HUB's offering has attracted a record number of financial advisors, and is taking market share from competitors, still with a substantial runway for growth.

Helping drive this change is the switching patterns of superannuants seeking more sophisticated levels of advice as they approach retirement - a trend that will only accelerate as the population ages and retirement balances swell.

HUB has been a beneficiary of major changes in the wealth management industry over the past five to 10 years which has seen incumbent players such as Insignia, CFS, BT and AMP ceding share to the tech-enabled wealth management and investment service platforms like HUB.

Ultimately, it's the ongoing investment in technology that continues to attract advisors and in turn funds under administration (FUA), driving market share gains.

Importantly, from a HUB revenue perspective, advisor numbers lead flow by about 24 months, so we view revenue growth as highly visible.

Consequently, we believe HUB can continue delivering revenue growth of more than 20% per annum and is expected to outpace cost increases, supporting further margin expansion and operating leverage over time.

Moreover, a significant tailwind for HUB has started to emerge, the transfer of superannuation from industry funds to advisors, and in particular, to platforms like HUB.

This is illustrated by recent data that shows industry superannuation funds have now moved into net outflow. In our view, this is being driven by the desire for more advice ahead of retirement as decisions become more complicated and demanding.

Most compelling for investors is that the FUA growth profile for HUB, and the rising per-client FUA is translating to rising revenue, earnings, and earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin.

HUB's purpose-built platform is especially effective in converting economies of scale into improving margins and lower unit costs per adviser/client, adding an edge that can compound powerfully for investors over time.

On earnings, HUB is delivering year-on-year growth. EBITDA margins have been gradually rising. HUB has strong free cash flow and continues to actively reinvest strategically in technology and growth initiatives, which we expect to translate into sustained FUA and earnings per share (EPS) growth over the coming years.

In summary, we see HUB as a high quality, long duration compounding investment in the growth of household and superannuation wealth. Its technology advantage, growing adviser base, cost efficiency and margin profile provide a compelling investment case for long-term investors.

The difference comes down to one decision: whether you negotiate your pay alone or together with your colleagues.

When people bargain collectively, they win higher pay. The latest ABS figures show annual wage growth of 4.1% for workers on collective agreements, compared to 3% for those on individual agreements.

Over the course of a career, this widening gap adds up to tens of thousands of dollars in lost income. Factor in reduced superannuation contributions on top of that, and the difference is even starker.

Collective agreements are won and maintained by union members, so the more union members in a workplace, the more negotiating power workers have, resulting in better pay rises.

That is one of many reasons why union membership is now growing at its fastest rate in over a decade, particularly among younger workers.

The lowest pay rises come from people negotiating on their own, landing at only 3% over the past year. This isn't surprising - it's easy for an employer to say 'no' to one person, but it's much harder to say 'no' to their whole workforce.

Union fees are tax-deductible and cost as little as $10-$15 a week. In return, union members on average receive about $250 a week in higher wages. That payoff adds up fast and compounds year after year, like any reliable investment.

Membership also protects you when things go wrong. If your employer ever tries to short-change you or push you out, you will have trusted experts supporting you.

People spend a lot of time comparing the best investment options to get ahead financially. But one of the most reliable levers for boosting earnings is your very own bargaining power.

Some people assume unions are for someone else. But if you earn a wage, they're for you.

To find out which union you belong to, visit the Australian Unions website and sign up.

Joining your union is one of the smartest financial decisions you can make - and your future self will thank you for it.

That is a pie that needs to be cut up in a lot of different slices.

And there are more car brands about to join the party, with another dozen or so brands from China expected to hit our shores within the next 12-18 months.

Why are car warranties getting longer in Australia?

Existing and established brands are trying to entice and retain their customers, and the ownership promise is something that often can't be matched by newer arrivals.

If a car brand has had a presence in your area for decades, especially in regional and rural areas, there's a good chance you know about the quality of work, the people there and the reputation of the brand itself.

But with so many new brands, it can be a potentially risky move to choose a vehicle from a marque that hasn't settled into the market - and at the same time, it can be very lucrative, as many newer car brands are offering extensive warranty plans to win market share.

What does a new car warranty actually cover?

A new car warranty covers the vehicle itself against defects and major faults.

There are sub clauses in warranty paperwork that cover components like the 12-volt battery, wiper blades, tyres, brakes, wear-and-tear items, and in some cases even the multimedia screens, suspension systems and more.

Which car brand has the longest warranty in Australia?

This is a hard-fought claim to fame in the new car game.

Previously, MG Motor Australia was the best in the business, with an unprecedented 10-year/250,000km warranty for private customers. But after introducing the warranty with much fanfare a few years ago, the brand later switched it to be a conditional plan - meaning you only get that level of cover if you service with them.

It was a huge move in the marketplace, and even included warranty cover for battery packs in hybrid (HEV), plug-in hybrid (PHEV) and electric vehicle (EV) models. Now, you'll have to read the fine print to see what's covered and for how long.

Even so, if you don't service with MG you still get a seven year/unlimited kilometre warranty plan, which is among the best. Unless you're a commercial, business or fleet buyer, and then the warranty plan is different again (seven years/160,000km).

Read the fine print is a common refrain when it comes to looking at any new-car warranty paperwork, and there are others out there with strong warranty statements, so long as you service with the brand's network of maintenance workshops.

Mitsubishi offers a conditional 10-year/200,000km plan - but if you don't service with the brand, you get five years/100,000km of cover. If you do decide to service with Mitsubishi, though, you have access to a capped-price servicing plan for the duration (although it is on the pricey side, and essentially subsidises the extended warranty cover), and they throw in top-up roadside assist for a maximum of 10 years, too.

Nissan Australia has a huge 10-year/300,000km warranty program on offer too, but again, it requires owners to have their car serviced at the brand's network of servicing centres if they want that level of warranty. Otherwise, the duration is five years and unlimited kilometres.

There's a table below of the lengthiest warranty plans out there, but some of the newcomers that are hitting harder than most include Omoda Jaecoo from China, with a monster eight-year/unlimited kilometre plan, without any stipulations on inhouse servicing requirements.

GAC Australia - another Chinese player that has just reached our shores - has a mixed warranty program -  seven years/unlimited kilometres for its petrol-powered models, and eight years/unlimited kilometres warranty for EVs. Those electric versions also have industry-leading eight year/200,000km battery warranties.

Many other challenger brands offer a seven-year warranty cover, including KGM (formerly Ssangyong), GWM (including Haval, Tank, Ora brands) and LDV (up to 200,000km for non-EV models) all part of the mix.

The first brand in Australia to offer a seven-year warranty was Kia, which maintains that level of cover with unlimited-kilometre cover for private owners.

And there's still only one European brand with a seven-year warranty - Skoda.

But if you're well-heeled enough to be in the market for a Ferrari, you can purchase additional warranty cover on an annual basis, out to a maximum of 15 years.

Car brands will occasionally offer promotional warranty cover for some models that are in runout or have excess stock available. Honda gas often offered a promotional eight-year warranty and eight years of roadside assistance as part of a clearance sale for existing model-year stock.

How do EV warranties differ from petrol and hybrid cars?

Not all EV warranties are created equal. Read the warranty paperwork or ask the dealership if you aren't sure about anything regarding the high-voltage battery cover for your hybrid, plug-in hybrid or electric car.

For instance, Nissan Australia publicly states that its warranty has an incorporated "State of Health guarantee", which says that over an eight-year or 160,000km period, the lithium-ion battery pack will still maintain "9 bars out of 12", or 75% total charging capacity, as is illustrated on the car's interior display.

Tesla also states "70 per cent battery retention" warranty cover for the Model 3 and Model Y. That brand recently changed its new-car warranty to be more generous, at five years/unlimited km, whereas previously it offered a four-year/80,000km plan.

Some brands don't openly state their "state of health" guarantee in writing, so be sure to have it documented for any future issues. And despite the fact you can easily get the info at a glance on your smartphone, car brands don't showcase the "state of health" of their vehicle battery packs - Nissan is still the only brand to actually show owners how much charging capacity is remaining in the battery.

Do you have to service with the dealer to keep your warranty?

Brands want you to stay loyal to them, and they want you to service your vehicle with their network, too.

From their perspective it will ensure a level of clarity for any incidental repair work that may come up, as genuine parts will have been used by in-house repairers; private mechanics and workshops may use cheaper or second-hand parts that may affect the warranty cover.

While it's hardly going to be as thrilling a read as The Power of One, you should make sure you go through your warranty paperwork to see what is included, what is covered, what isn't covered, and whether you need to maintain your vehicle with the brand's inhouse servicing division.

Does capped-price servicing affect your car warranty?

Almost all brands have capped-price servicing plans. In essence these plans are designed to help you know what you'll have to pay for basic maintenance over a period of time.

Capped-price programs typically span from three to seven years, but some go all the way out to 14 years - or even the entire life of the vehicle!

Hyundai offers Lifetime capped-price servicing, which assures that if customers keep coming back, they'll know what they need to budget for annual maintenance.

Service intervals depend on the vehicle - some are as short as six-months, others span out to two years between checkups.

There's not only the 'pay as you go' option when it comes to price-capped servicing - there's also the option from many brands to prepay your maintenance and save hundreds, or thousands, in the process. Some luxury brands have moved away from capped-price to only offer prepaid, as it helps bundle your costs into a smoother payment plan.

The benefits of prepaying are that you don't need to budget for your car's ongoing maintenance, and it also mitigates the potential for bill shock when you get a service done. You can roll the cost of ownership into your repayments, and that way you get the pleasant experience of collecting your car - which will have been serviced, washed and vacuumed - and drive off without getting your card out!

What if I sell my car?

Transferability of the warranty cover is a key selling point for many customers, because it could mean your vehicle is worth more on the secondhand market.

There is a big draw for a preowned-vehicle buyer to be able to buy a car that isn't as expensive as a new model and yet still has warranty cover included. EG: you could buy a five-year-old Kia and still be comfortable in the knowledge that there's still two years' cover left, should anything go wrong.

Prepaid service plans can also be passed on to the next owner in most instances, but make sure you read the fine print and ask at the dealership if you're not sure.

Australia's top 20 brands - and their warranty cover

Here are the different levels of cover on offer from the 20 best-selling vehicle brands in Australia (as of March 2026), including warranty length, EV component warranty duration and servicing options.

The numbers below are for private buyer considerations only - commercial buyers may have different levels of cover offered.

Also note, the warranty terms below are for 'whichever occurs first'.

Investors tipped a net $51.9 billion into the sector over the year, up 60% on the year before, according to data from Rainmaker Information.

That took the total value of the ETF market to $279.6 billion, underscoring how central these products have become in many Australian portfolios.

David Gallagher, executive director of research at Rainmaker Information, the publisher of Money, says the data highlights a disciplined approach among investors.

"The strong preference for simple, diversified and cost-effective products shows how firmly long-term thinking has taken hold in the Australian market," says Gallagher.

Australians invest in index ETFs

The biggest driver was low-cost index-based ETFs, which aim to track a market benchmark such as the S&P/ASX 200, attracting $41.8 billion.

The major broad-market products together accounted for 19% of gross inflows, reflecting ongoing reliance on diversified building-block solutions.

These include:

• Vanguard Australian Shares Index ETF (VAS),
• Vanguard MSCI Index International Shares ETF (VGS),
• Betashares Australia 200 ETP (A200),
• Vanguard Australian Shares High Yield ETF (VHY)
• and Vanguard Global Aggregate Bond Index (Hedged) ETF (VBND)

"These products track an index. They're index funds that trade on an exchange, so you buy and sell them like a share, but their goal is to match the performance of the underlying benchmark," says Gallagher.

With volatility in the market, Ron Hodge, CEO of InvestSmart, says one of the most effective ways to deal with the noise is to build a portfolio that runs largely on autopilot.

"A simple, diversified ETF portfolio combined with a disciplined process can reduce the temptation to react to every headline," Hodge says.

Other popular investing strategies among Aussie investors

While products that track existing indexes are by far and away the most popular, there are other strategies Australians are using to invest their money.

"Smart beta" products - rules-based funds that tilt toward factors like value, quality or dividends rather than simply mirroring an index - was the second-most popular strategy, drawing $5.3 billion over the year.

"Smart Beta is using well-known investment strategies that beat the benchmark," says Gallagher. "They're more expensive because they are trying to add value above the market."

Actively managed ETFs, where a manager selects investments rather than following a set index, also took in $4.8 billion - up a mammoth 460% year-on-year.

"These products are trying to beat the market, but you are doing that by not owning every stock in the index," says Gallagher. "Instead, the manager chooses from the basket what fits with their strategy, so this will also carry higher fees."

Within the category of actively managed ETFs, Rainmaker Information data shows most of that demand clustered in a small number of strategies.

"These include strategies that pick well-valued stocks as opposed to growth stocks, momentum stocks (going long in past period winners and short in past period losers), and low volatility strategies rather than high-risk high-reward."

Lower-fee products attract new investors

A consistent theme across the market was cost sensitivity.

Lower-fee products again attracted most of the new investment, according to Rainmaker Information, indicating that value-conscious portfolio construction continues to shape investor behaviour.

Fixed income ETFs, which includes government and corporate bonds, continued to strengthen their role within portfolios in 2025.

"Following the rate-driven cash rotation seen in 2023, inflows into bond ETFs broadened across the category, indicating that demand is shifting from tactical allocation to a more structural, long-term position," Rainmaker Information published in its analysis.

No matter the strategy, the trend towards investors engaging in ETFs seems to be one likely to continue.

High quality core asset 

Ferrari is a high-margin luxury business with gross margins of about 50%. Growth is driven by deliberate supply discipline. Production is constrained to preserve exclusivity, resulting in sustained excess demand and multi-year order backlogs. This underpins both pricing power and earnings visibility.

Proven capital allocation 

Returns are driven by changes in underlying asset values, capital allocation decisions, movements in the discount to NAV.

The first two have been delivered historically, although future outcomes remain uncertain.

Discount to NAV 

At about 50%, the current discount is wide in both absolute and historical terms. The opportunity lies in mean reversion. A narrowing towards the historical range implies material upside, even without underlying NAV growth.

The investment case does not rely on strong macro conditions. Instead, returns are driven by portfolio execution and the potential for discount normalisation.

On balance, the odds and probabilities favour a narrowing of the discount.

What does Exor do?  

Exor's origins trace back to the end of the 19th century, when Giovanni Agnelli founded Fabbrica Italiana Automobili Torino, or FIAT.

Today Exor is a Dutch-listed holding company controlled by the Agnelli family (about 55% economic interest, about 85% voting control). It operates as a permanent capital vehicle, allocating across a concentrated portfolio spanning automotive, luxury, healthcare, and media. Key holdings include companies such as Stellantis, CNH Industrial, Philips and Ferrari.

Strategy and outlook  

Management is actively working to reduce the discount and simplify the structure through the following actions:

• about €2 billion of buybacks (completed and ongoing)  
• about €3 billion Ferrari sell-down  
• about €1.5 billion Iveco monetisation (pending)  
• increasing portfolio turnover  

Exor maintains a strong balance sheet and operates with limited financial leverage at the holding company level. This provides flexibility to redeploy capital across opportunities.

Returns 

Exor has delivered strong long-term returns, with NAV per share compounding at about 18% per annum since 2009. This reflects disciplined capital allocation and a willingness to recycle capital across the portfolio.

While the 2025 results were down on the previous year, the business increased its cash position and reduced debt through disposals, strengthening its balance sheet and executed €1bn of share buybacks at half the underlying value.

Reader question

Hi Paul, we're 63 and 58 years old. We have a small mortgage on our investment property in Queensland. We're retired (we hope). We have $400,000 in super between us and $500,000 to invest from the sale of our primary home.

Should we put much more in our super accounts (half the $500,000) leading up to pension age and make smart spending and investment choices with the remaining $250,000?

Health has impacted our working life so we're currently seeing Australia in our van. We are pretty much minimalists and are planning to live in the investment property down the track. Can you see a financial path for us? Hope we haven't confused you. - Chris and Jonna

Paul's response

One thing is for sure, Chris and Jonna, I can certainly see a terrific life adventure for you. I'm still having a chuckle at you saying, "We're retired. We hope".

I know what you mean. It is one thing coming up with a life plan and another thing making your money fit your plan. You are off to a cracking start, though.

I get to enjoy some very funny conversations about money and life plans.

Once on a flight, an executive asked me how much he would need to retire. He had no idea what his annual spending amount in retirement would be. We chatted about holidays, paying for his family home, cars, insurance, healthcare, entertainment and all the stuff that costs money, which added up to a large number. He wanted to retire at 65, so had to multiply his annual required spending amount by 17. At this point he went pale.

Sadly, too few of us have got a realistic plan about how we want to live in the years to come and how to pay for it. But your plan sounds realistic to me. In the example above, assets did not meet the dream. In your case, I think they will.

You have given me the broad information I need. First up, you have had some health issues and are vanning around Australia. My concern is, of course, what backs up this dream lifestyle if one or both get ill and need to be near care? But you will have your investment property that can become your home. This also gives you an asset that you could use to fund aged care if required in the future.

You have a logical start with the van and a logical end, if required, with your investment becoming your home. The spending gap between beginning and end is, of course, filled by your current assets. Let's take a look at these.

First up, I think I am safe in assuming that with a small mortgage your investment is producing surplus cashflow after expenses, but to be safe I'll call that neutral.

Forgetting where it is invested for a moment, you have an additional $900,000 in your super and proceeds of the sale of your home. History suggests that on a diversified amount of money, you could spend some 5% of the capital sum each year and your capital would keep pace with inflation over time, that is, you would die with $900,000 plus inflation.

Here is the first question. Does 5% of $900,000 or $45,000 cover your annual van lifestyle? Out of curiosity, let's look at $70,000 a year, which I suspect is more than you are spending. That amount would require a return of about 8% on your $900,000. If we look at historical guidance from assets such as shares, we find that since 1900, the average return, including dividends has been a bit more than 10%pa, but 100% in shares is a pretty risky strategy for retirees. Let's look at the returns for balanced type superannuation funds.

Compulsory super started about 34 years ago, the typical large, low-fee, balanced fund being around 8% over these decades. This means that $70,000 a year from your $900,000 is not crazy.

Second question is: if you do need $70,000 a year to enjoy your van life, are you happy to run down the real value of your $900,000? I should say in your shoes, I would be. At life expectancy of 81 for men and 84 for women, you would still have real buying power with your $900,000. You'd also have an investment property worth a lot more.

The magic sauce to your magic pudding is your ability to get an age pension at 67. Talk to Services Australia, an independent adviser or your accountant, but I think it makes sense after the sale of your home to turn your investment property into your home.

You must seek your own advice but general information suggests this may require you to live there for six months. Once it is established as your home, you could move out and rent it for up to six years at a time. This is important because your home is an exempt asset under the assets test for an age pension.

You and all Australians are entitled to own a home that is exempt as an asset for pensions, land tax and capital gains tax on the sale. Sure, you would not get a lot of pension at first, but as you cut into your $900,000 and inflation indexing increased the assets test level, you would get more. This is well worth understanding as even a small amount of age pension could help to protect your investment assets.

We have not covered 'how to invest', because once again you need professional advice based on the complete knowledge of your personal circumstances. In general terms, it is hard getting money into super, but once you reach retirement age, very easy to get it out.

In your position, I would be looking at putting the $300,000 that is allowable from the sale of your home into super. Your fund is one source of advice on the merits of this or, of course, an adviser.

Anyway, you have asked me can I see a financial path for you. Obviously, when it comes to health, nothing can be guaranteed, but your plans and your financial resources seem to match up.

Go for it. And please send a photo or two to us here at Money as the years go by.

What to read next

Why thousands of retirees are better off with less super

The grey nomads' guide to money

How to get free advice from your super fund

How much super you need for a comfortable retirement now

Why one-off financial advice is so hard to get

Why money talk feels so personal

Money is emotional because it often reflects our upbringing, our hopes and our insecurities. When two people bring different money stories into a relationship, those stories can collide.

One might see saving as a way to feel safe. The other might see spending as a reward for hard work. When two opposing views meet without context, small spending decisions can become symbols of deeper differences.

Behavioural finance research shows that money conflict is often a clash between values rather than logic. Recognising that both of you are emotionally wired around money helps you respond with curiosity instead of criticism.

Start with values, not numbers

Before you talk about budgets or investments, explore what each of you values most about money.

• What does financial security look like to you?
• What makes you feel free or restricted with money?
• When do you feel most confident about our finances?

These questions shift the focus from judgement to understanding. Then it becomes easier to design a financial plan that honours both perspectives. A saver might agree to automatic investing so 
they still feel in control, while a spender might have a set 'fun' account.

Create a safe space for discussion

The timing and tone of money conversations matter. Avoid bringing up finances in moments of stress. Instead, set aside a regular money meeting once a month, ideally at a calm time. Keep it short and structured, about 30 to 40 minutes. Start with what went well that month, then move to any issues or changes, and finish by agreeing on one or two next steps.

Use language that builds trust

How you phrase things makes a big difference. Replace 'you' statements with 'we' statements. For example:

• Instead of 'You always overspend on takeaways', try 'How can we plan meals so we save more and still enjoy eating out?'
• Instead of 'You never look at the budget', try 'Can we look at the budget together this weekend?'.

If one person naturally takes more interest in finances, agree on clear roles. One partner might manage logistics, while the other sets goals and reviews progress.

When to bring in professional help

Sometimes even the most constructive conversations hit a wall. If you find yourself repeating the same arguments, consider involving a financial adviser, planner or counsellor.

Keep the focus on shared vision

Ultimately, the goal is not to win arguments about spending or saving; it's to build a shared vision for your financial life.

Write down what you both want your money to achieve in the next one, five and 10 years, whether that's education, taking a career break, upgrading your home or building an investment portfolio. Money should be a shared project, not a source of conflict.

"Life expectancy" has become retirement planning's default setting. It's the number that pops up in calculators, seminars and casual conversation - "you'll live to about..." - as if it's a personalised forecast.

But it's not. And treating it like one is where a lot of retirement plans quietly go wrong.

Life expectancy sounds like a prediction, but it isn't. It's an average.

And the brutal truth about averages is this: about half of people will live longer than the average. So if you plan your retirement income to "average life expectancy", you are effectively running a 50/50 plan.

That might be fine for deciding how many chairs to hire for a party. It's not fine for funding the rest of your life.

Why planning to average life expectancy creates a 50/50 outcome

This is exactly where retirement confidence gets lost.

People are told a neat number - "mid-80s" or similar - and it creates a false sense of certainty. Deep down, most people know it's not certain, so they respond in one of two ways.

Some spend too cautiously for years, worried about running out, and end up living smaller than they needed to.

Others spend with confidence early, then find they're forced to cut back later when the plan meets reality.

Neither outcome is ideal, and both often start with the same mistake: treating an average as a finish line.

Why "How long will I live?" is the wrong retirement question

A more confidence-building way to plan starts with a simpler, more honest question: not "what's the average age people die?", but "how confident do I want to be that my plan will last?"

That's a question normal people can answer because it matches how we think about risk in real life.

You don't insure your house for the "average" fire. You insure it to a level that lets you sleep at night. Retirement planning can work the same way.

What is a planning age and how is it different from life expectancy?

One practical way to turn that confidence into a number is to choose a "planning age" rather than a life expectancy.

A planning age is not what you expect to happen; it's what you want to be prepared for.

A useful benchmark is an age that gives you around 80% confidence your plan will still be standing - meaning only about 20% of people would be expected to live longer than that age.

It's not perfection, but it's a far better foundation for confidence than a coin toss.

What age should you plan to live to in retirement?

When you translate that idea into a simple rule of thumb, the planning age is higher than most people assume.

