As the former chief executive of Volunteering Sunshine Coast, Cheryl led the development of the Pathways to Employment program, helping people build skills, confidence and pathways into paid work through volunteering.

She is currently chair of Healthy Ageing Partnerships, empowering older Australians through shared knowledge and informed health choices.

Tell me about your early years. What shaped your attitude towards community?

I grew up in Rhodesia, now Zimbabwe, in an average family rich in happiness. The youngest of four children, with two older brothers and a younger sister, I was well looked after - my brothers were especially protective, which I appreciated.

It was a close-knit family environment, filled with fun, laughter and love.

My mum taught us from a young age to do our best at school, to respect everyone regardless of colour or creed, and to treat others with kindness.

She encouraged us to celebrate others' achievements, rather than be jealous of them. She also instilled in us the belief that if you can help someone, you should, with the right intentions and never expecting anything in return. It's a principle I've tried to live by since.

When did you first realise volunteering could change lives?

I started volunteering at 20, and as I grew older, I understood just how much volunteering can change lives.

You gain skills that support your professional life, form new friendships, and by understanding the needs within your community, you become more aware of the positive impact you can have.

What's the most rewarding moment you've had as a volunteer?

A young man came to volunteer when I was running a kidney support organisation. He was autistic, so I knew his communication style might be a little different.

During the interview, I asked what he enjoyed doing, and he said he loved working with computers. I mentioned that I needed someone to produce our newsletter, and his face lit up. He volunteered twice a week, was incredibly reliable, and did an amazing job.

Over time, he grew more confident, chatted easily with others in the office, and became a valuable member of our organisation. I was thrilled that taking the time to understand his passion helped him shine.

How does volunteering help people build confidence and financial resilience?

Volunteering Queensland defines volunteering as: "Time willingly given for the common good and without financial gain".

Volunteering is particularly valuable if you're new to a State or country, as it's an excellent way to meet people and build connections. It can also be beneficial if you've been unemployed for some time or are a parent returning to the workforce.

The skills you bring - and those you gain - often build on past study or work experience, helping you stay current while adding real value to the not-for-profit organisation you support.

After Covid, volunteer numbers dropped significantly, so encouraging others to volunteer - whether young, middle-aged or older - is incredibly important. Even corporate volunteering is a great team-building exercise.

What advice would you give to someone who wants to volunteer but worries about work and money?

Think of the difference you're making - whether helping animals, supporting the homeless, assisting older people, or contributing to disaster resilience during floods and droughts. Think of our farmers and everything they endure.

I understand that rising living costs and fuel prices make it harder, especially if you're on an age pension, youth allowance or any Services Australia payment. But the satisfaction you gain from seeing the difference your few hours make is immense.

What's one misconception older Australians have about money and health?

There's a common misconception: 'If I'm frugal and avoid spending, I'll stay financially secure, even if my health starts to fail.'

Unfortunately, avoiding dental check-ups, skipping physio or not considering mobility aids can create bigger health problems later.

With the current changes to My Aged Care and higher co-payments, it's not easy, especially for lower income earners. Talking to Services Australia, a social worker or family members can help. Even saving a few dollars each fortnight can make a difference.

If you're financially stable, speaking with a financial adviser can help you plan for later years and future medical needs. There are no quick fixes, but planning helps.

How do you see financial wellbeing intersecting with healthy ageing?

Financial wellbeing and healthy ageing are two sides of the same coin. When older people feel financially secure, they can make choices that protect their health - choices about housing, mobility, social connection and preventative care.

When people stay healthy, they protect their financial independence for longer. Our role is to strengthen both, because dignity in later life depends on more than services; it depends on the freedom to live well, participate fully and age with confidence.

What's one piece of money advice you'd give your 16-year-old self?

I wish that, as a youngster, I had been advised to save 10% of my earnings from the day I started working.

I would say to myself: invest early in the things that build your future - skills, relationships and your wellbeing.

Money grows, but so do you, and the earlier you back yourself, the stronger your foundation becomes.

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

... creating options - the freedom to live well, stay connected, and make choices that reflect what matters to you.

Money is good for adding a bit of sparkle to the everyday - the kind that makes life feel deliciously yours.

Money is good for making memories that outlast receipts.

The Federal Budget brought major changes to the taxation of discretionary trusts, including the introduction of a baseline (minimum) 30% tax rate on trust income from July 1, 2028.

Currently, trustees pay tax on income which is retained by the trust, and beneficiaries pay tax on distributions received, at the marginal tax rate applicable to them.

According to the Budget, from the 2028 commencement of these changes, trustees will, upon determining the taxable income of the trust, be required to pay tax on the income at a minimum rate of 30%, even if income is distributed to beneficiaries on lower marginal tax rates.

Individual beneficiaries will still receive distributions, however, they will now receive a non-refundable credit for any tax already paid by the trust.

There are a few exceptions for these structures such as qualifying charitable trusts, disability trusts, and superannuation funds.

In a number of respects, the consequences do not appear to have been thought through. For example, will tax be payable twice where trusts hold shares in Companies which must also pay tax at the applicable rate?

And are not beneficiaries without other sources of income unfairly penalised?

It seems that the Federal Government has made an assumption that every Trust has been established for the purposes of tax avoidance, and the Budget response is a blunt approach to punish everyone. In our experience the main reason Trusts are established is where enterprises are intended to benefit more than one person, and in nearly all cases it is different members of a family.

It is a legitimate structure for business, estate, and succession planning.

And if Testamentary Trusts (trusts established on death) are also caught then this looks like a death tax in disguise.

On any analysis, it is hard to see what was wrong with the pre-budget approach of taxing beneficiaries on income received.

And in our experience, this is not a tax on the rich, it is a tax on the middle class.

It is another tax on small business.

The Budget changes, if they are legislated into law, will require many families and businesspeople to review whether their current structure remains appropriate or whether they need to explore alternative structures.

Given the 2028 commencement date is still some time away, trustees and beneficiaries have the opportunity to seek professional advice and to consider which restructuring options should be explored before the new rules are in effect.

Money has been alerted to multiple cases where its name and Clitheroe's identity are being misused to promote so-called "hot stock tips" in messaging groups.

Clitheroe has issued a clear warning.

"I am absolutely not in any WhatsApp group share tipping," he says. "Scams are everywhere."

The alert comes as ASIC warns these groups are increasingly being used to funnel users into fake crypto trading platforms that can wipe out savings.

Fake platforms that look real

These scams are built to appear legitimate.

Fraudsters mimic well-known brands and personalities to build trust, then direct users to investment platforms that appear to show live trading and strong returns.

But ASIC says the activity is entirely fake.

There is no real trading taking place. Any money deposited goes straight to scammers.

Victims are often told they must pay extra fees to withdraw their funds. In reality, these payments also go to scammers, and no money is ever returned.

Some are then targeted again through so-called recovery scams, where fraudsters promise to help recover losses, for a fee.

How the scam unfolds

These scams typically follow a clear pattern:

• Social media ads or posts promise lucrative stock tips
• Users are invited to join WhatsApp or messaging groups
• Scammers impersonate trusted brands or well-known figures
• Members are directed to a specific trading platform
• Fake profits are shown to build confidence
• Attempts to withdraw funds trigger demands for more money

ASIC has also warned these groups can be used to coordinate illegal pump and dump schemes targeting retail investors.

Younger investors particularly exposed

ASIC research suggests younger Australians are especially vulnerable to these tactics.

A Moneysmart survey of people aged 18 to 28 found that 23% own crypto assets and 66% take a short-term, speculative approach.

A third trade based on social media influencers, while 72% have seen crypto ads on social media, and 41% have been approached directly about crypto investing.

The data highlights how easily scammers can reach new investors through digital platforms.

Red flags you should not ignore

Consumers are being urged to watch for warning signs, including:

• Unsolicited invitations to messaging groups
• Claims of guaranteed or unusually high returns
• Pressure to act quickly
• Requests to transfer money to unfamiliar platforms
• Demands for fees to access or withdraw funds

If something feels off, it probably is.

How to protect yourself

ASIC's advice is simple:

STOP
Do not share personal or financial information or act on unsolicited investment advice. Avoid rushed decisions.

CHECK
Verify whether the provider is legitimate. Check ASIC registers and the AUSTRAC Virtual Asset Service Provider Register. Search for warnings online.

PROTECT
Act quickly if something feels wrong. Contact your bank immediately if money has been sent and report the incident.

What to do if you see a fake group

If you come across one of these groups, do not respond or engage, or share personal or financial information.

Report the group in WhatsApp by tapping the group name and selecting "Report group", then report the scam to Scamwatch

Money is urging readers to act.

If you see its name or branding being misused, report it. Each report helps limit the reach of these scams and protect others.

How much money would you say it takes to start investing?

It's a question that stumps plenty of Australians.

Research consistently shows misconceptions around the amount of cash needed to get the ball rolling as an investor.

It turns out plenty of people assume you need at least $1000. Others say $10,000.

It's true, there are investments and investment platforms that may ask for high minimum starting balances.

But the reality is that you can start investing with as little as $1.

Let's face it, $1 doesn't buy much these days: maybe half a litre of petrol or one-fifth of a cappuccino.

So, it's pretty exciting that a single dollar can let you become an investor in Australia's growing private credit market (essentially non-bank lending) - and earn a healthy variable return of 6.50% p.a, with the likes of GPS Investments' Arkus Fund.

Starting small - a chance to test the waters

Not everyone starts small because cash is tight.

When I talk to Arkus Fund investors, it's clear that many start out with as little as $1 for reasons that have nothing to do with a lack of funds.

The fact is, starting small can be an opportunity to 'try before you buy'.

It's a way of dipping your toe in a particular asset market, or to test the investment provider's credentials and see if they live up to their promises: Are distributions paid as and when described? Does the return match - or exceed - the advertised figure? If investors have a question, can they contact the investment provider and speak to a real person here in Australia or do they have to deal with a bot?

This approach explains the pattern I've seen among many Arkus Fund investors. They start small, gain confidence in the private credit market, and from there consistently add to their investment in a pattern that builds wealth over time.

The importance of staying consistent

Success as an investor is not just about getting started. It also involves consistently adding to your investments.

Here too, regular investing doesn't have to involve substantial sums of money. Every bit counts, and that's especially important in these high-cost-of-living days, when many of us simply don't have a lot left over once regular bills have been paid.

What matters is getting into the habit of regular investing. It's great discipline, it lets you harness the power of compounding returns, and it's a sure-and-steady way to grow wealth.

Taking a little-and-often approach to investing isn't just easier on our personal cash flow. It can also provide the feel-good factor of knowing we're doing something positive for ourselves - and our financial wellbeing, even during difficult times.

Look for zero-fee options - they do exist

If you do plan to start small, it's important to be mindful of investment fees.

As I mentioned, the Arkus Fund offers a way to start investing with just one dollar. There are other options too, notably micro-investing apps, that let you start small.

But do keep an eye on the fees you'll pay.

Micro-investing apps such as Raiz can charge fees as high as $5.50 per month. While this may be low in dollar terms, it can work out to a significant percentage of your account balance if you have only limited funds invested.

The good news is that it is possible to avoid fees altogether.

As a guide, the Arkus Fund charges zero fees. There's no trick to this. The fund invests in registered first mortgages over residential construction projects in south-east Queensland. Just like getting a loan from a bank, the borrowers behind these mortgages pay fees when they take out a loan. So Arkus investors pay zero fees.

Small steps - big strides

As with most things, the key to investing is taking that first step.

So often we wait for the right moment - when we'll have more money, more confidence and more time.

However, the cost of doing nothing is real.

Today's high inflation is eating away at the purchasing power of cash sitting in low-interest (or worse, no-interest) accounts. Beyond missed returns, the emotional toll of feeling as though you're falling behind financially shouldn't be underestimated.

That's where the Arkus Fund comes in. With the upside of regular income, above-inflation returns, and zero fees, it's a chance to embrace the power of modest beginnings and grow your balance at a pace that suits you.

The Arkus Fund (ARSN: 686 375 422) ("the Fund") Product Disclosure Statement ("PDS") is issued by GPS Investment Fund Limited (ABN: 40 145 378 383) (AFSL: 383080) ("GPS"). This document may contain general advice which does not consider any particular person's objectives, financial situation or needs. GPS is not licensed to provide financial product advice about the Fund, so you should obtain a PDS, including a Target Market Determination ("TMD"), and read both prior to making a decision to invest. The PDS and TMD for the Fund are available at www.gpsinvest.com.au/resources/, or by calling 1800 999 109, and the TMD includes a description of who the Fund is considered appropriate for. You should also consider obtaining professional financial advice before making an investment decision. Cooling-off periods do not apply to the Fund. Past performance is not a reliable indicator of future performance. An investment in the Fund has risk, can fluctuate in value, may achieve lower than expected returns, is not a bank deposit, is not guaranteed and investors risk losing some or all of their principal investment. Distributions, if any, will generally be paid monthly. The Fund has limited withdrawal rights. Withdrawal offers will generally be made monthly, subject to available liquidity. Refer to the relevant PDS for more details.

Our Life Insurer of the Year winner, Acenda, may not be a household name. At least not yet. But it's certainly no newcomer to the Australian insurance market.

Acenda Group was established in late 2025, following Nippon Life's global acquisition of Resolution Life Group.

Sean McCormack, chief commercial officer of Acenda Group, explains that Acenda Life has more than 175 years of local heritage.

He says, "Acenda Life supports close to two million Australians through personal and group insurance, including life cover, total and permanent disability (TPD) cover, trauma, and income protection, as well as retirement income.

"Our focus is on providing financial confidence through high-quality insurance protection and claims support to our customers.

"We're committed to making life insurance simpler to understand, and easier to navigate, for our adviser partners and their clients."

McCormack adds that Acenda Life is "extremely proud to have received this award in such a strong and competitive category. It's a great endorsement of our products and people, and welcome recognition that our adviser-first proposition and end-to-end solution has been building market momentum over the past 18 months.

"Our aim is to provide advisers and their clients with confidence through high-quality financial protection at every life stage.

"This award demonstrates that we're making it easier for our partner advisers to confidently provide valuable risk advice to more Australians."

According to McCormack, there are real upsides to arranging life cover through an adviser.

"When advisers build personal advice plans for their clients, they make their insurance recommendations based on each client's income, assets, liabilities, debts, dependants, goals and tolerance for risk.

He adds, "Advisers develop relationships with their clients and regularly review their circumstances over time to ensure that their cover remains appropriate if their circumstances change. Advisers can also provide support if their clients ever need to make a claim."

It feels a long time ago now, but back in late 2023, I gave a speech to an investment crowd at the Windsor Hotel in Melbourne.

It turned into one of my finest hours, but only in hindsight. I left the stage kind of sweaty and drained.

We were there to help people decide what to do with their money. Tough gig.

I bought a new jacket for the event. At least I'd look good if I made a fool of myself. I said to the audience that sentiment was terrible, expectations were low and ASX shares were down in the dumps.

It was good news. It meant there was a huge opportunity to buy stocks on the cheap and position for a rebound.

The ASX was around a two-year low at this time.

When everyone feels negative, opportunity often hides

Afterwards an older gent pointed a finger at me and said, "You! You're too positive!" I don't blame him.

That was the general vibe at the time. There was no momentum in the stockmarket. The news was uninspiring.

Here we are, nearly three years later.

The S&P/ASX 200 hit a record high in February this year. It is up about 30% since that speech, and more if you include dividends.

Plenty of individual stocks have done far better than that. My little speech hit the market.

Confession. I can't take all the credit. I had help.

An Australian man called Colin Nicholson wrote a great book nearly 20 years ago called Building Wealth in the Stock Market. It's a beauty.

I owe him one because behind the scenes I was using his market framework straight out of the book.

The three-stage pattern hiding in this rally

Nicholson describes and divides a bull market into three broad stages like this:

• Stage 1 - Reviving confidence
• Stage 2 - Increasing earnings
• Stage 3 - Speculation

You know what? For such a simple description, it's been bang on over the past three years.

The market rallied over 2024 and 2025 despite no earnings growth.

Confidence came back as interest rates and inflation moderated, AI drove huge growth and excitement in the US and China's economy held together.

That was Stage 1.

I put us at Stage 2, currently, for both the US and Australia.

The ASX is seeing earnings growth again, thanks to strong resource prices and cost cutting. US market earnings improved faster than Australia and are still going up this year.

Why the easy gains may be over

Confidence is solid, although occasionally rattled by events like the Iran shock recently. There'll be a list of worries for the market to climb, because there always is.

At some point we're going to go into Stage 3, speculation. Nicholson notes multiple features about this stage.

Two are that interest rates will be relatively high. Another is that "new paradigm" theories get advanced.

We already know that interest rates are likely going higher. And there's the AI revolution seeping into popular consciousness every day.

The groundwork for a move into Stage 3 is already laid.

At this stage, I expect the speculation to appear heaviest in the resource sector as the resource supercycle narrative gains more traction.

Like all bull market narratives, there are elements of truth here that will get juiced the higher prices and stock prices go.

The market is likely to become more volatile as the market goes higher and fundamentals get stretched.

How much longer can this run last?

Timing is going to become important as the bull run ages.

ChatGPT tells me that the average ASX 200 bull market since 1990 is 46 months, or 3.8 years.

That would suggest we have until about mid-2027 to mid-2028 if that time estimate holds and we take November 2023 as the starting point for the ASX 200.

This is an educated guess, and no more.

The danger signal most investors miss

Here's the kicker you'll need to watch for.

If the market is going to peak around these dates, and please remember that this is no more than a thought experiment today, it's not going to feel dangerous or risky.

In fact, it will feel the opposite, comfortable.

Sir John Templeton famously said, "Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria."

I expect to give a speech around this time and warn people away from the stockmarket because of all the risks building.

I also expect an older gent to come up to me and say, "You! You're too negative!"

Some things change. Human nature doesn't.

Callum Newman is a senior equity analyst at Marcus Today.

But let's be honest - these terms (and the numbers behind them) can feel dry and disconnected from reality. So, what if you could gauge the health of the economy in more interesting ways?

From Big Macs to Bunnings sausage sizzles, here are seven quirky indicators that might reveal more about consumer confidence and purchasing power than you'd expect.

1. What is the Big Mac Index and what does it show?

What it says about the economy

Launched by The Economist in 1986, the Big Mac index started as a tongue-in-cheek way to showcase the theory of purchasing-power parity which suggests that the exchange rate between countries should equalise the price of an identical basket of goods and services over time.

Instead of a basket, The Economist simplified things using a Big Mac.

For example, the latest index shows that a Big Mac costs A$8.50 in Australia and US$6.12 in the United States.

That implies that the exchange rate is 1.39. In reality, it is 1.49 - suggesting that the Aussie dollar is undervalued by 7%.

Does it hold up?

The index has come in for criticism for being geographically limited and for the fact that Big Macs aren't uniform across the world. At the end of the day, it's a fun exercise.

2. Do falling champagne sales signal a recession?

What it says about the economy

When times are tough and consumers start to tighten the reins on their spending, logic suggests that luxury items are one of the first expenses to face the chopping block.

That's the theory behind the champagne index: that households fond of a premium bottle of bubbly might swap it out for cheaper fizz, or ditch it altogether, if a recession is looming.

Does it hold up?

Champagne might just be a worthy indicator. The Business Review at Berkley found that annual sales in the US fell from 23 million bottles before the Great Recession to 12.5 million in 2009.

There's also evidence closer to home, with indications that cost-of-living pressure has made better-value brands and local sparking more attractive to Australian champagne in recent years.

3. Can lipstick sales predict economic downturns?

What it says about the economy

Proposed by Leonard Lauder, chairman of Estee Lauder, during the early-2000s recession, the lipstick index is based on the idea that lipstick sales are inversely correlated to the state of the economy.

When people start to reduce their spending on more expensive discretionary items like clothing, the theory goes, they'll substitute those out for cheaper discretionary purchases like lipstick.

Does it hold up?

The evidence seems to be mixed. On the one hand, Lauder based the theory on an uptick in lipstick sales across the company's brands during the early 2000s recession.

However, market research firm Mintel's research on the subject during the Great Recession didn't find a link - rather, hair care and skincare were the categories where spending held up.

4. Why do men's underwear sales matter to economists?

What it says about the economy

Could an uptick in tighty-whities sales herald a new economic dawn? That's the thinking behind the men's underwear index theory floated by former chair of the US Federal Reserve, Alan Greenspan.

Because undies are the least-visible garment of clothing, the theory suggests they're the first item men will stop purchasing during a downturn.

But as consumer confidence picks up, they're also one of the first items men will flock to buy (or are shamed into buying once they become too holey).

Does it hold up?

Again, the evidence seems mixed. There was plenty of reporting suggesting that men's underwear sales did fall during the Great Recession.

However, an analysis published in the International Journal of Technology concluded that while the idea held up in some countries, overall, underwear sales were unrelated to the state of the economy.

5. Do library visits rise when times are tough?

What it says about the economy

In the 1980s an American library administrator named Steven James set about determining whether there was a link between economic downturns and higher public library patronage.

