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Hi, Paul, I've been a subscriber for a few years, loving all the stuff you've taught me.

I am 33 years old, working as a casual pastry chef. I own two investment properties.

Property one I bought in 2020 for $515,000, now valued at $730,000. This property has a loan of $510,000. With Macquarie Bank's variable interest-only loan, I have built up some good equity in this property over the years.

I pulled out some equity to buy my second property in Ulverstone, Tasmania, for $450,000. That loan is $360,000 with a third-tier lender.

Combined, I have debt of $860,000, but both my properties are rented out.

I have $70,000 in super, $55,000 in a Vanguard account (investing in ETFs like VAS) and $45,000 in a CommSec account.

I have no student debt. I would like to retire early and be financially stable. Is there anything you would recommend I change with my current strategy?

Should I keep buying properties, or sell them and invest in shares solely, as there are so many risks and headaches when it comes to managing properties?

Should I be worried about the amount of debt I'm accumulating, or should I not worry about it since I'm young and the property growth will allow me to buy more properties? - Amila

Paul's response

Crikey, Amila, I am embarrassed. At age 33 you are smashing it with your finances. This is not exactly an endorsement of my skills, but at age 33 my wife and I owned a $90,500, mainly mortgaged, semi-detached home on a busy road opposite an industrial state.

Fortunately, my Dad had gifted us his secondhand car at trade-in time!

I had started a business, ipac securities in a one-room service office with my three terrific partners.

One minor problem was we could not afford to pay ourselves for three years, but over time the business grew to a large company. My wife, Vicki, was our source of income as a school teacher.  She remains amused at those years I was a dependent on her tax returns!

I may have answered a key part of your question. We reached pretty solid financial security by age 50, due to taking sensible risk.

We both felt the business would work and invested many unpaid hours in it. Like your properties, at times it was hard and many problems came along.

But the time to take risk is when you are young. You won't reach financial independence investing into a bank account earning taxable interest.

It seems to me your properties are doing well, my view is to sell losers and stick with winners. It is certainly easier to borrow to buy properties than shares, but the world has changed with the new rules on negative gearing.

You could look to smaller commercial properties, where the CGT rules have not changed, but here we move to your own personal comfort with debt.

You are off to a great start with wealth creation. You can continue on this path with property, but I do like diversification. I know you have super, Vanguard and some cash.

You could 'suspend' debt at your current levels and add to shares via ETFs or super. Super you will not access for many decades, so maybe just go with employer contributions?

It is an easy option to just add to Vanguard, or you could look at an investment loan to add gearing to shares.

Frankly, you are locked into a path to early financial independence. You are following all the key 'rules of money'. From here it is a personal path that depends on your attitude to risk and how much effort you are willing to put into time-heavy assets such as property.

What to read next

• Ask Paul: I quit law for pastry - can I still support my mum?
• Ask Paul: Should we pay off our home or invest in property?
• How much is your home actually worth?
• The property crackdown buyers and renters will love
• Falling house prices could be squeezing your home equity

Australians lodged 2376 complaints with the Tax Ombudsman in the six months to September, a 74% increase on the same period in 2025, according to new data released by the independent agency.

Among the complaints that went on to be investigated by the ombudsman, the most common issues related to debt collection practices and interest charges applied by the ATO.

Australians were also frustrated by unpaid superannuation and refund delays.

"We continue to see an unprecedented demand for our services," says tax ombudsman Ruth Owen.

"At a time when many Australians are facing financial distress, we are seeing increased complaints about how the ATO is collecting tax debt owed and how interest is applied to the debt, often making the amount due impossible to pay back."

What does the Tax Ombudsman actually do?

Beyond receiving complaints, the Tax Ombudsman can investigate disputes and help taxpayers resolve issues with the ATO.

That doesn't mean that it investigates every complaint. Nor does the ombudsman seek favourable outcomes for individuals. In fact, it often confirms that the ATO has followed the proper process.

As Owen notes, though, intervention can help deliver real outcomes.

"Where the ATO has not taken action or that action has been delayed, our intervention can deliver tangible outcomes such as expedited payments, decisions to remove or remit interest charges, reduction of debt owed or a fresh look at the person's circumstances."

How a taxpayer recovered a $385,000 refund

In its latest report, the ombudsman cites a case in which a $385,000 tax refund issued by the ATO was transferred to the wrong bank account.

Sarah, the taxpayer, had accidentally provided incorrect account details to the tax office. Despite efforts to recover the money, the ATO was unsuccessful, but argued that it had met its obligations.

After Sarah lodged a complaint with the Tax Ombudsman, who investigated the complaint, the refund ended up being recovered and deposited into Sarah's correct account.

Five tax problems driving a surge in complaints

Given the sharp rise in complaints, it's clear that some parts of the tax system are causing more problems than others.

With that in mind, here are answers to some of the most common questions about ATO interest charges, refunds, audits, unpaid super and tax debts.

1. When does the ATO charge interest on tax debts?

There can be consequences for Australians who don't lodge their tax returns on time or fail to pay their outstanding debts before the due date.

These include Failure to Lodge penalties, interest and other charges imposed by the ATO.

Australians who prepare their returns themselves generally have until November 21 to pay tax owed to the ATO. If they don't, interest can be applied until the debt is paid in full.

The ATO applies what's called a General Interest Charge (GIC), which accrues daily. Currently, the annualised rate is 11.51%, and the daily rate is roughly 0.03%, so it can start to add up quickly.

2. Can the ATO reduce or wipe a tax debt?

It is possible for someone to have some, or all, of their tax debt removed. But only in a limited number of situations.

The tax office notes that they can only release someone from a tax debt if paying it would leave the individual in financial hardship.

In other situations, the ATO may be able to organise a payment plan for someone to pay off their debt, or consider cancelling or reducing any interest or penalties that have been incurred.

3. Why is my tax refund taking so long?

In most cases, the ATO says that online tax returns will be processed in 12 business days. After that (if you're due a refund) the money will be paid into your nominated account.

There are a number of reasons why it may take longer for your refund to come through. For instance:

• If you've attempted to lodge another return for the same income year
• If you've amended your return before the ATO has finished processing it
• If you lodge multiple returns (for different years) in one go
• If your bank account details aren't current
• If the ATO has requested or needs to check additional information

4. What can I do if my employer hasn't paid my super?

Australian workers are estimated to miss out on billions of dollars in unpaid superannuation each year, which was one of the driving factors behind the recent payday super reforms.

While the reforms already appear to be having an impact, it's likely that there will still be instances where employers aren't paying their employees' super on time, or at all.

Workers can report missing superannuation via the ATO's unpaid super reporting tool.

You'll just need to provide a few details, including your tax file number, the time period in which super hasn't been paid and some employer details, like their ABN.

5. How will the ATO contact me if I'm being audited?

You've submitted your tax return and are waiting for a refund to come in. The last thing you'll want is an unexpected message from the ATO.

This isn't necessarily a cause for concern. In many cases, what people think is an audit is actually a review where the ATO requests extra information to assesses a potential risk.

Sometimes it will go nowhere. If concerns remain, though, that's when a review can be escalated to an audit. At this point, the ATO will write to you to confirm that an audit has commenced.

The most common financial mistakes Australians make include failing to stick to a budget, not building an emergency fund, keeping outdated financial products, misunderstanding their home loan, being underinsured, neglecting their superannuation and taking on too much debt.

The good news is that avoiding some of the most common mistakes can put your finances on a much stronger footing.

From budget blowouts and debt spirals to forgotten super and insurance gaps, here are seven financial horrors that could come back to haunt you, and how to avoid them.

1. The budget blowout: why budgeting mistakes can cost you money

A budget is only useful if you stick to it.

If you've gone to the trouble of working out where your money should be allocated in any given month, it would be a shame not to put it into use.

If you don't have a budget at all, then this is certainly a good place to start.

Understanding the comings and goings of your finances is imperative to good money management.

Remember, the aim of the game is simple: don't spend more than you earn.

If you're looking for a budget planner to help you get started, ASIC's MoneySmart website offers a comprehensive calculator.

You can save it online or export it, so you can come back and review/adjust frequently.

2. The vanishing emergency fund: why emergency savings matter

Building your savings is essential.

If you're living from payday to payday, you're leaving yourself exposed.

Unexpected expenses can arrive at any time, whether it's a car repair, vet bill, medical expense or sudden loss of income. Having an emergency fund can help you avoid relying on credit cards or personal loans.

The trick is to set a regular savings schedule and keep it consistent.

The amounts you contribute may vary depending on what you have available; just remember that a little goes a long way, so contributing even a small amount is better than nothing at all.

3. The outdated money trap: outdated financial products can cost you money

Many of us have different products and accounts when it comes to our finances - personal loans, home loans, credit cards, savings accounts, transactional accounts, insurance, superannuation, to name a few.

It can be hard to keep track of them all, which is why reviewing them regularly can be tricky.

The fact of the matter is that our circumstances and the market change but our financial products often stay the same. It's worth doing a regular review of all the products and accounts you have to make sure they are still relevant.

There might be better, newer ones now.

Or your current providers might be willing to give you a better deal if they know you're scouring the market; it never hurts to ask.

Many Australians stay loyal to transaction and savings accounts that pay very little interest, potentially missing out on higher returns available elsewhere.

If you want to compare products, try using a comparison website such as Canstar, Mozo or Finder.

4. The home loan horror: home loan mistakes that could increase your repayments

According to Mortgage Choice's 2025 Home Loan Report, more than half of borrowers (57%) wish they had done more homework before choosing their first home loan.

That's a concern given a home loan is often the biggest financial commitment Australians will ever make.

Yet many borrowers focus solely on the interest rate and overlook features that could save them money or provide greater flexibility.

A home loan is one of the biggest financial commitments you'll ever make.

It's worth taking time to understand exactly what you're signing up for.

Beyond the interest rate, features such as offset accounts, redraw facilities, extra repayments and refinancing options can make a significant difference over the life of a loan.

5. The insurance shock: the risks of being under-insured

We never want the worst to happen but that doesn't mean you shouldn't plan for the worst.

Leaving this to chance is a risky decision. When it comes to insurance, it's worth taking a two-pronged approach.

First, you need to make sure you have all the relevant insurances for your circumstances.

The main ones to consider include home and contents insurance, car insurance, health insurance, total and permanent disability insurance (TPD), income protection and life insurance.

Next you need to make sure you have sufficient coverage.

If your insurance doesn't cover you fully it's somewhat redundant. Be sure to speak to a professional adviser if you need help determining the appropriate cover for you.

Being underinsured can leave you financially exposed when you need to make an insurance claim, potentially costing thousands of dollars out of your own pocket.

Reviewing your insurance annually is a must.

Your situation can change significantly over 12 months and you don't want to get caught with outdated insurance.

6. The retirement nightmare: superannuation mistakes to avoid

Apart from the family home, superannuation is likely to be one of the biggest assets you own.

But it can be hard to plan for something so far into the future, especially when life gets in the way and current priorities take centre stage.

Getting to post-work life and realising you don't have enough superannuation can be extremely stressful. It's time to stop taking a passive approach to your superannuation.

Regularly reviewing your superannuation can help reduce unnecessary fees and ensure your investment option remains suitable for your age, goals and risk tolerance.

There are simple ways to improve your future financial outlook:

• Consolidate your super accounts if you have more than one - this means you won't be hit by multiple fees;
• Take advantage of tax concessions and salary sacrifice options and top up your balance with personal contributions;
• Get a check-up to ensure your investment option is the right one for you and the stage of life you're in. For example, if you're younger and at the start of your career you might decide to take a riskier long-term investment option, whereas if you're close to retirement you might want to consider a safer option. This will depend on your individual circumstances and risk appetite.

7. The debt spiral: how to avoid excessive debt

We will all have debt in some form or another throughout our lives.

And true, there's good debt (your mortgage) and bad debt (your credit card) but once we start down that track it can be a slippery slope.

Keeping debt in check doesn't have to be difficult; there are simple ways to help manage your expenses.

For instance, limit the number of credit cards you have.

If you don't have automatic payments, set reminders in your calendar for when your repayments are due, pay more than the due amount if you can, and try consolidating your debt to make it easier to manage.

1. Scam complaints up and more on the way 

The national finance ombudsman has received its most complaints ever, including a growing number of concerns about scams.

The Australian Financial Complaints Authority (AFCA) will soon be helping even more scam victims, as it takes on a new role making sure Aussies are protected from online cons.

AFCA received almost 120,000 complaints in the year to June, including 6,706 about scams.

Scam complaints were up 12% from the previous financial year.

AFCA says these criminal schemes are becoming more sophisticated and taking longer to unravel.

But the independent resolution service could soon be hearing from even more victims.

AFCA already mediates between banks and scam victims and orders institutions to pay compensation where required.

But from March next year, the organisation will be tackling cases involving telcos and digital platforms as well.

These industries, along with banks, will be required by the government to meet new standards to protect Aussies from scams.

AFCA will operate a dedicated Australian Scams Ombudsman to step in when consumers don't believe businesses are meeting these new expectations.

AFCA told Money it's too early to reliably predict how many scam complaints it will receive, but says it has invested in its systems and teams to prepare for its new role.

2. Community resistance sinks another AI business 

Another Aussie data centre company has run into trouble on the share market, after a backlash from residents delayed expansion plans.

The price of shares in NextDC slumped more than 40% earlier this week after it predicted smaller profits due to a delay in getting electricity to one of its data centres.

The company is expanding its M3 facility in Melbourne and needs new power poles to be installed along suburban streets leading to the building.

They're significantly higher and wider than traditional poles and residents have been campaigning against having them put in outside their homes.

Earlier this month, the ABC reported locals were deliberately parking their cars along the street to prevent power company workers from installing the poles.

It comes after fellow data centre business AirTrunk delayed plans to sell assets on Singapore's stock exchange and Firmus pulled out of floating on the ASX, as investors question the numbers behind the AI boom.

3. Should the GST be higher?  

How would you feel about paying a bit more for (almost) everything?

Former politicians and advocates are calling for Australia's GST to be raised to 15%.

They say it would be a more effective way of tackling national debt and keeping up with growing healthcare costs than relying on income tax.

RMIT tax expert Dr Venkat Narayanan agrees it's a debate Australia should be having.

"The GST is a much more stable source of revenue for government," he explains.

"Particularly with ageing populations and changing demographics."

Think tank the Grattan Institute predicts state governments could soon struggle to pay for the increase in older Aussies retiring from work and needing more care.

It says a 15% GST would deliver them the money to do this and allow all governments to reduce their debt in preparation for big crises like the Covid pandemic.

Australia's current 10% tax is almost half the average rate seen in similar economies.

Dr Narayanan says increasing consumption levies is a "bread and butter" reform overseas and that Australia is unusual in having never raised its GST.

He adds that such a move would be accompanied by income tax cuts for lower earners.

But admits sensitivity to the cost of living means Australia's consumption tax is unlikely to be raised any time soon.

"There would be an almost 0% chance of this happening in the next six to 12 months," he says.

4. Bad news for Aussie fashion as shoppers get refunded

Several Aussie clothing labels have come in below online giant Shein in a global ranking of ethical fashion practices.

The latest industry scorecard released by Baptist World Aid put brands like Billabong, Quicksilver and Seafolly below the fast fashion pioneer.

Baptist World Aid gave hundreds of fashion labels a rating out of 100 for how well their parent companies ensured ethical and environmental sustainability across supply chains.

Shein was given a score of 28. Boardriders, the company behind Billabong, Quicksilver and other brands, was given a score of just three.

Meanwhile, another Aussie label has made the news this week for better reasons.

The new leaders of activewear brand Stax announced they would issue store credits to customers who had missed out on orders after the company collapsed in June.

The brand won praise for the gesture -- something leaders told Nine Newspapers they weren't legally obliged to extend, but had decided to anyway.

5. More competition coming to new airport 

Last month, we brought you news of cheaper flights in and out of Sydney thanks to the choice being offered by the city's second airport.

Now, travelers could benefit from even greater competition with another airline announcing it'll join the roster, ahead of the airport opening to passengers on Sunday.

Qatar Airways revealed it will fly between Doha and the new Western Sydney International (WSI) from December 2027.

The carrier has become a familiar site at Australian airports in recent years, competing with major airlines on routes to Europe via the Middle East.

Money revealed last month some flights were up to 50% cheaper to or from WSI than Sydney's existing airport, although the new facility is a greater distance from the CBD.

On the face of it, that seems like a lot. But it can disappear quickly.

That's why - if you're wanting to maximise your time away from work - it can be worth taking leave around public holidays and weekends.

The question is: when is the best time to do that?

From Easter to the King's Birthday, here are some of the best opportunities in 2027 to take annual leave.

Christmas and New Year (2026-2027)

• Potential break: 10 days
• Annual leave needed: Three days

Christmas is a little over two months away, which will no doubt be welcome news to Australian workers hanging out for a break.

Because of the way Christmas Day (December 25), Boxing Day (December 26) and New Year's Day (January 1) fall, it's possible to take a decent chunk of time off for very little leave.

Workers can enjoy ten consecutive days off from December 25 to January 3 by using three days of annual leave on December 29, 30 and 31.

Just remember, employees can be required to take paid annual leave during a summer shutdown if it's a reasonable request - even if they might not want to.

Australia Day 2027

• Potential break: Four days
• Annual leave needed: One day

The holiday period between Christmas and New Years never feels long enough, so why not give yourself something to look forward to by booking a long weekend at the beach in late January?

Australia Day (January 26) falls on a Tuesday in 2027, so all you'll need to do is take January 25 as annual leave to create a four-day weekend.

Need more of a break? Extended it to a nine-day holiday by taking January 25, 27, 28 and 29 as annual leave.

Easter 2027

• Potential break: 10 days
• Annual leave needed: Four days

Easter comes early in 2027, which means that the opportunity for a bumper break combining the Easter and Anzac Day public holidays won't work.

That doesn't mean that workers can't take a decent chunk of time off over Easter though.

Thanks to the Good Friday (March 26) and Easter Monday (March 29) public holidays, it's possible to engineer a ten-day break from March 26 to April 4.

All you'll need to do it take annual leave on March 30 and 31 as well as April 1 and 2.

Anzac Day 2027

• Potential break: Nine days
• Annual leave needed: Four days

Anzac Day (April 25) falls on a Sunday this year, which means different states and territories will be approaching it in different ways.

In South Australia, Tasmania and Victoria, it will only be observed on the Sunday. In Queensland and the Northern Territory, it will be shifted to the Monday (April 26).

In the ACT, New South Wales and Western Australia, it will be observed on the Sunday, but with an additional public holiday on the Monday.

What does that mean for people looking to take time off around it though?

In places where the Monday is a public holiday, workers can take April 27, 28, 29 and 30 as annual leave to create a nine-day break between April 24 and May 2.

King's Birthday 2027

• Potential break: Nine days
• Annual leave needed: Four days

The King's Birthday is held on June 14 in most parts of Australia (Queensland celebrates it on October 4 and Western Australia on September 27), which falls on a Monday in 2027.

This creates an opportunity for people to take a nine-day stretch off work in exchange for just four days of annual leave.

So, how does it work? Well, by taking June 15, 16, 17 and 18 as leave, workers will have nine consecutive days off from June 12 through to June 20.

Christmas and New Year (2027-2028)

• Potential break: 16 days
• Annual leave needed: Seven days

It may be well into the future, but for the more organised among us, it's worth thinking about the holiday period at the end of 2027 and start of 2028 now - especially if you're planning a trip abroad.

Funnily enough, Christmas Day, Boxing Day and New Year's Day all fall on a weekend.

That means there will be additional public holidays for Christmas Day and Boxing Day on Monday, December 27, and Tuesday, December 28, and one for New Year's Day on Monday, January 3.

Importantly for those looking to maximise their time away from work though, it means that they can have a 16-day break stretching from December 25 through to January 9.

To achieve that, you'll need to lodge an annual leave request on December 29, 30 and 31, as well as January 4, 5, 6 and 7.

State and territory holidays in 2027

Australian Capital Territory

• Canberra Day (March 8)
• Reconciliation Day (May 31)
• Labour Day (October 4)

New South Wales

• Labour Day (October 4)

Northern Territory

• May Day (May 3)
• Picnic Day (August 2)
• Christmas Eve - 7pm to midnight (December 24)
• New Year's Eve - 7pm to midnight (December 31)

Queensland

• Labour Day (May 3)
• Royal Queensland Show (August 11)
• Christmas Eve - 6 pm to midnight (December 24)

South Australia

• Adelaide Cup Day (March 8)
• Labour Day (October 4)
• Christmas Eve - 7pm to midnight (December 24)
• New Year's Eve - 7pm to midnight (December 31)

Tasmania

• Royal Hobart Regatta (February 8)
• Eight Hours Day (March 8)
• Easter Tuesday (March 30)
• Royal Hobart Show (October 21)
• Recreation Day (November 1)

Victoria

• Labour Day (March 8)
• Friday before the AFL Grand Final (TBC)
• Melbourne Cup (November 2)

Western Australia

• Labour Day (March 1)
• Western Australia Day (June 7)

Five common annual leave questions answered 

1. Can employers force employees to take annual leave? 

Yes, is the short answer. There are a situations in which an employer can compel a worker to take annual leave, such as during a shutdown period (e.g. over the Christmas break) or if someone has amassed an excess leave balance.

2. Will you keep accruing annual leave while you're on annual leave? 

Yes. You could be lounging next to a pool using annual leave and still be (slowly) building up your leave balance while you're away. It also continues to accrue while you're on sick or carer's leave, long service leave or even when you're on certain kinds of unpaid leave (such as jury duty).

3. Can you use sick leave for a mental health day? 

It's certainly possible to take time off for your mental health, but unless your employer provides dedicated mental health days, it will generally need to be taken as sick leave or personal leave.

4. Can sick leave be taken while on annual leave? 

It's not a situation anyone will want to find themselves in, but imagine travelling overseas for a much-needed holiday only to be struck down with the flu.

Burning through your precious annual leave while you're cooped up in bed doesn't sound much fun, so the good news is that it is possible to use your sick leave in that situation.

5. Can you take leave without pay or leave at half pay? 

It's possible, but taking leave at half pay or without pay may come down to an employers' discretion or the particular award someone is on. For example, the Fair Work Ombudsman says that some awards do allow employees to take leave at half pay.

About 25 years ago I swapped Sydney for the Upper Hunter Valley. The upsides are plentiful. A strong sense of community, less hustle and bustle, and vastly more affordable property prices.

Of course, there are downsides.

My nearest bank branch is a 45-minute drive away.

As a devotee of online banking, this is rarely an issue.

But there have been occasions when regional branch closures have proven costly and frustrating.

Several years ago, my (then) 16-year-old son was keen to take advantage of a St George promotion that saw new customers receive a $50 bonus deposit.

Fifty bucks is a lot when you're 16.

So, we made the 45-kilometre trek to our nearest major centre, where I recalled a St George Bank being located. What we found was a vacant office - the all-too common story of a branch closure.

Determined to score that $50 freebie, we checked the St George website, which showed a branch at the next big town, another hour's drive away.

Alas, we were met with the same 'was here, not here anymore' vibe. The St George sign was still above the entrance but the space was empty with a 'To Let' sign in the window.

Along with a waste of time and petrol, the whole pointless exercise spoke volumes about the bank's attitude towards regional customers. It hadn't even bothered to update its branch listings.

My son eventually opened an NAB account. The irony is that he is now completing a law degree, and will undoubtedly be courted by the major banks when he applies for a home loan at some future date.

Others will not be so lucky.

And that's where branch closures stop being an inconvenience and become a community problem.

The pensioner who isn't comfortable banking online, the social security recipient who can't afford to drive long distances to visit a branch, or the farmer busy with harvest who doesn't have a spare couple of hours for the round-trip into town - these are just some of the Australians who have to cop it sweet when regional branches shut their doors.

And plenty have closed for good.

The latest 'point of presence' data from bank regulator APRA, shows that between mid-2017 and June 2026, 901 bank branches were closed across regional and remote Australia - a decline of 38%.

The banks' plan to win regional Australia back

Westpac has paused regional branch closures until 2030. The Commonwealth Bank recently announced a similar moratorium.

