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 Assies 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.

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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.

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 meet 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 strong link between financial wellbeing and mental health.

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

Money worries don't disappear when R U OK? Day ends. Monica-Jones shares five practical strategies to reduce financial stress, build resilience and protect your mental wellbeing year-round.

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.

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.

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."

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

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

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

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

So let me name it.

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

What it actually is

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

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

It is responding to a perceived threat.

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

Fawn looks like being lovely about it.

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

Why women, specifically: the conditioning

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

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

Don't focus too much on money.

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

Don't make anyone uncomfortable.

Don't take risks.

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

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

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

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

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

Why women, specifically: the structure

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

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

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

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

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

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

It interprets it as a threat to her autonomy.

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

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

It was never imposter syndrome. It was exclusion recognition.

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

And the market has already priced it in

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

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

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

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

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

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

What it looks like from the inside

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

Spending.

Avoidance.

Over-giving.

Over-functioning.

Silence.

These are not character flaws. That is power leakage.

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

You abandon yourself.

You override your own boundaries.

You silence your own instincts.

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

You spend to reduce tension.

You avoid numbers that trigger shame.

You say yes when you mean no.

You over-function to keep the peace.

You shrink to keep stability.

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

Each of these moments feels social. Relational. Situational.

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

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

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

The intention is harmony. The outcome is reduced independence.

Naming it in myself

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

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

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

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

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

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

Shrinking, appeasing and over-functioning were adaptation.

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

How I work with it now

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

1. Regulate before you respond.

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

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

2. Know where you are in the cycle.

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

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

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

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

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

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

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

4. Treat boundaries as financial infrastructure.

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

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

5. Do the unimpressive things.

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

Tolerating the discomfort of looking at the numbers.

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

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

Asking for help from professionals.

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

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

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

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

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

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

What changes

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

Stay in the conversation.

Stay within the boundary.

Stay with the number.

Stay with yourself.

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

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

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

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

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

Solar panel recycling fee could increase installation costs

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

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

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

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

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

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

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

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

10,000 Australians warned after crypto scam data breach

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What is Panda Mart?

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

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

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

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

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

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

Why has it been in trouble?

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

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

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

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

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

Why is Panda Mart popular?

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

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

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

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

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

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

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

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

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

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

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

Why Woolworths' Everyday Extra membership now costs more

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

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

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

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

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

Do Aldi, IGA and Harris Farm have loyalty schemes?

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

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

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

Do supermarket loyalty schemes really save you money?

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

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

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

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

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

Price survey questions cost of loyalty

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

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

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

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

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

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

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

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

How to get the best value from your loyalty scheme

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

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

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

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

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

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

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

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

Most searched financial tesarms

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Account-based pension (ABP)

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

Accrued interest

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

Administrative Review Tribunal (ART)

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

Afterpay

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

Aged Care Assessment Team (ACAT)

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

Aggregate market value (AMV)

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

Amortisation

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

Annual general meeting (AGM)

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

Annual leave loading

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

Annual percentage rate (APR)

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

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

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

Asset allocation

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

Asset-test exempt (ATE)

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

Association of Superannuation Funds of Australia (ASFA)

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

Attorney-General's Department (AGD)

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

Authorised credit representatives (ACR)

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

Authorised deposit-taking institution (ADI)

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

Automatic teller machine (ATM)

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

Australian Banking Association (ABA)

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

Australian Bureau of Statistics (ABS)

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

Australian Chamber of Commerce and Industry (ACCI)

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

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

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

Australian Competition and Consumer Commission (ACCC)

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

Australian Consumer Law (ACL)

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

Australian Council of Social Service (ACOSS)

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

Australian Council of Trade Unions (ACTU)

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

Australian Financial Complaints Authority (AFCA)

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

Australian Financial Counselling and Credit Reform Association (AFCCRA)

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

Australian Financial Markets Association (AFMA)

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

Australian Financial Services Licence (AFSL)

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

Australian Government Disaster Recovery Payment (AGDRP)

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

Australian National Audit Office (ANAO)

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

Australian Prudential Regulation Authority (APRA)

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

Australian real estate investment trust (A-REIT)

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

Australian Securities and Investments Commission (ASIC)

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

Australian Securities Exchange (ASX)

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

Australian Small Business and Family Enterprise Ombudsman (ASBFEO)

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

Australian Taxation Office (ATO)

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

Australian Trade and Investment Commission (Austrade)

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

Australian Transaction Reports and Analysis Centre (AUSTRAC)

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

Australian Workplace Equality Index (AWEI)

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

B

Balance sheet

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

Basis point (BPS)

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

Bear market

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

Beneficiary

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

Blue-chip stocks

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

Budget deficit

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

Bond

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

Break-even point

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

Broker

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

Business Activity Statement (BAS)

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

Business Council of Australia (BCA)

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

Buy now, pay later (BNPL)

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

C

Chartered Accountants Australia and New Zealand (CA ANZ)

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

Compound Annual Growth Rate (CAGR)

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

Compound interest

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

Comprehensive Credit Reporting (CCR)

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

Child care subsidy (CCS)

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

Cashless debit card (CDC)

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

Consumer Data Right (CDR)

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

Committee for Economic Development of Australia (CEDA)

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

Chief executive officer (CEO)

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

Chief financial officer (CFO)

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

Capital gains tax (CGT)

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

Clearing House Electronic Sub-Register System (CHESS)

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

Chief information officer (CIO)

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

Chief operating officer (COO)

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

Certified practising accountant (CPA)

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

Consumer Price Index (CPI)

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

Child Support Agency (CSA)

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

Commonwealth Superannuation Corporation (CSC)

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

Compensation Scheme of Last Resort (CSLR)

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

Commonwealth supported place (CSP)

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

Chief technical officer (CTO)

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

D

Daily accommodation payment (DAP)

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

Defence Housing Australia (DHA)

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

Defined Benefit Division (DBD)

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

Defined Contribution (DC)

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

Department of Veterans' Affairs (DVA)

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

Disability Support Pension (DSP)

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

Diversity, equity and inclusion (DEI)

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

Dividend Reinvestment Plan (DRP)

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

Dollar cost averaging (DCA)

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

E

Employee assistance program (EAP)

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

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

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

External dispute resolution (EDR)

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

Electronic funds transfer at point of sale (EFTPOS)

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

End of financial year (EOFY)

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

Earnings per share (EPS)

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

Environmental, social and governance (ESG)

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

Exchange traded commodity (ETC)

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

Exchange traded fund (ETF)

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

F

Financial Advice Association of Australia (FAAA)

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

Financial Claims Scheme (FCS)

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

Fringe Benefits Tax (FBT)

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

First Home Guarantee (FHBG)

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

Family Home Guarantee (FHG)

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

Fly in, fly out (FIFO)

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

Financial technology (fintech)

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

FOMO (fear of missing out)

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

Foreign Investment Review Board (FIRB)

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

Financial independence, early retirement (FIRE)

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

Financial Services Council (FSC)

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

Family Tax Benefit (FTB)

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

Funds Under Management (FUM)

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

Foreign exchange (FX)

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

G

Generally Accepted Accounting Principles (GAAP)

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

Gross domestic product (GDP)

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

Global financial crisis (GFC)

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

General Insurance Code Governance Committee (GICGC)

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

Goods and services tax (GST)

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

H

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

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

Home Guarantee Scheme (HGS)

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

Holder identification number (HIN)

I

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

Industry superannuation fund

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

Insurance Brokers Code Compliance Committee (IBCCC)

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

Insurance Council of Australia (ICA)

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

International Energy Agency (IEA)

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

International Monetary Fund (IMF)

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

Interest-only loan (IO)

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

International Organisation of Securities Commissions (IOSCO)

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

Initial public offering (IPO)

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

K

Key performance indicator (KPI)

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

Know your customer (KYC)

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

L

Least-cost routing (LCR)

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

Low exercise price options (LEPO)

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

Listed investment company (LIC)

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

Lenders mortgage insurance (LMI)

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

Loan-to-value ratio (LVR)

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

M

Market darling

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

Medicare levy surcharge (MLS)

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

Memorandum of understanding (MOU)

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

N

Net asset value (NAV)

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

National Credit Code (NCC)

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

National Debt Helpline (NDH)

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

National Disability Insurance Scheme (NDIS)

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

Negative gearing

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

Net flows

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

Non-fungible token (NFT)

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

No interest loans (NILS)

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

Net tangible assets (NTA)

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

O

Organisation for Economic Co-operation and Development (OECD)

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

Owner-occupied (OO)

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

Open Training and Education Network (OTEN)

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

Open Universities Australia (OUA)

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

P

Principal and interest loan (P&I)

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

Pay As You Go (PAYG)

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

Product disclosure statement (PDS)

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

Price-to-earnings ratio (PE)

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

Property Exchange Australia Limited (PEXA)

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

Payment reference number (PRN)

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

R

Real estate investment trust (REIT)

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

Refundable accommodation deposit (RAD)

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

Regional First Home Buyer Guarantee (RFHBG)

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

Reserve Bank of Australia (RBA)

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

Retail superannuation fund

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

Return on Equity (ROE)

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

Return on Investment (ROI)

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

S

Safe withdrawal rate

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

Salary sacrifice

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

Software as a service (SAAS)

Software as a service (SaaS) is a distribution model used to license and deliver software applications over the internet.

Superannuation guarantee (SG)

The super guarantee (SG) is the minimum amount of super employers must pay to their employees. The SG rate is 12% as of July 1, 2025.

Small and medium-sized enterprise (SME)

Small and medium-sized enterprises (SMEs) are businesses with a relatively small numbers of employees and lower revenue compared with large corporations.

Self-managed super fund (SMSF)

A self-managed super fund (SMSF) is a private financial structure for saving for retirement.

Society for Worldwide Interbank Financial Telecommunication (SWIFT)

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global messaging network used by banks and financial institutions to securely send and receive information about financial transactions.

Stagflation

Stagflation is an economic environment where inflation remains high while economic growth slows and unemployment rises. It can put pressure on households, businesses and investors as living costs increase, but the economy struggles to gain momentum.

T

Target market determination

A target market determination (TMD) is a document that clearly outlines which group of people a specific financial product is best suited for, based on their goals, financial situation, and needs. It also explains how the product should be marketed and sold, and when it will be reviewed to ensure it remains appropriate.

Tax file number (TFN)

A tax file number (TFN) is a unique number issued by the Australian Taxation Office (ATO) to individuals and organisations.

Term account

For an investor, a term account generally refers to a structured investment in a loan or credit facility with a fixed maturity date, where the investor provides capital to a borrower (usually a private company) and earns returns over a defined period. Private credit term accounts are not guaranteed under the Australian Government's Financial Claims Scheme (FCS).

Term deposit (TD)

A term deposit is a type of savings account offered by banks and financial institutions where you deposit a fixed amount of money for a set period of time (the "term") at a predetermined interest rate. Term deposits are guaranteed under the Australian Government's Financial Claims Scheme (FCS), provided they are held with an Authorised Deposit-taking Institution (ADI).

Ten-bagger

A ten-bagger stock is an investment that grows to be worth ten times the price you paid for it. It's investor-speak for a rare, home-run stock that delivers massive long-term returns.

Total and permanent disability (TPD)

Total and permanent disability (TPD) insurance cover pays a lump sum if you become totally and permanently disabled.

Transition to Retirement (TTR)

Transition to Retirement (TTR) is a strategy allowing access to super while still working.

V

Vocational education and training (VET)

Vocational education and training (VET) provides workplace skills, technical knowledge and qualifications for rewarding jobs and careers.

W

Work health and safety (WHS)

Work health and safety (WHS) refers to regulations, policies and practices that ensure the health, safety and welfare of employees in the workplace.

Wage price index (WPI)

The wage price index (WPI) measures changes in the cost of wages and salaries over time in Australia.

Why this glossary matters

What is the purpose of this financial terms glossary?

This glossary helps readers decode common financial terms and jargon used in banking, investing, superannuation, insurance, and financial media. It's designed to make financial literacy more accessible to everyone.

Who should use this glossary?

Anyone looking to better understand financial terms - whether you're a student, investor, professional, or simply trying to make sense of your bank statements or super fund reports.

How often is the glossary updated?

The Moneymag.com.au team updates this glossary regularly to reflect changes in financial regulations, emerging industry terms, and reader feedback.

Where can I learn more about personal finance topics?

Visit Moneymag.com.au for expert articles, guides, and news on budgeting, investing, superannuation, tax, and more.

Can I suggest a financial term to be added?

Yes! If you notice a missing acronym or term, you can contact the editorial team via the website's contact form.

Is this glossary suitable for beginners?

Absolutely. Each acronym is explained in plain English, making it easy for beginners to understand complex financial concepts.

Why is understanding financial terms important?

Finance terms are everywhere - from your payslip to your investment portfolio. Knowing what they mean helps you make informed decisions and avoid costly mistakes.

This year's Equal Pay Day falls on August 17 - 48 days after the financial year ends.

It marks the extra time women in Australia would need to work, on average, to earn what men earned in the previous financial year.

There's a familiar script for articles about women and finances. Review every transaction, cancel unused subscriptions, take lunch from home, find a spare $20 to put into super.

None of this is bad advice. But on Equal Pay Day, that advice can miss the point.

The latest Australian Bureau of Statistics figures put the national gender pay gap for full-time adult ordinary time earnings at 11.3%. No subscription audit can close a gap of that size.

A gap in earnings across the economy can't be fixed by women becoming more disciplined shoppers.

But the answer isn't just telling women to keep fighting harder for equality, as if choices inside families and households have no lasting financial effect.

Time out of paid work, reduced hours and caring responsibilities affect income, experience, confidence and retirement savings.

And in many households this unpaid work still finds its way onto Mum's list.

More than a gap in earnings

Income matters. It affects what we can save, the shocks we can absorb and the choices available to us.

But financial wellbeing isn't simply a number on a payslip or super statement. It's about whether money supports our lives in practical ways, like meeting commitments, planning ahead and feeling some control over what comes next.

MLC's 2026 Real Retirement Report found financial independence and retiring comfortably are Australians' top financial goals, yet many don't feel on track.

