suddenly, the neuroscientist who had spent two decades studying the human mind found himself asking not just how we think, but what happens when machines can think too.

Today, Pearson is one of Australia's leading voices on the human impacts of AI. But his path there began far from Silicon Valley.

Born in Balmain, Sydney, and raised in the Blue Mountains by "hippie parents", he attended an alternative Steiner-type school that was all about creativity and independent thinking.

"I loved it there," he says. "I was either in the art room painting and drawing or in the science lab. It was a very small school. In Year 12 physics and chemistry there were only two or three of us. We'd rip through the material, then spend time on other cool things."

From art and architecture to neuroscience

After school he enrolled in architecture, seeing it as the perfect combination of creativity and technical thinking.

Then came a six-month solo trip through Europe, a science degree, fine arts, filmmaking and eventually a return to science through an obsession with consciousness and how we experience reality.

"I ripped through my PhD in two years, which was a record at the time. My academic background is all over the place," he says, laughing. "But looking back, it's always been about science and art."

What linked the two wasn't a career plan, but curiosity.

"In art, it might be discovering how music and visuals combine to make someone feel something. In science, it was discovering how imagination works, or how intuition works, or how we experience the world."

Studying consciousness, intuition and imagination

Pearson has spent much of his career studying topics many scientists considered too difficult, "too fluffy" or too subjective to tackle.

"Things we don't understand are often the most interesting to me because they have the biggest potential pay-off," he says.

His work has explored everything from mental imagery and intuition to hallucinations and aphantasia, a condition where people cannot visualise images in their mind.

"What I've become known for is taking topics people think are too ephemeral and creating objective ways to measure them," he says.

How ChatGPT changed his career

For years, that work attracted academic attention and research grants.

Then ChatGPT arrived.

Like many of us, Pearson was equal parts fascinated and alarmed.

"I felt it was going to change everything in our lives and people just didn't realise how big it was going to be," he says.

At first, he assumed someone would step forward to explain the broader implications of AI.

"I thought someone like [psychologist] Adam Grant in the US would start talking about the psychological and societal impacts."

Instead, journalists were turning to computer scientists for answers.

"These are the godfathers of AI, they're world experts. But they don't know about schools. They don't know about consciousness. They don't know about human behaviour," he says.

One day, something clicked.

"I realised nobody was talking about the human side of this," he says.

What is a neurofuturist?

As his work expanded into the societal impacts of AI, Pearson coined a new title for himself: neurofuturist.

"A lot of futurism is about technology. But technology doesn't exist in a vacuum. Humans have to live with it."

For Pearson, neurofuturism is about understanding how people think and respond to change, and using that knowledge to navigate what's coming next.

He believes many are making the same mistake with AI that previous generations made with electricity.

"When electricity first arrived, people thought it was just about better candles. But electricity wasn't a lighting revolution, it was an energy revolution.

Think electric motors, refrigeration, cinema.

We keep calling AI a technology revolution, but what's actually being scaled up is intelligence."

AI is an intelligence revolution, not a technology revolution

When intelligence becomes abundant, cheap and non-human, Pearson argues, the implications extend far beyond software or productivity.

Jobs. Education. Relationships. Politics. The economy. Everything.

The conversation needs to shift from whether AI is good or bad to how society navigates the disruption, he says.

"If companies bring in change specialists when they're changing one system, what do we do when we're going through the biggest change in human history?"

He has spent the past two years briefing politicians, advising organisations and advocating for a national change framework.

"We're going to need better psychological toolkits. Better ways of dealing with uncertainty. Better habits. The people who adapt best won't necessarily be the most technical, they'll be the most resilient."

Why resilience will matter more than technical skills

These days, Pearson's lab at UNSW still runs projects exploring imagination, intuition and consciousness, but much of his focus has shifted to what he sees as an urgent national challenge.

"I've pivoted. I feel duty-bound to do this work," he says.

Part of that mission involves helping people prepare for an uncertain future.

Another starts at home.

Pearson and his wife homeschool their children, aged six and eight, and limit screens and social media.

"I want my kids to learn how to learn," he says. "I want them to be curious about the world and to have agency."

He believes qualities such as curiosity, adaptability and initiative will become increasingly valuable as AI takes over routine tasks.

"We don't need people who can just memorise facts. What matters is being able to learn new things, change your mind and think critically," he says.

The skills AI can't easily replace

He also places huge value on emotional intelligence and human connection.

"Soft skills are more important than ever. They build resilience, creativity and emotional intelligence," he says.

It's one reason the family places such an emphasis on socialising.

"We spend a lot of time helping our kids learn how to interact with people," he says. "Because in an AI world, being a good human is becoming more valuable."

Why emotional intelligence is becoming more valuable

For all the anxiety surrounding AI, Pearson is an optimist.

"I think we're going to get to some kind of AI utopia," he says. "AI is going to help solve problems we've struggled with for decades, climate change, rare diseases, cancer, all kinds of things."

The challenge is what happens in between.

How to use AI without losing critical thinking skills

One concern is what he calls "AI brain rot", the risk that people outsource too much thinking to machines.

"As we outsource our thinking and decisions to AI, we're getting dumber," he says. "It's like going to the gym wearing a robotic exoskeleton that lifts all the weights for you. Your muscles don't grow because the robot is doing the lifting."

His solution is what he calls "cognitive upsizing".

"Use AI. Outsource what you can, but then take on bigger, more complex problems yourself. Keep that pressure on your brain. Keep thinking."

The same principle applies to work, money and purpose.

What AI could mean for jobs, investing and the economy

Pearson believes AI could challenge some of the economic assumptions that have shaped society for generations.

"We're going into a weird period where a lot of the traditional financial models are no longer going to work," he says. "Things like GDP could keep rising while unemployment rises as well. That's not something we've really seen before."

While Pearson still invests through broad-based ETFs and keeps an eye on developments in AI and energy, he's less interested in picking the next winning stock than understanding the bigger forces reshaping the economy.

"In the long run, I think AI is going to change capitalism itself," he says. "We're heading towards what some people call an age of abundance, where the cost of producing goods and services will fall dramatically. But getting from here to there is going to be messy."

Finding purpose in a world of intelligent machines

Ultimately, though, Pearson believes the biggest challenge won't be financial, but human.

He points to research showing that people who lose a sense of purpose often experience poorer mental and physical health, even when money isn't an issue.

That's why he believes the future of work isn't just an economic question, but a human one.

"What are people going to do? How are they going to contribute? How are they going to find meaning?" he asks. "Those questions are just as important as the technology itself."

For Pearson, they're also personal.

He could easily retreat into academia, continue his research and leave the AI debate to others.

The biggest challenge humans will face this century

Instead, he finds himself travelling the country, briefing governments and trying to help people prepare for what's around the corner.

"I could easily coast out to retirement, but this is too important. The next decade or two is the biggest challenge humans are going to face. I don't feel like I have a choice."

There is a fourth survival response, and almost nobody talks about it.

Fight. Flight. Freeze. And fawn - where the nervous system, under threat, defaults to pleasing. To smoothing. To keeping the other person comfortable so that you stay safe.

Researchers have understood for 25 years that women's stress responses differ from men's, shaped by both biology and social conditioning, with women more likely to respond to threat through accommodation than confrontation. Tend-and-befriend, the researchers called it. Not fight-or-flight.

We have language for what that looks like in relationships. We have almost none for what it does to money.

So let me name it.

The financial fawn response: is what happens when your nervous system decides that being agreeable is safer than being accurate about money.

What it actually is

Money isn't neutral. It has energy. And energy doesn't live in spreadsheets first - it lives in the body.

If your chest tightens when you check your bank balance. If your breath shortens when a bill arrives. If you avoid emails from your bank, or keep telling yourself you'll deal with it later - that isn't laziness, and it isn't irresponsibility, whatever the conditioning says. That is your nervous system doing exactly what it was designed to do.

It is responding to a perceived threat.

Fight looks like defensiveness. Flight looks like avoidance - the unopened statement, the app you've moved off the home screen. Freeze looks like the decision you cannot make. Fawn looks like none of those things, which is exactly why it goes unnamed.

Fawn looks like being lovely about it.

It looks like thanking someone for a rent increase. Like apologising to a call centre operator before you ask your question. Like accepting the first number because querying it feels rude. Fawn is the only survival response that gets praised.

Why women, specifically: the conditioning

It begins early. Girls are praised for being agreeable, helpful, good. Punished - subtly, sometimes loudly - for taking up space.

The rules are rarely stated out loud. You absorb them through observation, through consequence, through the silence that follows when you step out of line. In my book I set them out as I received them:

Don't focus too much on money.

Don't out-earn, out-ask or outgrow the people around you.

Don't make anyone uncomfortable.

Don't take risks.

By the time she is old enough to negotiate a salary, a mortgage rate, a rent increase, her nervous system has been trained for decades to read confrontation as danger and accommodation as safety.

And the signals keep arriving, and they accumulate. The agreeable woman is liked. The accommodating woman is admired. The woman who doesn't ask for too much is considered humble and reasonable. The woman who is clear and unflinching about what she expects is labelled difficult, or arrogant.

I call what those signals build a polite cage. It has no visible bars. No one explicitly forbids ambition or financial independence. The boundaries are communicated through tone and social consequence.

Women who negotiate strongly may be labelled aggressive. Women who prioritise financial independence may be described as selfish or intimidating. Women who speak openly about wealth can be perceived as tasteless.

Because the signals are subtle, many of us begin to maintain the cage ourselves. We soften our ambitions before presenting them. We minimise our achievements, downplay our goals, and apologise for wanting more. We underprice our work and delay investing, even when we know intellectually that doing so limits our future.

Why women, specifically: the structure

Here is the part that gets left out, and it is the part that matters most.

The financial fawn response is not a personality trait that women happen to have. It is an accurate read of a system.

Women earn less over a lifetime. They experience interrupted careers and years of unpaid caregiving. In Australia, women reach retirement with roughly 20-25% less superannuation than men. Not because they saved badly. Because the system was designed around continuous full-time employment, and penalises career breaks, part-time work and unpaid care.

Women are more likely to experience financial dependence within relationships. Some experience financial control or coercion. And older women - particularly those aged 55 and over - are one of the fastest-growing groups experiencing homelessness in this country.

None of that is abstract. It shapes how money feels in the body.

So when money feels unstable, a woman's body doesn't interpret it as a spreadsheet issue.

It interprets it as a threat to her autonomy.

That is why the reaction is visceral. And that is why fawning, in context, is not irrational. It's adaptive. When resources feel uncertain, the nervous system becomes cautious. It conserves energy, minimises exposure, resists unnecessary risk, and keeps the people who hold power comfortable. That is a survival strategy, and for a long time it was the correct one.

Then we told women they had imposter syndrome. As if the problem were their relationship with confidence, rather than their relationship with a system that was never designed to count what they contribute.

It was never imposter syndrome. It was exclusion recognition.

The feeling is real. The read is accurate: the financial, workplace and education systems weren't designed with her in mind.

And the market has already priced it in

This is the part that should make us angry rather than ashamed.

The financial system has been built to profit from this response.

Banks count on you not calling. Energy retailers price loyalty taxes into customers who don't switch. Insurers rely on renewal inertia. Landlords raise the rent, and women, on average, are less likely to negotiate it down.

The system is functioning exactly as designed - extracting margin from women conditioned not to push back.

And the numbers aren't small. A 0.3% reduction on an average Australian mortgage saves thousands a year. A single energy plan review can shift hundreds. A negotiated rent increase compounds for the length of the lease. Multiply that across a working life and you are looking at a house deposit that never existed, made entirely of politeness.

That is not a discipline problem. It's a design problem.

What it looks like from the inside

When your nervous system activates, money stops being money. It becomes a nervous system management tool.

Spending.

Avoidance.

Over-giving.

Over-functioning.

Silence.

These are not character flaws. That is power leakage.

And underneath all of them is the same movement. Not dramatic. Quiet.

You abandon yourself.

You override your own boundaries.

You silence your own instincts.

You make decisions that soothe the moment instead of protecting the future.

You spend to reduce tension.

You avoid numbers that trigger shame.

You say yes when you mean no.

You over-function to keep the peace.

You shrink to keep stability.

In daily life it is smaller and more ordinary than that sounds. It is agreeing to unpaid or underpaid work - not because you're unaware, but because saying no feels confrontational. It is avoiding a money conversation entirely, not because it's irrelevant, but because it risks tension. It is lending money you can't afford to lose. It is staying quiet about a salary because being liked feels safer than being paid.

Each of these moments feels social. Relational. Situational.

But they compound financially. Year after year. Decision after decision. Until the gap between value and compensation becomes significant.

It shows up hardest when a woman earns more. The most common response is to overpay - to pick up the dinner, fund the holiday, upgrade the lifestyle one increment beyond what the relationship can sustain on the lower income. I did this in many of my relationships, almost trying to compensate for earning more.

It felt generous at the time. It also felt like the easiest way to smooth over the tension. But the pattern quietly erodes leverage. Money that could have been building assets, investments or long-term security instead disappeared into emotional smoothing.

The intention is harmony. The outcome is reduced independence.

Naming it in myself

I wrote the book from within this very response. This is the passage in my book where I name it:

For me, when I feel my financial decisions are being questioned or scrutinised, I shut up shop.

It's too close to the old experience of having my identity shaped entirely by others, for others. A fawn stress response - where you instinctively try to please or appease others to stay safe - I learned early, in order to fit in and get my needs met.

In those moments, it feels like I'm being controlled again.

My breathing becomes shallow. A lump forms in my throat. I lose awareness of where I am and what my body is doing. All I feel is the urge to defend myself, shut down or run.

I want to be exact about something. I did not learn to fawn because I was weak. I learned it because it worked. It kept me connected. It kept me safe. It got my needs met in environments where asking directly wasn't an option.

Shrinking, appeasing and over-functioning were adaptation.

The difficulty arises when an adaptive response becomes a permanent identity. Protection that once made sense quietly becomes a constraint. And repeated self-abandonment has a cost: it drains your energy, erodes trust in your own decisions, and financially, it creates patterns that transfer power away from you.

How I work with it now

None of what follows is about becoming harder. It's about becoming self-led. There is a difference between being kind and being compliant. Between being collaborative and being self-abandoning. Between being liked and being respected.

1. Regulate before you respond.

When that happens, I practice evening out my breath. I tell myself, quietly and repeatedly: I am safe. I am sovereign. I choose. I keep going until I begin to feel my body again. I wiggle my fingers. I press my feet into the floor. If I'm in conversation with someone I feel safe with, I pause and name what's happening internally. If not, I excuse myself and step away.

That is not a soft skill. It is the precondition for every financial decision that follows. A regulated body thinks in years. A dysregulated body thinks in days.

2. Know where you are in the cycle.

When money triggers the nervous system, the pattern usually runs in three stages. Activation: anxiety, shame, urgency, avoidance. Protection: distraction, spending, shutdown, procrastination. Return: regulation, re-entry, one next action.

Return is never fix everything. Return is one next action, performed while regulated. If you can't do it regulated, it isn't agency - it's compliance.

Naming the cycle removes the shame from it. Growth isn't linear. Sometimes we circle back to patterns that feel familiar, not because they're good for us, but because they once kept us safe. Agency begins when you stop treating that return as failure.

3. Build structure so you aren't negotiating with yourself.

Traditional advice says be more disciplined, try harder, push through. That only works when the nervous system feels safe. Applied to a body that already feels unsafe, discipline registers as control - and for many women, control carries memory.