However, in a new move, the Australian Banking Association (ABA) has lodged a proposal with the Australian Competition and Consumer Commission, that could see the major banks pool resources to set up shared regional banking 'hubs'.

These hubs, which may be located in council offices, libraries, Australia Post outlets, or operate out of modular 'bank in a box' units, could assist customers with what the ABA says are "basic banking needs".

In what may be unintended bush humour, the ABA cites an example of basic needs as "assisting with navigating online banking apps". That's despite the Telecommunications Industry Ombudsman saying poor coverage continues to be a common source of complaints among regional and remote Australians.

For complex banking requirements, the ABA is proposing staff at these shared hubs would help connect customers with their bank through telephone or video banking services. It's expected that staff would not advise on, or be able to sell, any bank products.

'We deserted them because they deserted us'

So, what do country folk think of the idea?

To find out, I ran a straw poll of locals, who uniformly met the hub proposal with a 'meh' response.

There's a good reason for this. Almost everyone I spoke to had simply moved on.

As the big banks closed their branches, townspeople took their business to the one bank that hadn't deserted town - Regional Australia Bank.

Across New South Wales, Regional Australia Bank has 38 branches, often in communities like my own, where the population is less than 2,000.

Elsewhere in Australia, other small member-owned banks and local credit unions are filling the gap left by the major banks.

As Sue Brax, a local teacher, put it, "We deserted the big banks because they deserted us."

A local dairy farmer, who'd come into town for some cattle drench, was scathing about the proposed banking hubs.

"So they expect me to stand in line to be shown how to use a banking app," he mused.

"They obviously don't know - or care - that we barely get internet reception out on the farm."

The banks may have left it too late

There's no doubt that operating a branch network can be expensive.

Yet small regional banks and credit unions manage to do it - often on profits far lower than the $11 billion reported by CommBank last financial year, or the $7 billion recorded by Westpac.

The lesson here is that regional Australians know loyalty when they see it.

Don't bank on them embracing what may be little more than a token gesture of customer service from some of the nation's wealthiest companies.

For many Australians, their mobile plan is just another expense that flows out of their bank account each month, alongside the likes of streaming subscriptions and energy bills.

But is there an alternative, and potentially cheaper, option to monthly phone plans? One that isn't as easy to set and forget?

While the upfront cost is greater, annual prepaid plans can be better value over the course of a year.

So just how cheap can annual phone plans be? And which mobile users could they prove to be a good match for? Here's what you need to know.

What is an annual mobile plan and how does it work?

Annual phone plans, also known as 365-day plans or long-expiry plans, are a variation of the monthly prepaid plans many mobile users will be familiar with.

"Long-expiry plans are similar to regular phone plans, but the idea is that rather than paying month to month, you pay for the whole year upfront," explains Alex Choros, telco expert and managing editor of WhistleOut Australia.

"Pricing tends to range between $150 to $400 for the year, depending on how much data you want. You're looking at 140 gigabytes on the lower end to as much as 500 gigabytes.

"It's worth noting that data is for the entire year though. So, 140 gigabytes, for example, works out to be the equivalent of just over 11 gigabytes a month."

Are annual prepaid plans cheaper than monthly phone plans?

The least expensive annual prepaid plans on the market at present start from around $150, according to WhistleOut data - the equivalent of $12.50 per month.

That's slightly less than the cheapest comparable monthly options.

Generally speaking, Choros says, individual service providers tend to offer their annual plans for less than their monthly plans.

"If you're looking at plans from the same provider, annual plans should be cheaper 99% of the time - you're getting a better deal in exchange for making a longer commitment and paying upfront."

This doesn't necessarily hold true for providers and plans across different mobile networks though (i.e. Optus, Telstra and Vodafone).

"If you're comparing, say, Boost Mobile's (Telstra network) annual plan to a monthly plan on the Vodafone network, you might still get a better deal with the month-to-month option," Choros says.

Which annual plans offer the best value?

Like monthly prepaid offers, many of the cheapest 365-day plans available at the moment are from smaller telcos and service providers.

"In terms of plain value right now, we're seeing really good deals from Amaysim, OnePass and Kogan in terms of cheaper plans that really over index on data per dollar," Choros says.

For mobile users on the hunt for a lower-cost alternative to Telstra though, Choros says that Boost Mobile's annual plans could be worth looking at.

"Boost is a much cheaper option than going with Telstra, and it's the only provider with access to the full Telstra network.

"All the other providers on the Telstra network have a slightly smaller footprint, so you don't get coverage in some regional and rural areas like you do with Boost and Telstra itself."

Who should consider an annual mobile plan?

Ultimately, an annual plan may not be the right option for everyone.

First of all, mobile users will need to be able to afford to stump up hundreds of dollars to cover the cost of the plan in advance.

Choros says that these plans are also unlikely to be a good fit for heavy data consumers, or users who won't be able to ration their data over 12 months.

"You should ideally have pretty consistent data needs. You've got your data allowance for the entire year, so there's the risk that you could run out if you're likely to blow 50 gigabytes in a single month."

Annual plans are also designed for people who already own their own phone outright.

"All these plans are also SIM-only - you can't pair a new phone with them," Choros says.

"So, you'll want to already own a phone that you're happy with using for the next year. Or, if you're planning on buying a new phone, you're happy to buy it outright rather than on a plan."

Cash discounts are well and truly back after Australia's card surcharge ban came into effect on October 1.

Cafes have led the way, with many charging customers less if they pay with notes and coins.

It comes as coffee prices rise and some cafes introduce extra fees for customers who order through an app.

As a result, Australians can now pay dramatically different prices for the same coffee depending on how they order and pay.

For regular coffee drinkers, the difference can add up quickly. Money's analysis found that buying three flat whites a week via a café app could cost more than $118 extra a year compared with ordering in person and paying cash.

Why cash discounts are suddenly everywhere

"Prior to October 1, it would be hard to find a restaurant or cafe that had a published cash discount," says Wes Lambert, CEO of the Australian Restaurant and Cafe Association (ARCA).

"However, we're getting reports from members and first-hand experience that about 10% of the industry has taken up some sort of cash discount".

Lambert expects more businesses to get on the cash bandwagon in coming weeks, once they get their next bill from the financial institution which operates their card terminal.

"Many businesses will be shocked when they get their first [post-surcharge ban] merchant fee bill," he says.

"Their overall fee will likely be 1% or more of their revenue and we believe many will then implement price increases and cash discounts."

How much can cash really save you?

Lamberts says most ARCA members who have introduced a cash discount have put it at 2-5%.

Five per cent seems a popular figure: this was the markdown of choice for several cafes visited by Money in Sydney's CBD.

Aussies online have also shared images of several cafés spruiking a 5% cash discount.

But some cash users are scoring even bigger savings: there have been reports of some businesses marking down prices by as much as 10% if customers pay in cash.

Why are cash discounts back?

The Reserve Bank's decision to ban card surcharges means businesses like cafes can no longer charge customers extra for paying with card.

But business advocates say the ban has deprived owners of a way of recouping overheads which haven't gone away.

"Small businesses still face costs associated with accepting card payments," explains Skye Cappuccio, CEO of the Council of Small Business Organisations Australia.

"Every additional expense matters, so offering a discount for cash may be one way for businesses to encourage customers to use a payment method that avoids card processing fees."

What the savings look like in dollars

So what does a cash discount actually mean for your wallet?

Small Flat White is an online platform that tracks coffee prices across Australia.

Earlier this week, it listed the average price of a regular-sized flat white as $5.16.

With a 5% cash discount, the average flat white falls from $5.16 to $4.90.

If you visited your café for a regular flat white three times a week, you'd save more than $0.70 by paying cash rather than card.

That may not sound like much, but over a year the saving would exceed $40. Just keep in mind that ATM fees could eat into those gains if you need to withdraw cash regularly.

Some consumers have questioned whether cash discounts are being used to avoid tax obligations. Business groups reject that suggestion, arguing that discounts simply help businesses offset card processing costs.

Why the same coffee can cost you $118 more a year

The cash savings may only be a few cents per coffee, but new app and ordering fees can quickly outweigh them.

The arrival of the surcharge ban has coincided with some businesses bringing in 'platform,' 'service' and other fees for online orders.

Instigators include coffee chains where customers can order their coffees in advance so they can be picked up on arrival.

Such convenience is coming with an increasing price tag: Money has seen cafes whose online order fees can be as much as $0.50.

This would push the cost of your three-a-week flat white habit to $16.98.

Interestingly, these cafes also offer a 5% cash discount, making turning up in-person even more attractive.

Using their online system for a three-a-week coffee habit would cost you $2.28 more than if you were ordering in person and paying cash.

Over a year, that's an extra $118.56 for exactly the same number of coffees, simply because of how you order and pay.

Can you get a coffee discount with PayID?

Cash discounts are legal and businesses can also give customers a deal if they use other payment methods that don't come with card processing fees.

These include digital systems like PayID or QR code platforms.

But Wes Lambert from ARCA says Aussies shouldn't hold their breaths for their local café to start rolling out these payment options.

He says the systems can run on a delay, which can make it hard for businesses to match payments received with sales.

"It's not instantaneous, so they don't instantly integrate with the point of sale software and tech stack of the hospitality business... it makes the reconciliation very cumbersome".

For now, the cheapest way to buy a coffee remains surprisingly old-fashioned: walk in, order at the counter and pay with cash. As cafés adapt to the surcharge ban, the gap between the cheapest and most expensive cup may only grow wider.

For some Australians, workplace stress doesn't end when they log off.

Long hours, mounting workloads, constant notifications and pressure to do more with less are leaving many workers feeling exhausted and overwhelmed. In some cases, the impact can be severe enough to force people to take time away from work, affecting not only their health but their finances too.

Now, new research suggests the problem is also taking a massive economic toll.

A report from Mentally Healthy Workplaces Australia (MHWA), Australia's Economic Case for Mentally Healthy and Safe Workplaces, found workplace-driven mental ill-health is already costing Australia's economy $12 billion a year in lost gross domestic product (GDP). Without action, that figure is expected to exceed $27 billion annually within the next 15 years.

The report found workplace-driven mental ill-health is a leading contributor to Australia's productivity slowdown.

When work becomes too much

Burnout, stress and anxiety can have consequences far beyond the workplace.

Time away from work can affect household finances, while ongoing treatment and recovery can create additional costs. Previous reporting by Money has highlighted how some Australians feel unable to step back from demanding jobs because of mortgages, rent and rising living costs.

According to the MHWA report, lost productivity accounts for close to 54% of the direct economic costs associated with workplace-driven mental ill-health.

This includes absenteeism, presenteeism, staff turnover and lower workforce participation.

The report says these costs are initially borne by employers before flowing through to workers' compensation systems, life and health insurers, and government-funded support services.

Why experts say the problem is getting worse

MHWA executive director and co-lead Margo Lydon says workplace-driven mental ill-health is already having a significant impact on both workers and the wider economy.

"Workplace-driven mental ill-health is not a future issue - it is a social and financial crisis that is already imposing substantial, and rapidly growing, burdens on Australia's economy and workplaces," Lydon says.

"The economic cost of inaction clock is ticking rapidly."

She says the shifting labour market, including automation and the rise of artificial intelligence (AI), will only intensify pressures on workers.

AI and changing workplaces may add pressure

The report points to major changes in the labour market, such as automation and AI, as factors that could increase psychosocial pressures on workers in the years ahead.

Lydon says a co-ordinated national response is needed to prevent the problem from worsening.

"There is power in a nationally co-ordinated approach to action," she says.

She pointed to Australia's road safety efforts as an example of how a long-term national strategy can reduce harm.

"Road fatalities were considered inevitable until Australia introduced its first national road safety strategy in 1992, with sustained investment in evidence, education, infrastructure, and regulation. The result is a 60% decline in road deaths," she says.

The cost of doing nothing

Lydon says workplace mental health now requires the same type of long-term, prevention-focused approach.

"Workplace mental health, safety, and wellbeing now requires the same long-term, prevention-led, and co-ordinated system-wide approach to address the problem. We cannot just continue to shift the cost - we urgently need preventative and practical action, nationally."

While the report focuses on the economic impact, the findings also highlight a growing challenge facing many Australian workers.

As workplaces evolve and technology continues to change how people work, MHWA argues that preventing workplace-driven mental ill-health will be critical not only for productivity, but for the wellbeing of workers, their families and the broader community.

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A version of this report previously appeared on Financial Standard

For millions of Australians, financial stress isn't just about money. It can affect sleep, relationships, confidence and overall mental wellbeing.

Three in four Australians are experiencing financial stress, according to Finder's Consumer Sentiment Tracker, while almost half of renters are struggling to pay their rent and 38% of homeowners are finding it difficult to keep up with mortgage repayments.

The pressure is particularly pronounced among women, with 82% reporting some level of financial stress in July, compared with 69% of men.

Financial therapist Jane Monica-Jones says the figures highlight the close connection between financial wellbeing and mental health.

"There is a huge connection between money and mental health," she says.

The good news is that while some financial challenges may be outside our control, there are practical ways to manage the stress they create. Monica-Jones shares five strategies to help build resilience, regain perspective and protect your mental wellbeing when money worries start to take over.

1. Why financial stress and mental health are closely linked

First, Monica-Jones says it's important to recognise the strong relationship between financial wellbeing and mental health.

"There is a huge link between the two. Money and our finances are one of the most stressful aspects of our life, because they hit on our basic needs.

"Money is a device to get our food, our shelter and our clothing. And if that feels under threat - whether that threat is real or not - it can make us feel vulnerable and it's going to impact our mental health."

2. How doomscrolling can make money stress worse

While staying informed can be useful, doomscrolling through news stories about property prices or checking in on a bank balance too often may not only prove detrimental, it can also become compulsive.

"Doing things like doomscrolling or engaging in distressing news articles can actually have an impact on our resilience, our sense of wellbeing and our mental health," Monica-Jones says.

"When we're stressed, we often seek out those things that continue to stress us - we're compelled to seek out the source of our distress. We think that if we can work it out, we can overcome it. But often, that keeps us sucked in and it doesn't necessarily support us."

Monica-Jones suggests tackling these types of behaviours with the same strategies that can be used for any type of stress, such as exercise, meditation, getting outdoors or connecting with other people.

"What might feel supportive is getting more rest, some exercise, some meditation - anything that makes us feel more resilient.

"If we can support our physical and mental health first, we feel more resilient, then we are more able to come up with creative ideas and potential solutions."

3. Why social media comparison can hurt financial wellbeing

Beyond limiting behaviours like excessive news consumption or account checking, Monica-Jones says that it's worth being mindful about the negative impacts of comparison.

"The role of social comparison is really important here. Social media exacerbates it, but advertising companies are also really great at bombarding us and prompting ideas like 'Why can't I afford that expensive car?' or 'Why am I not having those expensive holidays?'"

Instead of becoming lost in comparison, Monica-Jones suggests homing in on what success looks outside of the financial sphere.

"It could be that contribution that we make to our family and to our kids, or our friends, or our parents, or our community.

"It's also about focusing on our personal values. What do I actually find is valuable to me? Is it exclusively to do with the trappings of financial wealth, or are there other values that I could maybe place some deeper focus on?'"

4. How to stay resilient during financial uncertainty

In the midst of periods of greater uncertainty, it can be difficult to imagine a time when things improve. This is where finding perspective can prove helpful, Monica-Jones notes.

"If we're thinking about perspective, we can look at the idea that there is growth and there is contraction. That there is always winter and that there is always spring."

Of course, that doesn't mean that people should stop being proactive about managing their bills or sticking to their budget in the short-term, nor does it mean that the larger issues in the financial world will immediately go away.

Monica-Jones also suggests looking for perspective at an individual level, especially for those who are experiencing financial setbacks.

"Getting perspective, or thinking a little bit wider about our life as a whole, gives us that sense of resilience because we're actually seeing the bigger picture.

"That could be a bigger picture which shows that we're more resilient or capable than we thought we were, because there's plenty of evidence of the hurdles that we've overcome in the past."

5. Where to get help with debt, money stress and mental health

Perhaps the most crucial point of all for those who are in a precarious financial situation or struggling with their mental health is that there are people out there who can help.

"The important thing to know if you're truly struggling, if you've got debt issues, or even if you have small business issues, that you can go and see a financial counsellor. That's part of a free service that's offered to all Australians," Monica-Jones says.

A financial counsellor will be able assess the situation and help with managing debt, developing a budget, negotiating with government agencies or creditors, and accessing any grants, concessions or legal support (if required it) that some may be eligible for.

"There's also other types of professional help. That could be someone like a financial therapist who deals with your challenges with money, but it can also be a financial advisor or a therapist," says Monica-Jones.

For many households, the explanation is simple: prices have risen faster than incomes. While the economy has continued to grow, higher living costs and interest rates have left many Australians feeling poorer despite positive headline economic figures.

So why is there such a gap between the economic data and everyday reality?

How is the Australian economy performing?

On paper, Australia's economy is doing pretty well.

Australia's GDP grew by 2.1% between June 2025 and June 2026, which is a decent growth rate considering other developed countries like the UK grew at 1.2% and the US at 2.2% in the same period. The latest growth rate was also above what markets and analysts had expected.

Another economic indicator, the unemployment rate, was low at 4.7% in September 2026, meaning most people who want a job are able to find one.

Considering the conflict in the Middle East is still pushing up oil prices, causing input costs to increase for Australian businesses, and the impacts of artificial intelligence on the workforce remain uncertain, the economy isn't doing too badly at all.

In September, the Reserve Bank of Australia (RBA) also increased the cash rate, which acts as a brake to slow down the economy, to 4.6%, the highest it has been in 15 years.

The board expressed some concerns about inflation pressures, but noted economic growth had been stronger than anticipated.

Why are people so pessimistic about the economy?

For many households, the issue is simple: prices have risen faster than incomes, making it harder for people to get ahead even while the economy grows.

Most Australians are earning less money in real terms than they were five years ago, contributing to a general pessimism about the state of the economy. The inflation rate has averaged around 4.4% annually over the past five years, while annual wage growth has averaged about 3.4%, with some fluctuations.

A 2026 report from the OECD, a group of mostly developed countries, noted that Australia had some of the weakest real wage recovery since the start of the cost-of-living crisis.

In other words, many Australians are still spending more on essentials such as groceries, fuel and housing than they were a few years ago, without seeing equivalent gains in their pay packets.

Behavioural economist Phil Slade said people don't experience the economy through headline indicators like GDP growth. Instead, they judge it through the costs they encounter every day.

"They experience the petrol bowser, the mortgage statement and the weekly shop. When fuel is back above $2.30 a litre and the cash rate is at its highest since 2011, those reminders are hitting people several times a week, and that adds up to a constant low hum of stress," he says.

What is a recession, and is Australia in one?

Despite widespread cost-of-living pressures, Australia is not officially in recession.

The most common definition of a recession, called a "technical recession", is two consecutive quarters of negative growth in real GDP.

By this definition, Australia has not recorded a recession since the early 1990s.

However, this official indicator can hide slow GDP growth and can be influenced by volatile changes in some sectors of the economy. For example, the national GDP figure can grow because of an increase in the number of migrants working in the country.

For this reason, some experts prefer to use GDP growth per capita to measure how the economy is going. Others may use increases in the unemployment rate to identify a recession.

Is GDP growth still the best measure of economic health?

It depends on what exactly you're trying to measure.

For the RBA, commercial banks, investors and policymakers, GDP growth shows the health of the economy as a whole. GDP growth numbers broken down by sector, such as mining, agriculture or retail, can also give a better idea of how and where the economy is growing or declining.

However, if you're trying to understand how households are coping, it can be more useful to look at spending and savings trends than headline GDP figures.

Data from the Australian Bureau of Statistics shows household discretionary spending increased by 1.4% in the three months to June 2026, but nearly half of that was from people buying vehicles, particularly electric cars.

Demand for "luxury" services like domestic and international travel was particularly weak, and the "rising cost of living pressures aligned with restrained spending", the ABS said.

That suggests many households are still prioritising essentials and major purchases over discretionary spending.

Similarly, household savings rates have remained relatively high compared to the late 2010s, which can indicate households are being cautious about the future and keeping more money aside where possible.

That's a very different picture to positive GDP growth.

What are economists, investors and policymakers watching most closely?

Experts are watching the inflation rate, the RBA's cash rate decision and further disruptions to oil and gas supply in the Middle East.

If the inflation rate continues to stay stubbornly high or increase further, that would cause general prices to rise again in Australia. The RBA may need to increase the cash rate again in November, increasing the cost of bank loans and leading people to cut back on spending.

Further disruptions to oil and gas supply routes in the Middle East are also a major concern for inflation growth. If oil delays or stoppages continue, that will increase the cost of petrol and push up inflation.

For Slade, the key issue is whether today's cost-of-living concerns start affecting people's confidence in their employment and financial future.

"At the moment people are worried about the cost of living rather than their jobs. If job security concerns start to climb, that's when households really pull back, and that becomes self-fulfilling," he says.

New ways of dating wipe billions off apps

Dating app Bumble is being sold for a fraction of its previous value, as young people in many countries go cold on online matchmaking.

Bumble announced this week it would be bought by a tech holding company for $1.3 billion USD ($1.9 billion AUD).

It's a significant fall in value for one of the world's most recognisable dating apps, which was worth $14 billion USD ($20 billion AUD) just over five years ago.

Bumble announced Ithaca Holdings would pay current owners $6.05 USD per share.

Shares in Bumble previously sunk to $2.50 this month, a fall from $75 when the company first floated on the stock exchange in 2021.

The slump comes as many young singles in countries like Australia and the US say they're getting tired of dating apps and stories of scams and harassment on the platforms.

Such is the digital fatigue that many cities in Australia have seen the return of in-person dating events and opportunities to meet built around activities like run clubs.

Big businesses rocked by class actions

Hundreds of thousands of Aussies could be in line for a financial windfall as two major brands grapple with lawsuits.

Energy company AGL has been taken to court, accused of telling customers their plans were carbon neutral when they allegedly weren't.

Law firm Slater and Gordon is leading the case, claiming customers were misled into paying $1.50 extra per week for the plans over several years.

AGL allegedly told these customers emissions linked to their energy use would be negated through carbon offsets.

But Slater and Gordon claims the carbon credits the company used didn't deliver that outcome.

The new greenwashing allegations come as another class action wraps up.

Multiple outlets reported this week Toyota had agreed to pay $750 million to settle a long-running legal case.

The company had been accused of supplying Aussie drivers with hundreds of thousands of diesel vehicles with faulty exhaust systems.

Second data centre company pauses share market plans

Australian data centre operator AirTrunk has reportedly postponed a plan to sell assets on Singapore's stock exchange.

It comes as global investors become more cautious about AI.

AirTrunk had planned to sell some of its data centre assets in the Singapore through a real estate investment trust to raise $1.5 billion USD ($2.1 billion AUD).

The delay comes a week after fellow Aussie AI company Firmus cancelled plans to list on the Australian stock exchange.

CMC Invest market analyst Henry Fisher says investors are questioning the viability of AI companies and how much money they're worth putting into.

"Firmus' shelved IPO has been a reality check for AI infrastructure companies," he explains.

"I wouldn't read this as a sign that the AI boom is in trouble," Fisher adds.

"But two major listing setbacks in quick succession suggest investors are becoming more demanding about the economics behind it".

In signs of more AI jitters, South Korea's Kospi stock index, which is dominated by semiconductor companies, has fallen more than 35% since June.

Help coming for fed-up telco customers

More internet and mobile issues are costing Aussies money and customers are unhappy with how they're being treated by their telcos, according to new data.

The latest complaint statistics from the telco ombudsman come as service providers face bigger fines for breaking consumer protections.

A Telecommunications Industry Ombudsman report covering the year to July revealed a 63% increase in Aussies bringing attention to issues that had cost them money.

Complaints about unconscionable conduct from telcos, meanwhile, more than doubled compared to the previous financial year.

Lycamobile was singled out for particular scorn, with complaints to the TIO about the budget service provider up by more than 300%.

Though the 832 grievances pale in comparison to the more than 35,000 complaints received about Telstra and Optus.

