Test your knowledge with this week's Money Quiz, featuring the latest developments in property, retirement, tolls, scams and more.

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How the Money Quiz works

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

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Less than five minutes - perfect for a quick money-smarts boost.

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

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New quiz released every week.

Is it free?
Yes - always.

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It might sound impossible, but that's exactly the kind of opportunity the oil market delivered earlier this year, and the big question now is: could this be your second chance?

When conflict erupted in the Middle East, crude oil exploded more than 70% in just six trading days.

That means a $7000 investment, managed with a professional 5% stop-loss, had the potential to grow to more than $100,000.

Opportunities like that don't come around often, but when they do, they can completely change your life.

So, here's why I'm talking to you about oil today.

History shows that whenever major conflicts threaten global oil supplies, crude has a habit of making rapid moves towards US$100 to US$110 a barrel.

We saw it during the 2008 commodity boom, again in 2011-12 during the Arab Spring and sanctions on Iran, and in 2022 after Russia invaded Ukraine.

Right now, oil has almost completely erased its recent war rally and is trading back near US$70 a barrel.

Beneath the surface, many of the same risks that triggered the last explosive move are starting to build again.

This week, President Trump declared the ceasefire arrangement with Iran effectively over after renewed attacks on commercial vessels in the Strait of Hormuz.

The United States responded with strikes on more than 80 Iranian targets, while reports suggest Kharg Island, through which most of Iran's oil exports pass, could become a future military target.

Unsurprisingly, traders immediately began pricing in the increased geopolitical risk.

At the same time, the US Strategic Petroleum Reserve remains near its lowest level since the early 1980s, leaving less emergency supply available if disruptions worsen.

Russia is also continuing to battle refinery disruptions and attacks on energy infrastructure, keeping global supply far tighter than many investors realise.

Now, none of this means oil is guaranteed to surge back to US$100.

Markets never make promises, but if you're serious about finding high-probability opportunities before everyone else, this is one market that deserves to be on your radar.

The biggest mistake isn't missing the first rally, it's watching the next one unfold while you're still thinking about the last.

Keep oil on your watchlist and watch the chart.

Let price confirm the story before risking your hard-earned money and remember this: earlier this year, the entire move happened in less than a week. If another opportunity emerges, time won't be your friend.

The traders who are prepared before the move starts are usually the ones who benefit the most.

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

The best-performing sectors include Energy, up more than 4%, followed by Consumer Discretionary, up more than 2% and Information Technology, up more than 1.5%.

The worst-performing sectors include Materials, down more than 6%, followed by Real Estate, down more than 1.5% and Industrials, down more than 1%.

The best-performing stocks in the ASX top 100 include Santos Limited, up more than 7%, followed by ASX Limited and Woodside Energy, both up more than 5%.

The worst-performing stocks include Genesis Minerals, down more than 13%, followed by Evolution Mining, down more than 12% and Pilbara Minerals, down more than 11%.

What's next for the Australian stock market?

This week, the All Ordinaries Index slipped just under 1% by Thursday's close, with the market once again failing to break through the stubborn 9000-point level.

In fact, this marks the third consecutive week that the index has tested this resistance without success.

The week began on a positive note, but buying momentum gradually faded, with the market once again finding support around the 8900 level.

It's become a familiar pattern over recent weeks: up one day, down the next, with neither buyers nor sellers able to take decisive control.

What we're seeing is a market becoming increasingly compressed.

The trading range continues to tighten, and history tells us that periods like this are often followed by a meaningful move in one direction. The question now is simply which side wins.

Sector performance continues to tell a very different story from the headline index. Materials endured a difficult week, while Energy emerged as the clear standout.

Renewed tensions in the Middle East, with the US and Iran once again exchanging blows, pushed oil prices higher and reignited interest in energy stocks.

As we've seen throughout the past year, geopolitical events can quickly reshape sector leadership, creating opportunities for some industries while weighing heavily on others.

With little sign that these tensions will ease in the near term, investors should expect volatility to remain elevated. It's also likely we'll continue to see an uneven market where some sectors thrive while others struggle.

If you're investing with a shorter- to medium-term outlook, now is a good time to reassess your portfolio.

Rather than focusing solely on the direction of the overall market, consider which sectors have historically benefited from higher oil prices, rising inflation and periods of geopolitical uncertainty. In markets like these, it's often sector selection, not just market direction, that makes the biggest difference.

Is it safe to share those details?

In most cases, yes. Someone can use your BSB and account number to send money into your account, but not directly withdraw money from it.

However, banks warn that these details should still only be shared with people you trust because they can potentially be misused to set up unauthorised direct debits.

Here's what Australia's major banks say, the risks to know about, and safer ways to get paid online.

Is the Facebook Marketplace payment request a scam?

While many of us would be happy to share our BSB and account number with close friends and family, requests from strangers are raising understandable red flags.

Money has heard from dozens of Australians questioning whether it's safe to share these details.

Many have been asked for their BSB and account numbers while trying to sell something online, with interested buyers promising quick payment for the item once these details are received.

Selling stuff online to people you don't know can be risky - Australians have already reported losing more than $9 million to buying and selling scams so far this year, according to ACCC Scamwatch.

Many of the online sellers we've heard from turned away the interested buyers without sharing BSB or account numbers, suspicious that promises to pay extra and organise shipping to distant locations without inspecting the item were too good to be true.

Is it actually safe to share your BSB and account number?

Banks say customers who err on the side of caution are doing the right thing.

While a BSB and account number alone can't give someone access to your funds, you should be careful about who you share them with, as they can be misused to affect your balance.

Case in point, major lenders CommBank, NAB, ANZ and Westpac all make sending someone these details relatively easy to do, but warn you should only share them with people you trust.

Each of the big four say you definitely should not be sharing more sensitive details, such as PINs or passcodes.

What are the risks?

Banks warn that, in theory, someone could use your BSB and account number to set up a direct debit on your account without you knowing.

The good news, according to the federal government's Moneysmart website, is that you're likely to get your money back if this happens.

But only if you let your bank know soon and haven't also shared other sensitive details, including your PIN or passwords associated with your account.

If you've done the right thing, but are having trouble dealing with your bank, contact the Australian Financial Complaints Authority (AFCA).

What to do if you've shared your BSB and account number

• Don't provide any more details, especially PINs, passwords or passcodes
• Watch your account for any suspicious direct debits or transactions
• Alert your bank as soon as possible if any of these occur

What about credit cards?

Credit cards require stricter protection:

• Only use them on secure, trusted websites
• Never email your card details
• Only provide card information over the phone to a verified merchant

Safer ways to receive money

You can avoid some of the risks and complexities of sending and receiving money via BSB and account number by using PayID instead.

Launched in 2018 and now offered as a feature on most bank accounts, PayID links your account to your mobile number, email address or some other unique identifier.

Once you've set it up, anyone wanting to send you money can elect to do so via PayID and then enter the identifier you've chosen.

Funds then arrive straight into your account, just as they would if that person had entered your BSB and account credentials.

PayID not only allows the sender to avoid having to carefully enter these long numbers, they'll also be able to confirm your name is associated with the account, providing peace of mind the money is going to the right person.

This originally provided users extra protection over traditional transfers done via BSB and account number, where names weren't checked.

Although it's worth noting many banks have recently introduced Confirmation of Payee (CoP), which performs a similar function on traditional bank transfers.

It's also worth getting familiar with PayID before you use it - scammers have been known to try and sow confusion over the feature in attempts to fleece consumers: PayID is free to use, so anyone telling you to send them money to make it work should be avoided.

Checklist: How to keep your money safe when sharing bank details

Before sharing your BSB and account number:

• Confirm the identity and legitimacy of the person or business offering to send you money
• Avoid common scam scenarios, especially those involving offers too good to be true from buyers based in remote locations or requests to pay for couriers out of your own pocket
• Google the buyer's email, name or phone number to check for scam reports
• Avoid rushed decisions and pressure tactics
• If selling on an established classifieds platform, follow its recommended payment methods

When sharing details:

• Only give your BSB and account number
• Never share login credentials, passwords, PINs, one-time codes or ID copies
• Get familiar with PayID and use it where possible
• Reject requests from marketplace buyers to pay courier fees or refunds

After sharing details:

• Monitor your account daily
• Know your bank's policy on reversing fraudulent debits
• Report suspicious activity to your bank immediately

After 15 years as a nurse and midwife, Sarah Starbuck was burnt out.

Today, she's an award-winning carpenter, proving it's never too late to reinvent your career.

Sarah Starbuck, 40, did a big midlife career switcheroo.

A highly qualified nurse and midwife, she spent many years working at hospitals all over Australia, including the Newborn Intensive Care Unit at Sydney's Westmead Children's Hospital.

A chance encounter at a Latin dancing class led to a major career pivot in the form of a carpentry apprenticeship and in 2026 she won the HIA Construction Apprentice of the Year.

She now holds a Certificate IV and is employed by her former dance teacher as a carpenter at Wright Building & Carpentry.

That's quite a career shift. Why did you decide to leave nursing to start a building and construction apprenticeship?

I had been a nurse for 15 years at that point.

I'd been working throughout the pandemic, and as restrictions eased, conditions didn't really get any better for us.

We'd been working with minimal staff and resources for so long that many of us were burnt out, and with no sign of things improving in the near future, I was looking for a change.

I had met my current boss, Peter, through Latin dancing, as he is a Latin dance instructor.

We became friends and I started doing some casual labouring on his sites, and quickly realised I looked forward to going to work on a construction site far more than going to the hospital, so I made the decision to do a trade apprenticeship.

Peter asked me if I wanted to be his carpentry apprentice, and I said yes.

How did you manage the change in career in practical terms?

It was a clean break.

I still did casual shifts every few weekends (and teach advanced life support as well to supplement my income), but the more I got into carpentry, the less I wanted to work in hospitals.

What role did income or earning ability play in your decision to switch careers?

Doing an apprenticeship as an adult with no financial support was really tough.

I was in a good position to make it work though, as I had recently sold a house so I had some savings put aside to live off.

The base wage as a carpenter is less than I was earning as a nurse with a Master's degree, but the potential for growth in the building industry is so much greater than in nursing.

If I keep learning and progressing my skills, then my pay can go up based on merit, and I'm not limited to an industry-set wage.

Did you first work out if it was financially viable or did you decide to do it regardless?

I decided regardless of the money that I would make it work.

I went from $49 an hour to $24 an hour at the time of my apprenticeship.

I completely appreciate why a lot of adults just can't do it. It's not a livable wage.

I also understand that a first- and second-year apprentice doesn't really earn the company any money while they're learning for those first few years, so it's also difficult to ask builders to pay them more.

How did you change your lifestyle and finances to accommodate that change?

I had to limit social activities, be careful what I bought for groceries, and work weekends whenever I could to supplement my income.

I made a decision early on that the savings I had would be expendable to cover the cost of my apprenticeship.

I sacrificed the ability to buy my own house with those savings to get through my apprenticeship, with the aim to rebuild that wealth over the next few years as a qualified carpenter.

What was it like to go back to studying after 15 years in a different profession?

I have been studying all my life.

I did my nursing degree, then shortly afterwards did a postgraduate certificate, then diploma, then Master's degree.

Then a postgrad diploma in Midwifery and a bunch of certificates in various activities and fields.

Nursing also taught me to always keep up-to-date with the latest guidelines and research in my specialty, so I've never really stopped studying.

To go back to a Cert III was pretty easy, although a lot of work, and I had a lot of support from my boss to get everything completed quickly, as I was working one-on-one with him for a significant part of my apprenticeship.

How have you found being a mature woman working in a traditional male environment?

I've been lucky to be working with my best friend.

He has always had confidence in my ability to do everything that any man in the industry can do.

Just because I'm smaller and a woman doesn't make me less capable.

I may have some minor strength differences simply as a matter of physiology, but regular work in the gym and being smart about how I tackle heavy work doesn't slow anything down.

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

I grew up in housing commission in a small country town in Victoria, so I'm no stranger to being tight with finances.

I had a job from when I was 14 and did shifts after school and on the weekends to help pay for food and clothes.

I've always had a strong work ethic, and understanding of what hard work can accomplish.

I put myself through university in Melbourne by living in share housing and working whenever I could, until I graduated and started working at the Royal Melbourne Hospital.

What is the best money advice you've ever received?

Stop using a credit card!

I stopped using a credit card during my apprenticeship, because it's easy to spend money on it, then realise you don't have enough in your savings account to pay it off at the end of the month.

I use a credit card now but I always pay it off in full at the end of the month so I don't pay interest.

Finish this sentence. Money is good for...

Surviving.

While I was an apprentice, I had to change the way I thought about money, and limit my spending to things I needed to survive: rent, food, fuel and bills.

I had to find other ways to spend my time that were free.

Luckily in the Blue Mountains, where I live in NSW, that wasn't too hard to do.

I made sure that every now and then I put aside a bit of money to do the things I really enjoyed, like Latin dancing or Brazilian jiu-jitsu, or just going out for a coffee and breakfast, but otherwise the focus had to be getting through my apprenticeship without losing all of my savings.

The $2177 'savings bonus' trap

Complex savings account conditions can see savers miss out on high returns.

A saver with $40,000 in the bank could miss out on as much as $2177 a year by choosing the wrong savings account, according to new modelling from AMP Bank.

It's an issue driving growing frustration among consumers.

According to AMP Bank, more than half of Australians say savings accounts are too complicated.

Close to seven in 10 believe banks try to catch people out to avoid paying the full rate.

John Arnott, director at AMP Bank GO, says, "When interest rates go up, people assume their savings will benefit automatically, but if you're not meeting every condition, that often isn't the case.

"For many Australians juggling busy lives, the reality is those hoops are easy to miss. And that can cost you thousands over time.

"When you're comparing savings accounts, it's important to look beyond the headline rate.

"Short-term 'honeymoon' offers can act like a bait-and-switch, delivering a strong return upfront before dropping back to a much lower base rate, often with little visibility."

AMP Bank GO currently offers 5.10% p.a. for personal savers and 4.75% p.a. for business savers.

Women and professionals most at risk from AI disruption

Government research shows some occupations face far greater exposure to AI than others.

A report from the Department of Employment and Workplace Relations (DEWR) suggests there is no evidence so far that artificial intelligence (AI) is driving a major upheaval in the labour market.

That's not to say jobs won't be impacted in the future.

According to DEWR, aged care and disability workers plus a range of tradie roles from sparkies to chippies are least likely to be impacted by AI.

At the other end of the scale, several degree-qualified roles such as accountants, software programmers and marketing professionals are classified as 'most exposed' to the impact of AI.

DEWR found nearly 70% of workers in the least-exposed group are men, while over half those in the most-exposed group are women.

In worrying news for uni students, 44% of the most-exposed group are tertiary-qualified jobs.

The report notes that predictions about the potential impact of AI on jobs differ dramatically, and a wide range of outcomes is possible.

Home buyers may need to prove where their deposit came from

New anti-money laundering laws mean buyers may be asked to explain the source of their funds.

A cash gift from the Bank of Mum and Dad or an inheritance from well-meaning relatives can see homebuyers caught by new Australian Anti-Money Laundering laws that came into effect on July 1.

The new rules apply if you're buying, selling or transferring property, and it can see your real estate agent, conveyancer or solicitor complete a 'source of funds' check before they can act on your behalf.

You may, for instance, be asked to provide evidence of where purchase funds or your deposit came from.

The solution can be as simple as providing a statutory declaration that you received a cash gift from family members.

The key is to speak with your solicitor at an early stage so that the paperwork is ready to go when you see a property you're interested in buying.

The tax scam warning every Australian should know this July

Scammers are exploiting tax season to target Australians expecting a refund.

Tax time is one of the busiest periods of the year for scammers, with fraudsters using texts, emails and phone calls to impersonate the ATO.

Jenny Wong, tax lead at CPA Australia, says, "Tax time is a peak period for scam activity.

"Scammers use email, text messages and phone calls impersonating the Australian Taxation Office (ATO) or tax agents to trick people into handing over personal information or money."

Wong advises against clicking on unsolicited links or providing sensitive information in response to unexpected communications.

"If something doesn't seem right, pause and verify the source," says Wong. "Access official services through the ATO website or app, or contact your registered tax agent directly."

NSW drivers could save more than $500 a year under new toll cap

The lower weekly cap is expected to extend toll relief to another 200,000 motorists.

Sydney motorists could save more than $500 a year after the NSW government lowered the weekly toll cap from $60 to $50.

Sydney has more toll roads (13 in all) than any other state, and the saving is expected to benefit an additional 200,000 Sydneysiders, on top of the 948,000 toll accounts that have reached the previous $60 threshold.

Western Sydney residents are set to be the biggest winners of the toll cap as they account for half of all toll relief claims.

If your elderly parents are managing their finances perfectly, there is no need to get involved.

But when they do need help, it can be a fine line between respecting their ability to manage their money, which they probably did so well, and diving in when you sense their distress.

My parents were pretty good at covering up their physical and mental decline. But several signs concerned me, including financial mishaps.

They were determined to be independent and it could be a battle to get them to accept any help.

But letting them hang in there, making their own financial decisions as their health crumbled resulted in substantial losses to their wealth.

They had separated after 43 years of marriage. Mum lived on her own and Dad had a new family. Dad developed Parkinson's and Mum, vascular dementia.

Dad was targeted by silver-tongued share brokers, phoning him with hot sharemarket tips that he 'couldn't lose money on'.

Mum didn't remember she had been to the bank with a family member and signed away a fifth of her savings.

The thing is that they prided themselves on being good with money and would have been horrified to know that they were scammed.

Most likely they would have asked, why didn't their daughter stop this.

One reason was a busy life, and I recommend checking if your employer has any special leave entitlements.

Under the National Employment Standards, all employees except casuals qualify for paid sick and carer's leave to care for or support a member of their immediate family if they are sick or have an unexpected emergency.

Warning signs often emerge gradually.

An ageing parent may start forgetting important financial decisions, miss bills or appointments, become vulnerable to scams, struggle with technology or withdraw from social activities.

Recognising these changes early can help protect their finances, health and independence.

Signs your ageing parent may need help

• Forgetting important financial decisions
• Falling victim to scams or cold callers
• Missing bills or appointments
• Increasing confusion about money
• Difficulty managing technology
• Trouble preparing meals or maintaining the home
• Concerns about memory or cognitive decline
• Withdrawal from friends and community activities

How can you help your parents as they age?

Watch for changes in health

Ask about doctor or allied health visits. Do they need help making appointments and understanding any medications?

If the medical visits are complicated or distressing, can you go with them?

Make sure they're eating well

For an elderly person living alone, cooking for one may be too much of a chore.

I cooked for my mum and ordered pre-prepared food, but it was often left untouched. She needed someone to prepare food for her but also check she was eating.

Ideally, she needed to eat with others.

Check their home is safe

Do they need rails in the bathroom or on stairs?

Brighter light bulbs can help their vision and removing any rugs that are slipping hazards.