A sensible starting point is to plan to about 94 for a single man, about 96 for a single woman, and about 98 for a couple (because the plan needs to last until the last person is gone).

Those numbers won't be right for everyone, and they don't need to be.

Their value is that they correct the common underestimation built into "average life expectancy", and they're easy enough to remember that people can actually use them.

Why planning to 94, 96 or 98 often reduces retirement anxiety

At first glance, planning to 94, 96 or 98 can feel confronting.

But in practice it often does the opposite: it reduces the background anxiety that sits underneath many retirements.

Confidence doesn't come from a neat number. It comes from knowing your plan has a realistic runway, including the years that are hardest to fund - the late-80s and 90s - when healthcare costs can rise and flexibility can fall.

How a longer planning horizon improves retirement spending decisions

A longer planning horizon also improves the decisions that matter most.

If you accept that retirement may last 25, 30, even 35 years, you naturally pay more attention to sustainable spending, keeping some growth in the mix, and building flexibility into the plan so a bad market year doesn't force a permanent cut to income.

It becomes less about guessing an end date and more about designing a plan that can cope with uncertainty.

How confidence-based planning gives permission to spend in retirement

This shift can also solve one of retirement's most common emotional problems: the fear of spending.

Many people don't just want "more money" - they want permission to use what they have. They want to travel, help kids, renovate, enjoy life, without the nagging feeling that every decision is reckless.

A confidence-based planning age doesn't guarantee outcomes, but it makes the trade-offs clearer and turns spending from an anxious impulse into a deliberate choice: what you can comfortably spend now while still protecting your future self.

Why life expectancy works for policy but not for personal planning

None of this is meant to scare people into assuming they'll live to 100. It's meant to fix a framing problem.

Life expectancy is a useful statistic for public policy, but it's a blunt tool for personal planning. It tells you the midpoint, not the risk.

And the risk is the whole point.

Retirement planning is about risk, not averages

The simple takeaway is this: if your plan is built to the average, it's built on a 50/50 outcome.

A better approach is to pick a planning age that reflects the level of confidence you want, then shape spending and strategy around that.

For many people, thinking in terms of 94, 96 and 98 is a cleaner, more realistic starting point than "mid-80s".

Not because everyone will get there, but because enough will - and because a plan built for reality is the quickest way to build real retirement confidence.

They discuss gold's key advantages over other elements, how much exists (about 219,000 tonnes ever mined), and its role in Australia's history from the 1851 gold rush through to the establishment of the Sydney and Perth mints and the Eureka Stockade.

They explore how currencies were once pegged to gold, why the link ended during the depression and why central banks still buy gold, including the RBA's 80 tonnes largely stored in London.

Episode timestamps

01:19 Why gold works

02:57 How much gold exists

03:35 Australia gold rush

05:01 Gold standard ends

06:21 Central Bank gold

07:53 Gold price outlook

09:00 Selling physical gold

10:41 Investing with ETFs

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With a bit of creativity, you can plan a break full of outdoor adventures, simple crafts, learning moments and proper downtime, all without blowing the budget.

Here are 32 fun and affordable school holiday activities for kids, mostly screen-free, and easy to adapt to different ages.

Outdoor adventures

1. Go for a bike ride

Find quiet, scenic cycling trails through local council websites. Pack snacks for little tummies.

2. Have a picnic

Enjoy the autumn sun by packing a picnic and heading outside - to your balcony, backyard or a local park. Invite friends or family to join you.

3. Playground hopping

Visit your favourite local playgrounds or venture further afield and find new gems.

4. Take on parkrun together

Check out your local parkrun, a free 5k where adults, kids and even dogs are welcome to run, walk or volunteer. There are more than 520 parkruns around Australia, and most start at 8am each Saturday.

5. Explore a national park

Plan a digital detox day. Pack a picnic and take the kids hiking in a nearby national park. Use online resources to find easy or moderate trails.

6. Go wildlife spotting

Visit nature reserves or national parks to see native animals and birds. Make it a fun learning experience.

7. Garden together as a team

Get kids involved in watering plants, weeding, or planting flowers and vegetables. Visit a nursery together to pick out seedlings.

8. Camp out at home

Set up a tent in the backyard or go camping at a nearby site to enjoy nature without spending much.

9. Backyard games

Set up ball games like cricket, soccer, basketball, or bocce. Bring out badminton sets or play petanque.

10. Learn to snorkel

If you're near the coast, a snorkel and mask can open up a whole underwater world. A great skill and gift rolled into one.

Creative and performing arts

11. Put on a play or dance show

Encourage your kids to write a script, rehearse, and perform a play. Or let them choreograph a dance routine.

12. Art and craft days

Paint pictures, make sock puppets, try potato stamping, or create bookmarks and decorations. Try outdoor sketching or painting sessions.

13. Make a short movie

Use a smartphone and a free video editing app like iMovie, Splice or CapCut to film and edit a family production.

14. Get crafty 

Teach your kids knitting, embroidery, or woodworking. Or sign them up for a local craft workshop.

Reading and writing

15. Visit the library

Borrow books, games, and DVDs. Many libraries offer free activities like story readings during holidays.

16. Start a reading challenge

Help kids find genres they enjoy-fantasy, mystery, or real-life stories. Use street libraries for free books.

17. Write stories together

Share family stories, childhood memories, or make up new tales. Write a little each day and read them together.

Home entertainment

18. Play board games and cards

Rediscover old favourites like Monopoly, Scrabble, or chess. Learn new games with rules found online or at the library.

19. Word and puzzle games

Challenge your kids with crosswords, Boggle, Wordle, or jigsaw puzzles. Start simple and work your way up.

Learning and helping

20. Cook together

Plan a meal from scratch, shop at a local market, prepare it together, and clean up as a team. Play MasterChef at home.

21. Volunteer as a family

Join a local volunteer group as a family. Many child-friendly causes welcome young helpers (with parents).

22. Support a cause

Choose a cause you care about-like endangered animals or the environment-and take action. Write letters to local politicians or start a small project.

23. Talk about money

Talk about household expenses like electricity, groceries, and petrol. Let kids compare prices while shopping.

24. Declutter and organise

Teach your kids Marie Kondo's "spark joy" method. Clear out old toys and clothes, and even hold a garage sale.

25. Try simple science

Conduct safe science experiments at home or visit science museums. Encourage curiosity and exploration.

Cultural and local activities

26. Museums and art galleries

Visit free exhibitions and children's programs. Permanent displays are often free, while special shows may charge.

27. Festivals and events

Look for free family-friendly events in your area-music, theatre, visual art, or cultural festivals often pop up in parks.

28. Kid-friendly cafes and pubs

Enjoy time out at venues with dedicated kids' areas, menus, and games so adults can catch up while kids are entertained.

29. Market hopping

Visit local markets for fresh produce, handmade items, or secondhand treasures. Great for learning and fun.

Ok, we know we know we said no screens, but rainy days and long drives can be made easier with mindful technology.

Technology with purpose

30. Family movie nights

Pick family movies to stream, pop some popcorn, and take turns choosing the film. Try an outdoor screening with a projector and a white sheet.

31. Listen to podcasts and audiobooks

On long drives or quiet afternoons, tune into family-friendly podcasts like Storynory, Short & Curly, or Six Minutes. Try audiobook services with free trials, or check out the Libby app for free e-books or audiobooks through your local library.

Bonus: Chill time

32. Value downtime

Let kids sleep in, stay in their PJs, or simply hang out at home. Unstructured time fosters creativity and relaxation.

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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How the Money Quiz works

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

How long does it take?
Less than five minutes - perfect for a quick money-smarts boost.

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

How often is it updated?
New quiz released every week.

Is it free?
Yes - always.

Catch up on previous Money Quizzes

Browse past quizzes to see what you remember from this year's biggest stories in money, investing and the economy.

Take the February 27 Money Quiz: What key change is coming to the Qantas Frequent Flyer scheme?

Take the February 20 Money Quiz: Which retail chain is demanding customers pay $1 cash for every dollar spent redeeming gift cards?

Take the February 13 Money Quiz: Why are first-home buyers flocking to the property market?

Take the February 6 Money Quiz: How much will renovations cost in 2026?

Take the January 30 Money Quiz: What milestone did the gold price hit ahead of the 2026 Winter Olympics?

Take the January 23 Money Quiz: What's the risk of using the Bank of Mum and Dad?

Take the January 16 Money Quiz: How much does it really cost to educate a child?

Take the January 9 Money Quiz: When did the RBA last lift interest rates?

December quizzes

December 31 Money Quiz: What significant super change kicked in from July 2025?

December 18 Money Quiz: How much does it cost to run Christmas lights?

December 11 Money Quiz: Which Aussie suburb saw property prices surge 40% in 2025?

December 5 Money Quiz: What is the estimated average household wealth in Australia?

November quizzes

November 28 Money Quiz: Production of which foreign coin has ceased after 232 years?

November 21 Money Quiz: What is Australia's super sector now worth?

November 14 Money Quiz: What is "skimpflation" in the context of chocolate manufacturing?

November 7 Money Quiz: What's a surprising truth about credit card holders?

October quizzes

October 31 Money Quiz: What does the term 'lifestyle creep' refer to?

October 24 Money Quiz: What is the name of the hacking group behind the Qantas data breach?

October 17 Money Quiz: Which social media platform is set to start charging users for photo storage?

October 10 Money Quiz: What does V2G stand for?

October 3 Money Quiz: Which country has introduced a fast fashion tax?

September quizzes

September 26 Money Quiz: How much does it cost to buy an airline ticket for your dog?

September 19 Money Quiz: How much do couples need in super to fund a comfortable retirement?

September 12 Money Quiz: The proposed EV road user charge would tax EV owners based on what?

September 5 Money Quiz: How much does actually cost to attend a wedding?

August quizzes

August 29 Money Quiz: How many Australians now hold ETFs?

August 22 Money Quiz: What surged 30% in June?

August 15 Money Quiz: Which fast fashion retailer was just fined $AUD1.8 million?

August 8 Money Quiz: The 20% HECS discount will be backdated to when? 

August 1 Money Quiz: Australia's population is projected to reach 36 million to 45 million by which year?

July quizzes

July 25 Money Quiz: A whopping 61% of Australians have never done what?

July 18 Money Quiz: What won't DoorDash deliver you from Aldi?

July 11 Money Quiz: One in nine Aussies has never checked their what?

July 4 Money Quiz: What does BFA stand for in a relationship?

June quizzes

June 27 Money Quiz: Which telco just copped a $100 million fine?

June 20 Money Quiz: Aussie house prices just smashed through which milestone

June 13 Money Quiz: What does DCA stand for?

June 6 Money Quiz: What does TACO stand for in the sharemarket context?

May quizzes

May 30 Money Quiz: Which athlete topped the Forbes' 2025 World's Highest-Paid Athletes List?

May 23 Money Quiz: What is the stock code for Harley-Davidson?

May 16 Money Quiz: What is Warren Buffett's nickname?

May 9 Money Quiz: Which incentives is Woolworths axing?

May 2 Money Quiz: Finish the adage, "It's time in the market, not..."

April quizzes

April 25 Money Quiz: Which political party promises to help first home buyers buy property with a 5% deposit?

April 17 Money Quiz: Which famous TV home just sold for $9.7 million?

April 11 Money Quiz: Why is a former US VP coming to Australia?

April 4 Money Quiz: What causes property values to drop 6%?

March quizzes

March 28 Money Quiz: What do Aussies consider a good salary?

March 21 Money Quiz: Which asset has been more resilient than equity markets

March 15 Money Quiz: When is the best time to purchase travel insurance?

March 8 Money Quiz: How much was AustralianSuper fined for failing to consolidate multiple member accounts?

March 1 Money Quiz: How many Australian homes are bought by foreign buyers each year?

Why Australians love the Money Quiz

Staying financially informed doesn't have to be boring. The Money Quiz is a quick, enjoyable way to learn:

• How major money stories affect your life
• Useful financial terms and concepts
• Smart saving and budgeting strategies
• The latest investing and economic trends
• Real-world examples pulled from weekly news

By playing regularly, you'll sharpen your financial literacy, improve your confidence and pick up practical money tips along the way.

Join the conversation

How did you score this week? Share your result and see how others went.

Leave a comment below or tag @moneymagaus on social media.

'Junior' pay rates scrapped

Over the next four years, junior pay rates will be scrapped for workers aged 18 to 20 who have at least six months' service in retail, fast food and pharmacy.

It puts plenty of young Aussie workers in line for a pay rise

Retail, fast food and pharmacy employ more than 1.5 million Australians and a disproportionate number are under the age of 21.

Until now those aged 20 have been paid 90% of the award rate, 19 year-olds 80%, and 18 year-olds 70%.

This is despite the fact that juniors can be highly experienced and have considerable responsibilities by the time they are 18.

Gerard Dwyer, National Secretary of the Shop, Distributive and Allied Employees' Association, says, "18 year olds are adults. They struggle with the same cost of living pressures as every other adult.

"They do not receive a discount on their rent or the petrol they buy to get to work just because they happen to be 18. Now they will be paid the same as other adults."

How Aussies are beating the bowser

Shopping around, hitting the streets and catching the bus.

That sums up how Aussies are tackling budget-busting bowser prices.

A survey by NRMA found over one in two (52%) drivers have scaled back their time behind the wheel in the past month - in some cases by up to 30%.

Over one in three (31%) motorists are choosing cheaper service stations. That's seen a four-fold increase in people using the My NRMA app, which gives real time fuel pricing across the nation.

The study also found:

• 24% are combining trips
• 13% are walking more, and
• 12% are relying more on public transport.

Despite the high cost of fuel, Queensland motoring body, the RACQ, says plenty of caravanners are expected to hit the road this Easter long weekend.

However, caravan owners are being urged to give their rig a once-over before heading off.

RACQ research shows almost a third (30%) of caravanners wait for a breakdown before doing any maintenance on their van.

Telstra and Optus jack up mobile prices...again

Another day, another price hike.

This time, it's Telstra jacking up its prices - for the second time in less than 12 months.

From May 5, most Telstra postpaid plans are going up by $4 a month.

Telstra prepaid plans will jump by $2 to $5 though the sweetener is more data.

Optus has also announced price increases.

According to WhistleOut, the telco's postpaid mobile plans will rise by $5 from May 18 subscribers will get the benefit of extra data.

It may be slim consolation for Telstra customers but they will soon have access to a new (presumably cheaper) bare bones plan.

Available from May 5, the Upfront Mobile Access plan will provide basic connectivity (emails, SMS, calls and limited browsing) at what Telstra says will be a "more affordable price point" No word yet on the exact cost.

SpaceX planning IPO

As Artemis II heads off on its historic voyage around the moon, investors may soon be able to get a slice of intergalactic action.

Reuters reports that Elon Musk's SpaceX has confidentially filed for an initial public offering (IPO) on the US stock market.

With a market value estimated at $US1.75 trillion ($2.5 trillion), a SpaceX IPO, if it happens, will be the biggest sharemarket listing in history.

It would also see space exploration move from science fiction to become a legitimate investment theme.

It wouldn't hurt Elon Musk's bank balance either.

Already the world's wealthiest person, Musk owns just under half of SpaceX. If the IPO goes ahead, he could become the first ever trillionaire.

What's likely to make SpaceX attractive to investors is not the company's grand plans to colonise Mars, but rather its Starlink internet service, which has over 9 million subscribers globally.

Unused subscriptions cost more than 579 litres of fuel

As Australians battle a fuel crisis, one in two of us could be wasting serious bucks through unused subscriptions.

Compare the Market found that the top five unused subscriptions may be leaving our wallets lighter to the tune of $1,739 annually.

Netflix is the most common unused subscription (annual cost of at least $119).

However, the most expensive unused subscription is gym memberships.

People who don't actively use their gym pass are spending around $93 per month on gym fees - at a cost of $1,116 annually.

That sort of money could buy around 579 litres of diesel - even at today's record-high prices.

It could be worth putting your subscriptions under the spotlight.

Cutting back can be an easy cost-of-living win.

Every year, people wait for the "perfect time" to start investing.

They wait for certainty, stability, and for the headlines to calm down. The reality is that the moment rarely comes, and when it does, the opportunity is usually gone. Right now doesn't feel comfortable.

Markets have been rattled by geopolitical tension, oil shocks, and global uncertainty. March didn't just drift lower, it dropped around 8%, a sharp move that quickly shakes confidence. But this is where things should get interesting for you rather than fearful, and here's why.

April has historically been one of the best months for posting gains on the ASX since the 1980s. It's second to July, but only slightly. March, on the other hand, is usually fairly flat.

However, this year the pattern flipped. Instead of easing into April, the market has taken a hit that creates a very different setup.

Prices have pulled back, sentiment has cooled, and quality stocks are now sitting at levels that looked expensive just weeks ago. It's the kind of reset markets don't offer often, especially heading into a strong seasonal window. At the same time, fund managers are starting to reposition.

April is when portfolios get reshuffled in anticipation of the next earnings season. Underperformers are cut, capital gets rotated, and money starts flowing into companies expected to perform. That shift brings liquidity back into the market, often before the broader public notices.

Now here's the part most people overlook. Many traders I've worked with actively look for setups like this on the chart.

They turn weakness into strength because these seasonal tailwinds are some of the best moments to buy, and they're ready to act when the opportunity shows up. To put it simply, April is a time when retail investors like you have an advantage.

You're not forced to deploy capital on a schedule. You're not tied to mandates or quarterly performance pressure. You can wait, be selective, and step in when the odds look better. Moments like this are exactly what that flexibility is for.

Put it all together and the picture becomes clear. A market that's been knocked down, a historically strong month ahead, and large players quietly repositioning beneath the surface all spell opportunity.

For someone starting out, this is the kind of environment that rewards action over hesitation. It doesn't mean everything rallies instantly, but it does mean the market has handed you a discount at a time when conditions are beginning to improve. Call it an early Easter present.

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

The best-performing sectors include Materials, more than 6%, followed by Information Technology, more than 3%, and Energy, more than 1.5%.

The worst-performing sectors include Financials, down under 0.5%, followed by Consumer Staples, up under 0.5%, and Health Care, more than 0.5%.

The best-performing stocks in the ASX top 100 include Greatland Resources, more than 33%, followed by Northern Star Resources, more than 19%, and Westgold Resources, more than 16%.

The worst-performing stocks include Endeavour Group, down more than 4%, followed by Bendigo and Adelaide Bank and Telix Pharmaceuticals, both down more than 3%.

What's next for the Australian stock market?

Buyers have stepped back in strongly on the All Ordinaries this week, with the index closing on Wednesday up just under 2%. What stands out most isn't just the move higher, it's the strength behind it.

After sharp sell-offs, markets usually respond in one of two ways. You either see hesitant buying, where investors dip their toe back in and price drifts sideways for weeks, or you get a decisive snap-back rally. Right now, it looks like we're seeing the latter.

If this pace continues, and history is any guide, the All Ords could be pushing back toward its all-time high by the end of April.

That said, 9100 now becomes the key battleground. If buyers can hold above this level and close the week strong, a sharp move back toward the highs is well within reach.

We've seen this before. After the tariff-driven sell-off last February, the market fell for about eight weeks, only to recover all that ground and make a new high within seven weeks once buyers returned.

This time, the pullback has only lasted four weeks. So the question becomes, can we reclaim new highs in just three weeks? It's possible, but again, 9100 is the level to watch. Either way, the important shift is clear. Buyers are back, they're coming in with conviction, and that creates opportunity.

Many high-quality stocks were dragged lower during the recent sell-off, and prices that looked out of reach just a couple of months ago are now back on the table. The materials sector is a perfect example. Stocks like BHP Group, Rio Tinto and Fortescue Metals Group had surged earlier this year, leaving many investors feeling like they'd missed the move.

Now the market is offering a second chance, with prices pulling back toward those initial breakout levels. Call it an early Easter gift, but be ready to act, because opportunities like this don't tend to stick around for long.

Having a good understanding of Australia's complicated retirement income system can go a long way to easing the stress over whether you have saved enough money to see you comfortably through your retirement.

Unfortunately, for most middle-income Australians, there isn't enough affordable financial planning advice out there to guide retirees through the maze.

Independent financial adviser Nick Bruining says: "One of the big knowledge chasms for many is how the age pension system works hand-in-glove with our savings to generate a truly surprising result."

He's passionate about this area and has just written a book on the topic, appropriately titled Don't Panic: why you can retire with less than you think.

It's aimed at people who are attempting to navigate the system alone.

A co-founder of Netplan.com.au, Bruining is a director and board member of the Certified Independent Financial Advisers Association.

Its members charge a flat fee and take no commissions or volume-based payments, or any other benefits or remuneration that can influence advice.

He offers the following example to show that you can achieve a comfortable lifestyle and set all the angst aside.

How much money do you really need to retire comfortably

"Let's take a typical homeowning couple, with a relatively modest amount in savings. We'll use a figure of about $460,000, which, it will soon become apparent, is the current sweet spot for maxing out the retirement income system.

"The Association of Superannuation Funds Australia (ASFA) estimates a couple's combined retirement expenses sit somewhere between $54,240 for a modest lifestyle and $76,505 for a comfortable one," says Bruining.

"While that will increase each year with inflation, at some point in the future as you age, you won't be spending as much as you used to." He says spending typically declines by up to 30% as you get older.

"Let's assume that most of the $460,000 is parked in super and you're now able to convert the whole lot into an entirely tax-free, income-paying investment called an account-based pension.

How account-based pensions and the age pension can work together

"Assuming you're both at least 67 years old, the only rule that you need to obey is that you must withdraw 5% of the account balance each year before June 30. You can take out more if you want to as a lump sum withdrawal or regular payment amounts, all of it completely tax free. In fact, if it's all set up and done properly, you won't need to file a tax return ever again," says Bruining.

He says you can also stick to a relatively safe conservative investment portfolio, such as a capital stable investment option that allows you to sleep soundly at night.

"The $460,000 is set up to pay the minimum 5% a year and translates to $884.62 a fortnight. Most account-based pension funds will allow you to select fortnightly payments if you like."

The income from your super amounts to $23,000 for the year, while the maximum combined age pension is $1777 - or $46,202 for the year, giving you an annual income of $69,202.

It's the sweet spot where you get the maximum age pension being supplemented by your super account-based pension payments.

Why $460,000 can be the age pension 'sweet spot'

"The bottom line with our example of $460,000 in savings is that there won't be enough deemed income to trigger the Centrelink income test threshold of $380 a fortnight," he says.

"The current combined threshold for a couple is $481,500 in assessable assets. We used the 'scrap' value of home contents and personal effects that Centrelink uses, attaching a value of $10,000 on those fixed assets and a private second-hand sale value on the car of $10,500.

"Our world class system works on the underlying principle that if you have the means to either fully or partially fund your own retirement, you're compelled to do so. Through the application of an asset and an income means test, the well-off miss out.

"If you're lucky to have inherited a $7 million beach shack overlooking the Pacific Ocean in some exotic bay in addition to your family home, don't expect the pension system to pay you anything. That said, the system is surprisingly generous.

"Your home, no matter how much it's worth, is completely exempt from Centrelink's means test system. It needs to be on a block of land less than two hectares, but other rules might apply if you're on a larger block."

How Centrelink asset and income tests really work

A couple can still get a part-pension including the valuable Pensioner Concession Card (see above) with assets up to $1.0745 million under the assets test. Under the income test, combined income could be up to $117,884 a year.

Bruining gets his clients to do a detailed budget in the early days to know what money is required and to work to that.

"A mistake some people make is that they pluck a number out of the air and that can create issues. You might take more income than you need and that could mess up your tax and Centrelink when you didn't need to.

"If you underestimate your income needs, that may force you to sell assets at an inappropriate time. You might be crystallising losses when you didn't need to."

He says understanding how Centrelink works hand in glove with your savings is essential, but most planners don't cover that area.