Why not looking feels easier

If we think a statement, account or super balance may contain bad news, not opening it can feel like self-protection.

The problem hasn't gone anywhere, but for that moment we don't have to feel it. Most of us have done some version of this.

There are good reasons why some people have less room for financial admin.

Work, care, illness, grief, separation or the load of keeping everyone else's lives moving can turn one more decision into too much.

For younger women, that might mean trying to build savings while wondering if home ownership is achievable.

In midlife, it might mean balancing work, children, ageing parents and competing priorities.

Closer to retirement, it can become a confronting question: will I have enough?

Carers Australia says two-thirds of primary carers are female.

That matters because caring responsibilities don't just take time, they take attention, planning and emotional energy too.

And I say that knowing even working in this field doesn't make me immune. I also wear multiple hats, have mentally crowded weeks, and still put off the thing I know would help.

This is where confidence can be misunderstood. We often treat financial confidence as something that comes after we've paid down debt, improved our super balance or sorted out our budget.

But confidence can begin with something smaller, like writing the issue down, naming the concern, checking one number or opening one envelope rather than avoiding it.

Sometimes things aren't half as bad as they seem, but ambiguity can make everything feel more dire. And even if things are off track, you don't need to solve it all today or alone.

MLC's research also found that cost of living was the most commonly cited barrier to Australians achieving their financial aspirations. That matters because people aren't disengaged because they don't care.

Often, they're looking for a starting point that feels manageable, relevant and grounded in real life.

The aim isn't to hand women another list of jobs or pretend small savings will close a national pay gap.

They won't.

It's about moving from blame to confidence, and toward things that can make financial wellbeing feel more possible.

Five ways to feel more confident about your money

These steps aren't about fixing everything at once. They're small ways to make money feel less like a fog and make the next step feel achievable.

1. Write it down when money is on your mind

When things feel mentally crowded, structure helps.

Writing down what's in your head doesn't solve the problem, but it can make it easier to see what you're dealing with.

It might be a bill, a worry about super, a conversation you need to have or a question you can't answer yet.

Getting it onto paper can make the whole thing feel less tangled.

2. Replace uncertainty with numbers

Once you've named what's on your mind, look for the number that would make it less vague.

Check your super balance, open the credit card statement, check what's due before payday or use a calculator to estimate where you're heading.

The number won't necessarily fix it, but it turns vague worry into something practical.

3. Choose three things, not everything

A money list can get overwhelming quickly. Choose three things to tackle first and write one action beside each.

That might be making a call, finding a login, checking a balance or booking time to read something properly.

Do them in a week, or one each week across the month. The point is a plan small enough to start.

4. Tell people what you actually need

One thing I've learnt is that people don't always understand the load we're carrying, even when they care.

Saying 'I have a lot on my mind' rarely tells someone what would help.

It's often more effective to say, 'Can you take this one?' or 'Can you sit with me while I do it?'.

Being specific gives people a clear way to help, rather than leaving them guessing.

5. Outsource what you don't have to carry alone

There's no prize for doing everything yourself. If something is outside your knowledge, time or capacity, look for support.

Call your super fund, speak to an adviser, use a digital tool, ask your partner to take over a task or contact a free financial counsellor if things are difficult.

Asking for help can be part of taking control, not a sign you've lost it.

The bottom line

Equal Pay Day reminds us the system still has work to do.

While that continues, it's okay to start smaller and closer to home.

Open the thing you've been avoiding. Write down what's weighing on you. Ask for the help you need. One step won't fix the gap, but it can make the next one feel possible.

Cory Doctorow coined the term 'enshittification' in 2023 and has spent much time in the intervening years identifying the phenomenon in modern life.

The author, blogger and activist says he now feels like a "father confessor" to anyone who's noticed a product has become worse, while still consuming as much of their time, effort, money and attention as before.

"Every time someone either is pressurised by their boss to enshittify something or encounters that enshittification in the wild, I get an email," he tells Money.

What is enshittification?

In simple terms, enshittification describes the process where a product or service becomes worse for users over time while becoming more profitable for the company behind it. Consumers often notice this through higher prices, more advertising, lower quality products, reduced customer service or new fees and charges.

Announcing it as its Word of the Year in 2024, the Macquarie Dictionary defined enshittification as "the gradual deterioration of a service or product, brought about by a reduction in the quality of service provided, especially of an online platform, and as a consequence of profit-seeking".

In an article for Wired the year before, Doctorow identified how the phenomenon was underpinned by the ability of digital platforms like Amazon and Facebook to build powerful monopolies.

These companies, he said, then leverage this guaranteed access to products and consumers to win over users and suppliers, respectively.

Once both parties are relying on the platform to communicate, shop, live and do business, it turns on both parties for its own profit.

"Surpluses are first directed to users; then, once they're locked in, surpluses go to suppliers; then once they're locked in, the surplus is handed to shareholders and the platform becomes a useless pile of shit."

Where is enshittification happening in 2026?

According to Doctorow, it's happening everywhere.

On his own phone, he's seen platforms that were once novel and interesting, but now everyday tools, being increasingly tweaked to please the financial interest of owners and investors.

Video platforms are a key example.

"Streaming companies decided to start squeezing [and] stopped buying as much new content. They needed a way to demonstrate to Wall Street that people would be happy to watch old stuff," Doctorow says.

"[So] the companies set as their key performance indicator: you must successfully recommend [older] videos.

"Suddenly, if you touched any part of your screen, you'd be watching something else... there was no back button. It was as easy as anything to go from watching one video to another, but nearly impossible to go back."

Beyond these aesthetic changes, streaming platforms have been accused of tightening their squeeze on consumers in other ways.

In June, the ACCC announced it was taking global giant Amazon to court for hiding unfair terms in its Prime Video contracts and then relying on these to spring extra charges on customers.

The consumer watchdog says customers who had paid $79 to sign up to Prime, expecting it to be ad-free, were suddenly told they had to pay an extra $2.99 per month to keep their viewing from being disrupted by commercial breaks.

Doctorow says such actions are prime examples of enshittification, pointing to the "proliferation of ads" in subscription streaming services as proof of an old adage: "Once you're a captive audience, there's no reason to treat you well."

Beyond entertainment platforms, enshitment allegations have been flung at all manner of global companies accused of misusing market dominance.

From FIFA's introduction of dynamic ticket pricing and extra ad breaks during the recent World Cup, to BMW's decision to play movie trailers on the display screens of its cars in some countries, companies have been accused of burdening consumers with costly or irritating extras for nothing valuable in return.

Closer to home, local mainstay underwear brand Bonds has been accused by Reddit users of "enshittifying an Australian icon" by continuing to charge higher prices for products alleged to be of worse quality.

Convenience vs cost: what we're paying for enshittification         

If companies being able to build monopolies provides the foundation from which to enshittify, the convenience of engaging with these businesses on our own devices whenever we like could be accelerating the process.

Doctorow says services like Uber have led people to become used to the idea of personalised pricing or, as a worker, even being paid more or less than someone else doing the same job.

"Platformisation means that every consumer and worker enters the marketplace in an atomised way," he explains.

"Taxi drivers can find out, for example, if their bosses pay them differently because they can talk with one another," he explains. "But if you drive Uber, you are isolated from everyone."

As more businesses ape the Uber model and society becomes more platformised, Doctorow adds, individuals face greater forces encouraging them to get used to the idea of paying more for goods and services while potentially receiving less for their labour.

The ability of companies to collect large amounts of detailed consumer data, he adds, ensures these price offers can be ruthlessly personalised and targeted to each of us.

How can we fight back against enshittification?

Doctorow says laws protecting digital platforms prevent any quick technical fixes to improve price or wage discrepancies across different apps and platforms.

And the monopolies global companies have across multiple brands can mean boycotting one enshittified product for another can send you back into the arms of the company you're trying to avoid.

"You can't do much about this as a consumer, I'm afraid," Doctorow admits. "Shopping your way out of a monopoly is like recycling your way out of a wildfire."

Doctorow says anyone wanting to push back against enshittification should be prepared to get politically organised.

"If we really want to do something about these companies, we have to unwind their mergers, block predatory pricing [and] pass and enforce meaningful privacy regulation," he explains.

"Those are the actual measures and you get them out of your policy makers, which means that you're going to have to join a polity, which is a pain in the arse."

"A boycott isn't thinking hard about what you're going to shop for. A boycott is an organised movement... so stop thinking of yourself as a consumer and start thinking of yourself as a member of society."

Cory Doctorow appears at Sydney's Festival of Dangerous Ideas from August 22-23 and Melbourne's The Capitol on August 25, presented by The Wheeler Centre and Now or Never.

His new book, The Reverse Centaur's Guide to Life After AI, published by Verso, is released August 4 and available for pre-order now.

There is something fascinating about modern humans.

We can carry tiny supercomputers in our pockets, stream movies from satellites floating in space, and ask artificial intelligence to explain quantum physics in plain English, yet still become emotionally unhinged when discussing bike lanes, wind farms, or data centres.

Recently, data centres have become the latest villain in public discourse.

Too much electricity. Too much water. Too much land. Too much 'big tech'.

Depending on who you ask, they are either essential infrastructure for the future economy or giant glowing monuments to humanity's collective inability to stop uploading photos of brunch.

Of course, these concerns are not entirely irrational. Data centres do use significant resources.

The internet is not powered by good vibes and inspirational LinkedIn posts.

Every cloud service, banking app, Teams meeting, streamed movie, AI prompt, school platform, cryptocurrency trade, and slightly passive-aggressive 'per my last email' message must physically exist somewhere. Usually in a giant warehouse humming away behind a fence.

Why data centres spark public debate

But what fascinates me isn't the infrastructure itself. It's the psychology of how humans debate these things. Particularly when one side of the argument is supported by something very physically large.

One of the quirks of the human brain is that we are remarkably poor at evaluating trade-offs, particularly when the costs are visible and the benefits are invisible. For example, most people never physically see the benefit of a data centre. They don't walk past one and think, "Ah yes, there's my banking app functioning beautifully."

But they do see headlines about electricity use. They do hear about water consumption. They do see giant buildings appearing in industrial estates. The costs are concrete. The benefits are abstract.

Humans emotionally overweight visible negatives and psychologically outsource invisible positives.

This is not new.

We do it with airports, renewable energy projects, public housing, mining, desalination plants, transmission lines and pretty much every form of infrastructure civilisation depends upon. We want the outcome, but often feel emotionally uncomfortable with the mechanism required to produce it.

It's a little like wanting electricity but objecting to power stations. Or wanting cheap avocados while being vaguely horrified by agriculture.

And social media, naturally, has made all of this worse. Modern online platforms reward emotional certainty far more than thoughtful ambiguity. "This is complicated and probably involves difficult trade-offs" is not a sentence that performs especially well on the internet.

Humans prefer cleaner narratives. Heroes. Villains. Simple causes. Moral clarity. Unfortunately, reality rarely cooperates.

The psychology behind infrastructure debates

Most large societal issues involve multiple good things competing, rather than there being an obvious evil. Economic growth versus environmental protection. Privacy versus convenience.

These are not engineering problems as much as emotional tolerance problems. The difficulty is not simply deciding what we value, it is tolerating the discomfort that comes from discovering we cannot optimise everything simultaneously.

That discomfort matters because uncertainty creates emotional arousal. And emotionally aroused humans become less nuanced, less curious and more tribal.

We start defending identities rather than examining ideas. Conversations shift from 'What are the trade-offs?' to 'Which side are you on?'

At that point, debate becomes performance art. You can often tell when this shift has occurred because people stop discussing solutions and start discussing purity.

Anyone acknowledging complexity risks being interpreted as disloyal to the tribe. Nuance starts sounding suspiciously like weakness.

But systems thinking requires the emotional ability to hold two uncomfortable truths at once. Something can be necessary and imperfect. Technology can improve life and create problems. Economic growth and environmental sustainability can matter. Infrastructure can be essential and worth regulating carefully.

How to think about data centres and technology more clearly

Emotionally mature thinking is not about becoming less passionate, but becoming more capable of thinking clearly while passionate.

This is surprisingly difficult for humans because our brains evolved for immediate social threats, not 20-year infrastructure planning.

The nervous system handles 'lion nearby' much better than 'competing long-term economic and environmental priorities'. So we simplify, personalise and moralise.

Eventually we convince ourselves that if we could simply remove the one bad thing, the whole system would finally work properly. It rarely does.

The irony, of course, is that modern life increasingly depends on invisible systems. Most people could not explain how electricity grids work, how financial markets function, how cloud computing operates, or how food logistics sustain cities.

Civilisation has become too complex for any one individual to fully comprehend. Which means trust, humility and emotional regulation become increasingly important societal skills.

Not because people should stop questioning things. Healthy scepticism matters enormously. But there is a difference between scepticism and emotional certainty.

One is curious, the other judgmental.

And perhaps that's the real challenge of modern life.

Not simply becoming smarter, but becoming emotionally capable of discussing complicated things without immediately collapsing into outrage, tribalism or simple storytelling. Because the future will almost certainly involve more difficult trade-offs, not fewer.

Reader question

Dear Paul,

Hoping you can help us come to a fair arrangement.

We have an adult daughter who has bought a unit with her fiancé, and her fiancé works with my husband.

Our other adult child is renting a house with their spouse, who doesn't work for the family business.

My husband is hoping to retire in the next year or so, and has had the business valued at approximately $500,000, which includes goodwill.

Our daughter and her fiancé are not in a position to buy us out, so we would be handing him the business.

We already have given them a monetary hand-up before.

How can we make this fair for our other child?

We also fear that if the relationship doesn't work out for our daughter, her fiancé would walk away with the business my husband has built over decades and not benefit either child. - Robyn

Paul's response

My money warning bells are running on high alert, Robyn. Good on you for recognising this and asking about a fair solution.

This has the potential to cause a major and permanent family split.

I can see so many ways this can, and in all likelihood may, become very messy.

You have one child who is on the way to homeownership, with her fiancé working in your family business, generating income from what is a family asset.

This you propose to give to him and your daughter, with a value of $500,000.

As you point out, this leaves your other child with no family financial support and, as you say, the prospect of the business going to your daughter's fiancé, if there is a relationship break-up.