Motion-sensitive lights are helpful at night.

Review their finances

If your parents want you to manage their money, check how their super account-based pension is invested.

They may be comfortable with the default balanced option, but depending on their age a more conservative option might be appropriate.

If you have a parent who can't sleep for fear of running out of money, an annuity could be the answer, but you need to understand the product thoroughly.

Do they need help with their age pension or at tax time?

Is their cash earning the best interest rate?

Get legal documents in place

Before it is too late, sort out who can make financial decisions for your parents and draw up a power of attorney.

Who will make decisions about their health? Draw up enduring guardianship.

Do they have a will?

Look for memory warning signs

Memory can be unreliable as you age and often there is no need to worry.

But if there are big lapses, it can be a wake-up call that early dementia may be present.

Mum forgot the names of her beloved nieces and nephews whose lives she followed closely.

Increasingly, she couldn't remember where she parked her car and called in a panic.

Her best friend of 50 years worked it out in a flash and told me: "Your mum needs assisted living."

Review health insurance cover

Often the big medical bills are racked up in the last years of a person's life and health insurance can take the sting out of major medical costs.

Protect them from scams

I have heard of so many parents who have been swindled, in particular with romance scams.

My mum was constantly called by charities, and some sent her letters asking her to sign over her estate when she died.

If they are worrying about money, they could have been scammed.

What are their spending patterns?

Is there anything irregular that you notice?

They can be too ashamed and confused to admit it.

Plan ahead for aged care

Lengthening lifespans mean parents are living longer and they may not be able to cope on their own.

You may be unable to care for them as much as they want you to.

It can take time to find conveniently located care, so start looking around.

Help them stay connected

Hitting a glitch with a computer, passwords or mobile phones is frustrating.

But ironing out these problems is important to maintain their connection to friends and family.

Watch for signs of elder abuse

Family members will take advantage of the elderly, in some cases believing they are entitled to their money.

Around 17% of people in Australia aged 65 and over were experiencing some sort of abuse in 2021.

Adult children were most likely to commit financial, physical and psychological abuse, according to the National Elder Abuse Prevalence Study.

It found that sons were almost twice as likely as daughters to commit financial abuse.

Adult children were on par with intimate partners as perpetrators of neglect.

Encourage social connections

Encourage your parents to be connected with people.

Check out any local community groups for older people.

They can provide well-priced or free services such as transportation, social outings, movies and exercise classes.

Reader question

Hello Paul, I am a 62-year-old single teacher with a $165,000 mortgage. I have $110,000 in UniSuper and $500,000 managed by a financial adviser.

I can't see myself retiring before 70.

I need advice about whether I should transfer all my money to UniSuper because I'm not happy with the investments managed by my planner.

Also, should I wait until I retire to pay off my home loan?

I'm concerned that I'll be dropping my standard of living once I hit 70. - Beth

Paul's response

Financial security as we move into later life is one of the big questions of our time, Beth, and no wonder.

In Australia there are more than six million of us aged 60-plus. Some 2.75 million are 60 to 70, 2.5 million 70 to 80 and a little more than 1 million are 80-plus.

This in itself is quite extraordinary.

If we go back to the start of the industrial revolution in the period 1760 to 1840, our life expectancy was only 30 for men and 32 for women, and this was in longer-living countries.

Retirement age

The year 1908 is of particular interest to me. In the long history of humans, it isn't that long ago.

This is the date when Australia introduced the age pension for males. The pension for women was not far behind, starting in 1910 at age 60.

Today the age pension date is 67, which seems a sensible age to consider retirement.

Much has changed and today's life expectancy would shock our forebears who made the age qualification decision in 1908, when life expectancy for males was 58. The age pension was seen as a safety net for those who lived to the ripe old age of 65.

If we applied the 1908 rule of the age pension cutting in seven years beyond our life expectancy, today that would see the male pension age being 88 and women 91.

Despite the proposed change to our tax system, I don't see this idea being put on the table by any government.

Sure, our age pension scheme is not perfect. But if we cast our eyes on other age pension systems around the world, it is better than pretty much anywhere else and it does provide a good, basic safety net.

Where it is remarkably generous is the level of assets you can own and still qualify for at least a part pension.

As a homeowner, Beth, using today's limits, which will increase with inflation, at age 67 you would qualify for a part pension with assets, not including your home, of $722,000.

Invest and diversify

I appreciate that you are not happy with your planner.

In my view, being a planner is not much about investing your money. That's the easy bit.

Today you can own a diversified portfolio at low cost with your fund manager. Outside of super we can have money invested in pretty much whatever we like for next to nothing.

Global managers will spread money across all asset classes, including many hundreds of underlying investments, for as little as 0.1%.

Where I find advisers valuable is with strategy, tax planning, estate planning and providing a lifetime plan.

As a 71-year-old, working part-time, like you I want to do my best to maintain our standard of living in a volatile global economic climate.

I'd need a lot more information than you have given me, and many more pages in this magazine, to answer you fully.

But I can tell you what you need to do.

First, you need to put a dollar amount on your standard of living, in today's dollars.

That number is the key step in moving to an answer. You must have this starting point.

Then we look at your assets and liabilities.

I see you have a mortgage of $165,000, but what is the value of your home?

It may well be this is your home for life. Or if it is bigger than your long-term needs, a longer-term plan may be that it is sold so you free up capital and pay off your mortgage by downsizing.

Work out a life plan

You may also get a part pension at age 67 or later. Any pension amount helps to take pressure off your capital.

Pensioners are also eligible for the government's reverse mortgage, where, for a reasonable interest rate of 3.95%, you can draw up to twice your pension in a reverse mortgage against your home.

This is not repayable until you sell or pass away.

To sort this out you need a meeting with your adviser, a new adviser, or one from your super fund.

There is so much complexity.

I want you to have a life plan that goes with you into your nineties.

With the money you have now and can save in your remaining working years, I suspect you'd be able to draw some $30,000 a year while keeping your capital growing with inflation.

This is probably too little to maintain your standard of living, so you may go into a drawdown strategy, with an age pension gradually cutting in, and possibly the government reverse mortgage.

Your life plan model may gradually incorporate an age pension, which becomes more complex.

You may find your super fund provides advice or can refer you to another adviser.

Having your funds in a low-cost super manager, such as UniSuper, is a sensible strategy, but as I say above, I am not so concerned about investment.

The part that will be a terrific guide to your future standard of living will be a life plan.

What to read next

• Ask Paul: I finally invested - then lost money straight away
• Australians saved hard - why do they still fear retirement?
• The super boost most Australians aren't paying attention to
• What happens if you miss a mortgage payment
• Why thousands of retirees are better off with less super

Can't get a refund? Waiting months for an insurance claim? Frustrated by internet dropouts or unexplained bank fees?

Many Australians assume the ACCC is the place to lodge a complaint. But the consumer watchdog doesn't resolve individual disputes.

Australians collectively make hundreds of thousands of complaints each year about everything from unauthorised bank transactions and delayed insurance claims to faulty products and poor internet service.

Many people waste valuable time by taking their complaint to the wrong organisation.

Instead, different complaints are handled by different ombudsmen and agencies, depending on whether the issue involves banking, insurance, superannuation, telecommunications, utilities or consumer purchases.

The trick is identifying the right option for the specific situation.

What to do before lodging a formal complaint

As tempting as it may be to take a grievance to the relevant body straight way, Claire Tacon, assistant director, financial counselling, at the Consumer Action Law Centre, suggests taking another step first.

"Contact the business or financial firm directly and clearly explain the problem. Many complaints can, and are, resolved at this stage," she says.

"Be clear and upfront about what you want, such as a refund, repair, compensation or correction of an error.

"Then give the business a reasonable opportunity to respond through its internal complaints process. Financial firms are required to have an internal dispute resolution process."

Tacon says that it's also important to keep a record of any relevant emails, receipts, contracts and even notes of conversations with the business, just in case the complaint is escalated.

If someone doesn't have any joy taking their complaint to the business itself though, the next step could be making a formal complaint with the relevant body.

Consumer purchase complaints

Relevant bodies: Access Canberra, NSW Fair Trading, NT Consumer Affairs, Office of Fair Trading Queensland, SA Office of Consumer and Business Services, Tasmania Consumer, Building and Occupational Services, Consumer Affairs Victoria and WA Consumer Protection

Example: The battery with your new laptop is draining much faster than it should, but the electronics retailer you purchased it from is refusing to repair it or refund your money.

There's nothing worse than buying a product or paying for a service, only for it to fall short of what was promised by the manufacturer or business.

In the case of the faulty laptop, the buyer may be entitled to a repair, replacement or refund under Australian Consumer Law.

That should be facilitated by the retailer it was purchased at, but if they refuse for whatever reason, the place to lodge a complaint is with the relevant state or territory consumer protection agency.

These are the bodies responsible for handling complaints related to products and services, such as a retailer refusing a refund, a product that never arrives, substandard trade work and billing disputes.

NSW Fair Trading, for instance, can assess your complaint and determine whether consumer law has been breached, direct you to a more appropriate organisation to handle the dispute (if necessary) and, in some cases, assist in resolving the issue.

Banking complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

Example: You spot some transactions in your bank account that you didn't authorise, but your bank is refusing to reimburse the money.

Australians made close to 55,000 banking and finance complaints in the 2024-25 financial year, with transaction accounts generating more complaints than any other financial product.

That's according to AFCA - the independent ombudsman that helps consumers and small businesses resolve disputes with their banks and other financial institutions. It replaced the Financial Ombudsman Service in 2018.

AFCA can consider complaints involving unauthorised transactions, scams, disputed fees, financial hardship and more across banking products like bank accounts, home loans and credit cards.

If you're unable to resolve the issue with your bank, you can lodge a complaint with AFCA online, via email or over the phone. AFCA may then be able to investigate the issue, provide mediation and decide on compensation (if it's needed).

Insurance complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

Example: Months after lodging a claim for storm damage to your roof, you're still waiting for repairs and answers from your home insurer.

Beyond banking issues, AFCA is also the go-to for Australians looking to lodge a complaint about an insurance provider. These also used to be handled by the Financial Ombudsman Service.

That includes issues related to life insurance, home and contents insurance, car insurance, travel insurance, pet insurance and insurance for small businesses.

So, what are the main reasons insurance customers turn to AFCA? In the 2024-25 financial year, complaints about add-on insurance, claim handling delays and denial of claims topped the list.

Superannuation complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

Example: You instructed your super fund to change your investment option, but the request wasn't carried out correctly.

In years past, superannuation complaints were handled by the Superannuation Complaints Tribunal. But since 2018, AFCA has assumed responsibility for them.

Australians with money in a retail or industry super fund can turn to AFCA for assistance across a wide range of issues, as can people with self-managed super funds (though these will need to go through AFCA's investments and advice unit).

Common complaints include delays in processing insurance and death benefit claims, funds failing to follow member instructions, mismanaged transactions and incorrect fees.

Energy and water complaints

Relevant bodies: ACT Civil and Administrative Tribunal, Energy and Water Ombudsman NSW, Ombudsman NT, Energy and Water Ombudsman (QLD), Energy and Water Ombudsman South Australia, Energy Ombudsman Tasmania, Energy and Water Ombudsman Victoria and WA Energy and Water Ombudsman

Example: Your latest electricity bill came in hundreds of dollars higher than usual, leading you to believe that you've been overcharged.

Like consumer complaints, each state and territory has its own ombudsman that handles issues related to electricity, gas and water services.

That could be anything from an ongoing fault or problem with your connection, a dispute about an energy bill or payment, or even an issue with the customer service you've received.

Take the Energy and Water Ombudsman NSW, for example. New South Wales residents can either make a complaint online or over the phone, then the ombudsman will either refer you to a senior contact at your provider or investigate the complaint themselves.

Mobile and internet complaints

Relevant body: Telecommunications Industry Ombudsman (TIO)

Example: You're experiencing constant drops-outs and speed issues with your home internet.

Individuals and small businesses across Australia with complaints involving their landline, mobile or internet services can reach out to the Telecommunications Industry Ombudsman for help.

Unsurprisingly, two of the more frequent complaints (according to the TIO's Annual Report 2024-25) were customers who experienced no phone or internet service or intermittent dropouts, but issues related to fees, delays in establishing services and failures in cancelling services, were also common.

To lodge a complaint with the TIO, consumers will first need to provide details about their telco service and the issue at hand.

The TIO will then usually give the provider an opportunity to resolve the issue within ten business days, but if the complaint remains unresolved, it can then step in to investigate.

Where else can people turn to for help? 

The best course of action for most Australians with a consumer or financial complaint is going to be engaging with the business first and then reaching out to the relevant ombudsman or authority.

Consumers may be able to access additional help along the way though.

"Seek assistance from a consumer protection agency, such as Consumer Affairs Victoria, for consumer disputes," Tacon says.

"Consumers may also look to apply to a tribunal or court if they cannot reach an agreement and believe they have a legal claim.

"And if the matter is complex or involves a significant financial loss, obtain legal advice or speak with a community legal centre. AFCA also points consumers towards support services where appropriate."

If the issue relates to a bill or debt that someone is struggling to pay, Tacon suggests that reaching out to an independent financial counsellor through the National Debt Helpline is always an option.

However, this is not automatically the case.

Under Victorian law, separation alone does very little to alter your inheritance entitlements, and without prompt action, the consequences can be significant and emotionally devastating for loved ones.

1. What if my will nominates my estranged spouse as an executor and/or beneficiary, and we are separated but not yet legally divorced?

Any existing will remains fully operative.

Separation has no effect on any appointments or dispositions contained in it.

This means the estranged spouse will remain entitled to receive their share of your estate exactly as your will provides.

Equally, if your ex-spouse is appointed as executor - which is often common between married couples - they will retain full authority to administer the estate, manage personal affairs and interact with other family members and beneficiaries after death.

In circumstances where the separation is acrimonious, this can be deeply distressing for loved ones.

2. What if I am separated and die without a will?

If you die without a will, the estate will be dealt with in accordance with intestacy provisions of the Administration and Probate Act 1958 (Vic), or other state equivalent.

In Victoria, a separated spouse remains a 'spouse' for the purposes of intestacy laws and will benefit directly from the estate as a priority, alongside any children that may exist.

3. What about jointly held property?

Assets held as "joint tenants" will be excluded from whatever is included in the will and bypasses intestacy laws and will automatically pass to the surviving owner upon death, regardless of what your will says (or even without a Will).

A will cannot override this.

The only way to prevent this is to take steps to legally sever the joint tenancy prior to death, so that it is converted to being held as "tenants in common".

This conversion means each owner's share is dealt with separately and forms part of that person's estate, and dealt with under a will (or intestacy laws if there is no will ).

4. What if I am already engaged in a family law matter?

If you are engaged in property settlement litigation in the Federal Circuit and Family Court of Australia (the court) at the time of passing, the executor may continue the litigation on behalf of the estate.

However, if the will has not been updated since separation and appoints the estranged spouse (and opposing party) as executor, they will have the power to manage or even discontinue litigation on behalf of the estate.

If property settlement proceedings have not yet been filed in the court at the time of passing, the executor is not able to issue proceedings on behalf of the estate, and any claim by potential beneficiaries will need to be made pursuant to family provision legislation.

This can mean that any claim to marital assets held in the estranged spouse's name will be lost.

5. What if I obtain a divorce?

Under the Wills Act 1997 (Vic), a divorce automatically revokes any appointments or dispositions in your will that benefit the former spouse.

However, the remainder of the will continues to operate.

This can create issues for example, where an ex-spouse is the sole named beneficiary or executor potentially resulting in a partial intestacy or an estate with no named executor.

It is therefore important to update your estate planning documents promptly to nominate alternate beneficiaries and/or executors in your ex-spouse's place.

6. Can my estranged spouse challenge my will?

Yes. Even if a will is updated to exclude an estranged spouse, they may still have a claim against the estate.

Under Part IV of the Administration and Probate Act 1958 (Vic), a spouse, including a separated spouse, is an "eligible person" who may apply to the Court for further provision from your estate if they believe they have not been adequately provided for.

The Court will consider a range of factors, including the nature of your relationship, the size of your estate, and their financial needs.

Until a divorce is finalised (in some cases, even after) the risk of a challenge remains available.

In summary, separation alone does not protect your estate.

If you have recently separated, or are contemplating separation, it is important to obtain prompt legal advice to review your will, powers of attorney, superannuation nominations, and any jointly held assets.

Proactive estate planning at this stage can safeguard assets and ensure they pass to those intended to be provided for.

The Minns government has announced a $16 million package of asbestos reforms, including a two-year trial that will offer free household asbestos collection and disposal from next year.

The initiative forms part of the new NSW Asbestos Plan of Action, developed in response to recommendations from the NSW Chief Scientist's review into asbestos in the waste stream.

Environment Minister Penny Sharpe says the reforms aim to reduce illegal dumping, improve worker safety and make it easier for families renovating older homes to dispose of asbestos correctly.

"One in three houses built before 1990 contains asbestos - that's why it's important to make it cheaper and easier for NSW families to dispose of these materials," Sharpe says.

"To avoid the looming waste crisis in NSW, we need to increase resource recovery and reduce barriers to safely disposing of problematic waste types, like asbestos."

The government says illegal dumping costs councils millions of dollars each year, with asbestos waste frequently found among dumped materials because of disposal costs and confusion about where it can legally be taken.

Here's what the new scheme means for homeowners, and how to identify, manage and safely dispose of asbestos when renovating.

Free asbestos disposal trial: what homeowners need to know

Under the reforms:

• NSW is investing $16 million in asbestos management initiatives.
• $9 million will fund a two-year free household asbestos collection and disposal trial.
• The service is expected to begin next year.
• New controls, training requirements and supply-chain safeguards will be introduced across the asbestos waste sector.
• The reforms aim to reduce illegal dumping and improve safety for workers and the community.

The NSW Asbestos Plan of Action is available on the EPA website.

"We're acting upon recommendations to tighten the entire supply chain - making sure it is safer for workers, better for industry and trusted by the community," says Sharpe.

Why asbestos remains a major concern

Asbestos may have been banned, but it remains present in millions of Australian homes.

In fact, the NSW government says one in three homes built before 1990 is estimated to contain asbestos-containing materials.

Kim Brislane, chief executive of the Asbestos and Dust Diseases Research Institute, says the health risks remain significant.

"Over 4000 Australians die each year from historical exposure to asbestos so we must be vigilant about the risk of asbestos and take precautions when it is detected in the workplace or the home."

When asbestos-containing materials are disturbed, microscopic fibres can become airborne and be inhaled, increasing the risk of serious diseases including mesothelioma, asbestosis and lung cancer.

What is asbestos and why is it dangerous?

Asbestos is a naturally occurring mineral made up of microscopic fibres.

It was widely used in more than 3000 building products throughout the 20th century because it was cheap, durable and resistant to heat and fire.