He referred to it as the 'librarian's axiom'. The theory is a simple one: when money is tight, more people will turn to the free resources offered by libraries.

Does it hold up?

James himself couldn't establish a correlation using the Great Depression as an example, but other research post-Great Recession has linked downturns to greater library patronage.

In Australia, libraries also reported a surge in digital borrowing during 2024-2025 as cost-of-living pressure ramped up.

6. What is the Christmas Price Index and why is it tracked?

What it says about the economy

Since 1984, US-based PNC Financial Services Group has released a Christmas Price Index which tracks the cost of each gift in the 'The Twelve Days of Christmas' carol (i.e. twelve drummers drumming.).

Like the Consumer Price Index, this festive equivalent is simply a way to showcase changes in the price of goods and services over time.

The index shows that the cost of Christmas has risen from US$20,069 in 1984 to US$51,476 in 2025.

Unsurprisingly, soaring gold prices haven't helped, with the cost of five gold rings rising 32.5% in the last year alone.

Does it hold up?

The Christmas index has copped some criticism over the years from a few grinches for the way it calculates the price of some of the gifts involved (can you really put a dollar figure on 11 leaping lords?).

7. How does the price of a Bunnings sausage reflect inflation?

What it says about the economy

This could be the most unofficial of the unofficial economic indicators, because there hasn't been an index developed (at least, not yet).

But if there's one example of the impact inflation has had on some of our favourite goods and services in recent years, it's the price of the Bunnings sausage sizzle.

In 2022, the price of a Bunnings snag jumped from $2.50 to $3.50 thanks, in part, to rising food costs. Then in 2024, the price of a drink to go with that sausage sambo was raised from $1.50 to $2.

Of course, that money goes directly to the community groups running the sizzles, so it's not a hard cost to swallow.

Does it hold up?

The price of a snag on bread has only increased once in 15 years so it might be too early to set up a Bunnings Index.

But that gap between prices rises does just go to illustrate the extent of the inflationary environment we've been in.

Reader question

Hi Paul, my husband and I are on the age pension. I am 75 and he is 76. We own our own home but have no savings and we're struggling a bit.

My husband is not well and is on a lot of medication.

I have a chance to inherit $1 million. Would it be wise to go with the inheritance and give up the pension?

I do not know which way to go. - Lana

Paul's response

Wise? Goodness, Lana, it would be crazy not to go with a $1 million inheritance!

You have already told me your husband is unwell and you are struggling a bit.

Let's ignore the entire issue of investing the money, although it would be pretty silly not to at least invest in safe bank term deposits earning, say, 4.5% and generating $45,000 a year.

Split between you and your husband, this would come to you tax free and is close to the full age pension for a homeowning couple, but this does not include any supplements.

Now I do realise you are thinking about other benefits such as health, house rates and so on. But don't forget you can still get a part pension with assets of up to $1,085,000.

Under the income test you can earn $104,020.80 before a part pension cuts out.

There is no real debate here. The $1 million is yours.

You can easily fund a lot of healthcare for a million dollars. Let me be silly, because I think it will help. Let's say you don't even bother investing the money (which would be a bad idea) and spend $100,000 a year doing things you may have always wanted to do.

How about a luxury cruise, with excellent health services onboard for your husband?

In a bit over six years, you could spend about $600,000. This then puts you below the assets test, which is $481,500. This cut-off level will increase with inflation.

So, you've had a far better life, with no need to struggle, for six years. Then you are where you are now, with full pension and some $400,000 that you can use as you wish.

Lana, I respect people who value our not perfect, but world-class pension system. But I cannot be any clearer, it would be a bad idea not to take the million dollars.

I'm going to repeat myself. You will get part pension anyway with $1 million. Give yourself and your husband a break from struggling, improve your house if you wish, pay for the best medical care you can, pay for nursing support at home if you want, and have fun!

Worst-case scenario is that you spend the money down to the assets test level, regain your full pension and still have some $481,000 plus dollars to improve your lifestyle beyond the age pension. I do hope this makes sense, Lana. Take the inheritance.

I wish you and your husband all the best. Please send us here at Money a photo of you on a cruise or doing something you enjoy!

What to read next

• New trust tax could force families into a tough choice
• Why thousands of retirees are better off with less super
• Ask Paul: I have $900k in super, but can't afford to retire
• How to handle an inheritance wisely
• Why one-off financial advice is so hard to get

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Dale Gillham, chief investment analyst at Wealth Within, to discuss the standout stocks, underperformers and what investors should look for in the months ahead.

Episode timestamps

00:00 Introduction

01:52 A tale of two markets

04:24 Macro forces and the market

07:09 Resource sector shines

10:02 CSL slump and other underperformers

12:33 Investor playbook for the second half of 2026

16:15 Conclusion

Listen to this episode of Friends With Money

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Friends With Money podcast FAQ

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

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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.

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A string of court decisions, including a landmark 2022 High Court ruling, have exposed a painful reality for Australian families: your superannuation does not automatically form part of your estate. Without careful planning, hundreds of thousands of dollars can end up in the hands of someone you never intended to benefit, and the law may offer no remedy.

For many Australians, super is their second-largest asset after the family home - often worth hundreds of thousands of dollars.

Yet unlike a bank account or property, super exists in a trust structure.

When you die, your fund's trustee, not your will, decides where the money goes, unless you have taken specific steps to direct it.

Key takeaway: Without a valid binding death benefit nomination, your super may not go to the person you expect.

The binding death benefit nomination

The mechanism that gives members control is the binding death benefit nomination, or BDBN.

Where a valid BDBN is in place, the trustee must pay the benefit in accordance with your direction.

Without one, the trustee holds a broad discretion to distribute the benefit among your "dependants": spouse, children, or anyone in an interdependency relationship.

Under the Superannuation Industry (Supervision) Act 1993 (Cth), a standard BDBN is only valid for three years and must be renewed.

Let it lapse, and you lose all control.

The high court settles the SMSF question

In Hill v Zuda Pty Ltd [2022] HCA 21, the High Court confirmed that the three-year lapsing rule for BDBNs under the SIS Regulations does not apply to self-managed super funds.

This means SMSF members can make a non-lapsing BDBN, one that remains valid indefinitely, provided their trust deed permits it. The decision was a win for certainty, but it also highlighted a trap: if your SMSF deed does not expressly authorise a non-lapsing nomination, you may still be caught by the default lapsing rules.

When good intentions are not enough

The human cost can be severe.

In Re Marsella; Marsella v Wareham (No 2) [2019] VSC 65, a deceased woman's daughter became sole trustee of the family SMSF and resolved to pay the entire $450,000 death benefit to herself, overlooking the deceased's husband of 32 years.

The Court removed the daughter as trustee, finding the discretion had not been exercised in good faith.

But even after winning, the husband faced further uncertainty; courts can send a decision back, but they cannot direct a particular outcome.

In Carr v Douglass [2016] NSWSC 854, a father's will directed his super be held on trust for his disabled son.

But his binding nomination had expired two years before his death and nobody reminded him to renew it.

His former wife then caused the trustee to pay the entire fund, over $673,000, to herself.

The Court was powerless to redirect it.

Why these outcomes keep happening

These cases are not rare, and they follow a clear pattern.

What you should do now

Check your BDBN

If it has lapsed or was never made, act immediately.

Review your SMSF deed

The High Court's decision in Hill v Zuda means you can make a non-lapsing BDBN, but only if your trust deed permits it.

Plan trustee succession

Consider who will become your fund's trustee upon your death.

If your co-trustee is also a potential beneficiary, a conflict of interest is built into the structure.

Align your will

A will that assumes super will flow into the estate is worthless without a valid BDBN directing the benefit to your legal personal representative.

Finally, if you are in a blended family, the risk is acute.

Courts have shown that trustees will often favour a surviving spouse, and adult children face an uphill battle to challenge such decisions.

A BDBN is the only mechanism that removes discretion entirely.

The bottom line

Superannuation is not governed by your will.

The courts have made clear that good intentions and longstanding family relationships count for nothing if the paperwork is not in order.

The fix is straightforward: make a binding death benefit nomination, review it regularly, and ensure your fund's trust deed supports it and aligns with your overall estate planning.

Every week, the Money team pulls timely tips, trends and trivia from our newsletters to create a fun, fast way for you to test your personal finance knowledge and stay up to date with the latest money news.

Whether you're brushing up on budgeting, investing, superannuation, tax or saving hacks, the weekly Money Quiz helps you build confidence and learn something new in just a few minutes.

Take this week's Money Quiz

Put your knowledge to the test and see how you stack up against other savvy Australians.

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Kenneth Ghi, head of insurance in super at MLC, says, "We're pleased to be awarded Best-Value Death & TPD Insurance in Super - Men, for our MLC MasterKey Business Super product. This reflects our focus on delivering protection that is both meaningful and affordable for members."

While this award highlights MLC's offering for men, Ghi says, "We recognise that insurance in super plays an essential role in supporting members of all genders during periods of illness or injury."

He adds, "Because premiums are paid from members' retirement savings, insurance must be carefully designed and priced to avoid unintended impacts on long-term outcomes.

"We actively manage our insurance pricing and product features, regularly reviewing premium levels, benefit design and eligibility settings. We also work closely with our insurer to ensure cover remains fit for purpose, sustainable and aligned with members' needs across different life stages."

Acenda, the name behind the group cover for this award, partners with several large super funds and numerous corporate funds.

According to the chief commercial officer of Acenda Group, Sean McCormack, cover is often automatic, with few or no health checks required to access insurance.

"Premiums are paid from members' super accounts and could have tax advantages for members," he says.

"These considerations can often make insurance through super an accessible and affordable starting point for many Australians."

McCormack says, "Our research has shown that almost half of all Australian workers have three months or less in savings to support them if injury, illness, or death prevent them from earning an income."

He adds, "Insurance held through super can provide fund members with good, cost-effective cover that requires few or no medical checks, potentially on terms they wouldn't otherwise be able to access due to their medical history or other risk factors."

Best-Value Death & TPD Insurance - Women - Vanguard Super Savesmart + AIA

Vanguard Super provides default death and TPD insurance cover that is simple to understand and designed to meet members' needs at different life stages. Members can also apply for additional death, TPD and income protection insurance cover to meet their individual needs.

Renae Smith, chief of personal investor at Vanguard Australia, says, "A key contributor to Vanguard Super's strong insurance offer is a disciplined focus on providing value to members."

The fund regularly benchmarks insurance premiums and policy features against a broad range of leading super funds, and does not charge any additional administration fees or margins on insurance premiums.

According to Smith, this approach aligns with Vanguard Super's broader philosophy of delivering 'simpler, smarter super' for members, reflected in its low fees and lifecycle investment option that has delivered strong results for members since launch.

"By keeping our insurance design simple, avoiding additional fees or margins, and focusing on long-term value, we aim to deliver quality, affordable insurance cover that supports members through their working lives," says Smith.

"We're proud to see that approach recognised by Money."

Vanguard's life and TPD insurance is backed by group insurer AIA Australia. Chris Healey, chief group insurance officer, AIA Australia, says,

"We're incredibly proud to receive this recognition. Insurance in superannuation plays a vital role in supporting Australians, but the reality is women continue to face greater financial challenges throughout their lives.

"Lower average wages, extended periods out of the workforce to care for others, and consequently lower super balances mean many women enter retirement more financially vulnerable."

Healey adds, "With almost 60% of our insured members being women, designing sustainable insurance is essential.

"We focus on simple, fair, value for money cover that strengthens women's long-term financial wellbeing and retirement outcomes. This award reflects that commitment and the responsibility that comes with it."

Buying a strata property can be a minefield, but the biggest risks are often hidden until it's too late.

In NSW, with one-third of all strata developments in Australia, 53% of strata buildings have reported serious defects in common property, according to a 2023 survey by the Office of the Building Commissioner and Strata Community Association of NSW (SCA).

The most prevalent defects are related to waterproofing, fire safety systems, structural issues, building enclosures and, increasingly, building services such as lifts and plumbing.

Mixed-use can quietly drive up your costs

Problems with strata living or investing can be compounded if the strata you buy into is also part of a mixed-use development, for example shops below and apartments above, and is governed by a building management statement (BMS) or a strata management statement (SMS).

These documents regulate shared areas between different entities, setting out how they will be managed and funded.

A building management committee (BMC) is the body responsible for carrying out the rules set out in the SMS or BMS and is made up of representatives from each of the different schemes.

The very nature of a mixed-use complex indicates a plethora of interests, including the residential owners or tenants, the commercial landlords (often the original developers), the commercial tenants, local authorities, customers and visitors, generally, according to legal firm Bannermans, which specialises in construction, strata and property development law.

"The potential for conflicts between these often-competing needs and interests is very real."

Mixed-use developments are becoming more common, says David Glover, managing director of the owners corporation network (OCN).

And the problem with many BMSs is that they are drafted by the developer and registered before residents move in.

Strata jargon, decoded

BMS (Building Management Statement)
Rules for how shared spaces between residential and commercial areas are managed and paid for

SMS (Strata Management Statement)
Similar to a BMS, used in multi-layered strata developments

BMC (Building Management Committee)
The group that makes decisions about shared areas and costs

SCA (Strata Community Association)
Industry body representing strata managers and stakeholders

Why apartment owners often foot the bill

"Decisions made at development approval stage will directly shape the governance, financial sustainability and liveability outcomes for thousands of current and future residents," says Glover.

"Poorly structured or inequitable BMSs create persistent governance and financial problems."

Strata expert Professor Cathy Sherry of Macquarie Law School agrees that mixed-use developments are becoming more prevalent.

In the current, frenzied, simplistic push for high-density development, there has been a marked growth in stratum subdivision, which combines retail, commercial and residential development in large high-rise estates, serviced by complex infrastructure and governed by largely unregulated management statements drafted by developers," said Sherry in an article in The Sydney Morning Herald in February 2024.

Problems are emerging with BMC structures, says Glover.

These include "inequitable distribution of costs, with residential owners often subsidising commercial infrastructure and locked in cost allocation formulas that are difficult or impractical to amend, even when they become clearly unfair".

Other problems that can disadvantage residential owners identified by the OCN include diffuse accountability for shared infrastructure, increasing long-term building deterioration and financial risk for residents, and limited transparency and indirect representation of residential owners who cannot participate directly in BMC decision-making.

"I could never see myself buying into a strata development with a BMC," says Glover.

Watch for these warning signs

• High or rising levies with unclear causes
• Frequent disputes in meeting minutes
• Little mention of defects or repairs
• Complex cost-sharing arrangements

What it is really like to live with a building management committee

I can understand his position from my own experience because I bought into such a development without fully understanding the ramifications.

Mine covers four separate schemes and we all have one vote out of four, yet the residential scheme pays the lion's share of the considerable levies required to run the BMC.

One big frustration of living in shared property is that everything that needs to be done to keep my home liveable seems to take such a long time.

Decisions about many things, from upgrading landscaping or just undertaking necessary repairs to common property, can drag out because of governance deadlocks and disputes between competing interests, sometimes compounded by a lack of regular BMC meetings.

The owners of the apartments, especially those who call them home, generally want their buildings and facilities to be maintained to a certain standard and not have to wait for months or even years for things to be brought up to scratch.

The commercial owners, whose tenants usually occupy their spaces during business hours, don't generally have the same priorities.

Why these arrangements rarely change

The bad news is that these arrangements, usually designed by developers to suit their own commercial purpose, can go on forever, says Glover, sometimes 50-100 years.

They can only be changed by the unanimous agreement of all members or by order of the Supreme Court.

"I know of a strata committee that sought legal advice on the prospects of dismantling a BMC arrangement. It cost them $75,000 just to consider whether it was a good idea or not and they were told they had no prospect of success," says Glover.

He thinks, eventually, that informed consumers may turn away from buildings with BMCs attached, which may spur change.

In the meantime, your best protection, if you are buying into any strata development, is to conduct your own strata search, says Glover. Scrutinise both the minutes of meetings and the notices of meetings for at least three years, he says.

"If something bad is going on, there will be some hints somewhere. If you're not reading anything about building problems, then the owners committee and strata manager are likely hiding something."

But it might also help them discover ways to avoid paying the proposed higher capital gains tax.

Property already feels out of reach for many people under 40, which has pushed an entire generation toward shares, ETFs and crypto.

But now, with the proposed changes to capital gains tax and negative gearing, even long-term investing is becoming less attractive.

This is why it's no longer just about choosing the right investment.

The structure you invest through could become just as important as the investment itself.

There's one loophole sitting quietly inside the tax system that many Australians probably haven't thought about. Most people assume you only have two choices: buy assets and hold them, or don't invest at all.

But the tax office treats investors and traders very differently, and if CGT concessions become less attractive, that distinction suddenly matters a lot more.

If you're classified as an investor, profits are generally taxed under capital gains tax rules.

But if you operate as a genuine trading business, profits are typically treated as income.

That might sound like a technical detail, but it completely changes the game. More Australians may now start asking a question they never thought they would: "Should I stop acting like an investor and start operating like a business?"

To qualify, you generally need to show you're operating in a business-like manner with things like trading plans, records, active involvement and consistency.

A genuine trading business may also be able to claim legitimate operating expenses directly tied to generating income, including brokerage, software, internet, market data, accounting and education costs.

Superannuation could also become far more attractive.

Most younger Australians ignore super because retirement feels decades away, but if personal CGT concessions become less generous while super keeps its current tax treatment, it could become one of the most tax-effective investment vehicles available.

The old Australian model of "buy a house and wait" is fading fast. Governments can change tax rules overnight, which means younger Australians will need to become smarter and more strategic about how they build wealth.

That's because in the future, building wealth may have less to do with simply owning assets and more to do with understanding the rules of the game before everyone else does.

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

The best-performing sectors include Consumer Staples, up more than 2%, followed by Energy and Financials, both up more than 1%.

The worst-performing sectors include Industrials, Utilities and Materials, all down more than 2%.

The best-performing stocks in the ASX top 100 include Computershare Ltd, up more than 8%, followed by ALS Limited, up more than 7% and Mineral Resources, up more than 6%.

The worst-performing stocks include Brambles Ltd, down more than 23%, followed by Eagers Automotive Limited and Greatland Resources, both down more than 8%.

What's next for the Australian stock market?

The All Ordinaries Index has been a battle between buyers and sellers so far this week. Before Thursday's session, the market was staring at a decline of almost 2%, but buyers stepped back in aggressively to help the Index recover to down less than 0.5%.

The encouraging sign is where buyers appeared. The 8700 level continues to act as a major support zone, with buyers defending that area for the third time since June last year.

That tells us institutions are still willing to step into the market when prices become attractive enough.

What's also important is the character of this pullback compared to the sharp sell-off we saw earlier this year.

Back in March, the market dropped roughly 10% in just four weeks, which was a fast and emotional decline driven by panic and uncertainty.

This current move lower has been far more controlled. The market is down around 4% over five weeks, suggesting investors are becoming cautious, but not fearful.

That distinction matters because sharp declines are often fuelled by emotion, while slower pullbacks can simply reflect profit-taking and investors reassessing the outlook after a strong run.

Right now, the market still looks more hesitant than broken.

Given that setup, I wouldn't be surprised if the market rises next week, assuming we don't see any major geopolitical escalation over the weekend.

Markets rarely move in one direction forever and after several weeks of steady declines, conditions are starting to line up for at least some form of a relief rally.

The Materials sector also continues to hold up remarkably well despite a modest pullback this week. That's important because Materials remain one of the key drivers of the Australian market.

Meanwhile, Financials, which looked weak last week, managed to stabilise and finish on a firmer footing.

If both heavyweight sectors regain momentum together, this could provide the fuel needed to push the broader market into its next rebound.

When Sean Harrison received a letter in January indicating that he could be summoned for jury duty, he admits that he didn't immediately consider the financial side of serving.

In February, however, he was called up to take part in a criminal trial at the New South Wales Supreme Court.

Like all almost all jurors in Australia, Harrison was entitled to compensation from the courts. In New South Wales, daily jury pay starts at $106.30 and rises to $247.40 if the case runs over 10 days.

For many workers, this will be far less than their regular salary or wages.

Fortunately for Harrison, his trial ran for seven days, so he didn't take a financial hit.

That's because employers are required to bridge the gap between jury pay and an employees' normal pay for the first 10 days of jury service.

"It didn't affect me because I served for less than 10 days, but I think the pay could disadvantage some people more than others.

"If it's a long case, that $240-something dollars a day is alright, but it's not massive - especially compared with some salaries people are getting.

"Then when you think about things like mortgage stress, or if you've got expenses related to kids, or if a few hefty bills come in - all those sorts of things - that money's not going to go very far."

Who is most likely to lose money?

• Casual workers
• Contractors and sole traders
• People in long trials (more than 10 days)
• High-income earners without employer support

Will your employer cover your pay?

Harrison's experience highlights a key safety net built into the system for workers who are obliged to serve jury duty.

But that safety net isn't endless, and it doesn't apply to everyone.