What could possibly go wrong? I don't accept that the business with a value of $500,000 to an external buyer does not allow your daughter's fiancé to make any payment for it, if structured over time.

However, let's put that aside for the moment.

You could achieve fairness if you built into your estate planning, for example, a percentage of your home or other assets also valued at $500,000 today, that went to your other child, with everything above that split between your children, if that is your wish.

This of course leaves the risk that the business may not do well and your other child's share of the house grows strongly, but all you can do is to be fair now.

In terms of the business heading off with the fiancé if the relationship does not work out, that I am also worried about, but a good solicitor will not be.

I am certain a loan or some form of legal structure can keep that valuable asset inside the family, by which I mean your bloodline.

For me, your starting point is a meeting with you both and your solicitor.

The solicitor needs to speak frankly and, in my view, at this early stage, not in the presence of your children or their partners.

Then I suspect the solicitor will, once you have a strategy, suggest a family meeting.

But as you tell me, right now you need to take leadership and establish the way fairness can be achieved, which it can.

You've already done the most important bit and recognised the potential family drama that is most likely to happen if the issue is ignored.

Please make a time to meet an experienced business or estate planning solicitor as your starting point.

I wish you all the best with this tricky, but very common, family situation.

What to read next

• One paperwork mistake could cost your family $600k
• From family business to $70 million company
• How to survive breaking up with your business partner
• Ask Paul: I helped one child, now the others want the same
• Avoiding generation war when handing on the family business

Aussies eat on average around 260 eggs a year, but this popular protein is under threat, with a new strain of bird flu that has caused mass chicken culls overseas now spreading here.

As of today, Australia has recorded 123 cases of H5 bird flu - the same strain of the virus that has caused birds and seals to die en masse overseas.

All of the local cases have been detected in wild birds, but the ability of the virus to tear through chicken populations has the $4.2 billion poultry industry on tenterhooks.

As with other types of highly-pathogenic bird flu, birds infected with H5 can die at a rate of 75 to 100%.

Free-range egg-laying chickens are at particular risk because the time they spend outside often brings them into contact with the wild birds that spread the disease.

How does bird flu affect egg prices?

These open-air operations are the mainstay of Australia's egg industry: free range has been Australia's favourite type of egg for the last 10 years and now makes up 56% of supermarket sales, according to NSW's Department of Primary Industries.

The ability of bird influenzas like H5 to spread quickly means farmers who detect a case will often cull a large number of their birds in an attempt to contain the virus.

The time it takes to raise a new flock of chickens to the point where they'll be able to lay, means it can take several months before a farm can produce eggs again.

It's something Australia has grappled with before: between 2024 and 2025, poultry farms across Victoria, New South Wales and the ACT were infected by multiple strains of a different subtype of bird flu: H7.

"Around 10% of Australia's laying hens were culled, between 1.8 and 2.4 million birds," says Michael Whitehead, executive director of food, beverage and agribusiness insights at ANZ. "We saw egg shortages, price increases and purchase limits."

Some supermarkets limited customers to two egg cartons each throughout early 2025. By June that year, the Australian Bureau of Statistics (ABS) reported the H7 outbreak had caused egg prices to rise 19.1% in 12 months.

New threat emerging

Australia was one of the last places on earth to be reached by the current H5 virus and experts watching it spread overseas were spooked by how it had caused birds and some mammals like seals to die suddenly in large numbers.

Writing for The Conversation, poultry health expert Dr Jose Quinteros noted this hadn't happened with the H7 strains that hit Australia in 2024.

Government agencies and agricultural specialists expect the H5 virus to impact local poultry at some stage and fear the effect could be as bad as the 2024 H7 outbreak.

Angus Gidley-Baird, senior animal proteins analyst with agricultural lender Rabobank says the chance of chickens catching the virus will increase as it spreads locally among wild birds, not just migratory species.

"Once it gets into our permanent local wild bird population, it's going to be very hard to eradicate [it] and from there it'll be a matter of time until it potentially is transmitted to a poultry operation," he explains.

As of this week, H5 has already been detected in several local wild birds, including sea gulls and a magpie.

How expensive could eggs become?

If a virus-induced cull drove up egg prices again, it'd come after the ABS noted they had gone down in price 5% in the second half of last year.

This week, the average price for a 700g carton of 12 free range eggs sold under homebrand at Coles, Woolworth and Aldi was $6.40 - a 20% rise like that seen after the last bird flu outbreak would push the mean cost to almost $7.70.

But experts are quick to point out that Australian farmers have had lots of time to prepare for the H5 virus.

"We are one of the last countries in the world to contract it, so there are a lot of lessons we can learn from other places," says Rabobank's Gidley-Baird.

Chief veterinary officers in several states have recommended free range chicken farmers move their flocks inside to limit their contact with wild birds.

The ACCC is allowing them to keep labelling their eggs as free range if they do follow this guidance.

What about chicken meat?

The prices of chicken meat are unlikely to be affected by any bird flu outbreaks, due to where broiler birds are kept and their relatively short lifespan.

"More poultry meat operations are housed in sheds in a controlled environment, so the chance of [H5] spreading there is lower," says Gidley-Baird. "The other thing is that broiler birds have a very short life of 30 days, whereas an egg-laying hen is alive for more than a year."

Is there a vaccine?

There is a vaccine chickens can be given to protect them from H5 bird flu, but its use in Australia is currently very limited.

Experts say this has been due to concerns that vaccinating chickens or even just keeping the vaccine in the country could affect Australia's status regarding the H5 virus and farmers' ability to export poultry products.

Are humans safe?

The Australian Centre for Disease Control says the risk to human health from H5 bird flu is low and is only likely to emerge if you're in close contact with dead birds.

Authorities say chicken and eggs that are properly cooked and handled will still be safe to eat.

Over the next two decades, Australia is set to experience one of the largest wealth transfers in history.

Baby boomers will pass trillions of dollars to younger generations through property, superannuation and investments.

For many families, this transfer will shape financial futures more than any pay rise or inheritance before it.

But there is a challenge. Money passed down without financial understanding can disappear as quickly as it arrives.

The most valuable inheritance we can leave our children is not the money itself, but the literacy to manage it well.

Talk to your children about money early

In many families, money is still treated as a private or even taboo topic.

Children grow up hearing 'we can't afford that' or 'don't talk about money' but rarely learn how it works in practice.

These gaps in understanding can lead to poor habits and anxiety later in life.

The simplest way to build financial confidence is to talk about money openly. Explain how budgeting works in your household.

Show children how you make decisions between saving, spending and giving.

These conversations do not need to involve figures; they simply teach that money is a tool to be managed thoughtfully, not a source of fear or secrecy.

Teach practical money skills that last a lifetime

Financial literacy starts with small, consistent lessons.

Encourage children to divide pocket money between saving for goals, spending wisely and sharing with others.

When they earn their first income, discuss superannuation and the importance of paying themselves first.

Teenagers can learn valuable lessons from managing their own bank account or setting savings goals for something meaningful.

Mistakes made early, when the stakes are low, become lifelong lessons about responsibility and planning.

How to prepare children for a future inheritance

Wealth transfer should be more than a transaction; it should be a transition of knowledge and values.

By normalising conversations about money, you prepare the next generation to make confident, informed decisions.

Financial literacy is not about teaching children to chase wealth. It is about helping them understand how to use it wisely.

That understanding is what turns an inheritance into a legacy.

The takeaway: financial literacy is the ultimate legacy

The true gift is not the money itself but the mindset that comes with it.

Teaching financial literacy early helps children build confidence, independence and respect for money.

When you pass on knowledge and values, you create an inheritance that lasts far beyond the balance sheet.

Woolworths shoppers hit with another price hike

Everyday Extra members are facing higher costs as the supermarket moves to a monthly subscription model.

Woolworths is phasing out the annual fee for its Everyday Extra loyalty program in favour of a monthly subscription model.

Existing members will remain on their current plan until their annual subscription expires, after which they will need to switch to the monthly option or opt out.

Everyday Extra offers shoppers the chance to save through:

• 10% off one shop per calendar month at Woolworths, and
• Double points at Woolworths and BIG W.

A Woolworths spokesperson told Money, "From July 30,  2026, Everyday Extra will only be offered via a monthly plan of $7 per month. The annual plan option will no longer be available. All the subscription benefits remain exactly the same."

But with members set to pay 20% more for the same benefits, many Woolworths shoppers are unhappy.

As Reddit user VantageXL reminded everyone, "When Everyday Extra first launched a few years ago it was just $59/year (sometimes $35 during a promotion), the 10% discount also worked at Big W and you received 3x points instead of 2x points. I wonder what the next 'enhancement' will be. Maybe they'll just scrap it entirely."

The free Woolworths Everyday Rewards program boasts more than 14 million subscribers.

"FFS. I hate monthly subs," said one Reddit user.

"Me too. See ya later everyday rewards! I'm shopping at Aldi mostly anyway," added another.

Jetstar to charge for overhead carry-on luggage from 2027

Passengers could pay up to $52 extra per flight to store bags in overhead lockers.

From February 2, 2027, Jetstar will scrap its current free 7kg carry-on limit.

Instead, it is introducing 'Priority Carry-On'.

This will see passengers pay upwards of $25 for each domestic flight, and as much as $52 per international flight for luggage stored in overhead lockers.

There will be no cost for a laptop, handbag or small backpack that can be stowed under the seat.

Jetstar is trying to put a positive spin on the new charges, saying passengers who pay for overhead luggage will have priority boarding.

However, for a family of four holidaying in Japan, the overhead luggage fee could add an extra $400-plus to airfares - and that's just based on the fare from Cairns to Tokyo, let alone connecting domestic flights.

The reaction from travellers has been mixed.

As Reddit user Numerous_Problems points out, carry-on allowance has been abused for years.

But another - theparrotofdoom, says "One day, they'll figure out a way to charge us for the luxury of having wings on the plane, or stairs to get onto the plane."

Jetstar says it will no longer routinely weigh passengers' bags before boarding following the introduction of Priority Carry-On

That said, customers will need to keep their bags to 10kg in weight so they can lift the luggage themselves.

Travellers with existing bookings after February 2, 2027, will be upgraded to include Priority Carry-on at no cost.

HSBC to exit Australian retail banking after 40 years

More than 90,000 home loan customers will eventually be transferred to a new lender.

What happens if my home loan lender shuts down?  It's a question plenty of mortgage holders ask, and around 91,000 Australians who have a home loan with HSBC are about to find out.

After 40 years of banking in Australia, HSBC is calling time on its local retail banking operations.

HSBC will sell its $36 billion portfolio of Australian home loans and personal loans to Blackstone, the world's largest alternative asset manager, with Pepper Money set to manage the loans on a daily basis.

All this is expected to happen in 2027.

For now, HSBC says its customers can continue to bank as normal. No action required at this point.

HSBC claims it is bailing out of its Aussie retail operations as "part of the ongoing simplification of the HSBC Group".

Still, it goes to show how hard it can be for foreign banks to crack into the lucrative Australian mortgage market.

Another major international bank - Citibank, sold its retail business to NAB in 2022.

Low-income Australians to benefit from new bank fee protections

Banks will be required to move eligible customers into cheaper accounts unless they opt out.

Back in 2024 the Australian Securities and Investments Commission unearthed a scandal that saw more than 150,000 low income and First Nations customers pay $6 million in bank fees over a year.

This was despite many account holders being eligible for a basic, low-fee account.

As the saga unfolded, the Commonwealth Bank dug in its heels and refused to refund excessive fees charged to low income customers (those relying on Centrelink for income).

However, the Australian Competition and Consumer Commission (ACCC) has just issued a landmark ruling requiring banks to proactively move eligible customers into low or no-fee accounts unless they choose to opt out.

ACCC deputy chair Mick Keogh says, "These conditions will help more eligible Australians access lower-cost banking products and avoid bank fees that significantly impact people on lower incomes.

"We want banks to do more than simply make these accounts available. They should actively identify customers who may benefit and make sure they are aware of their options."

Consumer Action Law Centre CEO Stephanie Tonkin, describes the ACCC's move as "a common-sense decision that will put money back into the pockets of people who can least afford to lose it."

She adds, "For too long, thousands of low-income Australians, pensioners and concession card holders have languished on inappropriate bank accounts simply because they faced barriers to switching or didn't know a cheaper option existed."

Sydney drivers to save on tolls

Motorists using the M2, M7 and Lane Cove Tunnel will see lower charges from 2027.

Sydney motorists grappling with 13 different toll roads, can expect a reprieve of sorts - though not until mid-next year.

From July 2027, motorists using the Lane Cove Tunnel, M2 and M7 will be able to save up to 10% on current tolls.

Motorcyclists will pay 50% less on all motorways progressively from 1 July 2027, and tolls on the Cross City Tunnel will reduce by 20% when the Western Harbour Tunnel opens in 2028.

John Graham, NSW Minister for Transport, admits the toll savings are "modest".

However, he says Western Sydney motorists have been copping a "raw deal" for some time, and adds "we've levelled the playing field with the price reductions and a toll cap that means regular users won't spend more than $50 a week on tolls."

Two of Sydney's key toll roads - the WestConnex and NorthConnex, are not listed among the roads to see lower tolls.

The regulator's investigation uncovered cases where borrowers were hit with thousands of dollars in fees, fell behind on repayments within months and were left owing large debts even after their vehicles were repossessed.

As demand for EV and hybrid finance continues to grow, experts say it's more important than ever to understand exactly what you're signing up for.

The Australian Finance Industry Association, which represents 150 banks and other lenders, says the value of loans for EVs and hybrid cars surged 20% to $7.37 billion in 2025.

More recently, CommBank and NAB reported a spike in demand for EV finance as motorists looked for ways to reduce fuel costs.

 

 

 

 

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What's gone wrong with car loans?

ASIC has been taking a close look at loans provided by eight of Australia's biggest car finance providers.

In its examination of more than 350,000 loans given out between 2023 and 2025, the business watchdog found many were too expensive for the people they were being given to.

The findings didn't surprise Mark Holden, acting director of Mob Strong Debt Help, a legal and financial counselling service.

"We see a lot of [clients] being set up for loans that were inappropriate for them in the first place," he says.