While sealed asbestos in good condition generally presents a low risk, problems can arise when materials are damaged, deteriorate with age or are disturbed during renovations.

How can I tell if my home contains asbestos?

If your home was built or renovated before 1990, there's a reasonable chance asbestos may be present somewhere on the property.

Common locations include:

Inside the home

• Wall and ceiling sheeting
• Bathroom linings
• Vinyl floor tiles and adhesives
• Carpet underlays
• Insulation
• Fireplace flues
• Lagging around hot-water pipes

Outside the home

• Fibro wall sheeting
• Roofing
• Eaves
• Fencing
• Gutters and downpipes
• Garages and sheds
• Concrete paths

What does asbestos look like?

Asbestos cannot usually be identified by appearance alone.

Fibro sheeting, old vinyl floor tiles, roofing and insulation may contain asbestos, but laboratory testing or professional assessment is often required for confirmation.

Is asbestos always dangerous?

Not necessarily.

Asbestos in good condition that remains sealed and undisturbed is generally considered low risk.

The danger increases when asbestos-containing materials are:

• Cut
• Drilled
• Sanded
• Sawed
• Demolished
• Scraped
• Broken
• Weathered and deteriorating

These activities can release fibres into the air, creating a health risk for anyone nearby.

Should I get an asbestos inspection before renovating?

If you suspect asbestos is present, experts recommend arranging an inspection by a licensed asbestos assessor.

An asbestos identification report can help determine:

• Whether asbestos is present
• What type of asbestos-containing material is involved
• Whether removal is necessary
• How it can be safely managed

For buyers considering an older property, an asbestos inspection before purchase may help avoid costly surprises later.

Can I remove asbestos myself?

In most Australian states and territories, homeowners can remove up to 10 square metres of non-friable asbestos themselves.

However, stricter rules apply to larger quantities and higher-risk materials.

• Friable asbestos must be handled by licensed professionals.
• Larger quantities generally require a licensed asbestos removalist.
• Disposal requirements vary depending on where you live.

Before attempting any DIY removal, check the rules that apply in your state or territory and consult SafeWork guidance.

How much does asbestos removal cost?

The cost of asbestos removal depends on:

• The amount of asbestos involved.
• Whether it is friable or non-friable.
• Ease of access.
• Removal and disposal requirements.

For NSW homeowners, the new free collection trial could significantly reduce disposal costs and remove a major barrier to legal disposal.

How to stay safe during renovations

If your home may contain asbestos:

• Have suspect materials assessed before renovation work begins.
• Use licensed removalists where required.
• Follow all disposal requirements.
• Keep asbestos materials sealed and undisturbed if they are in good condition.

Do not:

• Cut asbestos-containing materials.
• Drill asbestos-containing materials.
• Sand or saw asbestos-containing materials.
• Pressure-clean asbestos surfaces.
• Place asbestos in household rubbish bins.
• Dump asbestos waste illegally.

The bottom line

The NSW government's new free asbestos collection and disposal trial could make renovating older homes safer and more affordable.

But while the new service may reduce disposal costs, the health risks associated with asbestos remain unchanged.

With one in three pre-1990 homes estimated to contain asbestos, identifying the material early and handling it correctly continues to be one of the most important steps homeowners can take to protect themselves, their families and tradespeople working on their property.

Money conversations are often dodged due to fear of conflict, judgment, or a lack of confidence. But avoiding them can make financial stress worse.

According to Meray El-Khoury of MetLife Australia, the key is to start small. Use gentle, time-bound openers such as "Can we spend 15 minutes talking about money?" Focus on "we" rather than "you", and break topics into manageable chunks, such as cash flow, debt, protection and retirement.

Regular, calm check-ins help families plan for life's curveballs and build financial resilience together.

If you don't talk about money, you risk missing warning signs, being unprepared for emergencies and leaving one partner vulnerable.

Open, positive conversations help families set goals, avoid nasty surprises and take control of their financial future, rather than letting circumstances dictate outcomes.

Timestamps

00:02:04 Why we avoid money talks: fear, judgment, lack of confidence

00:04:50 How to start: gentle openers, time-bound, "we" language

00:06:45 Order of topics: cashflow, debt, protection, retirement

00:08:01 Protection: insurance, planning for the unexpected

00:13:34 Retirement: conversation starters and positive framing

00:12:02 Regular check-ins: monthly, calm, non-confrontational

00:15:22 Inclusivity: making sure both partners are involved

00:17:05 Incremental progress: clarity comes from talking

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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.

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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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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.

Qantas compensation payouts move a step closer

More than one million customers can claim a share of $105 million settlement

The next few weeks will see more than one million Qantas customers receive emails and text messages regarding the $105 million Flight Credit Class Action.

The class action relates to tickets for Qantas domestic or international flights that were cancelled between 2020 and 2022, including due to the COVID-19 pandemic.

The court-approved messages will explain the proposed settlement and set out the steps participating class action members need to take to claim their share of the payout.

Even if you have used the flight credit, or have since received a refund, you could still be eligible for a share of the payout.

The minimum payout per person is expected to be $50.

Echo Law, which is handling the class action, says settlement payments could start to be made as early as December 2026.

The generation that faced Australia's toughest home loan crunch

New research reveals it wasn't the Boomers or Millennials who carried the heaviest debt burden

Did the Boomers have it hardest when they stared down mortgage rates of 17.5% in the 1990s?

Or are Gen Ys (born 1981 and 1996) doing it tougher paying rates of 6%-plus on mega-mortgages averaging $735,000?

The answer is neither.

KPMG combed through archives looking at interest on home loans , personal loans and credit cards as a percentage of household income.

It found Gen Xers (born 1965-1980) faced the biggest challenge during the global financial crisis (GFC) of 2008-2009, when interest as a share of income peaked at 7.9%.

Back then the cash rate was 7.25%.

For Boomers, interest payments peaked at 5.7% of household income in 1990 despite double digit mortgage rates.

For today's Gen Y home owners, interest is around 5.4% of household income.

KPMG Senior Economist Terry Rawnsley says the GFC stands apart because central banks effectively lost control of interest rates.

"As the global system seized up, rates stayed higher for longer," he explains.

Rawnsley adds that  in today's economy higher house prices have led to bigger loans, leaving household budgets susceptible to even modest interest rate hikes.

The simple food label change that could save families money

Confusion over use-by and best-before dates is helping drive food waste worth up to $1500 a year

Aussie households waste up to 113kg of food a year, and it's costing families around $1500 annually.

Part of this waste results from confusion over food labelling, and the difference between "use by" and "best before" dates.

The US state of California is attempting to solve the problem by banning "sell by" food labels to cut food waste.

Now, manufacturers selling food in California must use two standardised labels - a "Best if Used By" label for peak quality and a "Use By" label for product safety.

Apparently, Californians bin 2.5 billion meals worth of unspoiled food each year, making perfectly edible food a major contributor to organic waste in landfills.

Back in Australia, use-by dates show the last day a product is safe to eat, while best-before dates show peak quality.

It is illegal for stores to sell products that are past their use-by date.

One exception to these labelling rules is bread, which can be labelled with a 'baked-on' or 'baked-for' date if its shelf life is less than seven days.

Australia's ninth property downturn begins

Sydney and Melbourne prices are falling, but history suggests the recovery could be far stronger than the decline

The latest property price index from Cotality shows home values nationally dipped 0.4% in June - the largest monthly fall since December 2022.‍‍

The national result was dragged down by Sydney and Melbourne, where home values fell 1.2% and 1.0% respectively in June.

Several cities saw an uptick in values including Brisbane (up 0.3%), Perth (0.7%), Hobart (0.6%) and Darwin (1.4%).

According to real estate platform Domain, the worst may be yet to come.

It's predicting Sydney house prices will fall up to 7% in 2027, with Melbourne prices to dip by 8%.

Brisbane, Adelaide and Perth are expected to remain in growth.

Domain Chief Residential Economist Dr Nicola Powell says Australia has now entered its ninth housing downturn in 30 years.

But there could be a silver lining to the property price cloud.

The past eight downturns have each been followed by a recovery that not only reversed any losses but pushed prices to new highs.

While downturns have typically seen a 2.9% decline in house prices, the upswings have been longer and significantly stronger, delivering 32% growth on average over the following three years.

Help to Buy expands with 10,000 new places

Higher income limits and fresh funding could help more Australians buy a home with a 2% deposit

The next 12 months will see 10,000 new places up for grabs for the Help to Buy Scheme.

The scheme allows home buyers to purchase a home with as little as 2% deposit while the federal government contributes up to 40% of the purchase price for new homes and up to 30% for existing homes.

In addition to more place, taxable income limits have increased to $103,000 for single applicants and $165,000 for joint and single parent applicants.

Since the scheme launched in late 2025, Help to Buy has received more than 7200 applications. Almost seven out of 10 have been single home buyers.

Help to Buy is also supporting older single women - one of the fastest growing groups experiencing housing insecurity. Since launching, 42% of women supported by Help to Buy are aged 40 or above.

The median deposit among buyers using Help to Buy is $30,000.

Over the past few years, we've watched stocks, commodities and cryptocurrencies move on political statements, viral social media posts and unexpected geopolitical events that had little to do with company fundamentals.

That's forcing investors to rethink one of the oldest assumptions in finance: that prices always reflect value.

Take Donald Trump, for example.

His latest financial disclosure revealed more than US$1.4 billion in income from his family's cryptocurrency ventures during 2025, making digital assets his largest reported source of income.

At the same time, his administration has adopted a far more crypto-friendly stance than previous governments.

Whether the two are connected isn't the point.

The reality is that when influential figures have significant financial exposure to an asset class and the ability to shape policy and investor sentiment, markets become far more difficult for ordinary investors to navigate.

The same questions are being asked in commodity markets.

Earlier this year, U.S. authorities began investigating more than US$2.6 billion worth of unusually timed oil trades placed shortly before major announcements relating to Iran and the Middle East.

Those announcements sent oil prices sharply lower, leaving many wondering whether some participants knew more than the rest of the market.

Then there's social media.

A single post from Elon Musk has repeatedly moved cryptocurrencies, AI stocks and even his own companies within minutes.

Algorithms now react faster than humans can read the headline, amplifying moves long before most retail investors have had time to think.

This isn't a conspiracy theory, it's simply the reality of modern financial markets.

Politics, billionaires, central banks and algorithms all influence markets.

The game has become faster, noisier and, at times, less connected to underlying business fundamentals.

So how do individual investors compete?

Not by trying to predict the next tweet or political announcement.

Instead, they need to focus on these three things.

1. Follow price before opinion

If the market isn't behaving the way the fundamentals suggest it should, respect the price action.

Markets can remain irrational far longer than most investors expect.

2. Wait for confirmation

Chasing the first move after a headline is often when emotions are highest, and risk is greatest.

Patience frequently delivers a better entry and a clearer picture.

3. Manage risk relentlessly

You can't control the next geopolitical event, a surprise policy announcement, or a viral social media post.

You can, however, control your position size, your stop-loss and whether you choose to participate at all.

The biggest edge investors have today isn't having more information, given that everyone receives breaking news within seconds.

It's having the discipline to ignore the noise until the odds are genuinely in your favour.

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

The best-performing sectors include Healthcare and Information Technology, both up more than 2%, followed by Energy, up more than 0.5%.

The worst-performing sectors include Utilities, down more than 4%, followed by Real Estate, down more than 3% and Consumer Staples, down more than 2%.

The best-performing stocks in the ASX top 100 include Life360, up more than 9.15%, followed by Telix Pharmaceuticals, up more than 12% and Pro Medicus, up more than 9%.

The worst-performing stocks include BlueScope Steel, down more than 9%, followed by Stockland and APA Group, both down more than 7%.

What's next for the Australian stock market?

The All Ordinaries Index drifted lower again this week, finishing with a modest 0.37% loss on Thursday.

It looked like the market was set for a positive week after a promising start.

But sellers returned later in the week, erasing those gains and keeping the index under pressure.

Healthcare and Information Technology were the standout performers, suggesting investors are beginning to search for value in sectors that have lagged for some time.

While the broader market remains subdued, this rotation is another reminder that opportunities still exist, even when the index itself isn't doing much.

From a technical perspective, the All Ords is becoming increasingly interesting.

Price action continues to compress into a tighter range, something that often precedes a meaningful breakout.

Since earlier this year, we've seen a pattern of lower highs and higher lows develop, signalling not only indecision but also an intense battle between buyers and sellers.

Markets simply can't remain compressed forever. Eventually, one side wins.

If this pattern continues, I expect strong support around the 8800 level, with resistance sitting near 9000.

The narrowing range means that when the breakout does come, it could be quite decisive.

At this stage, I still believe the higher probability is to the upside, but there are competing forces at play.

Recent reports of increased short selling in the banking sector suggest some investors are betting on further weakness.

If they're right, Financials could weigh heavily on the broader market.

On the other hand, the Materials sector continues to attract investment flows as demand for commodities remains strong.

So, the battle lines are drawn.

Will Financials drag the market lower, or will Materials provide enough strength to lift the market higher?

Right now, Australia's share market is largely driven by these two heavyweight sectors, while many others are caught in the crossfire.

That may not be such a bad thing, though, as some of those overlooked sectors are quietly starting to recover.

Good luck and good trading.

Simon Sheikh had a difficult childhood where money was short.

He grew up in public housing and was the primary caregiver for his parents.

This first-hand experience of disadvantage has fuelled his commitment to improve the world and his careers, first as a social activist and, more recently, as the founder of ethical super fund Future Super.

"We're here to do a very simple thing, and that is to try to build a planet that's worth retiring into," says 40-year-old Simon Sheikh.

With 415,000 members and $13.9 billion in funds under management, Future Super doesn't invest in fossil fuels and aims instead to drive social impact with its investments, which Sheikh says can also deliver strong risk-adjusted returns.

Sheikh grew up in Sydney as the primary carer for his mother, who had a mental illness, and for his father, who had had a heart attack.

Both parents were still grieving the loss of a daughter before he was born.

Money was tight.

He grew up in public housing and was the beneficiary of "the amazing social safety net in this country" that allowed him to attend primary school, albeit a socio-economically disadvantaged school.

"Even though I grew up in a situation where we were living day-to-day off government welfare cheques, my parents were quite thrifty and didn't gamble or drink alcohol or smoke cigarettes," he says.

"I had a minimum level of comfort. That meant that I was already ahead. We had a little bit of money left over at the end of each week for private tuition."

His parents placed a high value on education.

His father had done his homework under the only working street light in his neighbourhood in Pakistan and ultimately won a scholarship to come to Australia. The private tuition, which his father paid for by taking on extra work, led to a spot at the Fort Street selective high school in Sydney.

For the first time, Sheikh came across students from middle-class backgrounds, who always had full school uniforms, and saw how disparate outcomes were for different people.

"I started to learn some early lessons about money through actually experiencing and witnessing what income inequality was doing for people and to people," he says.

From public housing to Future Super

He was offered several university scholarships, and not having anyone in his social circle who could advise on the best choice, selected the degree with the largest scholarship, a Bachelor of Commerce at UNSW.

He joined NSW Treasury as an analyst at the end of his first year and combined work and study.

Paul Keating was Prime Minister, and Sheikh started to notice how his observations about life connected with Keating's broader political narrative.

Volunteering to help set up the Australian Youth Climate Coalition resulted in Sheikh becoming the national director of left-wing activist group GetUp! at the age of 22.

He was propelled into the national consciousness when he passed out on ABC current affairs show Q&A live on air.

Explaining what happened, Sheikh says he had been battling the flu and had had a sleepless night while he wrestled with the decision to leave GetUp!.

"Not a week goes by where I'm not stopped on the street by someone who remembers that, unfortunately," he says.

How Simon Sheikh founded Future Super

During a failed but surprisingly close attempt to win a Senate seat for the Greens in the ACT in the 2013 election where Tony Abbott won power, Sheikh learned about the power of money and the scale of Australia's super system, which prompted him to found the Future Group, in particular Future Super.

"I realised that if our Federal government was going to be less involved in driving climate action, we needed to make sure that people's everyday investments could fill the gap," he says.

"And so we started our business to be able to align people's money with their values."Future Super is a for-purpose company owned by employees, impact investors and some private equity investors, and focuses on ethical and impact investing.

"Because we've got a disproportionate focus on ethical and impact investing, we can find the opportunities to show people that they can make strong financial returns from these investments and that we can manage risk."

How ethical investing can drive returns and impact

Along with seeking good returns for members, the fund looks for investments where it can make an impact, and where other investors can later come and scale up its work.

One strategy is to invest in sectors supported by government initiatives to bring investment into those sectors.

"We were very early in investing in solar farms in Australia, when there was strong government support, [which provided] downside protection for those solar farms. Those same dynamics now are playing out in social housing, which is a space we're leaning into," he says.

Most of Future Super's investment in these sectors is in credit, so that it sits higher up in the list of creditors should something go wrong.

"We like the risk-adjusted returns and the downside protection that gives our members in different market environments," he says.

A more recent investment is in microfinance bonds, which are used to provide loans to women in developing countries to start their own businesses.

Future Super worked with World Vision to aggregate microfinance bonds, lowering the cost of borrowing for the women and providing a "really good" return for members relative to the risk they were taking.

Like other super funds, Future Super offers a range of options, varying in the amount of asset protection and growth they aim to provide.

Its Renewables Plus Growth option provided an annual return of 5.81% from inception in May 2018 to May 2025. Its Balanced Index option has grown 6.56%pa over a similar period, and its Balanced Growth Pension option has grown 7.41%pa.

Why Future Super avoids fossil fuel investments

Beyond the direct impact Future Super's investments are making, Sheikh says there is also a longer-term effect.

When capital markets deploy money into investments that are good for the planet and people, it means they are moving money out of sectors such as fossil fuel.

This shift in the demand and supply of capital increases the cost of borrowing for companies such as coal miners, making it more difficult for them to fund new coal mines.

Future Super also screens out fossil fuel companies from all of its funds.

Unlike some other funds, which exclude fossil fuel companies from their investments but will invest in companies that have a small amount of fossil fuel, its investments have no direct exposure to any fossil fuels.

How the Future Super founder invests his own money

Sheikh's approach to his own money could best be described as thoughtful and deliberate.

He and his wife are very intentional about how they spend their money, always trying to live within their means and spend money in a way that aligns with their values.

A rare extravagance was to break with the family's habit of holidaying in Australia or Asia and heading to Finland to see the Northern Lights.

"We also try to live a life where philanthropy is not something we plan for tomorrow. It's something we do today," he says.

The family has started a sub-fund at the Australian Communities Foundation, which provides a tax-effective way of setting up a small charitable foundation while keeping administration costs low.

Each year they allocate some of the budget to social and environmental charities, involving their 10-year-old son in the decisions.

The latest project is to help fund a micro forest in their local community.

The Sheikh family's biggest investment by far is their stake in the Future Group business. When he started the business they put everything they had into it, house-sitting because they didn't have enough money to pay the rent.