As laid out in the Fair Work Act, employers must pay full-time or part-time employees their base pay rate for the first 10 days they attend jury duty.

Employers can take into consideration any jury pay an employee receives though.

Unfortunately for casuals, the same provision doesn't apply, though they might still be covered under their particular award or enterprise agreement, or by state or territory legislation.

What happens after those 10 days though? In states like New South Wales, employers are under no obligation to continue paying, meaning that employees will have to rely on jury pay alone.

After 10 days, many Australians are left earning less than their normal wage. Some can be hundreds of dollars a week worse off.

In places like Victoria though, employers must continue making up the difference between jury pay and their employees' normal pay for the entirely of a trial - no matter how long it is.

Beyond the issue of pay, employers are also legally required to let their employees attend jury duty, though employees will need to notify their employers as soon as possible if they're called up.

What jury duty pays, at a glance

• NSW: from $106 a day, higher after 10 days
• VIC: $40 to $80, but employers must top up
• QLD: about $148 a day
• SA: $20 a day, plus reimbursements
• WA: as little as $15 a day, with employer cover

Jury duty pay by state

There's no set pay rate for people serving jury duty in Australia.

In fact, pay rates, allowances and the treatment of jurors differ across the states and territories.

Australian Capital Territory

Daily pay:

• Days 1-4: $130.80
• Days 5-10: $151.90
• Days 11+: $177.20

Jurors in the ACT are paid different rates depending on the trial length.

The rates are pegged to the Consumer Price Index and are raised each financial year (the rates above are for 2025-26).

Private sector employees - excluding casuals - will receive their normal pay for the first 10 days, but after that they may need to rely on jury rates alone. Public servants will continue to receive their normal salary while on jury duty.

Beyond the daily rate, jurors in the ACT may also be eligible for meal allowances towards lunch ($20) and dinner ($30).

New South Wales

Daily pay:

• Days 1-10: $106.30 (all jurors)
• Days 11+: $106.30 (unemployed and casual workers)
• Days 11+: $247.40 (full-time, part-time and self-employed workers)

The amount jurors are paid in New South Wales varies based on the length of the trial and the nature of the juror's employment.

Unlike the ACT though, these rates don't increase every year.

Employers in New South Wales are required to make up the difference between the court payment and their employees' regular pay for the first 10 days, though this doesn't apply to casual workers.

Jury members may also be able to claim a travel allowance based on the distance between their postcode and the courthouse (at 30.7 cents per kilometre capped at 100km) and a meal allowance of $6.95 per day if they don't want the court-provided catering.

Northern Territory

Daily pay:

• Days 1-9: $73.80
• Days 10+: $147.60

Jurors who lose income as a result of attending jury service in the Northern Territory are entitled to compensation from the court.

These rates are updated every financial year (the above are for 2025-26) in line with changes to the Darwin Consumer Price Index.

Because lunch is provided (as is dinner if the jury needs to stay after business hours), jurors aren't given a specific meal allowance.

Queensland

Daily pay:

• Days 1-20: $148.30
• Days 21+: $197.90

Courts in Queensland provide jurors with a daily allowance that differs depending on how long they are empanelled.

These rates have been in place since 2017 and aren't indexed to inflation.

In addition to the daily stipend, jurors may be eligible for lunch ($17.40) and dinner ($29.50) allowances. They can also claim public transport and some private transportation costs (if public transport isn't a viable option).

South Australia

Daily pay:

• All days: $20

Jurors in South Australia receive a flat daily payment, though additional compensation is available in many cases.

For instance, if jury service results in income loss, jurors may be able to claim a reimbursement of up to $200 per day.

Employers who provide paid leave can also apply to have that cost reimbursed, up to $200 per day.

Jurors may also be eligible for a travel allowance of 95 cents per kilometre for trips between their home and court.

Tasmania

Daily pay:

• Employed jurors: Up to $306.37
• Unemployed jurors: $40 (1-3 days) or $50 (4+ days)

Tasmania has the most generous pay rate for employed jurors - up to $306.37 each day provided they can provide evidence from their employer that they've lost income while serving.

Jurors can also claim travel costs to get to and from court.

Public transport and car park fees are reimbursed with proof, as are driving costs at a rate of $0.6512 cents per kilometre (engine capacity above 2 litres) or $0.56 cents per kilometre (under 2 litre engine capacity).

Reasonable costs associated with any childcare that jurors need to arrange during jury service may also be refunded with proof.

Victoria

Daily pay:

• Days 1-6: $40
• Days 7+: $80

All jurors in Victoria are paid a daily rate that increases after the first week of service.

Unlike most jurisdictions, employed jurors in Victoria are entitled to receive their regular income for the entire duration of service.

That means that employers will need to pay workers the difference between the jury rate and their normal earnings.

This applies to full-time, part-time and casual employees, but not to independent contractors.

Courts will also pay an allowance of 42 cents per kilometre for distances beyond 8km between home and the courthouse (one way only). This is not paid to those attending court in Melbourne though.

Western Australia

Daily pay:

• Days 1-3: $15
• Days 4+: $20

Jurors in Western Australia may receive a small daily payment, but in most cases, employed people will continue to receive their usual income.

That's because employers are required to continue paying employees their wages during jury service, including casuals (where work was expected).

Employers are then able to reclaim these costs from the court at a later date.

Jurors may also be reimbursed for trips between home and court. In Perth, this is based on public transport fares, whereas regional jurors are paid a per-kilometre rate for driving.

Can you skip jury duty because of money?

For some Australians, the bigger question isn't how much jury duty pays.

It's whether they can afford to serve at all.

After all, mortgage and rental costs and other bills won't suddenly disappear.

Every state and territory does recognise financial hardship as a genuine reason for someone to be excused from jury duty.

However, potential jurors may need to prove it.

Dr Leah Williams, a senior lecturer in the School of Law, Society and Criminology at UNSW, says that in New South Wales, for instance, undue hardship is not defined. Rather, it's assessed on a case-by-case basis.

"If serving is going to cause you to not be able to pay your rent and then lose your housing, that would be considered serious financial hardship.

"But somebody turning up and saying 'Oh, this is going to be difficult for me', is typically not going to be sufficient.

"Generally, courts will require some level of evidence. Say it's a sole trader or a contractor. They'll need to provide documentation to show what kind of financial impact serving on a jury will have on their business."

Is jury duty becoming unaffordable?

Whether it's people experiencing financial hardship or members of the workforce who don't have employer support to rely on, do the financial realities of participating in jury duty mean that jury pools are less diverse than they could be?

Dr Williams says that, broadly speaking, there is concern about jury diversity.

However, given the strict confidentiality rules around juries, there is little concrete data on the specific role that finances play in shaping who ends up serving.

From her perspective, there's a difficult balance to strike.

"I think there's a risk in setting jury allowances too high, because you don't want to incentivise people to be on a jury. That would take away from the core role of the juror, which is a civic duty.

"The role of jurors in a criminal trial, particularly, is to bring community values into the courtroom to allow justice to be seen to be done."

"So, the balance is having an allowance that supports a diversity of people to participate and satisfy that expectation that the jury is a representation of society."

SpaceX IPO could be biggest ever

SpaceX could be about to make stock market history, and Australian investors may get a way in.

Elon Musk, CEO of SpaceX, has formally lodged paperwork with the US Securities and Exchange Commission to list his space company on the Nasdaq, setting up what could become the biggest IPO ever.

While pricing hasn't been confirmed, early expectations suggest the float could raise about $US1.75 trillion, roughly $2.5 trillion, putting it in record territory.

It's a bold move, but not without risk.

The filing shows SpaceX generated $US18.67 billion in revenue in 2025, while still posting a loss of $4.94 billion, highlighting the high-cost nature of the space race.

For investors, the opportunity may extend beyond buying shares directly. Once listed, SpaceX is likely to appear in major exchange traded funds, offering indirect exposure for Australians.

The $5000 pet bill many can't afford

A vet visit could cost thousands, and many Australians worry they won't be able to pay.

New research from Royal Canin shows 78% of pet owners are concerned about affording veterinary care, despite two in five seeing their pet as a family member.

Some say they'd stretch their finances. One in four would pay up to $5000 for treatment, while almost one in ten say there's no limit.

But the reality is different.

Nearly two-thirds of pet owners don't have insurance, and vets say cost is a major barrier. One in two reports that up to half of the recommended treatments are declined because owners simply can't afford them.

Insurance can help, but it comes at a price. Pet cover can cost more than $800 a year, and like human health insurance, policies often include waiting periods before claims are paid.

Why car parks are pushing up home prices

You could be paying tens of thousands for a car space you don't even use.

Mandatory parking requirements in new developments are pushing up apartment prices across Australia, even as many of those spaces sit empty.

Research from the Grattan Institute shows up to 40% of car spots in some buildings are vacant each night, yet buyers are still footing the bill.

The added cost is significant.

Parking requirements can inflate the price of a two-bedroom apartment by about $70,000 in Sydney, $62,000 in Melbourne, and more than $100,000 in Brisbane and Perth.

That's money many buyers don't need to spend, especially as fewer inner-city residents rely on a car.

The Grattan Institute wants governments to change the rules, allowing parking to be bought or rented separately from apartments.

For buyers, this could mean lower upfront costs and more choice. It could also free up construction resources, with Grattan estimating the savings could help deliver more than 9000 additional homes.

One in four Aussies lifting card limits to cope

More Australians are turning to credit cards to manage rising costs, but the short-term fix may come with long-term risks.

One in four cardholders have applied to increase their credit limit in the past year, according to Money.com.au, with the average boost sitting at $3,000, about 30% of a typical limit.

For some households, it's a way to stay on top of everyday expenses.

But experts warn it can be a slippery slope.

A higher limit can offer flexibility, yet it may also point to growing reliance on credit. As balances rise, they can quickly become harder to repay, increasing the risk of longer-term debt.

There are other consequences to consider, too. Requests to lift your limit can appear on your credit report, potentially raising concerns for lenders and affecting your ability to borrow in the future.

The shift comes as changes to credit card surcharges loom. With a ban set to take effect from October 1, 2026, reward programs could lose value, prompting more than one-third of Australians to think about using points for everyday essentials instead.

Millions in lost money, could some be yours?

There are billions of dollars in lost money sitting unclaimed in Australia, and some of it could be yours.

ASIC says $2.7 billion is waiting to be reunited with its owners, from forgotten bank accounts to old shareholdings and insurance payouts.

And that's just the start.

Unclaimed super adds another $19 billion, taking the total pool of lost money to a staggering level.

Interest in tracking it down is rising fast. Visits to ASIC's Moneysmart unclaimed money tool have jumped 74% over the past year, as more Australians realise they may be missing out.

Some of the funds have been sitting untouched for decades, with records dating back to the 1950s. One unclaimed amount alone is worth $1.3 million.

The good news is there's no deadline to claim.

You can search for free using ASIC's Moneysmart tool, and there's no need to pay private services to do it for you.

Close to nine million Australians have life insurance through their super fund, but that doesn't mean you have to hold cover this way.

There can be good reasons to hold life insurance directly outside of super or to simply top up the level of cover that's already provided by your super fund.

In addition, if you are among the 1.2 million people with a self-managed super fund, you will need to organise your own life insurance.

NobleOak is no stranger to our insurance awards, having taken home Money's award for Best Direct Life Insurance Cover of the Year in 2022 and 2024.

With a heritage spanning more than 145 years, NobleOak has offered life insurance directly to Australians since 2012.

Miguel Cortes, senior product manager at NobleOak says, "Integrity and putting customers first remain at the heart of our business.

"We only offer fully underwritten life insurance directly to our customers. This means we take the time upfront to understand each customer's health and lifestyle before issuing cover.

"By collecting the right information early, we can tailor premiums and terms to the individual, rather than pricing for uncertainty. This allows us to keep our premiums competitive while still delivering quality cover customers can rely on."

Cortes explains, "Combined with our commitment to excellent customer service, this approach ensures customers receive genuine value, quality cover, fair pricing and support they can trust."

Our joint winner, Budget Direct (insurance provided by NobleOak) is a household name in Australia's insurance scene, and was the winner of Money's Best-Value Direct Life & Trauma Insurance award in 2025.

Budget Direct offers life cover from $50,000 to $25 million, with a maximum entry age of 74.

This is a key point of difference from life cover through super, which typically ends at age 70.

NobleOak also provides cover up to age 74 - although to a maximum of $500,000.

After years of studying abroad, I finally graduated and secured a job in Sydney. It felt like the beginning of adulthood, until I checked my bank account.

Within weeks, I had spent more than a month's salary just trying to get settled.

Without family support and with little time to plan, I suddenly had to rebuild my life in a completely new city.

From my experience living in different countries and cities, every move comes with costs, but this one felt different. It was the first time I fully understood how expensive "starting from scratch" can be.

Starting over isn't cheap

Since childhood, I was taught that clothing, food, shelter and transportation are the essentials of life (衣食住行 in traditional Chinese). You can wear what you already own to work, and learn to cook from YouTube or your parents. But when moving to a new city, shelter quickly becomes the biggest challenge.

It wasn't just about finding somewhere to rent, it was about understanding what kind of lifestyle my bank account could realistically support. When I looked at the rental market, it felt like there were no options near my workplace in the Sydney CBD. That changed when I met a colleague who walks to the office from an apartment near Town Hall.

My financial situation didn't just determine where I lived, it shaped how I experienced Sydney.

In the end, I chose a shared house in Parramatta, paying $270 a week.

Rent shapes how you live

After moving from Brisbane to Sydney, I started my new job and began commuting between the two CBDs. That's when I properly understood the phrase "time is money".

Cheaper rent meant a longer commute.

From bus to train, I spent around two hours a day travelling between Parramatta and Sydney CBD. While Sydney's transport system is known for its reach, the cost still felt high. In Brisbane, I had been used to paying as little as $0.50 per trip. Even with Sydney's weekly cap, it felt expensive on a tight budget.

What it really costs to start over

• Bond and upfront rent
• Furniture and essentials
• Transport setup and weekly fares
• Moving or shipping costs
• Replacing everyday items

Cheap rent, expensive time

With a limited relocation budget, starting over also meant rebuilding daily life from scratch. A table, a chair, a rice cooker, even basic cutlery, everything had to be bought again.

In the past, I tried to save money by moving things with me, making multiple trips between cities or even shipping boxes overseas. Once, I sent more than 100 kilograms of belongings and waited three months for them to arrive.

This time, I did the opposite. I sold almost everything in Brisbane and bought second-hand in Sydney.

It was more practical, but it still cost money.

The hidden cost of moving

Sitting in my small room in Parramatta, I realised I had already spent more than a month's salary before fully settling into Sydney.

Starting a career is often seen as the beginning of financial independence. In reality, for many young professionals, it begins with trade-offs.

Where you live. How long you commute. What you can afford to buy straight away, and what has to wait.

What adulthood really looks like

Looking back, the biggest lesson wasn't just how expensive Sydney is. It was understanding those trade-offs earlier, especially the balance between rent, time and lifestyle.

For many migrants and young workers living away from family support, adulthood doesn't begin with stability.

It begins with learning how to make those choices, and living with their cost.

*Not his real name

Reader question

Hi Paul,

For 40 years, my husband, 71, and I, 69, both retired for two years, have lived in our outer-east Melbourne 1950s weatherboard home on a steep half-acre block.

Over the years we have extended and updated parts of the house, although it still needs some TLC.

We tried selling it in 2023, yet the offers wouldn't cover a new property that didn't need renovations, so we had our house restumped, a roof renovation and a total paint job inside and out, paid for from our superannuation.

The property is still at the low end of the market in an area with a range of low-to-high values.

We looked into subdividing the property, but the cost to put in stormwater through four properties to the outlet as per the council, is too high.

My husband has chronic health issues and finds accessing the yard and even the shower over the bath difficult. We have $400,000 in superannuation and $50,000 in savings.

Should we sell the house and use part of the super to buy a better, turnkey home on a smaller, level block, which may cost more, or stay here and update the bathroom and kitchen?

We don't want to live in a unit, apartment or a retirement village.

I'm worried that we'll run out of super in the years to come, or that we'll expire before the super does. Feeling very torn! - Susan

Paul's response

I'm feeling out of my depth here, Susan. There are some powerful personal feelings about your house. I can tell you have loved it - and still do.

Reading your email, though, I get plenty of clues that the emotional attachment you seem to have is not practical. You tell me about your husband's chronic health issues and how accessing the yard and the shower over the bath is difficult.

The house is on a half-acre, steep block. I wonder how you will be able to maintain this land, let alone an older house.

This is up to a professional real estate agent, but you mention it is in the lower end of property prices, and it has the option to subdivide into four blocks, with costs such as stormwater drainage. I would think this would be attractive to developers.

I also worry that its real value is land value, meaning any extra money you put into it is wasted.

I can only read the words you have sent me, so you need to talk to some decent agents about your sale prospects. Values and saleability may have changed since 2023. My sense, based on broad experience over many decades, is that it may be time for you to move to a more appropriate property, given your husband's health.

I can understand that you do not want to live in a unit, apartment or retirement village; that is a personal choice. But what about a much smaller home on a small, flat block of land. Equally a townhouse might be just the thing for you.

My wife and I are pretty much the same age you are. So it is not just my professional experience with people looking to downsize, it is real life for us.

Many of our friends are going through exactly this, often driven by one partner's health issue. We also know our house will be too big for us in time to come.

Unless an agent tells you differently about spending more on your current home, I am nervous about spending money on more improvements.

But, more importantly, I am worried about you and your husband. You may be able to make the house more liveable today, but is an old house on a huge block right for you as the years go by? I suspect not.

The decision to move is a very big one. It is also emotionally and physically hard as you pack up memories.

I'll tell you from experience one thing that is for sure. You really should move before it becomes too hard due to your age and health. None of this is easy and I wish you both all the best.

What to read next

• How to downsize without losing your identity
• A practical guide to downsizer super contributions
• How to cash in on land values by subdividing
• A beginner's guide to bridging loans
• What a home renovation really costs

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Catriona Graham, financial planner at Bridges Financial Services.

They unpack the real costs, trade-offs and timing of downsizing, and what Australians should weigh up before making the move.

Episode timestamps

00:00 Introduction

01:19 What is downsizing?

02:56 Key benefits and motivations

04:38 Hidden costs and risks

05:50 Downsizer super contributions

07:50 Downsizing and the Age Pension

08:53 The importance of timing

10:33 Lifestyle options and retirement living

11:23 Final tips

Listen to this episode of Friends With Money

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It is part of a broader tax overhaul announced in the Federal Budget, one that the Government says is among the biggest in decades.

For Australians with estate plans built around discretionary trusts, the implications are profound.

What this means for you

• A 30% minimum tax could apply to trust income
• Some existing estate plans may not be protected
• Restructuring could reduce tax but limit flexibility
• Families protecting vulnerable beneficiaries may be hardest hit

What is actually changing

From July 1, 2028, a 30% minimum tax will apply to the taxable income of discretionary trusts, payable by the trustee.

Separately, from July 1, 2027, the 50% CGT discount is replaced by cost base indexation, with a 30% minimum tax on real capital gains.

Pre-1985 assets - historically CGT-exempt, will be brought into the regime for gains accruing from July 1, 2027.

Negative gearing for established residential properties will be restricted to new builds, and grandfathering will not pass to successor holders on death.

Fixed trusts, special disability trusts, deceased estates, and income from assets of testamentary trusts existing at announcement are excluded.

Certain income relating to "vulnerable minors" is also exempt - though that term remains undefined.

Why this hits families, not just the wealthy

The Budget frames discretionary trusts as vehicles for tax minimisation.

But for the majority of families we advise, the primary purpose is protection: of children with gambling addictions, beneficiaries with disabilities, spendthrifts, minors, and those in abusive/controlling relationships.

Tax efficiency is a secondary benefit.

The Government itself acknowledges trusts serve "legitimate family and commercial arrangements, including as a collective investment vehicle, for asset protection and for succession planning."

Yet the 30% minimum does not distinguish between income-splitting for wealthy adult children and protecting a person who cannot manage their own affairs.

Who is most affected?

• Families using trusts to support children or dependents
• Beneficiaries with disabilities or limited financial capacity
• Estate plans relying on flexibility over time
• Property investors using trust structures

The tough choice families now face

Families now face a stark choice: maintain a discretionary trust and accept the 30% tax cost as the price of protection, or restructure into a fixed trust or outright gift to reduce tax - but leave the vulnerable beneficiary exposed to their own poor judgment, predatory third parties, and creditors.

For a beneficiary on a disability pension with no other income, the non-refundable credit offered by the new regime is effectively worthless.

Plans that may be locked in

Many wills containing discretionary testamentary trusts were made by people who now lack capacity.

Their plans are locked in.

The grandfathering applies to trusts "existing at announcement" - but a testamentary trust contingent on the testator's death does not yet exist.

These families face either the new tax or the costly, uncertain prospect of a statutory will application to the Supreme Court

Why grandfathering may not help

Fixed testamentary trusts are excluded from the minimum tax.

But converting a discretionary trust to a fixed trust requires the testator to decide now, irrevocably, how income and capital will be distributed for decades.