"They go to a car dealership and get themselves on a loan, but they're not able to keep up and end up defaulting on it within the first six months."

Reporting its findings, ASIC described borrowers being hit with multiple fees totalling thousands of dollars.

In one case, a customer had to cough up almost $10,000 in administrative and handling charges - almost 20% of the value of the loan they had taken out.

ASIC says a key cause of the trouble is dealerships inflating the value of the cars they're selling, leading to borrowers still owing sizeable sums, even after their car has been re-possessed and sold.

"They have all the interest being added onto [the price] and then the car is re-possessed and they still have this massive shortfall to contend with," says Holden.

Summing up its concerns, ASIC said car finance providers weren't keeping a close enough eye on the third parties like brokers and dealerships who sell their loans and making sure these businesses treat customers properly.

The Australian Retail Credit Association, which represents several of the lenders included in ASIC's report, declined to comment on the regulator's findings.

How to avoid a car loan you can't afford

Pushy salespeople are synonymous with car shopping and this pressure can extend to the finance options you'll need if you're not buying a vehicle outright.

The dealership selling you your car might push you to get a loan there and then with their affiliated lender, but experts warn these convenient options can come with extra fees.

Therefore, it's a good idea to shop around different loan brokers to see what sort of credit they can extend to you, before going in to buy a vehicle.

A brokerage should be able to look for a loan that suits your personal situation, rather than a particular vehicle and will have more lenders to shop your options around to.

"We've generally got a lot more choice... we may have 40 to 70 different lenders to choose from, depending on what the client's looking for and what their situation is," explains Jenaya Kennett, founder and managing director of Pink Loans Financial, a brokerage. "We go and seek the best loan option for you based on your personal scenario."

But even when considering a broker's offers, it's important to check the details of the loan before you sign to make sure you can afford it (see how further below).

Also make sure you're being offered the right type of loan.

"Some people are being encouraged to use an ABN or to apply for an ABN, so [the lender is] able to sell it as a business-purpose loan," says financial counsellor Deb Shroot, who helps people facing unreasonable vehicle finance deals.

"The issue with that is there are certain protections like responsible lending obligations with consumer credit. With business credit, the same protections don't apply."

It's also worth remembering that if you're in a vulnerable situation or have a low income, you might be able to get access to a No Interest Loan (NIL) worth up to $5000 to go towards buying a vehicle.

Can you get a cheaper loan for an EV?

If you're one of the growing number looking to finance a new EV, consider getting a personal green loan.

These are designed to help people buy more eco-friendly cars and can come with lower interest rates and fees than regular personal loans, but only limited options may be available.

Picture this: a new smile, a week by the pool and a dental bill thousands less than the quote at home.

For someone facing $25,000-plus for implants or a mouthful of crowns, the overseas option can look very appealing.

The Victorian Government's Better Health Channel estimates that about 15,000 Australians travel overseas for healthcare each year, with a large proportion seeking dental work.

In a 2025 Insurance Council of Australia and Department of Foreign Affairs and Trade survey, dental care was the overseas procedure travellers were most likely to consider.

The price gap can be huge. An implant, set of crowns or full-mouth reconstruction can cost tens of thousands here, while prices in Asia may be 30% to 70% lower.

But the lower prices are not without risks.

One patient ultimately faced more than $80,000 in repair costs after extensive overseas dental treatment failed.

Why are more Australians travelling overseas for dental work?

Dental care is one of the biggest gaps in Australia's universal health system.

Most adult care sits outside Medicare, public clinics are restricted to eligible patients and private health insurance commonly covers only part of a large bill.

The Australian Institute of Health and Welfare says $12.5 billion was spent on dental services in 2022-23. Patients paid 61% directly and private health insurers funded 20%.

In 2023-24, 28% of Australians aged 15 years or older who needed dental care delayed or skipped a visit, with 18% citing cost.

"Dental tourism is what economists would call the 'exit' response when domestic prices exceed willingness or ability to pay," says Dr Maryam Naghsh Nejad, senior research fellow at the Centre for Health Economics Research and Evaluation at the University of Technology Sydney.

Add cost-of-living pressure, frequent flights to South-East Asia, glossy social media marketing and the chance to see family or tag on a holiday, and the appeal grows.

Dr Mark Morrin, president of the Australian Dental Association NSW (ADA NSW), says the procedures most commonly marketed to Australians are implants, crowns, veneers and full smile makeovers.

"Patients are often presented with packages that promise a complete smile transformation in a short timeframe," he says.

How much can you save on dental treatment overseas?

The headline savings can be substantial.

Naghsh Nejad says indicative prices put a single implant, including the fixture, abutment and crown, at about $1200 to $2000 in Vietnam and $1500 to $2500 in Thailand.

A crown that commonly costs $1500 to $2000 in Australia may be available for a few hundred dollars in either country.

The biggest gaps appear in complex work.

Full-arch implant care, often marketed as All-on-4, is commonly quoted at $25,000 to $35,000 or more per arch in Australia, compared with about $6000 to $12,000 in Vietnam.

Overseas clinics and agencies regularly advertise savings of 30% to 70% and sometimes more.

Naghsh Nejad has not conducted a direct international fee comparison and cautions that most published figures come from medical tourism businesses.

"Advertised savings of 70%-80% are common, but these are list prices, not like-for-like quality-adjusted comparisons."

The final bill depends on the diagnosis, implant brand, materials, laboratory work, specialist input and whether bone grafting, extractions or other treatment is required.

It is also hard to know whether two quotes represent equivalent care.

Naghsh Nejad says travellers also need to budget for flights, accommodation and time off work, with costs varying widely depending on the destination and length of stay.

Major implant treatment may require two or more trips, months apart.

Her advice is to compare the expected cost: the procedure, travel, accommodation, time off work, repeat trips, and the chance of paying Australian prices to put a problem right.

"The sticker price and the realised cost to the patient are rarely the same thing."

Best countries for dental tourism from Australia

Thailand, Vietnam, Indonesia and Türkiye are the countries most Australian dental patients are travelling to.

Thailand has a long-established medical tourism industry and large dental hospitals geared to international patients.

Vietnam attracts travellers with low prices, while some combine treatment with visiting friends or family.

Türkiye is heavily marketed for veneers, crowns and rapid smile makeovers.

But a country is not a quality rating.

Dr Diana Bueno Toro, principal dentist at VIP Dental Clinic in Sydney, says she has seen excellent and poor dentistry performed in many parts of the world, including Australia.

"The reality is that quality varies from practitioner to practitioner, not just from country to country," she says.

"The more important question is whether the treatment was properly diagnosed, planned and followed up over time."

That means looking beyond the price and the dentist's credentials.

Check whether the clinic follows robust infection-control practices, uses recognised materials and offers proper follow-up care.

Verify the dentist's registration through the destination's official regulator rather than relying on a clinic biography or social media account.

Ask who will perform each procedure, what materials and implant systems will be used, whether the clinic is independently accredited and what protections apply if treatment fails.

Should you use a dental tourism agency?

Dental tourism has also produced a new facilitator: the dental or medical concierge.

These agencies can shortlist clinics, obtain treatment plans and quotes, coordinate appointments, arrange transfers and accommodation, assist with translation and provide a contact before and after the trip.

Xavier Mito, founder and chief executive of The Medical Agency, says his company assesses providers on clinical expertise, accreditation, technology, patient outcomes and experience with international patients.

It also negotiates prices and coordinates travel logistics.

That support can be useful when assessing a clinic from another country, but an agency is not a substitute for your own checks.

Ask how the agency is paid, whether it receives referral fees, how clinics are selected, what happens if the treatment plan changes on arrival, and what help it provides if complications develop at home.

Dental patient Safron, from Queensland, used The Medical Agency when she travelled to Bangkok, Thailand, in May 2026.

An Australian dentist had quoted about $4800 for an implant, healing abutment and crown.

Her Bangkok implant stage was about $3000-plus, with the final total dependent on the implant and future crown.

Safron has worked in dentistry for 25 years.

She says the agency handled communication, appointments and costs, and found the dental hospital was modern and professional.

Her experience has been positive so far, although the treatment is recent and the final crown and longer-term result are still to come.

What are the risks of getting dental work overseas?

The scale of the job matters.

Dr Rick Iskandar of Smile On Clinics draws a clear line between basic care and major, full-mouth work.

"For a simple clean or a single filling on a holiday you already had booked, fine," he says.

"For implants, multiple crowns or a full smile makeover, I'd think hard."

No procedure is risk-free, wherever it is done.

But the more invasive the work, the more diagnosis, staging, healing and continuity of care matter.

A poor result can damage the tooth, gum and bone beneath it.

Why dental implants and veneers can go wrong overseas

One of the major problems with combining major dental work and a holiday is the timetable.

Complex dentistry is often compressed into a few days because the patient has a return flight booked.

"Many biological processes cannot be compressed into a holiday," says Bueno Toro.

"Healing takes time. Infections take time to resolve. Soft tissues and bone need time to respond."

Implants may need months to integrate with bone before they are loaded.

Crowns, veneers and full-arch restorations may need bite adjustments after the mouth settles.

Gum disease or infection may also need to be stabilised first.

"A lot of it comes down to speed and a lack of follow-up care," says Dr James Tran, a cosmetic and implant dentist at Lumi Dental in Sydney.

"Patients are treated very quickly, sometimes quite roughly, and then sent home with no ongoing support. The problems only show up once they're back in Australia."

Tran is particularly concerned by overly aggressive care.

"One of the most concerning things I see is root canals carried out on younger patients that should never have been done in the first place," he says.

"Many of these patients are shocked to learn they've had root canals at all and were never properly told beforehand."

The repair bill

By the time failed work reaches an Australian dentist, the fix may involve more than swapping one crown for another.

Infection may need to be treated, restorations dismantled and lost bone rebuilt before anything new can begin.

Bueno Toro recalls a patient who had crowns and veneers placed on virtually every tooth overseas.

Some had fallen off, his gums were badly inflamed and X-rays showed several infections.

The teeth had been prepared so aggressively that all the upper teeth were eventually removed.

He then needed a full upper-arch implant reconstruction and the lower restorations also required replacement.

"This type of treatment can easily exceed $80,000," she says.

The money is only part of it.

She also points to the "biological cost": pain, lost tooth structure, repeated procedures and a poorer long-term outlook.

Iskandar treated a patient whose upper implants failed to integrate with the bone.

Infection spread into the sinus and the patient lost so much upper-jaw bone that the repair required a maxillofacial surgeon.

He could not afford it and, as far as Iskandar knows, remains without upper teeth.

These cases do not prove that overseas dentistry is generally inferior.

The University of Sydney's Alexander Holden notes there are no strong population studies showing poorer outcomes overall.

The bigger issue is accountability when something goes wrong.

Back in Australia, the new dentist may have no treatment notes, original X-rays, laboratory records or details of the implant system.

Parts used overseas may not be available here.

"Without that information we can't safely repair what's there," says Tran.

"In many cases we have to remove and dismantle everything and start again from scratch."

What happens if overseas dental work fails?

Dental work does not end when the final invoice is paid.

Implants need monitoring, crowns and veneers need cleaning and bite checks, and full-arch implant teeth require professional maintenance indefinitely.

"Follow-up care is one of the most overlooked aspects of dental tourism," says Bueno Toro.

A small bite adjustment or early sign of inflammation may be straightforward when the treating dentist is nearby.

From Australia, it may mean another flight, a new dentist taking over an unfamiliar case or leaving the problem until it becomes harder and more expensive to fix.

Morrin recommends agreeing on an aftercare plan before travelling and being clear about who will manage complications at home.

Request copies of the treatment plan, consent forms, scans, X-rays, laboratory information, implant brand and component details before leaving the clinic.

Does travel insurance cover dental tourism?

Standard travel insurance is built for unexpected events, not a procedure planned before departure.

Most policies exclude complications linked to elective dental work undertaken as the purpose of the trip, says Sophie Johnston, director of government and media at the Insurance Council of Australia.

That means an infection or genuine medical emergency may still be excluded if it resulted from the planned procedure.

Yet only 33% of respondents to the ICA and DFAT survey knew extra cover could be needed for medical tourism.

"Specialist medical tourism insurance products do exist and are worth exploring for anyone planning to travel specifically for dental or medical treatment," says Johnston.

"Travellers should read their product disclosure statement carefully and speak directly to their insurer if they're unclear about their cover."

Smartraveller advises looking for a policy that specifically covers the procedure, post-operative care, complications and medical evacuation, and disclosing your plans in full.

It also recommends telling your private health insurer.

Medicare does not cover care overseas and the Australian Government will not pay your bills or evacuation costs.

Case study: The saving that shrank

Kim Phuoc Huynh travelled to Vietnam in 2016 for implants and bone grafting.

The work cost about $20,000, excluding flights and accommodation, compared with an Australian quote of about $50,000.

For five years, the result seemed successful.

Then some implants became loose, his gums became painful and infection and further bone loss developed.

Huynh is returning to Vietnam for remedial treatment expected to cost about $5000, again excluding travel and accommodation.

Huynh is candid that he did not keep up with six-monthly professional cleaning or return for follow-up care.

His experience is a reminder that new teeth are not set-and-forget.

Huynh advises checking the dentist's skill and asking what warranty applies if the work fails, overseas or at home.

The real value

Good dentists and modern clinics exist around the world, and many Australians have saved money and been pleased with the result.

For a clearly defined, lower-risk procedure at a well-vetted clinic, particularly on a trip you've already planned, the numbers may stack up.

For implants, extensive crowns, veneers or a full-mouth reconstruction, the equation is less certain.

The upfront quote may be dramatically lower, but the value depends on diagnosis, materials, healing time, aftercare and access to help if something changes.

As Naghsh Nejad puts it, the right comparison is not Australia's price compared with the price advertised in an overseas advertisement.

It is the expected total cost of each option, including the risk and cost of putting things right.

Less glamorous than "sun, sea and a new smile", perhaps, but more useful when it is your money and mouth on the line.

Case study: The $21 dental bill

Not every successful dental trip involves five-figure treatment work.

Mick Owar, from Melbourne, had a clean and three old amalgam fillings replaced with composite resin in Da Nang, Vietnam, in 2023.