Now they also have a few high-risk investments in start-ups, and like most successful start-up investors, most have failed but those that have succeeded, including Amber Energy, have more than made up for the failures.

All this means they need downside protection, so the family went to an insurance broker to ensure they had life insurance beyond that which comes with superannuation.

The surprising decision to leave most of his wealth to charity

Finally, they plan for the long term, having already made a will.

Most of their money will be left to charity, with only a modest amount to go to their son when he turns 35, should they die early.

"We think that's really important, because we all know that when people leave money to their children it can often be wasted," he says.

How much money Sheikh will leave is an open question and he declines to comment on whether his stake in the Future Group has the potential to make him significantly wealthy. Certainly, the fund has grown strongly.

Sheikh says that when Future Super launched, there was no super investment option that didn't have at least some exposure to fossil fuels.

The offering resonated with younger investors in particular, with the fund attracting 500 members in its first month and becoming cashflow positive after 11 months. Revenue has grown an average of 58%pa for the past four years.

"At the end of the day, there's a long-term tailwind behind ethical investing," he says.

"There may be moments where it goes out of fashion in the media, but even during those moments, people are continuing to switch their super and add contributions."

It was recognised for its competitive interest rates, zero ongoing service fees and a broad choice of underlying investments, including 700-plus international equities.

See the full list of winners in the Money Consumer Finance Awards 2026.

NAB Margin Lending at a glance

• Winner: Margin Lender of the Year
• Why they won: Competitive interest rates, zero ongoing service fees and a broad choice of underlying investments, including 700-plus international equities
• Top product: NAB Margin Loan

How margin lending works

Margin loans allow investors to borrow funds secured by a portfolio of listed securities and/or managed funds.

The loan money can then be used to buy additional investments while preserving personal cash reserves.

Borrowing to invest does add extra risk. Leverage (or borrowing) can amplify gains in a rising market. The downside is that it can also amplify losses if an investment market falls.

Understanding the risks and benefits

On one hand, margin loans can be tax-friendly, with the potential to claim a tax deduction on loan interest as well as offering opportunities to prepay loan interest in advance.

However, if your portfolio falls in value below the margin lender's minimum benchmark, you may be asked to chip in funds to reduce the loan balance or provide additional security.

As NAB Margin Lending points out, if you fail to do this, the margin lender may sell your investments to correct your position.

Award-winning lending solutions

NAB Margin Lending executive, Hannah Oakhill, says, "Being named Money's Margin Lender of the Year for a second consecutive year reflects the confidence investors place in our capability, and our consistent focus on delivering a reliable, fully featured margin lending offering.

"NAB Margin Lending has been established for 25-plus years, and remains committed to providing investors innovative gearing solutions for their investing needs."

Broad investment choice

Oakhill adds, "This stands out through our breadth of approved investments, including access to both Australian and International equities, and direct integration with nabTrade's trading platform.

This is supported by flexible interest rate options and specialist relationship support, allowing investors to efficiently manage complex, multi-asset portfolios."

Designed for experienced investors

Oakhill acknowledges that margin lending is not for everyone.

But notes that for experienced investors, margin lending "can provide flexibility at the right time. It is typically used by investors who understand market risk and are comfortable actively managing their portfolios."

Competitive pricing and integration

NAB Margin Lending's margin loans charge zero ongoing service fees, and are fully integrated with an investor's nabTrade trading account.

At the time of writing, on nabTrade margin loans up to $250,000, the variable rate is 8.75%, rising to 9.17% for a 1-year fixed rate. The more you borrow, the lower the rate.

Top product: NAB Margin Loan

NAB Margin Loan offers competitive interest rates, zero ongoing service fees and seamless integration with nabTrade.

Investors also have access to a broad range of approved investments, including more than 700 international equities.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering an investment bond that is flexible and can offer real upsides for estate planning and tax-friendly returns.

See the full list of winners in the Money Consumer Finance Awards 2026.

Generation Life at a glance

• Winner: Investment Bond Provider of the Year
• Why they won: An investment bond that is flexible and can offer real upsides for estate planning and tax-friendly returns
• Top product: LifeBuilder

Why investment bonds are gaining attention

Investment bonds are a long-term investment solution issued exclusively by APRA-regulated life insurance companies.

They enable investments in professionally managed portfolios through a simple and tax-effective structure.

While they work in a similar way to managed funds, investment bonds can be used for different purposes - they can grow wealth or provide for loved ones, through to developing and distributing estate plans.

As they sit outside the superannuation environment, investment bonds are not impacted by the continual finetuning of superannuation rules, and this has enhanced their popularity.

Investment bonds are not subject to contribution caps, preservation rules or potential policy reforms that have often impacted super rules; they can provide investors flexibility and certainty over the long-term.

Award-winning provider

Generation Life is one of Australia's leading investment bond providers, and in 2026 it takes the top award for its LifeBuilder product.

Felipe Araujo, chief executive of Generation Life, says, "We are seeing discernible, increased interest in investment bonds, particularly as Australians look for tax-effective ways to build and transfer wealth outside the superannuation system.

"This is being driven by a combination of factors. The last raft of legislative changes prompted investors and advisers to diversify across structures, rather than rely on super alone.

At the same time, product innovation has improved the tax efficiency of investment bonds, reinforcing their role as a complementary vehicle alongside super and trusts."

Supporting wealth transfer

Araujo says the scale of intergenerational wealth transfers underway in Australia is also a key driver, increasing demand for structures that can provide great certainty, control and efficiency.

"What sets LifeBuilder apart is its ability to bring together tax efficiency, flexibility and simple estate-planning benefits," says Araujo.

"It's no longer just about performance, it's about clarity and reassurance that allows for confident retirement planning notwithstanding evolving government policy cycles, and confidence that wealth can be passed on tax effectively with ease."

Accessible and flexible

Only $1000 is needed to get started with LifeBuilder - an entry point Araujo describes as "intentional".

He explains, "While investment bonds are accessible to a broad range of investors, they are particularly effective for those on marginal tax rates higher than 30%.

In practice, they are utilised to complement superannuation, support intergenerational wealth transfers, save for a child's financial education, and can build long-term wealth alongside other structures."

Top product: LifeBuilder

LifeBuilder - it can offer a simple, affordable and tax-effective way to build and pass on long-term wealth.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for helping retirees enjoy their golden years with the confidence of a guaranteed income for life.

See the full list of winners in the Money Consumer Finance Awards 2026.

AMP at a glance

• Winner: Retirement Income Provider of the Year
• Why they won: The ability to let retirees enjoy their golden years with the confidence of a guaranteed income for life
• Top product: AMP MyNorth Lifetime Pension

A resurgence in lifetime income products

Lifetime annuities, which turn a lump sum of savings into a guaranteed income for life, are not a new product, however they are enjoying a resurgence.

Estelle Liu, head of retirement solutions at AMP, says this uptick in interest is being driven by "a combination of genuine consumer concern about outliving their savings, and a new generation of product innovations that address the historical barriers that held lifetime annuities back."

Changing retirement needs

By way of background, the Retirement Income Covenant of mid-2022 created a structural shift, making longevity management a core consideration for super funds - not just an optional add-on.

Liu says, "This has accelerated both product development and adviser awareness."

In addition, as we enjoy greater lifespans, longevity risk is rising.

Liu says there is roughly a one-in-two chance that a retiree will live past age 92.

Yet most Australians are not planning for this, instead many are underspending their savings in retirement because of the fear of running out of money.

Helping retirees maximise income

Research by AMP Super found 80% of its members say maximising income is their top priority in retirement.

AMP's MyNorth Lifetime Pension delivers on this score, with several innovations to help Australians enjoy a guaranteed income through retirement.

"MyNorth Lifetime allows advisers to choose from 1500-plus investment options on the platform," says Lui.

"This gives advisers the sophistication to build tailored strategies."

Innovations in retirement income

In addition, the MyNorth Lifetime Super Account allows members to begin accruing lower assessable assets during accumulation, supporting potential future age pension assets-test concessions - with no extra fee, no lock-in and no restrictions on investment choice compared to ordinary super.

Lui notes, "This enables advisers to start meaningful retirement conversations earlier."

Delivering higher retirement income

She adds, "Members using MyNorth Lifetime have experienced an average 60% higher retirement income.

Over nine-in-10 AMP Super members expect to be better off, thanks to a combination of lifetime income and flexible income from account-based pensions."

Products for advised and direct investors

MyNorth Lifetime is only available through financial advisers.

However, AMP Super Lifetime is available directly to consumers and has a simpler design optimised for members who may or may not have financial advice.

Top product: AMP MyNorth Lifetime Pension

AMP MyNorth Lifetime Pension - a lifetime annuity with a modern twist.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering affordable premiums across a range of insurance products.

See the full list of winners in the Money Consumer Finance Awards 2026.

Budget Direct at a glance

• Winner: Insurer of the Year
• Why they won: Affordable premiums across a range of insurance products
• Top products: Car and Home and Contents cover

A simple insurance proposition

Jonathan Kerr, chief growth officer of Auto & General (which owns the Budget Direct brand), says, "At Budget Direct we focus on a simple, yet compelling insurance proposition; great cover, great customer service for a great price. That's what most Australians want."

Keeping premiums affordable

How does Budget Direct keep premiums affordable?

Kerr explains, "Competitive premiums are a key pillar of our business. We leverage advanced technology and underwriting practices to minimise overheads and manage risk effectively, as well as having a great blend of AI-enhanced, people-powered systems that make claims faster and easier.

"This operational excellence allows us to pass significant savings directly onto our customers, ensuring they receive exceptional cover and service without compromising on affordability."

More than competitive pricing

Competitive premiums aren't the only thing Budget Direct offers.

"We stand by our proposition of award-winning insurance with an outstanding customer experience," adds Kerr.

"This includes a streamlined, efficient claims process, user-friendly digital tools for managing policies and flexible cover options that meet customer needs and provide peace of mind.

"We consistently deliver this exceptional value, backed by dependable service. Proof of the proposition is that we paid out well over $1.5 billion in claims in the past 12 months," says Kerr.

Cornerstone products

"While we pride ourselves on delivering outstanding value across our portfolio, we have engineered our Car and Home and Contents cover to offer great cover and high-quality customer service at competitive prices, and we strive for this standard of excellence across all our lines of business."

Important note

It's important to note that the Australian Securities and Investments Commission (ASIC) is taking legal action against Budget Direct over 'discount' ads, alleging 39,000 customers were over-charged.

The corporate regulator claims millions of Australians saw ads promising up to 30% online discounts, but tens of thousands later lost those savings following routine policy changes such as a change of address.

Auto & General has since paid remediation totalling more than $3.8 million, including interest. The matter remains before the Federal Court.

Why Budget Direct won

Money is awarding Budget Direct on the basis that during a cost-of-living crisis, it still provides the most affordable policies.

Top products: Car and Home and Contents cover

Car and Home and Contents cover are Budget Direct's cornerstone products, offering great cover and quality service at competitive prices.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its rapid response times on investor home loan applications.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Investment Property Lender of the Year
• Why they won: Rapid response times on investor home loan applications
• Top product: Macquarie Bank's Offset Home Loan

Investor activity surges

Property investors have been highly active over the past 12 months.

Australian Bureau of Statistics data shows that lending to investors rose by 24% in the year to December 2025, far eclipsing the 7.4% growth in loans to owner-occupiers.

Put differently, more than 60,000 new investment loans were approved in the December quarter 2025 - 23.6% more than the December quarter 2024.

Why investors are attracted to property

It's easy to see the appeal of bricks and mortar for investors.

In cities such as Brisbane, PropTrack says property price growth hit 17.5% over the year to April 2026.

As Australia faces a prolonged housing shortage, SQM Research reports that rents have risen 11.0% nationally over the year to May 2026.

The national vacancy rate has plunged to around 1.0%.

Amid all these upsides for investors, an investment home loan is a critical tool that can help investors maximise the gains from the property, while also enjoying a seamless borrowing experience.

Speed, flexibility and certainty

Ben Perham, head of personal banking at Macquarie Bank notes, "Investors value speed, flexibility and certainty, and that is what we focus on delivering.

"When an opportunity comes up, being able to move quickly and get a clear answer from your bank matters.

We have designed the application and approval process to reduce delays, so that property investors can move confidently when they see an investment opportunity."

Features that support investors

Perham adds that this speed is supported by Macquarie Bank's competitive pricing and flexible features, which help investors manage their cashflow more effectively.

He explains, "Offset accounts, for example, allow investors to structure their money in a way that reduces interest while still keeping access to funds when they need them.

It gives them more control over how their money is working for them."

Macquarie Bank is definitely delivering on this score, with up to 10 offset accounts for each variable interest rate loan account.

Flexible lending options

Macquarie Bank also offers interest-only payments for up to five years.

This can benefit the cashflow of investors who plan a rapid buy-and-sell strategy.

In addition, Macquarie Bank offers loan pre-approval, which can give investors greater confidence - and enable them to act quickly when the right property comes along.

Top product: Macquarie Bank's Offset Home Loan

Macquarie Bank's Offset Home Loan reduces interest while giving investors access to funds when they are needed.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its innovative features and a seamless loan experience backed by plenty of support.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Home Lender of the Year
• Why they won: Innovative features and a seamless loan experience backed by plenty of support
• Top product: Macquarie Bank's Offset Home Loan

Making home lending simpler

One in three Australians (32%) has a home loan, making a mortgage one of our most commonly held financial products.

Despite this, taking out a home loan can still be a daunting experience.

Our Home Loan Lender of the Year - Macquarie Bank, is making the journey as stress-free as possible.

Ben Perham, head of personal banking at Macquarie Bank, says, "We have focused on making the home lending experience simpler, faster and easier to navigate from start to finish.

"Buying a property is a big decision, and knowing that you have partners like a mortgage broker and bank at your side really matters. That's why, when our customers find a property or are just refinancing, we want them to know they can count on us to help."

Removing pain points

Perham adds, "When we were designing our home lending experience, we looked at the pain points many customers typically faced when attempting to borrow money from other banks.

A major point of frustration for customers was being left waiting in the dark for days to find out whether their application had been approved or not.

We are constantly investing in our teams and streamlining how applications are assessed, so decisions are made more quickly and consistently.

That allows our customers to move forward with certainty."

Support beyond settlement

Macquarie Bank is determined to ensure the positive experience doesn't end after borrowers have secured their loan and purchased a home.

"Our customers have full visibility over their loan and can manage it directly through our mobile app or online," says Perham.

"We have made everything easy and intuitive, which our home loan customers love.

Importantly, if they ever do have a question or need extra support, they know they will get the help they need from our entirely Australia-based customer support team."

Flexible home loan options

Macquarie Bank has two home loan products: a basic home loan and an offset home loan.

The offset loan offers up to 10 offsets, so you can save for multiple goals while saving on home-loan interest.

Or take advantage of fixed and variable interest rates by splitting your loan to enjoy the certainty of a fixed rate and flexibility of a variable rate.

Top product: Macquarie Bank's Offset Home Loan

Macquarie Bank's Offset Home Loan offers up to 10 offsets to make every dollar count.

The loan provides flexibility for borrowers who want to save for multiple goals while reducing the interest paid on their home loan.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a transaction account and a savings account that pay high rates of interest without complex conditions.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Money Minder of the Year
• Why they won: A transaction account and a savings account that pay high rates of interest without complex conditions
• Top product: Macquarie Bank's Transaction Account

Making every dollar count

High inflation, rising interest rates and fuel prices that leave motorists doing a double-take at the bowser mean now is the time to make every dollar count.

And Macquarie Bank - our 2026 Money Minder of the Year - is helping Australians do exactly that.

Three years on top

It's not hard to see why Macquarie Bank has taken out this award for three consecutive years.

It all starts with Macquarie Bank's Transaction Account, which bucks the industry trend by paying a variable rate of 2.50%pa, at time of writing.

No minimum withdrawals. No maximum deposits each month. Just a healthy return on your everyday money from day one.

And it's backed by $0 Macquarie fees, even on ATM withdrawals.

Designed for everyday banking

Macquarie Bank's Transaction Account comes with a digital debit card so you can put the account to work straightaway without having to wait for your card to arrive by snail mail.

Helping savings grow

Keen to earn more? Of course, you are.

Macquarie Bank's Savings Account pays bonus interest for the first four months - a total return of 5.10%, which then reverts to an ongoing variable rate, currently 4.75%.

A focus on trust and transparency

Reflecting on Macquarie Bank's three-year domination of this award, Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Trust is so important in banking. For more Australians to be choosing us to help protect and grow their savings is a huge honour and a responsibility that we don't take lightly.

"That's why we are constantly investing in our technology and security to help protect our customers' savings, while also delivering deposit products that are transparent and deliver genuine value."

No fees, no games

McArdle adds, "The reality is that many Australians have become accustomed to their bank playing games with their savings. Every month, there's a trick or a trap they need to navigate to avoid a fee or get paid the interest rate they signed up for.

"We've consciously moved in the opposite direction, designing products that are transparent and fair for customers.

"No fees, no monthly conditions, no games - just savings and the best possible digital experience.

That's quite a different proposition in the market and it is resonating strongly with savers."

Top product: Macquarie Bank's Transaction Account

Macquarie Bank's Transaction Account - what's not to love about a generous return on everyday money?

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its sheer breadth of choice, with a credit card to suit just about every type of consumer.

See the full list of winners in the Money Consumer Finance Awards 2026.

American Express at a glance

• Winner: Credit Card Issuer of the Year
• Why they won: Sheer breadth of choice, with a credit card to suit just about every type of consumer
• Top product: The American Express Platinum Card

A card for every type of spender

It's hard to think of a brand more synonymous with credit cards than American Express. And there's a reason for that.

Head to the American Express website and you'll find an exceptional line-up of credit cards for Australian consumers to choose from.

Choice is always a plus, and Will Thorne, vice president of product at American Express Australia and New Zealand, says there is a way for Australians to decide which American Express card is best suited to their needs.

Choosing the right card

"A good place to start is by thinking about how you spend and what you value most - whether that's earning rewards on everyday purchases, getting more out of travel or unlocking exclusive experiences," notes Thorne.

"Some people may prefer the structure of a charge card, where the balance is paid in full each month, while others might value the flexibility of a credit card if they occasionally want to pay back purchases over time."

It's also worth considering whether you're looking for a personal card or one tailored to business expenses.

Thorne adds, "The best card is the one that fits your lifestyle and spending habits, rather than simply the one with the most features."

A broad range of options

American Express not only offers a broad range of credit cards, it also provides credit cards that are co-branded with partners such as Qantas and Velocity.

"This means people can choose a product that aligns closely with how they spend and the types of benefits they value most," Thorne explains.

For example, some Australians may prefer premium rewards cards such as the American Express Platinum Card, which offers a wider range of lifestyle benefits, including access to events and dining experiences.

Frequent travellers, on the other hand, may benefit from a co-branded airline card to maximise travel rewards.