It removes the very flexibility to respond to changing needs, which made the discretionary structure appropriate.

Is this effectively a new inheritance tax

Australia abolished death duties in 1979.

But when trust income is taxed at a 30% minimum, capital gains face a separate 30% floor, and pre-1985 assets are brought into the CGT net, the cumulative effect on inherited wealth is difficult to distinguish from one.

The Government's rationale is to align trust taxation with "the rates paid by workers and families who earn a living from wages."

But inherited wealth has already been taxed through income tax, GST, and stamp duty during the lifetime of the person who earned it.

Why the 30% floor hits harder than it appears

The word "minimum" warrants emphasis.

It is a floor, not a ceiling.

For a vulnerable beneficiary on the tax-free threshold, it transforms their effective rate from zero to 30%.

The Government exempts income support recipients from the CGT minimum tax to avoid disadvantaging those with "low income and low wealth."

Why does the same logic not extend to the trust minimum tax for distributions to persons with permanent disability who fall outside the narrow special disability trust framework?

What families should do next

The consultation process remains open.

From an estate planning perspective, there is much to watch and wait for, including how the Government defines "vulnerable minors," the mechanism for collecting the tax, and the scope of rollover relief.

But families should not wait passively. Turn your mind now to what can be done.

Weigh up the options with your advisers.

If the primary goal of your estate plan remains the protection of beneficiaries who cannot protect themselves, namely the addict, the spendthrift, the person without capacity, the minor,  then perhaps nothing needs to change.

The 30% tax may simply be the cost of that protection.

If, however, the primary goal is tax minimisation, then further discussions need to be had about restructuring into fixed trusts or other arrangements before the relief window closes on June 30, 2030.

Either way, the conversation with your estate planning adviser cannot wait.

These are the most significant reforms to the taxation of inherited wealth in Australia in more than 25 years, and every existing estate plan deserves a fresh review in light of them.

From audiobooks and streaming-style platforms to tools, equipment and even workspaces, modern libraries are saving some households up to $6000 a year.

In a cost-of-living crunch, they are replacing subscriptions, one-off purchases and even co-working costs, without people realising.

And most people have no idea just how much they're missing.

Some Australian libraries now lend everything from cake tins, bread machines and sewing machines to robotics kits, musical instruments and power tools, items that are expensive to buy but often used only once or twice.

"Most people think of libraries as a convenience rather than a financial tool," says Antony Selby, senior financial adviser at Financial Spectrum.

"They offer zero-cost access to things that would otherwise require purchase, subscription or rental."

Some libraries even lend GoPro cameras, metal detectors and 3D printers, items that can cost hundreds to buy. It's one of the few services you've already paid for, but probably aren't using.

Things you didn't know your library lends for free

• Power tools and gardening equipment
• Musical instruments
• Cake tins and kitchen appliances
• Robotics kits and tech equipment
• Toys, games and board games
• Camping and hobby gear
• Energy-saving kits

The easiest $1000 saving most people miss

For avid readers, the numbers stack up quickly.

Paperbacks typically cost between $25 and $35 each.

Borrowing just two to four books a month instead of buying them could save a regular reader around $1000 a year, according to estimates from the Australian Library and Information Association (ALIA).

Audiobooks and e-books deliver similar savings.

Paid audiobook subscriptions generally cost between $9 and $17 a month for a single title, with additional books costing extra.

Borrowing two to four e-books or audiobooks a month through free apps such as Libby or BorrowBox can save you up to $720 a year.

The apps are straightforward to use.

Library members download the app, log in with their library card, and borrow digital books or audiobooks the same way they would borrow a physical title.

Treat your library card like any other financial tool, advises Selby.

"The practical framework looks something like this: before buying a book, check the library. Before paying for Netflix, Disney Plus or Amazon Prime subscriptions, or buying a tool for a one-time project, check the library.

"It soon becomes a first-stop habit rather than an afterthought," he says.

Why libraries are replacing subscriptions

Libraries still do books - and much more besides.

Today's libraries offer everything from children's programs and author talks to English-language classes, digital literacy workshops, meeting rooms and free Wi-Fi.

Many have also become popular workspaces for freelancers and remote workers.

"Libraries [today] are multi-purpose community hubs supporting learning, work, creativity and digital access," says Cathie Warburton, CEO of the Australian Library and Information Association (ALIA).

Sydney libraries now lend musical instruments, retro gaming consoles, robotics kits and board games, while some branches also offer laser cutters, 3D printers and music rooms.

"We've seen a strong shift toward digital collections including e-books, audiobooks and streaming platforms that are available anywhere and anytime," says Sydney Lord Mayor Clover Moore.

The 'library of things' most people don't know about

One of the biggest - and least known - ways libraries can save you money is through borrowing items you'll probably only use once or twice.

Across Australia, many libraries now run 'libraries of things', where members can borrow practical items such as cake tins, tools and camping equipment.

The appeal is obvious: many of these items are expensive to buy but used infrequently.

South Australia's City of Charles Sturt libraries lend everything from GoPro camera kits and metal detectors to vinyl records and infrared thermometers.

"A GoPro camera kit can cost more than $600 to buy, while a metal detector is typically $180 or more," says Angela Evans, Mayor of the City of Charles Sturt.

"Even practical tools such as infrared thermometers, which can cost around $460, are available to borrow for free."

Evans says regular library users can realistically save between $1000 and $3000 a year through free books, digital subscriptions, Wi-Fi, workspaces and borrowed equipment.

"Replacing newspaper subscriptions and buying fewer books alone can save hundreds annually," she says.

For renters and apartment dwellers, borrowing also helps reduce clutter and storage pressure.

Borrow instead of buying, tools add up fast

Standalone tool libraries are also growing in popularity as households look for cheaper, more sustainable ways to complete home projects.

The Brunswick Tool Library in Melbourne allows members to borrow up to 10 tools at a time, including ladders, mulchers, drills, vacuums and woodworking equipment.

Annual membership costs $100 and tools can be reserved online and collected several times a week.

"A typical DIY member can save hundreds of dollars a year.

To buy a basic set of garden tools at Bunnings - spade, fork, rake and hoe in mid-range brands - you're looking at around $130.

Add a cordless drill kit, circular saw and orbital sander, and that's another $360. You're already at nearly $500 before you've picked up a single specialist tool.

"Borrow all of that through the tool library and your $100 membership pays for itself many times over - often on the very first loan," says Zack Morris, president of the Brunswick Tool Library.

Tool libraries like this also run workshops teaching practical skills such as basic repairs, bike maintenance and tool use.

Repair instead of replace

Repair cafés are another fast-growing movement helping households save money.

Generally run by volunteers through councils, libraries or community organisations, they help people repair broken clothing, appliances, electronics and household items rather than replacing them.

The Bundoora Repair Café repairs everything from textiles and bikes to small appliances and lamps, helping residents fix items that might otherwise end up in landfill.

"Many items we throw away still have plenty of usable life left in them," says Taylor.

The City of Boroondara runs annual Repair and Reuse Community Days, where residents can bring damaged items such as clothing, bicycles and gardening tools to be repaired or restored.

Repairing instead of replacing also has broader environmental benefits.

"Repairing a toaster rather than replacing it can save money immediately while reducing demand for new products and the resources needed to make them," says Taylor.

"It's a simple example of the circular economy in action."

How much you could actually save

The answer depends on how often - and how extensively - you use library services.

But Selby estimates:

• Borrowing books instead of buying them: around $300 to $600 a year
• Adding audiobooks via Libby or OverDrive: another $120 to $240 a year
• Replacing paid kids' activities with free library programs: $200 to $800 a year
• Using library workspaces one to two days a week instead of a co-working space: $1500 to $5000 annually

"A reasonably active household - books, e-books, occasional tool loans and kids' programs - could realistically save $800 to $2000 a year.

"A freelancer who also uses workspace could push that to $3000 to $6000 per year," he says.

For those looking to trim costs without sacrificing lifestyle, libraries may be one of the smartest free resources available.

Because while many savings strategies involve cutting back, today's library offers something different: access to more, while spending less.

From subscriptions to petrol and everyday spending, household budgets are under pressure. But saving money doesn't always mean cancelling everything.

In many cases, it comes down to using what's already available, just more effectively.

Free apps are increasingly helping Australians cut costs or earn extra income.

Some can wipe out monthly subscriptions entirely. Others can cut the cost of getting around, or help you earn money from things you already own.

One app gives you free access to books, audiobooks and magazines you might otherwise be paying for.

Another can dramatically reduce parking costs, or turn an empty driveway into extra income.

And one navigation app helps drivers save fuel, avoid delays and make smarter decisions on the road.

Here are three apps Australians are using right now to spend less, and in some cases, earn more.

The free app replacing paid subscriptions

Libby: Free on iOS, Google Play

Paying for books, audiobooks or magazines can quietly add up. But with Libby, you may not need to.

Why it matters

• Access thousands of books, audiobooks and magazines for free
• Replace paid subscriptions like Audible or digital magazines
• Save $20-$50 a month

The app connects with "virtually every library in Australia", says Malcolm O'Brien, regional manager of Overdrive Australia, the company behind Libby.

The app allows readers to access e-books, listen to audiobooks, and browse digitised magazines and newspapers.

Some libraries also offer free access to films and documentaries through a separate app called Kanopy.

O'Brien says Libby has reignited a love of reading in its members, who borrow an average of six items a month.

To sign up, simply download the free Libby app, search for your local library and enter your membership number.

If you're not already a library member, some libraries will allow you to join online, or you may have to visit in person to register.

Libby works on Apple, Android, Kobo and most e-readers except Kindle.

The app offers a range of accessibility features, including adjustable fonts, dyslexic font, and text-to-speech.

The app that can cut parking costs or earn you cash

Parkhound: Free on iOS, Google Play

Struggling with the cost of parking, or sitting on an unused driveway? Parkhound could be the answer.

Why it matters

• Cut parking costs, especially in inner-city areas
• Some hosts can earn more than $100 a week in high-demand areas

This app lets you find and rent private parking spaces with a few taps of your phone.

If the thought of paying $50 per week instead of $50 per day for inner-city parking sounds good, download the app and take a look.

You can filter by car size - handy for folks with oversized utes or four-wheel-drives - and the type of parking required, whether it's a secure underground garage, a lock-up shed or even a driveway space on the street.

Better still, the app lets you make cash on the side by renting out unused parking spaces at home.

Prices vary according to demand and the scarcity of parking in the area - if you're close to the city, airport or beach, it could be a gold mine.

The navigation app that can save fuel and time

Waze: Free on iOS, Google Play

With petrol prices still biting, spending less time in traffic can mean real savings. Enter the Waze app.

Why it matters

• Save fuel by avoiding traffic and stop-start driving
• Find faster routes in real time, even mid-journey

It gives you turn-by-turn voice navigation guidance and a live traffic map, but its real value comes in the form of road alerts.

You can receive notifications of moving or stationary police cars, mobile speed cameras, traffic jams, road closures and accidents, so you can adjust your trip accordingly.

You can also be notified of hazards on or near the road, helping you avoid a costly repair bill.

And the free app comes with a digital speedo which will sound an alert when you exceed the speed limit.

The downside? Waze data is crowd-sourced, meaning it relies on other motorists to notify you of traffic congestion, police, speed cameras and accident scenes.

This means the app is likely to be more useful driving around Woollahra than Wongarbon.

Don't forget that using the app while driving is prohibited, so make sure you download the app and plan your trip before hitting the road.

With the latest interest rate hike, millions of Australians are quietly doing the maths on their monthly expenses.

Combined with rising fuel and grocery costs, budgets are stretching further than ever. But for those who need it, help doesn't have to feel out of reach.

At this stage, it's important to know your options and be confident in making decisions.

While this is a less-than-ideal position to be in, there is no need to be fearful - lenders have programs in place to help.

Financial hardship assistance is available for Australians who need some extra support when it comes to meeting their loan obligations.

If you are hesitating out of fear that this type of assistance will impact your credit score, we have good news.

Why avoiding your lender can hurt your credit more

Many people believe that accessing hardship support automatically harms their credit health.

When you're already stressed about money, this can be a scary thought, as the last thing you want is to make things worse.

Rather than seeking financial hardship arrangements with their lenders, some people decide to skip payments in the hopes that things will improve. Others may apply for a new credit card to bridge the gap.

The truth is that missed payments, additional credit applications, and new lines of credit are far more likely to damage your credit report than simply picking up the phone and talking to your lender about your circumstances.

The biggest risk is not asking for help, it's doing nothing.

Why asking for help could protect your credit

When you enter a formal hardship arrangement with your lender, it may be noted on your credit report.

But here's the nuance that matters: it shows proactive financial behaviour, not failure.

Hardship support can take several forms: reduced repayments, temporary payment deferrals, repayment pauses, or permanent variations to a loan agreement.

While these arrangements may be noted on your credit report, they will not negatively impact your credit health.

In fact, it often signals to other lenders that you have recognised your situation and responsibly taken steps to improve it.

The sooner you contact your lender, the more options are typically available to you and the less likely you will be to make decisions that really will impact your credit health.

What really affects your credit over 24 months

Your credit report keeps a 24-month record of how you manage repayments on credit cards, personal loans, car loans and home loans.

While a single missed payment may not have a major impact, repeated missed payments can signal to future lenders that managing ongoing credit commitments may be becoming difficult.

A history of consistent payments, or proactive communication with your lender when issues arise, is generally viewed far more favourably than missed payments without explanation.

Similarly, applying for multiple credit products in a short period of time leaves a five-year footprint on your credit report.

Any surge of applications can make you look financially overextended, and this is why it can be detrimental to apply for new lines of credit to cover your expenses instead of asking for hardship assistance.

Not all Buy Now Pay Later accounts are reported through on credit reports, so the missed payments won't immediately show on your report.

However, lenders can still see enquiries for BNPL accounts, and multiple applications in a short period may affect how your overall creditworthiness is assessed.

Why checking your credit report could save you money

One of the most practical things any Australian can do right now is to check their credit report.

Think of it less as a scorecard and more as an active financial management tool: a free, clear snapshot of your credit activity that lets you understand where you stand, track your progress, and catch any errors before they become problems.

Even though you can access your credit report for free every three months through credit reporting bodies such as Equifax and Experian, nearly half of all Australians have never checked their credit report at all.

Reviewing your credit report regularly means you're informed on your credit health before you need to be, and ensures that you can dispute anything that looks inaccurate.

Hardship support is designed for moments like this

Financial hardship arrangements exist precisely because lenders understand that life is unpredictable.

They are part of the solutions system designed specifically to help people through temporary challenges, not to penalise them for experiencing difficulty.

Free and independent support is also available.

Community legal centres can also provide guidance at no cost, and these services exist to help people navigate exactly the kind of pressures many households are facing right now.

If you're experiencing financial difficulties, you should:

• Contact your lender as early as possible, before you miss a payment.
• Check your credit report for free every three months through Equifax or Experian.
• Visit CreditSmart.org.au for independent information on credit reporting and hardship options.
• Seek free financial counselling through a financial counsellor (National Debt Helpline) or a community legal centre if you need independent support.
• Avoid applying for multiple new credit products while under financial pressure.

The worst outcome is to do nothing and hope the problem resolves itself. Pick up the phone, call your lender, and start a simple conversation.

Asking for help when you need it will ensure that you can get through periods of financial hardship without impacting your credit health for years to come.

Trauma insurance and TPD cover are often confused. They both support you through stressful - though quite different - circumstances.

According to our winner, TAL, that's why many Australians choose to have both.

Trauma insurance protects you if you require extensive medical treatment.TPD insurance, on the other hand, provides a lump-sum payment if you become permanently disabled due to illness or accident and can't work.

Put simply, trauma insurance covers the costs associated with getting you better and back to work.

But if your accident or illness is so severe that you can never return to work, TPD insurance will ensure you can maintain a good quality of life.

TAL's trauma cover offers a maximum payout of up to $2 million, backed by several key features and benefits.

A built-in paralysis support benefit doubles your cover amount to a maximum of $2 million, if you're faced with the profound impact of permanent paralysis.

TAL also provides an inflation protection benefit so your payout keeps pace with inflation.

The upshot is that trauma insurance can give you the comfort of knowing you can access medical treatment, pay for rehabilitation, and even cut back work hours if needed.

And if the unexpected happens, that could be priceless. And by bundling trauma and life cover, it is possible to save on premiums.

From a young age, Walters was more into Batman than Barbie. She wanted to be one of the boys, or at least have the advantages boys seemed to enjoy.

"Was success in my mind defined by being a boy?" she says.

"I was just a young kid aware of the obvious: boys ruled the world. I was desperate to be someone else so maybe I too could rule the world."

She remembers her first week of primary school. Desperate to join the boys' group, she agreed to their terms.

"You can join us," they said. "But first you have to lick your shoe, put it in the dirt and lick it again." She did it.

"And they still didn't accept me," she says.

Years later, she told the story to a mentor who said, "Never lose that chip on your shoulder."

Walters carried that chip into adulthood.

The moment that shaped her ambition

She became fascinated with branding and the stories products tell.

Eventually, that same scrutiny turned back on herself.

She had been given the name Christine at birth, but says, "My name didn't match up to what I wanted to achieve. I wanted an androgynous name. People kept saying, 'You're a Charli'. It stuck, so I officially changed it years later."

Her father's reaction was brisk. "I called you Christine because I thought you would get called Chris anyway," he quipped.

By then, Walters had finished a finance degree and was weighing up what to do next.

Her father was running the Australian arm of a New Zealand food business and, she says, was an "old-school salesman", importing products and selling them to local supermarkets.

"He didn't really care about brand identity one way or another," says Walters. "He's very much a trader."

She realised she wasn't building her own story

When the company needed "an extra pair of hands" in marketing, she was offered the job.

She was quickly drawn to brand management, from pricing and sourcing to positioning and the customer journey.

She noticed a range of products the company wasn't promoting, so asked if she could turn them into household names.

"Sure, if you think it's necessary," she was told.

Walters went ahead, building brands including Toscano, Bare Bakers and Hart & Soul, which would later become central to KJ&Co.'s bakery, dessert and ready-meal business.

"I gave them identities and all the things brands need to be resilient over time," she says.

It was an early sign of her commercial instinct: selling stories, not just products. Still, not forging her own way bothered her.

"I thought, what am I doing working for my father? This is not my story," she says. "It just felt like the easy path."

A brief break for independence

She moved into strategy at a branding agency, advising companies such as Kellogg's on repositioning and growth.

It was a bid for independence that lasted six months.

Then the New Zealand business called, they wanted to sell off the brands she had built up. She was asked if she could come back and "tie them up in a pretty bow".

"I was 25 and had never sold brands," she says. "But I got it done."

And the person who bought them was her father. KJ&Co. was born.

The pressure of being the boss's daughter

It was 2015 and Walters was back working with her dad, but this time in a family-owned business. Within two years, she was running it.

"Earning the trust of a team while being the CEO's daughter is tough," she says.

"And I get it. I didn't have to climb a ladder, fight for an interview or hustle through office politics. There are many people who should have earned positions before me."

Her answer was to pile herself into her work.

"I was first in, working very long days for five years. I sacrificed a lot of my 20s," she says.

"Earning the team's respect was just so important."

Building a business while becoming a mother

She still speaks warmly about what her father gave her, even if he wasn't exactly a textbook manager.

"He gave me the opportunity to fail, but also to succeed," she says. "He didn't micromanage me or treat me any differently."

"Still, I like the story of the challenger brand or the underdog, but I don't think that's my story, given the leg-up I had."

Privilege or not, the business thrived under Walters.

From 2015 to 2020, KJ&Co. grew from $20 million to $70 million, about 30% compound growth over five years.

This was also when Walters became a mother. Her first son, Willem, was born in 2017.

"Willem was a surprise," she says. "There was no plan to interrupt my career, and we were growing. Momentum was on."

The village behind working mothers

She went back to work after a week. A nursery was set up in the office. Her mother came in every day for six months so she could breastfeed between meetings.

"Willem literally grew up in the office. People would bounce him on their desks and walk him in the pram on their lunch break."

Walters sees it as proof of the village around working mothers.

"Don't be ridiculous enough to think one person can fill every role for that kid," she says. "The village is everything."

Selling up and the emotional aftermath

In December 2020, SunRice made an offer to the Molloys for KJ&Co. The $50 million business was growing and profitable. On paper, the decision made sense.

"My parents said to me, 'Charli, you run the business. It's up to you.'"

Selfishly, it was also a chance to not be defined by the family business, a chance to get out, she says.

But what made sense commercially felt messier personally.

"I remember sitting in my office on the day it settled. I was by myself because of COVID. I thought it should feel like elevation and joy, and I felt nothing."

When success feels more complicated

Over time, that numbness gave way to guilt.

"The family business gave the family conversation, connection, time together, a purpose that united us," she says.

"My parents ended up divorcing a few years afterward. They're amicable now, but I believe the business was keeping them together."

"Would life have been easier for everyone if we had kept the family business? I'll never know."