"It's so complicated, many planners are more interested in managing investments and leave Centrelink for the clients to sort out, which is arguably the most complicated part of it.

Why PRODA access matters when choosing a financial adviser

"There's one question I'd ask any planner you are thinking of using 'Do you have access to PRODA?' It's the professional data access system, the portal used by professionals to interact with Services Australia, including Centrelink. If you get a blank stare, to me that's a problem."

He says the key is to get a solid grounding on how Centrelink interacts with your savings but it is mostly left to you to figure it out yourself.

"Did you know installing a lift in your home to make it retirement ready might boost your super. One of the big ones is putting money into your home, you're effectively moving assets from an area where Centrelink might look, to where they don't look. That can be improving the home and getting it retirement ready.

"At the same time, you are potentially improving its value. You're in effect improving your estate for the kids, so there are lots of wins."

The pros and cons of SMSFs approaching retirement

Bruining says he sees a lot of people that have discovered their self-managed super fund (SMSF) wasn't everything it was made out to be.

"They aren't actually better off. It's costing them more and it's complicated. Inevitably, you have a dominant member of the fund, usually the husband, and if suddenly he has a stroke, the wife has no idea how it works. If you're running an SMSF in the lead-up to retirement, think long and hard about how long you want to do it. We see a lot of people in their seventies who have had enough, and say 'put me back into an industry super fund'.

"We do everything we can in those five years leading up to retirement to clear the debt. That's where things like a transition-to-retirement account-based pension is a very effective tool, you can take 10% of your super balance and whack it off the mortgage.

"Once you get to 60, super withdrawals are completely tax free. Once that's done, if you're still working, you've got the cashflow freed up to inject it back into super, it's very tax effective."

How to reduce risk and simplify super in retirement

He also advises people to check their life insurance and establish whether there is any need for it.

If you paid off the mortgage, cleared all your debts, your children are independent and there's enough to take care of your spouse, should you be paying $4000 a year or more for insurance you don't need?

"Look at your super in terms of risk profile. It's a stage in life where we like to see people strategically back off from the risk of the early years of retirement. If you've had it in high growth and had the benefit of it, it's time to lower the risk.

"Retirees like to keep things pretty simple. They like to know the money's there and going to be coming in and not lose sleep if there's a crash."

He also recommends having two years' worth of expenses parked in your fund's cash option for expenses and the rest in the capital stable option to avoid drawing down on when sharemarket fall.

"If you've made a profit, push the profit across to the cash account to top it up. If the market is hit, sit tight, because it will eventually come back."

Where retirees can find age pension help

Marisa Broome, a certified financial planner and the principal of wealthadvice.com.au agrees there isn't enough help for retirees applying for the age pension.

"There aren't many places they can go if they have a modest amount of money. That's what proposed legislation was meant to do, allow the super funds to give more guidance. The legislation has just been sitting there for two years.

"This is probably my criticism of my own profession. Too many of my peers see advice as only an ongoing scenario, whereas there are times you can see clients as a once off, set them up and they won't have to come back to you.

"Or if they do, it might be only every few years, charging them a fee for service.

"They should be able to access advice as a once-off, not as ongoing advice - and be charged a fee for service when and as necessary rather than on an ongoing basis.

"I like the English system where everyone has access to pension retirement advice. They get so many hours with the service, after that, they find advice if needed. But most people get everything sorted out in those first few meetings.

"We need a service like that. We used to have something like that, a financial information service run by Centrelink, but they're limited in what they can do now."

How to navigate the Centrelink pension process

If you've thrown up your hands in despair while attempting to navigate the eligibility requirements for the age pension, it's a good idea to check whether your super fund helps with the Centrelink application process.

Some of our major super funds have partnered with Retirement Essentials, part of SuperEd, to help members access their age pension entitlements.

Director and co-founder of SuperEd, Jeremy Duffield, says the system's complexity is a primary reason why many retirees struggle or miss out on entitlements.

"The Australian age pension system is definitely a complex social security system. I often joke that only in Australia could we invent government rules so complex and confusing."

Frequently it comes down to information overload. People don't understand how the rules are applied to them and are left in the dark when they fail the means test.

The formal application process itself involves answering hundreds of questions and can deter or confound applicants, and the documentation requirements are found to be overwhelming.

And those who are receiving the pension find it difficult to keep up with the frequent annual changes to rates, thresholds and entitlements - the timing of which can seem unexpected.

Duffield says the age pension is crucially important as the foundational pillar of our retirement system. "It currently provides core funding for about seven out of 10 Australian retirees and more than half of retirement income for more than half of older Australians.

"For a couple, the value of the age pension over a lifetime can be well over $1 million in current dollar terms and more than $750,000 for a single. So it's highly valuable. In addition to the age pension, there's the Pensioner Concession Card, which provides valuable benefits."

"Just because you fail once doesn't mean that you won't be eligible in the future. For instance, many people are still working at 67 and may not qualify until they reduce work income. Others may be working but still qualify for the age pension and don't realise it."

"We believe Australians are missing out big time by too often applying late. There's no backpay on the age pension. The key message to help older Australians is: check your entitlements and don't apply late - there's no backpay on the age pension.

"The consolation prize is the Commonwealth seniors health card, which has no assets test and very high-income limits, so the vast majority of people over 67 would qualify for that. We think it's greatly underappreciated, but there are maybe 700,000 to 900,000 people who are missing out on that," says Duffield.

How the pension is calculated 

The stated intention of the age pension is to support the basic living standards of older Australians. The entitlement is based on a means test with two parts: the income test and the assets test.

To be eligible for any age pension payment, you must successfully pass both tests.

The calculation works under a strict rule: whichever test yields the lower rate of the age pension is the one that Centrelink uses to calculate your fortnightly payments.

Income test

The income test assesses income that's generated from various sources:

• Employment: this includes income from part-time, casual or seasonal work.
• Property and business: rental property income, business incomes or profits.
• Other payments: pensions or social security-style benefits received from other authorities.

Centrelink does not assess the actual income you receive from financial assets such as bank accounts, shares, bonds, loans or super. Instead, it 'deems' the income for the test.

The income-free sweet spot is $218 a fortnight for singles and $380 a fortnight for couples combined. Once you exceed these limits, the pension is reduced by 50c for every dollar over the threshold. These limits are tied to the CPI and indexed each July.

The deeming rates as of September 20, 2025, is 0.75% on assets up to $64,200 for singles and $106,200 for couples, then 2.75% on your financial assets over these thresholds.

The assets test

The assets test assesses both financial and non-financial assets (household goods, car). The limits vary depending on whether the individual or couple owns their home.

Assets that count include money in the bank, super, shares, bonds, investment properties and personal assets above certain limits.

What's excluded?

Your home and the first two hectares of land it's located on are exempt from the assets test. The preferential treatment of the home significantly influences retirement outcomes.

The actual income generated by your financial assets is ignored. Only the deemed income is assessed.

As the table below shows, to be eligible for the maximum age pension, your assets must be less than $321,500 for a single homeowner and $481,500 for a couple combined. Non-homeowners get a further $258,000 under the assets test.

Maximum payments for singles and couples

The thresholds for receiving the full age pension are often referred to as the sweet spot. If assets or income exceed these full pension thresholds, the payment starts reducing:
• For income: pension reduces by $0.50 for every $1 earned over the threshold.
• For assets: pension reduces by $3 for every $1000 by which the assets exceed the threshold.

"We find most people start out with a part age pension. Over time, their age pension increases as they spend down their super or stop working," says Duffield.

"I like to say the age pension gets better with age: more people qualify as they stop working and they're eligible for more as their other assets decline, and the age pension keeps increasing with inflation, which can't be said for many things.

Keeping track of entitlements is critical because the Australian government updates the age pension means tests three times a year.

"It's also the responsibility of the pensioner to update their financial information if there are any changes.

"This frequency of change makes it essential to stay informed to ensure you receive all your entitlements. That's one of the reasons Retirement Essentials age pension eligibility checker is so frequently used," says Duffield.

What about the work bonus?

The Australian retirement system provides a specific incentive for pensioners to work, known as the work bonus, which allows them to keep more of their pension.

• Exemption: the first $300 of fortnightly income from employment is completely exempted under the pension income test.
• Income bank: if a pensioner does not use the full $300 fortnightly exemption, the unused amount is accrued in a work bonus income bank.
• Maximum balance: since January 1, 2024, the maximum income bank balance was permanently increased to $11,800 for all eligible age pensioners under the bonus scheme.

Can retirees get help from their super funds?

Duffield says retirees can and should look to their super funds for help, in particular regarding transitioning into retirement and maximising government benefits.

"As more than half of older Australians get more than half their retirement income from the age pension, it's a natural fit for funds to help their members with it as part of their program of retirement services.

"In a survey we did in 2022, 79% of older people said they wanted help with the age pension and 70% said they wanted help from their super fund," he says.

How much do you need to retire?

People are often vague when asked to identify their annual expenses and the income they need to cover it.

Without that basic information it's impossible to draw up a realistic budget and keep track of spending.

It's less of a problem when you're working and have a regular salary coming in. Once that stops, it's a different matter. It's at that point that many retirees start to worry about their savings and whether there's enough to support their lifestyle.

The only way to establish whether you're set up for the retirement of your dreams is to identify all your outgoings.

Then you will be able to establish how much annual income you will need and whether it's sustainable throughout your retirement years. Keep in mind that things you might have spent money on while working may no longer apply once you're out of the workforce.

Where to start

A good starting point is the Association of Superannuation Funds of Australia's (ASFA), which shows the minimum annual expenditure for a comfortable, modest or age pension retirement for couples and singles, homeowners and renters, for those in the 65 to 84 age bracket.

ASFA gives a weekly breakdown of expenses to show how these figures are derived and it's a useful reference when drawing up a budget.

ASFA's September 2025 figures show that the minimum annual expenditure for a comfortable lifestyle in retirement is $54,240pa for homeowner singles and $76,505pa for a homeowner couple.

ASFA also gives the super balances required to generate the income needed for the different groups. For instance, 
the super balance required to achieve a comfortable retirement at age 67 is $690,000 for a homeowner couple and $595,000 for homeowner singles.

If you have missed out on the age pension, don't despair, there's one coveted benefit you may still be eligible for. It's the Commonwealth seniors health card. There are three basic tests: age, residency and income. Crucially, there's no assets test, and the income test it applies is generous with couples earning up to $161,768 a year being eligible for the card.

Eligibility requirements

1. Age: you must be at least 67 years old.
2. Residency: you must meet residence requirements and generally not be receiving a payment from Centrelink or the Department of Veterans' Affairs.
3. Income test: your annual adjusted taxable income must be less than the following thresholds: $101,105 for singles and $161,768 for couples. The limit is even higher for couples separated by illness at $202,210.

The income assessment includes your taxable income including foreign income and only a deemed amount from your account-based pensions. Significantly, other financial assets, such as shares, money in the bank and super in accumulation phase are completely exempt from this test.

It it worth getting?

It is considered well worth the effort. It is conservatively estimated that the discounts might add up to $2000-$3000 a year, says SuperEd's Jeremy Duffield.

Top benefits include:

• Cheaper medical costs. Access to cheaper prescription medicine via the pharmaceutical benefits scheme and larger refunds once the Medicare safety net is reached.
• Healthcare subsidies. Free or lower rates on other healthcare expenses, such as ambulance services, eye check-ups, hearing and dental care.
• State-based discounts. Discounts on household expenses such as water and property rates in some States (for example, up to 50% rebate on water charges in WA).
• Energy and transport. Discounts on electricity and gas bills (seniors energy rebates) and metropolitan/regional travel discounts.

A worsening fuel crisis is driving record interest in electric vehicles, with Australians searching for EVs in droves as petrol becomes harder and more expensive to buy.

The world is in the grips of an oil supply crisis because of the war in Iran, and Australia has been hit hard by fuel shortages.

Plenty of Aussies are reconsidering their primary mode of transportation, as state and federal governments ask people to use public transport or work from home, so as to ensure that those who need petrol or diesel most can access it.

Earlier this week, Prime Minister Anthony Albanese confirmed a fuel excise adjustment, essentially lessening the burden at the bowser by a planned 26.3 cents per litre. But the market is the market, and prices for liquid fossil fuels continue to skyrocket, with demand clearly outstripping supply in many parts of Australia.

Why fuel shortages are pushing Australians away from petrol and diesel

Enter electric and electrified cars, which were already on their way to becoming more mainstream and readily attainable by Australian new-car customers. But the recent cost-of-living pressures have led many buyers to investigate getting a car that runs on fuel from the powerpoint, rather than the petrol station.

For many, the time is right to switch, if you'll pardon the pun.

EVs now aren't like they were five years ago. You can get a car with more than 400km of EV range, and with reasonably strong recharging specs, for less than $35,000. Add to that the incentives for fringe benefits tax exemptions on lease deals, and the cost of having a new EV in your driveway is extremely enticing.

How affordable electric vehicles have become in Australia

For those of us with a solar power set-up, an EV could prove a very cost-effective ownership experience.

Even if you don't have solar, there are EV energy plans from providers that offer super affordable off-peak charging - so you can plug your car in when you're home from work, set the timer so it starts charging when it's cheapest, and commute for a fraction of the cost, usually at an average of 40 kilometres of range for each hour of charging.

Electric vehicle searches surge as cost-of-living pressures bite

Australia's biggest online directory of ads for new and used vehicles, carsales, confirmed to Money that the number of people looking up EVs tripled between late February and mid-March.

Ross Booth, carsales data services director, says consumer behaviour is showing that Aussies are thinking more about EVs now than ever before.

"This month, we've seen a sharp jump in consumer interest in electric vehicles on carsales. Searches for EVs on our site have almost tripled compared with late February, which is well above the generally flat or modest week-on-week growth we'd been seeing earlier in the year," says Booth.

"We know cost of living is front of mind for many households, and fuel is a big part of that. When petrol prices climb, people naturally start exploring alternatives and doing more homework on electric and more fuel-efficient vehicles. That's exactly what we're seeing reflected in the data over the past few weeks," he says.

What new low-cost EVs Australians can buy right now

This moment happens to align with a huge increase in options for electric vehicle considerers.

Australia's most affordable new electric car, the BYD Atto 1 (from $23,990 plus on-road costs), is a tiny city car aimed at urban dwellers with a smaller battery than most. Its larger SUV-style sibling, the BYD Atto 2 (from $31,990 plus on-road costs), is arguably more appealing for the masses, but still has less than 350km of EV range.

Then there's the new GAC Aion UT, a car about the size of a Corolla that's fully electric, and has 430km of claimed EV range - more than all of its cheap EV rivals. It starts at $30,990 drive-away in its launch phase.

Other new EVs are arriving soon from China, including the MG 4 Urban (from $31,990 drive-away) and the new Geely EX2, which promises to be value-focused.

Why Chinese car brands are dominating affordable EV launches

Geely has a modest model line-up at the moment - one electric SUV (EX5) and one plug-in hybrid model (Starray EM-i) - the new affordable EX2 will play in a part of the market that many competitor brands are beginning to pay a lot of attention to.

"Geely is well-positioned to meet the growing demand for electrified vehicles. We have a healthy reserve and pipeline of stock, as well as a steadily growing dealer network that is well equipped to support the ownership journey," says a Geely spokesperson.

"Formal pre-orders for Geely EX2 will be opening in the near future - in its early days we have seen solid interest through our social media channels and in dealerships for the model, with select dealers already having taken deposits."

How established brands are responding with hybrids and EVs

Other brands offer a broader mix of powertrain options, including petrol, diesel and hybrid models, as well as EVs.

Hyundai Australia's chief operating officer, Gavin Donaldson, says that offering customers a "mix of efficient hybrid and battery electric vehicles" is "essential" to success.

"Demand remains strong across Hyundai's range, particularly for our award-winning hybrids and EVs, reinforcing the importance of choice, affordability and practicality.

"Hyundai is well-positioned following the launch of the all-new Elexio EV, with solid stock availability nationwide alongside our broader hybrid and EV lineup. Dealers are reporting increased interest in fuel-efficient hybrids and EVs, with availability varying by region."

How to find an EV in stock and avoid long wait times

Many car brands offer buyers the chance to check online to see if the car they're interested in stock. Others may require an order to be placed, which means a longer wait time.

The best way to find out if your ideal EV is available is to spend some time on the different dealership websites, and don't be afraid to make some phone calls - often there are cars in stock that haven't made it to the website yet.

What EV battery warranties cover in Australia

Most EVs have a warranty for the battery and some electrical components that spans eight years, and in the fine print it should guarantee the state of health of the battery will remain at or above 70% at the end of that warranty.

Australians missed out on up to $13.5 billion in tax-free investment returns between 2017 and 2025 by not transitioning their super to the retirement phase when they became eligible, HESTA says.

HESTA's latest whitepaper Make the move: guiding members to tax-free retirement found last financial year 1.8 million Australians remained in the accumulation phase despite being eligible to switch, collectively forgoing $2.5 billion.

By 2030, nearly three million Australians are projected to be missing out on $5.5 billion annually.

"Retirement should be a time when Australians can enjoy the rewards of a lifetime of work. Yet too many Australians are not making the move from saving for retirement to actually living in retirement - and the cost of that inaction is significant," says HESTA chief executive Debby Blakey.

"Without reform, the problem will only grow. We need system-level change to make it easier for people to access tax-free income in retirement."

The research shows all member groups irrespective of their balance, gender, homeownership, or marital status would benefit from transitioning to retirement products at eligibility.

"The research finds every eligible member cohort analysed is better off when they have access to a retirement phase option rather than staying in accumulation," Blakey says.

"That's why we're calling for a well-designed default mechanism that would seek to ensure no Australian is left behind simply because the system failed to guide them."

The whitepaper also noted the consequences are not felt equally, with women being disproportionately affected.

Female HESTA members have a take-up rate of 29%, while for all eligible members it sits at 30%. The take-up rate for the super system is 45%.

"Women who have spent their careers caring for others often retire with more modest balances - and they are precisely the members least likely to make this transition on their own," Blakey says.

By transitioning to a retirement income stream upon eligibility, members could boost total retirement income by up to 12% depending on their circumstances, compared to those who delay by four years, the whitepaper found.

In its 2026-27 pre-budget submission, HESTA has called for funds to be given the ability to actively prompt members to transition to appropriate specific fund retirement products, with the ability to opt-out.

It also called to allow default transition for eligible members into a retirement income stream, with an opt-out option for consumer protection.

Separately, Blakey will be leaving the fund later this year, opting to step down after 11 years at the helm. HESTA is now searching for Blakey's replacement and expects to announce a new chief executive ahead of her departure.

This article first appeared on Financial Standard

Reader question

Hi Paul, my 16-year old daughter and 14-year-old son have just started their first jobs. One as a swimming teacher and the other at a fast-food franchise. While I am very excited and proud of them, I want to help them set up good money habits early on.

They have always received pocket money and know how to stick to a budget. 

Both are privileged to receive super, with one having the option of an extra employer contribution of 0.5%. I have requested they pay me 30% of their wage for board and am investing it in Vanguard kids accounts, which will transition into their names when they turn 18. 

My daughter wants to move out for university and is looking towards a Europe trip and, ideally, buying a house as soon as possible. My son just wants to have fun.  

Obviously, I will continue to pay for all their basic expenses, but what is the balance for encouraging them to become fiscally responsible? - Anita

Paul's response

Well, Anita, I think your job is already mostly done. I find kids and money a bit like kids and good dental health. If they are taught dental hygiene early, they tend to maintain this practice.

You comment that they "know how to stick to a budget", so despite your daughter being awake already to the critical role of owning a home while your son is cheerfully spending, is not a concern to me.

They have been taught the skills they need by you. Obviously, you should try to grow this knowledge whenever you can.

Putting 30% of their wages towards board into a Vanguard kids account is a big reinforcement for them. They will get to see the benefits of saving, investing and compound returns.

Much happens in life, so keep at it when it comes to talking about money with them, but I don't see any reason for you to be concerned.

You have done the most valuable thing any parent can do: teach money skills as early as possible.

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• How gaming is getting Aussie kids hooked on gambling

• Ask Paul: I grew up poor, now I'm worried my kids are spoilt

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• Ask Paul: I'm 16, is this the best way to invest?

There's no arguing that right now, we are facing uncertain times.

Investors don't like it, and nor do investment markets.

However, we only have to look at recent history to see how investors can navigate a path to bring stability to their portfolio - and their wealth.

Learnings from the COVID pandemic that apply today

It's been six years since the start of the COVID pandemic. At the time, it was an incredibly destabilising event that saw sharemarkets tank, and sent consumers panic-buying.

Sound familiar?

Of course, the underlying cause of instability was very different from today.

Even so, we can take three valuable lessons from the pandemic, and apply these to invest for stability in today's uncertain times:

1. Don't ignore your investments

Back in 2020, we saw plenty of people who were so worried by the situation that they overlooked their investments.

That's a mistake. Yes, there is a lot to unpack right now, and it can all seem overwhelming.

But your money matters. Keep an eye on your investments, and be mindful of how they could be impacted by current events.

2. Investors tend to focus on homegrown assets

When global issues arise, investors tend to bring things closer to home. We saw this during the pandemic when investors typically focused on homegrown investments while shunning overseas asset markets.

The good news is that Australia is a well-regulated market with plenty of quality investment opportunities.

3. Investors look for flexibility

When surrounded by uncertainty, investors seek the reassurance of being able to access their money sooner. They don't want to be locked in for the long term or face rigid terms.

This trend drove GPS Investments to launch our Arkus Fund, which has been an instant hit with Aussie investors. By offering slightly lower returns, we are able to give investors the reassurance of increased access to their money - this resonated with Australians during the pandemic, and continues to do so today.

We're seeing a flight to safety

The feedback we are getting from investors right now is that they want to keep their money working hard.

At the same time they are concerned about investing in listed companies that may have a connection to the oil industry, or which could be impacted by conflict in the Middle East.

Overarching these concerns, no one knows if the current conflict could last for days, weeks, or even months.

The uncertainty is seeing Australians embrace investments that don't demand large chunks of capital. This has driven a fresh wave of interest in the Arkus Fund.

Investors can get started in Arkus as little as $1, and make regular transfers into the fund - so you're still actively investing. Distributions are paid monthly (extra income to help cover rising fuel bills), and Arkus still offers the freedom to make monthly withdrawals, so you're not locked in.

Better still, the Arkus Fund has that reassuring homegrown element.  The underlying asset is first registered mortgages over residential townhouse and apartment developments within a 2-hour drive of Brisbane - a growth corridor that KPMG says is outpacing the rest of Australia for population growth.

Time to invest in experience

One thing is for sure.

Now is the time to focus on investment providers with experience spanning past uncertainty.

With our 30-year track record, GPS Investments has been through it all - from the Asian financial crisis of the late 90s and the Dot Com bubble of 2000, through to the Global Financial Crisis of 2008-09, the COVID pandemic of 2020 and of course, today's Middle East crisis

Let me stress, none of us is enjoying the current instability. As human beings, the GPS team shares the same concerns as all Australians.

But as investment professionals we have been through this before, and we have the experience to know the path forward.

Take a fresh look at your investments, be mindful of being able to access your money if it's needed, and look for an investment provider that has stood the test of time.

Tick these boxes, and you can be confident of bringing stability to your portfolio even in these uncertain times.

Jamieson explains how "defence" now spans drones, robotics, AI, cybersecurity, and software, and argues rising geopolitical risk and NATO catch-up spending make it a longer-term structural theme, though stocks can be cyclical and require active rebalancing and profit-taking.

Episode timestamps

01:30 What counts as defence stocks

02:22 Why defence stocks are rallying

04:02 Do you already have exposure

05:46 Cyclical stocks and profit-taking

07:49 Fear trade or structural trend?