Rewarding everyday spending

Many American Express cards also offer access to Membership Rewards, which allow eligible cardholders to earn points on their spending, with points that never expire and a wide range of redemption options to choose from.

Thorne says, "Ultimately, comparing features, benefits and fees against your own needs is key. Consumers can explore the full range of options on the American Express website to find the card that's right for them."

Top product: The American Express Platinum Card

The American Express Platinum Card is a premium charge card best suited to frequent travellers and those looking for a high level of service and access.

It offers a wide range of lifestyle benefits, including travel-related perks, dining experiences and access to exclusive events.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for delivering practical, consistent support at a time when businesses are facing sustained cost pressures.

See the full list of winners in the Money Consumer Finance Awards 2026.

Commonwealth Bank at a glance

• Winner: Business Bank of the Year
• Why they won: Delivering practical, consistent support at a time when businesses are facing sustained cost pressures
• Top product: Business Transaction Account with $0 monthly account fee option for businesses that bank mostly online

Supporting businesses through challenging times

Rebecca Warren, executive general manager of small business banking at Commonwealth Bank, acknowledges that it's a tough job running a small and medium enterprise (SME), and the current economic climate isn't making it easier.

"Australian businesses are navigating rising costs, higher borrowing rates, disrupted supply chains and more cautious demand, all while managing day-to-day operations," says Warren.

Looking beyond traditional banking

She believes this is seeing the bank's business customers look for support beyond traditional banking products.

"They are looking for the insights and tools that help them to manage their day-to-day operations while positioning their business for the future.

"We know banking is more than transactions; it is about relationships built on trust. For many of our customers, we are a long-term partner, supporting them through economic cycles, market shifts and key moments of decision making," Warren explains.

Making access to funding simpler

Commonwealth Bank continues to invest in improving lending processes and reducing friction for customers while offering a range of funding options to meet different needs.

"Our key priority is ensuring businesses can access capital when it matters most," says Warren.

"Whether it's managing cashflow, investing in new capability or responding to growth opportunities, our focus is on making funding simpler, faster and more predictable."

Digital tools for business owners

Digital capability is another central pillar of Commonwealth Bank's business banking proposition.

"Time and visibility are critical for business owners," notes Warren.

"Our digital tools are designed to make it easier to manage finances, improve cashflow oversight and reduce the administrative burden."

Practical support beyond banking

Beyond banking, Commonwealth Bank provides practical support to help businesses build capability and manage rising costs.

Warren explains, "Businesses are constantly adapting, so we focus on offering practical programs, partnerships and benefits that customers can apply straightaway, whether that is building skills, improving efficiency or reducing operating costs.

"For example, our Business Masterclass series offers education targeted specifically at small businesses in areas like cashflow management, artificial intelligence, digital safety, HR and others."

Meeting customers where they are

Warren says meeting customers where they are is central to Commonwealth Bank's approach.

"We aim to deliver a strong, consistent experience across the channels customers choose, including digital, phone and in person, supported by specialist teams and Australia's largest branch network."

Top product: Business Transaction Account

Business Transaction Account with $0 monthly account fee option for businesses that bank mostly online.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its ability to assess loan applications on an individual basis rather than sticking to rigid lending models.

See the full list of winners in the Money Consumer Finance Awards 2026.

La Trobe Financial at a glance

• Winner: Non-bank Lender of the Year
• Why they won: The ability to assess loan applications on an individual basis rather than sticking to rigid lending models
• Top products: Development finance as well as bridging, and SMSF loans

A consistent presence in the market

It's a competitive market for Australian lenders, but Cory Bannister, chief lending officer at La Trobe Financial says success comes down to consistency.

He explains, "While many lenders move in and out of the market, we've maintained a steady presence for more than 70 years. That track record gives borrowers confidence, especially in uncertain times."

Designed around borrower needs

When it comes to product features that tick plenty of boxes, Bannister notes, "Borrowers today are looking for flexibility, transparency and certainty, and our products are designed with those priorities in mind.

"We offer clear, straightforward lending options, and take a practical approach to credit approval."

Looking beyond rigid lending models

Many of La Trobe Financial's borrowers have strong underlying financial positions but they don't always fit traditional credit criteria.

Bannister explains, "Our ability to look beyond rigid models and assess applications on a commonsense basis means more borrowers can access funding, with confidence that their individual circumstances are properly understood."

Serving an under-served market

When it comes to pinpointing La Trobe Financial's most popular loans, Bannister says, "The strength of our offering reflects a growing segment of the market currently under-served by traditional lenders: borrowers with perfectly viable propositions, who nonetheless are overlooked.

"As credit policies tighten across the banking sector, this segment continues to grow, and our ability to serve it has driven sustained demand."

Popular lending solutions

That said, Bannister points to La Trobe Financial's development finance, bridging and self-managed super fund (SMSF) loans as being particularly popular, along with residential "build-to-sell" loans.

"These stand out because we take a practical approach. And considering Australia's national housing shortage, these products are well-placed to assist," adds Bannister.

A focus on people, not just processes

"Awards like this are ultimately a reflection of sustained performance rather than short-term momentum," Bannister observes.

"At La Trobe Financial this comes from a clear focus on helping borrowers solve complex financial challenges in a friendly, human way."

In a market that has seen volatility and increasing automation, La Trobe Financial has remained focused on what matters most - providing certainty, stability, clear lending parameters, and a commitment to having a human touch.

"For borrowers that means greater confidence that their loan will be handled with care and followed through by a person who has taken the time to understand their circumstances," notes Bannister.

Top products

La Trobe Financial's development finance, bridging and SMSF loans are among its most popular lending solutions.

The lender has also seen strong demand for residential build-to-sell loans, reflecting its practical approach to assessing borrowers and funding opportunities.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its straightforward product range offering customer-focused features.

See the full list of winners in the Money Consumer Finance Awards 2026.

Bank Australia at a glance

• Winner: Customer-Owned Bank of the Year
• Why they won: A straightforward product range offering customer-focused features
• Top product: Clean Energy Home Loan

Putting customers at the centre

More than five million Australians choose a customer-owned financial institution, and Bank Australia's managing director, Damien Walsh, says the customer-owned banking model is important in today's market because "it puts customers at the centre of the decisions we make".

Walsh adds, "As a customer-owned bank, we exist to serve our customers rather than external investors, which means we're able to focus on meeting their needs and creating positive impact on their behalf. We don't prioritise profit for its own sake."

Supporting people and the planet

A key aspect of the customer-owned model is that our customers have a direct say in the issues they want the bank to act upon.

"This guides the projects we support through our impact fund," says Walsh.

"The fund supports initiatives that create positive outcomes for people and the planet, and we commit up to 4% of our annual after-tax profits to it."

Bank Australia offers what Walsh describes as "a simple range of products with competitive pricing, and excellent service through a range of channels. We embed impact into what we offer so customers can use their money in ways that help create a world where people and the planet thrive".

Features designed for real-life needs

Walsh explains, "One of the ways we support our customers is through features that respond to real-life needs.

"Our Parental Pause allows new parents to pause home loan repayments for up to three months, while our Eco Pause gives customers the option to redirect funds towards environmental home upgrades as part of their home loan.

Top product: Clean Energy Home Loan

"Our Clean Energy Home Loan offers incentives for customers who buy or build green homes, with a reduced variable rate for five years or a reduced fixed rate for three years.

"This helps customers decarbonise their homes.

"Our customers also have free access to the BOOM! Power Electrify Your Home tool for customers in Victoria, NSW, Queensland, Tasmania, the ACT and Greater Adelaide, enabling them to create a customised electrification plan and connect with BOOM! Power's network of trusted installers."

Helping Australians get ahead

Bank Australia offers reduced rates on loans for electric vehicles, and is on the panel of lenders for the Federal government's Help to Buy Scheme, aiming to make homeownership more achievable for more Australians.

Read more: View all winners in the Money Consumer Finance Awards 2026.

It was recognised for its focus on giving back to customers and communities while providing accessible, personalised support across multiple banking channels.

See the full list of winners in the Money Consumer Finance Awards 2026.

Newcastle Permanent at a glance

• Winner: Bank of the Year - Customer Service
• Why they won: A focus on giving back to the bank's customers and communities in a variety of ways
• Top product: A new platform that helps prevent financial crime

Built around customers and communities

Newcastle Permanent is a customer-owned bank, and Paul Juergens, chief distribution officer at Newcastle Greater Mutual Group (NGM Group), says this means that "we exist for the very purpose of serving our customers and communities".

To do this well, a bank needs to know and understand its customers and communities.

Juergens explains, "At Newcastle Permanent, we know that our customers value support that is accessible, quick and simple. That's why it's important to us that our customers can seek support face-to-face, on the phone or online through our web and mobile banking platforms."

Local support with local knowledge

Having also taken out this award in 2025, Juergens adds, "We are really proud of our contact centre, which is based in the heart of our footprint in the Hunter region of NSW.

This means that when customers call, they aren't just hearing a voice on the end of the phone, they are hearing someone who has a genuine understanding of the customer's needs because the team member also lives in a regional community."

Giving back to regional communities

Another aspect that sets Newcastle Permanent apart is the way the bank invests back into its communities.

"We're not just here to support customers with their day-to-day banking needs," notes Juergens. "We're here to support their local football or netball club, Nippers program, or charity organisation.

"In FY25, NGM Group invested more than $6 million into regional communities, with $2.5 million given to charitable partners."

Investing in better banking experiences

Newcastle Permanent and NGM Group have implemented several new initiatives with a focus on making banking safe and easy.

"Our team handles a broad range of enquiries from everyday transactions to complex issues, so we've invested in technology to streamline workflows and improve experiences for both employees and customers," says Juergens.

"Our branch refurbishment program is designed with excellent customer experiences in mind. It's about more than freshening up a branch, we want to create a more welcoming, accessible, modern and functional environment for everyone.

Supporting customers of all generations

"We also know that different generations have different comfort levels and expectations around banking, which we accommodate.

For example, for less tech-savvy customers, we run free digital banking masterclasses to provide in-person support, teaching skills like paying bills online and password protection. These sessions are always very popular."

Top product

A new platform that helps prevent financial crime is among the initiatives introduced to help make banking safer and easier for customers.

It reflects Newcastle Permanent's ongoing focus on improving customer experiences while providing the security and support customers expect from their bank.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering competitive interest rates without the complex conditions that often apply to savings accounts, helping Australians make the most of their cash savings.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Savings Account of the Year
• Why they won: Competitive interest rates without restrictive conditions or monthly hurdles
• Top product: Macquarie Savings Account

Helping Australians make every dollar count

Australians may be feeling the pinch from rising living costs, but that hasn't stopped many households building substantial savings balances.

Australian Prudential Regulation Authority (APRA) data shows Australians are holding $1.729 trillion in savings, up from $1.682 trillion in December 2025.

That's a significant pool of cash and, in a challenging cost-of-living environment, making every dollar work harder has become increasingly important.

A focus on what customers want

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "Our team spends all of its time thinking about what our customers really want and how we can best deliver that."

"We know our customers value no fees and high interest rates without the usual strings attached."

"That's why we've invested a lot of time simplifying our offering, while reinvesting the benefits of our technology investment into the rates and experiences our customers enjoy. That's a deliberate choice and one we're really on."

Saving without the hoops

Macquarie's Savings Account, which links seamlessly with the Macquarie Transaction Account, has become the bank's most popular savings product.

"What sets it apart is that customers can earn a fantastic interest rate, without doing anything. No hoops and no catches," says McArdle.

"A lot of banks have introduced complex savings accounts, requiring customers to meet certain conditions each month to unlock their elusive 'bonus' interest rate."

"Those conditions have become complex and restrictive, with many customers now forced to deposit a certain amount, make a number of transactions, or not make any withdrawals each month to earn a good return."

"Miss one small condition and the interest rate can often drop to near zero."

Competitive returns from day one

By contrast, McArdle says, "customers earn a competitive interest rate on every dollar from day one."

"There are no deposit requirements, no minimum transactions and no restrictions on withdrawing funds."

This straightforward approach removes the need for customers to track monthly conditions while still earning a competitive return on their savings.

Top product: Macquarie Savings Account

The Macquarie Savings Account offers customers a competitive interest rate without requiring regular deposits, minimum transactions or limits on withdrawals.

It is also designed to work seamlessly with the Macquarie Transaction Account, giving customers flexibility while helping their savings grow.

As McArdle notes, "Our Macquarie Transaction Account stands out as one of very few in the market that actually pays interest."

"That makes a huge difference, as our customers know they'll still earn interest on the money they use for their everyday spending."

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a suite of accounts that allows retirees to earn competitive interest on their money without the hassle of monthly deposit requirements and restrictive conditions.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year - Retirees
• Why they won: A suite of accounts that lets retirees earn interest without the hassle of deposit requirements
• Top product: Macquarie Transaction Account

Helping retirees make the most of their money

About 4.5 million Australians aged 45 years and older are retired. While retirement is often associated with older Australians, figures from the Australian Bureau of Statistics show the average retirement age is 57.

Regardless of when retirement begins, the common challenge is making savings work harder, particularly during periods of elevated living costs and inflation.

That's where a bank can play a valuable role. With the backing of the government deposit guarantee, savings accounts offer security, but Macquarie Bank also delivers competitive returns across both its Savings Account and everyday Transaction Account.

Removing barriers for retirees

Olivia McArdle, head of payments and deposits at Macquarie Bank, says, "A lot of banks still charge hefty account-keeping fees on their transaction accounts if you don't deposit a certain amount, typically around $2000, each month."

"If you're a retiree and no longer have an income stream, meeting those requirements can be difficult."

That's where Macquarie stands out.

"We don't charge any monthly account-keeping fees and we also refund ATM fees," says McArdle.

"That is very attractive to retirees, who may be on a limited income and are closely managing their finances."

Competitive savings without complicated conditions

According to McArdle, Macquarie's Savings Account has become particularly popular with retirees.

"Most savings accounts have monthly conditions to earn their highest rate. A lot of retirees can't meet these, as they typically involve a minimum deposit each month and restrictions on withdrawals.

"We think everyone should be able to access their own money when needed while earning a fair return on their savings, without having to jump through complex hoops and catches.

"We've found that proposition is really resonating with older Australians in the retirement phase."

Certainty through term deposits

Macquarie Bank is also seeing strong demand for its term deposit products among retirees seeking predictable returns.

McArdle says, "We are also seeing very strong interest in our term deposit products, particularly among older Australians."

"We make it very easy for customers to set aside a portion of their savings while locking in a fixed return. That certainty matters, particularly in retirement."

Top product: Macquarie Transaction Account

Macquarie's Transaction Account stands out by paying a rate of interest that is higher than many savings accounts offered by other institutions.

Combined with no monthly account-keeping fees and ATM fee refunds, it provides retirees with a practical everyday banking solution while helping idle cash continue to earn a return.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its ongoing commitment to creating meaningful digital experiences for customers.

See the full list of winners in the Money Consumer Finance Awards 2026.

Bank Australia at a glance

• Winner: Bank of the Year - Digital
• Why they won: Ongoing commitment to create meaningful digital experiences for customers.
• Top product: Everyday Access account

Digital banking becomes the norm

Digital banking in Australia has reached almost universal adoption, with a report from the Australian Banking Association confirming 99.3% of customer-bank interactions now occur through digital channels.

Mobile wallet payments have surged to $160 billion annually, a 23-fold increase since 2019, while physical branch visits have dropped 51% in the same period.

Long story short, more and more Australians are jumping online to do their banking, and digital options are reshaping how people interact with their bank and manage their finances.

The good news is that digital banking is fast, safe and it fits into our busy lives. But it's also challenging financial institutions to meet customer demand for digital services head-on.

It's a challenge that our winner - Bank Australia has risen to.

Supporting customers digitally

Damien Walsh, Bank Australia's managing director, says, "As a customer-owned bank, we're committed to supporting our customers in the way they choose to bank with us. Increasingly, that means digital.

He adds, "The majority of our customers use our digital channels as the primary way to manage their banking, supported by our mobile app, internet banking and digital customer service options."

Investing in the digital experience

Walsh notes that as a future-focused bank, Bank Australia is "actively focused on improving and upgrading the digital experience for our customers".

He says, "This includes ongoing improvements to our mobile app and online banking experience, enhanced security features and digital tools.

"We've focused on improving our lending onboarding journey and digitised the process end-to-end, helping more customers get access to a home loan."

A consistent experience across platforms

According to Walsh, Bank Australia is committed to "ensuring our customers have a consistent brand experience across platforms, ensuring that digital touchpoints feel cohesive, from our website to our app.

"As we look to the future, Bank Australia is committed to creating impactful, accessible and meaningful digital experiences for current and future customers."

Balancing digital and personal service

Walsh points out that Bank Australia's products and services "are designed to meet the banking needs of our customers across all life stages and life events".

So, despite its embrace of digital banking, Bank Australia continues to support those who still prefer a human touch, with face-to-face banking support in many Victorian locations and in some capital cities around Australia.

Top product: Everyday Access account

Everyday Access account - offers a digital wallet, Osko, PayID plus a round-up feature to grow savings through Visa Debit card purchases.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for offering a suite of complementary banking products to help young savers make their money work harder.

See the full list of winners in the Money Consumer Finance Awards 2026.

NAB at a glance

• Winner: Bank of the Year - Young People
• Why they won: A suite of complementary banking products to help young savers make their money work harder
• Top product: NAB iSaver

Making saving simpler for young Australians

As Sweta Mehra, NAB executive - personal everyday banking, points out, "Young Australians are juggling higher living costs, rent and study or early career wages, so saving needs to be simple, flexible and motivating - not complicated or restrictive."

Mehra adds, "At NAB, we focus on helping young people build strong savings habits by pairing competitive savings rates with practical digital tools that make saving easier day to day."

Digital tools to build good habits

Through the NAB app, young Australians can set up savings goals, automate regular transfers into their savings accounts, track balances and progress in real time, and separate spending from saving across different accounts.

"We also place a strong emphasis on visibility and control," says Mehra.

"Real-time account updates, spending insights and easy money movement help younger customers understand where their money is going and make conscious choices about setting some aside - even if it's in small amounts.

Flexible saving for real life

"Our approach recognises that saving isn't always linear for young people. Our products and digital features are designed to reward good habits without locking customers in, or penalising them when circumstances change, giving them the flexibility to save consistently and confidently over time."

Products that work together

Mehra cites three key NAB products that can work together to help young adults get more from their money:

NAB iSaver - suitable for young savers who want a competitive interest rate with no ongoing fees or minimum balance requirements.

NAB Reward Saver - for those who like clear incentives to save consistently.

NAB Reward Saver encourages regular saving habits by offering bonus interest when monthly deposit and balance conditions are met.

"It's well suited to younger Australians who want structure and motivation as they build longer term savings, without needing to constantly watch the account," says Mehra.

NAB Classic Banking - an everyday account that forms the foundation of good money habits.