The data came just before federal parliament passed laws that increase the fines telcos can face for breaking consumer protections.

Advocates have previously said mobile and internet businesses are under-regulated and need to be treated as essential services.

Mortgage brokers told to explain why they're not offering best deals

More than 80% of Aussie mortgages are arranged through a broker, but now the corporate regulator has put the industry on notice.

The Australian Securities and Investments Commission (ASIC) says mortgage brokers aren't always giving customers the cheapest deals.

It found brokers didn't recommend the cheapest loan option in more than 20% of cases.

ASIC admits brokers might have good reasons for pushing clients towards more expensive loans, such as prioritising better features.

But the watchdog said some brokers hadn't been able to supply evidence supporting these suggestions and may not be properly explaining them to clients.

"Consumers should be able to clearly understand why that recommendation delivers greater value for their circumstances," said ASIC commissioner Alan Kirkland.

Pikachu. Even those not well-acquainted with Pokémon will recognise the yellow, mouse-like creature with the lightning-bolt tail. What might come as a surprise is that a card bearing Pikachu's image recently became the most expensive trading card ever sold.

In February, a mint condition 'Pikachu Illustrator' Pokémon card was purchased at auction for a cool US$16.49 million, about $23 million. That may seem an astronomical sum for a relic from a children's game, but Pokémon cards, along with other trading cards, have become a serious collectable category in their own right.

This is a world Sydney-based Jonathan Marin, 45, lives and breathes, not only as a collector, but as a certified valuer and one of the country's leading experts on trading cards and collectables.

The managing director of TCG Valuations is a collector, certified valuer and one of Australia's leading authorities on trading cards and collectables. He first discovered Pokémon cards in his late teens and opened his own trading card store, TAG Collectibles, in 2019.

"I've got this core memory of opening a box under the Christmas tree when I was eight. It was my very first Nintendo. From there I began building my own collections, starting with retro video games."

Jonathan was in his late teens when he was first introduced by his younger cousins to what would become another major passion: Pokémon cards.

But it wasn't until 2015, when he started building a proper collection, that he realised the real value in the cards.

How Pokémon cards became a serious investment

At that point Jonathan was still a collector. That all changed in 2019 when he took the plunge and opened his own store, TAG Collectibles. That was followed by the acquisition of grading business TCG Grading in 2023, and the founding of TCG Valuations in late 2024.

Jonathan's timing proved impeccable. Much like it did with sourdough starters and online cocktail-making classes, the COVID pandemic unleashed a new wave of interest in collectables.

"We started to see two big things emerge. The first was people dipping into the retro video game scene. Then there was Pokémon and people rushing out to pick up cards. I think it was a case of nostalgia converging with boredom."

Interest in trading card games (TCGs), sports cards and other collectables hasn't died down, but nostalgia is by no means the only driving force.

For some, these have become investments. One recent customer brought in a childhood Pokémon collection with no idea what it was worth. One card alone was valued at $13,800.

How to tell if your Pokémon cards are valuable

For every Pikachu Illustrator, there are millions, likely billions, of Pokémon cards in circulation worth only a fraction of the value. The question is: why?

Like a fine wine or vintage car, there are numerous factors that go into determining the value of trading cards, including rarity, age and popularity among collectors. As Jonathan explains, the most significant factor is condition.

"When it comes to determining the worth of a card, what we've seen in the past two or three decades has been an anchoring to the grade of the card, to its condition."

Grading works on a scale of 1-10, where a 10 indicates a flawless card, across the various lines of trading card games and sports cards, based on four main factors.

"The first is the centering, the overall positioning of the artwork on the card. The second is the surface and whether there are any marks, scratches or creases. The third is the corners and whether they are dented, blunted or show signs of whitening or dog earing. The fourth is the edges and whether they show signs of whitening, serration or tampering.

"The closer a card is to that mint or pristine condition, the more money it's worth. But that's not to say that all cards graded 10 are worth squillions of dollars."

As Jonathan has experienced himself, even cards that come fresh out of an unsealed packet are not guaranteed to be rated pristine.

"I actually opened a pack recently with an ultra-rare Mega Charizard. I was so happy, but I took it to one of our graders and they said, 'Look, sorry, this is an eight'.

"Even though it had come straight out of the pack, there was a dent in the back. This isn't uncommon. You'll see pack-fresh cards with print lines, with whitening, with the centering being completely off."

How Pokémon card valuations and grading work

To an outsider, the process of having a trading card professionally assessed might seem as simple as giving it a once-over for wear and tear and looking up a few comparable listings.

As Jonathan lays out, however, it's more like a forensic examination.

"First of all, we do a consultation trying to understand the percentage mix of the collection and the customers' goals. We're seeing a lot of people with multi-collectable lines, whether it's sports cards, Pokémon cards or Lego, contained within their collections."

Next is the condition assessment, authentication and valuation, based on standards set by the Auctioneers and Valuers Association of Australia. Then comes the process of determining the market value of an item.

"Once we understand the condition and that it's authentic, we get into the market value. At a minimum, we look at three to four price points across sources. eBay is one of those sources, but we also look at PriceCharting, Card Ladder, Troll and Toad, 130 Point and SportsCardsPro."

Finally, customers are walked through the findings and provided with recommendations.

All up, Jonathan says a formal assessment starts at $195, while a simple market opinion can cost as little as $80-$100.

"It really is a combination of hard and soft skills that makes you a really good valuer. You have to be excellent at researching, your data and analytical skills need to be on point, and your precision and ability to use loupes, magnification systems and UV lights needs to be there."

These skills, Jonathan says, can make all the difference when it comes to spotting a well-executed counterfeit from the real deal.

"A lot of the time, you will be presented with some really good fakes and even items that other valuers may have passed as authentic when they are absolutely not."

Found old Pokémon cards? Here's what to do next

That was exactly what played out recently when a customer of Jonathan's came in with a binder full of Pokémon cards from his childhood.

"He had no idea what the cards were worth. Unfortunately, we went through the process and explained to him that some of them were not authentic.

"What he did have was an authentic Gold Star Rayquaza."

The Pokémon card worth $13,800

"We did the pre-grade assessment, and it came in at $13,800. He nearly fell off his chair. It was one of those Antique Roadshow moments where he looked at us like, 'Really?' That was pretty cool."

With the renewed popularity and value of Pokémon cards, Jonathan has heard plenty of stories of people digging through cupboards and attics in pursuit of cards from their youth.

For those lucky enough to uncover an old collection of their own, or inherit a set of sports cards or trading cards from a family member or friend, Jonathan says it pays to do some homework before rushing out to get a professional assessment.

"Research the cards in your collection. You'll want to try and figure out what's worth something, what isn't and whether something is authentic or not. That will save you time and money before approaching a grading company like ours.

"Getting your bearings around where the market sits will also help people avoid underselling their cards if they choose to sell them without going through a formal grading or valuation."

How to protect a valuable Pokémon card collection

The irony, says Jonathan, is that even collectors who do have a sense of what their collections are worth don't always take the steps to safeguard their valuables.

"Last month we did an assessment for a client whose collection ended up being valued at about $1.7 million.

But he was storing it in cardboard boxes in a storage shed.

"Once someone has decided to collect as an investment, I always recommend taking the collection out of storage.

"Invest in some good security, a fireproof safe and make sure that it's insured.

"Something as simple as a penny sleeve and a top loader is your best friend, if it's kept in a box that's in a cool, dark, dry place, ideally in a safe."

Are Pokémon cards a good investment?

With prized cards regularly trading for thousands and tens of thousands of dollars, and for the rarest of the rare, even more, it's easy to see why people have been drawn to trading cards as investments.

Jonathan stresses that, like any investment, there's an element of risk.

"Trading cards are operating in a highly speculative environment that isn't underpinned by regulatory frameworks like shares and other investment classes."

Having said that, he adds there are particular lines of cards that may be worth considering when building a collection from scratch.

"If anyone is looking to start their investment journey in trading cards, Pokémon is one of those core staples that has now been around for 30 years.

"One Piece is another that is really accelerating at the moment. Because of the quality and rarity of the cards, people are really loving it. Then there are dark horses like Yu-Gi-Oh! and Riftbound."

Jonathan also advises newcomers to focus on a niche rather than chasing big cards or influencer hype.

"Take the time to understand the rarity, the difference between eras and series and sets, the difference between types of pre-runs and chases and hits and commons and uncommons. And try to stick within one particular set, series or TCG line that you can master."

The biggest mistake new collectors make

Ultimately, Jonathan says people looking to turn a quick profit are unlikely to find much success.

Rather, it's collectors who genuinely enjoy immersing themselves in their hobby who are more likely to succeed over the long run.

"The biggest mistake people make is thinking that they can sell their shares or other investments to pour into Pokémon and within six months they'll be millionaires," he says.

"You have to have the passion and the patience to really get behind it and understand it."

It's 1992 and I'm sitting in the car, sulking like the moody teenager I am, hoping no one will see me parked outside the op shop.

Meanwhile my mum is happily sorting through the racks, finding bargain Rip Curl T-shirts and on-trend denim overalls to add to my wardrobe. Fast forward to today and I'm excited to tell anyone who will listen about my latest op shop discovery. Thankfully I grew out of my awkward teens and into a frugal, second-hand fashion hunter.

And if you're looking for an excuse to give op shopping a go, Vinnies NSW is offering 50% off everything for one day only on Saturday, October 17, in celebration of World Op Shop Day.

The discount applies across Vinnies NSW stores and online through Vinnies Finds, offering bargain hunters a chance to snap up pre-loved clothing, homewares and books for half price.

With cost-of-living pressures still biting, many Australians are turning to op shops as a way to cut spending on clothing, furniture, books and household goods without sacrificing quality.

How op shopping slashed my clothing bill

Having to dress for work, social events or special occasions can be expensive.

Building a work wardrobe can easily cost hundreds, if not thousands, of dollars. Buying second-hand has allowed me to wear quality brands for a fraction of the retail price.

One of the things I've noticed over the years is that many older garments simply feel better made. From heavier fabrics to sturdier stitching, second-hand clothes can offer quality that's surprisingly hard to find at the same price point today.

On the racks of your local Vinnies, it's not uncommon to find a Cue dress for less than $20. In many cases, that same dress could later be resold online for considerably more.

I'll often wear an outfit for a season, then sell it and use the money to fund my next op shop haul. This works particularly well for special occasion outfits.

Besides underwear, I can barely remember the last clothing item I bought brand new.

And op shopping's appeal extends well beyond saving money.

Good for your budget, better for the planet

The savings are one reason I love op shopping. The environmental benefits are another.

World Op Shop Day celebrates the role op shops play in keeping usable goods out of landfill and giving pre-loved items a second life.

The scale of Australia's textile waste problem shows why extending the life of clothing through reuse and resale has become increasingly important.

Every purchase also helps support the charity's work assisting people experiencing hardship across NSW.

As Gemma Presley, retail experience and brand manager at Vinnies NSW, puts it: "World Op Shop Day is a wonderful opportunity to celebrate everything people love about op shopping; the thrill of finding something unique, the affordability, the sustainability and the sense of community."

My favourite op shop bargain ever

Of all my op shop finds, the one that attracts the most compliments is a wool check Country Road jacket I picked up for just $30.

It was a little over my usual op shop budget, but considering it retailed for more than $300, it was still an absolute bargain.

Over the years I've also picked up barely worn Cue dresses, designer jackets and books that looked as though they'd never been opened. That's part of the appeal of op shopping, you never know what treasure might be waiting on the next rack or shelf.

And if I haven't convinced you to start op shopping already, I can tell you there's something especially satisfying about receiving compliments on an outfit that cost next to nothing.

The op shopping tips I swear by

1. Shop sale days and special events

Keep an eye out for discount days such as World Op Shop Day, when charities like Vinnies offer major storewide sales. Many op shops also run regular coloured-tag promotions and clearance events.

2. Check online before you visit

Many charities now sell premium items online through platforms such as Vinnies Finds, while stores often promote new stock and sales on social media.

3. Know the brands worth hunting for

Brands such as Assembly Label, Country Road, Aje, Witchery, Cue, Sportscraft , Trenery and Gorman often turn up at op shops for a fraction of their original price and tend to hold their value well.

4. Inspect before you buy

Always check for stains, holes, missing buttons, broken zips and fabric pilling. A bargain isn't a bargain if it needs expensive repairs.

5. Use resale apps to gauge value

Before buying, check eBay, Depop or Facebook Marketplace to see what similar items are selling for. You might discover a hidden bargain or avoid overpaying.

6. Don't stop at clothing

Some of the best bargains are in homewares, books, furniture, kitchenware, sporting goods and children's toys. Cast a wider net and you're more likely to find hidden gems.

7. Buy with a wishlist, not just impulse

It's easy to get carried away when everything seems cheap. Keep a list of items you actually need, whether it's workwear, a coffee table or a winter coat, and focus on purchases you'll genuinely use.

8. Think cost per wear

Before buying, ask yourself how many times you'll realistically use the item. A $20 blazer worn 50 times is often a better purchase than a $5 impulse buy that stays in the wardrobe.

Whether you're hunting for a designer jacket, a new bookshelf or simply a way to stretch your budget, there's never been a better time to give op shopping a try. And with Vinnies offering 50% off for World Op Shop Day, you might just discover your own bargain worth bragging about.

The countdown is on for Australians who haven't lodged their tax return.

With the November 2 deadline now just weeks away, taxpayers are being urged to get their affairs in order, particularly given overdue returns can attract penalties of $364 for every 28 days they're late in some cases.

More than eight million returns have already been lodged with the ATO. If yours isn't one of them, here's what you need to know before the deadline arrives.

When is the ATO tax return deadline for 2026?

For people who are lodging their own returns, the due date for getting their taxes sorted and in to the ATO is typically October 31.

That's not the case this year though says Mark Chapman, director of tax communications at H&R Block.

"Under the ATO's rules, when a lodgment deadline falls on a weekend or public holiday, it moves to the next business day.

"That means Australians who prepare and lodge their own 2025-26 tax returns have until Monday, November 2, 2026 to get them in."

What is the penalty for a late tax return?

Aside from the possibility of receiving a refund, the other motivation for Australians to submit their income tax return by November 2 is to avoid the possibility of a late penalty.

For individuals, the penalty is currently $364 for every 28 days (or part thereof) that a return is overdue, up to a maximum five penalty units.

"In practice, the ATO generally takes a fairly reasonable approach to taxpayers who are a little late, particularly where they have a good lodgment history and are expecting a refund," Chapman says.

"In those circumstances, the ATO will often decide not to impose a penalty.

"However, the position is different for taxpayers who repeatedly miss deadlines, have outstanding returns from previous years or ignore ATO reminders."

Chapman also cautions taxpayers against putting off lodging their return because they expect to receive a bill. In this case, interest will be charged on any unpaid tax after the November 21 payment deadline, in addition to any applicable penalties.

Can I still use a tax agent?

Many Australians are comfortable preparing their tax returns themselves, but a sizeable number rely on the expertise of tax agents.

Of the roughly eight million returns already received by the ATO, more than 3.7 million have been lodged by tax agents on behalf of individuals.

The good news is that, for taxpayers who haven't submitted a return yet and would rather leave it to a professional, it isn't too late.

"If you register with a tax agent by 31 October, you may qualify for an extended lodgment deadline, potentially until May 2027," Chapman explains.

"That means you don't necessarily have to rush to get everything done by November 2.

"However, you need to make sure the tax agent has actually added you to their client list by the relevant date. Simply making an appointment or intending to use an agent isn't necessarily enough."

Do I need to lodge a tax return in 2026?

For the vast majority of Australians who earned income during the 2025-26 financial year, submitting a tax return is mandatory.

That also generally applies to people who ran businesses, received government payments above certain thresholds and earned investment income (like dividends). The full list is extensive.

There are situations when someone won't need to lodge a return though.

"The most obvious example is someone whose total income falls below the $18,200 tax-free threshold," says Chapman.

"If you're an Australian resident for tax purposes, your only income was wages of less than $18,200 and no tax was withheld, you generally won't need to lodge a return.

"This could apply to students working part-time, people who worked for only a few weeks during the year, or someone who retired partway through the financial year."

The good news is that you don't have to guess to find out.

The ATO has a tool on its website that can tell people whether they need to lodge a return, as well as a similar tool in the ATO portal in myGov which is quicker and can provide more personalised results.

Can I pay my ATO tax bill with a credit card?

Not everyone will receive a refund after lodging their tax return - some people will have a tax debt.

The exact amount owed and the due date will be laid out on an individual's notice of assessment, but what about payment options?

Taxpayers have few choices. They can pay their ATO tax bill through BPAY, bank transfer, or even in-person at Australia Post with cash, EFTPOS or a cheque.

They can also use a credit card or debit card, either via direct debit or through the ATO's Government EasyPay service.

However, it's worth noting that after June 30, 2027, the ATO will stop accepting credit card payments, following recent changes to card surcharges.

Last-minute tax return mistakes to avoid

With the November deadline approaching fast, Australians who haven't lodged their returns may be tempted to get them out of the way quickly. Chapman urges people to take their time though.

"Spending an extra half-hour checking your figures, reviewing your deductions and ensuring your income has been declared could save you money and prevent problems down the track."

Here are some of the more common mistakes Chapman comes across:

1. Missing eligible deductions

"The biggest mistake people make when they're rushing is failing to check the details properly.

"That can work against them in two ways: they might overlook deductions they're legally entitled to claim, or they might claim expenses that aren't deductible.

"Working-from-home expenses are a classic example. Some people forget to claim them altogether, while others claim expenses without keeping the records needed to support them."

2. Relying on ATO pre-fill data

"Another common problem is relying too heavily on information the ATO has pre-filled into myTax.

"It's a useful starting point, but it's not necessarily complete or correct. Taxpayers are still responsible for making sure they've declared all their income.

"This is particularly important for anyone who's changed jobs, worked for multiple employers, earned income from a side hustle or sold investments during the year."

3. Forgetting to declare capital gains

"Capital gains are another area where people frequently make mistakes.

"Selling shares, cryptocurrency or an investment property can create a tax liability, even if the proceeds have been reinvested.

"People sometimes assume that if they haven't withdrawn the money or received it in cash, there's nothing to declare."

4. Overclaiming work-related expenses

"There's also a tendency for people to overclaim expenses that have a mixture of work and private use.

"If you use your phone or laptop partly for work and partly for personal purposes, you generally need to apportion the expense rather than claim the entire cost."

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Richard Whitten, money and home loans expert at Finder.

They discuss the outlook for rates and the practical steps borrowers can take to cut their home loan costs.

Episode timestamps

00:00 Introduction

02:01 Are lenders passing on the latest rate rise?

03:08 What does the latest hike mean for borrowers?

04:22 Will there be another rate rise this year?

05:44 First steps to reduce your mortgage costs

08:00 How to negotiate a lower rate with your lender

10:00 When refinancing makes sense and what to watch for

12:00 Why refinancing may be harder right now

13:23 Richard's top tip for homeowners facing higher repayments

14:34 Conclusion

Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

How often are new episodes released?

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

Can I watch episodes with captions?

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

Why subscribe to the Friends With Money podcast?

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

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

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

Around 2.5 million Aussies are expected to retire over the next 10 years.

But financial planner Trudy Jenkins from NGS Super believes some in this cohort will be better prepared for unexpected costs than others.

"Baby boomers are much better at having an emergency fund amount," she says.

"I think it's because that generation was often setting some money aside. But my generation, Gen X, is kind of a wing-it generation."

From surprise vet bills to six-figure loans for adult children, some retirement costs can quickly derail even the best-laid financial plans. Here are four hidden expenses experts say Australians often overlook.

1. Pet bills

Desire for an animal companion is something Jenkins says she sees strike many people who've recently called time on their careers.

"When people do ease into that retirement phase, they end up getting a pet for company," she says.

"But they're not thinking about the costs that could come with that."

Jenkins has witnessed the financial toll a trip to the vet for an emergency procedure can take on retirees.

In one case, a couple ended up spending over $10,000 from their savings on several surgeries for their cavoodle within just a few years.

Pet insurance can be costly and rising premiums have grabbed headlines recently, but Jenkins says it is worth considering as a way to cushion you against vet bills.

You can get the most value out of a policy if your pet is still young.

In which case, take out a policy as soon as possible, before your pet develops any underlying ailments insurers may refuse to cover.

2. Emergency repairs

Jenkins says minor home repairs and upgrades can be put off if you're retired and looking to save money.

But sudden major damage will give you no choice but to stump up some cash if you want to keep living in your property

For example, Jenkins recently helped two people manage payments after the roofs of their homes were damaged by wild weather.

"You're looking at $10,000 to $20,000 for a new roof. So that is something that people do not foresee or put into the budget."

She says it's also important to think about whether any ongoing maintenance jobs can build up into something expensive if neglected.

"Things where you might not need to do them very often and you completely forget that they will need maintenance at some stage can be costly."

3. Bank duties

Stories of parents playing bank of mum and dad and dipping into their savings to help adult children are regularly in the news.

Vincent Stranges, retirement specialist at Generation Life says the sums are getting bigger.

"The amount could vary from $25,000 to help pay off some loans or even a HECS debt, to having to help the kids get into the property market," he says.

"$100,000 up and upwards is not uncommon... kids may need help with a home deposit or going through marital issues."

But Stranges says Aussies are taking on bank of mum and dad duties at more advanced ages, causing well-meant lending to clash with their plans for retirement.

"People in that cohort nowadays would've had children later, so those needs [to help kids] that historically would've been an issue 15, 20 years ago are now an issue just before they hit retirement."

Pressure to lend money can even come from later generations, says David Lane, head of wealth advisory at Focus Partners Australia.

"Increasingly, we tend to find a lot of grandparents will fund some or all of their grandchildren's education."

Lane warns older Aussies considering extending this sort of help to think about the expectations it might set.

"If you do that for one [child or grandchild], typically you need to do it for all."

4. Lifestyle creep

Lane says daily expenses are another area where retirees can see their budget get eaten up more quickly than expected.

"Your spending patterns will be different when you are retired, you'll have a lot more time on your hands," he explains.

"A lot of people will say: okay, well, I'll spend similar amount as I've been spending while working. But sometimes when you're at work, you're restrained from spending."

He said retirees have a lot more time for new hobbies and pastimes.

"Things like gym or golf club memberships and going out to lunches more regularly than you would when you're at work. Those sorts of things need to get factored into the budget."

What can you do?

Experts say building up a buffer of cash savings is a straightforward way to prepare for any of these costs.

But it's worth putting a figure on potential expenses where possible, to know what you should be working towards.

To prevent lifestyle creep, think about what you'll actually be doing in retirement.

"Think about what your lifestyle will be and factor in things like holidays," Lane says.

"Obviously, you've got a lot more time and one of the main goals of a lot of people when they retire is to travel more, so actually put that into the budget as well."

Itemising potential costs around the home can help you prepare for any sudden home repairs that might crop up.

"Go around your house room by room and look at the potential items that will need upkeep or maintenance.

"[Think about] whether or not your house will need a repaint in five years' time or whether you need a new toilet, bathroom, fridge or washing machine."

It's also worth looking at income products like annuities.

These are investment products that take your cash and turn it into a regular income stream for life.

They can be structured to pay you more money earlier in retirement, when you're living a more expensive lifestyle, instead of holding too much back for when you're older and less active.

What a $140,000 lottery win could do to your marriage

It's no secret money can ruin relationships, but what about when the issue is suddenly having a lot, rather than not enough?

New research has found a big lottery win makes it more likely men will settle down and marry, but has the opposite effect on women.

The study of the lives of Swedish people who won 1 million Kroner (around $144,000 AUD) was published in the Journal of Human Resources last month.

It found men who had received this sweet financial windfall were 30% more likely to get married within the next five years.

There was also a better chance these lucky blokes would end up having children.

But the consequences for women were very different.

The study found that, if they were already married, the money would double the likelihood of female winners getting divorced within the following two years.

But the authors of the article noted divorce became less likely as the years went on, suggesting the money was helping women move on from bad marriages, rather than ruining good ones.

Why Firmus cancelled its planned ASX IPO

If you've seen any finance news this week, you'll have noticed the name Firmus being thrown around with plenty of heated speculation.