After the sale, Walters stayed on to lead the integration into SunRice. The move into listed company life was "a rude shock".

"We were very agile at KJ&Co. Then you come into a publicly listed company where time slows.

"There are many layers, hierarchy, process. It was a very different environment."

Rethinking what leadership looks like

For years, she had imagined the corporate ladder as the obvious next chapter. But she began to question the purpose of climbing it.

"The purpose piece is challenging. You feel like a cog in the wheel at times," she says.

One of her sons is neurodivergent, and Walters says raising him changed the way she thinks about career success.

"He's taught me a lot about perspective. Someone else might perceive the world differently to how I see it," she says.

"That's taught me a lot in leadership, how to connect, how people approach problems, how they think, how they interpret information."

Earlier in her career, Walters thought authority came from what she now calls the more traditionally masculine traits: confidence, force and decisiveness.

Traits that may help you ruthlessly climb the corporate ladder, but to what end?

"That only gets you so far," she says.

"The long-term game of leadership is the softer traits: empathy, perspective, emotional intelligence. They didn't come naturally to me, but my son taught me that."

Why Koh felt like the right next step

That insight helps explain why Koh made sense. In 2022, Walters invested part of her proceeds from the sale of KJ&Co. into the Australian eco-cleaning brand she now runs.

Founded in Bondi in 2016 and sold at local farmers' markets, Koh already had a loyal following, with refillable products and a strong online presence.

Walters saw room to grow.

"My mum had always been a customer. I looked at the business and thought, wow, they've gotten so far with so little, and there's so much left on the table."

So she sent the founders a message on LinkedIn.

Purpose, identity and building a brand

"If I were working for a business that didn't align with my goals or help make the world better, I'd be asking, who am I doing this for and why? What reason am I in the office away from my children? Koh isn't that."

She is under no illusions about the category. Cleaning products are not exactly glamorous.

"We're an e-commerce brand competing with fashion brands that seem more interesting than cleaning products."

Still, she is clear on what gives the brand its pull.

"The environment is why people care about our brand. Making sure they're not leaving the planet worse off than they found it."

She says there was no single fix at Koh, just consistency: building the brand, setting guardrails, and taking certifications seriously in a market crowded with greenwashing.

"It comes back to identity: knowing who you are, what you stand for, what's important and what's not."

Coming back to who you are

It is also why she keeps returning to Oscar Wilde's line: "Be yourself; everyone else is already taken."

For Walters, that has meant changing her name, reckoning with privilege she could not undo and deciding that the only honest response to it was responsibility: to work harder, lead with purpose and try to do something worthwhile with the opportunity she had.

"I wish I could tell that little girl many years ago that you don't have to be anyone else.

"It's okay to be you."

Commonwealth Bank just suffered the biggest one-day share price fall in its history this week, plunging more than 10% in a single session.

Most of the headlines blamed the latest trading update and the federal budget, but that explanation only scratches the surface. Something much bigger may now be unfolding.

For decades, CBA traded exactly how you would expect Australia's biggest blue-chip bank to trade. The stock climbed steadily over time, delivered reliable dividends, and moved in controlled long-term cycles, but then COVID changed everything.

Since 2020, CBA has traded less like a traditional bank and more like a momentum stock, surging aggressively higher and becoming increasingly disconnected from the way banks historically behave.

At some point, the market stops paying for safety and starts paying for fantasy. That's the danger when investors begin treating a bank like a tech stock.

History also paints a worrying picture. Before CBA's previous major collapses, including the 60% fall during the GFC and the 44% decline between 2015 and the COVID low, the stock experienced the same kind of aggressive acceleration phase we saw over the past few years, and that's what makes this week so important.

This may not be a dip buyers celebrate in six months. It may be the first crack in a much larger unwind.

If history repeats, a move back toward the $95 region cannot be ruled out. That would imply another potential 50% decline from its highs.

CBA is Australia's largest mortgage lender, and investor lending has become a major engine of growth, with investor loans making up around 43% of new mortgage business at CBA.

Now the government has fired a direct shot at that investor market through the proposed changes to capital gains tax and negative gearing.

Those tax incentives are some of the biggest reasons Australians borrow to invest in property and shares in the first place. The banks built a growth machine around leveraged investors, but now Canberra is actively pulling parts out of the engine.

Higher interest rates were supposed to help banks by boosting lending margins.

Instead, banks may now face weaker investor demand, slowing credit growth, stretched households, and a government making investing less attractive.

And here's the uncomfortable truth many investors ignored for years, and that is that CBA became one of the most expensive banks in the world in 2025.

When a bank becomes priced for perfection in an imperfect economy, gravity eventually returns. This week may have been the market finally waking up to that reality.

The real question now is whether CBA was the warning shot for the banking sector, or simply the first domino to fall.

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

The best-performing sectors include Materials, up more than 4%, followed by Utilities, up more than 2% and Real Estate, up more than 1%.

The worst-performing sectors include Healthcare, down more than 8%, followed by Information Technology and Financials, both down more than 5%.

The best-performing stocks in the ASX top 100 include Dyno Nobel, up more than 10%, followed by Aristocrat Leisure and Sandfire Resources, both up more than 9%.

The worst-performing stocks include CSL Limited, down more than 18%, followed by WiseTech Global, down more than 13% and Xero Limited, down more than 11%.

What's next for the Australian stock market?

The All Ordinaries Index slipped lower again this week, posting a 1.07% decline by Thursday's close.

On paper, that's not a major move, but it's the way the recent price action has unfolded that's starting to raise a few eyebrows. Let me explain.

Earlier this year, the market sold off aggressively into the March 2026 low, falling more than 10% and breaking below the previous 8600 support level before eventually finding a low around 8400.

Since then, we've seen a strong recovery attempt over recent months, but there has been one major issue.

The market failed to reclaim the previous highs and instead found resistance around the 9200 level, which I highlighted in earlier reports as a very difficult level for our market to break through.

Since that rejection, price has started to drift lower in an orderly fashion.

It hasn't been a panic-driven collapse like we've seen during previous sell-offs, but rather a slow grind lower, with each of the past five weeks trading slightly weaker than the last.

Sometimes that kind of price action can be more concerning because it suggests a lack of conviction from buyers rather than outright fear from sellers.

What makes the picture a little more contradicting is that the Materials sector continues to perform strongly.

Normally, when Materials are leading, the broader market tends to hold up better. However, heavy weakness in Commonwealth Bank and other banks has put significant pressure on the index and dragged the broader market lower.

Still, regardless of the reasons behind it, we can't ignore the structure currently developing on the chart.

The key level now becomes 8800.

If buyers can't defend that area, then a retest of 8600 becomes increasingly likely, followed by 8400, the major low established earlier this year.

Those levels should provide support, but with volatility elevated, markets can move between them far quicker than many expect.

Of course, this could still simply be a healthy pullback after the sharp recovery we experienced off the lows.

Markets rarely move up in a straight line, and some consolidation after such a fast rise would be normal.

But if that's the case, then eventually we need to see the market reclaim and break above 9200 to confirm the bullish structure is back in play.

Right now, this feels like one of those critical turning points where the next week or two could tell the story.

Add in the fact that President Trump is currently in China discussing trade, and the market has another major variable to react to.

Depending on how those talks unfold, sentiment could shift very quickly in either direction. For now, it's a market that deserves respect from both sides. Stay nimble, stay disciplined, and buckle up.

A viral tip encouraging women to upload financial documents to artificial intelligence (AI) platforms is fast becoming a cautionary tale, with experts warning the risks may outweigh the insights.

Around 16.6% of Australians are using AI for financial decisions, with a further 30.9% planning to do so soon, according to Compare Club's AI Index, meaning nearly half the country is either using or preparing to use the technology to shape their finances.

Research out of Queensland also shows that almost half (45%) of young Queenslanders have followed financial advice from AI without consulting an expert, despite its limitations.

When this AI advice backfired

Against that backdrop, renowned American influencer and best-selling author Mel Robbins has come under fire for urging her 12.3 million followers to upload bank statements and financial information to AI platforms to seek out financial advice.

In a recent post to Instagram, the 57-year-old encouraged followers to turn to AI, specifically one of her sponsors, Microsoft Copilot, to get a better grasp on their money habits.

Under the guise of helping women take greater control of their finances, the creator of the 'Let them' theory urges women to upload a screenshot of their finances to get money advice from AI.

Robbins, who regularly shares that she was once $800,000 in debt, explained that 40% fewer women are adopting AI than men.

"Women, you cannot be left behind," she said in the post.

Her prompt for AI suggests saying: "I feel overwhelmed, behind or ashamed about my money, and I want help understanding what's actually going on without judgment... I'll share documents like bank statements, debt statements, bills and income info when you ask. If I'm not sure what to upload, start by telling me the three most helpful documents to share first."

Robbins was instantly inundated with a barrage of negative comments, including several people identifying as cybersecurity experts urging against AI for financial advice.

A US talk show has also lambasted Robbins for the post, pointing out she's not a financial expert, that she didn't recommend redacting private information before posting to AI and that anything used in AI is used to train AI and could be accessed by humans.

Why this AI money trend is taking off

But perhaps Robbins is just reading the room.

Despite experts warning of significant privacy and security risks, AI tools are increasingly being used for financial advice, including in Australia.

In fact, Vanguard's global chief economist Joe Davis warns that ChatGPT is now perhaps the largest financial advice provider in the world.

A survey from Cisco confirms that up to 29% of AI users were inputting account numbers and other financial information, despite the vast majority acknowledging that their data could be shared.

The statewide survey by RACQ Bank found 65.8% of Queenslanders aged 18-34 felt comfortable using AI for budgeting and savings tips, 31.1% turned to bots for investment recommendations and more than a quarter (26.8%) for debt management strategies.

What happens to your data once it's uploaded

Criminals are already finding ways to extract personal data from AI tools, raising the risk of identity theft and financial fraud.

Last year, Stanford University researchers studied six AI tools, concluding that society needs to weigh whether the potential gains in AI capabilities from training on chat data are worth the considerable loss of consumer privacy.

"We have hundreds of millions of people interacting with AI chatbots, which are collecting personal information for training, and almost no research has been conducted to examine the privacy practices for these emerging tools," says Jennifer King, Privacy and Data Policy Fellow at the Stanford Institute for Human-Centred AI.

These sorts of studies have led countless cybersecurity experts across the internet to warn people against sharing sensitive information, including financial data, saying AI systems can be accessed, leaked and used to train models or reviewed by humans, which could result in fraud or identity theft.

In one experiment, an AI agent hacked McKinsey's chatbot in just two hours, gaining full access to 728,000 files containing confidential client data.

Researchers have found that sensitive data shared with large language models can be stored, exposed in breaches or stolen through hidden cyberattacks.

Where AI can help, and where it falls short

The potential problems with AI aren't well understood yet.

Financial experts say that while AI is well suited to answering low-stakes questions to improve financial literacy, such as how compound interest works or how to create a budget, seeking financial advice, such as where to invest, is not a good idea.

The big problem is AI doesn't always get it right.

While it can be a great tool to solve technical problems, it still makes quite a few errors, so you need to know how to spot them, which typically requires technical knowledge, says Antony Selby, senior adviser at Sydney's Financial Spectrum.

As financial advisers point out, revealing personal or financial details is fraught, while AI cannot meet fiduciary obligations like a licensed adviser.

For adaptive advice that needs to suit an individual's circumstances, AI is precisely the wrong tool for the job, Selby says.

"For example, I tried Claude the other day by putting a case study in and asking what options are available to minimise capital gains tax. It quoted legislation that applies to relief for a divorce. Cash flow modelling may make incorrect assumptions, or forget a Medicare levy, or provide incorrect contribution caps," Selby says.

The warning from Australian regulators

Not surprisingly, the Australian Securities and Investments Commission (ASIC) also highlights concerns about the rapid adoption of AI within the financial services sector, noting the pace of adoption may outstrip responsible risk management, potentially exposing consumers to unforeseen risks.

The Office of the Australian Information Commissioner is another government body advocating against entering personal and particularly sensitive information due to the significant and complex privacy risks involved.

Robbins, meanwhile, opted not to delete the post, but did add a caveat in the comments section where she admits she could have been clearer about how she framed the example and the context around the prompt.

Robbins writes: "As with any technology or online tool, you should always be thoughtful and careful about the information you choose to share. We've since updated the language in the prompt to add more context and guidance so it's clearer for people using it themselves."

For Australians turning to AI to get ahead financially, the convenience is undeniable. But experts warn the wrong shortcut could end up costing far more than it saves.

The Federal Court has found Coles misled shoppers with false discount claims tied to its 'Down Down' promotion.

In late 2024, the Australian Competition and Consumer Commission (ACCC) took Coles to court over alleged sham discounting.

The ACCC claimed Coles temporarily increased prices on a range of products, in some cases by up to 15%, before lowering them and marketing the drop as a significant saving.

In some instances, the so-called 'discounted' price was the same as, or even higher than, the product's original price.

In its ruling, the Federal Court found Coles had made misleading claims about price discounts, a decision likely to prompt retailers across Australia to review their pricing strategies.

ACCC chair Gina Cass-Gottlieb welcomed the outcome, saying the 'Down Down' campaign made it harder for shoppers to identify genuine value when buying everyday essentials.

The ACCC says it had received consumer complaints about Coles' discounting practices before launching legal action.

"We understand how important it is for consumers to get value for their supermarket purchases, and decided to take action to test these practices in court," Cass-Gottlieb says.

Penalties against Coles are yet to be determined.

While the ruling may seem like a win for rival Woolworths, the ACCC is also pursuing similar action against the supermarket giant. A decision in that case is still pending.

Will housing prices slow under new tax rules?

Tuesday's Federal Budget introduced major changes to property investment, including limits on negative gearing and a shake-up to capital gains tax (CGT).

Negative gearing will now apply only to new builds, while the 50% CGT discount will be replaced by an indexation model and a 30% minimum tax rate on established properties.

Treasury estimates the changes could reduce investor demand and slow property price growth by around 2% over the next few years.

But Australia's largest home lender, Commonwealth Bank, is not forecasting a sharp downturn.

CBA expects national home prices to rise by 3% in 2026, with similar growth of 3% forecast for 2027.

Separate analysis by REA Group suggests not all investors will lose out under the new CGT rules.

It found that over the past decade, 27% of properties that recorded a capital gain would have delivered a better outcome under the indexation model than the current 50% discount.

Why your savings may be going backwards

You'd think three rate hikes in as many months would be good news for savers. But that's not always the case.

Research from Money.com.au shows almost half of Australians, 47%, don't know whether their savings are going backwards.

Here's why it matters.

With inflation at 4.6%, your savings need to earn at least 4.6% just to maintain their purchasing power.

Right now, only 12% of Australians say their savings are beating inflation, while 26% admit their returns are falling short.

Money.com.au finance expert Sean Callery says many savers underestimate how quickly inflation can erode cash.

He notes that fewer than one in three savings accounts currently offer rates above inflation.

"That means the odds aren't in people's favour unless they're actively seeking out a competitive rate," Callery says.

The good news is that higher rates are out there if you know where to look.

Among the top savings accounts:

• Easy Street Financial, 5.05% ongoing
• MyState Bank, 5.40% for 4 months, then 5% ongoing
• ING Savings Accelerator, 5.65% for 4 months, then 4.6% ongoing
• Macquarie Bank, 5.10% for 4 months, then 4.75% ongoing
• Rabobank, 5.90% for 4 months, then 4% ongoing

This airline wants to cut check-in times by 50%

Cutting check-in times isn't just about saving on airport parking. It can also mean more time to relax before your flight.

Virgin Australia is aiming to do both, with new digital upgrades designed to cut airport check-in times by up to 50%.

In what the airline calls an "Australian airline-first", new bag tag printers will be paired with automated bag drop.

Travellers will simply scan their boarding pass, print a bag tag and drop off their luggage, streamlining the entire process.

The upgrade is expected to significantly reduce queues, though passengers will need the Virgin Australia app to access the new system.

Virgin Australia general manager of digital Alex Plummer says the rollout marks a major shift in how travellers move through airports.

"Today's update is a major step forward, allowing customers to check in, manage their booking and move through the airport in a way that's never been done before by an Australian airline," Plummer says.

He added that nearly four in five Virgin Australia passengers already use the airline's app or website to check in and manage their bookings.

'Natural' food labels face calls for tighter rules

Back in 2024, Monash University found Australian shoppers are increasingly prioritising sustainability, with almost half (42%) willing to pay more for sustainable groceries.

But new research from the George Institute for Global Health highlights a lack of regulation around food labels such as 'natural', 'vegan' and 'eco-friendly'.

UNSW associate professor Alexandra Jones says the findings point to an urgent need for reform.

"Terms like 'natural' and 'sustainable' sound meaningful, but without clear definitions or verification, they can be applied to almost anything," she says.

"That's not useful information. It's just marketing."

Researchers are now calling on Australian policymakers to introduce stronger rules around sustainability labelling.

In the meantime, consumers are being urged to read product labels closely to better assess how sustainable a product really is.

Broadly speaking, investors fall into one of two camps - those whose portfolios are weighted towards capital growth, and those with income as their primary goal.

Growth investors typically focus on assets such as shares with the potential for long-term capital growth, even though short-term returns can be negative.

Income investors, on the other hand, look for assets that deliver a reliable and steady flow of income through returns such as interest on fixed income investments.

In this way, income investors might be retirees looking to replicate their old pay cheque, with regular income at set intervals throughout the year.  But the game changes in inflationary environments, and investors need to be ready.

It's about finding the right blend

For both types of investors - income- and growth-focused, it makes sense to have a diversified portfolio.

So, it's not a question of investing only in one type of asset, but more a case of finding the blend that meets your needs.

Income investing, with its emphasis on stability and predictability, is particularly attractive to retirees, and those who rely on investments for money to live on.

However, income investments can play an important role in a diversified portfolio because they tend to be less volatile and provide more immediate financial benefits than growth assets.

Income investing can be lower risk

Income investing has another point of appeal.

Investments that generate regular, predictable income can be less risky than growth assets, and if you're not specifically seeking income, you may be able to reinvest the income for a compounding rate of return.  That's a double benefit - as it can be lower risk, while providing a real rate of return by outpacing inflation.

This can especially be the case for private credit funds managed by mature, financially stable asset managers that combine scale with a proven track record across economic cycles^*.

This scale and experience matters.

The sector's regulator, ASIC, notes that Australia's private credit market has "grown in recent years and continues to grow strongly."

The size of Australia's private credit market is currently estimated at around $200 billion.

This growth has attracted new, less experienced entrants to the private credit market.

That makes it essential for investors to look under the hood of any private credit investment to understand who is behind the fund, how long they have been in business, and their breadth of experience.

La Trobe Financial has been a leader in Australian credit for over 70 years, having navigated the full spectrum of economic conditions. And it shows.  The flagship 12 Month Investment Account has been recognised as Australia's "Best Credit Fund - Mortgages" by Money magazine for 17 consecutive years.

Inflation could drive more Australians to income investing

During periods of economic change, investors have tended to focus on income they can depend on.

Right now, inflation remains persistently high in Australia and globally. Geopolitical events are rattling share markets, and the Reserve Bank of Australia (RBA) has delivered rate hikes in quick succession.

Under these conditions, income investing can be very attractive for all investors by generating real returns which exceed the rate of inflation, with lower risk profiles.

Fortunately for investors, La Trobe Financial's popular 12 Month Investment Account is backed by variable rate mortgages. As market rates move higher, the income generated can be inflation-responsive.

This gives La Trobe Financial's investors income and  a  variable regular cash flow, while helping to maintain purchasing power.

The bottom line - it pays to invest in experience

Ultimately, the allocation between income-focused and growth-focused investing depends on your financial goals, time horizon, and risk tolerance.

Nonetheless, in today's environment where inflation has re-emerged as a key risk, certainty of income is particularly attractive.

Private credit funds and the La Trobe Financial 12 Month Investment Account can provide a positive contribution to a diversified portfolio.

Just be sure to check the track record of any private credit fund you're thinking of investing in. In uncertain times, it pays to invest in experience.

If you're seeking a durable income solution, contact the La Trobe Financial team on 1800 818 818 or visit latrobefinancial.com.au and find out more.

La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 Australian Financial Services Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321. It is important that you consider the Product Disclosure Statement (PDS) before deciding whether to invest or continue to invest in any of the funds. The PDSs and Target Market Determinations are available on La Trobe Financial's website.

*Past Performance is not a reliable indicator of future performance

Any Financial product advice is general only and has been prepared without considering your objectives, financial situation or needs. You should, before investing or continuing to invest in the La Trobe Australian Credit Fund, consider the appropriateness of the advice having regard to your objectives, financial situation or needs and consider the PDS for the fund.

When considering whether to invest or continue investing in the La Trobe Australian Credit Fund, you should be aware that (1) an investment in the fund is not a term deposit, and your investment is not covered by the Australian Government's deposit guarantee scheme. Investing in the fund has a higher level of risk compared to investing in a term deposit issued by a bank and (2) there are other risks associated with an investment in the fund. The key risks of investing in the fund are explained in section 9 of the PDS, available on our website.