"NAB Classic Banking has no monthly account fees, is easy to manage via the NAB app, and works seamlessly alongside savings accounts - making it easier to separate spending from saving and stay on track," notes Mehra.

Top product: NAB iSaver

NAB iSaver - a strong option for young savers who want a competitive rate with no ongoing fees or minimum balance requirements.

Supporting every stage of the savings journey

Together, these products give young Australians flexibility - whether they're just starting their savings journey, setting up regular habits or working towards bigger goals over time.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

After taking out seven categories in this year's awards, Macquarie Bank earned the top honour for its focus on simplifying banking, delivering competitive products and creating a seamless digital experience for customers. It was recognised for removing friction from the banking experience and raising the standard for what Australians should expect from their bank.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year
• Why they won: Removing friction from the banking experience and raising the standard for what Australians should expect from their bank
• Top product: Macquarie Transaction Account

A standout year

Well, that's got to be a record. Macquarie Bank has won seven out of 18 of Money's 2026 Consumer Finance Awards.

Ben Perham, head of personal Banking at Macquarie, explains this success, saying, "We've long been focused on building a banking experience that genuinely helps customers manage their money.

"For a number of years our strategy has prioritised removing complexity and making banking simpler for Australians. That's grounded in our customer obsession, which shapes our product design, how we improve our experiences over time and how we respond to what customers actually want and need."

Putting customers first

Perham adds, "We want our customers to feel in control and supported when they bank with us.

"We consistently get feedback that customers value our straightforward products, competitive rates and digital experiences that feel intuitive and easy to navigate.

"We're really focused on getting those fundamentals right, and customers are responding to that."

Leading banking innovation

Macquarie Bank has led several banking innovations.

Perham explains, "I am particularly proud of just how easy we have made it to become a Macquarie customer.

"Our customers can open an account online with Macquarie in minutes, and start spending and earning interest straightaway. No visiting a branch, no paper forms.

"That makes a huge difference, and it is helping more Australians access a better banking experience.

"Alongside this, we've built industry-leading security directly into the customer experience.

"Our Macquarie Authenticator app is a great example of this, giving customers real-time, tap-to-approve control over their account activity so they can authorise or decline transactions instantly from their phone, wherever they are," Perham adds.

"This really stands out for me, as it puts our customers in control and they can review and approve actions on their account with confidence."

A seamless digital experience

He continues, "We are also particularly proud of how we have brought our banking products together into a single, seamless digital experience.

"Customers can effortlessly move between transaction accounts, savings and home loans with clear visibility and control over their money.

"We have invested heavily in tools that do the work in the background, including spending insights that categorise transactions automatically, budgeting tools and the ability to track savings goals."

Top product: Macquarie Transaction Account

Macquarie Transaction Account - can be opened in as little as three minutes. This gateway account gives Macquarie customers access to a world of benefits.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

It was recognised for its innovative products and features that help make money management quicker and simpler.

See the full list of winners in the Money Consumer Finance Awards 2026.

Macquarie Bank at a glance

• Winner: Bank of the Year - Product
• Why they won: Innovative products and features that help make money management quicker and simpler
• Top products: Great rates on deposits, flexible home loans and an everyday account that pays a healthy return

A one-stop shop for banking

Life is busy, we're all pressed for time, and taking care of money matters shouldn't have to be a time-thief.

That's why it can make sense to partner with a bank that offers a product suite broad enough to let us manage our money efficiently, without the need to jump between providers for different functions.

Macquarie Bank has nailed this, with a range of feature-packed products that make the bank a one-stop shop.

Having taken out seven of our awards, it's clear that Macquarie Bank offers something for everyone - from savers to home buyers, property investors and retirees.

Driven by customer feedback

But Macquarie Bank is not resting on its laurels. There are fresh initiatives on the horizon, and many are driven by customer suggestions.

Ben Perham, head of personal banking at Macquarie Bank says, "A lot of our innovations come directly from customer feedback, which our teams take very seriously."

Perham explains, "Customer expectations are continually evolving, particularly around speed, simplicity and personalisation. We're focused on removing friction from the banking experience and raising the standard for what Australians should expect from their bank. We're really excited about the potential opportunities to reimagine the way our customers access support."

Innovation in action

As a guide, earlier this year Macquarie Bank launched Q - a new AI-powered agent.

"Previously customers would need to reach out to us during business hours, either online or by phone, to get an answer to what are often simple questions," notes Perham.

"Q has changed all of that, offering our customers personalised support 24/7 directly in our app and online banking. Whether it's a question about their payment limits or how long a bank transfer will take, they get an instant answer. The opportunity to build out that offering further is very exciting."

Investing in the customer experience

According to Perham, Macquarie Bank is continuing to invest heavily in technology, data and digital capabilities to ensure that every interaction is as intuitive as possible.

"Whether a customer is opening a new banking account, making a simple transfer or managing a home loan, we want to ensure the support and information they need is seamlessly available," he says.

Top products

Macquarie Bank's product suite stands out for offering great rates on deposits, flexible home loans and an everyday account that pays a healthy return.

Together, these products help customers manage their banking needs through a single provider, while benefiting from innovative features and ongoing improvements driven by customer feedback.

Read more: View all winners in the Money Consumer Finance Awards 2026.

Get the magazine: Order the latest issue from the Money online shop.

Reader-voted categories were determined through a national survey conducted by Rainmaker Information and Money, with Australians rating providers on products and features, customer service and digital experience.

Expert-assessed categories, including Insurer of the Year, Business Bank of the Year and Margin Lender of the Year, were selected by Rainmaker Research using detailed industry analysis.

Below are the winners of the 2026 Consumer Finance Awards.

2026 Consumer Finance Awards winners

Bank of the Year
Reader voted
The winner had the highest overall composite rating scores across products and features, customer service and digital experience. Only national full-service banks were eligible to win this premier award.
Winner: Macquarie Bank

Bank of the Year - Digital
Reader voted
The banking provider that achieved the highest overall rating scores for digital experience.
Winner: Bank Australia

Customer-owned Bank of the Year
Reader voted
Like Bank of the Year, but only full-service, customer-owned banks were eligible to win this premier award.
Winner: Bank Australia

Bank of the Year - Young People
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 18 to 34 years.
Winner: NAB

Bank of the Year - Retirees
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 55 or older.
Winner: Macquarie Bank

Bank of the Year - Savers
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 35 to 54 years.
Winner: Macquarie Bank

Bank of the Year - Product
Reader voted
The banking provider that achieved the highest overall rating scores for products and features.
Winner: Macquarie Bank

Bank of the Year - Customer Service
Reader voted
The banking provider that achieved the highest overall ratings for customer service.
Winner: Newcastle Permanent

Non-Bank Lender of the Year
Awarded by Rainmaker Research
The winner was the non-bank lending institution judged by Rainmaker Research to score highest across seven core dimensions: product range, business strength, ability to raise lending capital, innovation, corporate transparency, loan quality and customer depth.
Winner: La Trobe Financial

Business Bank of the Year
Awarded by Rainmaker Research
There is more to being a leading business bank than simply offering a good deal on business accounts and loans. This is why Rainmaker Research identified the leading national full-service business banks that offered the most comprehensive services across business accounts, loans, credit cards, term deposits, currency management, cyber-risk and fraud protection, point-of-sale and ecommerce, international transactions and merchant support.
Winner: Commonwealth Bank

Credit Card Issuer of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for credit card products and features, customer service and digital experience.
Winner: American Express

Money Minder of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for everyday savings accounts and term deposit products and features, customer service and digital experience.
Winner: Macquarie Bank

Home Lender of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for mortgage products and features, customer service and digital experience.
Winner: Macquarie Bank

Investment Property Lender of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for investment mortgage products and features, customer service and digital experience.
Winner: Macquarie Bank

Insurer of the Year
Awarded by Rainmaker Research
This category took into consideration competitive home and contents and car insurance premium rates, and holistic factors such as corporate strength, what the winner delivers and how it supports customers, customer engagement and reliability in paying claims.
Winner: Budget Direct

Retirement Income Provider of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to be the best retirement income product designed to assist retirees in meeting the challenges of finances and longevity risk by providing flexible and reliable income-stream solutions.
Winner: AMP

Investment Bond Provider of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to be the investment bond with the best financial and market strengths, product benefits, customer service, and support and training of financial advisers.
Winner: Generation Life

Margin Lender of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to achieve the highest score across core dimensions, spanning product and investment choice breadth, depth, research services, type of investment available, access to international markets and interest rates payable on loan products.
Winner: NAB Margin Lending

Get the magazine: Order the latest issue from the Money online shop.

When Sydney-based accountant James saw headlines announcing that electricity prices would be coming down from July 1, he naturally assumed that he would benefit.

It came as a surprise then when an email from his retailer, Origin Energy, revealed a different story. While his consumption charge was dropping, his supply charge was set to jump.

"Whilst I can understand and accept that prices generally rise each year, I was angry about a 70% increase in the daily supply charge," James says.

"The increase was stated with no explanation as to why or how it is calculated, and I felt insulted when the letter further went on to explain my bill would likely decrease.

"As a relatively low user of power, I calculated my overall bill will increase by about 25%, which Origin should already know full well."

James' experience is by no means unique. Money has seen similar price-change notices from energy retailers across different states and territories. So, what's going on?

Why electricity bills may still rise in 2026

In late May, the Australian Energy Regulator (AER) revealed that most households and small businesses on the Default Market Offer (DMO) would see their electricity prices drop from July 1.

The DMO is the maximum price that retailers can charge on standing offers to residential and business customers in New South Wales, South East Queensland and South Australia.

Households on the Victorian Default Offer are also set to see their prices fall after an announcement from the Essential Services Commission.

"This year's Default Market Offer means many households on standing offers will see their energy bills decrease between 1% and 11%, and small business on standing offers will see bill relief between 6% and 21%," says Patrick Veyret, general manager of public affairs and strategy at Energy Consumers Australia.

"In Victoria, default prices will fall by an average of 5%."

But there's a catch. Only 8% of households and 15% of small businesses are currently on the DMO. The vast majority of households are signed up to market offers.

"Most customers are on market offers. While these offers are set by retailers and not the regulator, some retailers are adjusting offers towards the supply charge," Veyret explains.

"This means that, while prices in the market may come down on average, whether consumers will experience a bill reduction will depend on their plan and their energy use pattern."

How much are electricity supply charges increasing?

Like James, plenty of other customers have been expressing their frustrations about upcoming increases to their daily supply charges, the fixed fees charged for supplying energy to a home.

Together with consumption charges, the price people pay for the power they actually use, these form the bulk of electricity bill costs.

While any change in supply charges will vary by plan, retailer and distribution network, an analysis of offers from major retailers across three cities indicates that daily supply charges have increased by between 25% and 80% overnight.

The increases vary significantly between retailers and plans. The table below shows examples of how daily supply charges have changed across major electricity providers.

For their part, retailers maintain that while some customers will see their bills get more expensive, the majority will pay less thanks to lower consumption charges.

Still, customer frustration hasn't gone unnoticed, with federal energy minister Chris Bowen announcing last week that he had reached out to both the AER and the Australian Competition and Consumer Commission (ACCC) to ensure that everything is above board.

Will your electricity bill go up or down?

Whether your electricity bill rises or falls will depend on your retailer, plan and household energy usage.

Customers who use relatively little electricity may be more affected by increases in daily supply charges, while heavier users could benefit from lower consumption rates.

How to reduce your electricity bill after July 1

So, for customers facing the prospect of higher energy bills in the months to come, is there any action they can take now?

One place to start, Veyret recommends, is taking the time to compare your current deal to other options on the market.

"To ensure you are on the best deal for your circumstances, we recommend visiting a government energy comparison website such as Energy Made Easy or Victorian Energy Compare for assistance.

"The Energy Consumers Australia website also has a wealth of information aimed at helping households and small businesses save money on their power bills and better understanding their power plans."

Veyret also says that it's worth remembering that even though you might not be on a default offer, that doesn't automatically mean that you are getting a great deal.

"Research by the ACCC has found that 2.5 million consumers on market offers are paying prices at or above the default offer.

"What's more, it found that households and small businesses who've stayed with a retailer for a couple of years are often paying hundreds of dollars more per year simply for their loyalty."

Looking for more ways to lower your electricity bill? Read our guide to five ways to cut your energy bills this winter.

Australians tend to back what they know.

It is one of the reasons big bank shares are a staple of so many portfolios.

For much of the past two decades, that instinct has been rewarded. Even as international investing has become more common, many Australian portfolios remain heavily anchored to the local market.

The debate around home bias is not really about geography. It is about opportunity.

Home bias is not uniquely Australian. However, it has gradually declined across many major pension markets over the past decade.

As research from the Thinking Ahead Institute shows, Australia continues to maintain one of the highest allocations to domestic shares in the developed world.

That would be less remarkable if Australia occupied a similarly large share of global equity markets.

It does not.

Australia represents around 2% of global equity market value, yet Australian investors continue to allocate a disproportionately large share of their portfolios locally.

The more interesting question is not why Australians own so many Australian shares. It is why they expect a market representing 2% of global equity value to provide most of their equity exposure.

Behavioural finance helps explain why.

Daniel Kahneman's work showed that investors often mistake familiarity for safety. Home bias is one manifestation of that tendency.

It should be said that home bias is not the same as a criticism of Australian companies.

Australia remains home to some of the world's strongest banking franchises, globally significant resource companies and a dividend culture that is rare among developed markets.

But the reality is that the global economy has evolved far more rapidly than the composition of the Australian share market.

Financials and materials have dominated the ASX for decades and, as at 31 May 2026, still accounted for more around 50% of the market.

By comparison, those sectors make up less than 18% of the MSCI World ex Australia Index.

For investors, that has real consequences.

Many Australians who believe they are diversified because they own a broad Australian share market fund are often making a much larger bet on banks and resources than they realise.

If housing, credit growth or commodity prices struggle, a significant portion of their portfolio would be exposed to the same risks at the same time.

In contrast, the industries driving global market returns sit outside Australia's traditional strengths.

Technology, healthcare and advanced manufacturing have become larger parts of the global economy, while banks and resources continue to dominate the local market.

The solution is not abandoning Australia. It is recognising that diversification is about more than geography.

It may mean complementing Australia's strengths in banks and resources with exposure to global healthcare leaders, financially strong international companies, emerging markets or smaller companies that operate in very different parts of the economy.

For much of the past decade, global equity returns were increasingly driven by a handful of large US technology companies.

Their dominance was so significant that many investors came to treat international investing and US technology as effectively the same thing.

But that is becoming less true. Strong returns are no longer coming from just a handful of US technology companies.

So far in 2026, value equities, emerging markets and growth equities have all outperformed both the ASX 200 and the Magnificent Seven.

For many years, investors could reasonably point to the practical barriers of investing internationally. Accessing global markets often meant expensive managed funds, high fees and limited transparency.

Today, those barriers have largely disappeared thanks to the adoption of ETFs.

Investors can access international quality companies, global healthcare leaders or thousands of emerging market companies as easily as they can buy an Australian bank or miner.

The challenge is no longer access. It is allocation.

Home bias made sense when the Australian market looked more like the global economy. It makes less sense as the gap between the two continues to widen.

Reader question

Hi Paul, I'd like to better understand the changes to CGT in the budget, specifically around shares and digital assets such as crypto.

I'm a long-term investor and my understanding is that after July 1, 2027, future capital gains will be subject to CGT indexation.

Does this mean that up to this date, capital gains will be calculated under the current CGT rules, then a separate calculation of indexation would be required from July 2027 (investments before this date are only partially grandfathered)?

While I support changes to negative gearing and CGT on housing, if that were the case as stated above, I find it disappointing that these other types of assets are not fully grandfathered too.

I have invested in good faith based on the current rules to invest in my future.

I think it would be helpful to explain the proposed changes as per my queries, with some calculations, as I'm sure it will be of interest to many readers. - Peter

Paul's response

There is rarely a dull moment in the world of money, Peter. There is always change, but right now it is a torrent!

The geopolitical uncertainty of the Middle East is rattling markets, AI tech companies are flying, local interest rates are up, day-to-day life costs have exploded and then we add the proposed tax changes.

I'm with you on negative gearing. I much prefer what most other countries do, which is to give tax breaks on the family home, but no negative gearing on investment properties.

The most valuable change, in my opinion, would be an increase in GST, but politically that is a disaster. It is a shame, but we'd need bipartisan political support to increase GST.

This is a progressive tax. Those who spend more, pay more. Compensating lower income earners, pensioners and so on is not terribly complex and we could get rid of a whole bunch of silly taxes, such as payroll tax.

Maybe our state governments could then also stop their unhealthy reliance on pokies tax. But I don't see higher GST happening and, like you, I am okay with the proposed changes on negative gearing on existing property.

With shares, crypto and other non-property assets, you are correct.

If the legislation goes through, then we'll all be valuing our assets on July 1, 2027, and that becomes our base number for the old CGT rules with the 50% discount.

From that July 1, 2027 base number, if we sell, the gain will be added to our taxable income, less inflation. But importantly, tax will be a minimum of 30% on our profits over inflation.

Interestingly, if we sell assets after July 1, 2027, we can also use the 'time apportionment' rule, where we can split the gain proportionally based on the number of years the asset was held under the old tax system and the new.

A bit of a sneaky one for us older investors is that any assets we held before September 20, 1985, which were exempt from CGT, will now lose that exemption on gains above inflation from July 1, 2027.

If you or any Money readers would like to model the impact of these changes, there are already calculators online, such as Stockspot's CGT change calculator.

What to read next

• Budget 2026: The changes you'll feel first
• Budget tax changes put all investors on notice
• Australian financial glossary: 140+ money terms explained
• How younger Aussies could beat higher capital gains tax
• Start-ups, small businesses win CGT reform carveouts

From forgotten subscriptions and low savings rates to uncompetitive home loans and missed tax deductions, many Australians are paying more than they need to without realising it.

The good news is that a few simple money check-ups in July could leave you hundreds, or even thousands, of dollars better off over the next 12 months. Here's a seven-step financial checklist to help you start the year ahead.

1. Review your household budget

If you already have a budget then it's always worth regularly checking in to see if your spending and income still line up with your existing assumptions and, if there's any discrepancy, updating them.

However, if you don't already have a budget there's no time like the present to create one. ASIC Moneysmart's budget planner could be a handy place to get started, while anyone wanting help keeping track of their new budget may be interested in one of the many budgeting apps available.

A budget can also give you confidence to spend on the things you enjoy, because you'll have a clearer picture of what you can actually afford.

Tip: Treat your budget like a financial calendar. By noting upcoming expenses such as birthdays, school fees, insurance renewals and holidays in advance, you can avoid last-minute scrambles and better plan your cash flow throughout the year.

2. Set financial goals for the year ahead

The start of the financial year could also prove a great time to create some new financial goals, like starting an emergency account, building a home deposit or saving for Christmas. But why is now any different to any other point in the year?