His bill was $21 and, three years on, he says the work has held up without problems.

His return flight was about $600, but he was already spending three weeks holidaying in Vietnam.

"The cost difference is so large it sounds like there must be a catch," he says.

He would consider a clean, filling or other basic work overseas, but would think harder about implants or root canal treatment where follow-up matters more.

The op shops provide affordable clothing to communities while also helping to fund local Indigenous business initiatives.

We sort through how Tanya set it up, the lessons she learned along the way, and how it provides a blueprint for sustainable remote businesses.

What shaped your attitude towards community/sustainability?

I grew up in Yamba, NSW.

My early life was shaped by the natural environment, a small-town community and a fairly simple way of life.

I think when you grow up close to nature, you develop a sense of responsibility for it, even before you have the language for sustainability.

That understanding deepened through my work.

I had a career in marketing with global fashion brands, including Patagonia, which exposed me to business-for-good and the idea that companies could take responsibility for their environmental and social impact.

Later, when I found myself working in remote First Nations communities, including places like Cape York in Queensland and the Top End of the Northern Territory, my understanding of community shifted.

I began to see sustainability as something much bigger than the environment alone.

I don't believe profit, people, environment, culture and community are mutually exclusive.

At their best, they are interconnected, and good business models should be able to strengthen all of them at once.

How did you come to found the Remote OpShop Project?

The project started with a group of women in Jilkminggan in the Northern Territory in 2016.

These women were artists. They loved painting, weaving and sewing, but they were required to participate in work-for-the-dole activities where, really, they were just turning up with nothing meaningful to do.

They told me they wanted to start an art centre. So we sat down with a piece of butcher's paper and mapped out ways they could self-fund it.

An op shop emerged as an idea because clothing was so hard to access in the community.

We put a call out on Facebook asking for a couple of boxes of clothes, and the post went viral.

People from all over Australia wanted to donate, and we ended up with hundreds of boxes of clothing arriving in Katherine.

The women opened the op shop, sold about $10,000 worth of goods, bought art supplies and formally incorporated their art centre.

That was the moment I really saw what the model could be. It wasn't charity, it was self-determination in action.

We now have more than 45 remote community partners, with op shops operating in different ways depending on local needs, from pop-ups and mobile op shops through to permanent community-led spaces.

Have you refined the business model since you first began?

I don't think of business models as static. They are living systems, and they need to keep changing as you learn, adapt and respond to what is happening on the ground.

In the early stages, we had a simple, low-cost model where donors sent goods directly to remote communities by post.

It worked because it was practical and direct.

But as demand grew from remote communities wanting to join the network, we needed to strengthen the system behind it.

That led to the opening of our first reuse hub in Darwin.

The hub has enabled us to engage fashion industry partners and work with them to redirect quality surplus goods into a central point, where items can be sorted and redistributed to communities that need them.

Designing business models for remote Australia is challenging.

There are elements that are non-negotiable, like no road access during the wet season, cultural obligations and protocols, long distances, dispersed communities, limited infrastructure and high freight costs.

You cannot design around those realities, you have to design with them.

In communities, the op shop model has evolved, but the core has stayed the same: community-led, low-risk and built around local ownership.

Where to next for the Project?

The next stage is about building the infrastructure to support scale without losing the community-led heart of the project.

Our Darwin Reuse Hub is a key part of that.

Over the longer term, the vision is to establish regional reuse hubs in places like Cairns, Broome and Alice Springs, connecting quality surplus goods with remote communities across the Northern Territory, Western Australia and Queensland.

We are also working towards securing impact investment to develop a broader precinct model, a logistics hub and community of purpose-led businesses focused on circular economy, Indigenous enterprise and regional employment.

The idea is to create the infrastructure that allows excess goods to move more efficiently, while also creating opportunities for collaboration, training, jobs and innovation.

What are the greatest challenges communities in remote areas face?

Access is one of the biggest challenges. Access to affordable food, clothing, household goods, transport, infrastructure and employment is extremely limited.

Distance changes everything, it adds cost, complexity and time.

A family might have to prioritise food over clothing, or go without basic household items because prices are too high or supply is limited.

But I think the deeper challenge is that in remote communities, First Nations people have had generations of programs and systems designed for them, rather than with them.

People have often been told what to do, rather than being backed to lead.

One elder once said to me, "We have been told to sit down for so long that now it can be hard to stand up."

That has stayed with me.

What gnarly issues have you had to fix that you didn't anticipate?

Logistics is by far the biggest challenge.

In the early stages, our direct donation model helped us avoid a lot of handling costs, while also creating a powerful direct connection between public donors and the women leading op shops in their communities.

But as the network has grown, so has the complexity.

Moving goods across remote Australia is expensive and difficult. There are long distances, limited freight options and communities where people may already be travelling a 100-kilometre round trip just to get to the post office.

We have been fortunate to have a strong partnership with Team Global Express, who have been incredibly generous in their support.

The next step is to build a more sustainable logistics model that creates employment opportunities for logistics coordinators in remote communities, while also increasing the volume and value of goods being sent so the model becomes more viable.

Finish this sentence: money is good for...

Money is good for turning values into action.

New figures from the Australian Financial Complaints Authority (AFCA) show complaints jumped 19% from 100,745 a year earlier, marking the third consecutive financial year the ombudsman has received more than 100,000 complaints.

The figures suggest cost-of-living pressures, claim disputes and financial hardship issues are continuing to drive consumer frustration with financial firms.

"These numbers highlight the impact that ongoing cost-of-living challenges and economic uncertainty are having on consumers, and the flow-on effects these conditions can have across the financial system," says Deborah Jenkins, AFCA's chief customer officer.

"Every complaint represents someone's experience, and collectively they provide a view of where consumers are struggling. By working with us and acting on these insights, firms can help prevent recurring issues that lead to complaints with AFCA."

Transaction accounts and everyday bank accounts generated the largest number of complaints nationally, underscoring how problems with everyday banking products are becoming a growing source of consumer frustration.

The ombudsman notes that the figures released today are preliminary though, with the finalised data set to be published in its annual review later in the year.

Australia's most complained-about financial products 

While AFCA recorded an increase in complaint numbers across all the categories it tracks, banking and finance proved to be the most troublesome area.

Australians lodged 66,971 complaints in the category over the last financial year - a 23% uptick on the year before.

Jenkins says that financial difficulty was one of the leading drivers of this growth, and one of the areas that banks and lenders need to improve on.

"These numbers point to opportunities for firms to strengthen hardship support, improve communication with customers and ensure accurate credit reporting, helping resolve issues before they become disputes."

Transaction accounts topped the list of complained-about financial products, followed by motor vehicle insurance and credit cards, highlighting just how many disputes stem from everyday financial products rather than complex investments.

General insurance was the second-largest category by complaints volume, with motor vehicle insurance once again proving to be the largest source of frustration among customers.

Insurance-related issues also topped AFCA's overall complaints list, with claim handling delays and claim rejections among the top three issues, along with service quality concerns.

Shield and First Guardian trigger complaints surge

Banking and finance may have generated the most complaints, but the sharpest growth came from investments and financial advice.

Complaints in the sector surged 56% over the year, fuelled by the fallout from the collapse of the Shield Master Fund and First Guardian Master Fund investment schemes.

It's estimated that more than 11,000 Shield and First Guardian investors were impacted when the schemes collapsed, with $1.1 billion in retirement savings put in jeopardy.

"While most financial advice firms do the right thing, we are seeing a significant number of complaints stem from major financial collapses that have affected thousands of consumers," Jenkins says.

"These matters are complex and can be incredibly stressful for individuals and their families."

AFCA has a dedicated page for investors caught up in the collapses, including information on the options available and the types of complaints it will and won't be able to assess.

How to lodge a complaint with AFCA

In most situations, the advice for consumers having an issue with a financial firm is to reach out to the relevant customer service department to try and solve it directly.

If that initial contact doesn't prove fruitful, it may then be worth asking to escalate the issue with someone more senior.

Should that fail though, consumers may want to consider lodging a formal complaint.

For issues related to banking, insurance, superannuation, investments and financial advice, AFCA is the relevant body to contact for both individuals and small businesses.

Complaints can be made online, over the phone, via email or in writing. Though before getting started, AFCA suggests pulling together any relevant documents and having a think about the kind of outcome you're hoping for.

For issues in different sectors, like goods and services or energy, consumers may need to reach out to their state or territory fair trading agency or relevant ombudsman.

Need help resolving a dispute? Check out our guide on where to complain about banks, insurers, telcos and retailers for a comprehensive rundown of your options.

Everyone loves a tax refund. But every year thousands of Australians either miss out on deductions they're entitled to - or claim expenses that simply don't qualify.

The Australian Taxation Office (ATO) has become increasingly sophisticated at identifying incorrect claims, using data matching and other technology to compare tax returns against information from employers, banks, insurers and other organisations.

The good news?  Most tax mistakes are entirely avoidable.

Recent H&R Block research found that six in 10 Australians questioned whether they'd lodged their tax return correctly after submitting it, while four in 10 believe they've previously missed something on a return - highlighting just how common tax uncertainty can be.

Here are some of the deductions that taxpayers are most likely to get wrong this year - and how to avoid making the same mistakes.

'I work from home most days, so I'll just estimate my hours'

Case study: Sarah, marketing manager

Sarah worked from home three days a week throughout the year.

When it came time to lodge her tax return, she estimated she'd worked around 700 hours from home.

The problem? Estimates aren't enough.

If Sarah wants to claim working-from-home expenses using the fixed-rate method, she needs records of the actual hours she worked from home.

A diary, roster, timesheet or electronic calendar can all help support her claim.

Working from home doesn't mean every household expense becomes deductible either.

You can't simply claim part of your mortgage repayments, and you need to understand exactly which costs are already covered under the ATO's fixed-rate method.

The lesson: Keep records throughout the year-not just at tax time.

'I use my car for work, so I'll claim the maximum'

Case study: Ben, electrician

Ben regularly travels between different job sites during the day, so he knows some of his travel is deductible.

Unfortunately, he also includes his daily commute from home to his first job and claims the maximum number of kilometres without keeping any evidence.

That's a common mistake.

Travel from home to your normal workplace is generally private and not deductible.

Travel between worksites, visiting customers or travelling from one employer to another may be deductible.

Even if you use the cents-per-kilometre method, you still need to be able to explain how you calculated your work-related kilometres.

The lesson: Just because you drive for work doesn't mean every kilometre is tax deductible.

'I have to wear business clothes, so surely they're deductible'

Case study: Emma, accountant

Emma spends thousands each year on suits, dresses and shoes because her employer expects her to look professional.

Many people assume that's deductible.

It isn't.

The tax rules distinguish between conventional clothing-which remains a private expense-and items such as compulsory uniforms, protective clothing or occupation-specific clothing.

Even expensive office attire doesn't become deductible simply because your employer has a dress code.

The lesson: Looking professional and being entitled to a deduction aren't the same thing.

'My phone is basically a work phone'

Case study: Daniel, sales representative

Daniel uses his mobile constantly for work.

He also uses it to call family, stream music and browse social media.

If he claims his entire annual phone bill as a work expense, he's likely to have a problem.

Only the work-related portion is deductible.

The same applies to home internet services.

A reasonable calculation based on actual usage is far more likely to stand up if the ATO asks questions.

The lesson: Work use is deductible. Private use isn't.

'I'm studying, so everything should be deductible'

Case study: Priya, registered nurse

Priya enrols in a postgraduate nursing qualification that will help her progress into a more senior clinical role.

Those education expenses are likely to be deductible because they're directly connected to her existing employment.

If Priya instead decided to study architecture with the intention of changing careers, those expenses generally wouldn't qualify.

The lesson: Tax deductions are designed to improve your current career-not fund a new one.

The biggest mistake of all? Claiming what everyone else claims

Tax advisers hear it every year.

"My mate claimed it."

"My colleague told me it was deductible."

"I saw someone talking about it on social media."

Unfortunately, tax law doesn't work like that.

Two people doing similar jobs can have completely different deduction entitlements depending on who paid the expense, whether they were reimbursed, and exactly how the item relates to earning their income.

Every deduction needs to satisfy three basic tests:

• You paid for the expense yourself.
• It directly relates to earning your income.
• You have records to prove it.

Miss any one of those tests and the deduction may not be allowed.

Don't let the pursuit of a bigger refund backfire

Most Australians want to do the right thing.

The challenge is that tax law isn't always intuitive.

Claiming too little means paying more tax than necessary.

Claiming too much can result in amended assessments, penalties and interest if the ATO reviews your return.

The smartest approach isn't to chase the biggest possible refund - it's to claim every deduction you're legally entitled to, and nothing you aren't.

That's why keeping good records throughout the year is still the simplest tax strategy of all.

It makes lodging your return easier, gives you confidence that your claims are correct, and means you're prepared if the ATO ever asks you to substantiate them.

AMP launches 40-year loan

AMP Bank has unveiled a 40-year investment loan, joining a growing number of lenders extending mortgage terms beyond 30 years.

It wasn't so long ago that 25-year mortgage terms were the norm.

Recent years have seen this pushed out to three decades.

This week saw AMP Bank stretch loan terms out even further - for property investors at least - with its new Equity Flex Loan.

Equity Flex offers a whopping 10 years of interest-only payments with a loan term of up to 40 years.

With an interest-only rate of 6.54%, this loan is pitched at investors.

So how long is too long for a home loan?

Other lenders with 40-year mortgages include Bluestone Home Loans, Liberty Financial and Unity Bank, though not all these loans are pitched at investors.

While a longer term will lower regular repayments, it can also significantly raise the loan's overall interest cost.

The thing is, few landlords hold onto a rental property for 40 years.

Research by the Australian Housing and Urban Research Institute found half of all residential property investments last for just two years. The average investment period is closer to four years.

Most Australians don't understand how interest rates fight inflation: RBA

An RBA survey found only 25% of Australians correctly understand how higher interest rates are intended to bring inflation down.

It's a fair bet homeowners grappling with three rate hikes since February are focusing on how they'll meet higher loan repayments rather than worrying about the economic rationale behind the rate decisions.