Structure works where willpower doesn't, because it is self-trust decided in advance. I run my money in four directions rather than one budget: Essentials, Enjoyment, Safety, Future. Essentials keep life running. Enjoyment makes sure the money supports a life worth living. Safety builds the buffer that protects me when disruption appears. Future quietly builds what my older self will rely on.

When the streams are running, what you feel isn't discipline. It's a nervous system that has stopped treating every transaction as a verdict.

4. Treat boundaries as financial infrastructure.

Boundaries get talked about as emotional tools. They are also financial. A boundary isn't hostility - it's a structural limit that protects value. Without boundaries there is no margin, and without margin there is no expansion.

Saying no isn't cruelty. It's containment. It protects your Safety Stream, your Future Stream, and your nervous system. Generosity is powerful when it's chosen, not when it's extracted.

5. Do the unimpressive things.

Rebuilding doesn't require grand gestures. It requires small, consistent acts of financial self-trust, repeated long enough to become identity:

Tolerating the discomfort of looking at the numbers.

Making one financial decision a week when everything in you wants to wait for clarity first.

Protecting your Safety Stream, even when you feel guilty spending anything on yourself.

Asking for help from professionals.

Being radically honest about what you actually have, and what you actually owe.

And the deliberately unglamorous version: call the bank and ask what their retention rate is. Query the bill. Reply to the rent increase with a question instead of a thank you. Not aggressively. Just accurately.

6. Expect a social cost, and price it correctly.

This is the part I underestimated. When you stop fawning, some people go quiet. Not dramatically - they simply stop asking questions. They watch and don't applaud.

Those silences are information. They are the moment the arrangement gets renegotiated in real time: the people in your orbit communicating, without words, that the version of you they preferred was the smaller one. The price you are being asked to pay to stay is your willingness to self-abandon.

There is real grief in that. But the cost of staying small is higher than the cost of rising, and it is charged for far longer.

What changes

Agency begins when you notice the moment you're about to abandon yourself - and instead, you stay.

Stay in the conversation.

Stay within the boundary.

Stay with the number.

Stay with yourself.

Likeability doesn't build wealth. Clarity does. Boundaries do. Negotiation does. And when a woman stops trading financial outcomes for approval, her financial reality slowly begins to reflect her actual value - not the version of herself she performed in order to be accepted.

The fawn response isn't a personal flaw. It's a conditioned survival response, imposed by a system that rewards women for compliance - and then charges them interest on it.

You were never bad with money. You were responding to everything money has always meant - to women, to safety, to the question of whether you get to leave, stay, or choose.

That tightness isn't a character flaw. It's data.

This is an extract of She's Giving Wealth, which maps the nervous system work, the Four Money Streams, the polite cage, the Likeability Trap, and the practical structure underneath - built from the real financial lives of 14 Australian women. The book is available now at shesgivingwealth.com, along with the free companion workbook that sets up the Four Money Streams.

Solar panel recycling fee could increase installation costs

It would only be a small increase, but Aussie households would have to pay more to install solar under one suggested plan for tackling the country's growing number of discarded panels.

A national science organisation says a fee charged on solar panel importation, installation or disposal could encourage consumers to choose better systems and ensure more panels are recycled.

In March, the federal government told a parliamentary inquiry into panel waste that Australia is facing a "significant wave of end-of-life rooftop solar systems".

Solar panels contain small amounts of silver, silicon, copper, gold and tin, but only a small proportion of them are currently recycled because extracting and reusing the minerals contained within isn't considered economically viable.

Peter Derbyshire, acting CEO of the Australian Academy of Technological Sciences and Engineering, says a fee of "between $10 and $20 per panel" to install solar or have panels disposed of could fund a stewardship program that would see more solar panels recycled.

Depending on the brand, a single solar panel currently costs between $130 to $290, according to the latest data from Solar Quotes.

Alternatively, Derbyshire says the fee could be levied when the panels are imported, with the charge depending on how easy they'll be to recycle.

"It does make the cheaper ones a little bit more expensive, but I think it also solves the problem and creates that opportunity for greater research and development into these new solar panels that could be more reusable," he says.

10,000 Australians warned after crypto scam data breach

More than 10,000 Australians are at heightened risk of being targeted by scammers after their personal details were found by police investigating cryptocurrency criminals overseas.

The National Anti-Scam Centre (NASC) has contacted the local users of cryptocurrency exchanges and wallets whose information was found by UK authorities cracking down on crypto scammers.

NASC says British police recovered the personal contact details of more than 10,000 Australians while arresting members of an organised crime syndicate seeking to steal funds from crypto investors in several countries.

The national scam-fighting body says that while the original scam operation had been shut down by UK authorities, the personal details of the Aussie targets could "still be circulating among criminal networks" and might be picked up by a new group of fraudsters.

NASC is contacting those whose details were leaked by email and urging them to beware of any new attempts to scam them out of their savings.

Will higher wages for gig workers deliver more expensive food and groceries?

Since Monday, food and grocery delivery workers have been enjoying new national standards guaranteeing them higher pay and insurance protection.

The changes brought in by the Fair Work Commission require platforms like Uber Eats and DoorDash to pay riders and drivers at least $31.30 per hour while they're making deliveries.

That's higher than Australia's minimum wage, and higher again than what unions say the workers received when they were considered independent contractors and not covered by standard worker protections.

The platforms will also have to provide personal accident insurance to their workers.

Unions and delivery companies came together to welcome the reforms, which they had spent years negotiating on, but will they mean you'll have to pay more to get your food or groceries delivered?

The platforms say no - in a statement, Uber Eats managing director for Australia and New Zealand Ed Kitchen said the company will deal with the changes by "driving operational efficiencies, rather than defaulting to increasing delivery or merchant fees".

A spokesperson for competitor DoorDash told news.com.au it also wasn't planning any price increases and would "look for operational efficiencies elsewhere".

AI data centre boom driving up laptop and appliance prices: JB Hi-Fi

If you've noticed prices for tech and appliances shooting up recently, AI might be to blame.

This week, leading tech and appliance retailer JB Hi-Fi said prices charged by its suppliers for products like laptops had risen by as much 50% due to a shortage of memory and storage components.

CEO Nick Wells told an investor call that demand for more computing power from data centre operators trying to keep popular AI platforms running was one of the causes of the shortage.

"The demand for hardware used in AI data centres is sucking up a lot of the memory supply, so memory prices have increased significantly, and that is driving costs higher and making PC prices higher," he said.

Wells said JB Hi-Fi has tried to limit these higher costs from reaching shoppers (the retailer's gross margin was down over the year to July) but admitted "prices are flowing through" to consumers.

Cinema attendance returns to pre-COVID levels as younger audiences flock to movies

How busy is your local cinema? Despite national data showing fewer of us going to the movies on a regular basis, one cinema group says attendance has reached a new high.

According to NAB, its business customer Moving Story Entertainment has recently seen attendance across its Classic, Lido, Cameo and Ritz Cinemas exceed pre-pandemic levels.

"One of the biggest surprises for us has been the strength of younger audiences," says Moving Story Entertainment head of marketing Jaymes Durante.

"We were often told younger audiences belonged to streaming services, but what we're seeing now is the opposite. They're turning up on opening weekend because they want to experience these films while everyone is talking about them."

It comes as big releases like The Odyssey have brought more people to cinemas - the Commonwealth Bank says the Christopher Nolan blockbuster helped drive recreation spending 1.1% higher in July, the month it was released.

But take a longer-term look at Australia's cinema industry, and it isn't such a rosy picture.

According to Screen Australia, while the proportion of us going to the movies at least once a year has recovered from a COVID low of 36.5% in 2021, the close-to 60% rates seen since 2023 are still well below the most recent peak of 72% in 2004.

The openings of its stores have become synonymous with long queues without and wild scenes within - videos on social media show customers lining up to get into Panda Mart outlets across the country, while those inside strip shelves bare and leave stock strewn on the floor in pursuit of a bargain.

The chaotic atmosphere within the discount homewares and lifestyle outlet, along with concerns about the quality and safety of its cheap products, have led to Panda Mart being dubbed "real life Temu".

What is Panda Mart?

Panda Mart is a chain of stores selling toys, homewares, sporting goods and beauty products.

Reportedly founded in South Africa, the business has outlets in multiple countries and first arrived in Australia with a Melbourne store in early 2025.

Since then, it's added a second outlet in the city and in July this year launched its third Australian store in Brisbane.

Panda Mart's novelty has been turbocharged by its broad range and low prices, on which it competes with similar outlets like Kmart, Target and Bunnings.

For example, last year The Age reported it had purchased 11 toys and homeware items from one Melbourne Panda Mart store for less than $30.

This month, The Courier Mail noted Panda Mart's Brisbane outpost was selling clothing items for $1 and camping equipment for $12.

Why has it been in trouble?

Panda Mart has had several brushes with state consumer protection agencies since it first arrived on our shores.

Just in the last year, its stores have been hit with legal action, shut down for days at a time and inspected by authorities after allegations they had been selling products that are dangerous and, in some cases, banned in Australia entirely.

According to authorities, many of Panda Mart's products failed to meet mandatory national standards requiring small button batteries be properly secured to stop kids getting access to them.

In other cases, information standards requiring warnings to be included with certain products weren't followed.

Furthermore, products banned in Australia entirely for being too dangerous, including flammable candle holders and yo-yo water balls, were also allegedly on Panda Mart's shelves.

Why is Panda Mart popular?

Despite repeatedly warning shoppers about Panda Mart, Consumer Affairs Victoria's director Nicole Rich has admitted the store has an appeal to many people.

"We know many Victorians are looking for bargains when they're shopping given the cost of living, but they shouldn't have to worry about picking up dangerous products at the same time, especially ones for babies and kids," she said when announcing her agency's first action against the retailer last year.

Bea Sherwood, senior campaigns and policy advisor at CHOICE, which advocates for stronger product safety standards, says the Panda Mart saga will likely become a recurring issue as more discount retailers expand into Australia.

"We're going to keep seeing things like this, whether it's online or in-store, because it's just so easy to get these products into the country," she said.

"I think in a cost-of-living crisis, consumers are drawn to products that are cheap and affordable and that's fair enough, but people shouldn't have to trade safety for affordability."

Panda Mart didn't respond to Money's questions about where its products are made or what it's currently doing to ensure products it sells meet Australia's mandatory safety and information standards.

In the first six months of 2026, Australians reported $157 million in scam-related losses, data from the National Anti-Scam Centre reveals.

While down from the $210 million in losses reported over the same period last year, it's a reminder that scams remain a constant threat.

Given the figures, it's easy to get fixated on the scale of the money lost, but there are also victims behind each of the 91,767 scam reports lodged so far this year.

That's the message ACCC Scamwatch wants Australians to take away from Scams Awareness Week 2026, which runs next week from August 24 to 28.

As part of the awareness campaign, Scamwatch has shared a number of real stories from people who have been caught up in everything from romance scams to investment scams.

"Sharing a scam story is really important to show people that they are not alone - that this is a common problem and nothing to be ashamed of," says Dr Kate Gould, a neuropsychologist and senior researcher at Monash University.

"We can also learn things every time we hear about someone's scam story."

Why scams keep working

Scams are hardly a new phenomenon, and thanks to campaigns like Scams Awareness Week, many Australians are aware of their prevalence and threat. So why do so many people still get caught out?

As Adrian Covich, vice president for systems engineering at Proofpoint, Asia Pacific and Japan, explains, the success of scams often lies in their ability to target emotions.

"The reality is, there's always a pull on a heartstring, or impatience, or greed, or loneliness - there's an appeal to one of those base human emotions at work.

"That's what scammers are trying to tap into to compel people to do something that they might not do otherwise."

At the same time as regular Australians are becoming more familiar with scam techniques, Covich says that scammers are also adapting with the aid of new technology.

"We've become savvier at working out that we don't really have a cousin in Nigeria who's a prince wanting to leave us money, but attackers are also improving the complexity of what they're doing.

"Some of that's by doing research around specific things in the news, specific events and specific times of year that are important to us - like tax season in Australia.

"Artificial intelligence helps with that. But it can also help by making the text more believable - by lowering the barrier for non-English speakers to appear to be speaking English."

Three scams to watch out for

As the volume of scam reports suggest, scammers are targeting Australians in a variety of ways. But there are a few scams, according to Proofpoint, that may be worth taking note of at present.

1. Delivery notification scams

How they work: Scammers will send out a fake text or email posing as Australia Post or a courier, claiming a parcel is delayed or requires a fee to be released. The victim will then be directed to a link designed to steal personal or financial information or install malicious software.

An example: You receive an email claiming to be from DHL which says that a parcel notice is waiting to be viewed. After clicking the link and signing in with your email account, your login details are stolen and used to access your other accounts.

Why they're relevant: With the popularity of online shopping and the recent launch of second-hand marketplace Vinted, Australians are being pinged with plenty of delivery updates. That gives scammers more opportunities to slip fake delivery messages in with the legitimate ones.

2. Impersonation scams

How they work: Scammers will call, text or email, posing as trusted individuals (like family members) or organisations (like banks or charities) in order to trick people into transferring money or sharing personal or financial details.

An example: You receive an email claiming to be from the ATO via myGov, warning that your account details need to be updated before a specific deadline. The message directs you to a link and threatens to suspend any future payments if you don't provide your details.

Why they're relevant: Tax season gives scammers the perfect cover, with many Australians expecting to hear from the ATO about their returns. Recent data breaches have also armed scammers with personal information they can use to make their initial communications more convincing.

3. Invoice scams

How they work: Businesses are sent fake bills or invoices via email by scammers who are looking to redirect payments to their own accounts. The fakes will often include legitimate details like logos and branding or ABNs, in order to look more authentic.

An example: You receive an invoice that appears to be from one of your regular suppliers, offering a discount for making an early payment. So, without double-checking the details, you transfer the funds, but they end up in the scammer's account.

Why they're relevant: Just as tax time creates opportunities for ATO impersonators, end of financial year admin for businesses can create opportunities for invoice scammers.

Red flags you shouldn't ignore

Whether it's an ATO deadline or the offer of a discount, many scammers rely on creating a sense of urgency or offering incentives to trick people into acting before they think.

These are both major red flags, Covich says, but they're not the only warnings signs that people should keep an eye out for.

"If it seems too good to be true, then it probably is. No one's going to be giving you anything for free, so if it seems like they are, then it's time to take a step back.

"Then if someone is asking for something that you wouldn't normally share - your credit card details, passwords, logins, two factor codes - that should trigger you that something isn't right.

"The other thing is understanding that most companies won't approach you directly over email - especially a company that you haven't dealt with in the past. If they approach out of the blue, or the email address doesn't look right, that should alert you."

What to do if you've been scammed

If the worst does happen, Scamwatch stresses the point that there's no shame in being scammed - it happens to hundreds of thousands of people each year.

Having said that, scam victims shouldn't simply accept the situation and move on. Here's what Scamwatch recommends doing:

1. Be proactive: As soon as you become aware that you've been scammed, get in contact with your bank, card provider or financial institution to report the scam. Ask them to stop any relevant transactions or place a hold on your card.
2. Start the recovery process: Reach out to not-for-profit IDCARE which specialises in scams and identity theft and can provide individuals with practical recovery plans, for free.
3. Report the scam: Once you've contacted your financial institution and started the recovery process, you can also choose to report the scam to Scamwatch to help warn others, or report the crime to the police.
4. Beware of follow-up scams: Scammers are notorious for taking advantage of people who have already been targeted, so it may pay to be extra cautious in the days and weeks following a scam.
5. Reach out for support: The impact of a scam can be greater than the money lost. That's why Scamwatch suggests reaching out to a financial counsellor for financial support, or to organisations like Lifeline or Beyond Blue for emotional support. 