Firmus is an Australian data centre company that builds what it terms "AI factories" filled with its own AI infrastructure that is more energy- and water-efficient than its competitors.

It's been in the news because on Friday it scrapped plans to list on the Australian Stock Exchange in what would've been the nation's second-biggest ever IPO.

Multiple outlets reported it had pulled back on going public after struggling to agree with investors on a share price.

Stake market analyst Samy Sriram says investors had been increasingly questioning whether the company would live up to its soaring estimated value.

"Previously, we were talking about Firmus listing at a $12 billion valuation. Within a few months, that evaluation had skyrocketed to about $43 billion".

"That big jump got a lot of investors asking questions: What will the revenue look like?"

Firmus will now reportedly look for money to fund planned expansion from private markets.

Using cash? Beware out for counterfeits

If you're taking advantage of cash discounts appearing at small businesses in the wake of the card surcharge ban, watch out.

The number of counterfeit notes in Australia is the highest it's been in six years, according to the Reserve Bank.

For every million genuine notes, the bank detected 20 fakes in the first three months of this year.

The detection rate has surged 277% since the end of 2024 and is the highest it's been since June 2018.

The good news is you're less likely to get counterfeit change for your morning coffee.

Of the 15,000 fakes detected in the March quarter, the vast majority were $50 or $100 bills.

 

 

 

 

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Record-high bond yields squeezing cost of living relief

Aussies are less likely to receive extra cost of living help at the end of this year due to high bond yields making it expensive for the government to borrow money.

Yields on Australian government 10-year bonds recently hit a 15-year high, mostly due to competition between governments and companies to borrow money in the US.

Governments issue bonds to borrow money which they then spend, but higher yields make this process more expensive.

Australia's treasurer Jim Chalmers says the yields on his government's bonds were putting "intensifying pressure" on the federal budget.

Therefore, an update to the fiscal blueprint at the end of this year would be unlikely to include money for taxpayers to help with the cost of living.

Fee coming for iconic Aussie tourist site

It's been a long time since seeing the Twelve Apostles was just a matter of pulling your car off to the side of the Great Ocean Road.

But soon taking in the iconic rock stacks (of which there are now only seven) will require booking in advance and paying a fee.

The arrangement coincides with the opening of a new visitor's centre, from where holidaymakers can access the best viewing points for the apostles.

Bookings for the new precinct open next week and the fee will come in next year.

But the Great Ocean Road Parks Authority hasn't announced how much it will cost.

It has said the fee will be "consistent with other popular nature-based attractions across the country".

The money will help pay for the facilities the authority now provides to those dropping in on the apostles, as well as protecting the local environment.

With many of us now demanding better experiences when we travel and putting greater strain on nature while we do it, such fees could become more common.

My adult kids aren't in a hurry to start a family. They have busy lives: working, juggling their bills, paying off student debt, trying to save and accumulating a deposit for a home.

They aren't alone. The average age of first-time mothers is rising and reached 30 in 2023.

Why delaying parenthood can affect fertility

Putting off having a baby too long can have an impact on fertility.

One in six couples suffer infertility, according to the Fertility Society of Australia and New Zealand.

While many can be successfully treated with medical or surgical techniques, or lifestyle changes, women and men are increasingly turning to in vitro fertilisation (IVF) and other reproductive technologies to start a family.

In fact, about 6% of babies born in Australia are conceived through IVF.

How much does IVF cost in Australia?

How much IVF will cost can be difficult to estimate because there isn't one fee.

"IVF costs vary a lot depending on an IVF clinic's fees, what services are included in the cycle, whether you are eligible for Medicare rebates or have reached any Medicare safety net and if you have private health insurance," explains Your IVF Success, the government fertility information site that helps people navigate through the maze of IVF.

It is important to understand other IVF costs in addition to the cycle costs and ask about fees for day surgery, anaesthetists, storing frozen eggs, sperm and embryos, and any add-ons the clinic may recommend as part of your treatment.

IVF is expensive with a private provider and a financial burden for families and singles who are desperate to have a child. An IVF cycle can cost up to $15,000 in Australia, while egg freezing costs $8000 for the first cycle.

There is intense competition among fertility providers, in particular for services such as IVF.

Many clinics provide loans for IVF treatments and services to help people access superannuation savings early, on compassionate grounds.

Five ways to make IVF more affordable

1. IVF rebates and government support

There are ways to cut IVF costs with the help of government rebates.

2. Go public

Some public hospitals offer free assisted reproductive services, if you meet the eligibility criteria, as an alternative to going private.

3. Bulk billing

Increasingly, IVF clinics bulk bill for some of the Medicare-eligible expenses, rather than charge the full amount. Australia is one of the few countries that has substantial government funding for IVF in the form of Medicare rebates to help make fertility treatments more affordable.

4. Company subsidies

Companies such as Meta and Apple started offering egg freezing as a benefit to US employees in late 2014 by subsidising the cost of elective egg freezing to help young female employees who may not be ready to have a child but would value the opportunity later in life.

It has caught on around the world.

There are companies in Australia with progressive human resources programs that pay for IVF. Several companies offer fertility leave too.

5. Accessing your superannuation

Applying for early release of super to fund IVF treatment is another option. But this option comes with a warning: raiding your superannuation will have a profound impact on your super balance at retirement because super relies on the compounding effect of your savings.

It's worth noting that while both men and women can apply to use their superannuation for IVF treatment, it is often women who dip into their super. As women typically have less superannuation than men, they need to protect what they have.

How to compare IVF clinic success rates

As well as the costs, you also want to know the success rate of an IVF clinic before you sign up. In Sydney, for example, there are 25 accredited clinics. Which one do you choose?

There is a ratings service measuring the success of IVF clinics against the national average run by the government with UNSW. See YourIVFSuccess.com.au.

The ratings service measures the success of clinics' fertility procedures such as births per complete egg retrieval cycle, births per individual treatment attempt, births per embryo transferred and pregnancies per individual treatment attempt. It urges anyone considering IVF to use the calculator on YourIVFSuccess.com.au for an individualised assessment.

I am secretly obsessed with reading bridezilla stories about greedy and demanding brides. In all fairness to the antiheroes, society places too much pressure on brides, and stress can get to all of us.

But while many of us appreciate how expensive it can be to organise a wedding, we often overlook the financial pressure it can place on wedding guests.

With the spring wedding season well underway, it's time to budget for the joyous occasion.

How much does it cost to be a wedding guest?

It costs a fortune to be a wedding guest. The outfit, transport and accommodation (even more if it's a destination wedding), time off work, babysitting, the bridal party and/or shower (sometimes multiple), the (dreaded) bucks' night, a rehearsal dinner, catching up with family and friends around the event, and often an engagement party.

According to Finder, the typical wedding guest in Australia forks out a whopping $2593 to attend the wedding, dress for the event, buy a gift and take part in pre-wedding activities.

The biggest expense is travel, at an average cost of $1038, followed by $665 for accommodation.

In China, an invitation is often called a 'red bomb' - 'red' because anything to do with a wedding is always the auspicious colour of red and 'bomb' because it costs a bomb to stuff a red envelope full of cash.

Twenty years ago, at my first wedding, we asked for red envelopes instead of presents. I worried it would be viewed as transactional and uncouth, with several guests still gifting presents. I received a lot of vases, which we then transported in stages from Queensland back to Canberra.

Wedding gifts, wishing wells and cash contributions

It's now socially acceptable to contribute through a wedding registry or provide another form of cash.

Registries are not new: major department stores continue to offer these services. But there is now an increasing variety of online wedding registries that cover everything from homewares to honeymoons or just plain old cash. It also makes it easier for the couple to choose something they want.

Now that I enjoy a stable financial position (and having received red envelopes in the past), I like being able to give generously (but not extravagantly) for important occasions. But with the high cost of living, not everyone is able to show such largesse.

That doesn't mean you should exclude yourself from festivities. Unless the bride truly is a bridezilla, there may be other ways to contribute.

For our second-time-lucky wedding, we asked guests to bring a plate of food or help set up the hall, draw caricatures on blackboards, make paella and wontons, perform town crier duties, sing karaoke and chauffeur us in a vintage 1950s car.

These gifts were meaningful to us and helped our guests connect. No special talents Perhaps offer to do errands pre-wedding or be the go-to person for problems on the day.

How to save money as a wedding guest

I also want to bust a myth: you do not have to buy a new outfit for a wedding. Certainly, do so if it makes you feel happy or buy vintage (aka secondhand). But do not feel pressured to do so.

All eyes will be on the happy couple, and while you might end up in group or family photos, you will not be the centre of attention.

It's also okay to say no to expensive wedding-related activities, such as trips away, if they don't fit your budget.

You can also say no to destination weddings: they chose to elope, not you. But if you know a wedding (or two or three) is coming up, make sure to budget for it, enjoy the event and boogie the night away.

How much money should you give as a wedding gift?

Couples now rarely have weddings paid for by their parents; increasingly, they are paying the cost of the event at the same time as saving for - or paying off - a mortgage.

They have usually put a lot of thought, effort and money into staging a special event.

If you are asked to contribute cash, as a rule of thumb, you should contribute at least what you would pay for a three-course meal. I suggest a minimum of $100 and usually around $150 to $200 per person - more if you are close to the couple or wish to be generous.

Spring usually gets us thinking about cleaning out the garage, clearing the wardrobe or finally getting around to those jobs we have been putting off. But it can also be a good time to clean up your finances.

The funny thing about finances is that most of the clutter does not arrive all at once. It builds slowly. A subscription here, a higher interest rate there, an old super account or insurance policy you have not looked at for years.

You do not need to completely overhaul everything. Often, a few small changes can make a meaningful difference.

Start with where your money is going

Look through your bank statements from the past few months. Not to judge every coffee or takeaway, but simply to understand where your money is going.

Look for subscriptions you have forgotten about, memberships you no longer use or expenses that have slowly crept up over time.

If you can free up even a few hundred dollars each month, think about where that money could work harder for you.

It might go towards your mortgage, savings, superannuation or investments. It is also worth checking whether the automatic transfers you set up a year or two ago still make sense today.

Your income changes. Your family changes. Your priorities change. Your financial system should change with them.

Give your debts a check-up

When was the last time you checked the interest rate on your home loan? Many people know exactly what their house is worth but have no idea what rate they are paying on their mortgage.

Review your home loan, credit cards and any other debts you have. There may be opportunities to negotiate a better rate, restructure debt or simply become more deliberate about what gets paid down first.

While you are there, check your emergency savings too. Having some cash available for the unexpected can make a big difference when life does what life tends to do.

Check the things you rarely look at

Superannuation and insurance are two areas that are easy to set and forget: check your super fund, investment option, fees and beneficiaries.

Then think about whether your insurance still reflects your life today. If you have changed jobs, increased your mortgage, had children or experienced another significant life change, the cover you put in place years ago may no longer be appropriate.

Keep it simple

A financial spring-clean is not about trying to find something wrong. It is simply about making sure the decisions and systems you already have in place still suit the life you are living today.

Sometimes financial progress is not about doing more. It is about clearing out what you no longer need, tightening up what you already have and making sure your money is still working towards the things that matter most to you.

In his book Points: Mastering the Game of Frequent Flyer Points, author David Moloney reveals how to earn points quickly and easily by systematically pursuing the highest return with the lowest level of effort, no jet lag required.

Here's how to get started.

Fishing for points

To start, you need to figure out what kind of point-netter you are, from a 'passive fisher' to a 'pointaholic'.

For every type of points fishing, I'll share several strategies, some of which you can (and should) implement instantly.

We'll start in shallow water with the OG of points earning: travel and accommodation.

Passive fishing

With a little setup, these strategies will reward you handsomely for very little effort.

Flying high and double-dipping

The 'easiest' way to earn points is by booking flights and staying at hotels within the QFF program. Qantas readily displays the points and status credits for every flight on its website, along with the pricing options within the flight. It even provides a points calculator to speed up the discovery process.

All you need to do is make sure your QFF membership number is entered into every one of your partner accounts, such as hotels, cruise lines and hire-car companies, and in any reservations you make outside the Qantas website. Easy!

You may have heard the phrase 'double-dipping', the idea that you can get two sets of points for the one transaction. For example, some hotels will allow customers to gain points on the hotel's program and the Qantas program, if you link your QFF account. (At the time of writing, this works for Accor hotels.)

If you pay for the hotel stay with a Qantas-linked credit card, then you can 'double dip' with little effort.

However, you should always be on the lookout for better alternatives. I purchase my hotel nights through Hotels.com because they almost always match the lowest price and deliver a guaranteed 10% 'cash-equivalent' credit for future nights, and I use my Qantas-linked credit card to pay to earn points. The 10% from Hotels.com is typically much more generous than the hotel awards, which can be lost when you book through a third-party platform such as Expedia.

Here are the numbers:

• $1 in Qantas Hotels equals three points.
• $1 in Airbnb through Qantas equals one QFF point, plus 500 bonus points for your first-ever booking.
• $1 in car hire (such as Avis or Budget) equals four QFF points.

Earning from your essentials

Your everyday shopping at places like Woolworths, Big W and Caltex also nets you points easily.

The Woolworths Everyday Rewards program allows you to earn points when you shop online and in-store at Woolworths and partner retailers, including BWS, Ampol and Big W.

You get one Everyday Rewards point per dollar spent, and this can be exchanged at an earn rate of 0.5, that is, 1000 QFF points for every 2000 Everyday Rewards points earned.

You need to reach 2000 Everyday Rewards points to convert them to QFF points, and, of course, you need to link your account.

If you use a Qantas-linked credit card for your shop, you also get points for that, with the exact number of points depending on the earn rate of the card.

It is worth noting that not all purchases at Woolworths earn points. The supermarket giant doesn't pay points for 'hazardous' products such as tobacco, lotteries and sometimes gift cards, unless one of its gift-card bonuses is running.

The branded credit card bonus

Qantas-branded credit cards earn you points on every spend automatically without you having to re-enter your Qantas card on every transaction.

At the time of writing, there are no less than 35 credit cards offered by 15 financial institutions in Australia that offer this, including American Express and the major banks.

Unless you spend much more than average on food and petrol each year, your spending will probably get you a Qantas Classic return economy flight between Sydney and Melbourne (at 9200 points per leg) once or twice a year, but not much more.

You can increase that slightly by looking for cards with a higher earn rate, such as the 1.5 points per $1 spent on the HSBC Platinum Qantas Card, but cards like this typically come with much higher annual fees and points caps, so do the maths on your total costs.

The sign-on bonus for the card can be an astonishing source of points for not a huge effort.

At the time of writing, the maximum bonus is an incredible 200,000 points, equivalent to 10 Sydney-Melbourne return economy tickets.

However, always use credit cards for temporary debt only. Revolving credit-card debt is not good for your financial health and will eclipse the value of any points you earn.

A family affair

With Qantas, you can 'recruit' almost any member of your extended family who has points but isn't interested in using them, and they can simply transfer their points to lucky old you.

You can transfer as few as 1500 points, with unlimited transfers and no transfer fees. But be careful: family transfers are not 'regenerative', which means you still need to redeem or earn points on your account to avoid expiry dates being triggered.

Qantas has a very generous definition of who counts as 'family'. It includes everyone from your partner to first cousins, so my advice is get to Granny early.

Also consider the QFF Joey Club. It's free to join and allows kids to earn Qantas points on flights if they have their own seat (non-infant fare).

You can then sneakily do a family transfer from their account to yours or help them grow this account like a trust fund.

It will cost you a Qantas transaction to their account at least every 18 months, so it might be better to tell them when they're older that you took the points because they would have expired or horribly devalued anyway.

Passionate fishing

If you are prepared to up your game and show some passion in your points pursuit, then the following strategies will get your points balance to cruising altitude.

Mileage malls and more

If you're willing to put in the effort to 'swap where you shop', I elevate you to the status of a passionate points fisher.

Shopping directly at Qantas Shopping, Qantas' online shopping hub with more than 450 partner brands, can give you many extra points per dollar spent.

Log on with your QFF details and enable cookies so the website can track your spending.

You can also link your credit cards to your QFF account and receive direct card offers via email or on the web, obtaining points by paying with a linked card.

Qantas Wine is another darling of point hackers everywhere. With their extensive selection and rotating array of offers, you can earn an astonishing 30,000 extra points per quarter for subscribing to a case per month.

Look out for cases that are both discounted and carry extra point bonuses.

The numbers pay off quickly:

• $1 in Qantas Shopping can get you up to seven points. These vary by brand and partner shop and have limited-time bonus offers.
• $1 in Qantas Wine gets you three points if you have a premium membership, or one point if you have a standard membership.

As part of my research for this book, I purchased less than $1000 worth of wine and received more than 35,000 points, worth at least $700 and, if I redeem well, a multiple more, making the wine effectively free.

As always, check the pricing of goods to make sure you are not paying for these points with higher prices than are available elsewhere.

Flash points

As your passion for points grows, so will your attention span, and you will realise there are points-related offers happening pretty much all the time.

Some bonus offers will come to you through AI-driven analytic engines. Others are best found by you through free points e-zine subscription services, online forums or the AI prompts later in this chapter.

They mostly consist of limited-time point bonuses applied to certain items, sometimes every day, like petrol with three-times point multiples and huge bonuses for businesses signing up to fuel cards, but more often items that are highly profitable or that customers do not buy as much of.

Point arbitrage

The next technique requires a little more effort.

Point arbitrage is when you buy points in another airline's program because either their point cost or their redemption cost, or the net of both, is lower.

You can do this with any airline when the price is right.

There are often significant differences in pricing and rewards offered by each airline. While Qantas is currently selling points for between 2.5 cents and more than 5 cents per point, Alaska Airlines is known for selling miles that can be redeemed for the same ticket at much lower levels of points.

To reap the rewards, you must be passionate enough to join the Alaska Airlines program (or others) and respond to their offers.

In Alaska's case, you also have to redeem Qantas and other Oneworld flights through the Alaska Airlines website, not Qantas'.

The same strategy works for the other two major airline alliances.

The promotions are usually tailored, so bonuses can vary from user to user. In 2022, they varied from 40% to 60% bonus miles.

On occasion, loyalty programs offer transfer bonuses, another way to multiply the power of your points, whether earned or purchased.

The partner of one of my school friends is a passionate points hacker, and she games Alaska Airlines' bonus-offer models by clicking on each link but ignoring their initial offers until they offer a substantial discount, then buying up big.

Qantas Wellbeing 

If you're willing to really change your habits, you can sign up for the Qantas Wellbeing app. Armed with a smart wearable or your phone, you can track and log 'healthy' activities, from exercising to getting a good night's sleep, to earn points for good habits. You can earn up to 1000 points during the 28-day trial; after that, the earning rate is reduced.

You can also earn points by recruiting friends (currently 150 points per invite, up to a maximum of 20 friends or 3000 points).

Here are some of the activities and points listed:

• 30 minutes of running equals 12 points
• One round of golf equals 19 points
• Two hours of cycling equals 21 points
• 45 minutes of swimming equals 20 points.

Bear in mind that Qantas also runs a business in the wellbeing area: Qantas Insurance. Data on customer exercise behaviour is a great way for health insurance providers to find and keep lower risk customers.

Churn to earn

It's not only health insurance Qantas offers but also car, home and travel insurance. If you're willing to switch to a Qantas policy, it comes with enticing benefits:

• Health insurance - up to 140,000 points over six months (or more if you also use the Qantas Wellbeing app)
• Car insurance - up to 35,000 points
• Home insurance - up to 35,000 points
• Travel insurance - up to 25,000 points.

The same applies to mortgages, and this can be even more lucrative for points hackers.

The Australian Financial Review reported that one property investor switched all four of her mortgages to Qantas home loans and earns a whopping 400,000 points every year.

Obviously, the competitiveness of the mortgage pricing is critical, but if the mortgages are for investment purposes, any extra interest could be tax deductible, lowering what could be a high cost of point earning to something that could be profitable under better redemption scenarios.

Gift-card triple-dip

One of the simpler (although time-consuming) QFF strategies is 'triple dipping'.

Instead of directly shopping, buy gift cards when bonus offers are in place. You then use those gift cards to pay for your groceries at Woolworths, scanning your Everyday Rewards card as usual.

In effect, the same grocery spend generates three streams of rewards: first via the credit card, then via the supermarket loyalty program, and finally via the bonus points on the gift card.

It is not glamorous, and it requires a certain degree of organisation, buying gift cards in advance, keeping track of balances and linking accounts correctly, but for households with significant weekly grocery bills, the additional points can add up steadily.

One points hacker reported bonuses as high as 20 times on Everyday Rewards for Apple gift cards to purchase the same Apple phone they were going to buy anyway.

That's nearly 40,000 points, worth a decent chunk of the value of the phone itself if redeemed wisely.

Others report spending $200 on dog food at a pet retailer and netting 2950 points via a similar multiple-dip strategy.

As with most points strategies, the key is that the spending is ordinary and budgeted. The value quickly evaporates if the pursuit of points leads to overspending or interest charges.

Calendarised churn

Credit-card 'churning' refers to repeatedly signing up for new credit cards to collect their sign-up bonus points, meeting the minimum spend requirement, then cancelling or downgrading the card and moving on to another provider to do the same thing again.

This is still the biggest game in the points economy.

Brian Kelly, the US author of How to Win at Travel, admits to having 28 active credit cards and argues he is on the conservative side when it comes to credit-card points earning.

The card issuers are onto this gaming and are making it harder.

Rather than just signing you up and issuing you the points, they only issue them after you hit specified spending and tenure hurdles, with some splitting the bonus and only paying the total after two annual fees are paid.

It's also more important than ever that you never miss a payment. With comprehensive credit reporting, every late payment affects your credit score.

The best professional-level earners diarise their card churning so they align statement dates to never miss a payment and have the next round of applications in as soon as they have milked the full bonuses from their current cards.

Exploding vouchers

Exploding vouchers are time-limited and tend to come with a 'cliff'.

For instance, you need to spend a minimum amount of money to use the discount, and you'd better hurry because time is running out.

While Qantas doesn't currently use this strategy, you can use a Qantas-linked card to make these purchases.

Several cosmetics retailers do this in combination with points and status rewards, giving members who have reached a spend-based tier limited-time vouchers and discount coupons that require increasing minimum spends.

The strategy is designed to encourage repeat purchases and larger baskets, rewarding loyalty while creating a sense of urgency.

For the savvy points collector, these exploding vouchers can be a way to earn bonus points or hit status targets faster, but only if the purchases align with what you need.

Otherwise, the 'clock is ticking' pressure can lead to overspending, turning what looks like a deal into a costly impulse.

The key is to treat exploding vouchers as a tool, not a trap: plan ahead, spend within your usual budget, and only use them on products or services you were going to buy anyway.

The pointaholic

These 'pointaholic' strategies should be pursued only by the brave, dedicated and diligent. If implemented incorrectly, they can be detrimental to your financial health.

Third-party payment processors

There is a new pointaholic game in town for businesses.

Third-party payment processors have emerged, offering anyone with a business (and recently even consumers with big bills to pay) the opportunity to pay most of their bills, including payroll and, ironically, even tax, through a third-party process with a service fee in return for points.

In this way, they cleverly mirror the recently banished surcharge model used by merchants, which funds interchange, which funds points.

For anyone with a business, this third-party service fee becomes a business expense, an opt-in amount of approximately 1% to 1.8%, depending on the number of points you want to be rewarded with and whether they are paying for you directly or via your point-earning credit card.

The extra fee lowers the business's taxable profits but pays for the points.

If your business has expenses in the millions of dollars, then that's millions of points, an incredible new way to potentially lower the cost of your company's business flights and/or upgrade yourself to business class on the company's tab.

If you use these services through a business, the points will be owned by the business and so are to be used solely for business purposes, or they will be subject to fringe benefits tax.

Be careful, as the ATO has reported it is actively investigating businesses where employees accumulate more than 250,000 frequent-flyer points annually from business-related travel or expenditure.

It's not currently clear how these third-party payment processors will help their customers steer clear of this issue, so a little bit of compliance could go a long way, which is why this incredibly lucrative approach is a pointaholics-only strategy.