But the Reserve Bank of Australia (RBA) says part of the problem is that most of us just don't get the connection between higher rates and the RBA's efforts to tame rising prices.

A recent RBA survey identified what it describes as "a large gap" in the understanding among Australians of how interest rates affect inflation.

Apparently, only one in four (25%) of us "assessed correctly" that higher interest rates would ultimately lead to lower inflation.

More than half believed that higher interest rates would lead to higher inflation (which you have to say is not an unreasonable assumption given that higher rates raise home loan repayments).

Fortunately, the RBA recognises the need for further community education.

Our central bank says it is adapting its "communication approach to better meet the needs of different audiences".

Nearly one in three scam victims suspected a scam but lost money anyway

CommBank research shows nearly one in three scam victims had doubts.

Never underestimate scammers. They are masters of psychology.

A new CommBank study shows nearly one-third of scam victims suspected something was wrong - but went ahead anyway.

It goes to show that scams are designed to override our instincts in moments of pressure.

CommBank's executive general manager for scams and fraud, James Roberts, says the findings challenge the stereotype that scam victims are simply careless or uninformed.

"Scams don't just work because people miss the warning signs - often people sense something is off, but the scam is designed to push them to act anyway," notes Roberts.

"Scammers are no longer just trying to trick people - they're targeting how we make decisions.

"Many scams are designed to feel routine and legitimate, so people act without stopping to verify. That's exactly what scammers rely on."

According to Roberts, one of the most powerful things we can do is treat that uneasy feeling - our gut instinct - as a signal.

He says, "If something feels off, stop, check and verify the source before you act."

To help Australians spot scams in the moment, CommBank has launched a new investment scams educational video showing how scammers operate and what to watch for.

Australia's biggest HECS debt hotspots revealed

Melbourne and Sydney account for the largest share of Australia's HECS debt.

Tertiary education doesn't come cheap.

Almost 2.4 million Aussies have a HECS debt, with the average balance sitting at $28,500, and around half of all HECS debts held by people aged under 30.

But accounting firm KPMG says the bulk of the nation's $67.6 billion HECS debt is held by Sydneysiders and Melbournites.

KPMG urban economist Terry Rawnsley says, "This is really a story about the geography of opportunity."

He adds, "Rather than signalling financial stress, it shows how higher education can act as an investment in future earnings.

While average HECS balances exceed $30,000 in both Melbourne and Sydney, the Gold Coast has an average HECS debt of $31,000.

Rawnsley explains this, saying, "The Gold Coast stands out with one of the largest average HECS balances outside the major capitals, as the city's economy becomes more diversified and attracts more highly skilled workers."

Graduates may easily be stressed about their outstanding HECS debt.

But Rawnsley believes "HECS empowers graduates to achieve higher wages in the long run, offering significant financial and career benefits over time."

KttiPay customers have one month to move their money

The group payments app will close on August 31, 2026.

Launched in 2023 as a shared digital wallet, Kttipay was designed to make it easier for mates to split the cost of dining out, accommodation and special events like hen's nights.

But after just three years, KttiPay is closing down with what the website says is a shift to a new project called Maytes.

KttiPay can continue to be used until August 24 but users will need to settle or close any open kttis, PayLinks or payment requests and move or cancel direct debits linked to their KttiPay account

App users will still be able to access their account and transfer any remaining money out until KttiPay closes on August 31.

Tell us about your early years. What were your formative money experiences?

I am the youngest of many children and I grew up in a working-class family - not that I knew it really as we had everything we needed, including a stable home, organic homemade food and new clothes when we needed them.

I grew up with two belief systems that my mum and dad modelled for me: one, there is always enough to go round; two, there are always creative ways to make do. So while I may have been at the lower end of the social economic system, I never felt this.

My parents did everything together and shared the responsibility equally for money, chores, cooking and childcare. That was unusual for that time, but it is all I knew growing up, equality seemed normal to me. They instilled in me a notion that I should not borrow money or spend what I didn't have.

While well-intended, that advice would have stopped me from borrowing money to buy things, such as a car that impacted my ability to travel for work or stopped me from investing in property.

What was your first job and how much did you earn? What did you spend that money on?

My first job was in the Coles bakery in my local area. I didn't spend my wages, I always saved them. I'm going to guess about $4 an hour.

You're a money coach with three decades in the field, helping Australians navigate their finances. Tell us the main insights you've garnered about our relationship with money. 

That we all have one and it was formed between the ages of two and 10. I liken it to the theory of 'attachment'; we all have a money story or an attachment style to money if you will, be it avoidant, anxiously attached or securely attached.

The main insight is that until we address this core belief/wound/story that drives our negative money beliefs or fears, no app, spreadsheet, system, financial product or course will be enough to sustain behavioural change and better outcomes.

Why did you found Money Strong and what is unique about it?

I founded Money Strong because the current financial ecosystem only has about 15,544 financial planners and 1500 counsellors and we are a population of 27.3 million people trying to do better with money.

There are a lot of people stuck in the middle; they are not in hardship and needing the services of a financial counsellor, they are not financial-advice ready or deemed financial-advice worthy, so they have nowhere to go. Enter Money Strong.

Money Strong is a non-advice alternative for Australians who want to do better with money. It is unique because it services a section of the market that is not met by financial counsellors at one end of the spectrum or financial planners at the other end of the spectrum. It takes care of those in the middle.

It helps ordinary people change/improve their relationship with money, while helping them level up their money smarts. More importantly, it supports people to implement and set themselves up for financial wellbeing.

What does money mentoring provide that a financial adviser doesn't?

A behavioural science approach to addressing our relationship with money and improving it.

It helps ordinary people upscale their money smarts, addresses serious money issues, such as under-earning, over-spending, mismanagement of money and assisting with behavioural change.

It shows people how to manage money in ways that align with their values and life goals. It also helps people set up and automate their money life.

You've recently focused some of your advocacy on issues that separated can face over delay and control tactics in family court proceedings. Tell us about that.

We know that in 95% of domestic violence cases financial abuse in some form is present.

One way abuse is continued after the victim leaves (if via the Family Court) is by using financial abuse as a vehicle to continue controlling the victim's life by forcing them to attend court, pushing them into financial hardship due to excessive legal fees, using court hearings as a means to see the victim and bringing vexatious matters before the court to mentally torment a victim.

Then there are the tactics of child-support avoidance to reduce the mother/child's quality of life, impacting where they can live and what experiences they can have. It is an extension of the need to control by withholding money.

I have researched, studied and learnt about this topic for more than 16 years and the reality is it happens, to nice people, to innocent people and to those who believe it could never happen to them.

When it comes to your personal money habits, how have they evolved over time?

The biggest shift in my money habits has been eliminating the use of money on things that are not really values aligned for me. An example, at a small level, would be not buying alcohol and a bigger example would be no longer needing to drive an expensive European car.

I'm very conscious now in my use of money; if it is bad for me I'm not using my money on it, if it is bad for the planet or harms others, my dollars will never find their way to it, if it's unfair on anyone in the distribution chain, it's off limits.

To me money is an extension of using our voice to say what we support and what we will not tolerate. I wish more people used money in more conscious ways.

What's the best investment - financial or personal - you've ever made?

Financially, commercial property. I used the bank's money and the tenants covered 110% of all the costs. Personally, mentors have been my greatest investment. I continue to invest a lot of money in mentors today for various areas of my personal and professional life.

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

... confidence to live our own path, especially as a woman. It is the one thing that will give you the confidence to stay, leave, say no, walk away or say yes to exploring a crazy expensive dream.

Grocery bills are climbing, but a growing number of Australians are using AI tools to plan meals, reduce food waste and avoid impulse purchases.

Australians now spend about $207 a week on groceries, up from the mid-$160s just a couple of years ago, according to Finder's Consumer Sentiment Tracker.

The good news is that free or low-cost AI tools can help you stretch your grocery budget further.

Why grocery prices keep rising

The overall inflation rate sits at 3.8% for the year to June 2026, yet in that same time, certain grocery items have outpaced inflation.

Beef and veal have risen by 13.5%, coffee, tea, and cocoa by 11.5%, and snacks and confectionery by 6.7%.

You can't control global events, beef prices or supermarket margins, but you can control what goes into your meal plan, your list, and your trolley.

That's where AI comes in.

1. Use AI meal planning to cut grocery costs

Structured meal plans can feed a household for $93-$193, often well below the $200-plus figure many Aussies now spend.

Take stock of your pantry

On your phone, photograph what's on the shelves in your pantry and in your fridge and freezer, or quickly type a list of what you already have.

Give an AI tool a clear brief

You can use any mainstream chatbot or a grocery app with built-in AI.

Make sure your prompt includes your household size and ages, dietary needs (gluten-free, kids' lunchboxes, CSIRO Total Wellbeing Diet), weekly grocery budget (set your target, not what you're currently spending), and a list or photos of pantry and freezer items to use up first.

The more specific you are to your circumstances, the better the results you'll get.

For example, a family spending $220 a week could ask AI to create five dinners using ingredients already in the pantry plus a $120 shopping budget.

The chatbot might recommend using frozen vegetables, beans and existing staples before suggesting additional purchases.

Turn the AI's menu into a realistic week

Ask AI to swap out expensive proteins for cheaper alternatives in some meals. Ask for 2-3 'leftover night' meals that intentionally empty any fresh produce.

Check AI's suggestions against what your household will actually eat.

Price it and sanity-check your savings

Plug your ingredients into WiseList (a Melbourne-developed app that compares prices between Coles, Woolies, and ALDI) or your usual supermarket's online cart to see the total upfront.

2. Use AI to create a smarter shopping list

Sort your list into three buckets

In their productivity book First Things First, Stephen R. Covey, A. Roger Merrill, and Rebecca Merrill taught the idea of managing by importance.

You can apply this idea to shopping by organising your list around:

• Essentials (core ingredients for the week's meals)
• If on special (brands or extras you'll only buy on discount)
• Only if under budget (treats and non-essentials)

Ask AI to structure and price your list

Paste the AI-generated meal plan or your own recipes into a chatbot.

Ask it to output a shopping list grouped into the three buckets.

Ask it to estimate prices, then verify them using your supermarket's online catalogue or price comparison tools.

Remember that AI can make mistakes or use outdated information. Always verify prices, specials and dietary advice before making purchasing decisions.

Use AI to find cheaper swaps

Try prompts like "Suggest cheaper supermarket-brand alternatives for each item in my Essentials list." "Where can I swap in beans, lentils or frozen veg without sacrificing nutrition?"

On a $178-$207 weekly shop, a 5-10% saving is $9-$20 a week, or $450-$1000 a year.

3. Use AI to beat your impulse triggers

The best laid plans can be derailed by habitual impulse buys. Here's how to beat them:

Find your weak spots

Make a list of your impulse triggers and then ask AI to help identify common impulse triggers (half-price snacks, bakery smells, shopping while hungry, kids in tow).

Write 'if-then' rules with AI

Plan how you'll handle each trigger in advance.

Examples include: "If I see something that isn't on my list, I'll take a photo and add it to next week's plan instead of buying it now." "If a treat is half-price, I'll only buy it if my cart is still under budget."

Prompt AI to condense these into a simple 'shopping rules' card you can save on your phone.

Start with one small change this week

To save money on your grocery bill, you don't have to become an AI power user. If you can write a text message, you can ask a chatbot to map out a week's dinners or tidy your shopping list.

Start with one tactic on your next grocery shop. Even a small reduction in your weekly spend can add up to hundreds of dollars over a year.

That could mean paying more than $10 extra to fill a family-sized car, just as global oil prices continue to climb.

Motorists who need fuel in the coming days may want to act now. Experts say prices are likely to rise as service stations begin replenishing stocks after the tax increase, meaning drivers who fill up this week could avoid some of the incoming pain at the bowser.

What's happening to fuel prices?

Fuel prices have already risen sharply this month, with regular unleaded increasing by about 20 cents a litre in some capital cities over the past two weeks.

"In our major capital cities, we've seen a 10 cent (per litre) increase in the regular unleaded price in the last week, and that follows a similar increase the week before," says Dr Ian Jeffreys, principal economic and affordability specialist at the Royal Automobile Club of Queensland.

The increase in diesel prices has been "significantly higher", he adds.

Early this week, motoring groups reported the average national bowser rate for unleaded was around $1.90 per litre, while for diesel it was around $2.30.

The recent increases have been driven by escalating conflict between Iran and the US and continuing fighting between Russia and Ukraine, but NRMA spokesperson Peter Khoury says prices are about to get even higher.

"We've seen those national averages go up somewhat significantly in the last few weeks. And unfortunately, given what we're expecting next Monday, we will see that continue."

Why petrol prices could rise from August 3

Monday, August 3, will see the fuel excise (the federal government's fuel tax) return in full, after months of discounts designed to ease cost pressures on consumers.

On top of this incoming 16 cents per litre levy, an extra one or two cent charge will also be added to the tax, as it's adjusted in line with inflation.

The exact increase will depend on how much of the excise is passed on by retailers and local competition.

What is the fuel excise?

The fuel excise is a tax on petrol and diesel designed to fund Australia's road and transport infrastructure.

It's charged on wholesale prices and then filters down to the price consumers pay at service stations.

It's normally 52.6 cents per litre, but was halved to 26.3 cents in March, after fuel prices spiked following the outbreak of war between Iran and the US.

A federal deal with the states and territories soon after cut it by another 5.7 cents.

This lower rate applied until the beginning of this month, when the federal government re-introduced some of the tax.

Next week is expected to see the remaining discount wound back and the excise return in full. The inflation indexing is expected to take the incoming charge on prices to around 17.5 cents per litre.

How much more could drivers pay?

"[The fuel excise] is applied at the wholesale level. So that won't immediately hit retail prices," explains Dr Jeffreys, who says when the extra charge will flow through to bowser prices depends on where you're filling up.

"The capital cities respond quicker because those retailers will be getting resupplied quicker... then regional cities next and more remote locations last."

How you can save

Experts say you shouldn't let fear of fuel shortages drive you to buy more fuel than you need.

"It's the only way you're going to create a supply issue, given that Australia has secured supply for the months ahead," says Khoury.