Minister for financial services Daniel Mulino announced three core reforms, one of which will stem "harmful lead generation" that largely emanates via social media, online advertisements or cold calling.

Unlicensed real-time communication pertaining to superannuation will be banned, while tougher anti-hawking laws are set to improve consent requirements.

Licensees will also be required to take reasonable steps to ensure lead generation activities comply with relevant regulatory and legal requirements.

Mulino will also tighten the existing anti-hawking laws that have exempted financial advisers, flagging this will soon be limited to existing client relationships.

He said the government is looking to strengthen anti-hawking protections by limiting the existing exemption for financial advisers to existing client relationships, flagging further consultation is needed on what "targeted exemptions" look like.

This is in the form of protection advocacy, educational and employment communications.

This is also to ensure "low-risk arrangements" and necessary contact with family members and third parties of existing clients are protected.

The change effectively closes a loophole the financial advice sector has enjoyed.

Currently, the Corporations Act bans the unsolicited offer of a financial product to a consumer.

Several exceptions apply, including offers made while providing personal advice to the consumer by a person who is required to act in the consumer's best interests.

Treasury previously stated this exemption has been used by lead generation and referral models, which rely on the cold calling approach to be "cleansed" by transitioning from the initial marketing or lead generation activity into providing personal advice.

This means unsolicited contact may be "cleansed" when a financial adviser engages with a consumer who was hawked by a third party, such as a lead generator.

This was the bedrock in which AusCompare, the lead generator the Shield Master Fund and First Guardian Master Fund that is now in liquidation, relied upon to funnel clients into the MISs.

Mulino also warned of tougher penalties for breaches of anti-hawking laws.

The government will further crackdown on data collection and broking activities in the financial sector that often represent consumers' first point of contact.

"These reforms are designed to disrupt some of the most damaging business models operating in the system today," Mulino told the National Press Club today.

"They target the point at which consumers are first exposed to harm and reduce the ability of bad actors to gain access to consumers in the first place.

"We will make the financial system safer by strengthening protections across the superannuation, advice and investment ecosystem."

New remits for ASIC, APRA and ATO

Regulators APRA and ASIC will be bestowed with new powers in a bid to curb another Shield and First Guardian disaster.

Mulino proposed a new framework empowering ASIC to direct superannuation trustees to commence remediation where an investment option fails and there is "reasonable suspicion" that a trustee has breached its obligations.

In cases where a trustee is found to have failed its duties, members would be entitled to compensation for their full capital losses.

Mulino described the proposal as a "significant structural reform" designed to provide members with a clearer pathway to compensation.

"We will also give APRA the power to set capital requirements to ensure superannuation trustees that offer higher-risk options have the financial capacity to meet those obligations," he said.

"These reforms will encourage stronger investment governance and reinforce APRA's ongoing work to address weaknesses in investment governance practices.

"We will also strengthen penalties under the Superannuation Industry Supervisory Act, sending a clear signal that members deserve security, transparency and accountability from those entrusted with their retirement savings."

Furthermore, MIS providers can expect tougher restrictions on how they operate and govern their products, starting with stronger audit and assurance requirements.

MISs will be forced to notify ASIC when they freeze, suspend or otherwise restrict investors' ability to redeem their investments.

Mulino said the measures, combined with additional funding provided to ASIC in the recent Budget will improve transparency and accountability while giving regulators greater visibility over emerging risks.

"Importantly, they will help regulators identify concerning flows of consumers and capital into high-risk products at a much earlier stage and intervene before problems become widespread consumer harm," he said.

As part of the reform package, the Australian Taxation Office (ATO) will receive a new power to prevent rollovers into SMSFs where there is a "well-founded suspicion of consumer harm".

Data-sharing arrangements between ASIC and the ATO will also be expanded to help regulators detect concerning rollover activity earlier.

The government will further require SMSFs to maintain uniquely identifiable bank accounts, introduce minimum trustee knowledge requirements and increase transparency around the role of financial advisers.

Under the changes, newly established SMSFs will be required to disclose any adviser involved in setting up the fund, while annual financial statements will include a dedicated line item detailing advice fees deducted during the year.

Mulino said the measures were intended to target harmful conduct rather than increase compliance burdens for trustees managing their retirement savings responsibly.

"For the vast majority of trustees, they reflect practices already in place, allowing us to better identify at-risk consumers and interrupt harmful practices," he said.

Additionally, the government will align the collection of the first SMSF supervisory levy with fund establishment and increase the levy for the first time since 2013 to ensure the ATO is adequately resourced to engage with new trustees and address emerging risks.

This article first appeared on Financial Standard

Major supermarkets have been dragged through the mud of court cases and government inquiries in recent years, but it turns out quite a few of us still have faith in the loyalty schemes we've signed up to with these retailers.

A recent survey by consumer advocacy group CHOICE found 54% of Australians believe reward programs at big supermarkets are helping them save money.

Those who have entered into loyalty arrangements with Coles or Woolworths estimated that these were saving them over $200 per year on average.

But recent hikes to membership fees and backsliding on where loyalty points can be used has put some shoppers offside.

So do these programs actually help you save? And what should you be doing to get best value for money?

Why Woolworths' Everyday Extra membership now costs more

Earlier this month, Woolworths shook up how customers pay to be a member of its Everyday Extras loyalty tier, taking away the option of an annual fee and leaving only a monthly model.

The move to charge everyone $7 per month leaves members paying 20% more overall for the same benefits, something Woolworths customers took to Reddit to complain about.

The change comes after previous cuts to perks: last year, Woolworths stopped letting Everyday Extra members redeem a monthly 10% discount offered under the scheme at Big W.

At the time, Woolworths said Big W prices were already so low that there was no need for the discount.

Woolworths' shift to monthly billing for Everyday Extras brings it closer into alignment with Coles, which has a paid loyalty scheme with similar benefits that also costs $7 per month.

Do Aldi, IGA and Harris Farm have loyalty schemes?

IGA promises "real rewards, not confusing points programs" with its scheme, which lets you earn "IGA Cash" when you buy certain products at participating stores. You can then use these cash points to reduce the cost of other items at the checkout.

Harris Farm's "Friend of the Farm" scheme, meanwhile, gives you 5% off all vegetables.

Aldi currently doesn't have a customer loyalty scheme and Money understands it has no plans to introduce one.

Do supermarket loyalty schemes really save you money?

Seasoned shoppers are sceptical about whether any of these programs actually save you money in the long run.

Savings expert and host of The Joyful Frugalista podcast Serina Bird cancelled her Woolworths' Everyday Extras after a year because "it really wasn't worth it".

She believes its value for money has degraded further after the company scrapped the monthly Big W discount, and says the monthly discount at Woolworths only pushes members to spend more.

"It really encourages [you to go]: 'Oh well, I better buy more this shop so I can get the discount'," she says.

"Once you start shopping, it's pretty hard to get out of there without a big shop... [you buy] things you probably wouldn't otherwise have bought."

Price survey questions cost of loyalty

Research released last month by CHOICE found taking advantage of basic loyalty perks offered by Coles and Woolworths would likely leave you still paying more for your groceries than if you'd just gone to the supermarket with the cheapest shelf prices.

To find this, CHOICE took data it collected every quarter of last year on how much a basket of similar goods was costing at major supermarkets.

It then worked out how much it would cost to buy a sample basket at Coles, Woolworths and Aldi every week of the year.

It then applied the savings you would get if you were a member of the free or lower-tier paid loyalty schemes at Coles and Woolworths.

These are the $10 discounts you get with Everyday Rewards and Flybuys upon reaching 2000 points, which you would also get with Everyday Extras and Coles Plus Saver, along with the monthly 10% markdowns provided to members of these tiers.

It also factored in the cost of these paid tiers, using the $7 monthly charge for both in order to maintain consistency.

CHOICE found people who had spent the year shopping at Aldi would have spent less than those who had shopped at Woolworths or Coles and applied the discounts mentioned above.

However, it's worth noting that CHOICE's analysis relied on a basket of goods it says is smaller than most people would be buying week to week and didn't take into account grocery specials, possible savings on fuel and insurance offered by some loyalty tiers and personalised opportunities Coles and Woolworths gives members to earn extra points.

How to get the best value from your loyalty scheme

Experts say choosing particular ways to redeem points you've accrued can provide better value for money.

David Moloney, CEO of consultancy Internal Consulting Group, is the author of recent book Points, which examines loyalty schemes and how best to earn and use reward perks.

He argues consumers should be using loyalty points in a way that lets them have a positive experience, rather than just buying more physical goods.

More valuable ways of using points, he says, include transferring them to a linked airline scheme to use for a holiday or putting them towards concert tickets.

"What I recommend is that people think very hard about the experiences that they can get access to, because then you're really creating the value," he explains.

"The very best reward is not to buy a toaster, because physical goods of any form don't resonate for very long as a source of happiness... what consumer should be doing is steering points towards experiential rewards."

Reader question

Hi Paul,

I am 62 years old and have started drawing down on my super.

I would like my super to last well into my 90s and for the next 10 years I would like it to keep accruing, meaning I don't want to draw down on my capital.

My super is with UniSuper Balanced (Flexi Pension), which has earned 9.04% over the past 10 years.

My question is: what is a 'safe' withdrawal rate to make sure it keeps accruing, 4%, 5%? - Fiona

Paul's response

Excellent question, Fiona. What would be helpful would be a use-by date on the back of our neck, because one of the biggest challenges with money is life expectancy.

Sure, we can consider our genetics, the age of brothers, sisters, parents and grandparents, but the reality is life is unfair.

At age 71, I have deceased friends from my uni days whose parents are still alive and while it is only a case study of an individual person, a mate of mine has had no family members making it past 50.

So he saw no point in saving until he passed age 50 and has been frantically saving ever since. He now approaches 70 and is still golfing off a low single-digit handicap. Go figure.

My wife, Vicki, and I, now both in our 70s, live the way we want to live and we're not fussed if our capital goes backwards between now and 85, but that is not the case at your age of 62.

We also thought it sensible to preserve capital until about 70.

We do know a couple of things.

First, people who understand money tend to be conservative. We've all worked hard to grow a capital base.

But, ironically, money-conservative people tend to die far too rich.

Second, as long as there is money for aged care and health, which for many of us is most likely funded by selling our house, additional capital is not generally a lot of use in the later stages of life.

To preserve capital our best guide is history and we have thousands of years of this when it comes to property, and good records of sharemarket returns since the late 1700s.

History is no absolute guarantee, but it does not seem unrealistic to expect 8% to 9%pa returns on average from a balanced portfolio.

Investments such as shares average dividends of about 3% to 4%, these are usually franked, providing an extra benefit to a low taxed investment like super.

Let's say this is worth 1%pa. So we need 3% to 4% growth to get us to 8% to 9%. In a roughly 3% to 4% inflation period, this type of return over the longer term seems reasonable.

Some will argue that a 4% drawdown is a safer number, others like me would be a little more aggressive and say 5%, mainly because I know I am alive today, but may be gone tomorrow.

It is a historically sensible argument that taking out 4% to 5%pa, is, over the long term, likely to preserve capital in terms of real spending power. In the longer term, you may wish to spend more, unless your goal is to preserve capital for those your estate goes to.

We want to leave something for our kids and grandkids, but we've worked long and hard and our bucket list is calling.

What to read next

• The most dangerous number in retirement planning
• Australians saved hard - why do they still fear retirement?
• Why so many Aussies are dying without touching their super
• The simple change that could leave you 35% richer in retirement
• Why thousands of retirees are better off with less super

Now both are being wound back.

So if property won't deliver the same tax breaks as before, where should investors be looking next?

In this episode of Friends With Money, Vanessa Walker sits down with finance writer Nicola Field to unpack the biggest investing shake-up in years. They discuss the winners and losers, why ETFs could become even more popular, and the surprising investment making a comeback.

They also explain what investors should be thinking about before the new rules kick in on July 1, 2027.

Episode timestamps

00:00 Why Australia is changing the tax rules

01:07 The government's goals

02:28 What changes are actually happening?

03:45 What it means for shares, ETFs and managed funds

04:12 Investments that could benefit

05:00 Why investment bonds are making a comeback

05:34 ETFs versus individual shares

07:09 What investors should do before 2027

08:43 Investing ideas for Gen Z

09:29 Why ETFs appeal to millennials

09:57 Opportunities for Gen X

10:38 Ideas for baby boomers

10:53 Is super still the best investment going?

12:01 How to invest for maximum after-tax returns

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 reading a payslip, comparing super funds, investing, or making a complaint, this regularly-updated guide breaks down common and complex financial language so you can understand what really matters.

Bookmark this page (last reviewed July 2026) and use it as your go-to guide to decoding the language of money.

Most searched financial tesarms

A

Account-based pension (ABP)

An account-based pension is a regular income stream purchased with superannuation savings, typically after retirement. It allows retirees to draw down their super while benefiting from investment earnings.

Accrued interest

Accrued interest is the interest that has accumulated on a loan or investment but has not yet been paid or received. It is commonly used in bonds and savings accounts to reflect earnings over time.

Administrative Review Tribunal (ART)

The Administrative Review Tribunal (ART) independently reviews decisions made by Australian government departments, agencies and ministers. It replaces the Administrative Appeals Tribunal (AAT).

Afterpay

Afterpay is a buy-now-pay-later (BNPL) service that allows consumers to purchase items and pay for them in instalments over time. Other BNPL services include Zip, Klarna and Humm.

Aged Care Assessment Team (ACAT)

The Aged Care Assessment Team (ACAT) assesses older Australians to determine eligibility for government-funded aged care services.

Aggregate market value (AMV)

Aggregate market value (AMV) is the total value of all outstanding equity shares, according to the market's evaluation.

Amortisation

Amortisation refers to the gradual repayment of a loan over time through regular payments that cover both principal and interest. It also applies to the depreciation of intangible assets over their useful life.

Annual general meeting (AGM)

Annual general meetings (AGMs) of shareholders are required by law where directors inform shareholders of company performance and future prospects. Shareholders vote on board elections and significant company issues.

Annual leave loading

Annual leave loading is an additional payment (usually 17.5%) made to eligible employees when they take annual leave. It compensates for the loss of potential overtime or penalty rates during leave.

Annual percentage rate (APR)

Annual percentage rate (APR) represents the yearly interest rate charged on loans or earned on investments.

Anti-money laundering/counter-terrorism financing (AML/CTF)

Anti-money laundering/counter-terrorism financing (AML/CTF) refers to regulations aimed at preventing money laundering and terrorism-financing activities.

Asset allocation

Asset allocation is the strategy of dividing investments among different asset categories, such as stocks, bonds and cash. It aims to balance risk and reward based on an investor's goals and risk tolerance.

Asset-test exempt (ATE)

Asset-test exempt (ATE) refers to specific assets that are excluded from means tests used to determine eligibility for government benefits, usually through Centrelink.

Association of Superannuation Funds of Australia (ASFA)

The Association of Superannuation Funds of Australia (ASFA) is the peak policy, research and advocacy body for Australia's superannuation industry.

Attorney-General's Department (AGD)

The Attorney-General's Department (AGD) provides legal services and policy advice to the Australian Government.

Authorised credit representatives (ACR)

Authorised credit representatives (ACRs) are individuals authorised to engage in specified credit activities on behalf of a credit licensee.

Authorised deposit-taking institution (ADI)

Authorised deposit-taking institutions (ADIs) are financial institutions, such as banks and credit unions, that are licensed to accept deposits from the public.

Automatic teller machine (ATM)

An automatic teller machine (ATM) is an electronic banking outlet that allows customers to perform basic transactions without the need for a branch representative. Common functions include cash withdrawals, deposits and balance inquiries.