The gas gamble

This is what serious points collectors call 'stacking', layering multiple loyalty programs and promotions on a single everyday purchase so that one transaction earns rewards several times over.

Petrol is one of the most common examples because it's a regular household expense and several programs intersect.

Once your Everyday Rewards account is linked to a QFF account, you can begin stacking at eligible petrol stations.

First, scan your Everyday Rewards card when you fill up so the purchase earns Everyday Rewards points, which can later convert to QFF points.

Next, pay with a Qantas Premier Credit Card to earn Qantas Points again on the transaction itself.

Finally, use the Qantas app to activate or 'check in' to any available fuel promotions before you pay. These targeted offers can award bonus QFF points per litre on top of your base earn.

By applying all three layers, the points haul can be three or more times higher than normal, and even more for business customers with small fleets.

It is the level of complexity involved that elevates this to pointaholic territory.

You must calculate whether filling up with a certain brand of petrol, which may come with a premium price tag, is worth it for the points haul.

AI prompts to become a points master

As discussed, the points landscape is always evolving, and so your future strategies will have to evolve with it.

Following, you'll find specific actionable AI prompts I have developed with the help of ICG's AI team and Google Gemini Pro to help you maximise your points, whether you want passive-level help or professional-level guidance.

In each case, just type them into your preferred AI tool and substitute your details where suggested.

I encourage you to test them across as many platforms as you have access to and customise them for your context and use a prompt engineering tool if you have access to one.

Lastly, don't forget to open a new dialogue for fresh insights, as AI tools have a nasty habit of answering your next question in the context of your previous question.

AI points prompts for passive fishers

Here is a list of my typical monthly expenses (rent, utilities, fuel, entertainment, gym, groceries). Based on the current Australian market, map out a 'zero-to very-low-cost acquisition' strategy. Tell me exactly which free coalition loyalty programs I should join, which accounts to link and the optimal payment method to use for each expense to stop point leakage without paying high annual fees.

Passionate fishers

I have just been approved for a new rewards card. I have exactly 60 days to spend $4000 to trigger a 90,000-point bonus. I currently only have $2000 in planned organic expenses over the next two months.

Give me a list of 10 highly creative, legitimate methods to legally front-load my standard Australian living expenses (such as prepaying strata or council rates) to hit this target without going into debt.

Professional fishers

I am considering cancelling my current rewards credit card because the annual fee is due next month. I know banks use predictive churn modelling to intercept customers before they leave. Draft a script for me to use when calling the bank's retention department. Tell me exactly what phrases to use to trigger their internal algorithms to offer me a bonus points package to stay.

Be prepared for turbulence

There are some unfortunate characteristics of points systems that I need to warn you about, especially if you're straying into the pointaholic category.

Unlike the dollars in your bank account, loyalty points don't earn interest and are therefore not compounding.

If you have no activity, QFF points will expire in just 18 months and, from time to time, like every other airline and points issuer, Qantas will adjust the value, almost always downwards.

Don't become complacent and always be prepared for your points to devalue.

Some of us witnessed the 2001 collapse of Ansett, one of Australia's major domestic airlines at the time.

Because frequent-flyer points are treated like unsecured debt, customers with Ansett points watched them vaporise with no compensation. Ouch!

Like most new challenges in life, it is good to start with some sort of achievable goal.

When you reach that points milestone, redeem those points with gusto before that flight or hotel costs you up to 20% more because of yet another devaluation.

My prediction? As Qantas devalued its points in 2004, 2019 and 2025 (by increasing the points required for its flights, to be fair, to align with the ravages of inflation), we should all be safe until at least 2029.

Of course, this is an estimate and so can't be relied upon.

Always be prepared for turbulence.

Remember: all points programs are a gamble, and the airlines and partners wouldn't take part if they weren't confident they could 'win'.

Know the risks, be prepared for the losses (which are not always obvious) and educate yourself. That's why you're reading this, after all.

How to protect your points

You can do this in several ways:

• Diversify: Think about earning your points in different programs, typically one for each of the three major airline alliances. This reduces the risk of a single program devaluing or collapsing. The downside is that it's typically not helpful for maximising status or earning bonus points.
• Choose transferable programs: Ideally, choose a program that offers transferability. In Australia, American Express and HSBC offer points transferability to multiple carriers, and fortunately, airlines don't align their devaluations like banks when lowering interest rates.
• Know your net earn rate: Your 'net earn rate' from points is dependent on several factors, including payment surcharges (now only on charge cards), annual fees and the additional costs of your time and effort. Amassing a portfolio of millions of points is designed to make you feel rich, but it always comes with a risk, so don't ignore the hidden costs in the equation. This links to the next point...
• Don't overpay: The most dangerous hidden cost of all is the potential price inflation on a product if you only shop at a certain retailer because you 'need' the points from the purchase. Be careful, you may end up paying more for the goods because the price may have been inflated to cover the cost of those precious points you desire.
• Understand the points paradox: We all tend to overestimate our competence at the game of points. We routinely and systematically underestimate the cost of earning them.

That's why it helps to have a formula, which is your 'marginal earn cost per point'.

As a rule, in the old world of surcharging, you should have been aiming to earn points at no more than 1 cent per point.

With the banishment of surcharges, unless you are 'buying' points through a payment processor, earning points through product activation or retention bonuses, or using a charge card, points will appear free.

Even so, watch out for price rises to cover the cost of points, and the cost of any cards used to earn the points. Also look out for suppliers with more customers who ignore the loyalty program and who will helpfully (and likely unknowingly) subsidise your rewards.

This is an edited extract from Chapter 4 of Points: Mastering the Game of Frequent Flyers (Major Street, $34.99). Enter now for your chance to win a copy!

We've all been there. You're hard up for cash, but don't want to go to a bank or payday lender.

In times like these, a loan from a friend or family member can seem like an easy fix. But it's a route fraught with danger.

The financial risks of lending money to family and friends

When you get a loan from a finance provider, the worst that can happen is you default, debt collectors arrive at your door and your credit score takes a hit.

Friends and family, on the other hand, don't have access to credit files. If you don't pay them back, or they don't pay you, your credit worthiness will be unaffected.

But that's where the advantages end and the problems begin - and it goes far deeper than finance.

If you are lending a small amount of money you may not be overly concerned about being repaid, "you may write it off as a gift", says Genene Wilson from Finesse Financial Advisers.

"Ask yourself, though, if you are setting yourself up for many more 'gifts' in the future."

Enlisting the services of a lawyer, who typically charges between $200-500 an hour, to sort out a loan gone bad is out of the question.

An hour's consultation could exceed the amount you're out of pocket from the loan.

Why family loans can damage relationships

Then there's the social cost.

"There's also a host of other complexities that you need to keep in mind, such as the influence of partners, in-laws and your other family members who will have a vested interest in the arrangement," says behavioural economist and psychologist Phil Slade.

"Loaning to family is rarely a simple agreement between two parties, and therefore that more complex context needs to be taken into consideration whenever terms of an agreement between family members is being negotiated."

Loans between friends and family can also violate untold expectations.

"How would you feel if a family member owed you a significant amount of money, but then sent their kids to a relatively high fee paying school, or went and bought a new car?" Slade says.

"They might be repaying you according to the terms of the original agreement, but as you're unlikely to be earning interest on the loan, this still feels like you're being taken advantage of in some way."

The hidden cost of lending money to loved ones

There's usually nothing in it for the loan provider, beyond the social kudos.

These loans usually don't have interest rates, "which means the lender has not just lost that money temporarily, but also the ability to invest or earn interest from that money in some way, shape or form."

All this is not to say that loans between family and friends are impossible without risking total relational breakdown.

How to lend money to family safely

Being open about expectations, especially timeframe for repayment, is key.

"Set up clear rules, but then make sure you have points in time where you can revisit those rules in a safe way to accommodate for change," says Slade.

"Remember, money and family relationships are two of the most emotional triggers we have, and mixing them together can be dynamite - so handle with great care."

Even semi-formal loan agreements can provide much-needed formalisation.

For those who want to move past paper agreements, apps such as Credi allow lenders and borrowers to work out all the terms and conditions of the loan. Agreements are then e-signed and repayments tracked via a phone app or online.

On this episode of the Friends With Money podcast, Money's Vanessa Walker is joined by frequent flyer expert and author David Moloney to unpack the latest shake-up to credit card rewards and what it means for points collectors.

They discuss why points can still offer serious value, the easiest ways to boost your balance from everyday spending, and the common mistakes that can leave you worse off, including paying interest, chasing points for the sake of it and letting rewards sit unused for too long.

Episode timestamps

00:00 Introduction

01:08 How new RBA rules are changing rewards programs

02:10 Are frequent flyer points still worth collecting?

03:05 Why most points are now earned on the ground

04:13 The highest-return, lowest-effort strategy

05:45 Three simple ways to earn more points

07:29 Are points really free?

08:00 The dangers of credit card debt and rewards chasing

09:11 The hidden "lazy tax" points collectors pay

10:37 Why you should redeem points before they lose value

11:00 Conclusion

Enter now for your chance to win Points: Mastering the Game of Frequent Flyers by David Moloney

Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

How often are new episodes released?

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

Can I watch episodes with captions?

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

Why subscribe to the Friends With Money podcast?

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

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

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

What if watching free TV cost you $80 a month?

The federal government is considering allowing free-to-air TV providers to stop broadcasting their channels over the airwaves and just offer them online instead.

But social support groups say some Australians would struggle with the cost and technical skills to start streaming if they lose free-to-air services.

Most TV companies are already paying to maintain broadcast and streaming networks and these costs have remained high, despite less people watching free-to-air services.

Meanwhile, telcos are keen to get access to some of the airwaves TV uses to roll out new mobile services, such as 6G.

The government is considering letting broadcasters stop offering some or most channels over the air.

Another option is to keep broadcast networks, but make them more efficient.

Most Australian TV channels are already available to stream for free, but the loss of antenna services would make people more reliant on their internet service provider.

Internet bills can cost as much as $80 per month or more and Anglicare Sydney's chief advocacy officer Rob Stokes says many of the people his not-for-profit supports have limited funds to put towards such expenses.

"These people are on fixed incomes and reliant on free services," he says, adding free TV can be their "lifeline" to the wider world.

"It's one thing to know how to connect online, but another to have the skills to determine what's the right streaming service".

ATO to stop accepting credit card tax payments

It's been a busy week for the ATO.

On Thursday, the body announced it would no longer let Aussies make payments on its website with a credit card from November 30.

Some small business owners have taken to social media to point out the change comes just as they've been asked to absorb the cost of card payments due to the surcharge ban.

The tax office says it's removing the credit option in accordance with the Reserve Bank's ruling that card surcharges can't be passed onto consumers from October 1.

Business owners add that paying GST and other bills via credit card also helps their cashflow.

But the tax office says only 2.3% of tax payments were made with credit cards in 2024-25.

It says 60% of these payments were "made by privately owned and wealthy groups and public and multinational businesses".

Foreign investor fined $508,000 for land banking

The tax office has penalised a second foreign property investor for taking too long to build on vacant residential land they'd bought.

The ATO announced this week the federal court had fined the landholder $508,000, less than a month after it charged another foreign investor $370,000 for the same offence.

Foreigners who buy residential land in Australia have to build a house on the plot within four years under rules designed to boost housing supply.

Continuing to hold the plot without building on it is considered "land banking".

"[This] limits housing supply for the Australian community and will be met with significant consequences," said ATO assistant commissioner Jennifer Moltisanti.

"Foreign investors need to understand that buying residential land in Australia comes with clear obligations".

Retailers fined over allegedly misleading Black Friday sales

Two furniture retailers have been fined a total of almost $60,000 after they allegedly misled consumers during the biggest sales of the year.

The ACCC has accused Vuly Play Group and James Lane of claiming their Black Friday discounts were more time-limited than they really were.

As part of Black Friday and Click Frenzy sales last year, Vuly advertised discounts of up to 45% tied to a countdown timer.

But the ACCC alleges the children's play equipment supplier kept resetting this timer, while the deals stayed in place.

Furniture seller James Lane is accused of advertising its 2025 Black Friday sale as ending on December 3, all the while planning to keep discounts in place for another week.

The ACCC says these tactics give shoppers a false sense of urgency and pressure them to make quick purchases.

Vuly has been fined $39,600, while James Lane has paid a penalty of $19,800.

Job seekers warned to beware of North Korean hackers

If you're ever taking part in an online job interview and asked to download software, watch out.

That friendly recruiter could be trying to steal your data and assets to help fund the world's most notorious dictatorship.

National cyber safety bodies say North Korean hackers are luring people into fake job interviews.

Australia's signals directorate and cyber security centre say these tricky criminals are then gaining access to personal computers and stealing private data and cryptocurrency.

In a warning, co-signed by other countries' agencies, the groups say hackers have transferred over $15 million worth of crypto to North Korea.

Software and IT professionals anywhere in the world are their targets.

Victims are invited to virtual job interviews, where they're asked to download files that give the hackers secret access to their computer.

What's going on?

Ordering lunch through a QR code at a pub might no longer attract a card surcharge. But some customers are now seeing a new "platform fee" instead.

Aussies are noticing the new costs just as relief from fees on popular card payment methods started to be felt on Thursday.

Most of these new platform fees range from 20-60 cents, but Reddit users familiar with the ordering platforms say they've only been introduced recently.

It's led some consumers to argue the new fees are replacing card surcharges.

 

 

 

 

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Who is charging the fees?

Among those introducing the new levies so far have been food ordering platforms me&u and Bopple.

Me&u shot to prominence in Australia during the coronavirus pandemic.

Its QR codes, which customers can use to order food and drinks from their tables, have become a common site at pubs and restaurants across the country.

Bopple is a smaller business, but similarly allows users to order from hospitality venues remotely.

Customers use credit cards, debit cards, prepaid gift cards or bank cards saved via Google or Apple pay to pay for orders.

These transactions would have previously attracted a card surcharge (1.7% in the case of me&u), but this is no longer allowed.

So are platform fees allowed?

Some consumers have called on regulators to investigate the new fees.

The Australian Competition & Consumer Commission (ACCC) told SBS News it's aware of businesses introducing platform fees and public concerns surrounding them.

The surcharge ban only means businesses can no longer charge extra for payments made using Visa, Mastercard, American Express or EFTPOS credit, debit or prepaid cards.

Operators are still allowed to charge other fees or surcharges that aren't based on how a consumer pays for something.

This means weekend or public holiday surcharges and service and booking fees are still okay.

Businesses might still be facing their own costs to take card payments, though.

But the ACCC says they can't try and cover these by rebranding card surcharges as another fee.

Few rules restricting new fees

Until they were banned this week, the ACCC enforced rules governing card surcharges.

It said they couldn't be excessive and above what it actually costs businesses to process card payments.

As payment system expert Professor Steve Worthington from Swinburne University notes, there aren't the same guidelines for service or platform fees.

"We've lost that fallback we used to have," he says.

"[Until October 1], if you saw a charge and thought it was excessive, you could complain to the ACCC.

"Now if you're a consumer, the RBA doesn't want to know about it and the ACCC doesn't want to know about it".

The ACCC has clarified that introducing a card surcharge under another name may amount to "misleading conduct".

Businesses the ACCC accuse of such conduct can face significant action from the regulator.

What do the platforms say?

A me&u spokesperson told Money its platform fee is "compliant with new regulations" and venues can choose whether to pass it on to customers or cover it themselves.

Both me&U and Bopple say on their websites the platform fees help pay for the services they provide.

Neither company responded to questions about whether their platform fees had replaced previous card surcharges and wouldn't confirm when the new fees had been introduced.

The me&u spokesperson said on an average order of $42, their platform fee is $0.60.

A 1.7% card surcharge on the same subtotal would be $0.71.

How can you avoid these new fees?

Quite a few small businesses have been introducing cash discounts as the surcharge ban comes into effect.

"I think we're going to be seeing more use of cash than we were before," says Professor Worthington.

"It's quite legal to offer a discount to pay by cash and I think given the situation we've got at the moment, a lot of people might just take that up".

Australia is about to get its first new major public airport in 56 years and the project is set to pack quite a punch.

Western Sydney International (WSI) Airport will open to passengers on October 25, giving Aussies the choice of dozens more flights every week on popular travel routes.

Money compared fares from WSI and Sydney Airport and found some flights were up to 50% cheaper through the new airport, which opens on October 25.

The findings suggest the airport could put pressure on airfares by giving travellers more choice and boosting competition among airlines.

The 24-hour facility is also expected to spur on hundreds of new commercial and transport projects in the local area, worth $46 billion in total.

While businesses and governments make these investments, the airport is also expected to boost the local population by 26% over the next 15 years.

 

 

 

 

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What flights are available?

You can already book flights to and from WSI, with Jetstar set to operate services from day one and Air New Zealand starting flights to Auckland the day after.

When Qantas joins the domestic roster from March next year, it and Jetstar will be adding dozens more flights every week between Sydney and Melbourne, Australia's busiest air route.

International services will include flights to Singapore, Fiji and Vietnam, but some of these aren't scheduled to start until March 2027.

Will Western Sydney flights be cheaper?

Australia's Competition and Consumer Commission (ACCC) says our domestic aviation market is "highly concentrated," dominated by Qantas and Virgin Australia.

It's no surprise, then, that the regulator has welcomed WSI as offering more choice and competition to Aussie travellers.

This should lead to lower prices and the new airport appears to already have had an impact here.

Money used airline websites to compare the cost of flights to and from WSI with those going via Sydney's existing Kingsford Smith (SYD) airport.

We looked for the cheapest flights available between Sydney's new airport and various destinations on a given day.

We then compared these with the best offers for the same routes on the same day going via SYD.

Most Qantas flights to Melbourne and Brisbane cost the same, irrespective of which airport we chose, although in one case a flight to Melbourne from WSI was 12% cheaper.

Jetstar services were usually cheaper through WSI, especially flights to or from the Gold Coast.

On the day we checked, the airline's best offers via WSI were 30% cheaper than those going through SYD.

Most international prices were similar at either airport, but some Singapore Airlines flights were much cheaper at WSI on certain days.

On one day, travellers from Singapore could pay half as much to get to Sydney if they elected to land at WSI, rather than SYD.

But it's worth noting that WSI is located further from Sydney's CBD than Kingsford Smith and will have many fewer transport connections when it first opens.

Therefore, it's worth considering convenience and the cost of getting into and out of the new airport before jumping on these deals.

How long will these prices last?

"I wouldn't straight away assume that this [price] difference is going to be permanent," clarifies Dr Bojana Spasojevic, senior lecturer in aviation management at Griffith University.

"Airlines commonly use this strategy of introductory fares to stimulate demand and to encourage passengers to try a new airport... sometimes an airport would even initially waive charges [it puts on airlines]".

Will it give us greater choice of airlines?

Experts like Spasojevic say WSI could lead to cheaper tickets in the long term if it helps rival airlines get established in Australia and compete with Qantas and Virgin on price.

Attempts to start new domestic carriers have fallen short in recent years, with budget upstart Bonza going into administration in 2024 after only one year in operation.

"Kingsford Smith is heavily congested, with no take-off and landing slots left for newcomers," explains Dr Mirjam Wiedemann, an aviation expert and consultant.

"With WSI opening, it may free up some slots at Kingsford Smith, but there are now definitely slots available at WSI for airlines who want to fly to Sydney".

"It could mean new airlines get established in Australia as it opens the lucrative Sydney market. However, other cost drivers and barriers to entry remain for these new airlines [to get established] in Australia".

Whether it's a school holiday adventure, a long weekend with your mates or just a getaway with your partner, Australians love road trips. But they can be both costly and dangerous if you don't prepare properly.

Often we simply pack up the car and hit the road. However, a little foresight and preparation can help make your trip safer, less stressful and potentially cheaper.

Here are some important tips that will help ensure your next road trip is both safer and cheaper.

Service timing

If your car has recently had its routine service, it should be ready for the trip.

But if it hasn't had a check-up in a long time (over six months) or you've covered a lot of kays, then booking a tune-up is a great idea.

This will mean your car will not only have a better chance of making it there and back again, but will also be running at its most efficient.

A poorly maintained vehicle can burn more fuel and is more likely to suffer a breakdown, potentially turning a relatively cheap service into a costly roadside repair.

You should also make sure all the usually overlooked items, such as windscreen wipers, fluid levels and lights are all working properly.

These kinds of jobs can be done by yourself, if you don't mind working on cars, to save a few more dollars.

Tyre pressure

This is one of the biggest mistakes people make.

Having your tyres underinflated can lead to high fuel consumption and extra wear, so you need to check they are at the correct pressure.

Under-inflated tyres can increase fuel consumption and shorten tyre life, meaning motorists can end up paying more at both the bowser and the tyre shop.

You should start by checking the tyres are in good condition, with no punctures, cracks, and  uneven wear.

It is best to check tyre pressure when they are cold, so do it either the day before the trip or before you set off.

The majority of service stations have easy-to-use air pumps these days, so that's where you'll need to go.

Most cars have a chart showing the correct tyre pressures on the inside of the driver's door frame, or sometimes inside the fuel cap so you'll know what pressure to inflate them to.

A wheel alignment is well worth the investment. If your wheels are out of alignment, your tyres can wear unevenly, and a long road trip may leave you needing a replacement sooner than expected.

You should also check the spare tyre, if your car has one, or make sure you at least have a tyre repair kit.

You don't want to be sitting by the side of the highway for hours if you can get yourself moving.

Battery failures

According to the NRMA, a flat battery is one of the most common causes of a breakdown on Australian roads.

So before you hit the road, it's important to ensure the 12-volt battery in your car is in good condition.

There are multiple ways a battery can fail, so it's worth getting a professional to give it a thorough inspection and replace it if recommended by your mechanic.

A few hundred dollars on a new battery could save your holiday from being stuck on the side of the road or in a random car park.

Overloaded vehicles

It's easy to want to pack a few more things 'just in case' you need them, but overloading your vehicle can be both costly and dangerous.

For starters, you need to be careful where you pack your luggage.

Having loose items in the cabin can be extremely hazardous in an accident, as they can fly around and hit you or your family. So, if you have an enclosed boot, keep all the large items in there.

But if you have an SUV or wagon, try to keep everything below the seat line. If that's not possible, consider fitting a cargo barrier between the luggage area and cabin.

Also, be mindful about how much weight you are adding to your car. More weight means the engine (or electric motor) needs to work harder and will use more fuel (or electricity), so you'll be spending more.

Roof boxes are a popular choice for many families these days, but while they add more space they also add more wind resistance, which means higher fuel consumption.

If you have an electric car, a roof box can reduce your range by as much as 25% at highway speeds, so make sure everything you take is worth it.

Roadside assistance and insurance

Before setting off on a long trip, make sure your car insurance is current and that you can easily access your policy details if something goes wrong.

It's also worth checking whether you already have roadside assistance through your insurer, vehicle manufacturer, warranty or motoring club membership.

Many drivers don't realise they're covered until they need help.

If you're not covered, consider taking out a policy before you leave.

Paying for an emergency callout on the spot can cost significantly more than an annual roadside assistance membership, particularly if you break down far from home.

Emergency kits

It's a great idea to have a small emergency kit in your car, just in case you strike trouble.

The kit should include a hi-vis vest and a foldable warning triangle to make it easier for other motorists to spot you if you're stopped on the roadside.

A torch, with spare batteries, is helpful too, as you don't just want to rely on your smartphone torch if you need it to make calls or look up other help.

Jumper cables are another sensible item to include.

As we've said earlier, a flat battery is common so having the ability to get it going with the help of someone nearby could save you hours waiting for help to come to you.

You should also make sure your car's manual is in the vehicle.

Some newer cars require you to access it online via a QR code, so you may want to download it in case you run into trouble where there is no phone reception.

Finally, a first aid kit is a good idea, because while no-one wants to get into an accident, if you do, having immediate help could be vital.

I'd always been stumped by waste. I'd look in shop windows as a kid wondering, "Where does this stuff come from? Where does it go when we're done?"

There were a few things that got me into buying second-hand first.

It started as a financial imperative 20 years ago when I was working at Sotheby's, London. I had to look smart - but they expected me to look champagne smart on a beer salary.