Seeking to shore up confidence in the national stockpile, Prime Minister Anthony Albanese said on the weekend there's more fuel in Australia today than there was when conflict kicked off between Iran and the US in February.

1. Shop around

Even as prices increase, there can be big differences between fuel costs per litre between competing petrol stations in the same area.

A difference of 20 cents per litre could save a driver $12 on a 60-litre fill. For someone filling up weekly, that's more than $600 a year.

Luckily, there are dozens of free apps and websites you can use to find the cheapest price near you.

Most draw their prices from government databases that retailers are required to report to, while others rely on crowdsourcing for their data.

In addition to the retailer databases, most state and territory governments also operate their own local price comparison apps and websites for consumers.

Money motoring expert and host of The Right Car channel on YouTube, Matt Campbell, says it can pay in the long run to try premium fuels, even if these are more expensive.

"You might see better efficiency from your petrol engine than if you bought the cheaper fuel," he says. "You might spend a little more, but you might end up getting more kilometres per tank."

2. Care for your car

Campbell also has two main practical tips for how you can treat your vehicle differently to save fuel.

Check your tyre pressure

"If you are running a low tyre pressure, you're putting more load on everything," he says.

"If your tyres aren't at the right level, then you will potentially be using more fuel."

Clean out your boot

"Take stuff out of your car that you don't need in there. Some people have a boot full of stuff that they just take everywhere, and we're talking potentially an extra 100 kilograms of stuff. Take that out. If you add weight, it adds to your fuel consumption."

3. Avoid aggressive driving

Rapid acceleration, hard braking and speeding can all increase fuel consumption.

Maintaining a steady speed and anticipating traffic conditions can help reduce fuel use.

So where should people start if they want to get on top of it?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Deb Shroot, financial counsellor and Financial Counselling Australia sector advocate, to discuss prioritising debt, freeing up cash flow and working towards becoming debt free.

Episode timestamps

00:00 Introduction

02:00 Rising debt stress: mortgages, credit cards and utilities

03:00 First steps when debt feels overwhelming

04:30 How to prioritise multiple debts

07:00 The danger of the debt spiral

08:00 Common debt repayment mistakes and hardship options

09:00 Where to find extra money in a tight budget

12:00 Why you should seek help before reaching breaking point

14:00 Building healthy financial habits that last

15:00 Seeking trustworthy financial advice

16:05 Conclusion

Listen to this episode of Friends With Money

Listen on Apple Podcasts

Listen on Spotify

Watch on YouTube for closed captions

Subscribe to Friends With Money

Subscribe wherever you get your podcasts

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.

Student exchange - where kids travel overseas to live and study - is becoming more popular.

We have a school-age student staying and we are finding it a great way to learn about another country and culture.

My daughter will stay with her family later in the year. It will test her independence.

She is enjoying the new friendship and looking forward to making new friends at her overseas school.

If it all works out, going on an exchange can be a rewarding experience, boosting kids' confidence and developing their judgement skills.

And it can fast-track learning a foreign language.

How much does a student exchange cost?

It isn't cheap. Australia is a long way from popular destinations such as Japan, France, Germany, Italy, Great Britain and South America, making airfares a big cost.

If the school organises a reciprocal exchange, the main cost is the airfare.

You provide food, accommodation and the day-to-day costs for the student who comes here.

In return, the host family provides food and, depending on the family's generosity, organises trips and sightseeing.

Your child will need money for incidentals such as transport to and from school, school lunches and some entertainment.

You will also want to make sure your child is covered by travel insurance.

As well as school-organised exchanges, plenty of external companies offer short-term and one-year exchanges.

The costs are considerably higher but this is partly offset by not having to host a child yourself.

You can expect to pay from $10,500 to more than $12,000 for a long-term Rotary Youth Exchange in Australia in 2026, depending on the destination.

Not all host families may work out - the benefit of an organised group is that your child can be moved to another family.

Exchanges in a gap year after school are popular. Your kids are more mature, and capable too.

There are some terrific programs around the world but they are expensive.

Are student exchanges worth it?

A friend of mine's daughter is spending four months in Peru, working in a local school and living with a family.

She is with a group of Australian students and there is a co-ordinator on the ground that looks after the group.

This came in handy when she ended up in hospital with food poisoning.

The parents were notified immediately and she was well looked after.

One of the advantages with an end-of-school exchange is that you can encourage your kids to save up over high school to meet part or all of the cost.

While a student exchange can be a significant financial commitment, many families see it as an investment in their child's future.

The experience can help teenagers develop maturity, confidence and a broader view of the world, qualities that may last far longer than the trip itself.

It's a brave new world out there in the workforce. In the space of a generation, workplaces have changed radically, and it's creating opportunities for some, while others may be struggling to keep pace.

We still refer to the nine-to-five grind, but rigid working hours are fast becoming a relic of the past. Australian Bureau of Statistics (ABS) data shows that 30% of employees work flexible hours - and one in three of us works from home.

Despite these advances, it can be easy to yearn for simpler times when we clocked off work at 5 pm, had the rest of the day to ourselves and enjoyed reasonable income security.

Today, one in five employees - about 2.4 million people - works on a casual basis. A similar number of employees doesn't have guaranteed minimum hours, making it hard to plan ahead.

There are many stressors in the modern workplace.

Pressure to meet deadlines, schedules and key performance indicators mean we are under intense pressure to be always 'on'. It's made the eight-hour working day a pipe dream for many.

Unions NSW says Australians typically work nine hours of unpaid overtime each week - and it's costing us about $21,563 annually.

The situation reached a tipping point in 2024 when right-to-disconnect laws were introduced, allowing employees to refuse to monitor, read or respond to the boss's emails outside of working hours. We're also more likely to be white collar workers - more Australians (about 34%) hold university degrees than ever before.

This has fuelled the rise of jobs that are less physically demanding than blue collar jobs. The downside is that more than 5.5 million people are entering the workforce with a five-figure HECS debt.

The biggest workplace challenges reshaping every generation

Deloitte Access Economics partner David Rumbens, points to "structural changes in the labour market", notably the rise of artificial intelligence (AI).

According to Rumbens, demand for roles involving routine tasks is weakening, while demand for trades, physical roles and human-centred services continues to expand. So, who will win, who risks falling behind, and what steps can we each take to shore up our value in the workforce?

Here's how different generations of Australians are dealing with the challenges of today's workplace including real people who have made the workplace work for them. We show what each generation wants and tap into expert advice to get there.

Gen Z: Building a career in the age of AI

While all generations of workers are concerned about losing their jobs to AI, a recent Finder survey found this fear is highest among Gen Z professionals, with two in five worried they'll be replaced by AI.

Those fears are not without foundation.

Anglicare Australia's annual jobs availability snapshot confirms entry-level roles are among the most vulnerable to automation and AI because they often involve routine or standardised tasks.

Reflecting this, entry-level jobs now make up only 11% of all job vacancies - the lowest share in a decade.

Will AI replace entry-level jobs?

Graham Cooke, consumer insights analyst at Aussie Insights, says, "The risk isn't just about robots taking over jobs, it's about roles quietly shrinking, hours being cut and fewer opportunities coming through the door."

Despite the concerns, global recruitment agency Robert Half's director Tom Ward says AI is broadly being embraced by workers, with 83% believing "generative AI skills are now necessary for career success".

"There is some pushback," he adds.

"But it is mostly a trust issue, not a technology issue.

Employees will embrace AI when it helps them do better work, but they push back when it feels like a surveillance tool or a shortcut that ignores quality."

It seems plenty of Gen Zs are embracing AI at work even if it is with cautious optimism.

Sarah Carney, Microsoft ANZ's national technology officer, says 78% of Gen Z workers have introduced a new AI tool, shortcut or hack that was later adopted more broadly.

Three in five (61%) have built or customised an AI agent, proactively looking for ways to automate part of their job.

That said, Carney points to an emerging digital divide that risks creating a two-speed workforce where some young employees race ahead with AI, while others are left behind.

Carney says, "AI should be a launchpad for every worker, not a privilege for a few. Especially for young professionals whose entire careers will be shaped by how they harness AI.

"Even in heavily regulated sectors, the answer isn't to stand still; it's to adopt AI safely and responsibly, because there is also the risk of doing nothing."

How Gen Z workers are building multiple income streams

Bernadette Schwerdt, author of Secrets of the New Online Entrepreneurs, says "Gen Z don't clock off; they just switch income channels. The idea of a single job as a safety net is an outdated concept.

Where security for Gen Xers used to be a salary, for Gen Z, it's a portfolio.

One income stream is risky, so for them, multiple streams is the go-to strategy."

According to Schwerdt, freelancing, content creation, micro businesses and digital products run in parallel, with each adding a layer of protection to ward off a restructure, redeployment or realignment.

"They no longer rely on one employer, but build a system that can move, adapt and deliver a pay cheque, no matter what happens to them, the economy or the world."

That change demands a different kind of mindset. As Schwerdt notes, "Creativity is no longer a hobby; it's a revenue model. Gen Z are looking at their skills, interests and experiences through a commercial lens, asking: how can this be monetised?"

Managing all of this requires discipline. "For Gen Z, the 9-5 funds the 5-9," says Schwerdt.

"Their primary job provides stability, but the real opportunity resides in the side hustle. Gen Z aren't job stacking; they're risk spreading.

"They are building income streams that scale independently of their time, using platforms and audiences that offer optionality."

Careers are no longer a series of steps on a ladder to the top. For Gen Zs, every skill is an asset and every asset can be monetised. Constant reinvention is the name of the game and knowing their next job probably doesn't exist yet, means everything that happens today is an opportunity for tomorrow.

Why one future lawyer doesn't expect one career for life

A job for life is a thing of the past. But so is a career for life.

Research suggests the average Australian will have at least three careers during their working life. Gen Z could have as many as seven.

Nicholas Terrell, 20, is studying to be a commercial lawyer, but he doesn't see this dominating his career path.

"I think careers are a lot less linear today," he says.

"There's more movement between roles and industries. "I don't see myself doing just one thing for my entire career. I want to start in law and build a strong foundation, but I'd be open to moving into other areas."

Workplace mobility - how frequently we change jobs - is highest among younger Australians. Like many of his generation, Terrell has no expectations of staying in the same job long term.

"I'd say two to four years in a role provides enough time to properly develop skills and actually contribute." While salary is Terrell's top priority when choosing an employer, remote working and flexible work also matter.

"Life comes before work and a workplace that recognises this is doing a far better job than the alternative," he says.

And he's "not overly concerned" about the possible impact of AI on his career.

"I think it'll change the nature of work more than replace it," he says.

"More repetitive tasks are already being automated. That means there's more of a focus on judgement, strategy and client-facing work."

Gen Y: Caught between housing costs and career change

The resilience of Gen Y (Millennials) has to be admired.

They copped the global financial crisis early in their careers and have seen property values skyrocket 43% nationally in the past five years, while wage growth has limped along at a little more than 3% annually.

But Millennials have a few aces up their sleeve.

They are the first generation to have employer-paid super throughout their entire working lives and have benefitted from first-home buyer incentives from the First Home Owner Grant, launched in 2000, to, more recently, the Federal government's 5% deposit scheme.

Why Millennials won't give up hybrid work

For many Gen Ys, the COVID pandemic shifted the dial on workplace expectations and many are lukewarm about returning full-time to formal workplaces.

On the plus side, Robert Half's Tom Ward, says, "Employers are still willing to offer hybrid work.

"In fact, the 2026 Robert Half Salary Guide found that 43% of Australian employers say working from home and hybrid work options have the highest usage among their staff."

Still, the market has shifted.

"Hybrid is still very much alive because employers know it helps attract and retain talent," says Ward.

"But businesses are under pressure to maintain productivity, collaboration and team culture. As a result, many employers are now setting clearer expectations around office attendance, rather than offering full flexibility by default."

Notions of loyalty to an employer have changed too. "Loyalty today is less about tenure for tenure's sake and more about whether the employer delivers an experience people believe in," says Ward.

"Culture and flexibility matter much more than they used to, but they are not silver bullets.

"Employees are less willing to stay somewhere that no longer fits with how they want to work or what they want from an employer."

Should you pay off HECS or buy a home?

Like Gen Z, Millennials are likely to have a hefty HECS-HELP debt.

But Vince Scully, financial adviser and founder of Life Sherpa, says, "HECS-HELP remains the lowest cost debt available," he says.

"It also dies with you. And the government is developing a habit of writing off chunks of it." However, it's different if you're in the housing market. Scully says,

"A single person earning the average weekly earnings for a full-time adult, of $2051, with no other debts could borrow $470,000.

"With a typical HELP debt of $29,000, this would fall to $414,000. So, using $29,000 of savings to repay a HELP debt could leave them with more to spend on a home."

Scully adds that engagement with super is "critical" for Gen Ys, but says, "the fund that's right for you now may not always be".

"When your balance is low, fixed fees matter. A $1.50-a-week fixed admin fee is 0.78% of a $10,000 balance. This is usually more than the investment fee. Look for a fund that has only asset-based fees. As your balance grows, returns and asset allocation become more important," he adds.

"At $50,000, that $1.50 weekly fee is a much more respectable 0.16%." Interestingly, Scully cautions against making additional contributions at a young age.

"The trade-off for the tax benefit is that you don't get to spend the money until you turn 60. Don't forget about super, but focus on aspects outside super until you are more settled - like having the home loan under control, eliminating consumer debt and holding investments outside of super."

The redundancy that changed everything

Plenty of Gen Ys are discovering that career experience is no protection from the tap on the shoulder that spells redundancy.

Human resources specialist, Lyra Jai, 32, found herself on the receiving end of redundancy in mid-2025.

"I wasn't completely shocked," says Jai.

"I was managing the (company's) redundancy processes at the time, so I knew where things were heading.

"The overall morale in the company had dipped quite a bit, so moving on didn't feel like a loss so much as a natural next step." Fortunately, Jai received a job offer before her redundancy payment ran out. Even so, the experience cemented what really matters to her in a job.

"Perks such as remote or hybrid working are a big one for me, probably because I've been working in a hybrid setup since COVID," she explains.