It comes down to a psychological phenomenon called the Fresh Start Effect. This is based on findings that people tend to feel more motivated to change their behaviour and attack a new goal from the start of a week, month or year, or another significant date to them.

Of course, successful goal setting requires more than a meaningful start date though, as narrowing your focus, monitoring your progress and automating parts of the process can also be crucial.

3. Prepare for tax time

The beginning of July means that tax season is upon us. Before rushing to lodge your tax return though, it's worth noting that the Australian Taxation Office recommends that taxpayers take it easy for a few weeks to give their income statements and other information time to be finalised.

In the meantime, organising receipts or proof of any expenses you're planning to claim as deductions might make your life (or your tax agents') easier come lodgement time. That might include work-related expenses, charitable donations, investment property expenses and more.

Tip: If you're worried about paperwork piling up, take photos of receipts and store them in a dedicated folder on your phone or computer. Keeping records throughout the year can make preparing your tax return much easier.

4. Check your superannuation balance and employer contributions

When was the last time you logged in to your superannuation account to check on your balance and see if your investment allocation and insurance mix is still what you want it to be?

Checking in more regularly could be a habit worth starting in the new financial year to ensure your employer contributions are being paid correctly, particularly as payday super begins from July 1, 2026 and contributions are now required to be paid much more frequently.

Australians looking to boost their retirement savings may want to consider options such as salary sacrificing or making voluntary contributions, subject to contribution caps and eligibility rules.

5. Review home loan rates, credit cards and other debts

With interest rates as high as they are, it's certainly a good time to compare the competitiveness of the interest rate and fees you're paying on your home loan, personal loan or any other loan you may have.

That's particularly true if it's been a while since you last checked in, because there's a chance that you're paying more than you need to - a situation that could be remedied by negotiating a better deal with your current lender or refinancing somewhere else.

The reality is that many Australians are really struggling with their debt though, meaning that negotiating or refinancing may not be an option. In that case, seeking professional help from a free service like Financial Counselling Australia may be an option worth pursuing.

Tip: Struggling with bill payments? Setting up reminders, calendar alerts or automatic payments can also help avoid unnecessary late fees and penalty charges.

6. Compare high-interest savings accounts and boost your savings rate

If one of your goals for the new financial year is to save up for a new car, or perhaps a trip overseas, one of the more effective ways to increase the money you're putting towards these goals is obviously finding a new income stream or reducing your spending.

Beyond that, it's important to make sure that whatever money you do have in savings is working as hard as it can. So in order to give your savings a boost, it may be time to see how the interest rate you're earning with your savings account or term deposit stacks up.

While there are still savings options with rates above the 5% mark at present, making sure the account is suited to your needs so you're actually earning the highest rate possible while being able to manage your money in the way that suits you best is also an important point to consider.

Tip: Stash your savings in a separate account. Keeping savings out of sight can reduce the temptation to dip into them for non-essential purchases.

7. Audit household bills, subscriptions and direct debits

With some electricity plans changing from July 1, now is the time to audit your regular bills and services to work out if you still need them and whether the deals you're getting are still competitive.

Aside from internet and energy, insurance policies, phone plans, streaming services, subscriptions and any other regular bills can be added to the list. After all, chances are that you could either save money by finding a better deal or entirely cutting out something unnecessary.

Tip: When comparing providers, don't be afraid to negotiate. In some cases, simply mentioning a competitor's offer may be enough to secure a better price or improved service from your existing provider.

The Solar Sharer Offer could change that.

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Brian Spak, general manager of advocacy and policy at Energy Consumers Australia, to unpack the new Solar Sharer Offer and who will benefit from free electricity.

Episode timestamps

00:00 Introduction

01:29 How the Solar Sharer Offer works

03:54 Which households are eligible for Solar Sharer?

06:07 How to make the most of free midday electricity

07:56 How to sign up for Solar Sharer

08:43 What kind of savings can households expect?

10:17 Why caution and bill monitoring could pay off

11:52 Conclusion

Listen to this episode of Friends With Money

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

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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.

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.

Most Australians tend to focus their energy on the end of the financial year. But the SOFY, start of the financial year, is a good time to take stock and lay plans for the 12 months ahead.

It's especially important this year because of tax reforms announced in May's Federal Budget. Here are five areas to focus on this SOFY:

1. Have your circumstances changed?

Life doesn't stand still for long, and SOFY is an ideal time to review your goals, finances and family situations.

The arrival of a new child or grandchild, or a divorce or separation, these can be cues for a chat with a financial adviser.

2. Could your super be impacted by the new Division 296 tax and other tax reforms?

July 1 marks the start of Division 296, which will see earnings on super balances of more than $3 million taxed an additional 15% and up to an additional 25% for larger super balances.

If your super is likely to exceed the $3 million threshold over the next 12 months, it can be worth looking at an alternative strategy.

We've seen a strong uplift of interest in investment bonds, not just because of the Division 296 tax, but as a result of the recent Federal Budget proposals to introduce a 30% tax on discretionary trusts.

The driver here is that investment bond income is taxed at a maximum 30% inside the bond, whereas investment income of discretionary trusts will be taxed at a minimum 30%.

3. Do your estate plans reflect your wishes?

Wills play a useful role in estate planning, however families can be complex, and if you have concerns about possible challenges to your will, investment bonds may suit you.

Not only do investment bonds that are appropriately structured sit separately from other estate assets, they let you decide how and when beneficiaries can access their bond inheritance.

4. Know how much you can add to your investment bond this year

Annual contributions to an investment bond up to 125% of the previous investment year's contributions can be made without changing the tax benefits of the investment bond.

For example, if you contributed $5000 last investment year, you can add a maximum of $6250 in the current investment year without tax payable until after the 10-year advantage period is reset.

If you'd like to contribute more, simply open a new investment bond.

5. Stay informed, have an expert in your corner

There is a lot to think about following the Budget announcements.

Your financial adviser can play a key role, acting as your personal "Chief Interpretation Officer" to help you navigate any Budget fallouts.

Keep in touch with your adviser over the months ahead to stay informed.

What to read next

• Retirement income - avoiding 'regret risk'
• The hidden money strain for women carers
• Smart EOFY tax moves investors can still make

When you're buying a place to live in, emotions are everywhere. That's completely understandable. The goal is not to switch off your emotions, but to make sure they're not the ones driving the car while your logic is tied up in the boot.

Once you've named the emotional traps, you can start to build a proper strategy for buying a home to live in.

Here are five common emotional traps owner-occupiers fall into and how to avoid them.

1. The dream home myth (and the 'forever home' fantasy)

Most first-home buyers secretly want their first home to tick every box. Light, bright, renovated, close to everything, quiet street, great neighbours, north-facing backyard, walk-in pantry, subway tiles and of course 'future-proofed'.

The reality is, though, that your first home may not be perfect. You might get most of your needs met and only some of your wants. That's not failure, that's normal.

Having a detailed dream home in mind can create a few problems.

You might overstretch your budget and box yourself into stressful repayments, or delay buying for years, waiting for something 'perfect' while prices and rents keep moving.

You might talk yourself out of good, solid options because they are seven out of 10 instead of a mythical 12 out of 10.

We strongly encourage you to remove the phrase 'forever home' from your vocabulary for now. It piles on unnecessary pressure.

You don't need to lock in the perfect home for every version of your future self, you just need a home that works well for you for the next reasonable season of life.

2. Fear of making a mistake

Fear is one of the strongest emotions you'll feel when buying a home. Fear is normal, but it's not a great decision maker.

The antidote to fear is good data and clear criteria.

There's a reason the old acronym for fear is 'false evidence appearing real'. Your job is to replace false evidence with real evidence.

Fear can look like:

What if I buy in the wrong place?

Spend time in the suburb, talk to locals, walk the streets at different times of day. Look at school catchments, access to transport, flood maps and council plans.

If you turn up and next door has three abandoned cars in the front yard and a lawn that hasn't been mowed since 2014, that's useful evidence.

What if the market falls?

When you buy an owner-occupied home, your primary driver is security and lifestyle, not short-term speculation.

Property values will rise and fall in the short term, but you're not buying to hold for three years then flip. You're buying a stable base for your life.

What if there's something wrong with the property?

That's where due diligence comes in.

Building and pest inspections, strata reports, checking council records and having a good conveyancer are all about turning fear into facts.

For now, remember: don't ignore red flags and don't skip checks because you're 'too in love' with the house.

3. Comparing yourself with others

This is especially common for first-home buyers. Comparison will try to sneak into every part of your home-buying journey.

It might be friends who bought years earlier in a nicer suburb.

It might be family members who keep reminding you what they paid for their first home in 1994.

It might be social media feeds full of perfectly styled homes that don't even look lived in.

The trouble with comparison is that you don't know how much help they had from family, how much debt they're carrying behind the scenes, or what compromises they made elsewhere in their life to get there.

Your job is to build a life on your terms, not to recreate someone else's highlight reel.

If you're in a relationship, you both need to be strong on this. Decide together what's right for your values, your budget and your lifestyle, and stay in your lane.

4. Emotional pressure from family

Family can be one of the biggest emotional influences on your first-home purchase.

It may come from a good place, but can still be unhelpful.

Your parents or extended family may have bought in a completely different era, with different prices, different interest rates and very different expectations about what a 'proper home' looks like.

They might insist that you 'must' buy a three-bedroom brick home on a big block because they would never have bought an apartment or a townhouse.

Their reality is not your reality.

Today, many buyers can't afford to live close to family and buy a huge family home right off the bat.

You might need to move further out, buy a smaller place, choose a townhouse or unit, or live somewhere different from where your parents think you 'should' live.

Listen respectfully, but remember you're the one making the repayments.

Advice that ignores your actual numbers and your strategy is not advice you have to take.

5. Falling in love too fast

Falling in love with a property is incredibly common.

You walk in, the sun is streaming through the kitchen window, there's a pot of basil on the bench, someone's baked bread, the styling is immaculate and suddenly you're saying things like, 'I could see us here forever'.

That feeling isn't the enemy, but it does need boundaries.

When you lead with emotion, it becomes much easier to overlook red flags, push your budget beyond what's actually comfortable, or compromise on things that genuinely matter, all in the name of 'this feels right'.

As a general rule, Mercury and Venus don't need to align when you inspect your first property.

In fact, it's usually better if they don't.

This is an edited extract from The Quick-start Guide to Your First Property: Pick up your keys simpler, smarter and sooner by Glen James & Rachelle Kroon (Wiley, $34.95). Enter now for your chance to win one of five copies!

From claiming work-from-home expenses and super contributions to offsetting capital gains and tracking deductible expenses, these 10 EOFY tax tips could help boost your refund at tax time.

1. Gather receipts to claim tax deductions

If you want to claim work-related expenses, remember the ATO's three golden rules:

• The expense must be directly related to earning your income.
• You must not have been reimbursed by your employer.
• You must have records to prove you incurred the expense.

Take time to gather invoices, receipts, bank statements and any other records relating to work-related spending.

Electronic copies are often easier to manage than paper receipts, which can become lost or fade over time.

If you're unsure whether an expense is deductible, keep the receipt anyway and discuss it with your tax adviser.

If you don't have the paperwork, you generally can't claim the deduction.

2. Claim working-from-home tax deductions

If you work from home, either full time or occasionally, you may be entitled to claim expenses associated with your home office.

Eligible expenses can include:

• Heating, cooling and lighting
• Cleaning costs
• Internet and phone expenses
• Stationery and computer consumables
• Depreciation of office furniture and equipment
• Computers and equipment costing less than $300

You can generally claim using actual expenses or the ATO's fixed-rate method.

If using the fixed-rate method, ensure you have records of your work-from-home hours throughout the year.

3. Update your car logbook

If you claim work-related car expenses using the logbook method, now is the time to ensure your records are complete and up to date.

You'll also need receipts, invoices and evidence of vehicle expenses to support your claim.

If you're using the cents-per-kilometre method, you should still maintain records of work-related journeys.

The ATO continues to closely monitor car expense claims, so accurate record-keeping is essential.

4. Review your mobile phone claims

If you use your personal phone for work, you may be able to claim the work-related portion of your costs.

Keep copies of your phone bills and maintain a four-week usage record showing the split between work and personal use.

The work-related percentage can then be applied across the year.

Remember, if you're using the ATO's fixed-rate working-from-home method, you generally cannot separately claim mobile phone expenses that are already included in the rate.

5. Make a charitable donation

Donations of more than $2 to registered deductible gift recipients are generally tax deductible.

If you're planning to donate, make sure the payment is made before June 30 and keep your receipt.

A charitable donation can support a worthwhile cause while also increasing your deductions.

6. Prepay deductible expenses

You may be able to bring forward some deductions by paying eligible expenses before June 30.

Examples include:

• Professional subscriptions
• Union fees
• Annual insurance premiums
• Other deductible memberships and fees

Prepaying expenses may allow you to claim the deduction this financial year rather than next year.

7. Claim work bags and equipment

If you use a bag to carry work-related items such as a laptop, paperwork or tools, you may be able to claim the work-related portion of the cost.

With many retailers running EOFY sales, now may also be a good time to purchase eligible work-related equipment if you were planning to buy it anyway.

Any deduction must be apportioned between work and private use where applicable.

8. Claim a tax deduction through super contributions

If you have spare cash available, making a personal contribution to super could deliver a double benefit: growing your retirement savings while potentially reducing your tax bill.

Provided your total concessional contributions, including employer contributions, remain within the annual cap of $30,000, you may be able to claim a tax deduction for personal contributions.

Some Australians may also be eligible to use unused concessional contribution caps from previous years.

The contribution must be received by your fund before June 30, and you must submit the required notice of intent form before claiming the deduction.

9. Offset capital gains with capital losses

If you've realised capital gains during the year, consider reviewing your investment portfolio for assets that are sitting at a loss.

Selling those investments before June 30 may allow you to offset capital gains and reduce your tax liability.

However, be careful of so-called "wash sales".

This occurs when an investor sells an asset to generate a capital loss and then repurchases the same or substantially identical asset shortly afterwards.

The ATO has warned that anti-avoidance provisions may apply, with tax benefits potentially denied and penalties imposed.

10. Speak to a tax agent

There is a reason so many Australians use a registered tax agent.

Tax law is complex, and an experienced adviser can help identify deductions you may have overlooked and ensure your claims are properly supported.

A tax professional can also help you avoid mistakes that could delay your refund or attract unwanted ATO attention.

Best of all, the fee you pay to have your tax return prepared is generally tax-deductible.

Tax refund FAQs

Can I claim a tax deduction without a receipt?

In most cases, no. The ATO generally requires evidence that you incurred the expense.

What tax deductions can I still claim before June 30?

Depending on your circumstances, you may be able to claim super contributions, charitable donations, work-related expenses and prepaid deductible expenses.

What is a wash sale?

A wash sale occurs when an investor sells an asset to create a tax loss and repurchases a substantially identical asset shortly afterwards.

Should I use a tax agent?

A registered tax agent may be able to help identify deductions and ensure your tax return is accurate.

The bottom line

With only days remaining until June 30, acting now could mean the difference between claiming an extra deduction and missing out altogether. A few simple steps this week could leave more money in your pocket when you lodge your return.

SBS cycling commentator Bridie O'Donnell will be joining the broadcast team for the 2026 Tour de France which kicks off on July 4.

O'Donnell is a world champion road cyclist, a former rower, and triathlete.

She is also a medical doctor, graduating valedictorian from the University of Queensland, and now focuses on helping cancer patients with behavioural changes to help improve their overall wellbeing.

She was the inaugural director of Victoria's Office for Women in Sport and Recreation.

How was working on last year's Tour de France coverage?

I found it to be quite a wonderful experience.

I was working in Victoria as a doctor in a secondment role in COVID recovery and was working with companies and industries that were very frustrated and angry.

So being part of the coverage team was like a holiday.

I felt like I was in France.

Commenting is a challenge - you have to give the right balance of what the audience wants to hear, not just how smart you are and how much information you know, but how you make it as interesting as possible.

I had ridden many parts of France as a guest on cycling tours so I'm quite familiar with the countryside.

How did you get into cycling?

I came to cycling late.

I had been a rower and triathlete and came into road cycling in 2007.

It took me until my fourth or fifth year in medical school to race triathlons and realise I had capability.

I discovered a friend in med school was doing triathlon and I wasn't good at it but just loved it and realised that endurance sport is about persistence and not falling down or giving up which is a metaphor for life.

You're going to fail at things all along the way but you figure out what went wrong and keep going.

I was 33 years old when I started. It's not a recommended pathway to start late. I rode in the Australian national team and was a professional cyclist for six years.

I then rode and managed a team here in Australia and helped develop domestic riders.

I moved back to track racing and set a new record for women in 2016 (the Women's Hour road race) and kept racing in the individual pursuit and team pursuit in Victoria.

What was your first job?

Cleaning the leaves out of the gutters for my grandfather for $5 for three hours work on a Saturday.

I then started offering my service to the neighbours.

I was around six years old and I probably shouldn't have been on the roof, but that was the 80s.

It felt like a job because I'd approached my grandfather and said, "How about you pay me $5 and I can do this for you?" It was a real negotiation.

My first job after that was working in Donut King in the Myer centre food court in Brisbane - I was 14.

What's the best money advice you've received?

From my mum: "All women should have a running away account."

It's important and sound to have your own bank account. We're seeing more examples of coercive control in abusive relationships.

If you can have independence, it gives security that you can get into a car and leave a dangerous relationship, so that is advice I'd pass onto every woman I know.

"All women should have a running away account."

What's the best investment decision you've made?

To put solar panels on my roof - but not sure it's working out to be as remunerative as I hoped.

I might need to buy a battery. It's saved an enormous amount on electricity bills.

I've also bought a hybrid car and I feel lucky I have a stable job to make those purchases and know they will pay off in the future.

What's the worst investment decision you've made?

Other than getting married and divorced, I would say I don't make too many poor choices!

I'm pretty risk-averse. I've never had a lot of money so I'm pretty careful - I don't gamble or have investments other than property.

What is your favourite thing to splurge on?

Food and wine and experiences.

One of the upsides of finishing each cycling season in Europe is the opportunity to take a couple of weeks holiday there - I went to Lucca in Italy and Berlin with my mum.

There was one experience where we were staying in Antibes near Cannes and went to an incredible restaurant - Bacon - and the owners picked us up on Vespas and rode us around on the way to the restaurant.

It was an incredible meal and an amazing vista.

If you had $10,000 where would you invest it?

I'd buy some Aboriginal art.

There are some incredible artists I saw in the Northern Territory last year; I think it's important to invest in artists but also important to make sure Aboriginal artists are making money from their art from reputable galleries.

What would you do if you only had $50 left in the bank?

I think I'd go to DOC Pizza in Carlton [in Victoria], have a nice bottle of wine, and then celebrate my financial demise.

Do you intend to leave an inheritance?

Yes, I have two nieces and a goddaughter, and they're recipients of my super, and I will leave my property to my two nieces.