I started shopping in op-shops (the quality of London charity stores has always been really high), bought myself a second-hand sewing machine and learnt to sew.

Back then for me it wasn't environmental. I was actually a bit ashamed, as if I wasn't earning enough money to buy new clothes.

Now, even though I only buy second-hand, I feel ashamed if I source it at a market or on eBay, because it's not from a charity!

I love the fact that by buying second-hand from a charity store I'm getting something and giving something.

How I realised our waste comes at a cost

For five years in a row, my mates and I went to the Burning Man festival in the Nevada Desert.

You can't buy anything, you can't sell anything and its tagline is "Leave no trace". I started waking up to the "trace" or impact our footsteps leave on our planet.

In Dharavi, Mumbai's infamous slum, I saw where our "waste" from the West goes to get recycled. Because the people there have so little, they see our waste as a resource. In India, as in nature, nothing is wasted.

In Antarctica I went on an expedition to learn about sustainability and climate change.

All these experiences kept feeding the tiger in my belly that was starting to roar: "We're stuffing this up but there is an alternative to our wasteful ways that's not only essential but better for us, our people, our wallets and our planet."

So in 2010, when I was doing a fellowship at the Centre for Sustainability Leadership, I approached Salvos stores as my charity partner and launched the first Buy Nothing New Month.

How buying second-hand gave me more money and less stress

I have more time, more money and less stress.

Because I'm not spending money on stuff I don't need, I have money for the stuff I do need. Look around your home and your wardrobe. Everything was once money.

Could you have used that money more wisely or did you really need that hot-pink sequined kaftan?

It's also shown me the power we all carry in our pockets to create change.

Every dollar we spend is a vote for the world we support.

I was told years ago that Buy Nothing New Month was flagged in a Coles meeting as something they needed to keep an eye on.

Wow, who would have thought a girl and a laptop could be on the radar of a retail giant, just by spreading a simple message like Buy Nothing New Month!

The biggest challenge of buying less

At the start it was helping people understand the reason I'm not buying them a birthday or Christmas present isn't because I'm a tight-arse.

I'm trying to spread the message.

Most gifts are unnecessary, come in wrapping that gets thrown away, bring momentary "buzz" and are cool for a hot minute.

Our happiness comes from experiences, and connections with friends, loved ones and our community.

For some, the hardest part is identifying the difference between need and want. There is a big difference.

I think for some people it's getting over the dinosaur concept that second-hand is second best.

If you eat in a restaurant, are you the first to eat from that cutlery? In a hotel, are you the first one sleeping in those sheets or using that towel?

How to start buying nothing new

Easy! Just don't buy stuff!

While we promote buynothingnew.com.au during October, you can do it whenever you want.

With the exception of essentials such as food, hygiene and medical products (I include booze and chocolate as essentials. It's not Dry July, people) just buy nothing new.

The ripper thing is you can buy whatever you like as long as it's second-hand.

Host a swap party. Invite five mates. Everyone brings five things they no longer want/need (could be clothes, shoes, books, homewares, etc) and you swap 'em around. Not "new" but "new to you".

Buy Nothing New Month starts conversations around how we can have a splendid time but without the wasteful, harmful, unnecessary consumption.

We live on a beautiful planet with finite resources, and we're consuming like there is no tomorrow. Do you want to be part of the problem or the solution?

Once people nail buying nothing new and want to graduate to the next level, they can meet "the new Joneses" and learn all the other daily lifestyle choices we can make (from our choice of bank, energy company, electric vehicle to composting and raising chickens) that are good for our wallets, our people and our planet.

Why more Australians are rethinking consumerism

I'm seeing a massive leap in the right direction.

When I started Buy Nothing New Month, while there was overwhelming support I did have some people (politicians, media, retailers) attacking me, saying I was stupid and trying to ruin the economy. "What about the retailers?" and "What about the economy?" they would say.

We won't have any retailers or an economy without a safe, stable planet to live on.

The UK has nowhere left for its rubbish. Its landfill is full. The US is heading in the same direction. What then? Where will the stuff go?

Refuse, reduce, reuse, repair, rethink, recycle.

The official cash rate has hit a 15-year high of 4.60% following the Reserve Bank Board's latest monetary policy meeting in Sydney this afternoon.

The Board  unanimously agreed on a 25-basis-point increase at the meeting - the fourth hike from the central bank in just eight months.

In its post-meeting statement, the Board said higher fuel prices have pushed up other goods and services, and growth and inflation have been higher than expected.

"Recent inflation outcomes in Australia were stronger than expected at the previous meeting.

"The Board will continue to do what it considers necessary to bring inflation sustainably back to target, including increasing the cash rate target further if needed."

The last time rates were this high

Julia Gillard occupied the Lodge. Gotye's 'Somebody That I Used to Know' topped the ARIA charts. And the cash rate sat at 4.75%.

It was October 2011 - the last time interest rates were higher than they are today.

Plenty has changed in the 15 years since, but there are some similarities between the two periods.

Annual inflation was running at 3.5% in the September quarter of 2011 (compared with the most recent 4.0% CPI figure), while unemployment was at 5.2% (it's 4.6% today).

As it turned out, October 2011 marked a near-term peak for the cash rate. Over the following two years rates were cut to 2.50%.

That could also be the case today: rates could flatline before falling next year. They could also climb higher. Only time will tell.

What does today's rate rise mean for mortgages?

One group that will be hoping that the cash rate has reached a peak is Australian homeowners with a mortgage.

In the meantime, they'll be focused on the weeks ahead and the prospect of an email from their lender outlining a 25-basis-point hike to their home loan rate.

Should that happen, a borrower with an average loan of $731,000 paying a typical variable interest rate of 6.21% would see their repayments jump by $113 a month.

Of course, that jump in repayments - if it does occur - won't be coming in isolation.

Factoring in today's increase and the rate hikes passed on earlier in the year, the average borrower could soon be paying $427 more per month than they were in January, according to Finder.

Australians with a mortgage are being urged not to sit on their hands though.

"Now is the time to pay close attention to the rate you're paying," says Richard Whitten, home loans expert at Finder.

"If you spot a better deal elsewhere, ask your lender what they can do. If they won't budge, switch to a more competitive loan. A lower rate could wipe out the cost of today's hike."

Will the RBA lift rates again before the end of 2026?

Now that today's verdict is in, attention will turn to the final monetary policy meetings of the year which will be held over November 2-3 and December 7-8.

The question is though: could either result in further hikes? The consensus from experts is mixed.

Among the banks, economists at ANZ and HSBC are currently predicting another hike from the RBA in November.

CommBank, NAB and Westpac, on the other hand, haven't pencilled in another rise, but aren't ruling one out entirely if economic conditions worsen.

Elsewhere, nearly half (48%) of economists and experts surveyed by Finder in the leadup to today's meeting said that they expected at least one more hike before the end of the year.

1. Half of young Aussies still can't afford to leave home

Half of Australians aged 18 to 29 are still living with their parents, according to the latest HILDA (Household, Income and Labour Dynamics in Australia) survey.

The findings paint a bleak picture of household finances, with wages failing to keep pace with rising prices and housing costs that have surged since 2021.

Across mainland capital cities, 36% of renters and 30% of mortgage holders are now officially in housing stress - spending more than 30% of their disposable income on shelter.

And the financial squeeze doesn't end with rent. The survey of more than 17,000 Australians also found:

• More than one in six Australians struggled to put food on the table in 2024.
• 50% of workers feel overeducated for their current job, trapping them in roles that don't reflect their skills.
• Almost 12% fell victim to cybercrime, with half losing money.

The one silver lining? Australians rated their relationship satisfaction at 4.3 out of 5, suggesting personal relationships remain resilient despite mounting financial pressure.

2. Why diesel could hit $4 a litre

Aussie drivers may feel ripples from Washington DC in their fuel tanks next month.

US President Donald Trump says he is considering a ban on exports of diesel from the US in an attempt to keep domestic fuel prices in check.

"I've said let's not send out the diesel," Trump said while in New York for the UN General Assembly.

"We make a lot of diesel. It could have a little bit of an effect on regular automobile gasoline because when you do that, you know, it's a sort of a flow. It's a balance."

If that happens, some experts warn local diesel prices could surge to around $4 per litre, roughly double what they were 12 months ago.

Australians could be particularly exposed because we consume more diesel per person than any other developed nation.

Relatively long distances between cities, a preference for large cars, and the commercial success of diesel vehicles such as the best-selling Ford Ranger and Toyota HiLux mean Australia is the largest importer of diesel in the world.

3. Why your grocery bill just jumped 7%

Your grocery bill is climbing again, and strawberries are one of the biggest reasons why.

CHOICE found the cost of a basket of everyday essentials jumped 7% in just six months, adding about $145 a year to the cost of a typical weekly shop.

"Australians continue to express concern about the cost of food and groceries," says CHOICE's Erin Barton.

The findings reflect what many shoppers are already feeling at the checkout.

A June 2026 CHOICE survey found 82% of Australians cited grocery costs as a major source of household budget pressure.

Prices in its base basket of eight staple items (apples, bananas, strawberries, potatoes, avocado, milk, basmati rice and beef mince) rose by an average of $2.79, or 7%, since March 2026.

"Since we last surveyed in March, military action in the Middle East has led to spikes in fuel prices, which may have had a knock-on effect on prices," the report says.

The biggest contributor was strawberries, which accounted for around half the increase. Higher prices for beef mince, milk and avocados also pushed the basket higher, while apples and rice became cheaper.

The survey also found that your state matters, but not as much as where you shop.

Aldi, Coles and Woolworths prices were relatively consistent across Australia, with only small differences driven mainly by fresh produce.

IGA showed the biggest variation, with Tasmanian shoppers paying an average of $13.42 more than Victorians for the same basket, largely due to higher prices for fruit, vegetables and chicken.

4. Australia's cheapest new car is now an EV

The cheapest car in Australia is now electric, after BYD slashed the price of its Atto 1 Essential to $19,990 drive-away.

Just 15 years ago, a basic EV cost around three times as much as a comparable petrol car.

Now, intense competition from Chinese manufacturers has turned the market on its head.

Popular alternatives such as the Toyota Yaris and Mazda2 cost more than $30,000 drive-away.

Australians are embracing electric vehicles in record numbers, and EV sales overtook petrol and diesel vehicle sales last month.

BYD has rocketed up the sales charts to second place, only behind Toyota.

Electric Vehicle Council CEO Julie Delvecchio said it marked a "structural shift underway in the Australian car market".

5. Could becoming a 'girl dad' make someone a better boss?

A major Danish study tracking workers, managers and companies over 25 years suggests the answer may be yes.

The research, published in the Review of Economic Studies journal, found that women's earnings rose 4.4% and female employment increased 2.9% after a manager had his first daughter.

The biggest changes came through hiring and promotions, with managers becoming more likely to back qualified women for jobs and senior roles.

The effect appeared almost immediately after the daughter was born and lasted for years. Having a son had no comparable impact.

There was no downside for the business, either.

Sales, productivity, and overall firm performance remained largely unchanged, suggesting managers chose equally qualified women over equally qualified men rather than lowering standards.

Another interest rate hike could be just around the corner, and many Australians are feeling the strain.

With all four major banks expecting the Reserve Bank to lift the cash rate to 4.6% on September 29, and some economists predicting further increases, borrowers are once again facing uncertainty about their finances.

For many, the challenge is not simply higher repayments.

It's also the mental burden that comes with trying to make sense of competing advice, economic forecasts and financial decisions at a time when household budgets are already under pressure.

We hear from a growing number of people who feel overwhelmed by information and paralysed by choice.

As anxiety rises, clear thinking can become harder, increasing the risk of poor decisions at precisely the moment confidence is needed most.

Why money uncertainty drains your mental energy

Paralysed as they attempt to analyse information, they don't feel as if they completely understand, and they're unable to think clearly in the dizzying noise of choice.

Anxiety is on the rise, interrupting sleep and consuming cognitive energy.

The reason we experience anxiety is to heighten awareness of potential danger and ready us for action - to do something.

If we don't know what the best thing "to do" is, our anxiety persists and we become paralysed by fear, particularly the fear of making the wrong choice.

Starting out as concern, it quickly escalates to a state of apprehension and worry.

You learn as much as you can, but if this takes too long, you get exhausted and move into the overwhelmed state, getting lost in the sea of new and complex information.

This leads to the highest level of anxiety - panic, where you tend to lose any rational control over your actions.

Anxiety is an emotion that needs to be released by action, so when you become paralysed by choice and fear your instinctive brain takes over, making all sorts of illogical and counter-productive decisions.

In this state we often take our cues from what other people are doing. They are also often acting from their survival instinct.

The power of the herd is strong when we don't know what to do. Think of a run on the banks, wild stockmarket fluctuations and panic buying during the pandemic.

What anxiety does to your decision-making

Physiologically, when you feel anxious, the stress hormones in your stomach stimulate "butterflies" and can make you feel sick.

It indicates something in the environment is wrong, different or new.

Blood is directed away from your hands and feet, making them clammy and sweaty as your heart works hard to pump blood to arms and leg muscles ready for escape.

Sustained stress often tires your limbs due to over-stimulation, making you feel lethargic and exhausted.

Anxiety does not discriminate between different types of change and uncertainty.

So, when you feel you are starting to become paralysed by analysis and panicking about what to do, remember that uncertainty is uncomfortable, but it is also temporary.

You will be okay.

Take a breath, have a break and keep reminding yourself that the answer will reveal itself eventually with time and focus.

Three ways to stop overthinking and take control

1. Create time and space

I have been in many negotiations where we've requested an overnight break.

Not feeling rushed reduces the sense of immediate threat and allows for more cognitive energy to be spent solving the problem at hand.

2. Rename and reframe the emotion

This is an old trick that comes from sports psychology.

When you feel the butterflies of nervousness and stress, tell yourself that you are actually excited and full of anticipation about the challenge ahead.

Nervousness and anticipation look exactly the same in the brain, so simply reframing what the feeling means can have a huge impact on your performance, energy and attitude.

3. Externalise the subject matter

Think of the issue as someone else's problem that you are advising on.

This allows you to reduce the level of personal threat and better consider new or creative solutions.

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One of the unexpected joys of being a father to two boys in their early twenties is stepping into the role of lead negotiator when a car needs to be purchased. It is enormously entertaining.

The modern car dealership is a living laboratory of behavioural economics.

It is a carefully engineered environment of polished floors, flattering lighting, warm coffee aromas and strategically placed price tags designed to stretch your expectations before you have even opened your wallet.

For someone who has spent a lifetime studying decision-making, it feels less like shopping and more like field research.

The moment I knew we had to be prepared to walk away

After a particularly enthusiastic Queensland hailstorm turned my son's beloved Mazda into something resembling a prop from an action film, we found ourselves in a dealership on a bright Saturday afternoon.

He had already found a near identical replacement, just a few years younger and with far fewer kilometres. He was in love.

From my perspective, this was a liability.

The first rule of negotiation is simple. You must be able to walk away. Salespeople can detect emotional attachment the way sharks detect blood.

The dealership trick that made expensive cars seem normal

Before we even met our opponent, the environment went to work. We were invited to wait in an exceptionally comfortable lounge directly opposite a curated display of their most expensive vehicles.

Prices glowed from digital screens in a way designed to recalibrate your sense of normal. This is anchoring at its finest.

If you first see six-figure numbers, five figures start to feel modest. It is clever, subtle and entirely intentional.

Then our salesman approached. Young. Slightly ill-fitted suit. Fresh from what I imagine was an intensive course titled Advanced Techniques in Persuasion and Complimentary Coffee Distribution.

Perfect. Let the games begin.

My son's biggest negotiation mistake happened before we started

The test drive was designed to trigger attachment.

He wanted us to fall in love with the vehicle.

So we did the opposite. We pointed out every rattle, every scratch, every slightly questionable sound.

Not because we disliked the car, but because we needed to signal detachment. Desire weakens your bargaining position. Visible indifference strengthens it.

The free coffee wasn't really free

Throughout the process he offered us coffee, cake, pens and various small tokens of hospitality.

This was reciprocity bias at work. When someone gives us something, however small, we feel an unconscious pull to return the favour.

We politely declined. Not because we do not enjoy coffee, but because we did not wish to feel even microscopically indebted over several thousand dollars.

The surprisingly powerful trick behind a handwritten price

Then came the ceremonial writing of numbers on paper. It was a fascinating ritual.

His handwriting suggested he had lived most of his life in the presence of a keyboard, yet he persisted because most sales training states that the act of physically writing numbers creates a sense of weight and seriousness.

Why my first offer made the salesperson squirm

We responded with an offer that was uncomfortably low. Not insulting. Not absurd. Just low enough to make him shift in his seat.

I have always told my boys that your first offer should cause mild discomfort. That is how you locate the true negotiating range.

The theatre intensified when he disappeared to speak to his manager.

We knew this meant either a bathroom break or a chocolate biscuit.

Upon his return to let us know our offer was too low, I excused myself to call my wife about whether we should exceed our planned budget.

In reality, that involved a very passionate discussion about dinner plans. Staying visible but out of hearing range, frowning thoughtfully, signalling reluctance. Negotiation is as much performance as mathematics.

After several rounds of this polite choreography and three separate attempts to stand up and leave, he returned with the news that our price had been accepted.

It was significantly below the asking figure.

When we finally left the dealership with the signed contract, there was much joy and high-fiving.

Not because we had won something grand, but because the process had worked exactly as behavioural economics predicts it will.

What every car buyer can learn from this experience

What does this teach us about negotiation?

First, environments matter.

Anchors influence expectations long before numbers are discussed.

Second, emotion is leverage. If you fall in love, you cede power.

Third, reciprocity, scarcity and authority cues are not abstract theories found in textbooks. They are active forces shaping actual decisions in real time.

Finally, the ability to walk away is not just strategic theatre. It is psychological armour.

From a behavioural economist's perspective, negotiating the buy price of a car is less about clever lines and more about understanding impulses. Sales systems are designed to trigger them.

Good negotiators notice them. Great negotiators regulate them. When you can separate desire from decision, pause before reacting and remain detached from the outcome, you move from being steered by the process to steering it yourself.

And that, as it turns out, is a lesson far more valuable than a slightly discounted Mazda.

Research over the years from Moneysmart and Finder has put the average amount individual Aussies spend on Christmas each year between $800 and $1360.

This year will likely be no different, with a Finder survey of 1000 people in August finding 16% were already putting money aside for the silly season.

Experts say these thrifty types are on the right track, as making difficult decisions and getting a plan in place early can help keep expenses in check.

Here are the money moves you should be making in the remaining months of 2026 to make sure Christmas doesn't blow your budget.

1. Stress-test traditions

Hoping to spend less on this Christmas than last year?

Finder personal finance expert Sarah Megginson says the three months until December 25 makes now the ideal time to have conversations with friends and family about how you could make savings.

"Stress test [your traditions] a little bit to see if there's any room to do things differently," she suggests.

"You can have these conversations now with a little bit less pressure and just float suggestions of how things could look a little bit different [this year], so that you're doing Christmas in an affordable way".

In other words, if you're hoping to cut back on gifts or trips away, now is the time to set expectations and get everyone you're celebrating with on the same page.

2. Start putting money aside now

Come up with a budget, including things like a gift list of everyone you want to buy for, as well as any other expenses you're anticipating such as food, drink and travel.

Then start putting money aside in small amounts to build up your yuletide war chest.

Stashing funds in a savings account is one way to do this, but Megginson warns this can make it too easy to dip into your budget to cover other costs.

For those wanting to be delivered from such temptation, she recommends converting your Christmas budget into assets slightly less liquid.

"[When you go shopping] just grab a gift card and set it aside in a drawer or cupboard somewhere and keep adding more cards every week or two," she explains.

"It's harder for you to dip in and start using your own gift cards... [so] by the time Christmas rolls around, you're going to have this little collection".

You can then redeem these cards on Christmas groceries or add them to other small items to build a gift pack for a loved one.

3. Think about fuel

Fuel prices have rarely been out of the news this year.

With petrol well over $2 a litre in many areas and diesel more expensive again, this is an extra cost primed to hit just as your Christmas holiday gets underway.

So it pays to get familiar now with how you can spend less at the bowser, before a servo bill puts a sour note on the season.

Caring for your car and being mindful of how you drive are big ones, but so is shopping around.

Even as prices increase, there can be differences as large as 20 cents per litre between competing petrol stations in the same area.

Luckily, there are dozens of free apps and websites you can use to find the cheapest prices near where you are now and where you'll be travelling over Christmas.

4. Take advantage of the Black Friday sales

This relatively new retail tradition falling in late November is a well-timed opportunity to buy Christmas presents at a discount.

"If you're not using Black Friday to shop for Christmas, then you are missing out on a huge opportunity," says Sarah Megginson from Finder.

"Lots of brands and retailers save their best deals for Black Friday."

Black Friday is the last Friday in November - in 2026, that will be the 27th, but many brands start their sales earlier.

Keep an eye on your favourite products and retailers from mid-October to catch the discounts as they drop.

5. Share the load

Planning on hosting family or friends for lunch or dinner this year, but dreading getting stuck with all the work? It's a good idea to reach out and work on a plan to split the load.

Divide up responsibilities for the meal, so that each person or household brings a specified plate or course.

The same concept can work for gift giving - try a Secret Santa arrangement with a set budget.

With this, each guest is allotted one other person they have to buy a gift for and enjoys the savings from not having to buy items for everyone attending your party.

Planning a trip to Japan?

Travel Money Oz recommends budgeting 600,000 yen (JPY) per person for a multi-week, high-end holiday featuring everything from ski slopes and luxury accommodation to kabuki performances and fine dining.

At today's exchange rate, that works out to about $5355 Australian.

That's a significant saving compared with recent years. The same 600,000 yen budget would have cost Australians almost $6900 in 2023 and more than $8300 in 2019.

The savings are largely due to the Australian dollar's surge against the yen. Last month, $1 bought 114 yen, the strongest AUD/JPY exchange rate since 1990. While the rate has since eased slightly to around 112 yen, Australians still enjoy far greater spending power in Japan than they have for decades.

 

 

 

 

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Why is the yen so cheap?

These helpful exchange rates have been delivered by a significant slide in the value of the yen, but also strong performance from the AUD.

"The Australian dollar is going quite well compared to other global currencies," says Dr Rand Low, associate professor of quantitative finance at Bond University.

"And the yen is particularly weak at the moment and that's due to multiple issues," he adds.

Dr Rand says one of these issues is the Japanese government's large amount of debt - worth 204% of its GDP - but adds deeper societal problems are also to blame:

"There are a lot of concerns about [Japan's] productivity because it's got an ageing demographic," he explains.

Tom Wickenden, investment strategist for trading platform Betashares says Japan's low interest rates - around just 1% - are also driving down its currency.

"[Japan has had] really low interest rates for a very long time," he says. "That tends to see currencies depreciate against its global peers".

A boom for travel

The timing is notable given Japan's booming popularity with Australians.

A record one million Aussies visited the country in 2025, 15% more than the year before, helping push Japan into third place among Australians' favourite overseas destinations.

Anhar Khanbhai, Asia-Pacific spokeswoman for travel money platform Wise, says the low yen has been "giving the Aussie dollar extra muscle on the ground in Japan right now".

"The yen has definitely been one of the most popular currencies on Wise in recent years," she says.

Khanbhai says Wise's Aussie customers are watching the yen exchange rate closely, taking advantage of any upticks that might suddenly help their holiday budget go a bit further.

"As soon as we see the AUD strengthening against the yen, people are quickly converting and adding money, holding it and then booking their flights or accommodation".

How long will the yen stay cheap for?

Experts say Aussies should be able to enjoy a strong dollar in Japan for the next several months at least.

"It's a good time to travel to Japan for the next year, maybe until the end of next year, because basically we don't see any signs from Japan of its policies changing any time soon," says Dr Rand.

But the low value of its currency is causing issues for Japan and countries it trades with.

Tom Wickenden from Betashares says this means we shouldn't expect the yen to drop much further from where it is now.

"We have started to see some intervention, both from Japanese and US politicians, to try and stop the yen weakening too much further," he says.

"[It's] an indication of a potential ceiling on the Aussie dollar to Japanese yen exchange rate".