As is custom, Taylor was responding to the 2026 federal budget handed down by Treasurer Jim Chalmers on Tuesday night - a budget headlined by significant tax reform.

Unsurprisingly, Taylor - a former shadow treasurer - criticised the latest budget, suggesting that rather than being about intergenerational fairness, it perpetrated intergenerational fraud.

"Labor is locking out young Australians from the opportunities afforded to older Australians to build wealth and prosperity to get ahead."

So which budget measures would the Coalition look to roll back in the future? And what alternative policies are they putting forward? Here are six takeaways from the Budget reply speech.

1. CGT and negative gearing changes would be wound back

Changes to the existing rules around negative gearing, capital gains tax and family trusts were at the heart of Tuesday's federal budget.

In the days since the budget's release, Coalition members haven't been shy in criticising the policy, with Shadow Treasurer Tim Wilson arguing that it would kneecap young Australian investors.

If it wasn't clear already, Taylor reaffirmed that stance, stating that the Coalition would seek to block future legislation related to the reforms or dump them if elected to government.

"The Coalition will fight like hell to prevent Labor's toxic taxes from becoming law. But if they do, I commit that a Coalition government I lead will repeal them."

2. Income tax brackets would be indexed

Still on the tax front, Taylor used his speech to lay out the Coalition's desire to address the issue of bracket creep by way of a policy called the 'Tax Back Guarantee'.

Under the plan, Taylor announced that the bottom two tax thresholds would be indexed to inflation from the 2028-29 income year.

"That will fully protect 85% of income earners, with relief of around $250 in year one, growing to more than $1,000 a year in year four."

The top two tax thresholds would then be indexed from 2031-32.

3. Migration levels would be pegged to housing supply

In an effort to ease pressure on housing, a new Coalition policy outlined by Taylor would directly link Australia's migrant intake to the number of new homes built in the country.

The proposal would see net overseas migration capped at one person for every new home built, though Taylor said that to help housing shortages catch up, the Coalition would aim for an even lower number in the first years of government - if it is elected.

"The number of people coming in far exceeds the number of houses going up. Consequently, the great Australian dream of home ownership is vanishing for old and new Australians alike."

4. Housing infrastructure funding would be increased

In another measure aimed at housing supply, Taylor committed to setting up a new Housing Infrastructure Fund.

The $5 billion fund would allocate money towards roads, water and sewerage infrastructure directly related to new development to help increase supply.

"With such infrastructure supported, we will unlock 400,000 new homes for Australians. As I said, we will also cut red tape, which will take up to $70,000 off the cost of a new home."

Labor unveiled a related package in its latest budget, allocating $2 billion towards housing-related infrastructure.

5. Housing and electric vehicles schemes would be scrapped

Signalling a desire to reduce government spending, Taylor also committed to ending several programs related to housing should the Coalition be returned to power in the future.

Those include the Housing Australia Future Fund, the Help to Buy scheme, the Build to Rent scheme and the New Homes Bonus. The Coalition would also limit the 5% Deposit scheme to citizens.

Beyond housing, Taylor also confirmed that electric vehicle subsides would be scrapped by a future Coalition government.

"We will end tax breaks for electric vehicles, which are overwhelmingly going to high-income Australians."

6. NDIS and JobSeeker would be limited to citizens

In a move that was linked to both migration and spending, Taylor used his speech to outline a new Coalition policy that would see non-citizens barred from accessing a range of government welfare programs.

The policy would apply to 17 different programs, including the National Disability Insurance Agency (NDIS), JobSeeker, Youth Allowance and the Family Tax Benefit.

"If you commit to Australia, Australia will commit to you. After all, taxes paid by hard-working Australians should support Australians," Taylor suggested.

But in reality, the money the government raises and spends has very real consequences for almost every Australian.

From tax and housing to health and infrastructure, here are some of the major measures outlined in the 2026 Federal Budget and who they will affect.

1. Working Australians

Tax reform was at the heart of the budget, and Treasurer Jim Chalmers made it clear in his budget speech that Australian workers - as disparate a group as it is - were designed to be the beneficiaries.

Chief among the policies set to benefit workers is the new Working Australians Tax Offset (WATO) which will provide roughly 13 million workers with $250 in their tax refund each year from 2028.

The budget also outlined the new $1000 instant tax deduction which Australians will be able to use to claim work-related expenses when filing their tax returns in the second half of next year.

"This is a budget that finally tackles a system that's been taxing work harder than taxing wealth," says ACTU president Michele O'Neil.

"This budget marks a shift that gives workers a fairer shot at housing stability through tax changes that will start to rebalance the rules."

The new measures are set to build on the stage 3 tax cuts already implemented and the new round of income tax cuts, which will take place from July 1 this year and July 1, 2027.

2. Low-income households

Beyond the new tax initiatives, the budget also outlined several changes the government argues will directly benefit low-income households.

From July 1, the Medicare levy low-income thresholds for singles, families, seniors and pensioners will be raised by 2.9%.

For example, the threshold for singles will increase from $27,222 to $28,011 and the family threshold will go from $45,907 to $47,238.

Income support payments like the Age Pension and JobSeeker will also continue to increase, but at the standard rate of indexation - not because of any new injection of funding.

Cassandra Goldie, chief executive of the Australian Council of Social Service, says that while many of the budgets' tax reforms are welcome, some Australians are still being left behind.

"People with the least, who are most in need of help, especially when cost of living is sky high, do not get the real increases they need in this budget."

3. Investors

Australians looking to invest in property or other asset classes like shares are likely to be relatively worse off in the years to come as a result of less advantageous tax settings.

That's assuming that the government's major amendments to capital gains tax and negative gearing announced in the budget are legislated.

"These changes reshape the incentives for every investor in Australia. Property, shares, crypto, collectibles - if you have an investment portfolio, this budget matters to you," says Susan Franks, Australian tax and superannuation lead at Chartered Accountants ANZ.

Investors may benefit from greater scrutiny of investment management schemes going forward though, with the budget allocating $17 million to ASIC and other bodies to enhance governance requirements, supervision and enforcement in the sector.

4. Future homebuyers

While many investors are unlikely to be happy with the changes around the capital gains tax and negative gearing, future homebuyers could stand to gain.

The government estimates that the reforms will support an additional 75,000 first homebuyers to purchase property over the decade thanks to increased supply and diminished competition.

Trent Saunders, a senior economist at the Commonwealth Bank, suggests that the tax changes are likely to have a relatively modest impact on both home prices and rent prices.

"The combined effect of the changes to negative gearing and the indexation of the CGT discount are expected to see house prices just under 3% lower than they otherwise would have been.

"Treasury estimates that rents could increase by around $2 per week for a household paying the current median rent, which is broadly in line with our estimates."

Elsewhere on the housing front, buyers will face less overseas competition, with the budget outlining an extension to the ban on foreign purchases of existing residential property until June 2029.

5. Older Australians

While measures related to tax and housing reform were presented as moves to address issues of intergenerational fairness for younger people, the budget was arguably more of a mixed bag for older Australians.

Some seniors and pensioners on lower incomes will benefit from increases to the Medicare levy low-income thresholds.

The government has also allocated $449 million to fund free RSV vaccines for all people aged 75 and over and Aboriginal and Torres Strait Islander peoples aged 60 and over through the National Immunisation Program.

However, millions of older Australians are likely to be worse off because of the government's decision to cut a private health insurance rebate for people aged over 65.

"We are particularly concerned about the impact of changes to the private health insurance rebate," says Patricia Sparrow, Council on the Ageing (COTA) Australia chief executive.

"If people drop private health cover altogether or reduce their level of cover because it becomes unaffordable, pressure simply shifts onto already overstretched public hospital systems.

"Older Australians are among the biggest users of healthcare and the rebate has helped many maintain their cover."

Reader question

I'm a single, 62-year-old renter in Melbourne living in a share house to keep my rent low.

I receive a carer's pension, as I'm caring for my daughter.

I have $900,000 in super (some from inheritance).

If I keep renting, I will have too much money in super to continue receiving the pension at 67, but not enough to live on for another 30 years.

If I want to continue on a pension, I could buy a home (for example, a unit), but prices are so high it would leave me with very little super for the next 30 years.

Retirement villages seem to have very high fees. I'm not sure what my best option is.

Any suggestions? - Sherri

Paul's response

I think that a lot here depends upon your daughter and her long-term needs, Sherri.

We are in Melbourne a lot; our youngest child lives there.

I don't know where you live, but I popped in 'two-bedroom, two-bathroom apartments with parking in the inner-city region' into a search engine. I set the filter at a maximum price of $500,000.

My thinking was that I would like you to own a home but have an amount in super that at age 67 would give you maximum, or at least a part age pension. A lot of options appeared in locations close to the city.

My experience, and one I think widely shared by Money readers and pensioners more generally, is that homeownership makes life a lot more certain and much more settled.

A home is also a good investment, and doesn't impact a future pension.

The extent of care your daughter needs and your carer support is fundamental to your decision.

You do have money going out in rent.

Homeownership would remove this expense. I'd encourage you to do your own research, based on your own needs and expectations, but my view is that owning a home will be a plus for you and your daughter.

It could also provide long-term security for her.

Maybe the foundation of a plan could be to own a home, while not jeopardising your carer or age pension.

You know best what your and your daughter's needs are, but I'd put homeownership into your thinking, while maintaining a reasonable super balance and allowing for future age pension options under the income and assets test.

What to read next

• Cooling prices haven't helped first home buyers
• Your step by step guide to buying your first home
• Renting? You may need twice the super to retire well
• Why one-off financial advice is so hard to get
• How to make money from your spare bedroom

Most Aussies have this cover... but don't know it

Compulsory employer-paid superannuation has been a gamechanger for Australians - and not just in terms of retirement savings.

About 75% of Australians who have life insurance hold it through 
their superannuation fund.

Super funds typically offer life and total and permanent disability (TPD) cover as default insurance. However, premiums are paid from members' super savings, so it is critical to look for a fund that offers value for money on cover to help maximise retirement nest eggs.

Our winner, Aware Super, has struck that balance, and it turns out size can matter when it comes to super funds getting a good deal on insurance for their members.

Why bigger super funds can mean cheaper cover

Belinda Nicholson, Aware Super's head of protect (insurance and claims), points out: "We're a very large fund, with about $210 billion in funds under management, and this scale helps us secure a good deal from insurers. These advantages mean we can give our members a great product that's easy to access and has low premiums."

Nicholson adds, "Insurance is a core part of how we support members' financial wellbeing, and our disciplined, member-first approach helps us deliver consistently strong value.

"Every Aware Super insurance claim is managed by a dedicated case manager, ensuring members and claimants receive prompt support and answers."

The insurer behind your super cover matters

Aware Super's insurance offering is backed by TAL, which has taken out several of our top life insurance awards in 2026.

Dan Taylor, general manager of group partnerships at TAL, says, "To be recognised alongside Aware Super is something we're incredibly proud of.

"We've invested in building a partnership grounded in a deep understanding of their membership, and these awards reflect our shared commitment to delivering real value."

Consumer advocate Super Consumers found one in four Australians is in the dark about the cover they have through super. If that sounds like you, contact your fund.

When facing redundancy, it's natural to have questions about what happens to your finances, including superannuation. One common question we often hear Australians ask is: "Is superannuation paid on redundancy?"

Understanding the rules around super contributions during redundancy can help you better navigate this challenging time.

Here, we explore your redundancy payment entitlements, whether super is payable on redundancy and provide suggestions to help you determine your next steps.

Redundancy payments in Australia - what you're entitled to

In Australia, redundancy payments are generally made when your job is no longer required due to business changes, such as restructuring, downsizing or closure. Redundancy entitlements often include:

• Severance pay - Also known as redundancy pay, this is a lump sum based on your length of service.
• Unused annual leave - Payment for any accrued annual leave, calculated based on your final pay rate. Keep in mind that unused sick leave is not payable upon redundancy.
• Notice period - If you aren't given the required notice period, you may receive pay in lieu of notice.

These payments are designed to support you financially as you transition to a new job or career path. However, it's important to know that redundancy payments are treated differently from regular wages when it comes to superannuation - so, is super payable on redundancy?

Is superannuation paid on redundancy payments?

Unfortunately, under Australian law, employers are generally not obligated to pay superannuation on redundancy payments.

Your redundancy payments (severance pay, unused annual leave and notice period) are considered "lump sum" payments rather than ordinary time earnings (OTE), which means they don't fall under the Superannuation Guarantee (SG) obligations.

The SG contributions are only mandated on your ordinary wages, such as your regular salary, commissions and some allowances. Since redundancy payments are not considered part of your OTE, they do not attract super contributions from your employer.

Exceptions to be aware of 

While employers are not obliged to pay super on redundancy, there are a few exceptions and considerations to be aware of to double-check whether super is paid on redundancy:

• Enterprise agreements or awards - Some employment contracts, enterprise agreements or industry awards might include terms that require super contributions on redundancy payouts. It's always worth checking the specifics of your contract or consulting your HR department to understand your entitlements.
• Voluntary contributions - If you're concerned about the impact of redundancy on your super balance, you may want to consider making voluntary contributions. This can help you stay on track with your retirement savings goals, especially if you anticipate a gap in employment. Options include making personal contributions or salary sacrificing in a future role.

Money - helping Australians determine what to do next with their finances

If you find yourself facing redundancy, it's important to understand your financial options. While redundancy payments provide immediate financial support until you find employment, they don't contribute to your retirement savings unless specified in your employment agreement.

For more information about superannuation and managing your retirement savings, explore the wide range of resources available at Money. Our guides provide up-to-date information to help you make informed decisions about your super.

Visit Money's Superannuation Learning Hub to learn more about superannuation, redundancy and how to stay financially secure through life's inevitable changes.

"Don't cry." That's what I told myself as I walked into the CEO's office the first time I was made redundant.

I knew it was coming. They'd given me a new job title which I have since been told is a sure pathway to redundancy land, easier to cut a role you've just created.

The CEO actually handled it spectacularly well. He was gracious and kind and understood when I said I had to leave, emotion getting the better of me.

When your job becomes your identity, the fall hits harder

I was so hurt. I had poured so much of myself into this job.

I'd helped them get nominated for ACRAs and had taken them to number one in the ratings. I'd given them so much, why was it so easy to discard me?

I was bruised. My ego was in tatters. I wondered who I was without the company.

I didn't realise how toxic it is to tie your worth to your employer. I'd made it part of my identity and that's what hurt most when they decided I was no longer needed.

For as long as I can remember, I've wanted to be a journalist.

But when people asked me back then what I did, I wouldn't say 'I'm a journalist'. I would say "I work at NOVA".

By the time I started my most recent job, I was different.

I'd promised myself I would never become unhealthily attached to a company like that again.

If your job becomes your identity, redundancy feels like losing yourself. The sooner you separate the two, the easier the reset.

The warning signs were there, but I didn't think it would be me

Seven years, three launched podcasts, awards and millions of downloads later, news started to filter through that redundancies were coming. It wasn't a total surprise.

Advertising revenue was falling, we'd already seen what it had done to the radio industry.

The company was also pushing AI like it was life or death. We were reassured that we weren't AI'ing ourselves out of a job, but it didn't stop the uneasy feeling.

Truthfully, I wasn't prepared for it to be me, at least not so quickly.

I'd been pulling extra time in the past year, filling in for a maternity leave colleague while holding down my own job and backfilling others. I felt like my role was needed.

But on April 21, I got a call to inform me that the restructure would be impacting my role.

Now I understand that legally, managers are restricted with what they can say at this moment.

But when you just desperately want clarity on whether you're being made redundant or not, they can't actually confirm it.

It's rage-inducing and the management speak strips away any humanity.

The moment it starts to unravel is louder than you expect

This is what happened inside my brain after I hung up:

"Agggggghhhhhhhhh!!!"

"Oh s**t, will I be able to pay my mortgage?"

"Who will hire me now?"

"How will we be able to afford to pay for things?"

"Ugh a new resume."

After some calls and a cry, the shock wore off quite quickly. I got myself together and started researching.

I looked up what my entitlements were and logged into my portal to check how much leave I had owing.

I'd been there for seven years, so I was entitled to 13 weeks' redundancy pay, plus a four-week notice period, which they would eventually pay out.

I would also have a payout for accrued annual leave and pro rata long service leave.

How your redundancy payout buys you time

That immediately made me feel lighter. I would have enough money to get me through at least a few months, during which I was pretty sure I could find something to do with myself.

It also made me realise I should always have money like that payout in my bank account for situations just like this.

My resume was so old. We lovingly curate them and then abandon them for years, I should have been keeping it updated.

Thankfully my company had trained me on AI so I used it to help me create a new one which I then promptly rewrote.

I've already got an interview lined up, but not being based in Sydney is making the job hunt a little harder to navigate.

I went remote during the pandemic and haven't been back in the office full-time since. Remote jobs like mine aren't easy to come by in 2026.

A new job also means a potential shift in routine and working hours as well as a new commute, not just for me but my family too. With a school-aged kid, that's really stressful.

I asked my direct manager to be my support person for the formal redundancy meeting, and I am so glad I did.

Choosing the right person to sit beside you while you're being told your world is about to change is very important. She was amazing.

I was asked to work for another two weeks, which I agreed to.

Why the last day felt so unsettling

Then I had the weirdest last day at work ever.

People are commiserating with you but also celebrating you.

The speeches made it feel like I was attending my own funeral. But being able to separate my emotions from my employer actually made this last day quite joyous.

I got to say goodbye to the working relationships I'd been enjoying for the better part of a decade, while knowing there would be friendships that endured beyond it.

What you need to tell yourself if and when you ever face redundancy, is that business will business, regardless of how much the company directors and your colleagues like you as a human being.

The important thing to know is that you are not defined by who employs you; you're defined by the work you do and the lasting impact that has on the people around you and those who consume the outcome.

Whatever I do next, know that I go into it without a skerrick of hard feelings towards my previous employer.

Redundancy sucks, doors close, onwards to find open ones.

If you need support

• Lifeline: 13 11 14
• Beyond Blue: 1300 22 4636
• Headspace (for under 25s): headspace.org.au/online-and-phone-support

On this episode of the Friends With Money podcast, managing editor Vanessa Walker is joined by senior journalist Tom Watson to break down the key financial measures outlined in the budget and what they mean for your money.

Episode timestamps

00:36 CGT discount overhaul

01:46 New CGT rules explained

03:20 Negative gearing shakeup

04:33 Housing supply measures

07:03 Working tax offset

08:43 Instant $1000 deduction

09:40 Trust tax minimum rate

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?

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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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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.

Residential property will be made less lucrative for investors as part of major reforms to the Capital Gains Tax (CGT) discount and negative gearing outlined in the 2026 federal budget.

Federal Treasurer Jim Chalmers argued in his budget speech that the changes - which are among part of a wider suite of tax reforms - are necessary to address inequality in the tax system and boost home ownership rates.

"This Budget includes the most significant tax reform package in more than a quarter of a century.

"We're delivering a fairer tax system for workers, for first home buyers and future generations. This will help rebalance a system which is more generous to assets than it is to labour."

So how will the existing Capital Gains Tax discount and negative gearing settings change? When will they change? And how will existing investments be affected? Here's what we know.

Capital Gains Tax discount

What are the existing rules?

Australian residents can currently reduce their capital gains by 50% when they sell an asset if they've owned it for at least 12 months.

This is what's known as the capital gains tax discount and it applies to a whole range of assets including property, shares, cryptocurrency, collectables and more.

What's changing?

Under the proposed reforms, the existing 50% discount will be replaced by inflation-based indexation and a 30% minimum tax on net capital gains.

The shift will mean that the effective tax rate paid by investors on capital gains will vary based on the nominal return, the inflation rate over the period that the assets have been held and the investors' marginal tax rate.

Who will be affected?

The new rules will apply to all asset classes eligible for CGT. However, Australians looking to invest in new residential property will be able to choose between having the 50% discount or the new indexation and minimum tax system applied.

As for timing, the changes will only apply to gains made from July 1, 2027. The existing 50% discount will still apply to any gains made on investments before that date.

What's the argument for reform?

The government argues that the CGT discount has overcompensated investors who have put their money into detached residential housing in recent decades, compared to those who have invested in other types of housing (like units) or assets like equities.

By reducing this incentive (along with negative gearing changes) the hope is that other investments will be made more attractive and investor interest in existing housing stock will be reduced, potentially benefiting those looking to get into the property market.

Negative gearing

What are the existing rules?

If the deductible costs associated with an investment (like interest on a loan) are greater than the income the asset produces, investors can offset their losses against their taxable income. This is negative gearing.

The strategy can be applied to numerous investments, but property is by far and away the most common, with Treasury suggesting that 98% of net losses from negative gearing come from property investments alone.

What's changing?

From July 1, 2027, losses made on residential property (except new builds) will only be deductible against rental income or the capital gains made from that property. Though excess losses will be able to be carried forward and offset against property income down the track.