Australian Banking Association (ABA)

The Australian Banking Association (ABA), formerly the Australian Bankers' Association, is the trade association for the banking industry.

Australian Bureau of Statistics (ABS)

The Australian Bureau of Statistics (ABS) is Australia's national statistical agency, providing data on key aspects of the economy, society and environment.

Australian Chamber of Commerce and Industry (ACCI)

The Australian Chamber of Commerce and Industry (ACCI) is the national voice for Australian businesses and commerce.

Australian Charities and Not-for-profits Commission (ACNC)

The Australian Charities and Not-for-profits Commission (ACNC) is the national regulator of charities.

Australian Competition and Consumer Commission (ACCC)

The Australian Competition and Consumer Commission (ACCC) is the Australian Government's chief competition regulator.

Australian Consumer Law (ACL)

Australian Consumer Law (ACL) prohibits certain business practices and creates various enforceable rights for consumers to ensure they are protected when they buy goods and services.

Australian Council of Social Service (ACOSS)

The Australian Council of Social Service (ACOSS) is a national advocate supporting people affected by poverty, disadvantage and inequality, and the peak council for community services nationally.

Australian Council of Trade Unions (ACTU)

The Australian Council of Trade Unions (ACTU) is the largest peak body representing workers in Australia. It is a national trade union centre comprising 46 affiliated unions and eight trades and labour councils.

Australian Financial Complaints Authority (AFCA)

The Australian Financial Complaints Authority (AFCA) is a free and independent ombudsman service that resolves complaints by consumers and small businesses about financial firms.

Australian Financial Counselling and Credit Reform Association (AFCCRA)

The Australian Financial Counselling and Credit Reform Association (AFCCRA) was an organisation advocating for financial counselling and credit reform in Australia. AFCCRA changed its name to Financial Counselling Australia (FCA) in 2011.

Australian Financial Markets Association (AFMA)

The Australian Financial Markets Association (AFMA) is the industry body representing participants in Australia's financial markets and providers of wholesale banking services.

Australian Financial Services Licence (AFSL)

An Australian Financial Services Licence (AFSL) is a licence given by ASIC that allows people or companies to legally carry on a financial services business. This includes selling, advising or dealing in financial products.

Australian Government Disaster Recovery Payment (AGDRP)

The Australian Government Disaster Recovery Payment (AGDRP) is a one-off financial assistance payment for people affected by major disasters.

Australian National Audit Office (ANAO)

The Australian National Audit Office (ANAO) audits government agencies to ensure accountability and transparency.

Australian Prudential Regulation Authority (APRA)

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry.

Australian real estate investment trust (A-REIT)

An Australian real estate investment trust (A-REIT) is an unlisted Australian wholesale property fund which allows investors to invest in large commercial property assets.

Australian Securities and Investments Commission (ASIC)

The Australian Securities and Investments Commission (ASIC) is Australia's corporate, markets and financial services regulator.

Australian Securities Exchange (ASX)

The Australian Securities Exchange (ASX) is an integrated securities exchange which acts as a market operator, clearing house and payments system facilitator.

Australian Small Business and Family Enterprise Ombudsman (ASBFEO)

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) is an independent advocate for small business owners.

Australian Taxation Office (ATO)

The Australian Taxation Office (ATO) is the principal revenue collection agency of the Australian Government. It is responsible for administering and enforcing tax laws, managing the superannuation system, and overseeing the Australian Business Register.

Australian Trade and Investment Commission (Austrade)

The Australian Trade and Investment Commission (Austrade) is a government agency that helps Australian businesses export products and services and attract international investment to Australia.

Australian Transaction Reports and Analysis Centre (AUSTRAC)

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.

Australian Workplace Equality Index (AWEI)

The Australian Workplace Equality Index (AWEI) is the national benchmark for LGBTQ+ workplace inclusion in Australia that surveys employees to gauge the overall impact of inclusion initiatives.

B

Balance sheet

A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time. It provides a snapshot of financial health and is used to assess liquidity and solvency.

Basis point (BPS)

A basis point is one-hundredth of a percent (0.01%). It's used to show small changes in interest rates or investment returns.

Bear market

A bear market is when share prices fall 20% or more from recent highs. It often signals a downturn or negative investor sentiment.

Beneficiary

A beneficiary is a person or entity entitled to receive benefits from a financial product, such as a superannuation fund, insurance policy, or will. They are designated by the account holder or policy owner.

Blue-chip stocks

Blue-chip stocks are shares in large, reputable companies with a history of stable earnings and reliable performance. They are considered lower-risk investments and often pay regular dividends.

Budget deficit

A budget deficit happens when spending is higher than income. Governments often run deficits when expenses exceed tax revenue.

Bond

A bond is a fixed-income investment where an investor lends money to an entity (typically government or corporate) for a defined period at a fixed interest rate. Bonds are used to raise capital and are considered relatively stable investments.

Break-even point

The break-even point is the level of sales or revenue at which total costs equal total income, resulting in neither profit nor loss. It's a key metric in business planning and financial analysis.

Broker

A broker is an individual or firm that acts as an intermediary between buyers and sellers in financial markets. Brokers may offer advice and execute trades in exchange for a commission.

Business Activity Statement (BAS)

A Business Activity Statement (BAS) is a form submitted to the ATO to report tax obligations.

Business Council of Australia (BCA)

The Business Council of Australia (BCA) is an industry association that comprises the chief executives of more than 100 of Australia's biggest corporations.

Buy now, pay later (BNPL)

Buy now, pay later (BNPL) payment services such as Afterpay allow customers to pay in instalments over time, instead of paying the full amount upfront.

C

Chartered Accountants Australia and New Zealand (CA ANZ)

Chartered Accountants Australia and New Zealand (CA ANZ) is a professional accounting body with more than 130,000 members in Australia, New Zealand and overseas.

Compound Annual Growth Rate (CAGR)

Compound Annual Growth Rate (CAGR) measures the mean annual growth rate of an investment over time.

Compound interest

Compound interest is interest earned on the initial deposit and the interest already earned (whereas simple interest is only on the principal). For a loan, this means you pay interest on the original loan amount plus any interest that has already been added to your balance.

Comprehensive Credit Reporting (CCR)

Comprehensive Credit Reporting (CCR) provides detailed credit information to lenders for better risk assessment.

Child care subsidy (CCS)

The Child Care Subsidy (CCS) is a government payment that helps families with the cost of approved childcare services.

Cashless debit card (CDC)

The cashless debit card (CDC) was a government program that restricted spending on welfare payments, preventing purchases of alcohol, gambling services and cash withdrawals.

Consumer Data Right (CDR)

The Consumer Data Right (CDR) gives individuals greater control over their personal data, allowing them to share it with trusted service providers, particularly in the banking sector.

Committee for Economic Development of Australia (CEDA)

The Committee for Economic Development of Australia (CEDA) is an independent organisation that promotes economic and social policy reforms to drive Australia's growth and development.

Chief executive officer (CEO)

A chief executive officer (CEO) is the highest-ranking role within an organisation, charged with managing the direction of the company. A CEO is often the public face of the company.

Chief financial officer (CFO)

A chief financial officer (CFO) is the person responsible for managing a company's financial operations and strategy.

Capital gains tax (CGT)

Capital gains tax (CGT) is the tax you pay on profits from disposing of assets including investments, such as property, shares and cryptocurrency.

Clearing House Electronic Sub-Register System (CHESS)

The Clearing House Electronic Sub-Register System (CHESS) is ASX's settlement system and central register for electronic transfer of share ownership and associated cash payments.

Chief information officer (CIO)

A chief information officer (CIO) is the executive responsible for overseeing information technology strategy and implementation.

Chief operating officer (COO)

A chief operating officer (COO) is the executive responsible for overseeing the daily operations of a business. A COO is considered to be second in the chain of command after the CEO.

Certified practising accountant (CPA)

A certified practising accountant (CPA) is a finance, accounting and business professional with a specific qualification. All CPAs are accountants, however not all accountants are CPAs.

Consumer Price Index (CPI)

The Consumer Price Index (CPI) measures household inflation and includes statistics about price changes for categories of household expenditure.

Child Support Agency (CSA)

The Child Support Agency (CSA), which currently operates within Services Australia, helps separated parents manage and receive child support payments for the benefit of their children.

Commonwealth Superannuation Corporation (CSC)

The Commonwealth Superannuation Corporation (CSC) manages superannuation funds for Australian government employees.

Compensation Scheme of Last Resort (CSLR)

The Compensation Scheme of Last Resort (CSLR) provides compensation to eligible victims of financial misconduct who have not been paid, typically because the financial institution involved in the misconduct has become insolvent.

Commonwealth supported place (CSP)

A Commonwealth supported place (CSP) is a subsidised place at an Australian university or approved higher education provider where part of a student's fees are paid by the government.

Chief technical officer (CTO)

A chief technical officer (CTO) is the executive in charge of an organisation's technical operations, opportunities and challenges.

D

Daily accommodation payment (DAP)

Daily accommodation payment (DAP) is an ongoing, non-refundable payment option for aged care residents, covering accommodation costs on a per-day basis.

Defence Housing Australia (DHA)

Defence Housing Australia (DHA) provides housing services to Australian Defence Force personnel, managing and leasing properties across Australia.

Defined Benefit Division (DBD)

A defined benefit division is a superannuation plan where benefits are calculated based on salary and service.

Defined Contribution (DC)

A defined contribution is a superannuation plan where contributions are defined but benefits depend on investment performance.

Department of Veterans' Affairs (DVA)

The Department of Veterans' Affairs (DVA) is a government agency that provides services, support and financial assistance to Australian veterans and their families.

Disability Support Pension (DSP)

The Disability Support Pension (DSP) is a financial support payment for people with a permanent physical, intellectual or psychiatric condition that prevents them from working.

Diversity, equity and inclusion (DEI)

Diversity, equity and Inclusion (DEI) refers to workplace policies and practices that promote representation, fairness and a sense of belonging for all employees.

Dividend Reinvestment Plan (DRP)

A Dividend Reinvestment Plan lets shareholders automatically use their cash dividends to buy additional shares in the same company instead of receiving the money in their bank account. Over time, this can help grow your investment through compounding.

Dollar cost averaging (DCA)

Dollar cost averaging (DCA) is an investment strategy where you invest a fixed amount of money at regular intervals, regardless of market ups and downs.

E

Employee assistance program (EAP)

An employee assistance program (EAP) provides employees with confidential counselling, support and services to address personal and work-related issues.

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

Earnings before interest, taxes, depreciation and amortisation (EBITDA) measures the company's overall financial performance. It is an alternative way of measuring profitability to net income.

External dispute resolution (EDR)

An external dispute resolution (EDR) is a free, independent service for resolving disputes between consumers and financial firms. AFCA is an EDR scheme.

Electronic funds transfer at point of sale (EFTPOS)

Electronic funds transfer at point of sale (EFTPOS) is the electronic payment system that lets customers make a purchase using a credit or debit card or mobile wallet on their phone or a wearable device.

End of financial year (EOFY)

The end of the financial year (EOFY) is June 30, which marks the end of the 12-month fiscal year for business and tax purposes.

Earnings per share (EPS)

Earnings per share (EPS) is a measure of earnings attributed to each equivalent ordinary share over a 12 month period. It is calculated by dividing the company's earnings by the number of shares on issue.

Environmental, social and governance (ESG)

Environmental, social and governance (ESG) criteria are used to evaluate the impact of a company's operations on sustainability, social responsibility and corporate governance.

Exchange traded commodity (ETC)

Exchange traded commodities (ETCs) are exchange traded funds (ETFs) that invest in and track the performance of a commodity such as silver or gold rather than an equity index.

Exchange traded fund (ETF)

Exchange traded funds (ETFs) are investment funds designed to track the performance of an asset such as a share price index.

F

Financial Advice Association of Australia (FAAA)

The Financial Advice Association of Australia (FAAA) is the nation's largest professional association for financial planners.

Financial Claims Scheme (FCS)

The Financial Claims Scheme (FCS) is an Australian Government initiative that protects depositors by guaranteeing up to $250,000 per person per authorised deposit-taking institution (ADI) in the event the institution fails. It also provides limited protection for policyholders of general insurance companies, ensuring quick access to funds during financial distress.

Fringe Benefits Tax (FBT)

Fringe Benefits Tax (FBT) is a tax on non-salary benefits provided to employees.

First Home Guarantee (FHBG)

The First Home Guarantee (FHBG) is a part of the Home Guarantee Scheme that allows eligible first-home buyers to purchase a home with as little as a 5% deposit, without needing to pay for lenders mortgage insurance.

Family Home Guarantee (FHG)

The Family Home Guarantee (FHG) assists eligible single parents to purchase a home with a deposit as low as 2%, even if they have previously owned a home, under the Home Guarantee Scheme.

Fly in, fly out (FIFO)

Fly-in, fly-out (FIFO) refers to a work arrangement where employees travel to a remote job site for a set period before returning home, typically used in the mining industry in Australia.

Financial technology (fintech)

Financial technology (fintech) refers to innovative technologies used to improve and automate the delivery and use of financial services.

FOMO (fear of missing out)

FOMO or the fear of missing out is a feeling of anxiety stemming from the perception that others are experiencing better things than you.

Foreign Investment Review Board (FIRB)

The Foreign Investment Review Board (FIRB) advises the government on foreign investment policy and proposals.

Financial independence, early retirement (FIRE)

Financial independence, early retirement (FIRE) is a lifestyle and investing movement with the goal of gaining financial independence and retiring early.

Financial Services Council (FSC)

The Financial Services Council (FSC) represents Australia's retail and wholesale funds management businesses, superannuation funds, life insurers, financial advisory networks, licensed trustee companies and public trustees.

Family Tax Benefit (FTB)

The Family Tax Benefit (FTB) is a government payment designed to help families with the costs of raising children.

Funds Under Management (FUM)

Funds Under Management (FUM) is the total value of assets managed by an investment firm.

Foreign exchange (FX)

Foreign exchange (FX) refers to the global market for trading currencies, where the exchange rates between different currencies are determined.

G

Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP) is a standard framework of accounting rules and procedures.

Gross domestic product (GDP)

Gross domestic product (GDP) is the total value of goods and services produced in a country over a specific period, used as an indicator of economic performance.

Global financial crisis (GFC)

The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid 2007 and early 2009.

General Insurance Code Governance Committee (GICGC)

The General Insurance Code Governance Committee (GICGC) is the independent body that monitors and enforces insurers' compliance with the General Insurance Code of Practice.

Goods and services tax (GST)

The goods and services tax (GST) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia.

H

Higher Education Contribution Scheme-Higher Education Loan Program (HECS-HELP)

Higher Education Contribution Scheme-Higher Education Loan Program (HECS-HELP) is a loan from the Australian Government that can be used to pay a student's contribution towards their tertiary studies.

Home Guarantee Scheme (HGS)

The Home Guarantee Scheme (HGS) is an Australian government initiative that helps eligible home buyers purchase a home with a smaller deposit, by providing a guarantee on part of the loan.

Holder identification number (HIN)

I

A holder identification number (HIN) is the unique number issued by the Australian Securities Exchange (ASX) that identifies you as a CHESS-sponsored shareholder with a broker.

Industry superannuation fund

Industry super funds are not-for-profit and return profits to members, generally offering lower fees. Originally for specific sectors, most are now open to everyone.

Insurance Brokers Code Compliance Committee (IBCCC)

The Insurance Brokers Code Compliance Committee (IBCCC) monitors adherence to the Insurance Brokers Code of Practice to help insurance brokers deliver high-quality service standards to consumers.