09:58 Defence ETFs to consider

11:53 Stock spotlight: DroneShield

13:21 Ethics of defence investing

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Australians will no longer be slugged extra for paying by card after the Reserve Bank banned surcharges on debit, prepaid and credit cards on the eftpos, Mastercard and Visa networks from October.

The central bank says the changes are aimed at making payments simpler at the checkout and more competitive behind the scenes.

"Surcharging no longer works as intended," says RBA governor Michele Bullock.

"Consumers and businesses find the rules complex and confusing, surcharges are often not well disclosed, and most consumers want surcharging to stop."

For shoppers, the change should mean fewer nasty surprises at the till. The RBA estimates consumers currently pay about $1.6 billion a year in card surcharges on designated networks.

Only 13% of consumers say they are always told about surcharges when they shop, while 76% want them scrapped.

The package of reforms also includes lowering the caps on interchange fees paid by Australian businesses, with a focus on small businesses, which currently pay the highest fees.

But some small business groups are not happy with the change.

"Removing surcharges may look like a saving for consumers," says Pero Stojanovski, chief economist of Business Council of Australia, "But in practice these costs are likely to be passed on elsewhere through higher prices or changes to fees and rewards."

What is a card surcharge?

A card surcharge is an extra fee added when you pay by card, on top of the price of the item or service.

Businesses add the fee to cover what their payment processor (eftpos, Mastercard, or Visa) charges for handling the transaction.

The fee is usually a percentage of the transaction, andusinesses add the fee to cover what their payment processor charges for handling the transaction.

For example, if a café adds a fee to all card payments and doesn't take cash, a $5 coffee with a 10-cent minimum surcharge must be displayed as $5.10.

Yet only 13% of shoppers say they're always told about surcharges, according to the RBA.

Some countries have already outlawed card surcharges, in full or in part.

The UK has banned surcharges on debit and credit cards since 2018. Across the EU, retailers can't charge extra for paying by card, in store or online.

Why the RBA wants to remove surcharges

The RBA first allowed surcharges in 2003 so customers could see the cost difference between payment methods.

In theory, that pushed people toward cheaper options like cash or eftpos and away from expensive options like premium credit cards.

But in a July consultation paper, the RBA says surcharging is "no longer achieving its intended purpose."

With cash use plunging, many businesses apply the same flat surcharge to debit and credit, making it hard for customers to avoid fees.

After 18 months of consultation, including more than 250 submissions and 150 stakeholder meetings, the RBA has decided to act.

Will this be the end for cash?

The removal of card surcharges will encourage more people to pay electronically. A Canstar survey of 3001 Australians found only one in three try to pay with cash when a shop charges a surcharge.

But this likely won't be the end of cash. The RBA's 2022 research shows 7% of Australians use cash to make the majority of their in-person payments.

At the start of the year, in a move to support cash payments, the federal government made it mandatory for big retailers to accept cash for essential goods and services costing $500 or less between the hours of 7am and 9pm.

Why are business groups not happy?

The other major change is a reduction in interchange fees - a key driver of merchants' card acceptance costs.

Interchange is the fee paid from the merchant's bank to the cardholder's bank on each transaction.

Small businesses pay higher interchange than big retailers. For example, Coles and Woolworths can pay as little as 0.1% due to special deals with banks; small businesses can pay up to four times more.

"The reductions in interchange fees should help to lower card payment costs for businesses, especially small businesses that are usually charged the highest costs to accept payments," Bullock says.

"To do that, the RBA is reducing caps on the interchange fees that businesses pay on debit and consumer credit cards, and we are introducing caps on fees for foreign cards."

The new cap on debit cards will drop by 20%, while the cap on credit card interchange fees will drop by 63%.

The Australian Chamber of Commerce and Industry (ACCI) opposes what it calls a "blanket approach."

"It treats surcharging as the problem instead of tackling the real issue: high and opaque merchant card payment costs that businesses must pay to banks and other payment providers," says ACCI chief executive officer Andrew McKellar.

These other fees apply when you pay by card: scheme fees, cross-border fees, network assessment fees, processing fees and foreign exchange fees.

"If you remove the ability to recover those costs at the checkout, you are effectively dumping those costs onto small businesses," McKellar says.

The RBA argues that it will be up to the 16% of businesses that surcharge to put the costs into the sticker price when surcharging ends.

"When card surcharging ends, the sticker price will be the price that consumers end up paying," says Bullock. "Consumers will no longer be surprised at the checkout by an unexpected surcharge for paying by card."

Essentially, consumers will pay a similar amount as they do now, just in a different form.

What impact will the overhaul have on credit card rewards? 

While the cut to interchange fees may help small businesses, the concern is this money also helps fund rewards programs, so providers may cut perks or raise fees and rates.

As a result, the credit card providers are likely to reduce the value of card perks or charge higher fees and rates.

This could push some customers into ditching their credit cards, however, it's unlikely to spell the end of the 11.5 million credit card accounts currently in circulation, the majority (77%) of which don't use a credit card to borrow money, according to a Canstar survey.

Credit cards are lucrative for providers. RBA banking fee data shows credit cards generate the most bank fees from households, collecting $1.6 billion in FY24, up 51% since FY21.

Banks are likely to change their offering to adjust to the new rules, rather than scrap rewards card offerings altogether.

Sally Tindall, Canstar data insights director, says the cap may rattle rewards but make the system fairer.

"For too long debit card customers have been helping subsidise credit card rewards programs. The move might push credit card fees and prices up even higher but at least debit card customers won't be helping foot the bill."

"If you've got a credit card, keep an eye on your fees and interest rates, but also your rewards offering. If you get a notification that your perks are changing, do a stocktake to see if it's worth cashing those points out."

It was almost 12 months ago that the Liberation Day tariffs triggered a sharp sell-off in Australian and global share markets. Since then, we've seen a strong rebound in equities, record highs for gold and silver, and no shortage of geopolitical shocks.

Now, investors are once again facing volatility. Ongoing conflict in the Middle East has pushed oil prices sharply higher, reigniting inflation fears just as many hoped cost-of-living pressures were easing. The big question this Easter is how to protect your nest egg from cracking and ensure your portfolio is built to handle inflationary and rising interest rate pressures.

Why are interest rates rising again

The Reserve Bank of Australia is walking a tightrope. Inflation remains above its comfort zone, the job market is still relatively tight, and policymakers have been clear that bringing prices under control is their top priority. Even if that slows economic growth.

Recent oil price shocks have made the RBA's job harder. Transport makes up a relevant share of Australia's inflation basket, so higher fuel prices quickly flow through to everyday costs. That's one reason markets have shifted from expecting rate cuts to pricing in further hikes.

The message for investors is simple: interest rates may stay higher for longer, and portfolios need to be able to cope with that reality.

A focus on energy and materials

Higher interest rates don't mean shares are off the table. They do, however, change which types of companies tend to perform better.

In rising rate environments, the market often favours businesses with strong cash flows and pricing power. These types of businesses are generally better positioned to protect their profits when inflation sticks around.

Energy and materials companies are a good example. Commodity producers often benefit from higher prices, and the Australian share market already has strong exposure to these sectors. Historically, they have tended to outperform during inflationary periods.

On the flip side, sectors like technology and property (including REITs) can struggle when interest rates rise. Higher rates reduce the value of future earnings, which can pressure valuations. Consumer discretionary shares may also feel the pinch as households adjust to larger mortgage repayments and rising rents.

Rethinking income beyond bank dividends

Generating reliable income has become harder. Dividend yields across the Australian market have fallen over recent years, and relying solely on traditional dividends may no longer be enough to keep up with the cost of living.

One approach is to be more selective by focusing on higher-yielding companies while still maintaining diversification. The goal is not to chase the highest yield at any cost, but to find sustainable income streams with sensible risk.

Some investors are also turning to covered call strategies. In simple terms, these strategies involve generating extra income by selling options over share portfolios. During volatile markets option premiums tend to be higher, which can boost income and help smooth returns when markets move sideways or fall.

Fixed income: floating instead of fixed

Traditional fixed-rate bonds usually struggle when interest rates rise, because newer bonds offer better yields, pushing down the value of older ones.

Floating-rate bonds work differently. Their income payments reset as interest rates move higher, which can make them more resilient in a rising rate environment. For income-focused investors, this can mean steadier returns with less price volatility.

Including floating-rate exposure alongside traditional bonds can help balance a portfolio as rates change.

Commodities as protection against inflation

Commodities aren't a direct interest rate play, but they are closely tied to inflation.

During periods of high inflation and slowing growth, real assets like commodities and gold have historically helped protect purchasing power. They're not about quick gains, but about diversification and resilience when traditional assets face pressure. Commodities are the insurance you hope won't perform, but glad you have them when you need it most.

Broad commodity exposure or targeted precious metals allocations can both play a role, depending on an investor's goals and risk tolerance.

Don't overlook global diversification

Australia isn't moving in lockstep with the rest of the world. While the RBA is tightening, other major economies are further along the cycle or already easing.

Investing globally helps spread risk and reduces reliance on local economic conditions. It also provides access to long-term growth themes like artificial intelligence, renewables and automation, that exist regardless of where interest rates sit in the short term.

Currency movements matter too. Higher Australian rates can support the dollar, which may reduce returns from unhedged offshore investments. For this reason, many investors are increasingly considering currency-hedged options.

Staying steady through uncertainty

Rising interest rates don't require drastic changes or panic selling. They do, however, reinforce the importance of diversification, flexibility and discipline.

Markets move in cycles, and volatility comes and goes. The most resilient portfolios are built to weather all conditions.

This Easter, protecting your nest egg is less about finding the biggest chocolate egg, and more about making sure your basket is well-balanced enough to enjoy the whole hunt, whatever the market brings.

Back in 2022, after selling my share of the financial advice business I co-founded, I plonked myself on a Greek island for two weeks, where I inhaled books, research papers and podcasts on brain function, neuroscience and goal attainment.

I felt like I was unlocking the secrets to the universe as I learned how to hack the brain for success.

Have you ever walked through scrub so thick that every step feels treacherous and you keep getting smacked in the face with branches? It's exhausting, disorientating and almost impossible to keep your bearings. That's how life can feel when you haven't got a clear direction on where you're heading.

What follows are my takeaways from all the ferocious notes I took on my 'holiday' - which you can now take advantage of as you plot your financial goals.

Create goals that tip the scales in your favour

Did you know that writing clear goals makes you 42% more likely to achieve them?

Without writing them down, it's difficult to know how to allocate your income correctly, which investments are going to work best, how much risk you should (or shouldn't be taking), or if you're on track.

The brain's filtration system

The reticular activating system (RAS) is essentially your brain's filtration system.

It takes the millions of pieces of information (sounds, sights, smells, sensations and thoughts) your brain is bombarded with daily and decides what's important enough to be let through the filter. In other words, this system decides what makes it into your conscious awareness, and what needs to be filtered out as background noise.

By getting clear with yourself on what you want, the RAS will quietly start looking around for things aligned with your goals and bring them into your consciousness.

Use visualisation and rehearsal

Visualisation is your brain's version of a dress rehearsal before the big show.

While the idea of visualising something into reality might sound cute (or a tad woo-woo), the concept of 'faking it till you make it' when it comes to achieving a goal is heavily steeped in science. In fact, brain imagery has shown that when we imagine ourselves taking action, it uses similar neural circuits to the ones used for executing that action.

Visualising helps you rehearse, plan for obstacles and refine tasks, making you likely to perform better when you do it for real.

Win over your brain with effort, action and outcome

If you've ever tried to win over a teen and turn them into an enthusiastic participant, you'll know it's no mean feat. It can be the same with your brain. But here's the secret: it wants to know two key things before it says 'yes' to playing ball. The first is why, the second is how.

First, it's trying to figure out whether this thing is worth doing. Basically, your brain is trying to test if you value this goal enough. If the answer is 'no', your brain is probably shutting the door in your face. If it's still playing along, then it next wants to understand what actions need to be taken and whether they're worth the effort.

If your brain doesn't think the outcome is worth it, it gives it a hard pass. So make sure you really connect with why it's worth the mud, sweat and tears and you'll have a better chance of getting it on board.

Make your goals ... just right

Remember the curious golden-haired porridge thief who wanted the perfect midpoint between hot and cold? Setting goals is much the same. I call it the 'get Goldilocks goals' method or 'GGG'.

When you're setting goals, if they're too easy, your brain won't engage with them enough.

But if they're too hard, your brain is likely to think they're unattainable and give up. You get where I'm going with this, right? You want your goals to be in the Goldilocks 'just right' sweet spot. Make them just enough of a stretch that you know, if you put your mind to it, you could achieve them.

Break big goals down into bite-sized pieces

How do you eat an elephant? Apparently, one bite at a time. It is the same with goals. Microtask the shit out of your to-do list and break each goal into the teeniest tasks or chunks.

Yes, 'wasting' time writing out all the small, tiny little steps in each goal, which you know you need to do, can feel silly - until you get to the point where you can start ticking things off your list. Every tick gives you a dopamine hit, which starts to rewire your brain to seek out more progress.

Mark the milestones

Now you know your brain gets a boost from progress, you can use that to your advantage. The trick is to make your progress visible.

Create a milestone tracker for each money goal and update it every pay cycle.

For example:
• Debt reduction Draw a simple thermometer or bar with your starting balance at the top and zero at the bottom. For every repayment you make, colour in the next slice down. 
• Savings goals Write your target at the end of the bar and add markers for specific increments as you move towards it - perhaps $500 or $1000 increments. Each time you top up your savings, colour in the bar up to the new level.

Celebrate the wins

You don't need to publicly broadcast every milestone you reach. But you should find a way to meaningfully acknowledge and celebrate every win along the way (without spending!).

Our brains need to not just look forward and see where we are going (important) but also identify how much of the track we have already walked down (just as important). So when you get to certain milestones, pausing and recognising that is a must.

This is an edited extract from Get Growing: A no-nonsense guide to cultivating wealth and financial freedom by Jessica Brady (Wiley, $34.95). Enter now to win a copy!

The federal government will temporarily halve the fuel excise from Wednesday, cutting 26.3 cents a litre from petrol and diesel for three months, as Canberra scrambles to contain the fallout from the worsening fuel crisis.

The move was announced after Prime Minister Anthony Albanese met state and territory leaders at national cabinet on Monday.

The package includes a fuel security plan, a 50% cut to the fuel excise and a three-month reduction in the heavy vehicle road user charge.

Treasurer Jim Chalmers says the excise cut and truck relief would cost the budget about $2.55 billion.

What is the fuel excise?

Fuel excise is a federal tax built into the price of petrol and diesel.

With the tax temporarily cut in half, the 53 cent-a-litre charge will fall by 26.3 cents for three months.

"We're making fuel cheaper today because we understand that Australians are under serious pressure," says Albanese.

Why are petrol prices spiking?

The move comes as war involving Iran disrupts oil and gas flows through the Strait of Hormuz, one of the world's most important energy choke points.

About a fifth of global energy trade normally passes through the strait, so any disruption quickly pushes oil prices higher. Brent crude has climbed above US$115 a barrel, lifting fuel costs in Australia.

Australia is especially exposed because it imports about 90% of its fuel.

The country has around one month of petrol, diesel and jet fuel, while cancelled shipments from Asia and local shortages have added to concerns about supply.

What is the National Fuel Security Plan?

Albanese says national cabinet had adopted a national fuel security plan to co-ordinate the response between the Commonwealth, states and territories.

"The plan outlines how governments will work together to keep Australia open and to keep our economy going," he says.

He says the plan had four levels of action and was designed to avoid a patchwork response across the country:

Level 1 - Plan and prepare

Fuel supply runs as normal while governments watch global risks. Australians can purchase fuel as normally.

The government will work collaboratively with fuel suppliers and distributors to gather supply chain information at the national level. Supply and price reporting will also be updated, and government will work with industry to monitor possible impacts

Level 2 - Keeping Australia moving

This is where Australia is currently at, where fuel supply continues to operate effectively, but localised supply disruptions occur.

Australians should "only buy the fuel you need", the plan says.

"Make voluntary choices to use less and avoid the impact of higher fuel prices."

Canberra engages trading partners, underwrites extra cargoes and critical inputs, publishes near-real-time data, temporarily adjusts fuel standards to divert more product onshore, and manages the release of oil to keep allocations fair.

Level 3 - Take targeted action

If disruptions persist, the focus shifts to moving fuel to priority areas and prompting broader voluntary conservation.

The government will act to secure supply. Clear guidance will be provided on how you can help make sure fuel gets to where it's needed most.

"All governments will look for practical measures to help you reduce your use."

The government would intensify diplomatic efforts, make further targeted releases from reserves, and work with states on nationally consistent, practical measures to cut demand.

Level 4 - Protecting critical services

If supply tightens further, stronger demand measures kick in to guarantee fuel for essential users (health, utilities, emergency services) while keeping the economy open.

A national framework prioritises critical sectors, and the Commonwealth directs supply to states and territories fairly, with clear triggers to wind measures back.

Truck relief

The government will also cut the heavy vehicle road user charge to zero for three months and defer the next scheduled increase for six months. The charge is currently 32.4 cents a litre.

Albanese says the move would help trucking businesses hit by rising fuel costs.

"For many trucking companies that are small, they rely upon a cash flow which is under pressure, because they pay for their fuel, and then they get paid down the track in 30, 60, or 90 days, depending upon the contractual arrangements that they have," he says.

Chalmers says the package was aimed at softening the hit to households and businesses.

"The steps that we're announcing are all about taking some of the sting out of these higher petrol and diesel prices," he says.

States split on free public transport

Public transport is where the national response starts to split.

Victoria and Tasmania have announced temporary free public transport measures, while other states have ruled them out for now.

Victoria will make trains, trams and buses free from March 31 until the end of April, while Tasmania has made public buses free from March 30.

"This is a temporary measure to help with the cost of living - it will take pressure off the pump and help you save," Victorian Premier Jacinta Allan said.

Tasmanian Premier Jeremy Rockliff said: "We know the rising cost of fuel is impacting the family budget, and that's why we have again taken strong and decisive action to protect Tasmanians."

But South Australia, Queensland, Western Australia and New South Wales have all declined to follow suit.

Queensland and South Australia had recently cut public transport costs, arguing making it free is unnecessary as it's already heavily subsidised.

WA Premier Roger Cook also rejected the idea, saying fares were already at a "historically low" level.

"Rick Astley was top of the charts when fares were this low in Western Australia back in the 80s," he said.

NSW has also ruled out free public transport, arguing it would cost millions of dollars a day and make it harder to fund extra services if demand surged.

However, this would NSW the most expensive state in Australia for public transport.

What it means for households

For households, the quickest relief will come from the excise cut.

A driver filling a 50-litre tank would save about $13.15 if the full reduction is passed on. For a 65-litre tank, the saving would be about $17.10.

It will not solve the broader supply problem or fully cancel out the effect of higher global oil prices.

While it's uncertain when fuel prices will settle, it should give households some short-term relief while Canberra tries to stop an overseas energy shock from becoming a deeper domestic one.

It's the advice that's been passed down at kitchen tables across Australia with the same confidence as a family recipe.

For decades, buying property has been a reliable formula for building wealth, how security is a way to help give your children a better start than you had.

For many years, the advice was largely correct. But for the generation now trying to make it a reality, the math has stopped adding up.

Recent research from Propertyology found the average value of the main residence for Australian households has risen about 560% over the past 25 years. This is significantly further ahead of the increase in the average income for Australians in that time.

This means the vehicle most Australian families relied on to build and pass on wealth has become, for many young people, the single biggest barrier to starting at all.

The advice hasn't changed. But the Australia it was written for has.

The data paints a stark generational picture.

Baby Boomers hold the highest net worth of any generation while Gen X households have the most wealth in property and shares. Millennials, by contrast, carry significant mortgage debt, student loans, and the rising cost of simply getting started.

They are not behind because they are less capable. They are behind because the asset prices that made their parents wealthy are now the barriers preventing the same story from repeating.

And yet, something else is happening beneath the surface.

Younger Australians are not disengaged from wealth creation - they are engaging differently. According to the ASX Australian Investor Study 2023, 43% of Gen Z already hold Australian shares. They are also the cohort most likely to hold ETFs (33%), invest internationally (25%), and hold cryptocurrency (31%). Far from being financially apathetic, they are digitally fluent and globally minded in how they approach investing.

Millennials, often described as the "bridge generation", are reinforcing that shift. The same study shows they favour ETFs and digital investing platforms, prioritise risk awareness in decision-making, and are more likely than older generations to factor ESG considerations into their investment choices. They sit between the property-driven wealth model of their parents and the diversified, digitally enabled portfolios of their children.

Alongside property, long-term share market investing has quietly delivered strong returns for decades - without attracting the same cultural reverence.

The difference is that most Australians haven't been invited into that conversation early enough for it to matter.

Minor investing matters more than ever

Over the past few years, CMC Invest has seen an increase in parents reaching out about Minor Trust Accounts as ways to invest for their children's future and ensure they have a financial jumpstart once they reach adulthood.

That interest is not theoretical. The Finder Wealth Building Report (September 2024 survey) found that around 34% of Australian parents have already bought shares or other investments for their children. Behaviour is shifting.

Accounts designed to build future savings for your kids, provide a unique bridge between a standard savings account and a formal family trust. However, parents should be aware that minor trust accounts may have different tax treatment depending on the structure and income generated, and it may be worth seeking independent advice to understand any potential implications.

But beyond supporting your children with a nice nest egg, investing for your kin can help set them on a path to lifelong financial success.

1. Financial literacy that sticks

Research has found that from a young age, children can begin to grasp delayed gratification, risk, and the relationship between decisions today and outcomes tomorrow. If you bring your child along on the journey of their investing account, it can serve as a practical teaching tool where they can see their balance grow.

At the same time, it provides a natural opportunity to explain that investments can rise and fall in value and that outcomes are not guaranteed. Strong financial habits formed early tend to be the ones that last.

2. Time doing the heavy lifting

The single most powerful variable in long-term investing is not stock selection or market timing, it is duration.

An investment started early and held consistently can represent the difference between a meaningful asset base and a standing start. While time can help smooth out short-term volatility, investments can still experience periods of loss and should be approached with a long-term mindset. Starting early is not a nice-to-have - it is the whole strategy.

3. A head start

A young adult facing a uni degree, a rental bond, a house deposit or simply the desire to head overseas for a holiday before settling down needs capital.

A minor investing account, started early and contributed to consistently, can become the financial foundation for all of those moments.

4. Accessibility

Modern investing platforms are professional, slick, and user friendly - making it straightforward for anyone interested to open an account, contribute flexibly, and access thousands of local and international shares and ETFs and crypto with low or no brokerage on many markets.

The barriers that once made this feel like a product for the wealthy have largely fallen away in recent years making it more accessible than ever.

A changing landscape

The shift we are seeing across investing from different Australian generations is not about decline but change in how we invest, our financial strategies, but also in opportunity and accessibility.

For most of modern financial history, investing for a child's future required wealth to begin with. That is no longer true.

The ability to give a child a real stake in the global economy is now available to Australian families of all shapes and sizes in a way it never has been before.

As with any financial decision, it's important for families to consider their circumstances and understand both the potential benefits and the risks involved.

Minor investing accounts will not solve every challenge currently facing young Australians. But they are a practical, and now widely available tool, to give our kids something no amount of advice can substitute for: a head start, a foundation, and the knowledge that someone invested in their future before they were old enough to do it themselves.

Australians are good at growing their super. We're not so good at switching from the accumulation phase to spending our super in retirement.

That's largely because of FORO - the 'fear of running out' of money. And it's understandable. Today's retirees may need to stretch their super over 20, even 30, years of retirement.