How is the Aussie dollar going against other currencies?

It's not just the yen: the AUD is currently performing well against many of the currencies Aussies need for overseas holidays.

"We've also seen a strong AUD to US dollar," says Anhar Khanbhai from Wise.

"People can take advantage of that in popular regions like Latin America and Africa, where operators of bucket list experiences predominantly quote in and accept only US dollars".

The AUD is also strong against the Indonesian rupiah and the New Zealand dollar, making trips to Australia's two most popular travel destinations cheaper as well.

1. Living in an apartment? You might soon be able to join the solar saving spree

Renters and apartment dwellers could soon be allowed to put portable solar panels and batteries on balconies and in gardens.

Federal climate change and energy minister Chris Bowen announced this week that state and territory governments had agreed to work with his department to make plug-in solar legal in Australia.

Large panels and batteries are already popular on detached and semi-detached homes.

They allow Aussies to produce and store their own electricity, reducing the amount they take from the grid and, therefore, their power bills.

"Now we're taking the next step, by looking at how even more Australians can take advantage of free, abundant sunshine - even if they don't have a roof," Bowen said, according to the ABC and Nine Newspapers.

Bowen said the panels and batteries would be small enough that residents could move them on their own from property to property.

Plug-in solar systems are already popular in several European countries, including Germany, where residents often put panels on their balconies to power appliances inside their home.

But Bowen warned the products wouldn't become available in Australia "overnight", adding there was "a lot of work to do" to make sure they were safe and met safety standards.

2. Foreign investors told to contribute to housing supply

Foreigners who buy residential land are being reminded to contribute to Australia's housing supply after one investor was fined for taking too long to start construction.

The tax office issued the warning to "land banking" investors after the individual was ordered to pay $370,000 by the federal court this week for not building a home on the lot within four years.

"This case should serve as a warning to foreign investors and their advisers," said ATO assistant commissioner Jennifer Moltisanti.

"[They] need to understand that buying residential land in Australia comes with clear and enforceable obligations".

"Where foreign investors do not comply, we will take firm action, including court proceedings, to uphold the law and protect Australia's national interests."

Foreign investors who purchase vacant residential land in Australia are generally required to build on it within four years under rules designed to ensure land is put to productive use and contributes to housing supply.

3. "Low blow" migration cuts could raise grocery prices: farmers

Farmers say the federal government's plan to make backpackers wait longer for work visas will push up grocery prices and could lead to shortages on supermarket shelves.

Responding to the government's plan to cut migration announced this week, the National Farmers' Federation (NFF) said new processing times for visas would lead to a labor shortage.

"Working holiday makers fill about one in seven farm jobs, making them central to getting food and fibre produced, harvested, packed and into supermarkets," said NFF President Hamish McIntyre.

"When farms cannot get workers at the right time, crops are left unpicked, livestock care becomes harder... and households ultimately pay the price at the checkout."

One of the migration changes the government announced on Thursday was to "stabilise" processing times for working holiday maker applications at three months.

The NFF says approvals previously took just days.

Federal immigration minister Tony Burke rejected farmers' claims in a comment to The Guardian.

He said the government's changes would allow quicker visa approvals in other vital industries and that growers could still bring in workers on Pacific labour schemes.

4. Major airlines earning billions despite fuel crisis

Australia's two biggest airlines are still raking in billions of dollars, despite having to pay much more for jet fuel, according to the national competition watchdog.

The Australian Competition and Consumer Commission (ACCC) said the earnings show how well the carriers have fared in a "highly concentrated" domestic aviation market.

The ACCC's latest report on the local airline industry reveals Qantas earnt $2.35 billion before interest and tax in the 2025-26 financial year, while Virgin Australia took in $753 million.

The watchdog noted the "strong results" came despite jet fuel costing nearly 50% more in August this year than in February.

In April, Qantas and Virgin announced they would charge customers more for tickets and reduce capacity on some services to deal with the higher fuel overheads.

The ACCC noted that, despite this squeeze, the carriers were still enjoying strong passenger demand.

But it said the dominance the companies enjoy domestically gave consumers few other options.

"These results highlight the financial resilience of the two largest operators in Australia's highly concentrated domestic aviation market."

5. Scamwatchers flag return of summer ticket cons

Aussies desperate to see their favourite acts or sporting teams this summer are being warned to watch out for scammers selling fake tickets.

Western Australia's government ScamNet service expects fake ticket scams to increase as we head into the warmer months and believes cases are already on the rise.

It said Western Australians had already lost more than $1000 to scams in the first few days of this month.

The group said WA could see a repeat of last summer, when more than 80% of scam losses occurred during warmer months as festivals, outdoor concerts and other events ramped up.

ScamNet says people looking for tickets for popular events should avoid online ads for secondhand passes or offers from sellers on social media whose profiles appear new.

It also recommends sticking to an event's official resale platform and, if buying from a private seller, using PayPal rather than bank transfer.

Millions of Australians will soon be planning Christmas holidays, but many workers may not realise their employer can direct them to take annual leave during a festive season shutdown.

Workplace experts say employers can require staff to take leave in some circumstances, reject leave requests and even direct employees with excessive leave balances to take time off.

Here's what Australian workers need to know before booking their summer break.

Do you have to take annual leave during a shutdown?

Closures over the summer are common in government agencies and private businesses, but whether a worker will need to dip into their annual leave during that shutdown depends on the organisation.

If they're not covered by any award or enterprise, the Fair Work Ombudsman notes that an employee can be required to take paid annual leave - if that requirement is reasonable.

What if someone's leave balance isn't large enough to cover the shutdown though?

"If an employee does not have enough leave accrued, an employer cannot force an employee to take leave without pay," says Madeline Hill, general manager, talent strategy and advisory at Randstad.

"Instead, the employee and employer can mutually agree in writing to consider options like utilising accrued time off, annual leave in advance, or unpaid leave.

"If no agreement is reached, the employer must generally pay an employee's ordinary wages for the duration of the shutdown period."

Can your employer force you to take annual leave if you have too much saved up?

Beyond shutdown periods, there's a second situation in which an employee can be directed to take time off: when they've accrued an excessive amount of leave.

What counts as an excessive annual leave balance though?

The Fair Work Ombudsman lays it out as more than eight weeks of paid leave, or more than ten weeks for shift workers.

"The direction to take leave must be reasonable, provided in writing and usually requires the employer to give you at least eight weeks' notice," Hill explains.

"The goal is to ensure employees actually take a break to rest and recharge rather than treating leave simply as a financial payout."

When can an employer refuse annual leave?

Many employees will assume that they are free to take annual leave whenever they choose. That's not necessarily the case though.

As Hill explains, in addition to being able to require employees to take leave in some cases, employers can also reject leave requests in some situations which are considered reasonable.

"This typically includes requesting leave during an industry's peak demand period (like retail during the festive season or accountants during end of financial year), if multiple team members have already booked leave for the exact same dates, or if you do not have enough leave accrued.

"Employers will generally communicate why they have refused your leave request quickly and work with you to find an alternative window that suits both parties."

That's why it can be useful for workers to get their leave requests in early and to have them confirmed before booking flights for an overseas holiday.

Can you use a stat dec instead of a medical certificate for sick leave?

It's a common dilemma: how do you get a medical certificate when you're too sick to leave home and doctors' appointments are hard to come by?

As it turns out, a medical certificate isn't the only option workers can use as proof of illness when lodging a sick leave request.

"Under the Fair Work Act, a statutory declaration is generally recognised as valid, reasonable evidence of your illness or injury, especially when securing a doctor's appointment on short notice is difficult," Hill says.

"While employers are legally allowed to request evidence for even a single day of sick leave, a properly completed and witnessed statutory declaration satisfies the legal requirement in most Australian workplaces."

With Christmas shutdowns approaching, workplace experts say employees should check their leave balance and understand their workplace rules before finalising holiday plans.

Doing so could help avoid unexpected leave disputes and costly travel bookings.

Should employers be allowed to direct staff to take annual leave during Christmas shutdowns? Let us know what you think.

Does any of this sound familiar? You're earning more than ever yet still wonder where the money goes.

For many Gen X Australians, their 40s and 50s are expensive years.

There may be a mortgage, children at school or university, adult kids hoping for help with a home deposit and ageing parents who need support. You may also be at the busiest point of your career.

Retirement suddenly feels much closer, but you still want time and money to enjoy life now.

Our 2026 Value of an Adviser research found Gen X was the least confident generation about achieving their long-term financial goals.

Only 15% said they were extremely confident, compared with 24% of Baby Boomers, 28% of Millennials and 43% of Gen Z.

Similarly, among Gen X Australians with a financial adviser, feeling less overwhelmed when planning for the future was the least strongly endorsed emotional benefit of advice, with 16% strongly agreeing, compared with 31% of advised Australians overall. Many are doing well on paper.

Almost 40% of Gen X respondents earn more than $200,000 a year, but the data shows us that a good income can still feel stretched when several generations are drawing on it at once.

As one adviser told us: "A lot of our clients are in that sandwich generation. They're trying to get themselves to retirement, helping kids into property and at the same time dealing with ageing parents. The conversation becomes: 'How do we look after everyone?'"

There may be no perfect answer, but there are ways to make the decisions easier.

1. Decide what matters most

For many Gen X households, peak earning years are also peak spending years. That makes prioritising essential.

Write down the big things competing for your money: mortgage, retirement, children, parents, savings and the things you want to enjoy yourself. Then put them in order.

This will help ensure you are covering your essential spending.

You may want to help your children and parents, but you also need to protect your own future.

Decide what you definitely want to fund, where you have flexibility and what could wait. Mapping out these priorities will outline your capacity to help both sides of the "sandwich" and what that looks like in tangible terms.

2. Sort out the family money conversations early

A lot of family financial stress comes from things nobody has quite talked about and the problems those unspoken assumptions can create within your family.

Parents may assume their children will help. Adult children may assume Mum and Dad will contribute to a home deposit. Siblings may assume someone else will step in.

Those assumptions can quickly become financial commitments that you have not budgeted for.

Ask your parents whether their wills and powers of attorney are up to date, where they keep important financial information and what they would want if they needed more care.

You should also talk to siblings about who could help with what and what role you can play.

Do the same with your children. If you plan to contribute to university costs, a wedding or a home deposit, decide what you can realistically afford and when. It is always better to be upfront than wait for a difficult conversation to arise.

These conversations are much harder in emotional times when illness, a care decision or a property deadline forces everyone to act quickly, so it helps to be prepared.

3. Get help joining the dots

Helping a child with a deposit may be affordable. So might cutting back work to help a parent.

The problem comes when several reasonable decisions land on the same financial plan in quick succession.

A financial adviser can model different scenarios and show how one choice affects the rest of your finances before you commit.

This modelling is one of the key ways an adviser can support your financial journey.

As one adviser put it: "Most of our clients are paying for peace of mind and clarity."

Good advice should help you understand the choices and trade-offs, so you can make decisions with your eyes open.

You may still be the person everyone turns to, but knowing what you can afford to give, what you need to protect and where your limits are can make that role easier to carry.

1. Kogan CEO willing to work for free in bid for $50 million payday

The founder and CEO of online retailer Kogan is proposing to cut his own salary by almost $800,000, forego any bonuses and give any money he receives to charity in exchange for potentially earning millions in the future.

Announcing the proposal to the ASX this week, the company's chair said Ruslan Kogan's "unconventional" remuneration plan would drive his ambition, innovation and long-term thinking.

Under the proposal, Kogan's annual salary would be reduced from $847,838 to a legally required minimum wage of $50,000.

Kogan would then give this away to charity and forego any short-term incentive bonuses in a bid to make the company's share price reach $7.44 within five years, more than double what it is now.

If he achieves this, Kogan will receive 6,740,331 shares of his own, which would be worth over $50 million.

The proposal must first be approved by Kogan shareholders.

Australian Shareholders' Association CEO Rachel Waterhouse says the proposal is "highly unusual," but could please investors.

"It fits what shareholders are looking for, they are looking to really see that value is being created," she says.

"The biggest risk here is that there's only one measure of success... we'd also expect some non-financial metrics, so they could be things around customer or staff satisfaction".

2. Aussies warned to watch out for 'disaster chasers'

A major insurance company is warning homeowners to beware of dodgy tradies who could come knocking if their home is damaged this storm season.

Ahead of summer, IAG says Aussies should watch out for "disaster chasers" - scammers posing as tradespeople who promise cheap repairs to communities hit by storms, floods or bushfires.

Disaster chasers have been known to offer free property inspections, before deploying high-pressure sales tactics to get homeowners to pay upfront for repairs.

These repairs are often never completed.

IAG says one of its brands, NRMA Insurance, has recorded a 65% increase in disaster-chaser related claims since 2023 and says more than 1700 customers have been targeted in the last five years.

These scammers may claim to work for your insurer, but NRMA says it will never send a builder or tradesperson without arranging it with you first and will never ask for upfront payment on-the-spot.

3. Household names kicked off S&P 100

Nike and Colgate-Palmolive will lose their spots in the list of America's 100 largest and most established companies later this month, as consumer goods falter and tech companies surge.

S&P Global last week announced the companies, whose products have been a familiar sight in homes for decades, would be among four businesses removed from its S&P 100 index.

The companies are being taken off because their market capitalisation has fallen below other businesses, namely tech brands like Dell and Sandisk, who'll replace them on the index.

Nike's removal comes after its share price fell 80% from a peak five years ago.

CMC market analyst Henry Fisher says being dropped from the S&P 100 is an "embarrassing milestone" for the famous footwear brand.

"Nike has a real company problem, with revenue flatlining and net income halving since 2022," he says.

Fisher argues the company's push into direct-to-consumer sales led to it losing market share, but notes it's also been affected by issues hitting the broader fashion industry.

"Higher borrowing costs and cost-of-living pressures have squeezed households [and] discretionary spending," he says.

4. Fewer ways to pay rent and strata fees

Aussies paying rent or strata fees using the popular DEFT system will no longer be able to use credit or debit cards to cover these costs.

System operator Macquarie Bank has blamed the incoming card surcharge ban for the change, which will come into effect on October 1.

The bank says it's making the decision in order to focus on "fast, fee-free payment methods".

DEFT handles 1.2 million rental payments per month and is used by over 1200 real estate agencies and strata firms, according to realestate.com.au

Australia's Reserve Bank announced in March it would ban surcharges on debit and credit card payments on the EFTPOS, Mastercard and Visa networks from October.

The central bank said this would make payments simpler, but Macquarie is just the latest lender to use the rule change as an excuse for winding back services.

Major banks have already announced they will hike fees, make it harder to earn rewards points and cut perks on their credit cards because of the surcharge ban.

5. Apple releases most expensive iPhone ever

Once treated with wonder and amazement, smartphones to many of us now just feel like a tool needed to get through life.

But Apple is trying to revive the novelty of yesteryear with its new iPhone, the first to have a foldable screen.

The iPhone Duo will go on sale later this year and while its dexterity has grabbed headlines, the proposed price is also having an impact.

Anyone wanting to buy one of the devices in Australia will have to stump up at least $3499, more than for any other iPhone before.

Whether it will cause people to once again line up outside Apple stores remains to be seen.

Samsung has been selling smartphones that fold into different shapes in Australia for several years without any great fanfare, but maybe Apple's popularity locally will get people excited about the new design.

Australians are an entrepreneurial bunch.

More than 2.7 million businesses are in operation around the country and of these a whopping 97%, that's 2.6 million enterprises, are small, classified as having fewer than 20 employees.

It makes small businesses the beating heart of our economy. They are found in every postcode and every sector, from farms and factories to cafes, clinics and consultancies.

They are especially prevalent in industries such as construction, professional services, real estate and transport.

But small businesses are now under growing pressure from regulatory changes, including recent capital gains tax (CGT) reforms and the introduction of Payday Super.

Why small businesses matter more than you think

More broadly, small businesses are highly active across franchising, a sector that covers about 73,000 small businesses.

According to the Franchise Council of Australia, these enterprises are, for the most part, made up of small family units. Yet they play a valuable role helping many young Australians find a pathway to their first job.

The upshot is that while big business may attract the limelight, it is small business that does a lot of the heavy lifting for Australia, contributing $590 billion to the economy annually, and employing about 5.4 million people, close to 42% of the private sector workforce.

In regional areas, small businesses tend to play an especially valuable role, often providing products, services and employment in areas where low populations make it less attractive for big businesses to set up shop.

But the contribution goes way beyond economics. These businesses typically provide considerable support for local communities, often sponsoring sporting teams, local schools and volunteering at community events.

Why small business owners are under pressure

Despite the upsides, the small business sector is facing serious challenges across a number of fronts.

Where have all the young business owners gone?

Take a closer look at who's running the small businesses in your area, and chances are you'll notice a common thread: few, if any, owners are in their 20s or 30s.

The Council of Small Business Organisations Australia (COSBOA) says more than two-thirds of small business owners in Australia are between 45 and 64 years of age.

Half are 55-plus, with many remaining active in their business well beyond traditional retirement age. Very few business owners are younger than 25.

This, of course, reflects the experience needed to start and sustain a business. And older workers are also more likely to be able to access the capital and credit needed to start or buy a business.

But that doesn't tell the full story.

Why young Australians are choosing secure jobs over starting a business

Research commissioned by Future of Work expert Dr Jo Winchester shows that cost-of-living pressures are seeing one in two young Australians choose career paths they believe are financially safer, such as pay-as-you-go jobs, over roles they feel genuinely passionate about.

Winchester says, "Young Australians are growing up in a world where stability feels harder to achieve than ever before, so it makes sense that many are approaching career decisions cautiously."

Winchester's findings match those of the Centre for Independent Studies (CIS). It found Millennials (Gen Y, aged 30-45) see high financial risks as the main barrier to starting a business and are more likely to prioritise job security, especially when faced with high student debts.

The upshot is dsecreased entrepreneurial activity.

Australia's start-up pipeline is drying up

Melinda Cilento, CEO of the Committee for Economic Development of Australia (CEDA), says more than one in 10 (13%) working-age Australians wants to work for themselves or start a business.

But that ambition is not translating into a pipeline of new businesses that can grow, hire and contribute to the economy.

CEDA research shows that the proportion of business owners as a share of the workforce has declined steadily over the past two decades, hitting a record low in 2025.

As Cilento points out, "New businesses are a launching pad for future innovation, competition and jobs. Their dynamism comes from their novelty, adaptability, risk appetite and energy.

"If we want a more productive, competitive and resilient economy, we need to make it easier for people to turn a good idea into a growing enterprise."

As we'll see, this is becoming harder, not easier.

Anne Nalder, founder and CEO of the Small Business Association of Australia (SBAA), says, "A modest decline in small business numbers may have limited macroeconomic effects. But a sustained and widespread decline would likely lead to weaker job creation, reduced competition, less innovation and growing economic disparities between regions and major cities."

Nalder cautions that "regional Australia would generally experience the most significant social and economic consequences because small businesses often form the backbone of local economies".

Beyond these issues, there is another factor making life harder for small business owners. And that's the sheer weight of costs, regulations, compliance measures and taxes that small operators face.

Starting a business is easy - staying afloat is not

The World Bank ranks Australia in seventh place globally for ease of starting a business (New Zealand comes in at number one).

That's no surprise. It costs nothing to sign up for an ABN (Australian Business Number), and it can be done online in a few minutes at the Australian Business Register portal.

That's where the easy bit often ends.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says that running a small business has become harder than it needs to be, with many owners "worn down" by costs, complexity and unfair practices that they have no control over.

The workplace changes hitting small business hardest

Recent workplace changes may enhance the wellbeing of employees, but they often add to the burden for small businesses.

Can small businesses absorb another wage increase?

COSBOA chief executive Skye Cappuccio says many small businesses will need to make difficult decisions about how to absorb this increase in labour costs.

"Small business owners want to pay their people fairly, and they know their workers are feeling cost-of-living pressures," Cappuccio says.

"But this decision lands at a time when many small businesses are already under intense pressure from rising inputs, energy and fuel costs, rent, insurance, interest rates, increasing insurance premiums and ongoing regulatory change.

"For businesses operating on already thin margins, a 4.75% wage increase is not just a headline figure. It flows through overtime, penalty rates, allowances, payroll tax, superannuation and other employment costs."

Cappuccio believes many small businesses will look closely at prices, rosters, hours and hiring plans. Others will absorb the cost through owners working longer unpaid hours.

Why Payday Super is causing cashflow headaches

At the same time, small businesses are grappling with the introduction of Payday Super, introduced on July 1 this year.

It calls on employers to pay employee super contributions each payday, as opposed to quarterly. This is undoubtedly a plus for workers.

The problem is that unlike employees, who may be paid weekly, it can take weeks, even months, for businesses to collect revenue.

Accounting platform Xero found 87% of small businesses say paying super more frequently will put pressure on cashflow.

And the strain is personal. Almost one-third (31%) of small business owners expect to dip into personal savings to meet Payday Super obligations, while 31% anticipate needing to borrow money.

Close to two in five (38%) business owners plan to delay paying themselves to relieve the pressure on cashflow.

Why sole traders are putting off their own super

The irony is that while workers are benefiting from Payday Super, many self-employed Australians are scrimping on their own retirement nest egg.

Research by Hnry, an app and tax service designed to help sole traders, found two in five of the nation's 1.7 million sole traders plan to delay super contributions, nearly double the proportion who said the same in 2023.

Hnry Australia managing director Karan Anand says that Australia's superannuation system was built around traditional employment, leaving many sole traders to navigate retirement savings without the same support available to employees.

He explains, "For sole traders, there's no employer making compulsory payments in most circumstances, so super becomes another financial decision competing against rent, fuel, groceries and business costs."

As Anand notes, when cashflow is tight, super is often one of the first things self-employed workers put on the back burner.

A $7 coffee, a 14-cent profit

Each sector, industry and individual business will face its own costs, but as a quick guide, let's focus on hospitality and, in particular, cafes.

After all, at close to seven bucks for a large flat white, there's got to be money in running a cafe, right?

Not always.

According to cafe industry platform Clever Cafe, the current industry average net profit margin for an independent cafe in Australia is 2%-5%.

On a coffee priced at, say, $7, that would see a cafe earn a profit of 14 to 35 cents.

Clearly, you need to sell a lot of lattes to make big bucks.

This doesn't even consider the costs involved in opening a cafe, which payments platform Square says can be between $100,000 and $500,000, depending on size and location.

Square offers a breakdown of how much it costs to open (and run) a coffee shop in Australia, as shown in the table below.

This doesn't include the plethora of taxes that small businesses may face, ranging from income tax, goods and services tax (GST), payroll tax, fringe benefits tax, excise on imported goods, and potentially capital gains tax if the business is sold.

What replaces a small business when it closes?

Andrew Griffiths, business strategist and author of Someone Has to Be the Most Expensive: Why Not Make It You?, says, "When a small business disappears, it tends to be replaced by one of four things: a national chain, a franchise, an online alternative or an empty, abandoned-looking space."

None of these options is optimal for consumers or local economies.

Griffiths adds, "The wonderful local restaurant, owned and operated by people who know their customers, is replaced by another franchise selling exactly the same food in exactly the same way as hundreds of other outlets.

"The family-run hardware store or garden centre, built on decades of knowledge and personal service, loses out to a national operator. Or the shopfront simply stays empty because the cost, complexity and risk of starting a small business feels too risky for most."

As Griffiths points out, all consumers appreciate convenience, consistency and lower prices. But unless we support local businesses, we could end up with generic high streets, fewer genuinely distinctive businesses, and less choice.

"It doesn't matter whether we are shopping in Hobart, Cairns, Sydney or Melbourne," says Griffiths. "We increasingly encounter the same brands, the same products and the same carefully scripted customer experience."

Moreover, when a business closes, suppliers further afield feel the pinch, creating a ripple effect across other communities.

Conversely, when we buy from a major corporation or an international online platform, much of our money can leave the community, and often the country.

As it is, some of Australia's favourite retailers are quite open about being foreign owned, including IKEA (Sweden), Apple (US), Aldi (Germany) and Uniqlo (Japan).