What's been your best money-making career move?

Completing a vocational degree in university which provides stability that I never realised.

When I retired from pro-cycling, I could go back to being a doctor and have money go into my bank account every fortnight.

It was a privilege not many other riders have.

I didn't do it for the money.

Since I was a child, I've only ever wanted to be a doctor. I saw it as an interesting and cool way to solve problems for people.

It's a great job and I still use those skills even when I'm not working clinically, because it's about understanding human behaviour and bringing it all together to find an answer.

Finish this sentence: money makes ...

... the hard things less difficult.

This article was first published in 2021 and refreshed in June 2026.

The good news is that memorable school holiday fun doesn't have to come with a hefty price tag.

From free outdoor adventures and rainy-day activities to creative projects and family challenges, here are 32 affordable ways to keep kids busy during the July school holidays.

With the cost of outings, movies and attractions adding up quickly, choosing a mix of free and low-cost activities could save families hundreds of dollars over the winter school holidays.

Outdoor adventures

1. Go for a bike ride

Find quiet, scenic cycling trails through local council websites. Pack snacks for little tummies.

2. Have a picnic

Enjoy the winter sun by packing a picnic and heading outside - to your balcony, backyard or a local park. Invite friends or family to join you.

3. Playground hopping

Visit your favourite local playgrounds or venture further afield and find new gems.

4. Take on parkrun together

Check out your local parkrun, a free 5k where adults, kids and even dogs are welcome to run, walk or volunteer. There are more than 520 parkruns around Australia, and most start at 8am each Saturday.

5. Explore a national park

Plan a digital detox day. Pack a picnic and take the kids hiking in a nearby national park. Use online resources to find easy or moderate trails.

6. Go wildlife spotting

Visit nature reserves or national parks to see native animals and birds. Make it a fun learning experience.

7. Start a winter veggie garden

Get kids involved in watering plants, weeding, or planting flowers and vegetables. Visit a nursery together to pick out seedlings.

8. Camp out at home

Set up a tent in the backyard or go camping at a nearby site to enjoy nature without spending much.

9. Backyard games

Set up ball games like cricket, soccer, basketball, or bocce. Bring out badminton sets or play petanque.

10. Go on a winter nature scavenger hunt

Create a checklist of things to spot on a walk, such as colourful leaves, bird nests, mushrooms, wattle flowers, animal tracks or interesting tree bark. Kids can tick items off as they go and take photos of their finds.

Creative and performing arts

11. Put on a play or dance show

Encourage your kids to write a script, rehearse, and perform a play. Or let them choreograph a dance routine.

12. Art and craft days

Paint pictures, make sock puppets, try potato stamping, or create bookmarks and decorations. Try outdoor sketching or painting sessions.

13. Make a short movie

Use a smartphone and a free video editing app like iMovie, Splice or CapCut to film and edit a family production.

14. Teach your kids a new skill

Teach your kids knitting, embroidery, or woodworking. Or sign them up for a local craft workshop.

15. Visit the library

Borrow books, puzzles, games, and even camping equipment for free. Many Australian libraries also run free or low-cost winter school holiday programs, including craft sessions, workshops and story time events.

Rainy day activities

16. Start a reading challenge

Help kids find genres they enjoy - fantasy, mystery, or real-life stories. Use street libraries for free books.

17. Write stories together

Share family stories, childhood memories, or make up new tales. Write a little each day and read them together.

18. Play board games and cards

Rediscover old favourites like Monopoly, Scrabble, or chess. Learn new games with rules found online or at the library.

19. Word and puzzle games

Challenge your kids with crosswords, Boggle, Wordle, or jigsaw puzzles. Start simple and work your way up.

Learning and helping

20. Have a winter baking day

Bake a favourite treat or plan a meal from scratch, shop at a local market, prepare it together, and clean up as a team. Play MasterChef at home.

21. Volunteer as a family

Join a local volunteer group as a family. Many child-friendly causes welcome young helpers (with parents).

22. Support a cause

Choose a cause you care about-like endangered animals or the environment-and take action. Write letters to local politicians or start a small project.

23. Teach kids smart money habits

Talk about household expenses like electricity, groceries, and petrol. Let kids compare prices while shopping.

24. Declutter and make extra cash

Teach your kids Marie Kondo's "spark joy" method. Clear out old toys and clothes, and even hold a garage sale.

25. Try simple science

Conduct safe science experiments at home or visit science museums. Encourage curiosity and exploration.

Cultural and local activities

26. Museums and art galleries

Visit free exhibitions and children's programs. Permanent displays are often free, while special shows may charge.

27. Festivals and events

Look for free family-friendly events in your area-music, theatre, visual art, or cultural festivals often pop up in parks.

28. Visit an ice-skating rink

Many cities and towns host seasonal ice-skating rinks during winter. Look out for family discounts, off-peak sessions or community events.

29. Market hopping

Visit local markets for fresh produce, handmade items, or secondhand treasures. Great for learning and fun.

Ok, we know we know we said no screens, but rainy days and long drives can be made easier with mindful technology.

Technology with purpose

30. Family movie nights

Pick family movies to stream, pop some popcorn, and take turns choosing the film. Try an outdoor screening with a projector and a white sheet.

31. Listen to podcasts and audiobooks

On long drives or quiet afternoons, tune into family-friendly podcasts like Storynory, Short & Curly, or Six Minutes. Try audiobook services with free trials, or check out the Libby app for free e-books or audiobooks through your local library.

Bonus: Chill time

32. Value downtime

Let kids sleep in, stay in their PJs, or simply hang out at home. Unstructured time fosters creativity and relaxation.

Bottom line

School holidays don't have to be packed with expensive outings to be memorable. A mix of outdoor adventures, creative projects, family games and simple downtime can keep kids entertained during the July holidays while helping parents stay on budget.

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 June 2026) and use it as your go-to guide to decoding the language of money.

Most searched financial terms

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.

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 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.

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.

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.

Aged Care Assessment Team (ACAT)

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

Australian Competition and Consumer Commission (ACCC)

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

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 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 Charities and Not-for-profits Commission (ACNC)

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

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.

Authorised credit representatives (ACR)

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

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.

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.

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.

Attorney-General's Department (AGD)

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

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.

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.

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.

Aggregate market value (AMV)

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

Australian National Audit Office (ANAO)

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

Annual percentage rate (APR)

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

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 Small Business and Family Enterprise Ombudsman (ASBFEO)

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

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.

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.

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.

Australian Taxation Office

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. The ATO ensures that taxes are collected fairly and efficiently, which helps fund essential public services like healthcare and infrastructure. Most Australians deal with the ATO when lodging their tax return or managing their super.

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 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 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.

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.

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.

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.

Defence Housing Australia (DHA)

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

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.

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.

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

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.

I met someone recently at a party who told me that his daughter had scored an ATAR of 97.8 in Year 12.

I congratulated him and asked what she was studying.

He told me she didn't get into medicine, but was studying medical sciences, with the aim of transferring into medicine.

I could feel the high expectation and pressure on his daughter.

I understand how important it is for children to do well at school.

It will hopefully lead them to further study, to achieve a qualification that ensures they have interesting work and are financially secure.

It is normal for parents to be concerned about their school-age children's academic performance.

And this concern has spawned a billion-dollar tutoring industry, with one in seven Australian school students having tutoring, according to a report by University of Sydney academics Ben Zunica, Bronwyn Reid O'Connor and Katherin Cartwright.

They estimate there were as many as 80,000 private tutors working in 5000 tutoring businesses in Australia in 2024, as competition between students intensifies.

Certainly, tutoring can give kids an edge.

It can help them perform within tight timeframes, such as exams. The right tutor can help school children catch up if they have fallen behind, teach them valuable study skills or help them prepare for exams.

I remember finding out that one of my child's primary school friends was being tutored in most subjects.

I was surprised but started thinking that I should be doing the same for my children, but decided they were too young to spend time after school and on weekends being tutored in maths, science and English.

They were already dealing with plenty of homework.

In my mind, tutoring was more for secondary students in the lead-up to final high school exams, to deal with any gaps in their subjects, in particular maths.

Why tutoring is starting in primary school

It doesn't work that way anymore.

Primary students are under pressure to perform well academically in NAPLAN tests as early as Years 3 and 5, or to sit exams to be chosen for a selective school or a scholarship to a private school.

Parents are paying big money and they want results.

Some children have multiple weekly tutoring sessions for 18 months before the competitive selective schools test, according to Christina Ho, associate professor in social and political sciences at UTS.

Ho is following 38 families with upper primary children preparing for the selective schools exam.

Parents are spending thousands, but how do you know it's worth it?

Tutoring can be a bit of a free-for-all.

The nature and impact of tutoring can be hard for parents to assess.

"Parents seeking high-quality tutors are left to navigate a marketplace where anyone can advertise services, delivered online or in private homes, without demonstrating qualifications or accountability," says Zunica, lecturer in secondary maths education.

For me, it was word of mouth when I was looking for an English tutor for one of my children when she was studying for the HSC.

I came across a young university student whose credentials were a high mark in his final English exam.

But he wasn't a teacher and didn't work out.

Then I heard about an English teacher who took a small number of students.

She could identify what my child needed to work on and there weren't too many sessions needed.

The Australian Tutoring Association, a private tutoring organisation, recommends asking a prospective tutor about their qualifications and experience in the subject.

How long have they been tutoring or teaching this subject?

Also, find out if they have a university qualification in education.

You want to make sure they understand the requirements of the Board of Studies in your state or territory.

Look at case studies, testimonials and reviews on their website, too.

The cost of tutoring

How much tutors charge depends on their experience and qualifications. Teacher-trained tutors typically charge $55 to $180 per hour, according to the Australian Tutoring Association.

One-to-one sessions are more expensive than joining a tutoring class or signing up for online tutoring.

If it is a one-on-one arrangement, ask the tutor to assess your child and give you an idea about how long they will need tutoring and much you can expect to pay for tuition.

If it's group tuition, find out if there are discounts for attending a certain number of tuitions, say 10 sessions.

Not all children respond well to tutoring, so be clear about a refund policy if your child is unhappy or if they want to cancel the tutoring. How much notice do you have to give in order not to be charged for the session?

Stagflation is every investor's nightmare.

Growth slows, consumers cut spending, unemployment rises, yet prices remain stubbornly high.

Normally, when economies weaken, inflation falls, but in a stagflation environment, both problems occur simultaneously.

While Australia isn't facing a full-blown 1970s-style stagflation crisis, the warning signs are becoming harder to ignore.

Inflation remains above the RBA's target range, unemployment has climbed to 4.4%, productivity growth is weak and economic growth continues to slow under the weight of higher interest rates.

For many Australians, it feels like the worst of both worlds.

Wage growth is struggling to keep pace with living costs, households are tightening their belts, and businesses are battling rising expenses, but investors should remember one important lesson from history: even in difficult economic environments, some sectors thrive.

During the stagflation era of the 1970s, many of the market's biggest winners were not the exciting growth stocks of the day.

Instead, investors flocked to businesses that controlled essential resources, produced energy, supplied critical infrastructure or sold products people simply could not live without.

That same playbook may be worth considering today.

While giants like BHP and Rio Tinto remain popular choices, paying close attention to companies such as Lynas Rare Earths, Genesis Minerals, Paladin Energy, IGO and APA Group could be where future growth lies.

The common thread is simple.

These businesses are tied to commodities, energy security, infrastructure and essential services.

Many possess something incredibly valuable during periods of economic stress: pricing power.

When costs rise, they often pass those increases on to customers rather than absorb the pain themselves.

That is why the goal in a stagflation environment is not necessarily to find the cheapest stocks, it is to find the strongest businesses.

Look for companies with robust cash flow, manageable debt, reliable dividends, dominant market positions and products that remain in demand regardless of economic conditions.

Stagflation can be brutal for weak businesses, but for investors willing to adapt, it can also create some of the biggest opportunities of the cycle.

The winners of the next bull market may not be the same companies that dominated the last one.

In fact, if stagflation continues to gain a foothold, the biggest profits could come from owning the businesses that keep the economy running even as everything else slows.

Best and worst-performing sectors this week

The best-performing sectors include Consumer Discretionary and Healthcare, both up more than 3%, followed by Consumer Staples, up more than 2%.

The worst-performing sectors include Materials and Energy, both down more than 4%, followed by Information Technology, down more than 3%.

The best-performing stocks in the ASX top 100 include ResMed Inc., up more than 9%, followed by Ramsay Health Care and Telix Pharmaceuticals, both up more than 8%.

The worst-performing stocks include WiseTech Global, down more than 14%, followed by Greatland Resources, down more than 12% and Genesis Minerals, down more than 10%.

What's next for the ASX and the Australian share market?

The All Ordinaries Index continued its recent pullback this week, finishing down 1% by Thursday's close.

While the decline itself was relatively modest, it reinforces the view that the market remains firmly range-bound between 8800 and 9200 points.

Until buyers or sellers decisively break this range, it is difficult to build a strong case for the next major directional move.

Despite lower oil prices providing some relief, weakness in the Materials and Energy sectors weighed heavily on the broader market.

Given that these sectors have done much of the heavy lifting over the past year, a period of consolidation should not come as a surprise.

What is more interesting, however, is where investor capital appears to be flowing.

Consumer Discretionary, Healthcare and Consumer Staples have begun to attract increased attention as investors seek more defensive opportunities and earnings stability.

It serves as an important reminder that the headline index only tells part of the story.

While the All Ords may appear stuck in neutral, several sectors are quietly carving out their own trends beneath the surface.

In many respects, there are markets within markets.

While some areas continue to struggle, others are steadily building momentum despite the broader index moving sideways.

From a broader perspective, Australia's share market has been somewhat underwhelming over the past year, particularly when compared to the technology-driven gains seen overseas.

Yet every technological revolution still relies on real-world inputs.

Critical minerals, energy resources, infrastructure and industrial materials remain the foundation upon which tomorrow's technologies are built.

At some point, investor attention is likely to return to the companies producing those essential resources.

When it does, Australia's market could once again find itself in the global spotlight.

Until then, patience, discipline and careful stock selection remain critical.

The index may be moving sideways, but opportunities continue to emerge for investors willing to look beneath the surface.

New tax cuts, payday super, minimum wage increases, free electricity offers and tougher anti-scam protections are among the measures set to take effect.

Here's what you need to know.

Payday super starts from July 1

More than three years on from the federal government's original announcement, payday super will finally come into effect on July 1.

Under the new rules, employers will need to pay employees their superannuation guarantee at the same time they as they are paid - whether that's weekly, fortnightly or monthly.

As things currently stand, employers can elect to make payments on a quarterly basis.

The reform is designed to help crack down on instances of unpaid super, but it also has the potential to boost retirement balances for members who will receive more regular contributions.

Higher tax begins for super balances above $3 million

Australians with relatively large superannuation balances will pay a higher rate of tax on their earnings from next month.

The new Division 296 rules, which passed parliament in March, will see earnings on total super balances exceeding $3 million taxed at an effective rate of 30% (up from 15%) from July 1.

Balances over $10 million will also face a higher tax rate (40%, up from 15%) on the proportion of earnings that exceed that mark.

New SMS scam protections start on July 1

Ever received a fishy text claiming to be from AusPost or myGov? Well, Australians should find it easier to spot SMS impersonation scams when new rules kick in on July 1.

Going forward, texts sent using an unregistered branded sender ID (like the name of a business or organisation), will be labelled as 'unverified' and grouped in a single thread.

Messages from legitimate, registered senders will appear normally in their own threads though.

Nearly $18 million was lost to SMS scams last year, the Australian Media and Communications Authority says, with scammers commonly impersonating major brands to trick consumers.

New $1000 instant tax deduction starts

Proposed earlier this year and outlined in more detail in the recent federal budget, the government's $1000 instant tax deduction will commence on July 1.

The measure will allow taxpayers to claim an tax deduction worth up to $1000 without providing the usual receipts.

Claims above that amount will still need proof though.

While the new measure will apply to deductions in the 2026-27 financial year, taxpayers won't be able to make use of it until they start putting together their tax returns from mid-2027.

New income tax cuts

Taxpayers are set to keep more of their earnings from next month when the first part of a two-stage income tax cut comes in to effect.

From July 1, the 16% tax rate (which applies to income between $18,201 and $45,000) will fall to 15%.

The rate will then drop again to 14% in July 2027.

The government suggests that the cuts will save people up to $268 in the first year, then up to $536 every year from July 2027 onwards.

Electricity price changes 

Electricity prices are set to drop for the majority of households on the Default Market Offer (DMO) in New South Wales, South East Queensland and South Australia.

From July 1, households on flat-rate DMO offers will see prices fall by up to 5% in New South Wales and 7.2% in South East Queensland. They will increase by 1.4% in South Australia.

Customers on time of use plans will see prices drop by up to 7.7% in New South Wales, 10.7% in South East Queensland and 1.1% in South Australia.

Less than one in ten households are on DMO offers though, so customers on other plans may need to watch out for price increases from their energy retailers.

Free electricity offer launches for eligible households

From the start of next month, eligible households in New South Wales, South East Queensland and South Australia (the areas covered by the DMO) will be able to tap into free electricity through the new Solar Sharer Offer.

The offer will provide three hours of free electricity in the middle of the day when solar generation is most abundant.

In New South Wales and Queensland, the window will be between 11am and 2pm, while in South Australia it will be from 12pm to 3pm.

The offer may make sense for households who are able to shift their energy usage to coincide with the free electricity window, but prices outside of that period are expected to be more expensive than with other plans.

Minimum wage rises to $26.44 an hour

Millions of workers will take home more in their pay packets next month following a recent decision by the Fair Work Commission to raise minimum wage rates for modern award earners by 4.75%.

Meanwhile, roughly 100,000 of the lowest-paid workers in Australia will see their wages increased by 5.97% in the coming weeks.

From July 1, the national minimum wage will rise from $24.95 per hour to $26.44 per hour.

For someone working a 38-hour week, that means their pay will increase from $948 to $1004.90.

Paid parental leave expands to 26 weeks

Families of children who are born or adopted from July 1 will be able to access 130 days (26 weeks) of government-funded pay under the Paid Parental Leave scheme.

That's up from 100 days in the 2023-24 financial year and 120 days in the current financial year.

The amount of leave reserved specifically for partners will also increase from 15 days to 20 days from July.

This leave is meant to encourage both partners to take time off and expires if it's not used.

Since July last year, recipients have also received superannuation on their paid parental leave at the super guarantee rate of 12%.

New supermarket price-gouging laws begin

New laws aimed at banning price gouging on groceries by supermarkets with annual revenue greater than $30 billion (i.e. Coles and Woolworths) will come into effect from July 1.

The government says that the laws, which were passed in December, will prohibit charging prices that are, "...excessive when compared to the cost of the supply plus a reasonable margin."

Exactly what that will mean in practice remains to be seen, with the Australian Competition and Consumer Commission set to be responsible for enforcing the policy.