Retirees often try to reduce longevity risk by saving their savings - living frugally, instead of relishing retirement.

This has fuelled regret risk. That's when retirees realise all too late that they've missed the boat to go harder on super savings at an early stage, when they were better placed physically to enjoy the lifestyle pursuits we dream of in retirement. Fortunately, there is a solution.

Lifetime annuities can hold the key

More than four in five retirees invest their super in an account-based pension. It's an appealing option with tax-free returns and the flexibility to make lump-sum withdrawals.

The downside is no guarantees about how long the money will last. That's where lifetime annuities can make a difference.

Lifetime annuities pay an income guaranteed for life 

When an annuity is purchased with super savings, investment returns and the income received are tax-free.

Even better, usually only 60% of a lifetime annuity is included in the age pension assets test.

The drawback is less flexible access to your money.

That's why an account-based pension combined with a lifetime annuity can provide the best of both worlds - income for life plus flexible access to super savings.

Lifetime annuities have evolved

Lifetime annuities, which are offered by some super funds as well as leading life insurance companies like Generation Life, have come a long way in recent years.

Every lifetime annuity now pays a death benefit - either passing on the income stream to a spouse or paying a lump sum to other beneficiaries.

More recently, we've seen the rise of investment-linked lifetime annuities. These still offer income for life but have the added opportunity of the investment growing over time depending on the chosen investment options.

More bang for your super buck

If you're in or near retirement, it's worth taking a fresh look at lifetime annuities.

Coupled with an account-based pension, annuities can give you the confidence to embrace a rewarding lifestyle without regrets about missing out on everything retirement has to offer.

But what about Bowie Bonds, poison pills or pump and dump schemes? These quirky investing terms regularly pop up in market commentary, takeover battles and share market scams.

Here are 15 unconventional investing terms every investor should understand to build confidence, spot risks and better follow what is happening in the market.

1. Ankle biters

Ankle biters are stocks with a market capitalisation of less than $500 million - so in micro-cap or small-cap territory. Beyond referring to its size, the term can also be used to describe the stocks volatility but potential for growth.

2. Bag holder

A bag holder is an investor who is left holding a stock after its price has collapsed, usually once early buyers or promoters have already sold. The term is often used in speculative or hype-driven trades, where latecomers end up stuck with shares that are worth far less than what they paid.

3. Bear hug

A bear hug is used to describe a situation in which an offer is made for a company that is far more generous than its market value. Why would such an offer be made? Often it's done to woo over existing investors and to pressure a company's board to accept.

4. Black swan

No, not the 2010 Oscar-nominated film starring Natalie Portman. In relation to the stock market, the term black swan refers to an unpredictable event which has a significant impact on the market. For example, the U.S. housing crash that lead to the global financial crisis.

5. Bowie Bonds

If your mind goes straight to David Bowie you'd be correct. Bowie Bonds were a specific bond issued in 1997 that used the royalties of the singers' 25 albums recorded before 1990 as the underlying security. They are considered the first example of a celebrity bond which use intellectual property as security.

6. Circuit breakers

Also known as a trading curb, a circuit breaker is a regulatory mechanism used by some exchanges to temporarily pause trading in order to avoid a market crash. For example, on the New York Stock Exchange if the S&P 500 Index drops by 7% then trading is halted for 15 minutes. Circuit breakers aren't used on the ASX, which instead employes Anomalous Order Thresholds (AOTs).

7. Cockroach theory

The cockroach theory (and it is very much theory, not fact) is an idea that when a company announces bad news, there's likely more of it to come in the future. It comes from the idea that if you spot one cockroach in your home, there will be a heap more lurking out of sight.

8. Dawn raid

A strategy used to acquire as many shares - and therefore a decent stake - in a particular company as possible. By launching a dawn raid at the start of the trading day the target company is, in theory, caught unaware and the shares can be scooped up cheaply.

9. Dead cat bounce

Based on the idea that even a dead cat will bounce after falling from a great height, a dead cat bounce in finance refers to a falling share price having a brief uptick before continuing to decline.

10. Falling knives

The phrase "don't catch a falling knife" is a warning which refers to the possibility of an investor buying a stock or equity whose price is falling, only for it to fall even further. Obviously, that's something that nobody wants to do.

11. Haircut

In investing, the term haircut is used to describe the difference between the market value of an asset and how the value is assessed when it's used as collateral for a loan. For example, while the current market value of a particular asset may be $500,000, its value when used as collateral could be judged to be $400,000. Therefore it's been given a 20% haircut.

12. Paper hands

Paper hands is slang used to describe an investor who sells too quickly when a share price falls or volatility rises. It implies a lack of conviction and emotional decision-making, and is often contrasted with "diamond hands", which refers to holding through market swings.

13. Penny dreadfuls

Penny dreadfuls are stocks priced right at the lowest end of the market - generally in the range of 10 cents or less. Dreadfuls are typically viewed as companies that have little chance of making a profit, but can sometimes surprise on the upside.

14. Poison pill

A poison pill is a defensive maneuver used by a company's board of directors to stave off hostile takeovers. In practice, a company with a shareholder rights plan could specify a maximum stake that a single entity can own then, if that is reached, give existing shareholders the option to buy shares at a heavy discount. This will dilute the entity's stake, but it can obviously have a negative impact on all shareholders by lowering the stock price.

15. Pump and dump

Illegal under Australian law, pumping and dumping is a fraudulent scheme designed to inflate the price of a stock via the spread of false information. Fraudsters who already own a particular stock use the tactic to lure in new buyers in order to drive up the price and then sell it for a profit.

Getting financial advice on a single issue sounds simple enough. You have a question about buying a home, aged care, insurance or retirement - and you want to pay for help without signing up to an ongoing service.

In practice, that can be hard and expensive.

"Many financial advisers do offer advice on a single topic, but not all do," says Sarah Abood, chief executive of the Financial Advice Association Australia (FAAA).

The need is widespread. Research from Investment Trends shows 11.8 million Australians have unmet financial needs, with 80% believing they could have benefited from professional financial advice.

"Australians are being left to manage major financial decisions without professional support," Abood says.

"Some are turning to unregulated social media or internet searches for answers, which carries a high risk of poor outcomes, including permanent capital loss and reliance on social security."

Cost is a major barrier. According to Adviser Ratings, median advice fees rose 86% between 2018 and 2024, climbing from $2510 to $4668.

That can come as a shock to consumers expecting to pay for a quick meeting or a simple answer.

But advisers say the real hurdle isn't the conversation itself; it's the legal and compliance work required behind the scenes.

What one-off advice actually means

One-off advice is not rare. Adviser Ratings data shows single-engagement advice made up 23% of client interactions in 2025, down slightly from 25% a year earlier.

That broadly matches the experience of Michael Sauer, a financial adviser and founder of Source Wealth, who says a quarter of his clients seek one-off advice each year.

Even so, he regularly hears the same question from prospective clients: can they simply pay for an hour of his time to deal with one issue?

"Unfortunately, that 'cash-for-answers' model isn't how financial advice works," Sauer says.

Financial advice generally falls into two broad categories: ongoing holistic advice and one-off advice.

Holistic advice takes a wider view of a client's finances and long-term goals, while one-off advice is usually narrower and tied to a specific issue or life event.

Even so, Sauer says the upfront fee is often similar whether a client wants one-off advice or an ongoing service, because much of the same fact-finding, strategy work and documentation needs to be done.

"The financial plan itself is really an enormous amount of work and that's primarily due to legislation," he says.

"Even if someone asks a simple question and you know the answer off the top of your head, you still must document it in a statement of advice (SOA). You have to prove it's in their best interests and show that you've compared a range of alternatives."

Can statements of advice be streamlined?

In Australia, advisers must provide an SOA - a legal document that allows clients to assess recommendations before acting.

"(SOAs) can be quite long and complex, and they will take several weeks generally to arrive," says Abood.

The Quality of Advice Review published December 2022, recommended replacing long statements of advice with shorter, more practical records of advice.

That could mean a short letter or email setting out recommendations instead of an 80-page document.

"If that were legally possible, the cost of advice could come down significantly," Sauer says.

He says advice will never be as cheap as some consumers might hope, because even simple questions often require research, due diligence and comparisons.

"But if advice documents were shorter and less complex, more people could be helped."

Sauer says one-off advice has become less common because a standalone plan with no ongoing service is generally less profitable.

"Adviser time is finite - you can only service a certain number of clients - so if your book is already full, you're probably going to focus on clients who want ongoing advice," he says.

While Sauer sees one-off advice as essential, Source Wealth is only able to offer it because he uses online questionnaires to collect client information, saving time and helping keep costs down.

Could a new class of adviser fill the gap?

The government's proposed new class of financial adviser is designed to give Australians access to simpler, lower-cost personal advice on limited issues such as superannuation, insurance and retirement income.

Sauer is cautiously supportive of the idea.

"Having someone who can provide factual information makes sense," he says. "That kind of model could also help advisers where a client isn't necessarily a good fit for holistic financial advice - but there are still details that need ironing out."

The risk, he says, is that providers must know when to refer someone on.

Retirement planning, for example, often involves more than just super. It can also affect a person's age pension, and advice that fails to take that broader picture into account could leave them worse off.

"As long as there's a clear understanding of when to refer clients on to qualified financial advisers, I think that approach could work well for all parties," he says.

Where consumers can turn now

For people who just want a straight answer, Sauer says there is still a gap in the market.

At one end are financial counsellors, who provide free, government-funded help for people in hardship, including with debt, budgeting and financial stress.

At the other are Australians who can afford a financial adviser or planner for tailored advice.

In between sits a large group of Australians with genuine questions, but no clear low-cost way to get personal advice.

"That gap in the middle is where there's no real 'pay per question' option at the moment," Sauer says.

For some Australians, their super fund may be the most practical place to start.

Super funds can already provide a range of free advice to members on issues tied to their account, including investment options, contributions, retirement income and insurance inside super.

That service, known as intra-fund advice, remains poorly understood. AMP research shows only one in 10 Australians know what it is, with awareness dropping to 7% among people aged 50 to 64. Yet most say they would use it if they knew it existed.

For now, that still leaves many Australians in an awkward position: their question may be too important to ignore, but not big enough to justify an ongoing advice relationship.

That is why one-off financial advice, while available, remains hard to access even though demand is widespread.

Petrol prices are climbing, diesel is skyrocketing, and the narrative is quickly shifting towards fear. However, this is usually the point at which it pays to step back and examine what's really happening. Yes, there is pressure in the system, but it isn't the beginning of a long-term collapse.

Australia does have fuel reserves, and while they're not massive, they are enough to manage short-term disruptions.

The real pressure point right now is diesel, as it powers the backbone of the economy, from transport and mining to construction and agriculture. When diesel prices rise, that cost flows through to freight, food and your weekly shop. So, rightly so, both businesses and households are feeling the pain. But here's what's missing from the headlines.

Before tensions escalated in the Middle East, the world wasn't short on oil. Supply was strong, inventories were healthy and prices had been trending lower. What we're seeing now isn't a structural shortage, it's a reaction to disruption and uncertainty, which won't last forever.

Historically, conflicts in the Middle East trigger sharp spikes in oil prices, but they also tend to settle once tensions ease. The global energy market is highly responsive. When prices rise, supply follows.

Producers increase output, alternative supply routes open and previously unviable production suddenly makes economic sense.

The United States plays a key role in this. It has both the incentive and the capability to stabilise energy markets. Prolonged energy shocks hurt global growth, which is not in anyone's interest, especially the world's largest economy.

So, the focus typically shifts towards stabilising supply rather than letting disruption drag on, which is why you are seeing the price of oil find a ceiling at $100 a barrel. That doesn't mean the issue will resolve itself overnight, but it does mean it's not permanent.

Remember, headlines amplify fear, but markets move on expectations. Right now, markets are pricing in disruption, not a long-term breakdown of the global energy system. We've seen this play out before; prices spike, sentiment turns extreme, supply then adapts and prices settle. It's a natural cycle.

For everyday Australians, the key is not to panic, but to prepare. Expect short-term pressure on fuel and food costs, adjust where you can and avoid making decisions based purely on fear-driven headlines because while this situation is serious, it's also temporary.

Energy markets are cyclical. Supply responds, tensions ease and when they do, the narrative will shift just as quickly as it escalated.

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

The best-performing sectors include Materials, up more than 4%, followed by Utilities and Consumer Discretionary, both up more than 2%.

The worst-performing sectors include Information Technology, down more than 3%, followed by Financials, down more than 0.5% and Communication Services, down under 0.5%.

The best-performing stocks in the ASX top 100 include Pilbara Minerals, up more than 17%, followed by Pinnacle Investment Management, up more than 13%, and Light & Wonder Inc, up more than 12%.

The worst-performing stocks include WiseTech Global Limited, down more than 10%, followed by Treasury Wine Estates and Endeavour Group, both down more than 7%.

What's next for the Australian stock market?

The All Ordinaries Index staged a solid reversal this week, finishing Thursday with a modest 1.14% gain. On the surface, that might not seem overly exciting, but when you look at how the week unfolded, it tells a much more interesting story.

On Monday, the market was down 2%, trading down to the 8450 level. It looked like the sell-off was set to continue, but instead of trading lower, buyers stepped in quickly and aggressively by Wednesday, shifting the tone of the entire week.

What this highlights is just how much volatility has picked up. Moves are becoming faster and more reactive, and at times it feels like price is being driven less by fundamentals and more by headlines, or even a single comment out of the US. That kind of environment can feel unpredictable, but it also creates opportunity for those who stay focused on the charts.

The encouraging part is where we've ended up. The market has pushed back above the 8700 level, which is an important area when you look at the bigger picture. It's a level that has acted as both support and resistance multiple times over the years, so reclaiming it is a positive sign that buyers are starting to regain some control.

From here, a small pullback wouldn't be surprising. After a sharp reversal like that, markets often pause or retrace slightly before deciding on the next move. But the key level to watch now is the recent low around 8450. As long as that level holds, the structure for a potential turnaround remains intact.

It's also worth remembering that trends don't form overnight. They build over time, often starting with moves exactly like this, a sharp rejection of lower prices followed by a recovery back to key levels. For now, it's early days, but it's a promising start.

Shrinkflation is hitting Easter eggs

Seen the cost of Easter eggs this year?

It's enough to send the Easter Bunny hopping mad.

Consumer group CHOICE says shrinkflation has hit Easter treats hard, with a range of Cadbury Easter eggs becoming smaller and more expensive over the past 12 months.

Despite falling wholesale cocoa prices, manufacturers like Cadbury have doubled-down on cutting the size of products while raising prices.

As one Reddit user said, "Welcome to the $20 Easter egg."

Back in 2024, Cadbury sold a 24-pack of Easter eggs for $12.50.

Today, you get just 20 eggs priced at a thumping $18.

CHOICE says hot cross buns have also fallen victim to shrinkflation, with smaller buns now on shelves without any reduction in price.

But maybe the Easter Bunny has had a word in the ear of the big supermarket chains.

At the time of writing, Cadbury Dairy Milk Hollow Easter Eggs 20 pack is currently on special at Woolies for $12, down from $18.

Coles has 15 hollow hunting eggs for $9.

Both come in at $3.53 per 100 grams.

Goes to show the value of shopping around. Use unit pricing to score the best value.

NRMA recommends E10 to cut fuel bills

Motoring group NRMA is encouraging motorists to embrace E10 fuel to save at the bowser.

NRMA spokesperson Peter Khoury, says, "Every litre of E10 sold, which is produced domestically, is taking pressure off the supply chain.

"We should be encouraging people to reach for the E10 pump."

E10 can certainly be kinder on your wallet.

NRMA research reveals the average price of regular unleaded fuel in Sydney is $2.44 per litre, while E10 unleaded is about $2.27 per litre.

Drivers may be concerned that E10 (petrol blended with ethanol) could be damaging to their car or provide lower fuel efficiency.

The NRMA says the majority of modern cars running on unleaded petrol are compatible with E10.

The website of the NSW Government offers an online E10 compatibility check. Just enter your car's make, model and year.

It doesn't provide results for all cars.

If in doubt, follow the advice of your car's manufacturer. The details are usually noted inside the fuel flap.

Travellers should read airline fine print right now

Most of us rarely pore over the fine print when we buy airline tickets.

But now is the time to do so.

The Australian Competition and Consumer Commission (ACCC) is monitoring Australia's airline industry in response to events unfolding in the Middle East.

The conflict has led to major disruptions, especially for flights to Europe, including airspace closures, flight cancellations and route diversions.

"The Middle East plays a critical role in global aviation, and we've already seen airline operations affected worldwide," says ACCC Commissioner Anna Brakey.

The ACCC warns that whether consumers are entitled to a refund or other compensation for flights disrupted by war in the Gulf will depend on "the individual circumstances of any booking or cancellation".

Consumer guarantees under Australian Consumer Law are unlikely to apply if an airline delays or cancels a flight due to the actions of a third party - like governments closing their airspace or implementing flight restrictions.

Long story short, whether or not you're entitled to a refund will depend on the terms and conditions of your booking.

Brakey adds, "We have been encouraging consumers with an upcoming international flight to contact their airline to understand their options."

NSW renters to get bond relief

Mid-2026 will see 'Smart Rental Bonds' kick off in NSW, potentially making it less expensive for the state's 2.3 million renters to move to a new home.

Smart Rental Bonds will allow tenants to digitally transfer their bond between properties for a fee of $25.

This means renters will no longer have to find thousands of dollars for the bond on a new place while waiting for the bond on their old home to be refunded.

With the average renter spending $4,000 each time they move, Smart Rental Bonds will make it easier to change addresses.

NSW Minister for Fair Trading Anoulack Chanthivong, says, "No one likes having to put forward thousands of dollars while waiting days, possibly weeks for their old bond to come back - that's money which renters need to set up their new home.

"Smart Rental Bonds is not only a win for renters, but a solution which won't disrupt how landlords and real estate agents conduct their business either."

Aussies turn to granny flats to boost income

The Aussie backyard is undergoing a makeover.

Data from NAB shows renovation loans jumped 21% last year, driven by homeowners planning to add a granny flat to their backyard to create space, boost income and unlock extra value from their property.

Searches for 'granny flat' are surging on property platforms as home owners look for ways to support family members, tap into a new source of income or plan for future needs.

NAB's Denton Pugh says, "People want their homes to work harder for them. With affordability still tough and rental demand rising, adding a secondary dwelling is becoming a smart, practical option."

Pugh adds that granny flats are "becoming a long term investment that strengthens the value of the property."

That may be so but a granny flat is still a substantial investment.

Disregarding council requirements, which can vary widely, a top-of-the range granny flat can set you back around $200,000 according to Hi Pages.

The Consumer Price Index (CPI) rose 3.7% in the 12 months to February 2026, down marginally from 3.8% in January, according to the Australian Bureau of Statistics (ABS).

That apparent cooling came before the oil shock triggered by the Iran conflict on March 3, meaning the data does not yet reflect the surge in fuel prices now hitting households and businesses.

"There are some tentatively encouraging signs that inflation momentum was easing before what will be a lift driven by higher petrol prices over the next few months," Stephen Koukoulas, managing director at Market Economics, posted on LinkedIn.

Others are less convinced any relief was ever really under way.

"Today's CPI figures offer little reprieve in the fight against inflation," says Sally Tindall, Canstar's director of data insights.

"There's no calm before the storm. Instead, it's persistent inflation that is set to spike once the Middle East conflict flows into next month's data, just six days out from the RBA's next meeting."

How is inflation measured

So what's actually sitting behind the latest inflation number?

In Australia, inflation is measured using the Consumer Price Index, or CPI. It tracks changes in the prices of a broad "basket" of goods and services households buy regularly.

The Australian Bureau of Statistics collects prices for thousands of items each month, sorting them into 87 categories across 11 major spending groups. Each item is weighted according to how much households typically spend on it. The more we spend on something, the more sway it has over the final inflation figure.

Which is where fuel comes in.

Petrol's small weight, big influence

Based on household spending data used by the ABS, Australians spend about $2300 a year on automotive fuel. That gives petrol a weight of roughly 3.3% in the CPI basket.

That may not sound like much, but fuel prices are among the most volatile items in the index. Big moves at the bowser can quickly drag inflation down or push it sharply higher.

That was clear during the early stages of COVID-19, when petrol prices plunged about 20% in a single quarter, accounting for nearly half of the record 1.9% quarterly fall in the CPI.

The reverse is now shaping up.

Why higher fuel prices haven't shown up in the data... yet

The February inflation data was captured before the oil shock linked to the Iran conflict in early March. Since then, petrol prices have surged.

According to Fuel Spot, the average price of unleaded 91 on Wednesday, March 25 sits at 240.5 cents a litre. Four weeks earlier, it was 181 cents - a 33% increase.

Diesel prices are moving even faster.

In the week to March 18, international prices rose sharply, particularly for refined diesel, according to the ACCC. The benchmark Singapore Gasoil price jumped 18% in a single week and is up about 109% over the past month.

The ACCC says the surge reflects tighter diesel supply and reduced availability of suitable Middle Eastern crude, compounded by ongoing shipping disruptions in the Strait of Hormuz.

Those costs haven't yet been fully captured in the CPI.

But as higher fuel prices work their way through transport, freight and supply chains, they are likely to push inflation higher in coming months, even as the official figures briefly suggest it's cooling.

Does higher inflation mean another rate hike?

Economists warn the timing could be awkward for borrowers.

NAB economists forecast headline inflation could spike to 4.6% in March. Some analysts say that if elevated oil prices are sustained, CPI could break above 5%.

The March inflation print lands just six days before the Reserve Bank's next cash rate decision.

All four major banks expect another rate hike in May. For a borrower with a $600,000 mortgage and 25 years remaining, that would add about $91 a month to repayments.

If that happens, it would mark three hikes across three meetings. Canstar analysis shows that would lift monthly repayments by $272 - a 7.4% increase in just four months, more than double Australia's current annual inflation rate over a far shorter period.

And May may not be the end. Markets are pricing in as many as five rate hikes this year, including the two already delivered.

How many rate hikes could you avoid by haggling?

The good news for borrowers is that not all of the pain is unavoidable.

Canstar analysis shows a typical owner-occupier who took out a loan five years ago and hasn't negotiated since could be sitting on a variable rate of around 6.78%.

On a $600,000 loan, knocking 0.5 percentage points off that rate would cut monthly repayments by about $188 - effectively wiping out the February and March rate hikes and saving more than $6000 in interest over the next two years.

While bargaining alone is unlikely to get borrowers below 5.75%, refinancing could. Canstar research suggests around 40 lenders are expected to offer at least one variable rate below that level, potentially saving a borrower up to $11,205 over two years, even after factoring in about $1150 in switching costs.

"The silver lining is that borrowers aren't powerless," says Tindall.

"Many Australians are on uncompetitive rates simply because they haven't picked up the phone. In today's environment, a 10-minute call could be worth thousands."

What happens next?

Koukoulas says higher petrol prices may eventually work to dampen inflation elsewhere.

"With a moderate lag of three to nine months, inflation pressures in non-oil sectors will be driven down as the petrol shock (combined with recent interest rate increases) squeezes cash flows and slows domestic demand," he says.

Krishna Bhimavarapu, APAC economist at State Street Investment Management, says markets are only beginning to price in the broader risks.

"Markets are clearly becoming more alert to the macro implications of the Iran conflict, and Australia is not immune," he says.

"A quick resolution would likely deliver only a brief inflation burst. A prolonged shock raises the risk that global demand slows enough to flirt with recession, which is not our base case."

"For now, the CPI print is encouraging," Bhimavarapu adds. "But with fuel prices rising sharply and housing and rent inflation still sticky, inflation firming over the coming months looks more likely than not."

Minister for Financial Services Daniel Mulino said the reforms improve transparency, reduce uncertainty, and strengthen the enforcement of court-ordered compensation for victim-survivors.