Insurance Council of Australia (ICA)

The Insurance Council of Australia (ICA) is the representative body for the general insurance industry.

International Energy Agency (IEA)

The International Energy Agency (IEA) is an international organisation currently consisting of 31 countries and 13 association countries, which provides policy advice and promotes energy security.

International Monetary Fund (IMF)

The International Monetary Fund (IMF) is an international organisation that promotes global financial stability and provides financial assistance to countries facing economic difficulties.

Interest-only loan (IO)

An interest-only loan (IO) allows the borrower to pay only the interest on the loan for a specified period, after which they must start repaying the principal along with the interest.

International Organisation of Securities Commissions (IOSCO)

The International Organisation of Securities Commissions Global (IOSCO) is the body of securities regulators promoting market integrity.

Initial public offering (IPO)

An initial public offering (IPO) is the process by which a private company offers shares to the public for the first time, allowing them to become publicly traded.

K

Key performance indicator (KPI)

A key performance indicator (KPI) is a metric used to evaluate success in achieving objectives.

Know your customer (KYC)

Know your customer (KYC) refers to the process by which businesses verify the identity of their clients to prevent fraud, money laundering and other financial crimes.

L

Least-cost routing (LCR)

Least-cost routing (LCR) is a payment processing method that allows businesses to process transactions through the network that charges the lowest fee.

Low exercise price options (LEPO)

Low exercise price options (LEPOs) are European-style options with a strike price of 1 cent, in the case of stock LEPOs, or 1 point, in the case of index LEPOs.

Listed investment company (LIC)

Listed investment companies (LICs) provide exposure to a basket of underlying securities, often shares, although increasingly there are funds providing exposure to other asset classes, such as fixed income.

Lenders mortgage insurance (LMI)

Lenders mortgage insurance (LMI) is a type of insurance paid by the borrower that protects the lender if the loan defaults.

Loan-to-value ratio (LVR)

The loan-to-value ratio (LVR) is a measure used by lenders to assess the risk of a loan, calculated by dividing the loan amount by the appraised value of the property, expressed as a percentage.

M

Market darling

A market darling is a stock or company that is highly favored by investors and analysts, often due to strong performance, growth potential, or positive sentiment.

Medicare levy surcharge (MLS)

The Medicare levy surcharge (MLS) is an additional tax for high-income earners in Australia who do not have private hospital cover.

Memorandum of understanding (MOU)

A memorandum of understanding (MOU) is a type of agreement between two or more parties.

N

Net asset value (NAV)

Net asset value (NAV) is the book value of a company's assets divided by the number of shares on issue.

National Credit Code (NCC)

The National Credit Code (NCC) is a national consumer protection regime that offers protections to individuals borrowing money from institutional lenders for non-business purposes.

National Debt Helpline (NDH)

The National Debt Helpline (NDH) is a free, independent and confidential financial counselling service.

National Disability Insurance Scheme (NDIS)

The National Disability Insurance Scheme (NDIS) provides funding and support to Australians with a permanent disability to help them live independently.

Negative gearing

Negative gearing is when your investment property costs more to run than it earns in rent, creating a taxable loss. You can usually offset that loss against your other income, reducing your overall tax bill.

Net flows

Net flows are the total money moving into or out of an investment fund over a period. Positive net flows mean more money is coming in than going out; negative means the opposite.

Non-fungible token (NFT)

Non-fungible tokens (NFTs) are a type of digital cryptoasset. They are digital certificates that authenticate a claim of ownership to an asset, and allow it to be transferred or sold.

No interest loans (NILS)

No interest loans (NILs) are safe and affordable interest-free loans that Australians at risk can use to pay for essentials such as appliances or rental bonds.

Net tangible assets (NTA)

Net tangible assets (NTAs) are calculated as the total assets of a company, minus intangible assets such as goodwill and less all liabilities.

O

Organisation for Economic Co-operation and Development (OECD)

The Organisation for Economic Co-operation and Development (OECD) is an international organisation, currently with 38 member countries, that aims to promote policies to improve the economic and social well-being of people worldwide.

Owner-occupied (OO)

Owner-occupied (OO) refers to a property that is the primary residence of the borrower, as opposed to an investment property.

Open Training and Education Network (OTEN)

The Open Training and Education Network (OTEN) is a provider of online and distance education and training across a variety of industries and fields offered by TAFE NSW.

Open Universities Australia (OUA)

Open Universities Australia (OUA), previously called the Open Learning Agency of Australia, offers online courses from a range of Australian universities, providing flexible education options for students.

P

Principal and interest loan (P&I)

A principal and interest loan (P&I) requires the borrower to make payments on both the loan principal and the interest charged on the outstanding balance over the term of the loan.

Pay As You Go (PAYG)

Pay As You Go (PAYG) is a system for paying income tax in installments throughout the year.

Product disclosure statement (PDS)

A product disclosure statement (PDS) is a document that financial service providers must provide to you when they recommend or offer a financial product.

Price-to-earnings ratio (PE)

Price-to-earnings ratio (PE) is the number of times the price covers the earnings per security over a 12-month period. Investors commonly use this ratio to measure the attractiveness of particular shares and to compare shares in one company with those in another.

Property Exchange Australia Limited (PEXA)

Property Exchange Australia Limited (PEXA) is a digital property settlement platform that allows for the online completion of property transfers and settlements.

Payment reference number (PRN)

A payment reference number (PRN) is a unique set of numbers and letters applied to a financial transaction such as a bank transfer, direct debit, a standing order or a payment made using a debit or credit card.

R

Real estate investment trust (REIT)

Real estate investment trusts (REITs) provide exposure to the value and rental income from properties owned by the trust.

Refundable accommodation deposit (RAD)

The refundable accommodation deposit (RAD) is a lump sum payment for accommodation in an aged care facility, which is refunded when the resident leaves or dies.

Regional First Home Buyer Guarantee (RFHBG)

The Regional First Home Buyer Guarantee (RFHBG) helps first-time home buyers purchase a home in regional areas of Australia with a reduced deposit, as part of the Home Guarantee Scheme.

Reserve Bank of Australia (RBA)

The Reserve Bank of Australia (RBA) is Australia's central bank and banknote-issuing authority.

Retail superannuation fund

Retail super funds are run by financial institutions for profit, often with a wide range of investment options. They typically charge higher fees and may include adviser commissions.

Return on Equity (ROE)

Return on Equity (ROE) is a measure of financial performance calculated as net income divided by equity.

Return on Investment (ROI)

Return on Investment (ROI) is a performance measure used to evaluate efficiency of an investment.

S

Safe withdrawal rate

A safe withdrawal rate (SWR) is the percentage of your super or investment portfolio that you can withdraw each year in retirement while aiming to make your savings last over the long term. It is commonly used to help retirees balance income needs with the risk of running out of money.

Salary sacrifice

Salary sacrifice is an arrangement where you ask your employer to direct part of your before-tax salary into your super account. This reduces your taxable income and increases your concessional super contributions.

Software as a service (SAAS)

Software as a service (SaaS) is a distribution model used to license and deliver software applications over the internet.

Superannuation guarantee (SG)

The super guarantee (SG) is the minimum amount of super employers must pay to their employees. The SG rate is 12% as of July 1, 2025.

Small and medium-sized enterprise (SME)

Small and medium-sized enterprises (SMEs) are businesses with a relatively small numbers of employees and lower revenue compared with large corporations.

Self-managed super fund (SMSF)

A self-managed super fund (SMSF) is a private financial structure for saving for retirement.

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions.

Stagflation

Stagflation is an economic environment where inflation remains high while economic growth slows and unemployment rises. It can put pressure on households, businesses and investors as living costs increase, but the economy struggles to gain momentum.

T

Target market determination

A target market determination (TMD) is a document that clearly outlines which group of people a specific financial product is best suited for, based on their goals, financial situation, and needs. It also explains how the product should be marketed and sold, and when it will be reviewed to ensure it remains appropriate.

Tax file number (TFN)

A tax file number (TFN) is a unique number issued by the Australian Taxation Office (ATO) to individuals and organisations.

Term account

For an investor, a term account generally refers to a structured investment in a loan or credit facility with a fixed maturity date, where the investor provides capital to a borrower (usually a private company) and earns returns over a defined period. Private credit term accounts are not guaranteed under the Australian Government's Financial Claims Scheme (FCS).

Term deposit (TD)

A term deposit is a type of savings account offered by banks and financial institutions where you deposit a fixed amount of money for a set period of time (the "term") at a predetermined interest rate. Term deposits are guaranteed under the Australian Government's Financial Claims Scheme (FCS), provided they are held with an Authorised Deposit-taking Institution (ADI).

Ten-bagger

A ten-bagger stock is an investment that grows to be worth ten times the price you paid for it. It's investor-speak for a rare, home-run stock that delivers massive long-term returns.

Total and permanent disability (TPD)

Total and permanent disability (TPD) insurance cover pays a lump sum if you become totally and permanently disabled.

Transition to Retirement (TTR)

Transition to Retirement (TTR) is a strategy allowing access to super while still working.

V

Vocational education and training (VET)

Vocational education and training (VET) provides workplace skills, technical knowledge and qualifications for rewarding jobs and careers.

W

Work health and safety (WHS)

Work health and safety (WHS) refers to regulations, policies and practices that ensure the health, safety and welfare of employees in the workplace.

Wage price index (WPI)

The wage price index (WPI) measures changes in the cost of wages and salaries over time in Australia.

Why this glossary matters

What is the purpose of this financial terms glossary?

This glossary helps readers decode common financial terms and jargon used in banking, investing, superannuation, insurance, and financial media. It's designed to make financial literacy more accessible to everyone.

Who should use this glossary?

Anyone looking to better understand financial terms - whether you're a student, investor, professional, or simply trying to make sense of your bank statements or super fund reports.

How often is the glossary updated?

The Moneymag.com.au team updates this glossary regularly to reflect changes in financial regulations, emerging industry terms, and reader feedback.

Where can I learn more about personal finance topics?

Visit Moneymag.com.au for expert articles, guides, and news on budgeting, investing, superannuation, tax, and more.

Can I suggest a financial term to be added?

Yes! If you notice a missing acronym or term, you can contact the editorial team via the website's contact form.

Is this glossary suitable for beginners?

Absolutely. Each acronym is explained in plain English, making it easy for beginners to understand complex financial concepts.

Why is understanding financial terms important?

Finance terms are everywhere - from your payslip to your investment portfolio. Knowing what they mean helps you make informed decisions and avoid costly mistakes.

This year's Equal Pay Day falls on August 17 - 48 days after the financial year ends.

It marks the extra time women in Australia would need to work, on average, to earn what men earned in the previous financial year.

There's a familiar script for articles about women and finances. Review every transaction, cancel unused subscriptions, take lunch from home, find a spare $20 to put into super.

None of this is bad advice. But on Equal Pay Day, that advice can miss the point.

The latest Australian Bureau of Statistics figures put the national gender pay gap for full-time adult ordinary time earnings at 11.3%. No subscription audit can close a gap of that size.

A gap in earnings across the economy can't be fixed by women becoming more disciplined shoppers.

But the answer isn't just telling women to keep fighting harder for equality, as if choices inside families and households have no lasting financial effect.

Time out of paid work, reduced hours and caring responsibilities affect income, experience, confidence and retirement savings.

And in many households this unpaid work still finds its way onto Mum's list.

More than a gap in earnings

Income matters. It affects what we can save, the shocks we can absorb and the choices available to us.

But financial wellbeing isn't simply a number on a payslip or super statement. It's about whether money supports our lives in practical ways, like meeting commitments, planning ahead and feeling some control over what comes next.

MLC's 2026 Real Retirement Report found financial independence and retiring comfortably are Australians' top financial goals, yet many don't feel on track.

Why not looking feels easier

If we think a statement, account or super balance may contain bad news, not opening it can feel like self-protection.

The problem hasn't gone anywhere, but for that moment we don't have to feel it. Most of us have done some version of this.

There are good reasons why some people have less room for financial admin.

Work, care, illness, grief, separation or the load of keeping everyone else's lives moving can turn one more decision into too much.

For younger women, that might mean trying to build savings while wondering if home ownership is achievable.

In midlife, it might mean balancing work, children, ageing parents and competing priorities.

Closer to retirement, it can become a confronting question: will I have enough?

Carers Australia says two-thirds of primary carers are female.

That matters because caring responsibilities don't just take time, they take attention, planning and emotional energy too.

And I say that knowing even working in this field doesn't make me immune. I also wear multiple hats, have mentally crowded weeks, and still put off the thing I know would help.

This is where confidence can be misunderstood. We often treat financial confidence as something that comes after we've paid down debt, improved our super balance or sorted out our budget.

But confidence can begin with something smaller, like writing the issue down, naming the concern, checking one number or opening one envelope rather than avoiding it.

Sometimes things aren't half as bad as they seem, but ambiguity can make everything feel more dire. And even if things are off track, you don't need to solve it all today or alone.

MLC's research also found that cost of living was the most commonly cited barrier to Australians achieving their financial aspirations. That matters because people aren't disengaged because they don't care.

Often, they're looking for a starting point that feels manageable, relevant and grounded in real life.

The aim isn't to hand women another list of jobs or pretend small savings will close a national pay gap.

They won't.

It's about moving from blame to confidence, and toward things that can make financial wellbeing feel more possible.

Five ways to feel more confident about your money

These steps aren't about fixing everything at once. They're small ways to make money feel less like a fog and make the next step feel achievable.

1. Write it down when money is on your mind

When things feel mentally crowded, structure helps.

Writing down what's in your head doesn't solve the problem, but it can make it easier to see what you're dealing with.

It might be a bill, a worry about super, a conversation you need to have or a question you can't answer yet.

Getting it onto paper can make the whole thing feel less tangled.

2. Replace uncertainty with numbers

Once you've named what's on your mind, look for the number that would make it less vague.

Check your super balance, open the credit card statement, check what's due before payday or use a calculator to estimate where you're heading.

The number won't necessarily fix it, but it turns vague worry into something practical.

3. Choose three things, not everything

A money list can get overwhelming quickly. Choose three things to tackle first and write one action beside each.

That might be making a call, finding a login, checking a balance or booking time to read something properly.

Do them in a week, or one each week across the month. The point is a plan small enough to start.

4. Tell people what you actually need

One thing I've learnt is that people don't always understand the load we're carrying, even when they care.

Saying 'I have a lot on my mind' rarely tells someone what would help.

It's often more effective to say, 'Can you take this one?' or 'Can you sit with me while I do it?'.

Being specific gives people a clear way to help, rather than leaving them guessing.

5. Outsource what you don't have to carry alone

There's no prize for doing everything yourself. If something is outside your knowledge, time or capacity, look for support.

Call your super fund, speak to an adviser, use a digital tool, ask your partner to take over a task or contact a free financial counsellor if things are difficult.

Asking for help can be part of taking control, not a sign you've lost it.

The bottom line

Equal Pay Day reminds us the system still has work to do.

While that continues, it's okay to start smaller and closer to home.

Open the thing you've been avoiding. Write down what's weighing on you. Ask for the help you need. One step won't fix the gap, but it can make the next one feel possible.

Many years ago, when I first started as an aspiring stockbroker in London, it was a very different game.

Commissions were fixed.

To become a client of a stockbroker, you almost had to be invited into an exclusive club. For those outside that club, the stockmarket was seen as little more than a casino where rich people gambled, sometimes winning, sometimes losing. It certainly wasn't viewed as a mechanism for building wealth for ordinary people.

Prices moved glacially. Things happened far more slowly. Trading floors and telex machines were churning out market-moving news from far-off countries.