In short, most new property investors won't be able to deduct losses against taxable income like their wages.

Who will be affected?

The changes only apply to residential properties acquired from 7:30pm tonight (May 12), meaning that existing property owners will continue to be able to make use of negative gearing until the property is sold.

New residential builds will be largely exempt, as will properties in superannuation funds and widely-held trusts. Commercial property and other assets like shares will also be unaffected.

What's the argument for change?

Behind the government's argument for reform is the idea that - together with the 50% CGT discount - negative gearing is giving some property investors unfairly generous tax breaks.

"For almost one in three properties sold in 2022-23 which were net negatively geared throughout the course of the investment, investors paid less income tax than they would have if they had not purchased the property at all - despite also turning a nominal profit," the budget papers note.

So, by removing the benefit of negative gearing on existing residential property going forward, the government hopes to redirect investor demand toward new housing to help increase supply.

What should you prioritise immediately after redundancy?

Two of the best things you can do for yourself when you've been made redundant are to stay connected with personal networks and industry colleagues and become visible on LinkedIn.

"It can be challenging to stay motivated and engaged but having a conversation with industry colleagues can make a difference - if colleagues know you are in the market and looking opportunities can come your way from areas you didn't expect," says First State Super talent acquisition consultant Russell Stoneley.

"It's particularly important to stay connected to former colleagues as some industries can be quite niche so you're potentially going to be crossing paths with those colleagues in the future.

How your network can unlock hidden job opportunities

"By keeping connected you're maintaining those relationships that can help you in the future when you least expect it."

Stoneley used his own redundancy, in 2015, as an opportunity to relocate to Melbourne from Queensland.

"For me it was more about making the connections in a new city, reaching out to industry-specific recruiters in Victoria," he says.

"I stayed motivated because I was keen to move and try something different. I focused on the positives not the negatives - it's just about being clear about the direction you want to go.

"Once you have that clear idea, do proactive searches for a particular employer or brand you are connected with, for example if you want to be in superannuation and know the super fund you are interested in  it's about targeting that employer or brand."

Why LinkedIn activity can fast-track your next role

Experts are united that LinkedIn is very important.

For connections you haven't met it's about giving enough detail that's important to you; if it's already a connection then it's good to maintain and foster that relationship once it's been established, says Stoneley.

Fastlane chief executive and career coach Deanna Lane says "LinkedIn is where everybody goes to find you and see what you're interested in and talking about."

"Review your LinkedIn profile, follow companies you admire and comment on posts that you like," she says.

"Even if you are not going to put out your own post, it's a good thing to engage with others."

Lane suggests people looking for work should make sure their CVs are up to date, look at their strengths and create a desired job description to match with jobs they see advertised.

Should you take time off or keep job hunting?

You don't have to focus full time on looking for a job, according to Simone Mears, chief executive at recruitment specialist Profusion.

"You need to find meaningful and purposeful work - and until you find it, you can do volunteer and charity work, whatever you are passionate about but you need to have something other than looking for a job," she says. "This takes the pressure off."

Some people will need a transition period before looking for their next role, says Mears.

"Taking time off now is normal, it's a clear decision to not look for a job until you've decided - this means not thinking about work or seeing people about jobs or sending your CV out, " she says.

"If you have decided to take time out you should do it.

"If you've decided to look for a job, don't look for work five days a week, it's soul destroying, maybe look three days a week and then have a four day weekend."

Mears suggests seeking support through a coach, partner, spiritual counsellor, or psychologist.

What recruiters really want to hear from you

When you're talking to people about a job, a mate, a headhunter or talent team, be clear about what you want, and this means knowing the job you want to do.

"Often people tell me they want to go somewhere there's a good culture or team - but I need to know the job you want," she says.

Think about the person in the market who has the job you want. Then consider your skills and what you need to do to get that job, including retraining.

Being rejected and not making a shortlist can be upsetting, but Mears says it's important to keep this knockback  in perspective.

"For you it's life but for them it's just business," she says.

A recent social media post from a mother whose son suffered a collapsed lung while backpacking through Thailand resonated widely online.

In it, she urged anyone with friends or family heading overseas to ensure they have a return flight booked and take the time to properly check their travel insurance policy, noting that without a return ticket, some policies can be completely invalid.

While her son was fortunately covered for his surgery under a separate policy, the post raised an important question many travellers may not have considered.

Do you actually need a return flight booked to be covered by travel insurance? Here's what you need to know.

Do I need a return flight to qualify for travel insurance?

While having a return ticket is preferable, most insurers will still provide cover if you can demonstrate an intention to return home before or on your tentative end date.

Without a return ticket, insurers need to establish that you are genuinely travelling rather than residing overseas and using a travel insurance policy as a low-cost substitute for health insurance, which is not permitted.

It's not about denying cover unfairly, but ensuring you have the right policy for your circumstances.

I haven't decided on a return date. Can I select one and amend it later?

In most cases you can nominate an estimated return date and adjust it once you're overseas, provided any extension is arranged before your policy expires.

However, extensions will come at an additional cost and may not always be guaranteed.

Most travel insurers can only sell policies for a 12-month period so if you're travelling long-term make sure you do your research in advance.

What if my trip is open-ended?

If you don't have a return ticket or a set return date, one-way travel insurance may be the right option.

It covers a range of unforeseen events before your departure, during your flight and for a period of your time away, though in some cases cover ends once you've passed through immigration at your final destination.

Some insurers do offer a period of cover at your destination, but it's important to check the terms of your specific policy before you depart.

What are typical conditions of a one-way travel insurance policy?

• You must be an Australian citizen
• Your trip must generally start in Australia
• After purchasing your policy a short waiting period may apply for medical claims
• Age restrictions apply, as with most travel insurance policies
• Pre-existing medical conditions must be disclosed
• Some policies expire between 24 hours and 7 days after arrival at your destination, so always check the fine print

What about emergency repatriation?

If you require emergency repatriation to Australia, insurers will typically use your return ticket to get you home.

On a one-way journey, you may be required to contribute the equivalent cost of an economy return fare.

What if I'm moving abroad or travelling for an extended period?

Most standard travel insurance policies cover you for up to 12 months, and in some cases 18 months.

If you're relocating overseas for longer than a year, consider a one-way policy for your initial travel period and then explore coverage options in your host country.

Keep your policy current and read the fine print

If you extend your trip, don't forget to extend your policy. Cover ends on the date listed in your certificate of insurance.

If you remain overseas beyond that date without notifying your insurer, your cover will lapse.

One-way travel insurance policies can vary significantly between insurers.

Before you depart, make sure you fully understand what your policy covers and when it ends.

If the government cuts the current 50% CGT discount to 33% or even 25%, investors, ETF holders and even crypto investors are likely to be hit too.

This changes the equation for millions of Australians because, unlike property, the sharemarket is often the only realistic entry point for younger Australians trying to build wealth.

Many cannot afford investment properties, so they turn to shares, ETFs and long-term investing to get ahead outside of wages alone.

Now that path may become far less attractive.

Australians already take risks by investing their capital and bearing the losses when markets fall. Yet when they finally make a profit, the government now wants a larger cut of the reward.

The irony of this is hard to ignore.

Years of excessive government spending helped fuel inflation, which pushed interest rates higher and crushed household budgets.

Now, after Australians have already been squeezed by rising living costs, the proposed solution appears to be taxing investment gains even harder.

So, what does the change to CGT mean for investors? If the reward for holding long-term keeps shrinking, Australians may start questioning why they should sit through major downturns just to receive less favourable tax outcomes at the end of it.

The traditional buy-and-hold no matter what approach may become harder to justify.

Instead, this could push more investors toward becoming active risk managers rather than passive holders.

Protecting capital during major market downturns, taking profits when markets become overheated and managing tax outcomes more strategically may become increasingly important.

Because once investing becomes less rewarding, people do not just make fewer trades; they start changing the entire way they invest.

Whether you are young or nearing retirement, Australians who have never thought about actively managing their investments may soon be forced to learn because in this environment, simply holding and hoping may no longer be enough to maximise long-term returns.

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

The best-performing sectors include Materials, up more than 4%, followed by Financials, up more than 2% and Industrials, up more than 1%.

The worst-performing sectors include Energy, down more than 6%, followed by Consumer Staples and Utilities, both down more than 2%.

The best-performing stocks in the ASX top 100 include Capricorn Metals, up more than 15%, followed by IGO Limited and Greatland Resources, both up more than 9%.

The worst-performing stocks include Light & Wonder Inc, down more than 10%, followed by A2 Milk, down more than 9% and Woodside Energy, down more than 7%.

What's next for the Australian stock market?

The All Ordinaries Index bounced back strongly this week with a solid gain of more than 1.5% by Thursday's close.

More importantly, the index once again found support around the 8900 level and refused to trade lower, which is a reassuring sign for the broader trend.

The week actually started off subdued, but momentum built significantly in the latter half as oil prices eased and renewed hopes of a ceasefire in the Middle East lifted investor sentiment.

This is exactly why I have continued to view this pullback as more of a manufactured crisis rather than a fundamentally broken market.

The headlines have certainly created fear, but underneath it all, many Australian companies remain in strong financial shape.

What is also helping our market is the continued strength in commodities, which is providing a much-needed tailwind for the Australian economy and the sharemarket alike.

That was reflected again this week, with the Materials sector leading the charge, while Energy pulled back sharply as oil prices cooled.

Once again, the market now turns its attention toward the key 9200 level.

This has become the major battleground for the All Ords, but there is an interesting characteristic about markets worth remembering, and that is the more times price tests a resistance level, the more likely it is to eventually break through it.

Each test tends to weaken the sellers sitting there, and if momentum continues to build, the market may finally have enough strength to push through.

One thing to be mindful of, however, is seasonality.

May has already significantly outperformed its historical average, and June is typically a softer month for our market, which could slow things down a little.

Right now, this feels like a catch-up rally after the sharp sell-off earlier in the year.

The broader picture remains constructive.

The market appears to be recovering, and this could very well be the turning point many investors have been waiting for, assuming, of course, we do not see a major escalation overseas.

I would also keep a close eye on China, because any stabilisation or recovery there could become another important driver for our miners and resource sector moving forward.

After the volatility we have had this year, it is worth appreciating the small wins.

The market is holding up far better than many expected, and that says quite a lot about its resilience.

Rate hikes return, so is it time to switch lenders?

Three consecutive rate hikes have wiped out 2025's rate cuts.

But homeowners don't have to just bear the extra cost.

Yes, you may be able to haggle with your lender for a rate discount.

But for a lower rate rate, it can pay to think about refinancing - especially if you look beyond the big banks.

At the time of writing, some of the best rates across the four major banks include:

• 5.84% - CommBank Digi Home Loan 5.84%
• 5.74% - Westpac online offer - Flexi First Option home loan
• 6.19% - NAB Basic variable rate
• 6.14% - ANZ Simplicity PLUS

If you're prepared to look further afield, you could get rates as low as:

• 5.59% - Pacific Mortgage Group
• 5.59% - Virgin Lite Home Loan
• 5.69% - Greater Bank
• 5.74% Reduce Home Loans

Some of these lenders, such as Reduce Home Loans, also offer a cashback sweetener for refinancers.

Property research group Cotality says that there is potential for further rate hikes ahead.

It could make now the time to see how your home loan rate shapes up.

Mother's Day spending jumps, even with cost pressures rising

Tomorrow, May 10, is Mother's Day, and despite rising living costs (and higher interest rates), Aussie mums look set to be spoiled.

ANZ Bank reveals customer spending remains resilient year-on-year.

In 2025, for example, ANZ customers spent $592 million nationally over the Mother's Day weekend, an increase of 6.6% on 2024.

Dining out proved the most popular way to celebrate, with spending also rising on travel for mums (up 15%), watches and jewellery (up 11.9%), and florists (up 7.81%).

ANZ's managing director of data and analytics, Joanna Gurry, says the data underscores Australians' enduring commitment to celebrating mums.

"Aussies love to spoil mum. Mother's Day remains a key moment on the retail calendar, with customers showing their appreciation through both traditional gifts and shared experiences."

ATO cracks down on dodgy tax tips ahead of June 30

As the clock ticks towards June 30, the Australian Taxation Office (ATO) is warning Australians to be wary of incorrect or misleading information, particularly claims promising greater refunds, shortcuts or hacks.

The ATO reports a rise in tax-related content and 'tips' being shared online.

ATO Assistant Commissioner, Anita Challen, says Australians should "think twice" before acting on information from artificial intelligence (AI) platforms, 'finfluencers', and even family or friends.

"In an environment where misinformation can spread within minutes, it's important to pause and check your tax information before you act on it," says Challen.

"Dodgy tax advice doesn't just mislead - it can also lead to significant penalties."

This tax time, the ATO will focus on areas where taxpayers are likely to make errors including work-related deductions and expenses, and omitted income.

"We understand apportioning expenses can be tricky," says Challen. "But don't fall into the trap of thinking if you intentionally claim a little more than you are entitled to, it'll fly under the radar and that the ATO won't notice."

The ATO is also reminding taxpayers to declare all sources of income including side-hustles, cash jobs, interest and rental income.

Savings hit record highs, but are you missing better rates?

Aussies are thumbing their nose at higher living costs by saving more - not less.

The latest figures from bank regulator - the Australian Prudential Regulation Authority (APRA), show Aussie households have amassed $1729 trillion in savings, up from $1682 trillion in December 2025.

Trouble is, we may not always stash cash in accounts that pay the highest return.

CommBank dominates the savings account market, with around $447,808 million of household savings.

But smaller banks can offer very compelling rates on spare cash.

As at early May, Rabobank is offering a 5.65% bonus rate.

Ubank is paying 5.60%.

ING is paying 5.65%.

These rates can come with strict terms and conditions to earn bonus interest. And some may be introductory offers. But now is the time to shop around and make your money work harder.

Banks on standby to support Aussies facing financial pressure

Over 80% of home loan borrowers are still ahead on their loan repayments and household deposits remain at record levels.

That said, Financial Counselling Australia (FCA) says the May rate hike will intensify financial pressure on households with mortgages who are already struggling.

However, homeowners don't have to suffer in silence.

The Australian Banking Association (ABA) is urging home owners with a mortgage to get in touch with their bank if they need support.

ABA CEO Simon Birmingham says, "Australian banks recognise that this week's interest rate rise will be difficult news for many households.

"You don't have to tough it out on your own - get in touch with your bank."

Depending on individual circumstances, assistance may include:

• Moving to interest-only payments for a period.
• Deferring payments temporarily.
• Restructuring the length of a loan to lower monthly repayments, and
• Providing flexible access to savings and term deposit products to support short-term cash flow needs.

The key is to act fast - certainly before you miss a repayment, which can leave a black mark on your credit record, potentially making it harder to refinance to a lower rate.

Generation Development Group (GDG) is positioning itself as a key player in Australia's wealth and retirement landscape.

Formerly known as Austock, GDG has expanded into a diversified financial platform across investment bonds, managed accounts and retirement longevity solutions.

Changing legislative and demographic trends are reshaping the advice landscape, opening opportunities for providers with innovative solutions.

Why investment bonds are quietly making a comeback

The constant tinkering with superannuation, including the recent Division 296 superannuation tax change, is prompting a reassessment of tax-effective wealth management strategies.

Within this context, investment bonds are undergoing a quiet renaissance, increasingly recognised as a tax-effective savings vehicle with flexibility for estate planning and intergenerational wealth transfer.

Are tax changes reshaping wealth strategies?

In our view the market growth opportunity appears to be significant as investment bonds move into the mainstream.

Industry estimates suggest more than $180 billion could flow out of the superannuation system in the coming years as a result of Division 296 tax changes.

Even a low-single digit re-allocation to investment bonds could represent a material uplift for a market that is estimated to be between $10-15 billion today.

This is before considering the several billion dollars contributed via non-concessional super contributions each year.

What the $180 billion super shift could unlock

Momentum is already building, with GDG recording accelerating gross inflows, up 58% over the last 12 months.

Potential changes to CGT discounts and negative gearing, if enacted, may further enhance the relative appeal of investment bonds.

Opportunities in managed accounts

Managed accounts are becoming a core mechanism for delivering wealth advice.

Recent estimates from Barrenjoey suggest managed accounts make up approximately 15% of total assets under advice in Australia, which is significantly below more mature markets, such as the UK, which may provide a runway for ongoing growth.

Why advisers are moving to managed accounts

GDG has established itself as one of the leading providers in managed accounts following the acquisition and integration of Evidentia and Lonsec Investment Management, with ~11% market share of a $256 billion sector by the end of 2025.

Inside the $256 billion market most investors overlook

The combination of two leading brands creates a scaled proposition to licensees and advisers across customised and ready-made solutions.

In a competitive market, leadership provides the scale to reinvest in product development, practice management, adviser engagement and data analytics.

While growth is unlikely to be linear, as the timing of flows can be lumpy, the current pipeline of opportunities provides support for a positive outlook over the short to medium term.

How GDG built an 11% share in a fast-growing sector

Tailwinds across GDG's product verticals continue to strengthen.

Over the medium term, we estimate that FUM growth could compound at 20-25% across investment bonds and managed accounts.

Could retirement products be the next big opportunity?

Retirement longevity solutions also remain a long-term opportunity.

The strategic partnership with BlackRock to develop new products has the potential to become a new growth driver, which we believe has little to no value ascribed to this opportunity yet.

For a capital-light business with strong unit economics, durable earnings growth and a highly motivated management team, we believe GDG can sustain multiple years of strong earnings growth.

On an FY27 P/E multiple of 25x, we believe the valuation has become more attractive relative to consensus EPS growth expectations of 23% over the next three years.

ESG isn't disappearing. It's adapting.

If you spend enough time in the responsible/ethical/sustainable investing world, you'll live through periods of strong inflows followed by moments of hesitation as investors lean in or pull back from investing in various shades of green.

During my time as a reporter and editor at FS Sustainability, I saw several of these cycles play out.

They were driven by shifts in policy, global crises like the GFC and COVID, domestic tragedies like the Black Summer bushfires of 2019-2020, alongside the maturation of the industry as it grappled with greenwashing and accountability.

ESG investing cycles are nothing new

Now in my current role as stewardship manager at U Ethical, the question I'm often asked is whether rising cost-of-living pressures and geopolitical volatility, most recently highlighted by the closure of the Strait of Hormuz, will cause investors to turn away from ESG.

As always when it comes to ethical/responsible/sustainable investing, the answer is a hearty "it depends."

According to Morningstar's Global Sustainable Fund Flows - Q4 2025 report, Australia and New Zealand sustainable funds saw inflows of US$400 million in net inflows during that quarter, noting "this continued the momentum from the third quarter's roughly US$ 330 million, bringing total net inflows for 2025 to around US$ 730 million".

ESG fund flows are shifting, not falling

However, those flows weren't evenly distributed.

Passive sustainable funds attracted US$660 million, while active strategies experienced outflows of US$260 million, with investors also showing a preference for fixed income. In other words, capital is rotating but not retreating.

Investors are recalibrating how they express their values alongside their investment objectives.

Fascinatingly, Australian consumers are connecting the dots between volatility in global oil markets, increased cost of energy and fuel and the possibility of managing this risk and are doubling down on rooftop solar backed with batteries.

Last year, the federal government introduced the Cheaper Home Batteries Program, which offers significant discounts for the upfront cost of installing small-scale solar battery systems in households.

The same dynamic is playing out across markets: money is moving, not leaving.

Households are already shifting their behaviour

The program proved so popular that in less than one year, Australia's residential battery capacity doubled and more than a quarter of a million units were installed across the country, according to the ABC.

This is a tangible example of values and economics aligning: investing in renewable infrastructure is not just an environmental decision, but a financial one.

Meanwhile, 2026 is the first full year where large entities like the big end of the ASX and financial institutions will report against mandatory climate-related financial accounting standards, meaning that taking climate into account when assessing risks and opportunities is no longer a nice to have, but the baseline.

ESG investing now extends beyond climate

Of course, the energy transition is only one dimension of ESG. Investors continue to engage across the full spectrum of environmental, social and governance issues.

At U Ethical, our philosophy remains unchanged.

We assess ESG factors as both risks and opportunities, focusing on those that are financially material to each company, and prioritising engagement where we can have the greatest impact consistent with our broader ethical framework.

Importantly, conversations with investors, advisers and researchers suggest that values-led considerations remain front of mind.

We are regularly asked about the implications of AI for valuations and inequality as well as impacts on hiring and the future workforce, biodiversity and nature-related risks, and modern slavery within global supply chains.

Demand for ESG is evolving, not disappearing

So while financial returns remain paramount-as they should be-demand for responsible and ethical investing has not disappeared. It has evolved.

Or, to borrow from Talking Heads: "the same as it ever was, the same as it ever was."

The supermarket's middle aisle might usually be a mix of impulse buys, from power tools to slippers, but once a year it turns into something closer to a budget ski shop.

And for plenty of Australians, it's worth lining up early to get in.

That's because the value is hard to ignore. Aldi says nothing in its 50-piece snow range is priced above $100, and some items cost less than $5.