Mulino said if passed - which is expected - the Survivors Law will enable victims and survivors of child sexual abuse to apply for a court order to access additional personal or salary sacrifice superannuation contributions made by the offender where a related court order for compensation remains unpaid after 12 months.

As the Bill currently reads, victim-survivors can only seek to receive the unpaid, law enforced, compensation from additional contributions the perpetrator made from a period of 10 years prior to the day the abuse initiated (or the estimated date the court agrees the abuse occurred) until the day the compensation order is made.

Employer mandated contributions, whether paid at the legislated minimum or at a higher rate as negotiated as part of an industrial agreement or award are exempt from the reforms.

"This is because the intention is to prevent misuse of superannuation to shield the assets of perpetrators from their victims or survivors," the explanatory memorandum reads.

"Certain other types of contributions are specifically excluded from eligibility to ensure that only amounts that are made to deliberately shield assets from compensation are eligible."

Victim-survivors will be able to apply to the Australian Taxation Office (ATO), with appropriate safeguards, to identify any potential eligible superannuation prior to seeking access.

Should a perpetrator have made voluntary contributions in an attempt to hide their assets but then removed the additions contributions before the compensation order is made, victim-survivors will also be given information as to the perpetrator's total superannuation balance, along with total amount of additional contributions made.

This does not mean the victim has access to the total superannuation assets, it is just for them to judge whether extra contributions were removed, making it no longer worthwhile for them to see compensation from those additional contributions.

Unfulfilled historical compensation orders brought into existence before the measure's commencement will be eligible if they remain legally enforceable and were awarded in relation to a criminal conviction or finding of guilt for child sexual abuse.

The reforms also include amendments to the Bankruptcy Act 1966 to allow compensation debts to survive an offender's bankruptcy.

Mulino said the government is committed to ensuring these reforms operate as intended and deliver meaningful outcomes.

Accordingly, the operation of the law will be reviewed after full commencement to assess its effectiveness for victim-survivors.

"We have listened to the survivors and advocates who have a been calling for strong accountability and justice for a long time," Mulino said.

"The Albanese Government will establish the principle that convicted perpetrators cannot use the superannuation system to shield assets from lawful compensation orders.

"This Bill represents a meaningful step forward for survivors of child sexual abuse. When passed, this Bill will establish a foundation that can be built on in the future on as we continue to look for opportunities to improve outcomes, and attain justice, for survivors."

Attorney-General Michelle Rowland said the government was committed to holding perpetrators of abhorrent child sexual abuse to account.

"There can be no opportunity for criminals who are convicted of child sexual abuse to avoid paying compensation to their victims, and I look forward to this vital legislation delivering exactly that," Rowland said.

"My message to victim-survivors is clear - we hear you, and we have your back."

This article first appeared on Financial Standard

Have you ever watched the movie The Terminal with Tom Hanks? It's where he's stuck in a US airport because his country collapses and he can't go home.

Diana Mousina has never been stranded in an airport. At least, if she has, it doesn't come up in conversation. The connection with the Tom Hanks' film is that Diana spent her earliest years living in a country that no longer exists.

"I grew up in the Soviet Union. I was born in Uzbekistan, but I'm not Uzbek at all. My family is Russian Tatar and we were living in Uzbekistan because, at the time, you had different people living and moving across all parts of Russia and the ex-Soviet states."

It was a momentous time to be living there. In late 1991, the Soviet Union officially dissolved and, like many others, Diana's family sought a new life abroad.

"After the collapse of the Soviet Union, my parents thought it'd be better for us to move overseas. It was basically just for work and better opportunities - the typical migrant story.

"We had a great aunt who lived in Australia, so we migrated here when I was about five and ended up in the eastern suburbs, and I've never really left."

Diana's parents had both worked as scientists before the move to Australia, but it was not a path that she would follow.

"I started doing business studies in high school and then economics in years 11 and 12 and I just loved it. I fell in love with economics. To be honest, it helped that I was naturally good at it. For some reason I just understood how things worked.

"I didn't really know what economists did at that point, but I knew that I definitely wanted to do it at university, so I ended up doing a degree in accounting, finance and economics."

After finishing her degree Diana fired off applications for any graduate job related to economics that she came across but found that her love of economics didn't line up with some of the firms she applied to.

"I ended up having a few very interesting interviews for investment banking jobs. I remember crying after a Goldman Sachs interview. They made me feel so dumb for loving economics but having no real interest in equities. Looking back, I probably wouldn't have been appropriate for that role."

Those experiences obviously didn't stop her. Diana landed a graduate job at Commonwealth Bank, then ended up joining the bank's economics team. Five years later she made the move to AMP where, a decade on, she holds the position of deputy chief economist.

But Diana hasn't stuck to the usual script. Lately, she and her fellow AMP economists have taken their insights to social media to break down economics for a new and rapidly growing audience.

A day in the life of an economist

There's a perception that economists spend their days crunching numbers and creating charts. As it turns out, that's true, in part. But being an economist requires wearing many different hats.

"Every day can be a little bit different, but it inevitably involves looking at a lot of different charts. I usually start the morning by looking at overnight data from the US, Europe or Japan and updating charts that we send out every week.

"Then, usually, it's either writing a note about data that's come out that day or about something more thematic. Yesterday, for example, I wrote a note about inflation figures.

"I might also have to do a presentation for clients, or talk to journalists about data, or a forecast, or an event that's coming up."

One of the most interesting parts of the job is the need to be across so many different areas - and not just the topics you might expect of an economist working at AMP, like inflation or equity markets. Diana says she's increasingly found herself talking about geopolitical issues in recent years.

"I'm hardly an expert on Venezuelan oil supply, but after what happened at the start of the year I had to quickly start reading about it in detail because I had journalists asking me for quotes.

"I do find that that's one of the most challenging parts of the role. You can't be an expert on everything, but I think people expect economists to know a little bit about everything."

While the economic team's remit is broad, a fundamental part of the work that Diana and her colleagues do is to assist with the superannuation and investment side of the business.

"We serve the whole business, but the main channel is that we sit within the investment team, which is quite unusual for an economics team.

"So we have fortnightly meetings with our portfolio management team. But we talk about markets and our outlooks all the time - on a daily basis, basically. Because our view, around the world, informs the longer-term investment process that AMP is taking to manage $80 billion worth of superannuation.

"We also talk to, for example, a different number of boards that govern the investment process and present them with our outlook. And we do forecasts for different asset classes that are used in mid-term return projections that super funds are guided by in terms of their performance goals.

Life beyond forecasts 

Between the demands of work and family life with two young children, free time is not something Diana has in abundance. So in the spare time she does have, she becomes a bit of a "grandma".

"I love crocheting and knitting - mainly crocheting now, which I find really relaxing. And I love cooking and baking. I love trying to make new recipes and I have like a million different kitchen gadgets.

"I'm very into low-tox cooking and living, and making healthy foods for the kids. I just get a lot of joy out of making new foods and feeding people."

However, switching off completely is not always an option. Not when you're frequently being peppered with questions and good-natured feedback by your family, friends and other acquaintances.

"I get stuff all the time. 'You got the RBA wrong'. That'll be one I get at barbecues or at children's birthday parties. I get a lot of slack for that sometimes, but never when I get it right.

"So lots of RBA views, but also people wanting to know whether they should fix or float their mortgage or what stocks should they invest in.

"The biggest one is housing. People asking for home price forecasts or whether they should buy or sell. People are just obsessed with housing in Australia."

Being on the receiving end of so much unsolicited curiosity about the financial world does raise another question though: has her role as an economist shaped the way she approaches her own finances?

"Absolutely it has. Like, a million times more than I ever expected. But I think it's because I'm in an investment team where it's much easier for us to relate our economic views to what's actually happening in markets.

"Maybe it's also older age and wanting to preserve my wealth. But I monitor markets so closely now that I've set up my kids with their own share portfolio. I manage my own super and I have money with AMP super too. So I'm much more involved."

As Diana alludes to, her attitude to investing is vastly different from her parents who approached it with a healthy - and understandable - amount of scepticism.

"My parents are dubious of sharemarkets because of the cycle that they went through in the Soviet Union when inflation was so high, and their money just disintegrated sitting in a bank.

"So I never grew up in a family that invested or had any sort of literacy around financial markets at all. I wish I did have that at a younger age, but I've come into it at a later age, which is fine."

Demystifying economics

For a discipline that touches almost every part of life, Diana wishes that economics was more accessible to people outside of the industry.

"Day-to-day life involves economics in so many different ways that you may not even realise. Like how you spend your money, why the price of things is going up or why the government does certain things that influence you.

"Economics is everywhere you look and it's not just for the financial elite or people that understand the jargon that comes with it.

"So I wish that more people were involved with it, but I understand why they aren't. I think that the commentary is confusing and I don't think economists help themselves by using jargon. Too often I read economists' work and I don't even know what they're saying."

This is part of the motivation behind the AMP Econosights Instagram page - an account featuring Diana and her fellow economists Shane Oliver and My Bui.

Designed to showcase economics in a more engaging, accessible and often humorous light, the account has amassed a bit of a cult following with 16,000 followers and counting.

"I think it was initially a bit of a shock to people. Some people said to me 'I didn't know you guys had such good personalities'.

"It's so natural for us, though, because we all love what we do. It's more work, but at the same time, it's something so enjoyable to be a part of because it's new, it's different, it's creative.

"And I think it's important in terms of the financial literacy aspect. A lot of people who follow us already have an interest in finance and economics, so the aim is to broaden that.

"We want to try and make sure that even if you don't have that inherent interest, you can still find something that's relevant for you in there. That's definitely my goal."

So, what does happen to your shares when you die? If you own shares and want to divide them between your children, can you simply split them before you die, or does it need to be dealt with in your will?

The answer is that both approaches are possible, but most people ultimately deal with shares through their estate planning.

How shares are held and why it matters

Before looking at either approach, it's important to check how the shares are owned. In other words, are the shares held by an individual, or are they jointly held with a spouse.

If shares are held as joint tenants (which is common for couples) they pass automatically to the surviving owner when one person dies, regardless of what the will says. The shares will only be distributed under a will once the last surviving owner dies (or if the joint ownership was changed during their lifetime).

If the shares are held as tenants in common (each person owns a defined proportional interest), each person's share forms part of their own estate and can be dealt with in their individual will.

Getting this right at the outset is essential, because how you own them determines whether your will has any effect over the shares at all.

Transferring shares during your lifetime

If you're looking to divide your shares between your children during your lifetime, this can usually be done through the share registry or via your broker using an off-market transfer form.

However, it's important to remember this means you would be effectively giving up your interest in your shareholdings during your lifetime.

Be aware, gifting shares while you're alive can trigger capital gains tax, as the Australian Taxation Office generally treats the transfer as if you sold the shares at market value at the time of the gift.

Leaving specific shares in your will

There are a number of ways shares can be dealt with under your will, it's all a matter of will-drafting and your wishes.

1. A will can deal with shares very precisely, naming a specific beneficiary. This is known as a specific gift. For example, it might say: "I give my shares in CSL Limited to my daughter Jane," or "I give my shares in BHP Group Ltd to my son David."
    
2. A will can also gift a specific number of shares. This can be useful when you are wanting to divide particular investments or a specific number of shares between beneficiaries, for example: "I give 500 shares in XYZ Ltd to my son."

Important factors to keep in mind

• It's wise to review your will periodically to ensure any specific gifts still reflect your intentions and remain practical to administer. If you make a specific gift of shares in your will but no longer hold those shares at the date of your death, the gift will generally fail.
• If your intention is to divide a shareholding equally between children, it's important to make sure the number of shares can be divided evenly (if you own an odd number of shares, one beneficiary will inevitably receive more than the other).
• If your shares are not specifically gifted, they usually form part of the residue of the estate, which is everything left after specific gifts, debts and expenses have been dealt with. A well-drafted will should include an express power allowing the executor to distribute assets in specie, which gives the executor greater flexibility. If the shares form part of the residue of the estate, the executor may:

1. sell the shares and divide the proceeds between the beneficiaries, or
2. transfer the shares directly to beneficiaries in the proportions set out in the will.

Hidden tax traps when inheriting shares

There may be tax consequences to consider when inheriting shares.

When you inherit shares, any tax payable will depend on when the original owner bought the shares.

If they were bought after September 20, 1985, you effectively step into their shoes and inherit their original cost base for tax purposes. If they were bought before that date, the shares are instead valued at their market price when the person died, which can change the tax outcome significantly.

In either case, where the deceased held the shares for more than 12 months, individual beneficiaries may be entitled to a 50% CGT discount on a later sale, regardless of how long they personally held the shares after inheriting them.

Be aware that if one beneficiary elects for their proportion of the shares to be sold by the estate while another beneficiary elects for theirs to be transferred to them in specie, this could result in an uneven distribution of value, depending on how the market moves between the date of death and the date of sale or transfer.

So, beneficiaries should get financial or tax advice before deciding what to do with their inherited shares.

A little planning goes a long way

Thoughtful planning now can make a significant difference to how smoothly your estate is administered later and can help avoid unintended outcomes for your beneficiaries.

Sound legal advice, and careful will drafting with regular reviews are important to make sure the plan works as intended.

Ultimately, a well-structured will helps ensure your investments pass smoothly to the next generation and avoids unnecessary complications for your executor and family.

Every day of our adult lives we are called on to make complex decisions. Many of them revolve around money.

The sheer complexity of all this decision-making can be exhausting.

So, when it comes to investing, there is a lot to be said for low-maintenance, hands-free investments that help us reach our financial goals.

Add in 'easy to understand', and it's fair to say these 'simple' investments hold plenty of appeal.

Yet as investors, we often have a bias towards complexity.

It's easy to assume that complicated structures must be superior to simple ones -and deliver higher returns.

But this is not always the case.

Complex investments can bring increased risk. And higher fees.

The more 'moving parts' an investment has, the more can go wrong - and, most importantly, the harder it is to understand what your true risk position really is.

On the other hand, the simpler an investment is, the easier it is to understand what can go right, and what can go wrong. And the lower the cost tends to be.

With this in mind, let's take a closer look to see if investors can earn healthy returns just by committing to simplicity.

How does the 'simplicity premium' work?

When it comes to investing, the 'simplicity premium' is all about sticking to straightforward, low-cost, and easy-to-understand investments.

As a guide to simplicity, let's look at the private credit market, which is essentially all about non-bank lending.

On one side, non-bank lenders pool investors' money, typically via a managed fund structure.

This capital is then used to provide loans to borrowers - it may be a family buying a home, a business expanding, or a developer completing a project.

On the flipside, investors can receive regular income generated by interest on the underlying loans.

And, if they choose the right manager, they can be confident their capital is being put to good use and may also enjoy low volatility.

People love to overcomplicate things, but in essence, this is what private credit is all about.

If you've ever taken out a loan, you already have a sense of how private credit works.

So, does this simplicity pay a premium?

Yes, simplicity can pay a premium.

An example is La Trobe Financial's award-winning^ 12 Month Investment Account.

This fund is big - really big - with over $11 billion in funds under management.

It is underpinned by a granular portfolio of over 12,000 loans, so there is tremendous depth and breadth of borrowers (great for diversification, which lowers risk).

It's a classic example of how simplicity doesn't have to mean compromising on strong returns.

The simplicity premium goes beyond financial gains

Of course, the concept of simplicity also relates to understanding what you want from your investments - be it regular income, low volatility, capital growth, or a mix of all three.

Either way, the simplicity premium can extend well beyond financial returns.

Investors who understand how their money is being put to work - and, by extension, what could go wrong - are better placed to feel relaxed about their portfolio. For example, bank hybrids were widely misunderstood, particularly in relation to where they ranked in the capital structure. In reality, they were complex instruments that did not perform predictably during periods of stress.

Put simply, investors who understand exactly how an investment works tend to sleep more easily at night, rather than stressing over their portfolio.

Simplicity isn't always equal

Within any asset class there are grades of simplicity.

Not all private credit funds for example, are created equal, and not all underlying assets are the same.

At La Trobe Financial, we focus on quality assets, disciplined borrower selection, and careful portfolio construction - all wrapped in skilled management.

The bottom line is that we take a far from simple approach to managing our investment opportunities.

But by doing the hard work behind the scenes, our investors can enjoy a simple investment that delivers premium returns.

Explore how La Trobe Financial's income strategies are designed to support dependable monthly income. Call the La Trobe Financial team on 1800 818 818 or visit latrobefinancial.com.au.

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.

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I'm now in my 40s and my wife and I have paid off our home.

With no mortgage to pay anymore, we have been investing our surplus cash into broad-based index funds and have accumulated a portfolio of about $300,000 outside super (our combined super balance is also about $300,000). We have two children and live a modest lifestyle to maximise savings.

We would like the option to 'retire' in about 10 years and will likely become carers for elderly parents. We are torn between the best option for us financially. Would it make more sense to:
1.  Stop investing in shares outside super and buy an investment property?
2.  Access some of the equity in our family home to buy additional shares/index funds?
3.  Continue to do what we are doing and build our share portfolio?

I know our current path is the least risky, as we have no debt, but part of me thinks I should be leveraged a little more with a 10-year timeframe ahead. - Aaron

I'm feeling very old, Aaron. But also honoured that you have been following Money for so long.

This is the second letter, recently, from a Money reader who has also paid off their house at 40 (Paul's Verdict, February issue).

Some of my favourite moments come from those who have followed my key advice to pay extra into their mortgage. I was saying this on radio in the early 1980s, my Money TV show in the 1990s and Money magazine from 1999.

In particular in the '80s, few really understood compound interest and the value of just a few extra dollars into a mortgage each week.

I feel really pleased when someone tells me they paid their mortgage off years or decades early due to this advice. Paying a house off is such a simple idea, but where I hope we have helped a bit with Money is to constantly reinforce the principles of wealth creation.

Paying off a home is a 'genius' strategy. It literally locks in a path to financial independence, as you are demonstrating. Once achieved this allows you to make life choices, such as early retirement, and in your case the ability to play a vital and loving role as careers for your parents. So what's next for you?

I agree that at age 40, with a strong savings history, your $300,000 in super and $300,000 invested outside of super, some gearing is a good idea with your 10-year view. You have already noted your current path is the least risky. I support being "leveraged a little more", as you say.

In your situation, you can manage risk with time. It is hard to move away from the historical fact that in a world with growing population numbers, good quality assets such as property and shares are likely to show good long-term returns.

Yes, we will get downturns and these can be large. Our friend history shows, though, that prices recover.

Those who lose through gearing are forced to sell in bad times, usually at a big loss. If you choose to gear, we must eliminate the forced sale risk. This means you do not borrow money where you cannot afford to service the repayments.

Obviously, you also have your safety pot of investments outside super. In terms of shares or property, I am neutral. You own property in your home and shares inside and outside super.

Let's look at these asset classes through the 'sleep at night' lens. In a downturn, which asset are you more comfortable with, property or shares?

Technically, shares are a much easier option and after all costs, a higher performing investment. The problem, of course, is when our property goes backwards, we would struggle to sell in a downturn and we don't see or know its value every day.

In summary, I agree with a 10-year gearing strategy into quality shares or a well-located property. The scale of gearing should reflect your situation. Don't over-gear. I think it is sensible to go with either of these proven asset classes, based on your preference.

They discuss how widespread online shopping is in Australia, how marketplaces benefit retailers through rapid range expansion without holding inventory, and what consumers gain - and risk - through wider product choice.

Ryan shares an example of a Big W marketplace return dispute and outlines common issues such as inconsistent delivery, extra fees, and return complications, plus concerns about lower-quality or unsafe products.

They also explain that Australian Consumer Law guarantees still apply, but shoppers should check who the seller is and escalate unresolved disputes to fair trading agencies or the ACCC.

Episode timestamps

01:20 How many Australians shop online

02:01 Why shoppers get confused

04:34 Why retailers love it

05:31 Consumer upsides and tradeoffs

06:17 Hidden traps and returns

08:01 Safety and trust risks

09:00 Your rights under Australian Consumer Law

10:04 How to protect yourself

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

How often are new episodes released?

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

Can I watch episodes with captions?

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

Why subscribe to the Friends With Money podcast?

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

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

But getting the full picture of where your new partner stands on the money cycle can be delicate. I find most people are guarded and uncomfortable when talking about money. It can be easy to side-step the big questions.

When the conversation of moving in together comes up, it is time for full disclosure. Preferably over dinner and a bottle of wine. It would be unwise not to know your partner's money personality. It goes without saying, don't peek at their finances without their permission or lie about finances because it will probably come back to bite you.

Here are 10 questions to ask before you move in together.

1. How much money do you have? How much debt?

These are crucial relationship questions, but it can be an embarrassing reveal. You are letting the other person know how careful you are with your money.

Most likely, two people have different and unequal amounts of money.

Sometimes a person's outward presentation doesn't match up with how much money or debt they have. Often people with the new car and fashionable clothes who eat out at expensive restaurants can be juggling debt.

Don't be judgemental and make a big deal about what you find out. You can discuss it further over time.

2. What is your approach to money? 

Here's where you find out if your partner's approach to money is compatible with your own. What money issues will you quarrel over? How can you make it work if you have different approaches?

Ask them where they want to be financially in 10 years' time. This is when you discuss and decide on your financial goals. It is an opportunity to be clear about what you want. The next step is to work out how to get there.

3. Do you want to save for a home?

If either of you don't own a home, do you both agree that buying one is a good idea?

If you are both committed to buying a home, then further down the track you can work out how to save together to get there.

4. What, if any, bad money habits do you have?

It's time to come clean about any addictions that can get out of control. Whether it's gambling or taking bets on crypto currencies or substances, lay it all out for discussion.

5. What financial dependants do you have, including your parents?

Are there children from previous relationships that you are still supporting or an expectation that you will contribute to support relatives such as parents?

6. Are you open to drawing up a budget together?

Not everyone lives according to a budget, but it can help you reach your goals by allocating some earnings to savings.

7. How much do you earn? 

Tell each other what you earn. Are there any other sources of income such as a family trust or inheritance? Talk about employment history and whether your jobs are secure.

8. How do we manage household finances?

Do you keep separate accounts and split all bills? Or do you pool all your money into a shared account? Or do you share some accounts but run your own one? There's no right way to manage your finances. It's up to both of you.

I found myself always splitting bills when the relationship was new but over a long-term timeframe, in particular with kids and working less than my partner, the bills were pooled.

The financial regulator's consumer finance website, moneysmart.com.au, recommends that before you share a bank account or credit card with your partner, make sure you know the risks and responsibilities. Don't rush into it or sign anything you're unsure about.

Similarly, opening a joint bank account can make it easier to pay for shared expenses. It also means you both know how much money you have. But there are risks.

9. Who pays for what?

Should you contribute to common bills in proportion to earnings? Talk about how you'll split expenses and who's responsible for paying bills, rent and other regular payments.

If you both sign the lease for a rental property, then you're both responsible for the rent. Also decide if you want to add both your names to utility services such as electricity, gas, water and the internet.

10. How about a BFA?

If there is vastly unequal wealth between you and your partner, you may want to draw up a binding financial agreement (BFA). You don't have to be married to draw one up. BFAs are a way to limit what your partner will be able to claim in a divorce or break-up.

Binding financial agreements are particularly popular for second marriages. Where a partner has been through the ravages of a property settlement already, they may want to protect assets so that they can pass them onto their children from the first marriage.

In the event of a split, it makes it easier to retain assets such as the family home, inherited wealth, pre-owned assets for children from an earlier marriage and a family business. Treasured sentimental items, such as jewellery, antiques and paintings, can be quarantined too.

From May 1, the federal subsidy underpinning home battery discounts will change, reducing support for larger systems and potentially adding thousands of dollars to installation costs for some households.