Price discovery relied on an army of young pem ople armed with clipboards and comfortable shoes walking around the floor of the London Stock Exchange.

Things were slightly different in Australia, but there was still a trading floor and the market was still largely considered a plaything for the wealthy.

Of course, all that has changed over the past four or five decades.

Markets are now accessible to almost everyone, at any time of the day or night and, in many ways, they have become far more like the casino they were once perceived to be.

The gamification of investing has been astonishing.

Wall Street and other financial centres have continued to innovate, constantly finding new ways for clients to make and lose money, while the investment banks clip the ticket all the way through.

When I was a young broker, we focused on company fundamentals, searching for news that could trigger a re-rating.

Charting was viewed as something akin to astrology, with technical analysts poring over enormous sheets of graph paper, filling in boxes and joining the dots.

How technology changed investing forever

Today, everyone can be a technical analyst. Everyone has access to sophisticated charting software. Everyone can overlay their favourite indicators and chase momentum.

It is fair to say that momentum has fundamentally changed the way markets trade. Long gone are the days when valuations and price-earnings (PE) ratios dominated the conversation. Today, leverage, momentum and the path of least resistance often seem to matter far more.

We have completely gamified the markets, and I am not convinced that is a good thing.

We have seen the risks of crowded trades, excessive leverage and momentum investing on numerous occasions, from the dotcom boom at the turn of the century, to the global financial crisis (GFC) and, more recently, the extraordinary rise in semiconductor stocks.

Eventually, the bubble bursts and markets suddenly look far more vulnerable than anyone imagined.

Take South Korea. The Korea Composite Stock Price Index (KOSPI) has become extraordinarily volatile for what is supposed to be a broad market index. We have seen it rise 10% in a single day, only to fall 10% the next. That is not normal behaviour for an index. It is the sort of volatility you expect from a highly leveraged gambling vehicle.

Even the regulator responsible for approving some of these leveraged products now reportedly regrets allowing that level of risk to permeate the market.

Concentration risk has become a massive problem, with a few stocks dominating not only the US market but also global markets.

The rise of ETFs has seen passive money flow like a torrent into the same names, feeding on itself and pushing those prices ever higher in a self-fulfilling spiral.

Which is always fine when stock prices are going up, but as things turn, that spiral can quickly turn into a graveyard spiral, where investors 'lose contact with the horizon' and experience 'spatial disorientation'. It is easy in this situation for investors to react in a manner that increases the risks and dangers and accelerates the market towards the 'ground'.

In this environment, it is more important than ever for retail investors to understand what sort of investor they really are.

Knowing where you sit on the investment spectrum makes life much simpler. It requires a little honesty. You need to understand your motivation, your risk appetite and, perhaps most importantly, your own personality.

Cory Doctorow coined the term 'enshittification' in 2023 and has spent much time in the intervening years identifying the phenomenon in modern life.

The author, blogger and activist says he now feels like a "father confessor" to anyone who's noticed a product has become worse, while still consuming as much of their time, effort, money and attention as before.

"Every time someone either is pressurised by their boss to enshittify something or encounters that enshittification in the wild, I get an email," he tells Money.

What is enshittification?

In simple terms, enshittification describes the process where a product or service becomes worse for users over time while becoming more profitable for the company behind it. Consumers often notice this through higher prices, more advertising, lower quality products, reduced customer service or new fees and charges.

Announcing it as its Word of the Year in 2024, the Macquarie Dictionary defined enshittification as "the gradual deterioration of a service or product, brought about by a reduction in the quality of service provided, especially of an online platform, and as a consequence of profit-seeking".

In an article for Wired the year before, Doctorow identified how the phenomenon was underpinned by the ability of digital platforms like Amazon and Facebook to build powerful monopolies.

These companies, he said, then leverage this guaranteed access to products and consumers to win over users and suppliers, respectively.

Once both parties are relying on the platform to communicate, shop, live and do business, it turns on both parties for its own profit.

"Surpluses are first directed to users; then, once they're locked in, surpluses go to suppliers; then once they're locked in, the surplus is handed to shareholders and the platform becomes a useless pile of shit."

Where is enshittification happening in 2026?

According to Doctorow, it's happening everywhere.

On his own phone, he's seen platforms that were once novel and interesting, but now everyday tools, being increasingly tweaked to please the financial interest of owners and investors.

Video platforms are a key example.

"Streaming companies decided to start squeezing [and] stopped buying as much new content. They needed a way to demonstrate to Wall Street that people would be happy to watch old stuff," Doctorow says.

"[So] the companies set as their key performance indicator: you must successfully recommend [older] videos.

"Suddenly, if you touched any part of your screen, you'd be watching something else... there was no back button. It was as easy as anything to go from watching one video to another, but nearly impossible to go back."

Beyond these aesthetic changes, streaming platforms have been accused of tightening their squeeze on consumers in other ways.

In June, the ACCC announced it was taking global giant Amazon to court for hiding unfair terms in its Prime Video contracts and then relying on these to spring extra charges on customers.

The consumer watchdog says customers who had paid $79 to sign up to Prime, expecting it to be ad-free, were suddenly told they had to pay an extra $2.99 per month to keep their viewing from being disrupted by commercial breaks.

Doctorow says such actions are prime examples of enshittification, pointing to the "proliferation of ads" in subscription streaming services as proof of an old adage: "Once you're a captive audience, there's no reason to treat you well."

Beyond entertainment platforms, enshitment allegations have been flung at all manner of global companies accused of misusing market dominance.

From FIFA's introduction of dynamic ticket pricing and extra ad breaks during the recent World Cup, to BMW's decision to play movie trailers on the display screens of its cars in some countries, companies have been accused of burdening consumers with costly or irritating extras for nothing valuable in return.

Closer to home, local mainstay underwear brand Bonds has been accused by Reddit users of "enshittifying an Australian icon" by continuing to charge higher prices for products alleged to be of worse quality.

Convenience vs cost: what we're paying for enshittification         

If companies being able to build monopolies provides the foundation from which to enshittify, the convenience of engaging with these businesses on our own devices whenever we like could be accelerating the process.

Doctorow says services like Uber have led people to become used to the idea of personalised pricing or, as a worker, even being paid more or less than someone else doing the same job.

"Platformisation means that every consumer and worker enters the marketplace in an atomised way," he explains.

"Taxi drivers can find out, for example, if their bosses pay them differently because they can talk with one another," he explains. "But if you drive Uber, you are isolated from everyone."

As more businesses ape the Uber model and society becomes more platformised, Doctorow adds, individuals face greater forces encouraging them to get used to the idea of paying more for goods and services while potentially receiving less for their labour.

The ability of companies to collect large amounts of detailed consumer data, he adds, ensures these price offers can be ruthlessly personalised and targeted to each of us.

How can we fight back against enshittification?

Doctorow says laws protecting digital platforms prevent any quick technical fixes to improve price or wage discrepancies across different apps and platforms.

And the monopolies global companies have across multiple brands can mean boycotting one enshittified product for another can send you back into the arms of the company you're trying to avoid.

"You can't do much about this as a consumer, I'm afraid," Doctorow admits. "Shopping your way out of a monopoly is like recycling your way out of a wildfire."

Doctorow says anyone wanting to push back against enshittification should be prepared to get politically organised.

"If we really want to do something about these companies, we have to unwind their mergers, block predatory pricing [and] pass and enforce meaningful privacy regulation," he explains.

"Those are the actual measures and you get them out of your policy makers, which means that you're going to have to join a polity, which is a pain in the arse."

"A boycott isn't thinking hard about what you're going to shop for. A boycott is an organised movement... so stop thinking of yourself as a consumer and start thinking of yourself as a member of society."

Cory Doctorow appears at Sydney's Festival of Dangerous Ideas from August 22-23 and Melbourne's The Capitol on August 25, presented by The Wheeler Centre and Now or Never.

His new book, The Reverse Centaur's Guide to Life After AI, published by Verso, is released August 4 and available for pre-order now.

In an age where so much of life plays out online, it's easy to forget that there's a physical nervous centre behind almost every digital interaction you have.

Every email you send. Every tap of your debit card. Every photo you upload. All that information will either be stored in or processed through a data centre.

While their prominence may have grown, data centres aren't new. What is considered to be one of Australia's first data centres was opened by Macquarie Telecom (now Macquarie Technology Group) in Sydney back in 2000.

There are now 162 data centres operating across the country, according to a report released by Data Centres Australia in April. The same report indicates that a further 90 are in the pipeline, with the vast majority set to be built in NSW (44) and Victoria (30).

Australia is also emerging as one of the most attractive destinations for data centre investment, with Knight Frank research ranking it second only to the US in 2024, attracting about US$6.7 billion ($9.55 billion) in investment.

"There is huge uptake globally, but Australia is very appealing for data centres," says Associate Professor Joel Gilmore, an energy expert at Griffith University.

"We have a strong and stable regulatory environment; we have land available with proximity to fibre cables; we have a strong grid; and we have the ability to develop new renewables at scale.

"We are also strategically well positioned for Asia-Pacific connections, so strong links to the Asian market, which is helpful for data centres trying to minimise lag and maximise transmission."

What do data centres do?

At their simplest level, data centres are factories of computing power, explains Dr Amr Omar, a research associate at the School of Mechanical Engineering at UNSW.

They house the hardware that facilitates the storage and processing of all that digital information that forms a part of everyday life.

"When you use Netflix or stream online, these videos are stored in data centres. You're pulling that data from these factories onto your phone or your TV when you go to watch them. And that process happens very quickly, in a fraction of a second," says Omar.

Inside these facilities, that computing power and speed is made possible with racks and racks of servers, CPUs (central processing units) and, increasingly, GPUs (graphics processing units).

"You have some servers that are only for data storage, so banking systems, government data storage, or files in the cloud," says Omar.

"Then you have CPUs that are dedicated to simple computational needs, like sending emails, and GPUs that are mostly used for AI."

Scaling up: The cloud, AI and data centres

As our digital appetites have increased over the years, so too has the scale and sophistication of the data centres being built to serve those needs.

The advent of cloud computing triggered the first shift. As organisations and individuals moved onto the cloud, warehouses packed with servers began to replace individual server rooms in offices.

AI has changed the game again in recent years, requiring data centres, often purpose-built AI factories now, that can support the prodigious amounts of energy needed to power AI-related processing.

"If you think about a CPU, it can do simple calculations very quickly, while a GPU can do multiple calculations at the same time. This is very important for AI," Omar explains.

"With AI, there's two things happening: every time you send a prompt using ChatGPT, Claude or Gemini, the prompt is used to train the model while also providing an answer to the user.

"These GPUs are far more powerful than CPUs. And because they're more powerful, they use way more electricity. For context, a GPU rack could use at least 10 times more electricity."

With all that electricity comes a great deal of heat that needs to be dealt with.

"As we transition to more powerful GPUs, we use liquid-to-chip cooling where we supply a very cold refrigerant all the way to the server level," Omar says.

"That's important, because as these GPUs warm up, they become less efficient, so you need to make sure that they operate in a very cold environment."

In practice, this all means that data centres are becoming far more than run-of-the-mill warehouses full of servers.

"These modern data centres have all the cooling technology, very powerful power distribution units, power quality sensors, electricity generators, fire suppression systems, all sorts of infrastructure," says Omar.

How much energy do data centres use?

As AI and the data centres that are powering it scale up, their broader energy demands are becoming harder to ignore.

In the 2024-25 financial year, data centres are estimated to have used about 2% of the electricity in the National Electricity Market, a report published by the Climate Council suggests.

That's equivalent to the electricity use of about 700,000 homes.

The same report indicates that the share of electricity used by data centres from the main grid is forecast to rise to 6% by 2030 and 12% by 2050.

"There are data centres that will have more load than our smelters. Aluminium smelters are one of our largest single users of electricity in Australia, and one of these proposed data centres will have 25% more load," says Gilmore.

One of the outstanding questions is how this energy need will be met. As Gilmore explains, if it doesn't come from new supply, that extra demand is only likely to push prices higher for everyone.

"Independent modelling suggests that, based on current projections, if we don't build new capacity, new renewables and firming alongside those data centres, wholesale prices could rise by up to 26%.

"So, if it's not done in a sustainable, controlled way, we will see everyday Australians paying higher electricity bills because of those data centres."

Beyond their appetite for electricity, data centres can also consume significant amounts of water as part of cooling processes. In the worst-case scenarios, Gilmore says the usage can be huge.

"If you use the least energy efficient approach, single data centres can use 16 Olympic-sized swimming pools worth of water every day to cool them.

"But there are much more energy-efficient, water-efficient designs. The best case is closed-loop cooling, like the radiator of your car.

"This is where you fill it up once with one or two swimming pools' worth of water and then you don't need to keep topping up because it uses air-conditioners and circulating water to manage that."

Why investors are paying attention

For all the concerns around energy and water use, the reality is that demand for data centres is exploding in Australia and abroad, and markets are taking note.

In large part, that's because data centres and AI have become inextricably linked, and if there's one theme that has driven investor enthusiasm in recent years, it's AI.

"AI and data centres are really reshaping how the world works. By virtue of that, they're reshaping how most stock indexes look today," says Samy Sriram, market analyst at Stake.

The best example of this impact can be seen in the S&P 500 index. As Sriram points out, tech giants and major players in the AI space, such as Alphabet, Amazon, Apple, Broadcom and Nvidia, have been responsible for much of the recent growth in the index.

"Excluding those big tech names that are really driving AI, the S&P 500 would be up just 16% in the past two years. But when you add them back in, it's up 42% over that same period."

Predictably, investors are jumping on board, with Sriram noting that there's been a marked uptick in allocations towards the AI thematic among investors on the Stake platform.

"There's definitely a lot of investment and interest from a retail investor point of view in companies at the forefront of AI and data centres. Whereas some of those names in consumer staples, in consumer discretionary and in healthcare aren't seeing quite the same amount of love."

Ultimately, Sriram suggests that the US-listed tech giants involved with AI, including in Australia, may be among the better options for investors wanting to get exposure to data centres and AI more generally.

"For Australian investors, that could look like investing in mega-cap stocks like Nvidia, Microsoft, Amazon and Google, which are really driving this narrative, committing to AI spend and directly funding Australian capacity.

"These companies have trillions of dollars in market cap, they have a large portion of cash on their balance sheet, and while their capital expenditure is high, the risk of investing in them is perceived by many investors to be a lot lower, because you're getting a much bigger stock."

How can investors get exposure to Australian data centres?

There are investment opportunities beyond the mega caps, including at home. While the options aren't extensive, it's possible for investors to gain exposure to the local data centre industry by way of Australian-listed companies and funds.

NEXTDC (ASX: NXT)

Along with the likes of AirTrunk and Canberra Data Centres, NEXTDC is one of the largest players in the Australian data centre space, with the firm currently operating 17 data centres. It also has five more in the pipeline.

The difference is that NEXTDC is listed on the Australian Securities Exchange (ASX), which makes it one of the better options for investors looking for direct exposure.

"If you're looking at a single stock in Australia, it would probably be NEXTDC. It's the country's largest pure play data centre operator," says Sriram.

"It offers hyperscale-grade capacity, and it has headline partnerships with higher potential upside, but also higher capex risk that comes with that."

Macquarie Technology Group (ASX: MAQ)

While ASX-listed Macquarie Technology Group isn't solely focused on the space, data centres are one of the four core parts of the business along with cloud services, government and telecom.

"Macquarie Technology Group is another name that comes to mind. It's a government-certified operator that serves about 42% of Federal agencies," says Sriram.

"It has a new 47-megawatt Sydney facility on track for September, and its stock price has done fairly well, up about 18% in six months to June."