In practical terms, you can kit out an adult for around $255, or get a child fully geared for about $187.

But there's a catch. Stock is limited, sizes can be patchy, and some items are gone within hours. So if you want to land a bargain, timing and strategy matter just as much as price.

Here's what to know before you go.

Prices are far below big brands

This is the main reason the sale has built a loyal following. Jackets, pants and thermals cost a fraction of what you would pay at a dedicated ski retailer.

For casual skiers, or anyone trying the sport for the first time, the ability to spend a few hundred dollars instead of well over $1000 is a big draw.

It lowers the barrier to entry and makes a snow trip far more accessible.

You can build a full outfit in one shop

The range is designed to cover the essentials. You will find jackets, snow pants, thermals, gloves, goggles and socks in one place.

For someone heading to the snow once or twice a year, that is usually enough. You do not need to overthink technical specs, and you can get everything sorted in a single visit.

More experienced skiers may find the range limited, especially if they are chasing specific features or premium materials.

But for most people, this is about practicality and value, not extreme performance.

The quality is better than you might expect

Aldi's snow gear has improved its reputation over time, and the numbers back that up.

Jackets and pants are typically rated to 12,000mm waterproofing and 10,000g breathability.

In simple terms, that sits in the mid-range. It is suitable for general snow conditions and moderate activity, keeping you warm and dry on standard resort days.

If you expect heavy snow, rain or more demanding conditions, you may need higher-spec gear. But for the average holiday, Aldi's offering is considered solid for the price.

The trade-off is consistency. Because it is a seasonal range, sizing can be hit or miss, and once stock sells out, it is not restocked.

The sale date matters more than you think

This is not a sale you can leave until the weekend after launch. Popular sizes and key items can disappear quickly, sometimes within hours.

That is why seasoned shoppers plan ahead, know what they want and arrive early on launch day. Turning up late or browsing casually can mean missing out entirely.

It is also easy to get distracted in-store, but this is one time it pays to stay focused and shop with intent.

There is a new way to buy, but it is limited

For the first time, some Aldi special buys will be available through the DoorDash delivery app.

That means you can order some items from the comfort of your couch instead of joining the pre-opening queue.

But don't put the car keys away yet. Aldi says this is only available for a limited range of smaller items like gloves and socks.

There is a backup plan if you miss out

If you do not manage to get what you want on launch day, there is still a potential second chance.

The Aldi store in Cooma, near the Snowy Mountains, has historically received leftover snow gear later in the season. If you are travelling to the snow in July or August, it can be worth checking in.

It is not guaranteed, but for flexible shoppers, it is another way to pick up a deal after the initial rush.

Why shoppers keep coming back

Aldi's ski sale sits in a sweet spot. The gear is affordable, good enough for most conditions, and easy to buy in one go.

The trade-off is scarcity. Limited stock, unpredictable sizing and high demand mean not everyone gets what they want.

For some, that is part of the appeal. For others, it is the main frustration. Either way, if you are planning to rely on Aldi for your snow trip, it pays to go in with a plan.

Reader question

Hi Paul,

What is the best option to invest for our children's education?

In the past my folks had a specific education saving or investment set up for me and my brother.

This does not appear to be an option with the major providers that I can find.

So far we have looked at ETFs, bonds set up in each child's name so we can claim the tax benefits, and simply setting up an offset account on our mortgage, which saves us in interest but doesn't have a growth option like investing.

Are there better managed options we can investigate?

We are looking to start with $20,000, $10,000 per child, plus monthly contributions.

We are not anticipating redrawing for a minimum of five years when the eldest starts high school.

PS. Our financial adviser was not much help for this one.

Paul's response

Hmm, I'm not impressed with your adviser, Haydn.

Investing for children may not make an adviser much in the way of fees, but it is a wonderful conversation.

We're talking about setting children up with money for the future but, more importantly, starting a conversation about saving, investing, compound interest and overall financial literacy.

That is one of the best skills we can give kids and grandkids.

This is a personal view, but with our kids and now grandkids, we prefer to invest as trustees for them using low-cost ETFs.

Another option my wife and I like is listed funds, such as Future Generation Global or Future Generation Australia.

What I like about these two funds is that the board and managers work on a pro bono basis, and 1% pa of net assets is donated to youth mental health.

Maybe this is an opportunity to teach your kids about something that is a responsibility of those of us who have done okay with money, to help others.

Our government cannot do everything.

A final idea, and one where I am totally biased, is Fundlater, a product offered by InvestSMART. My bias is that I chair the company and own shares in it.

But I think it is a great idea.

We've done this for our four little granddaughters.

You invest $4000 into Fundlater, we chose the ethical option, and InvestSMART adds $6000. This is paid back in $300 monthly amounts over 20 months. There is no interest, but there is a monthly account fee.

Once the app showing the four accounts is up, and while the little ones are too young to be involved, I do enjoy showing our adult kids how the grandkids' money is doing.

Extra money can be added at any time, such as birthdays, or you can add another $4,000 and off you go again. Clever idea, I wish I had thought of it.

Sure, bonds are also a simple option.

The real point here is no matter which way you go, you are doing something, and this is the real issue.

My parents did this for me and my sister and the money helped hugely with starting my business when I was in my late 20s.

It was also a topic of conversation over the dinner table a few times a year and developed my interest in money, which became my career.

What to read next

• Ask Paul: How to invest for our grandchild in Australia?
• Why parents are turning to bonds for kids
• Can I set up a super fund for my kids?
• How to help your kids manage an after-school job
• Public v private: How to plan to afford school fees

Australia's generous electric vehicle tax break is being wound back, shifting from a full FBT exemption to a phased reduction that will reshape the economics of novated leases.

Currently, many EVs provided through salary packaging or novated leases can be completely exempt from FBT, which has been a major driver of uptake.

What is changing with EV FBT exemptions in Australia?

Under the proposed changes:

• From April 2027, the full exemption will be restricted, particularly for higher-priced vehicles
• Vehicles above around $75,000 will no longer receive the full exemption, instead moving to a partial (around 25%) FBT discount
• By April 2029, all eligible EVs will lose the full exemption and instead receive only a reduced FBT concession

Importantly, existing arrangements - particularly novated leases already in place - are expected to be grandfathered, meaning current users won't be retrospectively impacted.

Who loses the most from the FBT changes?

The biggest impact will be felt by:

• Employees using novated leases, where the FBT exemption has been a key financial advantage
• Higher-income earners, who have disproportionately benefited from the scheme to date
• Buyers of higher-value EVs, especially those above the $75,000 threshold

The reason this matters is that the FBT exemption has been worth thousands of dollars per year in tax savings under a novated lease. Removing or reducing that benefit will directly increase the after-tax cost of running an EV through salary packaging.

In practical terms, this could mean higher lease costs, reduced salary packaging benefits and a narrowing of the financial gap between EVs and traditional vehicles.

Should you buy or lease an EV before 2027?

Timing is becoming critical.

For Australians considering an EV, acting sooner rather than later may lock in the current, more generous tax treatment - particularly if entering into a novated lease before the rules change.

Waiting until after April 2027 could mean materially lower tax benefits, especially for mid-to-high priced vehicles

This creates a potential "pull-forward" effect, where demand increases in the short term as buyers try to secure the full exemption before it is scaled back.

However, it's also worth noting that EV purchase prices are gradually falling and running costs remain significantly lower than petrol vehicles.

So while tax benefits may reduce, the overall value proposition doesn't disappear.

Will EVs still be cheaper than petrol cars?

Even with the changes, EVs are still likely to remain relatively tax-effective, but the advantage will be less pronounced.

A 25% FBT concession is still meaningful compared to the full FBT liability that applies to petrol or diesel vehicles.

EV also continue to benefit from lower running and maintenance costs, which sit outside the tax system.

For many users, particularly high-kilometre drivers, the total cost of ownership may still favour EVs

That said, the changes do signal a shift from "highly tax-driven decision" to more of a balanced cost and lifestyle decision.

Are EV tax breaks being removed completely?

One of the biggest misconceptions is that the EV tax break is being completely removed - it's not. It's being scaled back, not scrapped entirely.

Other key points people may overlook:

1. Grandfathering matters

Many existing arrangements are likely to be protected, so current lease holders may not be affected at all.

2. Not all EVs will be treated equally

Higher-priced vehicles will lose access to the most generous concessions first, which is a deliberate policy shift toward more "affordable EVs."

3. The tax benefit was never the whole story

Some buyers have focused heavily on the FBT exemption without considering:

• Running costs
• Charging infrastructure
• Resale value

4. Behavioural risk

There's a risk that some people rush into a novated lease purely for tax reasons without fully understanding the long-term financial commitment.

Conclusion

The FBT changes mark a transition from very generous, early-adoption incentives to a more targeted and sustainable policy.

For taxpayers, there's still a window to access the current benefits but the decision should be based on overall economics, not just tax savings.

For the market, EVs are likely to remain attractive but less of the decision will hinge on tax - and more on cost, practicality and long-term value.

For many investors, the word stagflation sounds like something best left in an economics textbook.

It may conjure memories of the 1970s when oil shocks, stubborn inflation, weak growth generated a market environment that challenged the standard playbook.

Australia battled double-digit inflation throughout most of that decade.

This story sounds familiar.

The combination of sticky inflation, a softening US labour market and rising fiscal strain across developed economies is pushing that era back into view.

Add a conflict that threatens global energy supply chains and you have a set of conditions that should prompt every investor to ask a serious question: does my portfolio reflect the world as it is, or the world as it was?

Stagflation is an uncomfortable mix.

Inflation stays higher than expected, while economic growth slows and confidence weakens. It is challenging because the usual policy responses can work against each other.

Cutting rates to support growth can risk reigniting inflation. Keeping policy tight to tame prices can put more pressure on households, business activity and markets. For investors, that means there is less room for complacency.

What is stagflation and why does it matter now?

The era of low inflation, strong growth and abundant conviction is behind us, at least for now.

What is emerging instead is a far less comfortable regime, where inflation remains sticky, growth is uneven.

Stagflation appears as the base case, a Goldilocks scenario of low inflation and high growth is not on the cards, with the best case being an awkward middle in which growth is uneven and conviction is low.

Understanding how portfolios performed during the last major stagflationary period can help investors think more clearly about the risks today.

What assets perform best during stagflation?

1. Gold tends to earn its keep when confidence in the broader system starts to erode

Gold was the standout of the decade, rising from around US$35 per ounce at the start of the 1970s to over US$500 by 1980.

Gold has been in the news recently for good reason. In periods of sticky inflation, policy uncertainty and geopolitical tension, gold can behave differently to other commodities because it is also a currency and a store of value.

It has been one of the standout performers in the current cycle, supported by central bank buying, investor demand and a renewed focus on portfolio diversification. Gold, and the companies that mine it, can play an important role when confidence in traditional financial assets is being tested.

2. Real assets matter

In a world where inflation proves sticky, owning assets with some linkage to prices can make a difference.

Toll roads, pipelines, utilities and airports tend to carry revenues explicitly or implicitly linked to inflation - when prices rise, so too, over time, do their cash flows.

In the inflationary period that followed COVID, specifically in calendar year 2022, global listed infrastructure outperformed broader developed market equities.

The logic is unchanged: assets with genuine pricing power, long-dated cash flows and inelastic demand are exactly what you want to own when inflation erodes the real value of everything else.

3. 'Value' companies outperformed

This may surprise investors conditioned by fifteen years of growth dominance, but the logic holds.

When inflation is elevated and discount rates rise, the present value of distant future earnings falls sharply.

Growth stocks, priced on earnings many years out, are disproportionately exposed. Value stocks tend to earn their returns sooner and cluster in sectors, materials, energy, financials, that benefit from inflation rather than suffering under it.

Is today's stagflation different from the 1970s?

It's worth noting that today's inflation has different drivers: tariffs, geopolitical fragmentation and energy supply disruption rather than pure oil shock. Central banks have more established frameworks.

Technology has introduced genuine productivity tailwinds.

But the underlying portfolio logic remains sound.

In periods where inflation is sticky and growth is below trend, owning assets with real cash flows, pricing power and inflation linkage can prove powerful.

Investors can no longer rely on the assumptions that defined the most recent cycles.

Simply riding the benchmark is unlikely to be enough from here.

Over the past five years, benchmark indices in Australia and the US have been driven higher by a narrow group of mega-cap stocks, creating a level of concentration that leaves passive investors more exposed than they may realise.

The next wave of equity opportunities is likely to come from outside those mega-caps, and it will demand a different set of exposures than the last five years.

History may not repeat.

But for those paying attention, it tends to rhyme. And there are opportunities for those who see that.

While fewer marriages are ending, women who separate continue to face far greater financial insecurity, housing risk and social stigma than men.

According to the Australian Institute of Family Studies, Australia's divorce rate fell to 2.3 per 1,000 people in 2023, the lowest level since the mid-1970s.

Divorce and divorcees are accepted as a part of modern life, and Australians are marrying less and being more intentional with who they choose to marry.

Yet women continue to carry the burden of the social stigma associated with marriage breakdown. Just like the women of the generations before them, they are also the ones most likely to be financially bereft following a divorce.

Divorce has never been equal for women

From the 19th and early 20th centuries, exclusion was the name of the game for divorced women.

Shunned from social circles and left without financial support, women who were brave enough and determined enough to obtain a divorce frequently lost custody of their children and were left destitute, as few worked outside the home.

For most of the population, especially women, divorce was close to impossible to obtain.

Laws overwhelmingly favoured men, who could divorce their wives for adultery in Victorian England. Women, on the other hand, were required to provide proof of adultery plus another transgression such as cruelty, incest or desertion.

Things did not improve through the mid-20th century, when divorce was widely viewed as a ruinous event for women. In countries where it was permitted, divorced women were judged, shamed and left financially and socially vulnerable.

In the lead-up to the introduction of no-fault divorce in 1976, which also happened to be the year marriage dissolutions peaked, women were in a stronger position to support themselves.

Women were more prevalent in the workforce and able to own property, vote and achieve financial independence.

However, women were still not spared the stigma of divorce. Viewed with suspicion and even regarded as a threat to married women, divorced women were often depicted in popular culture as pitiable, lonely or desperate for remarriage.

Why modern divorce still hits women harder

Today, divorce is commonplace, yet women continue to disproportionately carry the stigma attached to relationship breakdown.

Common tropes persist, with women accused of taking half of everything or labelled callous "gold diggers" who deliberately keep children from their fathers.

AIFS data shows the reality is very different. The social and financial divorce penalty still bites women harder.

Following separation, women's standard of living falls significantly, with women and children far more likely than men to experience financial hardship after divorce. Repartnering remains a key pathway out of financial difficulty for many divorced women and their children.

Divorce and separation frequently lead to homelessness for women, particularly older women, who are now the fastest-growing cohort of homeless Australians.

Those who have spent time out of the workforce raising families are often left in a precarious position after a marriage breakdown.

At every stage of life, women are more likely to be financially disadvantaged after divorce. Against this backdrop, the low divorce rate of 2.3 per 1000 people must be viewed in its broader social and economic context.

Low divorce rates do not mean happier marriages

The stigma once attached to blended families, second marriages and de facto relationships has largely faded, and fewer Australians are getting married in the first place.

Women are more independent than ever and increasingly expect equality within their relationships. As elsewhere in the world, the average age of marriage has risen.

Globally, divorce rates have plateaued or declined, from the United States to Sweden and Denmark, once described as "divorce capitals".

But fewer divorces do not necessarily mean happier marriages.

Australia's housing affordability crisis, combined with inflation, stagnant wages and persistently high living costs, has placed a prohibitive price tag on separation.

Domestic, family and sexual violence further compounds this reality. Countless women remain in harmful, unsafe or unfulfilling relationships because they feel they have no viable alternative.

Separation is often the most dangerous period for a woman escaping violence, raising the stakes and reinforcing the sense that leaving is simply too risky.

The real financial cost women pay after separation

At face value, divorce can appear to be largely about legal fees.

In reality, an underfunded court system burdened by delays, combined with the housing crisis and cost-of-living pressures, discourages many couples from separating at all.

Because women are more likely to have interrupted careers due to caregiving, they tend to have lower superannuation balances, less career capital and fewer advancement opportunities.

After divorce, men are more likely to remain in full-time work, while women juggle part-time employment with ongoing childcare responsibilities.

The numbers are stark. Women's household incomes fall by up to 29% following divorce, compared with around 5% for men. Men are also far less likely to fall below the poverty line.

Divorce can still represent freedom for women escaping unsafe and harmful relationships, but the system extracts a heavy and gendered price.

As primary caregivers, many separated women lose income security, housing stability and retirement prospects. Too often, they and their children lack adequate support to recover from trauma.

As a society, we must recognise that falling divorce rates do not always equate to good news. Systemic barriers must be dismantled, and meaningful support provided to those who would otherwise escape unsafe relationships.

Until it is genuinely safe for women to leave, Australia's low divorce rate should be seen for what it is, a reflection of the inequality that continues to define divorce for women.

Even before the conflict we're seeing in the Middle East and the associated disruptions to oil supply and petrol prices, inflation was persistent and well above the RBA's target range of 2% to 3%.

Australians are feeling the impact of rising prices in their hip pockets, and this has more serious implications for retirees and others who rely on investments for income.

We're already seeing prices rise across many areas - not just fuel, and the Reserve Bank of Australia (RBA) is warning inflation could surge above 5.0% this year.

This has the potential to leave retirees considerably worse off, particularly if their income is fixed, and not responsive to inflation.

High inflation erodes the value of returns

Inflation is already sitting at 3.7%, which has fuelled recent rate hikes, and while it's easy to assume higher interest rates are a plus for retirees, this doesn't paint the full picture.

Inflation reduces 'real' (after-inflation) investment returns. Put simply, the income you receive buys less than it used to.

Think of it this way.

Right now, it may be possible to earn around 5.0% on bank deposits. This may sound attractive. However, when we allow for inflation of 3.7%, the 'real' return drops to 1.3%.

It doesn't end there.

The Association of Super Funds of Australia (ASFA) says retirees are facing "higher inflation than the general population" because they spend more on essentials that have risen fastest.

This can be a real problem for retirees whose income streams are not indexed to keep pace with rising prices.

Those on a pension are not immune. As ASFA notes, the age pension has failed to keep pace with the cost increases retirees face.

The upshot is that high inflation can leave retirees financially squeezed - even when interest rates are rising.

In response, retirees may feel they only have two options - cut back spending, or dip into precious capital to maintain their lifestyle.

But there is another alternative that is often underutilised by Australians retirees. The solution can lie with diversification into established, income-generating investments such as credit.

Credit - low volatility, a shield against inflation

Credit simply refers to lending; it can be public (from a bank) or private (from investors). It's an asset class that has grown significantly in recent years, and as an income-generating investment, it can play a valuable role for retirees, especially when inflation is high.

Mortgages are a common form of credit and, similar to bank loans, the majority of mortgages involve a floating-rate that adjusts in line with interest rates. This may provide investors into these mortgage funds (known as mortgage schemes in the past) better rate protection than, say, other fixed-rate investments.

In addition, mortgages can be a source of predictable income when well managed in a diversified portfolio.

Investments into a mortgage scheme are not government guaranteed and they are not bank deposits. However, the returns can be attractive.

Inflation-responsive returns

As a guide to returns, La Trobe Financial's 12 Month Investment Account, recognised by Money magazine as Australia's Best Private Credit Fund - Mortgages for 17 consecutive years has a consistent track record of performance across market cycles.*

It not only gives investors competitive, inflation-responsive returns underpinned by mortgage assets back by Australian property, but the 12 Month Investment Account is also designed to provide regular monthly income.

In this way, retirees can be confident the investment aims to support a healthy 'real' return, while still having a reliable income.

With a track record spanning 70 years, La Trobe Financial has navigated the full spectrum of economic conditions and unexpected market events. This, combined with disciplined management, is giving Australians planning for retirement or already enjoying it, the opportunity to live their best life, the reassurance of income that's outpacing inflation.

If you're seeking a durable, inflation-responsive income solutions, contact the La Trobe Financial team on 1800 818 818 or visit latrobefinancial.com.au and find out more.

La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 Australian Financial Services Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321. It is important that you consider the Product Disclosure Statement (PDS) before deciding whether to invest or continue to invest in any of the funds. The PDSs and Target Market Determinations are available on La Trobe Financial's website.

*Past Performance is not a reliable indicator of future performance

Any Financial product advice is general only and has been prepared without considering your objectives, financial situation or needs. You should, before investing or continuing to invest in the La Trobe Australian Credit Fund, consider the appropriateness of the advice having regard to your objectives, financial situation or needs and consider the PDS for the fund.

When considering whether to invest or continue investing in the La Trobe Australian Credit Fund, you should be aware that (1) an investment in the fund is not a term deposit, and your investment is not covered by the Australian Government's deposit guarantee scheme. Investing in the fund has a higher level of risk compared to investing in a term deposit issued by a bank and (2) there are other risks associated with an investment in the fund. The key risks of investing in the fund are explained in section 9 of the PDS, available on our website.