The CER says it will apply closer scrutiny to battery retailers and installers during the transition.

"The advice to customers is to confirm that the installation will be possible and the price quoted will be honoured," says Carl Binning, executive general manager at the CER.

"We will be watching the industry carefully during these changes."

Why batteries are in focus

While millions of Australian households have installed solar panels, much of the energy generated during the day often goes unused.

Attention has since turned to home battery systems, which store excess solar energy for use at night or during low-sunlight periods.

In December, the federal government announced it would expand the Cheaper Home Batteries Program from $2.3 billion to $7.2 billion over four years.

The expansion is expected to help more than 2 million households install a battery by 2030, adding around 40 gigawatt-hours of storage capacity.

However, the government says the discount formula has been adjusted to reflect "declining battery costs".

How the discount works

The subsidy works through small-scale technology certificates (STCs). In simple terms, when an eligible battery is installed, it generates a set number of certificates under a federal scheme.

Those certificates are usually assigned to the installer or retailer, who sells them and passes the value on as an upfront discount on the customer's bill. STC prices can vary, but they are commonly valued at about $40 each.

Until April 30, the discount remains more generous, particularly for larger battery systems.

According to Energy Matters, under the current settings a 10kWh battery attracts about $3110 in support, while a 50kWh system can receive about $15,550.

What changes on May 1

From May 1, the rules will change in two key ways.

The certificate factor will fall, and the discount will shift to a tiered model, with the strongest support applying to the first portion of battery capacity and much lower support applying to larger systems.

Under the new settings, batteries of up to 14 kilowatt-hours (kWh) will continue to receive the full discount, which the government says is designed to be worth about 30% off the upfront cost.

For batteries sized between 14kWh and 28kWh, the discount falls to 60% of that level. For batteries between 28kWh and 50kWh, it falls to 15%.

Using the CER's solar battery STC calculator, a 50kWh battery system installed on April 30 would generate 420 STCs. Installed a day later, on May 1, the same system would generate only 174 STCs.

Based on current market settings, that would reduce the upfront discount on a 50kWh system to about $6470 - more than $9000 less than under the current rules.

The discount does not disappear, but it becomes far less generous for households considering medium to large battery systems.

Is it too late to install a battery?

According to the latest SunWiz data, published by SolarQuotes, a record 1.2 gigawatt-hours of home batteries were registered through the Cheaper Home Batteries Program in February.

SolarQuotes also reported that two battery installers said their teams were booked out well into May.

"Our main constraint is installer capacity - we'd love to hire another qualified electrician, but finding the right person is tough."

Another bottleneck is accreditation. Only installers certified for battery systems under Solar Accreditation Australia (SAA) can carry out rebate-eligible installs.

Many electricians are accredited to install solar panels, but fewer are accredited for battery systems.

Consumers can check whether their installer's accreditation is current on the SAA website.

Regulator warns retailers to do the right thing

Binning says the CER is writing to solar retailers to remind them of their obligations to customers.

The CER says deceptive or misleading behaviour will not be tolerated, and retailers that fail to meet their obligations may be referred to fair trading bodies.

"Check your quotes, ensure they are not out of date, and communicate the price changes to customers," Binning says.

The Smart Energy Council, which advocates for the renewable energy industry, says the changes are not just about the value of the rebate.

"They are about maintaining trust, delivering on commitments, and ensuring safety across the industry," says David McElrea, acting chief executive officer and chief advocacy officer at the Smart Energy Council.

The bottom line

For consumers, the key point is simple: to receive the current discount, the battery must be installed by April 30, 2026. Signing a contract before then is not enough.

For households considering a larger battery, the difference could be substantial.

Waiting until May 1 or later could mean paying thousands more for the same amount of storage.

The real story comes down to the core driver of any market, supply and demand. For property prices to fall significantly, you typically need either a collapse in demand or a surge in supply. Right now, neither is happening in Australia.

Demand remains strong. Migration continues to fuel population growth, meaning more people need housing. At the same time, unemployment has stayed relatively stable, so most homeowners are still earning an income and servicing their mortgages. Demand hasn't disappeared, it's quietly building.

However, the real pressure point is supply. Australia simply isn't building enough homes, and the gap is widening. Forecasts suggest the country could fall short of its targets by hundreds of thousands of dwellings over the coming years. Construction costs remain high, labour shortages persist, and many developers are stepping back as projects become less financially viable.

So, while some expect a wave of forced selling, the reality is there aren't enough properties available in the first place. When supply is this tight, prices don't tend to collapse. They hold up far better than many expect, and over time, they tend to push higher.

Interest rates are often seen as the tipping point, as higher repayments should force selling, but history tells a more nuanced story. In the late 1980s, interest rates in Australia rose above 15%, yet property prices still experienced strong growth. The key reason was that demand remained firm while supply stayed constrained.

That same dynamic is in play today. Higher rates can slow the market and take some heat out of prices, but they don't automatically trigger a crash, especially when people still need housing and there aren't enough homes to meet that demand.

The recession argument sounds logical, but for a property crash to occur, several conditions need to hit at once, widespread job losses, forced selling, and excess supply flooding the market. Right now, that combination simply isn't there. Instead, we're seeing population growth, ongoing government support, and a construction pipeline that continues to fall short.

That's why the idea of a major property crash keeps resurfacing but rarely plays out as expected. The market may have periods of weakness, and sentiment will shift, but the underlying imbalance between supply and demand remains.

At its core, Australia's housing market is dealing with a shortage, not a surplus, and until that changes in a meaningful way, prices are more likely to trend higher over time. Not in a straight line, and not without setbacks, but with a clear long-term upward bias.

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

The best-performing sectors include Energy, up more than 5%, followed by Utilities and Consumer Staples, both up more than 2%.

The worst-performing sectors include Materials, down more than 5%, followed by Information Technology, down more than 4%, and Healthcare, down more than 3%.

The best-performing stocks in the ASX top 100 include Telix Pharmaceuticals, up more than 9%, followed by Woodside Energy Group, up more than 8%, and Challenger Limited, up more than 7%.

The worst-performing stocks include Pilbara Minerals, down more than 15%, followed by Northern Star Resources and WiseTech Global, both down more than 12%.

What's next for the Australian stock market?

The All Ordinaries Index took another hit this week, finishing Thursday down 1.7% and marking a third consecutive week of losses. It's starting to feel like a fear-driven decline now, with sentiment clearly outweighing logic in the short term. That said, despite all the pressure, the market is still holding above the critical 8650 level, but only just.

We're now sitting roughly 8% down from the all-time high set in February, which is not unfamiliar territory. We saw a very similar move after the previous high back in October 2025, where the market also pulled back around 8% before eventually recovering to new highs. The difference this time is the speed and volatility of the move. Markets seem to be getting sharper, faster, and a lot more reactive to news flow.

It's the classic case of markets taking the stairs up and the elevator down. Fear tends to hit harder and faster than optimism, and that's exactly what we're seeing play out right now.

If you look at the broader backdrop, it's not hard to see why. The global situation feels tense. Every day there are new developments around energy infrastructure in the Middle East, and whether it's oil or gas, the result is the same, higher prices and more inflationary pressure. That uncertainty is keeping investors on edge and driving a lot of the recent selling.

But it's important to zoom out a little. Outside of this geopolitical tension, there are still areas of stability in the global economy. Markets aren't collapsing across the board, they're reacting to a specific set of risks, and history shows that when those risks begin to stabilise, markets can turn quite quickly. That turning point is often where the biggest opportunities present themselves.

From a technical perspective, the trend in the short term is still down. But we're now sitting right at a critical level, and this is where it gets interesting. The 8650 level continues to act as a line in the sand, and if it holds, the possibility of a rebound remains very much alive.

Seasonality also starts to come into play here. As we move toward April, which is typically one of the stronger months for the market, you must at least consider the potential for a recovery move. A push back toward the 9,000 level wouldn't be out of the question, even if it means the market ends up trading sideways for a period rather than trending strongly higher straight away.

Even in a sideways market, there are always opportunities. The difference is that they tend to favour those who are prepared, selective, and well positioned.

For now, the market is under pressure, sentiment is fragile, and volatility is elevated, but we're also at a point where things can shift quickly. The key is to stay focused, respect the levels, and be ready, because when the market does turn, it rarely gives much warning.

Chalmers says as the conflict in the Middle East continues, Treasury estimates inflation could peak in the "high fours or even higher" this year.

"These effects add a further quarter of a percentage point to headline inflation and double the negative impact on GDP," Chalmers says.

"In the short-term case, output would be 0.2% lower around the middle of this year but this gap would quickly close because the shock is short lived.  But the more prolonged scenario would leave a bigger scar."

Chalmers says capacity constraints on the supply side are expected to weigh on the economy.

"It's why our Budget preparations are focused on three ambitious reform packages. A savings package. A productivity and investment package. And a tax package as well," Chalmers says.

"These packages are being designed to work together. If the main constraint we are collectively facing is capacity, these packages will help expand it."

Chalmers says more savings will make room for private sector growth while building fiscal buffers, and productivity enhancing reforms should help boost supply, generate higher living standards and unlock more investment.

Chalmers says the government's aim is to help the economy grow without adding to price pressures.

Chalmers added tax reforms will focus on driving more productive investment while supporting budget sustainability and equity.

"Together, they will form a comprehensive supply side strategy. To expand capacity and boost resilience, lift potential growth and deliver higher wages, without more pressure on prices," he says.

Chalmers says he is committed to budget repair having already found $114 billion of savings and reprioritisations across seven budgets and mid-year updates.

"The budget is now more than $233 billion better than when we came to office and debt is $176 billion lower this year compared to the 2022 PEFO," Chalmers says.

"This means that debt is forecast to peak much lower - around 37% of GDP compared to the almost 45% we inherited."

However, Chalmers says that while good progress has been made, more needs to be done over the medium-term horizon.

"We're overhauling our approvals regimes, strengthening and streamlining our foreign investment regime and opened our Investor Front Door," Chalmers says.

"We're reforming the payments system, abolishing tariffs, cutting red tape and streamlining the National Construction Code.

"We're seizing the opportunities from net zero and the digital economy and investing in our human capital - with Free TAFE, the universities accord and fairer schools funding."

The Treasurer says the government will have a sharper focus on unlocking "productive investment", better regulation, faster approvals and more open trade.

"It will be all about three things, attracting and absorbing investment; making it easier to build and build faster; and cutting compliance costs where we can."

On tax reform, the Treasurer says it is an important part of the government's productivity agenda with a focus on cutting income tax rates, lifting thresholds, returning bracket creep and incentivising participation.

"We are working on more tax reform in the Budget - how much we can do in May depends on fiscal considerations, international developments and Cabinet deliberations," he says.

Chalmers added that the current tax system is "outdated" and weighs on younger Australians. He says reform would have a substantial focus "on our intergenerational responsibilities".

Chalmers says if the government "can afford to", it will look at tax reforms that could incentivise productive business investment.

Lastly, addressing the ongoing conflict in the Middle East, Chalmers says it was a stark reminder of how quickly the global economic outlook can change.

"It is adding to inflation risks, weighing on growth, and increasing already elevated uncertainty," he says.

"But it is also a stark reminder of why addressing our three key economic challenges is so urgent.  All this economic uncertainty and volatility is a reason for more reform, not less. It's a reason to go further, not slower.

"We have deep capital markets, a world-leading super system, abundant natural advantages in energy and resources, and a public balance sheet in far better shape than most of our peers. But we are not complacent about the risks in a global economy that is perilous and unpredictable. We will make hard decisions in May.  Our task is not just to respond to shocks, but to position Australia to succeed through them."

This article first appeared on Financial Standard

On big-name sites, such as Bunnings, Kmart and Myer, the products on your screen may not be sold by the retailer you trust, but by a third-party merchant operating through an online marketplace.

Based on the 'endless aisle' philosophy, where a store's product range extends well beyond its physical borders, the model offers unparalleled choice.

But for some shoppers, the cost is confusion and a growing sense that the rules around returns, delivery and quality have shifted without warning.

So is this endless aisle of millions more products a paradise of possibility or the enshittification of shopping online?

What happens when a marketplace purchase goes wrong?

John* learned the difference the hard way, after buying a $60 battery box online.

Scrolling through what looked like Big W's site, he assumed the retailer's familiar 90-day change-of-mind returns policy would apply.

It didn't.

The item was sold via Big W Market, where the seller offered only a 30-day policy. When the battery box turned out to be incompatible, John discovered it could not be returned in store.

"I drove 30 minutes to Big W and was told I had to post it back to the seller," he says.

That was just the start.

The seller demanded video evidence uploaded to a third-party site, then asked for photos of an unopened box, despite the product already being used. After escalating the issue, John was allowed to return it, but at a cost.

"They wouldn't cover return shipping and a 30% restocking fee was deducted," he says. "For a $60 item, I was getting hosed."

Similar complaints appear across online reviews about these marketplaces, with shoppers pointing to split shipments, extra fees and inconsistent delivery timelines.

But as Merline McGregor, managing director of ecommerce consultancy Pattern Australia, puts it: late or split deliveries "don't just frustrate customers, they undermine trust and loyalty".

Why shoppers often don't realise they're buying from a third party

Most shoppers understand the deal when they buy from traditional online marketplaces.

When you purchase through platforms such as eBay, Amazon, Temu or Shein, it is clear the transaction is with a third-party seller and that any problems will be handled through that seller rather than the platform.

Pattern Australia's research shows those expectations are well established. About 60% of Australian shoppers bought from Amazon in the past year, 51% from eBay, 47% from Temu and 30% from Shein, as table 1 shows.

According to Pattern's research, only 39% of consumers are aware Big W operates a marketplace. Awareness drops to 36% for Woolworths and 33% for Bunnings and Kmart (see table 2 below).

More than one in four respondents was unsure which major retailers operate marketplaces at all, while 6% believed none of them did.

Are marketplace products safe and covered by Australian standards?

Many consumers don't realise they've crossed from retailer to marketplace, and that gap in understanding is where confusion and risk creep in.

Beyond returns and delivery, consumer advocates warn that this expectation gap can expose shoppers to lower-quality or unsafe products.

Andy Kelly, director of campaigns and communications at Choice, says testing by the organisation continues to raise serious concerns across major marketplaces.

"Last year, we found that all 15 products we purchased from Temu failed to comply with at least one requirement of Australia's button battery mandatory standards," he says.

Kelly says marketplaces run by well-known retailers such as Bunnings and Big W are becoming more common because they allow retailers to add more product lines, but without the same obligations to consumers.

"Consumers may trust the well-known retailer, but the ultimate responsibility for the product lies with the third-party supplier, not the retailer," Kelly says. "If something goes wrong and the product causes an injury, the consumer may find themselves having to pursue an overseas company, which can be very difficult."

Why major retailers are embracing marketplaces despite the risks

That mismatch raises an obvious question: if marketplaces are catching some consumers off guard, why have Australian retailers adopted them so quickly? The answer lies in how the benefits 
and risks are distributed.

For third-party sellers, marketplaces offer instant access to large, established audiences under trusted household brands, without the cost of building a standalone website or payments system. The trade-off is responsibility: sellers remain on the hook for fulfilment, customer service and remedies under Australian Consumer Law.

For retailers, the appeal is scale without stock. Marketplaces allow rapid range expansion without owning inventory or warehousing products. The risk sits elsewhere, in brand exposure when sellers underperform and more complex customer journeys when something goes wrong.

Consumers sit somewhere in between. They gain broader choice and a single checkout experience, but often face different delivery terms, return processes and quality standards once a purchase moves beyond the retailer's own products.

"Shoppers increasingly expect broad product choice, competitive pricing, fast delivery and reliable returns in one place," says McGregor.

"Traditional online retail models built around a single retailer's in-store stock often struggle to meet those expectations."

Pattern's research shows it is not any single feature that draws shoppers, but the combination.

"It's not just about having more stock," says McGregor. "What matters is how that breadth is organised, surfaced and delivered."

Are Australian retailers becoming Amazon-lite?

That integrated approach has been refined most successfully by Amazon, which remains the benchmark marketplace in Australia.

"Consumers go to Amazon because they trust the experience and know what to expect," says Pattern Australia's Merline McGregor.

Pattern's research shows one-third of Australians now turn to marketplaces primarily for ease of use and delivery speed. A further 44% would choose Amazon over China-based Temu even if the product cost more, because Amazon can deliver faster. That expectation has pushed logistics from a backend function to a point of difference.

Rather than relying purely on third-party sellers shipping products from wherever they are, Amazon increasingly brings marketplace inventory into its own local fulfilment network. Third-party items are often stocked in Australian warehouses, allowing the platform to control delivery times, costs and reliability.

Amazon already operates a 52,000-square-metre fulfilment centre in Victoria. It has also committed a further $490 million to two new fulfilment centres in Western Sydney, scheduled to open by early 2026.

That scale gives Amazon far greater control over delivery speed, cost and reliability than most Australian retailers can match.

And where items are still shipped directly by third-party sellers, Amazon retains a layer of accountability. Its A-to-Z guarantee allows customers to request a refund if an item does not arrive on time or arrives in an unsatisfactory condition, provided the seller fails to resolve the issue within two business days.

In other words, even when Amazon does not fulfil the order itself, it remains responsible for the outcome.

"Product quality sits with the supplier," says McGregor. "But accountability sits with the marketplace.

"Platforms control the customer experience. They have the power to enforce standards across thousands of sellers, and consumers expect them to step in when those standards aren't met."

That enforcement, more than scale, price or range, is what turns convenience into trust. Without it, consumers may have more choice than ever, but a shopping experience enshittified compared to what came before.

And while Amazon is far from perfect - it, too, failed Choice's product-safety investigation - it may be the part of the model Australian retailers are still learning to master.

What rights do consumers have under Australian Consumer Law?

For consumers navigating online marketplaces, the ACCC says the law has not changed, but who you need to deal with often has.

"Under the Australian Consumer Law, goods supplied to consumers automatically come with consumer guarantees," an ACCC spokesperson told Money. "These include that goods must be of acceptable quality, match any description provided and be fit for a particular purpose."

If they are not, you are entitled to a refund, remedy or exchange. Those rights apply whether a purchase is made in store, online or through an online marketplace. But responsibility usually sits with the business that supplied the goods. That is why the regulator stresses disclosure.

The regulator says businesses should be clear and upfront about whether a product is being supplied by a third party, and consumers should check who the seller is before buying. In most cases, that information appears on the product page. If something goes wrong, consumers should first contact the supplier of the product. If a third-party seller does not resolve the issue, shoppers can then approach the marketplace operator to see if it can assist.

Where disputes remain unresolved, consumers can contact their State or Territory fair trading agency for help, or report concerns directly to the ACCC.

Energy supply risks and regional instability have caused significant market volatility.

The reason this is a very significant global issue is because energy is a key input to all sectors across the economy, and no sector is immune from its effects.

For investors, this is a timely reminder that the key principles, like diversification and horizon-based planning, matter more when the geopolitics are consistently in the headlines.

And the good news? Staying disciplined can help mitigate uncertainty and protect holdings and potential allocations from significant downside risk.

Immediate market shocks take hold

Markets reacted swiftly. Oil prices spiked on fears of disrupted supply, pushing energy stocks higher while broader equity indices dipped amid inflation worries.

This comes at a time when up until recently, markets valuations are at all-time highs. Safe-haven assets-gold, the US dollar, and longer-dated government bonds-saw inflows as investors shifted away from riskier exposures.

Asian and European markets have felt the 'pinch' harder due to their higher energy dependence.

There is ongoing uncertainty as to how long the conflict might play out, what implications there are for global supply chains, and indeed potential inflationary pressures that ripple across global economies.

Central banks are having to make additional and complex judgment calls on their monetary policy settings. This in turn has ramifications for economic growth, in the form of a likely slowdown, likely-higher domestic interest rates, and relative currency valuations.

These added complexities might be perceived as a sudden extra 'tax' on everything, for instance, increased fuel and freight costs.

It could also be taken as a sign that the traditional correlations between the asset classes are breaking down in the short term and becoming less uniform, thus departing from long-evident historical patterns.

Diversification's critical role

Against this backdrop, diversification isn't just textbook advice-it's an investors' primary defence.

Spreading investment exposures across asset classes, regions, and industry sectors helps to lessen the impacts of sudden (adverse) volatility when one investment driver, such as energy, becomes a 'flashpoint'.

For example, a portfolio invested heavily in US tech (which is increasingly reliant on energy to power AI) or oil-dependent emerging markets, might suffer disproportionately; whereas an investment strategy balanced across commodities, quality government bonds, and other non-correlated alternatives may well be less sensitive to exogenous shocks like war and supply-chain bottlenecks.

Portfolio rebalancing at regular intervals can help prevents drifts in asset allocation exposures, and low-cost ETFs help make this process of adjustment easier than ever.

Yet, chasing 'hot' war stocks after the fact rarely pays off-markets have already priced in future expectations regarding valuations very quickly. However, the timeless truth remains: While diversification doesn't eliminate portfolio losses, it does help keep them insulated from large drawdowns overall.

Making life-stage adjustments

This brings us to an important evaluation when implementing an investment approach. Your stage in life should shape how you might respond to critical moments over the (long) investment horizon.

Younger investors (typically in their 20s-40s), and still in accumulation mode, tend to have higher exposures to equities and are more likely to see volatility as a buying opportunity. Long time horizons provide a greater means to benefit from the multi-decade investment cycle.

Mid-stage investors (40s-60s) need more balance and flexibility, and a lower allocation to growth-oriented and volatile asset classes, compared with a younger cohort

For pre-retirees and retirees (60s and over), asset preservation is usually the main priority. They tend to place an emphasis on cash buffers (highly liquid assets), high-quality bonds, and stable income sources to help avoid sequence-of-returns risk. Hence, a diversified, conservative mix of assets helps to meet this investor group's lifestyle needs.

While the commentary above are only generalised guidelines, all investors should consider their own needs, and preferably consult a licensed financial adviser.

Summary

The Iran conflict underscores a core reality: Geopolitics will always create noise, but sound investment principles endure.

Stay diversified, align with your life stage, and maintain a long-term investment horizon. And seeking quality investment advice from a licenced financial adviser could make all the difference.

'Gold' health cover premiums to soar by up to 25%

The cost of private health cover has reached an all-time high.

That's according to consumer group CHOICE, which says Australians with 'gold level' health insurance could face premium hikes of up to 25%, far above the government-approved average rise of 4.41%.

CHOICE analysis shows that gold policies across the largest funds will increase by an average of 13.3%.

However, CHOICE health insurance expert, Mark Blades, says, "Of the five largest health funds, HCF has the biggest increase of 25% for its 'Hospital Optimal Gold' cover across all states and territories."

As top-level cover becomes increasingly unaffordable, the proportion of Australians holding comprehensive cover has plunged from 39% in 2020 to 28% at the end of 2025 - "largely due to price hikes", says Blades.

He adds, "We highly recommend consumers prepay their policy for 12 months before their fund increases the price (from 1 April), if they're able to. By doing this, you can secure some savings and delay the 2026 price increase."

Jetstar flyers banned from Qantas lounges

Jetstar just became even more budget. But not in a good way.

From July 1, Qantas lounge access will no longer be available to Platinum and Gold Frequent Flyers as well as Qantas Club members, who are traveling on international Jetstar (JQ) flights.

The only exception is Platinum One Frequent Flyers, who qualify for the top-tier, invitation-only level of the Qantas Frequent Flyer program.

It means that if you're flying with Jetstar, the Qantas lounge will only be available if you're prepared to pay more by booking a Qantas codeshare flight, or fork out for a Jetstar Business Max ticket - the highest fare category.

Aussies travellers aren't happy.

As Reddit user RYLO93 noted, "This sucks for when Jetstar is the only option flying internationally".