But there are other popular brands whose foreign ownership may be less obvious:

• Costco, US owned
• Sephora, owned by French luxury group LVMH
• Bonds, owned by Canadian apparel business Gildan Activewear
• Zara, owned by Spanish retail giant Inditex
• H&M, Swedish owned
• T2, owned by Luxembourg-based CVC Capital Partners

These, and other, multinationals have scale and buying power that eclipses small, local businesses, which, of course, means they have the potential to reward shoppers with lower prices.

But as Andrew Griffiths points out, if price and convenience become our only considerations, we shouldn't be surprised when local choice eventually disappears.

"We cannot say we want vibrant high streets, thriving communities and more Australian-owned businesses, then automatically buy everything from the cheapest national or international operator," warns Griffiths.

"In a world that is becoming increasingly homogenised, when a small business disappears, we lose far more than we realise."

The hidden compliance burden facing operators

"Depending on the venue, operators may need to manage food safety compliance, liquor licensing requirements, workplace health and safety obligations, payroll compliance, responsible service of alcohol training and a range of local council requirements," says Nathan Merriman, general manager of GoTab Australia, a point-of-sale (POS) platform tailored for the hospitality industry.

He notes, "Each requirement may seem manageable on its own. But collectively they create a significant administrative workload, particularly for independent operators and small business owners who are often wearing multiple hats."

Across the hospitality sector, Merriman says the five biggest costs business operators grapple with are labour, rent, food and beverage inputs, utilities and technology.

"Most operators can't simply cut their way to profitability. The focus tends to be on improving efficiency, reducing complexity and getting more value from every dollar they spend.

"The past few years have been characterised by rising costs across almost every part of the business. Labour, ingredients, utilities and insurance have all increased at different points, creating significant pressure on margins."

As he points out, consumers are feeling cost-of-living pressures too, making it harder for hospitality venues to pass rising costs onto their customers through higher prices.

How tax changes could add to the strain

Federal Budget proposals to scrap the 50% CGT discount for small business and replace it with indexation tax at a minimum rate of 30% were abandoned, but COSBOA's Skye Cappuccio remains concerned that broader CGT changes could impact investment, entrepreneurship and productivity.

"Australia needs a tax system that gives business owners confidence to invest, employ local people and continue contributing to the communities they serve."

Cappuccio also believes one of the Budget's key tax reforms, taxing discretionary trust distributions at a new minimum rate of 30%, rather than beneficiaries paying tax at their marginal rate, has been "largely overlooked".

She explains, "There has been very little attention on the 350,000 to 400,000 small businesses operating through trust structures, many of whom now expect a significant hike in their tax bill and a direct impact on their business and their livelihood.

"These are small businesses using trusts for legitimate commercial reasons. Most have annual turnover below $2 million and include trades, retailers, hospitality venues, professional services firms and family-run enterprises in communities right across Australia.

"The proposed changes risk putting additional pressure on small businesses at a time when many are already facing rising costs, workforce challenges and difficult trading conditions," Cappuccio says.

Why Australians still dream of being their own boss

A survey by the Council of Small Businesses of Australia (COSBOA) identified four main drivers that motivate Australians to start a business of their own:

1. Flexibility and work-life balance: Having more control over their time, and being able to choose when and how they work.
2. Financial opportunity: Many current business owners saw self-employment as a way to improve their income, gain financial security, or build something more profitable than working for someone else.
3. Independence and autonomy: A strong desire to be their own boss and make their own decisions was a major motivator.
4. Passion and personal fulfilment: Some owners were driven by a passion for their craft or industry, or a desire to do meaningful work they cared about.

1. Why staying connected to gas could cost you more

Gas companies may have to increase prices more than expected to prevent a spiral of high, volatile prices and shrinking customer numbers in the future, according to a key energy market regulator.

The Australian Energy Market Commission (AEMC) says the nation's gas networks face an uncertain outlook, as demand for their product falls while upkeep costs remain stubborn.

The AEMC, which makes the rules governing retail energy markets in most parts of the country, says thousands of Australians are switching from gas to electricity.

This is leading to retailers and distributors relying on a shrinking number of household and business customers to help cover the costs of looking after expensive distribution networks.

The AEMC says this could lead to a situation where a small number of customers are hit with skyrocketing bills, pushing more of them to cancel their gas contracts, causing the remaining customers to be lumped with even higher network fees.

The body is proposing to force gas companies to look further ahead in their business planning to consider the long term impacts of more customers leaving and basing new spending on forecasted demand, not current consumption.

It says gas companies may have to increase costs "modestly" for customers in the "near future," so they can recover sunk network costs now before demand dries up.

2. Aussie travellers hit with new Fiji holiday tax

Trips to one of Australia's favourite holiday destinations have become slightly more expensive this week, with Fiji's new tourist tax coming into effect on September 1.

Anyone booking accommodation, tours or other holiday activities with large businesses on the island is now being hit with an extra 5% charge.

Several media outlets report the Tourism Services Tax has been brought in to cushion Fiji Airlines against rising jet fuel costs, although travel industry groups have expressed confusion about what sort of transactions the levy will be put on.

Its introduction comes after the Fijian government backtracked on a plan to retrospectively add the tax to bookings that had already been made - a process the country's hotel and tourism association described as a "mess."

The government confirmed in a Facebook post last week that the levy would only apply to bookings made from September 1 onwards.

Fiji was among Australia's top 10 favourite holiday locations for the year ending in June and is just the latest to bring in a tax on tourists: visitors to Bali have had to pay a levy of around $AUD10 each since 2024.

3. Mail to become slower, more expensive as letter business slips

Gas distributors aren't alone in trying to cover static overheads with shrinking customer revenue.

The cost of sending a letter jumped 8.8% this week, as Australia Post continues to use a combination of hikes to stamp prices and cuts to delivery services to try and make its letter business pay for itself.

A small letter now costs $1.85 to send but Australia Post chief executive Paul Graham told SBS News this could soon rise to $2.

It comes after the postal service cut regular letter deliveries from every business day to every second business day in 2024.

In approving the latest stamp price rise, the ACCC noted the extra income would still leave Australia Post short of recovering the cost of providing letter services.

Graham told SBS News letter volumes declined 15% last year and said deliveries could become even less frequent in the future as the business tries to find a sustainable base.

4. EVs overtake petrol cars in Australian sales first

August saw electric vehicles outsell petrol cars for the first time ever nationally, according to the Federal Chamber of Automotive Industries (FCAI), the peak body for the Australian automotive industry.

Of the 100,939 new vehicles sold nationwide last month, more than 27,000 were EVs, while new petrol and diesel sales numbered just 25,824 and 23,608, respectively.

By comparison, last August's petrol vehicle sales totalled more than 38,000.

Data from the Electric Vehicle Council shows the Telsa Model Y - an EV - was the most popular choice for Aussies buying a new car.

Council CEO Julie Delvecchio said it marked a "structural shift underway in the Australian car market".

5. Will half a million dollars and prison labour fix Victoria's potholes?

The Victorian government is promising to spend an extra $352 million on fixing potholes in the state's roads, following incidents where "monster" holes damaged dozens of cars in a row.

The state says a plan to put low-risk prisoners to work tackling simple road maintenance tasks could free up more skilled workers to tackle the road crater crisis.

The government says the extra money and staffing will help it fix double the number of potholes it had planned to mend between now and the end of January next year.

Multiple media outlets report inmates will tasked with mowing lawns, controlling weeds, removing graffiti and picking up rubbish.

The decision to involve prison labourers has been controversial: inmates who work do get paid, but their wages can be as little as $7.15 per day, according to The Guardian. Some of this money might also be compulsorily set aside in savings.

On top of these limited earnings, some grocery products prisoners can buy while incarcerated (on top of what they're given for free) are just as expensive in prisons as they are at regular retail outlets.

The Money team won Single Article of the Year, Magazine Cover of the Year and Newsletter of the Year in the 2026 Mumbrella Publish Awards, announced on September 2.

Money won Single Article of the Year for its feature 'The Perfect Storm', written by Ryan Johnson. The article traced the in-depth impact that online gambling has on children.

"Our preliminary research found children 12-17 years old spent approximately $18.4 million annually on pokies, race betting, scratchies, and Esports and Fantasy sports betting," says Vanessa Walker, managing editor of Money.

"We decided to investigate the link between common social norms in Australia (scratchies, Melbourne Cup - the race that stops the nation) and problem gambling."

"Australia loses more to gambling per head that anywhere else on Earth, so we rounded out the feature with practical help: how to spot the signs of gambling in children and six steps to help teens resist gambling as well as the top resources parents can turn to. "

 

 

 

 

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Money also won Magazine Cover of the Year for the May 2026 cover, which focused on the publication's annual Life Insurance Awards and featured an innovative bubble wrap design

"We decided to appeal to people who may not consider picking up a magazine issue on life insurance by using a common product that they could relate to, something that most of us use to protect our most precious objects," says Walker.

"Few people can resist reaching out to pop bubble wrap so we wanted the cover to have strong tactility."

In addition, Money won Newsletter of the Year for its weekly Wednesday and Saturday newsletters. The Money newsletter community consists of 58,000 subscribers, which is growing while delivering ongoing, strong engagement from readers looking for ways to create financial freedom.

"Money's weekly newsletters succeed by combining disciplined content curation, reader-first storytelling, clean design, and a highly intentional distribution strategy," says Walker.

"It stands out for its ability to translate complex financial topics into clear, actionable insights while delivering measurable, industry-leading engagement and sustained audience growth.

"We have seen an 8% increase in subscribers year-on-year, with a 26% decrease in unsubscribes, so we're pleased to see the content is resonating with our audience."

Money was also named a finalist in Publication of the Year, recognising the masthead's achievements across multiple categories.

"The recognition is a fantastic result and a reflection of the hard work that happens behind the scenes across editorial, commercial, marketing, data and research, client success, product development and operations," says Michelle Baltazar, executive director of media at ISS Market Intelligence, the publisher of Money magazine.

"We're delighted to see Mumbrella recognise the growing importance of personal finance media as it celebrates its 30th anniversary. The acknowledgement reflects the vital role personal finance journalism plays in helping Australians make better money decisions."

Leaving a lump sum of money to your children or grandchildren needs careful planning at the best of times. But it becomes a fraught decision if they or their partners have a substance or gambling addiction, other problems, or are simply clueless when it comes to money.

It isn't smart to give vulnerable beneficiaries a large amount of money because they can potentially blow up the family wealth. In a time of widespread scamming, they could easily be manipulated by an outsider who will rip them off.

They could need special estate planning to protect them.

One estate planning strategy that provides a level of protection after you die is to set up a testamentary trust in your will.

A testamentary trust can protect the capital and distribute an income to support family members on an ongoing basis. This means the money you leave your heir can't disappear quickly and leave them destitute for the rest of their lives.

One scenario would look like this:

"Your will might be the first few pages, and then it will be followed up with 15 pages of how the funds may be held in a testamentary trust under the following terms, and that will give powers to the trustee about what to do with the money and how it can be distributed," explains Peter Bardos, tax partner at HLB Mann Judd.

It turns out that testamentary trusts are the last frontier of trusts, explains Anna Hacker, client director at Pitcher Partners.

They are still standing with their tax and asset protection strategies intact after the government changed the tax status of 840,000 discretionary trusts, known as family trusts.

"A testamentary trust will be the only way to have both the tax planning and the asset protection," says Hacker.

The income from all sorts of testamentary trusts will be exempt from the minimum tax of 30%, starting from July 2028, on family trusts announced in the Budget.

Hacker says the estate planning industry is still waiting for final clarifications about the treatment of testamentary trusts from the government and recommends anyone with a testamentary trust may need to review it when this comes through.

Testamentary trusts are very different from family trusts because they only come into effect upon the death of the will-maker, who has stipulated a testamentary trust in their will for their assets.

A family trust can be set up while parents and their beneficiaries are alive, delivering an income.

The tax advantages of testamentary trusts

One of the benefits of a testamentary trust is that if the parents of young children tragically die, the testamentary trust is able to distribute an income to beneficiaries aged under 18 that is taxed at adult tax rates.

This means they can have at least $18,200 a year tax-free, or $36,400 tax-free for two children.

This way, under-18 beneficiaries can avoid high tax penalty rates on income going to children, which climbs to 66% for amounts between $416 and $1307, and then 45% for income over $1307.

"This is pretty handy from a tax perspective," points out Bardos.

"It could help with paying, for example, private school fees, in a more tax-efficient way."

The asset protection catch you need to know

The asset protection that testamentary trusts provide is a key factor for people who set them up.

They can offer some protection in instances of bankruptcy and relationship breakdowns.

"We live in a society where the rate of divorce is quite high, and we have lots of blended families. People want to support their bloodline if there's a relationship breakdown for any of their kids," says Hacker.

To protect lineal descendants, she says it's important to get the framework right for asset protection.

A testamentary trust for a single child may not necessarily be exempt and protected in a divorce.

Bardos agrees that testamentary trusts don't necessarily provide the protection that a lot of people think they do.

"If a child has a testamentary trust from their parents, and that child is the sole trustee, the sole beneficiary, and the trust pays for all of their lifestyle and perhaps their spouse's lifestyle, my understanding is that's more likely to be brought into a matrimonial dispute or separation than if that child perhaps didn't have that same level of control over the trust," says Bardos.

Hacker says it is popular to place all the children in a testamentary trust as equal beneficiaries to help protect the assets from a family court.

Appointing an independent controller of the trust, such as an independent trustee, can be viewed more favourably in family law cases.

"That is going to be far safer from an asset-protection point of view and what I'm seeing more and more," says Hacker.

But she says getting the protection right and ruling from the grave can cause issues for families.

She advises families that they need to be clear about whether putting all the children together in a testamentary trust is going to work.

"Is that going to cause friction within the family unit? Is that going to be opposite of what you want?

"I'm sure they might have a trust that's growing and supporting people, but is it actually going to make them hate each other if they are not able to interact properly?"

Testamentary trusts are not as flexible as discretionary trusts.

One limitation is that assets dealt with under a will need to be the asset of the will-maker, explains Bardos.

They can't be assets owned by their investment company or family trust.

"When you're going through the process of estate planning, understanding what actually can go into a testamentary trust is important," says Bardos.

Avoid onerous directions

Hacker says flexibility is key in a will, and giving the trustee discretion to direct assets either to a testamentary trust, directly to beneficiaries, or a mix of the two takes into account what is going on with the beneficiaries.

"They want to be able to choose the right approach at the time.

"Do they need to pay off their mortgage, in which case they might want it personally? Do they have a whole heap of expenses?

"You don't know what that's going to look like, so you have that discretion to decide where it's going to go later," says Hacker.

An alternative to testamentary trusts, Bardos says, is an inter vivos trust that can be set up during someone's lifetime and have terms whereby the capital stays in the trust and the income is distributed until an age set down by the trust.

An inter vivos trust allows parents to control the money while they are alive, and it can be locked in when they die.

Confession time. I love a good spring clean.

Not just the "dust and tidy" variety, but a good old "pull everything out, scrub everything clean and only put back what you want in an ordered way" type of clean.

My wife often takes a deep breath when I say, "I'm thinking of cleaning out the bedroom cupboards."

She knows soon there will be piles of things once stored in the upper reaches of our wardrobe strewn across the bedroom as I fastidiously clean everything before re-ordering it into "keep", "give away" or "sell" piles and neatly packing it all away again.

It's total chaos for a bit, and it can be exhausting work, but in the end the whole house seems to feel lighter, more peaceful, more ordered and more in control.

I know I'm not alone in this - people do feel this way after a good spring clean.

It seems that cleaning and decluttering our physical environment has the effect of decluttering and ordering our mind as well.

If we feel in control of our external physical space, we feel in control of our mental space as well.

What a lot of people don't realise is that every now and then we should also spring clean our finances.

Why it's time for a financial spring clean

This is not like doing tax returns or EOFY accounting - it's a different head space.

This is about really getting into the financial nooks and crannies of your superannuation, loans, credit cards, memberships and subscriptions.

Discover what the real costs are and what you are paying for them.

When I spring clean I often find things I had forgotten about, or never knew I had.

The same thing happened recently when my wife and I did a financial cleanout.

How reviewing your super and insurance can save money

Picking through my super we discovered I had certain insurance that was costing quite a bit each month - it was a product that suited our circumstances a few years ago, but we no longer needed it.

Out it went and now I have additional money going into my super.

I also found three extra subscriptions that I didn't need and realised my health insurance was more suited to my 30-year-old self rather than my 40-year-old self, and changed it to a more appropriate product, which saved even more money.

That's hundreds of dollars saved every month simply by spending time looking into every corner of your financial lives and throwing out anything that is unnecessary.

It's like giving yourself a pay rise!

The forgotten perks that could boost your budget

Don't forget that many financial products also come with rewards and benefits such as discounts on purchases and entertainment that can make a significant difference to weekly spending.

No longer are we spending on things we don't need; we also have access to gifts and discounts that can really add up.

So with such obvious financial benefits, why is it we rarely look into the darker, hard-to-reach parts of our finances?

Why we avoid reviewing our finances

The main reasons I hear are that some products and benefits can be hard to find, it doesn't feel like an urgent thing we need to do and there are other more obvious, more important (or fun) things to attend to.

But probably underlying all these reasons is that psychologically it feels like a painful and effortful task.

However, the buzz you get from finding hidden treasures in your finances and taking control of your money far outweighs any painful effort.

Spring cleaning our finances increases our financial wellbeing as well as our mental wellbeing.

Give it a go, and you'll be surprised just how good being in control of your life feels.

New car warranties are longer than ever before, with some car makers offering up to 10 years of coverage. But regardless of how long it runs, before it expires you need to make sure you're getting your maximum value out of it.

That's why experts recommend getting an independent inspection before your warranty expires. It could uncover developing faults that the manufacturer may need to repair while the vehicle is still covered, potentially saving you thousands of dollars.

For starters, you need to know when your warranty ends, as they vary from one car brand to the next. In the not-too-distant past most cars were covered by a three-year warranty, but as the industry became more competitive and car makers looked for ways to woo buyers they introduced five, seven and more recently 10-year warranties.

Ideally, book an inspection several months before the warranty expires. This gives you time to raise any concerns with the dealer and have repairs assessed while the vehicle is still covered.

Don't let your car warranty expire without doing this

But regardless of how long it is, don't just sit idle and allow the warranty to lapse. In the final year of warranty you should get an independent inspection to check all is well with your car. Because even if there are signs of a problem starting to develop, getting repairs done under warranty could save you thousands of dollars.

You need to be clear with your independent mechanic, who should be a licensed mechanic to avoid any issues with warranty coverage (but always check the fine print for your particular warranty), that you want a more detailed inspection than the usual routine check-up.

Beyond the usual check on fluids, brakes, etc, you should let the mechanic know if there are any issues, be it unusual noises or occasional glitches, and get them to take it for a test drive. From there, a good mechanic should take a detailed look at the engine, transmission, suspension, steering, cooling and electrical systems, as well as the body itself, to ensure everything is in good condition and will last well beyond when the warranty expires.

"Honestly, a good dealer service centre should offer you this kind of service," says Mark Short, a veteran mechanic with experience both in dealerships and independently.

"It's in their best interests to look after you, if they're smart. They want your repeat business, and they don't have to pay for warranty repairs, that gets paid from the car company's head office."

Whether or not you get the dealership's service centre to take a look at it, obviously an independent mechanic will give you an unfiltered appraisal.

What mechanics look for before a warranty expires

Your state-based motoring club, the NRMA, RACV, etc, offer vehicle inspections. Typically these are advertised as a pre-purchase inspection, but they will look over all the same areas that you need ahead of your warranty expiring.

Expect to pay roughly $200 for a basic inspection and $500 or more for a comprehensive assessment.

While spending $500 might seem like a big expense, if you pick up the start of a major problem early you could end up saving yourself thousands of dollars in repair bills.

But Short says you need to be realistic about what is covered. While you can get your brakes inspected and find wear, that's not part of the warranty, that's packaged up in the regular servicing costs you need to pay regardless.

"Obviously things like brakes and tyres won't be covered under warranty, that's considered usual wear and tear," Short explains.

"But if there are issues with, say, the suspension starting to show signs of wear or leaks, engine and driveline showing evidence of an oil leak potentially starting, to have that noted down with the manufacturer while under warranty it could help you in the long run.

"If something happens six months after the warranty expires and you have a perfect service record, the dealer will have a greater chance of getting you assistance for the repairs with the manufacturer. Maybe they won't cover the entire cost of the repairs, but any good car company should step up and offer some support, as long as you had it formally noted while it was still covered."

Can you claim repairs after your car warranty expires?

It's important to remember that your car's warranty is actually voluntary coverage from the manufacturer and Australian Consumer Law applies regardless. This provides you with an extra layer of protection should anything go wrong.

The Australian Competition and Consumer Commission (ACCC) outlines in simple terms that any product, even cars, are expected to "work and do what they're supposed to do" under Australian Consumer Law.

So, for example, if your car has a catastrophic engine failure six months after your warranty expires, you may still have rights under Australian Consumer Law, depending on the age of the vehicle, the nature of the fault and what a reasonable consumer would expect.

Under consumer law, there is an expectation that products will work for a reasonable length of time, and given that cars are a large purchase, this means they are expected to work for an extended period.

So if you do have a problem after your warranty expires, don't just assume the cost is yours to pay. And it will only help matters if you have a report from an independent mechanic that flagged any potential problem while it was still under coverage.

Spending a few hundred dollars on an inspection could be money well spent if it helps uncover a fault before your warranty runs out. Once the coverage ends, the repair bill could be yours.

Best student discounts in Australia

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

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

Student discounts on laptops, tablets and tech

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

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

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

Concession transport fares for students

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

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

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

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

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

Student discounts on entertainment and event tickets

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

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

Food and dining discounts for students

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

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

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

Smart financial moves

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

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

Are you eligible for Youth Allowance or Austudy?

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

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

Best student bank accounts and banking perks

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

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

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

How students can get up to $1000 extra in super

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

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

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

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

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

Managing money can be challenging for students. That's why Money has partnered with Arc, the not-for-profit student organisation at UNSW, to provide members with free digital subscriptions to Money. Through the partnership, students can access trusted financial information, practical tools and expert advice to help them make smarter decisions with their money. UNSW students can sign up here.

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

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

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

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

The hidden cost of a 'free' legal answer

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

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

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

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

That takes time. And legal time costs money.

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

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

When getting it wrong has much bigger consequences

The financial cost is only part of the risk.

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

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

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

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

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

Your legal matter is not a generic question

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

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

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

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

Think before you press send

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

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

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

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

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

The bottom line

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

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

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

The moral of the story?

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

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

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

Retirement can feel like its own odyssey.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The remaining $16,000 represents flexible spending.

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

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

2. Build flexibility into your spending

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

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

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

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

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

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

3. Recognise that under-spending has a cost too

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

This is where regret risk comes into play.

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

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

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

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

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

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

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

4. Give different pools of money different jobs

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

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

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

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

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

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

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

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

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

Odysseus's voyage was never about protecting his ship.

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

Retirement savings deserve the same perspective.

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

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

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

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

Intuition. Imagination. Consciousness. Creativity.

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

Then AI arrived.

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

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

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

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

From art and architecture to neuroscience

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

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

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

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

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

Studying consciousness, intuition and imagination

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

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

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

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

How ChatGPT changed his career

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

Then ChatGPT arrived.

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

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

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

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

Instead, journalists were turning to computer scientists for answers.

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

One day, something clicked.

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

What is a neurofuturist?

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

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

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

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

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

Think electric motors, refrigeration, cinema.

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

AI is an intelligence revolution, not a technology revolution

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

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

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

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

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

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

Why resilience will matter more than technical skills

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

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

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

Another starts at home.

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

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

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

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

The skills AI can't easily replace

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

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

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

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

Why emotional intelligence is becoming more valuable

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

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

The challenge is what happens in between.

How to use AI without losing critical thinking skills

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

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

His solution is what he calls "cognitive upsizing".

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

The same principle applies to work, money and purpose.

What AI could mean for jobs, investing and the economy

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

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

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

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

Finding purpose in a world of intelligent machines

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

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

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

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

For Pearson, they're also personal.

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

The biggest challenge humans will face this century

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

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