Goodman Group (ASX: GMG)

Given that a lot of the data centres operating in Australia are foreign owned, Sriram says that a more roundabout way to get exposure to the local sector is through real estate.

"The companies involved in building these data centres out, and responsible for the real estate behind that, are actually seeing a lot of investor interest at the moment.

"Goodman Group is one name that comes to mind. It's a large, listed property group, and about 68% of its $12.4 billion development pipeline was data centres, as of last September.

"It is a little bit more volatile, but that tends to happen with certain stocks like Goodman and real estate investments in general."

Global X AI Infrastructure ETF (ASX: AINF)

Beyond individual stocks, investors can also tap into the data centre boom through thematic exchange traded funds (ETFs), which can provide exposure to companies involved in the broader ecosystem.

One example is the AI Infrastructure ETF from Global X. Launched in April 2025, the fund is up more than 82% as of mid-June.

"The Global X Artificial Intelligence Infrastructure ETF gives investors exposure to companies supporting the data centre build out," Sriram explains.

"These aren't companies running data centres themselves. Instead, they're the copper and uranium producers, the utilities companies and the engineering and material firms that are contributing to the wider build out."

Sydney prices are down 4.2%, and Melbourne is down 3.5% over the latest quarter, while the five-capital-cities aggregate has fallen 2.7%.

Sounds ugly, but before declaring another property crisis, investors need to ask a bigger question: is the Australian economy behaving like it's in crisis?

Because underneath the headlines, the picture tells a different story.

Even after the recent falls, the five capital cities aggregate is still up 3.2% over the past year.

Zoom out further, and Australia's real house price index rose around 26.5% between March 2016 and March 2026.

Property has softened, but a correction and a collapse are two very different things.

The latest bank financial year earnings results give us an even better look under the bonnet.

CBA reported a record $10.98 billion full-year cash profit. Mortgage applications have fallen 15% since the budget in May, while ANZ reported a 12% decline.

Yet the biggest revelation in CBA's report was the growth in business lending.

That's important, because if the economy was really falling apart, you'd expect businesses to pull back, unemployment to rise sharply and borrowers to start falling behind on their mortgages.

We're not seeing that combination.

Unemployment remains relatively healthy at 4.4%, while CBA's 90-plus-day home-loan arrears were 0.73% and ANZ's were 0.86%, hardly numbers that warrant panic.

Westpac also said households and businesses continued to demonstrate resilience, although stressed exposures are increasing.

Taken together, the bank results suggest financial pressure is building, but we're still not seeing the widespread distress that would normally threaten the property market.

That's an important distinction, because property markets don't normally crash simply because prices fall for a few months.

The real danger comes when economic conditions deteriorate to the point where large numbers of homeowners can no longer service their mortgages and are forced to sell.

Right now, Australia doesn't appear to be there.

The next question is: could property fall further?

Absolutely. But falling prices can also create opportunities when sentiment becomes more negative than the fundamentals.

As Warren Buffett famously said, "Be fearful when others are greedy, and greedy when others are fearful."

So rather than panic over falling prices, ask yourself: are the fundamentals breaking down or is everyone simply becoming fearful at the same time?

Because if the fundamentals aren't breaking and it's fear that's driving the market, maybe this is exactly the kind of moment Buffett was talking about.

Best and worst sectors

Utilities was the best-performing sector this week, rising more than 6% on the back of strong moves in its largest stocks, including AGL and Origin Energy, which reported FY26 earnings.

Healthcare and Energy both gained more than 3%, continuing their recent form over the last two months.

Energy was particularly interesting despite the sell-off in oil prices, as it rose, suggesting the market may now see value beyond oil price fluctuations.

At the other end of the market, Financials was the weakest sector, falling more than 3% as new loan applications were lower, spooking investors' outlook for the banks.

Communication Services also fell by more than 1%, as Telstra saw a strong sell-off following its FY26 earnings release.

Industrials fell more than 1.5%, suggesting a short-term breather for a sector that has seen resilient buying since May this year.

Best and worst stocks

Cleanaway Waste Management led the gains in the ASX Top 100 this week, climbing more than 14%, due to an attractive takeover proposal from EQT Infrastructure.

This was followed by ResMed Inc, up more than 10%, with buyers holding conviction as the stock starts to recover after years of selling.

Origin Energy gained more than 9%, benefiting from the strong earnings report and FY27 guidance.

Life360 was the weakest performer, falling more than 17% on the back of its FY26 report, which raised concerns about whether the company can deliver the acceleration implied by the upper end of its FY27 targets.

SGH Limited lost more than 10%, and SEEK Limited fell more than 9%, with both companies projecting weaker outlooks in their FY26 reports this week.

All Ordinaries Index update

The All Ordinaries Index took a small breather this week, ending Thursday 0.67% lower after last week's explosive run to a new all-time high.

Given the strength of that rally, this week's decline has been relatively restrained and, for now, looks more like a healthy pullback than anything else.

We've seen the market retreat after reaching record highs before.

When the All Ords broke to a new high in October 2025, it was followed by an 8% decline, while the February 2026 high was followed by a 10% fall.

I'm not suggesting history will repeat itself, but it's a good reminder that pullbacks are a normal part of markets, particularly after a strong run.

That's why 9200 is now the most important level I'm watching.

If the All Ords pulls back towards this level and strong buying emerges, it could prove to be one of the most important signals we've seen all year.

Holding the 9200 level would give greater confidence that the market is finally ready to break free from the sideways grind we've been stuck in since October last year and begin a genuine push towards 10,000 points.

On the reporting season front, it's been so far, so good.

The big three banks have now reported, with nothing significant enough to shake the broader market, while the major miners are still to come.

Utilities were the standout sector this week, helped by strong moves in AGL and Origin Energy, highlighting the sector's ability to pass higher costs through to customers.

So, while the index may have taken a breather this week, there's still plenty happening beneath the surface.

With reporting season creating winners and losers and the market sitting near record highs, opportunities continue to emerge.

For investors who know what to look for, this remains a buyer's market.

From salary sacrificing to personal contributions, many Australians will be aware the various ways in which they can boost their superannuation.

And plenty do. More than half (54%) of super members have made at least one additional contribution to their retirement savings, research from Vanguard Australia suggests.

What many people might not realise is that it's also possible to contribute to another person's super.

"Contributing to someone else's super is often about helping build financial security within a family," Danielle Carpenter, a private wealth adviser at UniSuper, explains.

"It can be particularly valuable when one person has a lower super balance because they've either taken time out of the workforce, work reduced hours, or earn less than their partner."

So, who can you contribute to? What are the benefits? And what are the risks? Here's what you need to know.

Can you contribute to your partner's super?

Person-to-person super contributions typically occur between couples. These are called spouse contributions.

As Carpenter notes, the driving motivator tends to be addressing inequalities in retirement savings after one partner has taken time off work for caring responsibilities. But it's not the only reason.

"For some couples, it's about maximizing tax efficiency. For others, it's about building a stronger financial position as a household and ensuring both partners have adequate retirement savings.

"I've also seen couples that use it as a strategy in broader retirement planning, particularly in the years leading up to retirement when they're reviewing how their assets are structured."

The question is, how can you make a spouse contribution? Well, there are two different options for married and de facto couples: pre-tax contributions and post-tax contributions.

What is super contribution splitting?

The first strategy is contribution splitting. This involves using pre-tax or concessional contributions which have already been made to your super.

"That might be the 12% government-mandated contribution that comes from an employer. Or it might be from a salary sacrifice," explains Peter Treseder, education manager at AustralianSuper.

"Someone can split up to 85% of those concessional contributions - that have already gone in to their own super - with their spouse.

"This may be beneficial if your account is approaching thresholds that may limit you putting more money into super, or limit you in the way you can put money into super."

Members can generally apply to split their contributions in the financial year after the concessional contributions were made by lodging a superannuation contributions splitting application with their fund.

How do after-tax spouse contributions work?

The second option is making a post-tax contribution to a spouse from your own savings - money that has already been taxed.

"If your spouse is earning less than $37,000, you would be eligible for a tax offset - a rebate of tax," Treseder says.

Contributors will still be eligible for a reduced rebate if their spouse earns up to $40,000, but it cuts off after that point.

"The way that's calculated is 18% of what you contribute, so if you put in $1000, you would get $180. The maximum offset is $540, which is 18% of a $3000 contribution.

"So, it's really good for a non-working spouse, or even a spouse that has returned to the workforce part-time if they are under that threshold."

The offset can then be claimed when the contributing spouse files their next tax return.

What are the rules and limits for spouse super contributions?

Before rushing out to set up a transfer, Carpenter suggests that it's worth thinking beyond any immediate tax benefits and considering factors such as contribution caps and longer-term goals.

"One of the biggest mistakes is focusing solely on the tax benefit without considering the broader strategy. The contribution should be in support of the couple's overall retirement objectives, not just to generate a short-term tax outcome.

"Another common issue we see is people not checking their contribution caps and their eligibility requirements before contributing. This can lead to exceeding contribution caps and creating unintended tax consequences.

"I think it's also important to remember that once the money is contributed, it's generally preserved until a condition of release is met."

Can you contribute to a family member's super?

It may be common for contributions to be made between couples, but what if a parent wants to contribute to their child's super? Or someone wants to top up their parents' super before they retire?

Provided the super fund accepts the contribution and the relevant rules are met, Carpenter says that it may be possible to contribute to another person (who isn't a spouse).

"However, the tax concessions are commonly associated with spouse contributions and are generally specific to spouses and de facto partners.

"Where someone is considering contributing to a child or another family member, it's important to understand how the contribution will be treated - whether there are any contribution cap implications for that individual receiving the money as well."

Should you get financial advice before making a super contribution?

For Treseder, super members thinking about contributing to someone else should make sure that they're own retirement goals are on track first.

"It's a bit like the airplane scenario: fit your own mask before helping others. Sort your super out before you sort out your partners."

He also recommends seeking financial advice before making any decisions, as it's not a strategy that will suit everyone.

"AustralianSuper - and most super funds - provides an advice line where people can talk to a financial planner over the phone to get advice around contributing in the most effective way.

"When I talk to members about getting money into super, it's about finding the most effective approach. The way you've been doing it for years may not be the best option anymore."

1. Borrower's market as mortgage slump continues

If you've got a home loan, now could be a good time to look for a lower rate, with more signs the mortgage market is shifting in favour of borrowers.

All four of Australia's big banks have now confirmed they're seeing softening demand for home loans, as competing lenders cut rates to grab a slice of the market.

On Thursday, ANZ revealed people had started applying for smaller mortgages since the May federal budget.

The bank said the average dollar value of loan applications it received between mid-May and the end of July was 12% lower than it had been earlier in the year.

That news came a day after the Commonwealth Bank, while announcing a bumper profit of $ 11 billion, reported it too had seen demand for mortgages fall since the budget, with applications down 15%.

These were the last two of the big four to confirm a waning appetite among Australians for help buying property.

NAB reported last month that applications for its home loans had dropped 15% in the three months to June, while Westpac noted it too had seen a slump.

The fall in mortgage demand comes after the budget wound back tax concessions for property investors and three interest rate hikes since February increased borrowing costs.

Mortgage brokers have told Money they've seen lenders cutting rates on variable home loans - something Canstar says 28 mortgage providers have already done in the last two months.

2. When will Ozempic and Wegovy be cheaper in Australia?

Both the federal government and the makers of drugs like Ozempic want the medications to be put on the Pharmaceutical Benefits Scheme (PBS) and made cheaper for Australians, but can't agree on a price.

Commonwealth health minister Mark Butler this week said drugs like Ozempic and Wegovy were "too important not to have on the PBS," but that his department couldn't agree with manufacturers on a price "they're willing to receive and we're willing to pay on behalf of taxpayers."

When a medication is on the PBS, the government negotiates with manufacturers to agree a price at which it will be sold to Australians and then subsidises a portion of this, lowering the cost to local consumers substantially.

GLP-1 medications like Ozempic that suppress appetite are listed on the PBS to treat type 2 diabetes, but not for weight loss. Accessing these drugs outside the PBS can cost between $5000 and $6000 per year.

A few days after Butler's comments, the CEO of Eli Lilly, maker of GLP-1 drug Mounjaro, confirmed to the ABC that his was one of the companies whose PBS negotiations had broken down over price.

David Ricks said the rate proposed by the federal government was "significantly lower" than what was being offered by other countries' subsidy schemes, adding Australia wasn't recognising the real value of the drug.

3. ASIC says shopping around could cut your car insurance premium

Aussies are again being urged to shop around to save money, this time on car insurance.

The corporate regulator ASIC says insurers are hitting customers with "sharp and repeated" premium increases that are above inflation, but isn't explaining why.

ASIC looked at eight different insurance providers and conducted research involving more than 2000 Australians and found premiums had "surged" 8% in the year to July 2025 and 42% between 2019 and 2024.

Despite these hikes being well above the rate of inflation, no insurance companies had properly explained how the new prices had been calculated and why premiums had increased so much.

The solution? Again, Aussies are being told to shop around, or at least threaten to - ASIC says 31% of people who contacted their insurer to challenge their new premium got a discount.

4. AUSTRAC shuts down 96 crypto ATMs over scam concerns

The federal government's financial intelligence agency has shut down 96 cryptocurrency ATMs across Australia, saying the company running the machines wasn't doing enough to prevent them from being used for money laundering and scams.

Crypto ATMs allow customers to exchange cash for cryptocurrency, but authorities say scam victims are being directed to the machines and coached to use them to send money to criminals.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) suspended Cryptolink's operating licence for three months this week, shutting down all of its ATMs.

The intervention came after the company was late submitting reports on large "high-risk" transactions being made with its machines.

AUSTRAC says requiring these reports is one of the ways it's trying to get crypto ATM operators to stop their machines being abused by criminals.

Cryptolink last year said it had put measures in place to prevent its machines being misused, but consumer groups have called for all crypto ATMs to be banned anyway, saying they have "no legitimate use".

In any case, the pause on Cryptolink's operations may do little to cut down on scams - the company's machines make up only 96 of the more than 1800 crypto ATMs now running across Australia.

5. Cbus changes death benefit nominations after consumer concerns

An advocacy group for superannuation consumers has criticised the industry for not doing enough to help customers decide who gets their super when they die.

The criticism from Super Consumers Australia came as super fund Cbus made changes appearing to mirror those the advocacy group was calling for.

In research released on Monday, Super Consumers Australia noted only 13% of people it had surveyed were certain they had a binding death nomination.

It said super funds should be reminding members to make these, pointing out that they provide more certainty than non-binding nominations.

In reporting these findings, ABC News highlighted the story of relatives of a Cbus customer, who complained their uncle's superannuation money hadn't been distributed as he had wished because his death nomination was non-binding.

Cbus told the ABC it was undertaking "significant reforms" to simplify its death and insurance claims processes and some of these appear to have already materialised.

Just days prior to the ABC story being published, the company announced it would stop offering non-binding death benefit nominations.

It also said it would scrap nominations that expired after three years - another system quirk consumers have raised concerns with.

There is something fascinating about modern humans.

We can carry tiny supercomputers in our pockets, stream movies from satellites floating in space, and ask artificial intelligence to explain quantum physics in plain English, yet still become emotionally unhinged when discussing bike lanes, wind farms, or data centres.

Recently, data centres have become the latest villain in public discourse.

Too much electricity. Too much water. Too much land. Too much 'big tech'.

Depending on who you ask, they are either essential infrastructure for the future economy or giant glowing monuments to humanity's collective inability to stop uploading photos of brunch.

Of course, these concerns are not entirely irrational. Data centres do use significant resources.

The internet is not powered by good vibes and inspirational LinkedIn posts.