NSW and Victoria crack down on property underquoting

NSW and Victoria are clamping down on dodgy real estate practices - just in time for rising interest rates.

Proposed new laws in NSW will hike penalties for underquoting from $22,000 to $110,000, or three times the agent's commission, whichever is greater.

Penalties for dummy bidding at auctions will jump from $55,000 to $110,000.

In addition, a price or price guide will need to appear on advertising, so prospective buyers don't waste time on properties outside their budget.

Agents will also be required to publish a Statement of Information showing how a property's selling price is calculated, including comparable sales and the suburb's median sale price.

NSW Fair Trading Minister Anoulack Chanthivong says, "These reforms are a significant step forward in protecting home buyers from unscrupulous real estate agents taking advantage of a tight housing market."

In Victoria, the Allan Government is already moving to end underquoting by requiring reserve prices to be published ahead of auction.

Now, Victoria is introducing new laws that strip away secrecy around a home's sale price.

There is currently no requirement in Victoria for final sale prices to be made public.

This not only makes it hard for buyers to gauge local prices, it can also fuel underquoting.

The proposed reforms follow the recent announcement that in Victoria, property sellers - not buyers - will be required to supply building and pest inspection reports.

This all comes against the backdrop of home sellers achieving record profits on sale - a median profit of $440,000 nationally according to Domain.

Early bird investors ahead by over $200,000

Yes, we live in uncertain times, and yes, anyone who drives regularly is feeling the pinch of higher pump prices.

But it's still important to invest.

Finder's 2026 Wealth Building report shows one in three Australians regret not investing from an earlier age.

There are good reasons for this.

Investors aged 40-plus, who began their investment journey in their 20s, now have average net wealth of $1.74 million.

That's around $220,000 more than those who got started in their 30s (average wealth of $1.52 million).

Those who held off investing until their 40s have even less net wealth - averaging $1 million.

It goes to prove that 'time in the market' really is more important than market timing.

Three in four actively managed funds fail to match the market

Of the 400-plus exchange traded funds (ETFs) listed on the Aussie sharemarket, many (though not all) are passively managed funds that aim to match rather than beat market returns.

This is a key factor that keeps ETF fees lows.

Even so, some investors pin their hopes on beating market returns by investing in actively managed funds, even though they may charge higher fees.

However, the latest SPIVA Australia Scorecard shows how hard it is to consistently deliver above-market returns.

The Scorecard measures the performance of actively managed funds relative to their benchmarks.

The latest Scorecard shows that in 2025, when Australian shares notched up gains of 10.3%, three in four (74%) actively managed Aussie share funds failed to match market returns.

The likelihood of active management outperforming the market narrows over time.

Over the last 10 years, nine out of 10 (88%) actively managed Australian share funds failed to achieve market returns.

When it comes to international share funds, the results are no better.

Over the past 10 years, a thumping 95% of actively managed global share funds couldn't match market returns.

It's a convincing argument for investors to stick with low cost index funds even during times like the present when sharemarkets are taking a bath in the red.

The Senate Select Committee on the Operation of the Capital Gains Tax Discount handed down its final report on Tuesday after taking evidence from economists, industry groups, unions, academics and members of the public. It held public hearings in Melbourne, Canberra and Sydney across February.

The report found that the concession benefits wealthier Australians most, can skew investment toward existing housing and has helped tilt the market toward investors over owner-occupiers.

While political opinions differ, the broad consensus in submissions favours reforming the rules.

While the Greens chaired the Committee, which included Labor and Coalition senators, the government remains tight-lipped on whether the report will trigger changes.

What is the capital gains tax discount?

Capital gains tax applies to the profit made when you sell an asset.

Any net gain is added to your taxable income and taxed at your marginal rate. Your main residence is generally exempt.

Under current rules, Australian residents who hold an asset for at least 12 months can halve the taxable gain using the CGT discount.

According to the Treasury's 2025-26 Tax Expenditures and Insights Statement, about 830,000 people used the discount in 2022-23.

CGT discount: arguments for and against

The current discount was introduced in 1999 to simplify the system and encourage investment. Since then, housing prices have surged.

The report found the median home price has grown from roughly four to eight times the median income, while only half of 30-34-year-olds own property, down from 57% when the discount was introduced.

Coalition senators Andrew Bragg and Dave Sharma filed dissenting views, arguing the discount supports the supply of rental properties and that inadequate housing supply is the core problem.

"Australians are understandably frustrated by high prices and limited availability," they said in a joint statement. "However, it is misleading and irresponsible to blame the CGT discount for this crisis."

They pointed to Grattan Institute research estimating that increasing CGT could reduce housing construction by up to 10,000 homes over five years to 2030, with the removal of the discount likely cutting property prices by less than 1%.

Separate University of Melbourne research shows removing the CGT discount could push rents up by about 1.3%.

The Committee, however, cited research indicating the current settings do not increase the supply of new housing and therefore do not lift rental supply.

Over the past five years, 92% of investor lending has gone to existing housing, the report said. Only 8% of investor lending has funded new builds, compared with 20% of owner-occupier lending going to new housing.

"Australia's tax system is broken," says Nick McKim, committee chair and Greens senator.

"More and more young people are facing the prospect of never owning their home. Australia is in a nationwide crisis of housing unaffordability which the CGT discount has played a pivotal role in creating."

CGT discount: What could change?

While the Coalition wants no change, others are using the report to push competing models for reform.

The Greens are arguing for the most sweeping overhaul. Their view is that the capital gains tax discount should be wound back across all asset classes so income from owning assets is taxed more like income earned from work.

On housing, they want the discount abolished entirely on investment property sales.

They are also opposed to broad grandfathering, arguing that protecting existing investors for too long would blunt the reform and lock in the same intergenerational inequality the report says the current system worsens.

Independent senator David Pocock is proposing a narrower model.

He wants the CGT discount removed for residential investment properties bought after July 1, while keeping the current rules for properties bought before that date.

He would still allow a 25% discount for newly built homes held for more than three years, in an attempt to direct investor money towards adding supply rather than competing for existing homes.

He has also linked that approach to tighter negative gearing rules on second and subsequent investment properties.

What is grandfathering?

Grandfathering means existing owners keep the old tax rules, while new buyers face the new ones.

So if changes began from July, an investor who bought before that date could still claim the current 50% CGT discount when they sell, while someone buying after that date could not.

It is essentially a way of changing the rules without applying them retrospectively.

Capital gains tax: What is the government's position?

The more politically awkward question is Labor's position.

That is because the report, backed by Labor senators, makes firmer findings than Labor senator Richard Dowling was willing to embrace in his own remarks.

The report says the CGT discount disproportionately favours investors and worsens inequality.

Dowling, by contrast, said the inquiry had merely "heard evidence" about the discount's effects, and stressed that housing outcomes are shaped by many structural factors, with tax policy only one part of a broader housing policy mix.

That is the tension. The report itself reaches strong conclusions about the role of the CGT discount. Dowling stops short of owning those conclusions politically, and instead shifts the focus back to Labor's broader tax and housing agenda.

That is despite Dowling being the deputy chair of the Committee.

All eyes turn to the May Budget

Treasurer Jim Chalmers has also not backed any change to the CGT discount yet, but he has left the door open.

Before the report was released, Chalmers said the government would consider its findings "in the usual way", but made clear that parliamentary committees do not decide tax policy, cabinet does.

He also said the government's policy "hasn't changed in this area" and that any further steps would be a matter for cabinet.

This careful language means Chalmers is not endorsing reform, but he is not shutting it down either.

His most important comment may have been about timing.

"No doubt, the Committee's made a range of findings," Chalmers said in a press conference after the Reserve Bank handed down its latest cash rate decision.

"But when it comes to budgets, they usually finalise closer to May than the middle of March."

In that sense, the report raises the pressure, but the budget is where it counts. If Labor wants to revisit the discount, May is when that choice is most likely to show up.

A national survey conducted by YouGov found around one in four Gen Z Australians owns crypto; 66% say they take a speculative approach to at least some of their crypto investments.

Twenty-four percent of Gen Z crypto investors report trying to pick a winner by buying the latest new 'coins' and 15% say they invest just for a 'bit of a punt'. They also reported being contacted about crypto investing, with men being contacted more often than women.

"Short-term or speculative trading based on what's popular online carries real risks, particularly in volatile markets like crypto," says ASIC commissioner Alan Kirkland.

Social media, one of the main sources of information for the 18 to 28 age demographic, is also a major distributor for crypto marketing. Almost three-quarters of Gen Z have seen crypto ads on social media.

Sixty-three percent of Gen Z respondents say they use social media for financial information and guidance, while 30% use YouTube and 18% use AI platforms.

More than half of Gen Z say they somewhat or completely trust financial information on social media and from 'finfluencers', while 64% trusted AI platforms.

The regulator urged Gen Z Australians to complement the information they seek from influencers and content with reputable and evidence-based sources.

ASIC warned relying on a narrow range of sources, particularly unverified or promotional content, can increase financial risk, especially in an environment where markets and online trends move quickly and information is rarely tailored to individual circumstances.

At the same time, ASIC has refreshed the Moneysmart website, its consumer education platform, to make it more engaging and relevant for Australians of all generations.

"This refresh helps ensure Moneysmart provides a trusted alternative - free, independent and designed to help young Australians make decisions that work for them, not someone selling a product," says ASIC.

It comes as the Ecstra Foundation notes a decline in financial literacy has meant young people enter adulthood without the skills they need to manage money, avoid scams and navigate an increasingly complex financial system.

Its program, Talk Money, recently introduced a workshop called Becoming Scam Savvy, designed to help high school students recognise scams and stay safe online.

Ecstra Foundation chief executive Caroline Stewart says: "Financial education goes far beyond understanding money. It's about building the confidence, habits and practical life skills young people need to make good financial decisions throughout their lives."

This article first appeared on Financial Standard

We know that an ageing population reshapes many aspects of daily life, from healthcare to housing. But increased longevity also comes with a whole new set of legal and practical challenges that can be overlooked, particularly when it comes to estate planning.

The later stages of life often see a gradual decline in a person's wellbeing, rather than a sudden change. Vulnerability does not always present in obvious ways, and physical frailty, subtle cognitive changes, or increased reliance on others can go unnoticed, developing very slowly over time.

A recent decision of the Supreme Court of New South Wales, Waters v Frank; Frank v Waters [2025] NSWSC 1389, provides a sobering illustration of the risks that can arise as we age.

A cautionary case

The case concerned the estate of Dr Percy Waters, who lived to the age of 101. Over the final years of his life, Dr Waters made a series of wills.

Under a will made in 2009, his estate was to be shared equally between his two daughters. From 2011 onwards, however, later wills progressively reduced the daughters' entitlements.

At the same time, a paid carer who had become closely involved in Dr Waters' day-to-day life received an increasing share of the estate. By the final will made in 2019, the carer was the largest beneficiary.

Following Dr Waters' death, the 2019 will was admitted to probate. One of his daughters later challenged that will, along with the earlier wills made after 2009, alleging lack of knowledge and approval, suspicious circumstances and undue influence.

After lengthy court proceedings, the Court revoked probate of the later will and ordered that probate be granted of the 2009 will instead.

Why did the court intervene?

Importantly, this was not a case involving a sudden or dramatic change in testamentary intentions. Rather, the Court was concerned about a pattern of gradual change occurring as the Dr Waters aged and became increasingly dependent on a single individual.

The court found there were significant suspicious circumstances surrounding the preparation and execution of the later wills. Ultimately, the court concluded that probate undue influence had arisen from the deceased's vulnerability and dependence.

Although medical evidence of cognitive decline was relevant, the decisive factors were the surrounding circumstances and the gradual erosion of his autonomy over time.

Why this matters

Cases like Waters v Frank are becoming more common as people live longer.

Longevity can bring extended reliance on carers or companions, subtle cognitive changes and shrinking social or family networks. A person may remain articulate and outwardly capable yet struggle to properly weigh competing claims on their estate or resist pressure from those they depend upon.

Careful estate planning is important because vulnerability does not always announce itself clearly, and it rarely appears all at once.

Practical tips for estate protection

The case highlights important steps you can take to safeguard intentions:

1. Estate planning is an ongoing process, not just a one-off document

Having a will is essential, but how a will is made and reviewed is just as important as its contents.

As circumstances change with age, estate plans should be revisited carefully and with appropriate safeguards.

2. Vulnerability does not require a diagnosis

A formal diagnosis of dementia is not required for vulnerability to exist.

Emotional dependence, isolation and subtle cognitive decline can significantly affect decision-making long before incapacity becomes obvious.

3. Pay attention to gradual changes

One of the key lessons from this case is that risk does not only arise when a will changes dramatically overnight.

Incremental changes, particularly where they consistently benefit the same person, warrant careful scrutiny.

4. Continue to seek independent legal advice

Independent legal advice is one of the strongest protections.

Seeing the same lawyer over a period of time allows gradual or subtle changes in cognition, demeanour, or ability to give instructions to be identified and ensures appropriate safeguards can be implemented.

What families should do

If you have an ageing family member who is becoming increasingly dependent on others, making unexpected changes to their estate plans, or relying heavily on one person for decision-making, encourage them to obtain independent legal advice.

This is not interference, it is protection.

Always remember, good estate planning protects not only assets, but autonomy, dignity and family relationships. With the right advice at the right time, many of these issues can be identified and managed before they lead to a dispute.

Reader question

Dear Paul,

I have been mulling over my superannuation options as a New Zealander.

Initially I set myself up with an industry superannuation scheme through work, but when I move my KiwiSaver superannuation over to Australia I am limited to a handful of funds.

What are your thoughts on the funds that are available here, bearing in mind that I'm a 52-year-old mother of two teenagers with a 63-year-old husband. Your ideas would be most appreciated. - L

Paul's response

I learn from our readers on a very regular basis, and you have taught me something here. I had no idea that you could move KiwiSaver to Australia, let alone that only a few funds would accept KiwiSaver transfers.

Your information interested me, so I have chatted to some experts and I find, as you already know, that we have a Trans Tasman Portability Scheme, which sounds very grand.

The funds can't go to a self-managed super fund, you need to contact an 'accepting' fund to get a compliance letter and complete the Trans Tasman Portability Scheme form.

You also can't transfer in excess of the non-concessional contributions cap, but that is a pretty large amount, $120,000 a year or $360,000 over three years.

The funds you are limited to give you plenty of choice. I see First Super, an industry fund, is one of these accepting funds. There are quite a few funds you can use, but First Super is well regarded and offers a range of low-cost investment options.

As a large fund, I suspect they will have had plenty of experience to assist with the transfer.

I don't want to lump all super funds in the same basket, but as long as they are a large, low-cost fund, you are off to a good start.

Frankly, if you are going for a balanced or growth-type fund, any high-quality, large super manager will hold similar assets and give you similar returns.

The next bit is customer service and, here, your initial phone call and their follow-up will demonstrate their service standards. Maybe start by giving them a call.

What to read next

• The hidden tax perks that boost your super balance

• How much super you need for a comfortable retirement now

• Here's how to get free advice from your super fund

• Ask Paul: Volatile world events have me worried about my super

• Retiring overseas from Australia in 2026: Your how-to guide

Investing isn't just the foundation for building wealth, it can also help Australians reach major life goals like buying a home, funding education or enjoying a comfortable retirement.

Investments can also generate passive income, potentially lift living standards over time, and even support emotional well-being by giving people a sense of agency over their financial future.

What many people don't realise is that investing can be simple - especially if you stick to a few sound principles.

Here are three 'golden rules' that, when followed consistently, tend to deliver better outcomes over the long run.

While no approach guarantees success, these principles provide a practical starting point.

1. Keep it simple

As human beings, we often assume that 'complex is better'.

When it comes to investing, nothing could be further from the truth.

Complicated investments may sound sophisticated, but complexity can make it harder to understand how you might make - or lose - money. And that plays a crucial role in deciding whether an investment suits your goals and appetite for risk.

Pro tip: Focus on investments that are both simple and transparent.

Always look for investments that make it crystal clear how, and where, your money will be put to work.

Warning bells should start ringing if an investment provider is vague about providing this sort of information, or if you can't explain easily to a friend or family member how an investment works.

2. Be patient

Patience may be a virtue, but for investors it can be a competitive advantage.

One of the most challenging things we can do as investors is...nothing.

It can be hard to resist the urge to continually tweak or finetune a portfolio - and it's a lot harder these days given the 24/7 news cycle and social media.

The thing is, patience can make a meaningful difference over time.

Letting quality investments do their thing, working hard for you behind the scenes is both simple and cost-effective. Continually chopping and changing investments can rack up unnecessary costs that eat into returns.

Pro tip: 'Getting rich slowly' never goes out of fashion. 

Rather than chasing every hot new prospect or 'next big thing', aim to build a portfolio of quality investments that have a proven performance record across the entire economic cycle.

If you can tick this box, all that remains is to wait. Sit tight, monitor your investments, and see first-hand how patience can be rewarded over time.

3. Embrace diversification

Variety is the spice of life. And it brings real upsides to your portfolio.

Asset markets don't all move in the same direction at the same time.

That's why spreading your money across different asset classes and geographic regions - a process known as diversification -  is a proven way to help manage risk and smooth returns over time.

Diversification can go a step further.

A portfolio that combines growth assets with income-generating investments can help investors enjoy the best of both worlds - regular passive income backed by the capital growth needed  for a portfolio to outpace inflation.

Pro tip: Consider investments that boost your portfolio's diversity.

Some investments bring additional diversification to the table, and this can help to reduce risk without compromising healthy returns.

One example of this approach is La Trobe Financial's award-winning 12 Month Investment Account. It is backed by a portfolio of over 12,081 loans including more than 8,300 residential mortgages. This level of diversification offers investors valuable protection, and has contributed to La Trobe Financial's long term track record of 100% return of capital to investors.

The bottom line

These three simple golden rules are relevant for investors at all stages of their wealth creation story.

Investing doesn't have to be intimidating. These three rules- simplicity, patience and diversification - are not just straightforward, they also hold up under scrutiny and are widely supported by financial research.

If you build your investment approach around these principles, you'll be better positioned to navigate market ups and downs, and better placed to pursue the kind of long term outcomes that matter.

Explore how La Trobe Financial's income strategies are designed to support dependable monthly income. Call the La Trobe Financial team on 1800 818 818 or visit latrobefinancial.com.au.

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.

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.

When considering whether to invest or continue investing in the La Trobe Australian Credit Fund, you should be aware that 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.

They explain how splitting your home loan or using a line of credit lets you access equity to invest in property, shares or a business, with potential tax benefits from deductible interest and investment expenses.

They work through a $1 million home example, outline who this suits (often higher-income earners and many self-employed borrowers), and step through setup essentials: pick the right lender and structure (often interest-only), team up with a good broker and accountant, and keep the investment purpose clear.

They also flag the big risks - bad advice, risky assets, rising rates, thin buffers - and why retirees or lower-income earners can be overexposed without a solid exit plan.

Episode timestamps

00:00 What debt recycling is

01:09 How the structure works

02:38 Who it suits

04:33 Goals and tax benefits

05:35 A real case study

08:02 Setting up the loan split

11:23 Choosing investments

12:13 Risks and rate rises

16:38 Which pros to call

17:34 Who should avoid it

20:43 Three rules and wrap

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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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The increase comes just one month after the central bank raised rates to 3.85% in February, and follows a sharp escalation in global tensions that has rattled energy markets and revived concerns about rising prices.

For households, the decision is likely to mean higher mortgage repayments and renewed pressure on already stretched budgets. The upside for savers is that term deposit and savings account rates may also rise.

How did we get here?

A lot has changed since the RBA's February decision.

When it lifted the cash rate to 3.85%, the bank pointed to three main reasons: the economy was growing a little faster than expected, the labour market was expected to remain healthy, and inflation was still forecast to peak at 4.2% in June before only gradually returning to target by June 2027.

At first, the data did little to challenge that view.

On February 19, Australian Bureau of Statistics figures showed unemployment held steady at 4.1%, while employment rose by 18,000 people. Then, on February 25, inflation for the 12 months to January came in at 3.8%, unchanged from December and broadly in line with expectations.

At that point, markets were calm. As recently as March 2, traders were effectively pricing in no chance of a March rate rise.

That changed abruptly in the early hours of March 3, when the US and Israel entered war with Iran, triggering a major supply shock in global oil markets.

Iran's move to block the Strait of Hormuz - a critical shipping route for roughly 20 million barrels of oil a day - sent crude prices surging.

Oil prices then swung wildly, climbing to almost US$120 a barrel, dropping back to US$80, then rising again above US$90.

Petrol prices jumped in Australia, prompting the ACCC to warn service stations against price gouging.

The shift in sentiment was swift. Within two weeks, market pricing implied a 71% chance of a March rate rise.

Economists at Commonwealth Bank, NAB, ANZ and Westpac began forecasting not one but two quarter-point hikes in March and May, which would take the cash rate to 4.35%.

RBA deputy governor Andrew Hauser also signalled growing concern before the meeting. Speaking on the Politics with Michelle Grattan podcast, he said the bank's February inflation forecast of 4.2% for June was now likely to be exceeded.

"It's still in flux [...] I don't want to give a number that might give a false sense of accuracy. But certainly directionally it's higher than the projection we published in February," Hauser said.

"It's worth us continuously reminding ourselves just how toxic inflation is. We've only just had an experience of that and we don't want to go through that period again."

Cash rate hike: the case for and against

Not all economists believed the RBA needed to move immediately.

Anthony Malouf, market analyst at Ebury, said Australia's position as a net energy exporter could offer some protection, even if higher fuel costs still create short-term pain for households.

"The Australian dollar remains underpinned by Australia's status as a net energy exporter," Malouf said. "Prolonged global energy shocks historically lift export prices, providing a significant boost to our terms of trade."

Malouf's broader point was that the RBA may have been better off waiting for more data, particularly with signs that consumers and businesses were already losing momentum.

CBA spending data showed household spending fell 0.5% month-on-month in February, while consumer sentiment remained weak and NAB's business survey showed confidence slipping back into negative territory.

Others saw a stronger case for immediate action.

MLC senior economist Bob Cunneen said the spike in petrol prices could quickly spread through the economy and push inflation materially higher in coming months.

"The sharp surge in petrol prices in the aftermath of the Middle East war is the immediate catalyst for an interest rate rise," Cunneen said.

He estimated the jump in fuel prices alone could add about one percentage point to inflation, with higher transport, fertiliser and food costs likely to add to the pressure over time.

Tougher times for homeowners

Ultimately, the RBA raised the cash rate, matching hawkish economists' expectations.

Lenders had already priced in the move: 12-month term deposit rates pushed above 5% p.a, with Bank Australia, Qudos Bank and Community First Bank at or above that level and more likely to follow.

Conversely, for mortgage holders, the latest move adds to repayment pressure as households cut back.

If the RBA hikes again in May as expected, the 75 basis points of increases since the start of the year would add about $239 a month to repayments on a $500,000 home loan, or $478 a month on a $1 million loan.

Three steps for homeowners to reduce mortgage stress

Peter White, outgoing managing director of the Finance Brokers Association of Australia (FBAA), says homeowners should take three simple steps to make sure they are not paying more than they need to.

1. Benchmark your rate

Speak to a mortgage broker to compare your current loan with what is available across the market.

"There's no charge for this, and a broker has access to lender options not available to the public direct, including non-bank lenders," White says.

2. Ask your lender to match it

If there is a better rate available elsewhere, call your lender and ask for a reduction on your existing loan.

"Be warned: they won't call you; you have to make the approach."

3. Refinance if they won't move

If your lender will not budge, consider switching to a lender offering a lower rate that still suits your needs.

"Unlike banks, who act in the best interests of their shareholders, mortgage brokers are legally obligated to act in the customer's best interests," White says.