Every cloud service, banking app, Teams meeting, streamed movie, AI prompt, school platform, cryptocurrency trade, and slightly passive-aggressive 'per my last email' message must physically exist somewhere. Usually in a giant warehouse humming away behind a fence.

Why data centres spark public debate

But what fascinates me isn't the infrastructure itself. It's the psychology of how humans debate these things. Particularly when one side of the argument is supported by something very physically large.

One of the quirks of the human brain is that we are remarkably poor at evaluating trade-offs, particularly when the costs are visible and the benefits are invisible. For example, most people never physically see the benefit of a data centre. They don't walk past one and think, "Ah yes, there's my banking app functioning beautifully."

But they do see headlines about electricity use. They do hear about water consumption. They do see giant buildings appearing in industrial estates. The costs are concrete. The benefits are abstract.

Humans emotionally overweight visible negatives and psychologically outsource invisible positives.

This is not new.

We do it with airports, renewable energy projects, public housing, mining, desalination plants, transmission lines and pretty much every form of infrastructure civilisation depends upon. We want the outcome, but often feel emotionally uncomfortable with the mechanism required to produce it.

It's a little like wanting electricity but objecting to power stations. Or wanting cheap avocados while being vaguely horrified by agriculture.

And social media, naturally, has made all of this worse. Modern online platforms reward emotional certainty far more than thoughtful ambiguity. "This is complicated and probably involves difficult trade-offs" is not a sentence that performs especially well on the internet.

Humans prefer cleaner narratives. Heroes. Villains. Simple causes. Moral clarity. Unfortunately, reality rarely cooperates.

The psychology behind infrastructure debates

Most large societal issues involve multiple good things competing, rather than there being an obvious evil. Economic growth versus environmental protection. Privacy versus convenience.

These are not engineering problems as much as emotional tolerance problems. The difficulty is not simply deciding what we value, it is tolerating the discomfort that comes from discovering we cannot optimise everything simultaneously.

That discomfort matters because uncertainty creates emotional arousal. And emotionally aroused humans become less nuanced, less curious and more tribal.

We start defending identities rather than examining ideas. Conversations shift from 'What are the trade-offs?' to 'Which side are you on?'

At that point, debate becomes performance art. You can often tell when this shift has occurred because people stop discussing solutions and start discussing purity.

Anyone acknowledging complexity risks being interpreted as disloyal to the tribe. Nuance starts sounding suspiciously like weakness.

But systems thinking requires the emotional ability to hold two uncomfortable truths at once. Something can be necessary and imperfect. Technology can improve life and create problems. Economic growth and environmental sustainability can matter. Infrastructure can be essential and worth regulating carefully.

How to think about data centres and technology more clearly

Emotionally mature thinking is not about becoming less passionate, but becoming more capable of thinking clearly while passionate.

This is surprisingly difficult for humans because our brains evolved for immediate social threats, not 20-year infrastructure planning.

The nervous system handles 'lion nearby' much better than 'competing long-term economic and environmental priorities'. So we simplify, personalise and moralise.

Eventually we convince ourselves that if we could simply remove the one bad thing, the whole system would finally work properly. It rarely does.

The irony, of course, is that modern life increasingly depends on invisible systems. Most people could not explain how electricity grids work, how financial markets function, how cloud computing operates, or how food logistics sustain cities.

Civilisation has become too complex for any one individual to fully comprehend. Which means trust, humility and emotional regulation become increasingly important societal skills.

Not because people should stop questioning things. Healthy scepticism matters enormously. But there is a difference between scepticism and emotional certainty.

One is curious, the other judgmental.

And perhaps that's the real challenge of modern life.

Not simply becoming smarter, but becoming emotionally capable of discussing complicated things without immediately collapsing into outrage, tribalism or simple storytelling. Because the future will almost certainly involve more difficult trade-offs, not fewer.

AustralianSuper will offer personalised advice and guidance for members through a new online service.

The service will be available to members via the AustralianSuper member portal. Launching in stages starting this year, it will allow members to access personalised advice and guidance on topics including investment options, contributions and retirement health checks.

AustralianSuper general manager of retirement Shane Hancock says receiving quality financial advice can make a real difference to members' confidence about retirement.

"We want members to feel in control, so we're giving them the tools to get quality advice in a secure environment at a time that suits them," Hancock says.

"When the roll-out is complete, members will be able to take their online journey even further, by choosing to speak with a qualified adviser virtually or on the phone.

"Our growing base of 3.6 million members will be able to access the platform - one of the largest advice offerings in Australia."

The advice will be provided by an entity within the AustralianSuper group, AustralianSuper Advice Pty Ltd. Financial services lawyer and policy expert, Michelle Levy, has been appointed as an independent director.

Levy was previously chair of the Quality of Advice review and partner at Allens.

"Financial advice that takes into account someone's personal circumstances can make a big difference to their retirement outcomes. That advice should be accessible and simple to understand and follow," Levy says.

"Through the online advice journeys, AustralianSuper members will be able to get just that - quality personal advice and guidance whenever they need it.

"This will help members to make good decisions about their superannuation and, ultimately, enjoy greater financial security in retirement. That's what superannuation and financial advice are all about."

AustralianSuper says if online advice is enough to meet a member's needs, they can receive personalised recommendations and take steps to action these via the advice platform.

The super fund says those who choose to speak with an adviser can do so by phone or video call. Complex cases can be referred to a Comprehensive Advice adviser made available to members by the fund.

AustralianSuper says the new tools will complement the existing online education, tools and calculators it offers, which it says around 1.6 million Australians accessed in the last calendar year.

"Our ambition is to provide personalised guidance to every member, and we are investing in our people, technology and processes to achieve this within the decade," Hancock says.

"We are committed to giving members the advice they need, when they need it, and giving them the tools and confidence to create their own financial future."

The new service will be rolled out in phases, with the first online journey to launch in the coming months. Adviser-led journeys will be offered to members from early 2027. Technology provider Ignition Advice is helping to build the online capability.

This article first appeared on Financial Standard

The social media pages of prediction platform Polymarket present streams of updates that wouldn't be out of place on any standard news website.

The service "transforms headlines into live markets," letting you bet on the outcome of real-world events, from political decisions and interest rate movements, to pop culture news and sports results.

But the platform also lets you stake money on what Karoline Thomsen labels "gruesome topics", like military actions and strategic shifts in ongoing wars.

"Tragically, that might be some of the appeal," says the PhD researcher, who has been studying Polymarket.

Case in point is Polymarket's rise to prominence earlier this year: as tensions escalated between the US and Iran, the New York Times reported hundreds of Polymarket users were wagering thousands of dollars on when American forces would strike the Middle Eastern country.

What are prediction markets and how does Polymarket work?

Online exchanges where punters can try their luck reading the course of global events have boomed in the last few years.

Polymarket is the best-known of these prediction platforms and was launched in 2020. Its leading competitors include Kalshi and PredictIt.

In a sign of a growing industry, several news outlets reported in June that Facebook owner Meta was exploring launching its own prediction product. The company didn't respond to a request to confirm these reports.

Platforms let users place bets anonymously and transactions are usually made in cryptocurrency.

Unlike most traditional gambling, the odds on these sites fluctuate depending on dynamics of supply and demand and the appetite of users to take differing views on event outcomes.

Why is ASIC warning Australians about prediction markets?

Anyone accessing the internet in Australia is blocked from using Polymarket, as it's considered an illegal gambling website, but the financial regulator ASIC says it and other platforms are trying to attract local users by taking bets on events happening here.

ASIC says Australians considering jumping onto any prediction markets should be aware of "three big risks" that can make them a dangerous play.

1. It's gambling, not investing

Polymarket and other major prediction sites tend to refer to bets as "contracts" between users and Thomsen says the way they present their odds and other information can give them the appearance of investing platforms.

"Polymarket has really put some work into placing itself to look like a financial and information instrument, rather than a gambling instrument," she says. "They show price fluctuations in a graph that's not dissimilar to the one you see on the stock market."

Behavioural economist Phil Slade says putting money on global events with this information at your fingertips can feel like making a wise investment.

"It feels smart, not risky...we get a dopamine hit that an investment would never be able to do," he says.

In reality, prediction markets are much closer to gambling than investing. Warning of the large sums people can lose, ASIC has compared them to binary options: a financial product banned in Australia since 2021.

Binary options were similarly dressed-up to look like investment opportunities, but were essentially bets on future asset prices or other economic events.

ASIC banned their sale after finding 75% of people who had traded them had lost money.

2. It's an uneven playing field

Most prediction markets allow users to make bets anonymously, meaning you could be taking a stake on an event against someone who knows much more about it than you do.

In April, it was revealed a US soldier with access to classified military plans had used them to bet against regular punters on Polymarket, winning hundreds of thousands of dollars.

Then, in July, a US politician was fined for making bets on whether he would attend an event or not - something entirely within his own control.

Experts say these are prime examples of the serious disadvantages ordinary punters can find themselves at, as they trade bets with anonymous people on outcomes the opposite party has inside knowledge about or controls completely.

"It seems to be a model specifically targeted towards incentivising insider trading... if you've got knowledge about the future, then then why wouldn't you get onto a prediction market and make a bet?" notes Slade.

3. You're not protected

Despite styling themselves as investment platforms, no prediction market holds an Australian Financial Services (AFS) licence.

"That means you won't have access to important protections if something goes wrong," explains ASIC Commissioner Alan Kirkland.

These missing protections include mandatory internal dispute resolution processes and client money safeguards.

ASIC says you should check whether any financial services provider you're considering making an investment with has an AFS license before handing over any money.

Reader question

Dear Paul,

Hoping you can help us come to a fair arrangement.

We have an adult daughter who has bought a unit with her fiancé, and her fiancé works with my husband.

Our other adult child is renting a house with their spouse, who doesn't work for the family business.

My husband is hoping to retire in the next year or so, and has had the business valued at approximately $500,000, which includes goodwill.

Our daughter and her fiancé are not in a position to buy us out, so we would be handing him the business.

We already have given them a monetary hand-up before.

How can we make this fair for our other child?

We also fear that if the relationship doesn't work out for our daughter, her fiancé would walk away with the business my husband has built over decades and not benefit either child. - Robyn

Paul's response

My money warning bells are running on high alert, Robyn. Good on you for recognising this and asking about a fair solution.

This has the potential to cause a major and permanent family split.

I can see so many ways this can, and in all likelihood may, become very messy.

You have one child who is on the way to homeownership, with her fiancé working in your family business, generating income from what is a family asset.

This you propose to give to him and your daughter, with a value of $500,000.

As you point out, this leaves your other child with no family financial support and, as you say, the prospect of the business going to your daughter's fiancé, if there is a relationship break-up.

What could possibly go wrong? I don't accept that the business with a value of $500,000 to an external buyer does not allow your daughter's fiancé to make any payment for it, if structured over time.

However, let's put that aside for the moment.

You could achieve fairness if you built into your estate planning, for example, a percentage of your home or other assets also valued at $500,000 today, that went to your other child, with everything above that split between your children, if that is your wish.

This of course leaves the risk that the business may not do well and your other child's share of the house grows strongly, but all you can do is to be fair now.

In terms of the business heading off with the fiancé if the relationship does not work out, that I am also worried about, but a good solicitor will not be.

I am certain a loan or some form of legal structure can keep that valuable asset inside the family, by which I mean your bloodline.

For me, your starting point is a meeting with you both and your solicitor.

The solicitor needs to speak frankly and, in my view, at this early stage, not in the presence of your children or their partners.

Then I suspect the solicitor will, once you have a strategy, suggest a family meeting.

But as you tell me, right now you need to take leadership and establish the way fairness can be achieved, which it can.

You've already done the most important bit and recognised the potential family drama that is most likely to happen if the issue is ignored.

Please make a time to meet an experienced business or estate planning solicitor as your starting point.

I wish you all the best with this tricky, but very common, family situation.

What to read next

• One paperwork mistake could cost your family $600k
• From family business to $70 million company
• How to survive breaking up with your business partner
• Ask Paul: I helped one child, now the others want the same
• Avoiding generation war when handing on the family business

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Justin Lin, investment strategist at Global X ETFs.

They discuss the latest price movements and what could lie ahead for the crypto market.

Episode timestamps:

00:00 Introduction

01:45 Bitcoin and Ethereum performance in 2026

02:55 What's been driving the downturn?

05:15 How Australian investors are reacting

07:45 Crypto battles AI for investor attention

09:20 Institutional demand and ETF adoption

11:00 The long-term investment case

13:45 Outlook for the second half of 2026 and beyond

14:55 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

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

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

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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.

In a decision that was widely anticipated beforehand, the nine Board members voted unanimously to keep the cash rate steady at 4.35%.

This marks the second rate hold from the RBA in as many meetings, following three consecutive rate hikes at the start of the year.

In its post-meeting statement, the Board stated that inflation is still too high and that it won't rule out the possibility of further rate increases if necessary.

"With monetary policy judged to be somewhat restrictive, the Board decided to leave the cash rate target unchanged while it assesses how the economy is evolving.

"The Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if upside risks materialise."

Is now a good time to negotiate or switch your mortgage?

So, what does the hold mean for households? On the surface, a bit of stability, which, after rate rises in February, March and May, will be welcome news to some - particularly those with a mortgage.

While today's decision won't translate into relief for borrowers, another development in the market could be working in their favour.

Both NAB and Westpac have revealed drops in loan applications in recent months, with reduced borrowing power following earlier rate hikes and the impact of the budget's property-related tax reforms, playing a role.

Richard Whitten, money and home loans expert at Finder, says that given the drop in loan volumes, lenders may be more likely to want to keep hold of their customers.

"I do think existing borrowers looking at either negotiating a better rate, or refinancing, are the customers that lenders are heavily incentivised to try and keep happy.

"After all, it's much easier to keep an existing customer than to acquire a new one.

"That's provided that borrowers themselves are in a good position. People may find that their borrowing power is not where it was two years ago, for example, because their expenses have gone up - and not necessarily in line with their income."

What are the best home loan rates in August?

Whether a borrower is looking to negotiate a better deal on their existing loan or eyeing a switch to a new lender, comparing their current interest rate to the rest of the market can help.

This is all the more important given that, as Whitten explains, there's a significant spread in home loan rates from the cheapest to the most-expensive end of the market.

"On Finder, our broad average is close to 7.00% for variable rate mortgages at the moment, but that encompasses lots of different scenarios.

"Right now, anything around the 6.00% mark or under is a good deal.

"There's quite a few small lenders with rates under 6.00%, as well as a few larger lenders like Greater Bank, Bendigo Bank and Unloan (which is backed by Commbank) that have rates sitting around 5.80% to 5.90%."

Thinking about refinancing? Here are four things to consider

In a recent survey conducted by Compare The Market, one in four mortgage holders admitted they should be looking around for a better deal, but one in 10 weren't sure where to start.

As Whitten lays out, while the rate attached to a loan is likely to be the most important factor to consider before refinancing, it's not the only one.

Here are three other things he suggests are worth considering when weighing up a switch:

• Fees: "The rate is going to be the main cost you'll want to consider, but any one-off or ongoing fees are also important - you don't want to be overpaying for fees."
• Offset account: "Another major consideration may be whether the loan has an offset account. Being able to put money in your offset can just be so beneficial - so much so that some people view it as more important even than their rate."
• App or online platform: "A point people often miss is convenience and whether a lender has a good app or online platform. An app that lets you manage your loan more easily and be engaged with your spending and saving can make a big difference."

Want to learn more about the refinancing process? Check out our article on how to refinance your mortgage for the first time for more information.

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.

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

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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.

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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.