"It's hard to unlearn the joys of not having to sit in traffic each workday or give up the freedom to throw on a load of laundry between meetings."

Jai says she would now find it hard to join a company without a strong hybrid policy.

"To me, flexible working reflects a level of trust. It means you have leadership believing that their people are capable and responsible, and don't need to be watched to do good work."

Jai and her husband recently became first homeowners though this meant added pressure to hold onto a good job.

"It's really exciting to finally have a place we can call our own," says Jai.

At the same time, it comes with a sense of responsibility. I feel more motivated to stay financially stable and contribute as much as I can to our household."

Gen X: Squeezed by ageism, AI and retirement

Gen X has faced unique generational challenges. They were the first to pay for a tertiary degree.

They had to navigate the global financial crisis at the outset of their careers and later adapt to the COVID pandemic.

Today, many Gen X hold leadership roles, although they can still face workplace threats.

Too old at 50? The growing ageism problem

A survey by the Australian Human Resources Institute found one in four (23%) employers now classifies over-50s as 'older' workers, more than double the proportion (10%) in 2023.

This suggests Australians may be considered 'old' long before they plan to retire and well in advance of the average intended retirement age (65).

And if Gen X doesn't feel threatened by younger, cheaper and more digitally savvy jobseekers, they may fear the looming spectre of AI.

According to Boston Consulting, over the next two to three years, almost half of jobs in the US will be reshaped by AI.

This doesn't necessarily translate to job losses, but it can see workers face radically new expectations for how they work. Career expert Robyn Greaves, says, "Artificial intelligence is accelerating change, but it is highlighting also the value of deeply human capabilities."

She explains, "Experience is not just knowledge. It is judgement, pattern recognition, perspective and the ability to navigate complexity. These are strengths that tend to deepen over time. The key is to make that visible."

Greaves says this means demonstrating curiosity and engagement with new tools, including AI, showing how experience translates into better decisions and outcomes.

In a plus for Gen X, Greaves is confident that as work becomes more complex, their ability to interpret, guide and connect becomes more valuable, not less.

The super and mortgage dilemma

For Gen X, outdated skills are less about ability and more about pace and pressure.

Rapid change is the primary driver, compounded by practical constraints, such as limited time to upskill (29%) and uncertainty around which skills are now required (21%).

Gen X are often at the peak of their earning power. The flipside is that they may be facing peak expenses - a home loan and school fees, coupled with the need to grow super savings.

Financial adviser Shaun Ganguly believes Gen X can crisis-proof their finances by building a cash buffer equal to "three to six months' worth of expenses, held either in cash or available in an offset account, if anything goes wrong."

He recommends reviewing personal insurances too, adding, "When something goes wrong, you want options, not panic."

As for super, Ganguly says most people focus on their balance - usually with the $1 million threshold of savings in mind.

"That was a marketing gimmick from an industry fund and it's the wrong starting point," he says. "You need to start with the lifestyle you want." He says the key is to convert a super balance into income.

"That's where most people get lost. A number on a statement doesn't tell you what you can safely spend."

As Ganguly notes, salary sacrifice is a useful way to grow super savings, especially if you have a stable salary. Personal deductible contributions are typically better for people with variable incomes such as business owners.

"You can wait until year end, see your income position, then contribute to super and claim the deduction. The real opportunity is carry-forward contributions. These are available if your super balance is under $500,000. But timing matters because older unused caps expire."

One of the challenges Gen X faces is paying down their home loan ahead of retirement.

More than one in four (27%) Gen X expects to have a mortgage when they retire.

Is it better to focus on paying down a mortgage sooner or tuck extra cash into super?

Ganguly says, "Higher income earners tend to benefit more from putting money into super. You're turning income taxed at up to 45% into contributions taxed at 15%, with the benefit of concessionally taxed investment earnings.

"For lower income earners, paying down the mortgage can be more effective. It's a guaranteed, tax-free return and your home is exempt from the age pension assets test."

Why more Gen X workers are becoming their own boss

Running your own show is often seen as one of the great Australian dreams and, when thrown out of the workforce, Gen X is turning that dream into reality and becoming their own boss.

The Committee for Economic Development of Australia (CEDA) says that more than one in 10 (13%) adults aspires to business ownership as part of their career journey.

But starting an enterprise from scratch isn't easy. CEDA chief executive Melinda Cilento, says, "New and small firms often have fewer resources to navigate regulation, secure finance or compete against established incumbents."

The solution can be to buy an existing business with a proven track record.

Simon Winter, principal of Raine & Horne business sales, says, "Higher interest rates can boost demand for business acquisitions. But it boils down to risk versus return.

"Nobody would buy a small business unless the return is there. There are very few small businesses that have a really low risk.

"I'm talking about post offices, childcare centres and maybe a few others that derive much of their revenue from government sources."

Winter adds that about 80% of businesses he sees listed for sale are coming onto the market because the owners wish to retire - and the sellers are typically motivated and flexible when it comes to price negotiations.

Even so, buying a business calls for plenty of homework.

"Due diligence is not necessarily that complicated," says Winter.

"The three issues to address are income, gross profit and expenses. Income can be confirmed by looking at a tax return - nobody's going to overstate their income in a tax return.

"Or look at a BAS (business activity statement) that declares sales results.

"When you're looking at expenses in a business, if you look at wages and rent alone, you'll find they generally represent 60%-70% of expenses, with inventory costs making up the balance.

"Probably the most important aspect of due diligence is meeting the owner," says Winter.

"That's a chance for the buyer to ask whatever questions they want and gauge their sense of trust in the owner."

Business operations specialist and founder of Auvie Consultants, Lyn Nguyen, says 'boring' businesses could easily be overlooked but they can offer lucrative opportunities.

"Boring businesses are the unsexy ones," says Nguyen.

"Those that don't typically attract attention or headlines. Think waste management, solar panel cleaning or pest control.

"These businesses tend to be consistently profitable, in steady demand and, in many cases, more resilient during periods of economic uncertainty. They're also less exposed to disruption from technology, including AI, because they rely on essential, hands-on services."

How divorce sparked a second career

Gen X couples are especially vulnerable to separation and divorce. If it happens, it can radically overhaul the work patterns of one or both partners.

That was the case for Fiona Knodler, founder and managing director of NSW-based Leave it to me Cleaning.

Knodler, 56, had previously worked as a truckie. By the time she and her former husband separated eight years ago, she had been a homemaker for 15 years.

When the dust settled on her divorce, Knodler walked away with both the family home - and the mortgage.

With two primary school-age children, she needed to return to work but faced a wall of hurdles.

"I could only work school hours," says Knodler.

"And when I applied for jobs, my age, lack of tech skills and the fact I'd been out of the workforce for 15 years worked against me."

But when the going got tough, Knodler found a solution.

She launched her own professional cleaning service.

It ticked the boxes for flexible work hours, low capital requirements, and plenty of demand.

One in three Australians outsources household jobs to the tune of $6 billion annually. Hard work, attention to detail and sheer determination has seen Knodler's business bloom.

Today, she leads a team of employees, with cleaning contracts that span residential properties to the defence industry. Her workplace journey, while not easy, has been rewarding.

"I'm getting to the point where I am finding out who I am," says Knodler.

"I am proud of what I have achieved personally and professionally.

"The next step is to work on the business, rather than in the business - if that happens I could keep going for another 10 years."

Baby Boomers: Why retirement isn't what it used to be

One of the most significant changes to the workforce occurred 34 years ago, yet its impact is only being felt today.

Compulsory employer-paid super, introduced in 1992, has seen about 18 million Australians - close to four in five of us - build retirement savings, one of the highest coverage rates in the world.

Retirement is being rewritten

While this has helped the Baby Boomer generation retire with more of a nest egg, they also face the prospect of greater longevity. One in two (48%) Australians aged 50 to 66 is worried they will run out of money in retirement.

At the same time, Boomers are realising that employment offers more than a regular income.

Staying in the workplace for longer doesn't just stretch out super savings, it also provides non-financial benefits - a sense of purpose, social connection and mental stimulation.

The catch is that holding onto an existing role or scoring a new job isn't always easy as we age. Boomers can come up against the brick wall of ageism in the workforce.

Robyn Greaves, career change expert and author of Your Third Chapter says, "Many of the assumptions we hold about ageing and retirement come from an outdated model of life and work.

"For decades, careers followed a predictable path: build, peak, then step back," she says.

"That model no longer reflects reality. We are living and working longer, and many people still have the energy and desire to contribute in meaningful ways well beyond traditional retirement age."

One option for Boomers keen to stay in the workforce is to move beyond the advertised job market into portfolio, advisory and project-based work. Greaves says this is "often where the most meaningful and flexible work sits".

Many later-career opportunities can emerge through conversations and referrals.

"Organisations are increasingly looking for people who can solve specific problems, bring perspective and lead through complexity, often without a full-time hire," says Greaves.

"To access this, people need to shift how they position themselves. That means moving away from listing past roles and towards clearly articulating who they are now, how they work and how they add value today.

"When you focus on contribution rather than chronology, age becomes far less relevant."

How to make your super last through retirement

From age 60, it's possible to access super through a transition-to-retirement pension (TRP).

But Shaun Ganguly, founder of Prime Years financial planning, urges caution about using a TRP.

"Investment earnings are taxed at 15% within a TRP," he says. You are forced to draw down funds and, if markets drop, this could mean crystallising losses by selling depressed assets."

Ganguly adds, "The tax savings aren't always there for higher income earners, especially under 60. Plus the income drawn out is generally subject to income tax (with an offset).

"But you really need to know what the taxable components (of super) are. I've seen DIYers with unexpected tax bills."

The upshot, he says, is to get advice before drawing on super ahead of full retirement.

From age 65, the tables can turn.

It's possible to access super whether you're working or not and, at this point, Ganguly says, "The biggest risk for most people isn't running out of money, it's being so scared that they never actually spend it properly.

"I see this constantly. People go into retirement with a decent (super) balance, then spend like they're about to go broke, it's like they live their best years in fear.

"Longevity risk shows up as underspending, not overspending for most," says Ganguly.

According to Ganguly, one of the most effective ways to manage money in retirement is by "income layering".

He explains this isn't about "having one big account-based pension and hoping it lasts", but instead blending an account-based pension with:

• A guaranteed income, through the likes of a lifetime annuity, to cover essential costs 
• Investments, such as shares, property, managed funds and investment bonds, for discretionary spending, and 
• Accessing the age pension where possible. 

"This helps with the psychology of fresh money coming in, so people actually enjoy spending their money after a lifetime of hard work, while leaving something for the kids/grandkids," says Ganguly.

Made redundant in her late 50s

For Janelle Turek, 63, a change to her work prospects came hard and fast.

In her late 50s, Turek found herself staring down the barrel of redundancy, despite 40 years of experience managing quality control across some of Australia's largest television networks.

"I was so angry," says Turek.

"It was pure ageism. My employer could hire younger, less experienced workers who cost less.

"To rub salt into the wound, it didn't matter that my replacements had less experience because so many systems and processes were becoming digitalised."

With rent to pay and ageing parents to care for, Turek needed an income stream fast.

"I soon realised that when no money is coming in, your savings start to run down very quickly," says Turek.

"I needed a job that at least let me pay the bills."

However, as she approached 60, Turek found her options narrowing.

She took on jobs in meat-processing factories, where long hours standing at production lines in near-zero temperatures took a toll on her physical health.

A fresh career 'break' came about a year ago when Turek landed a role as retail assistant at a local pharmacy.

"I really enjoy the job," says Turek. "The hours are flexible, I have lots of contact with local community members and I have built close relationships with my customers."

While Turek is confident her super savings will help her enjoy a comfortable retirement, she has no immediate plans to stop working.

"I'm physically healthy, I enjoy the social contact of the pharmacy and, frankly, none of us likes to believe we are getting older - retirement to me still seems a long way off," she explains.

Australia's highest-paid CEOs revealed

The top-paid ASX 200 chief executive earned almost $48 million last year.

The Australian Council of Superannuation Investors (ACSI) has revealed Australia's highest-paid chief executive officers of ASX200 companies.

Chris Hulls, CEO of Life360, which runs a family tracking app, topped the leaderboard for the 2025 financial year with annual pay of $47.7 million.

That's about 430 times the average annual pay of $110,790 for a full-time worker.

The crazy thing is, Hulls doesn't even live in Australia. Along with four other top 10-earning CEOs, he's based in the US.

The highest-paid Australian-based CEO, Vikesh Ramsunder, CEO of Sigma Healthcare, earned $42.6 million.

Not all CEOs are on multi-million-dollar pay packets. The median pay is a more modest $1.83 million.

Are they worth the money?

"Where CEOs appear in the highest-paid list, their companies will generally have delivered strong performance over the long term," says Ed John, executive manager of stewardship at ACSI.

Flybuys members can now redeem up to $100 at Coles

Customers can use reward points to save more on their grocery shop.

Pay with points launched at Coles this week, letting shoppers tap into instant rewards at the checkout.

Flybuys members can use reward points to save up to $100 on purchases.

You'll need at least 2000 Flybuys points to redeem $10 at the checkout, rising to 20,000 points to claim a $100 saving.

Previously, Flybuys members were limited to a $10 saving.

Coles chief customer experience officer Michael Courtney says the expansion of Pay with Points will give customers more choice and value when they shop in-store.

It's a move that replicates Woolworths Everyday Rewardshttps://www.moneymag.com.au/woolworths-slashes-everyday-extra-perks, which lets members claim at least $10 off a future shop or convert to 1000 Qantas Points every time they reach 2000 points.

Flybuys has more than nine million members, and according to Anna Lee, Flybuys chief executive officer, "Millions of members who shop in store at Coles already have enough points to redeem."

How investors can earn Qantas points through share trading

Webull Australia's new partnership rewards investors with Frequent Flyer points.

Webull Australia has joined with Qantas Frequent Flyer, allowing investors to earn Qantas points through account funding and trading activity.

Webull investors can earn:

• 1000 bonus Qantas points by opening a new account with at least $500
• Up to 2000 Qantas points per month by trading international equities
• Up to 100,000 bonus Qantas points if you have an eligible balance of $2000, earning 1 Qantas point for every $1 held, up to a maximum of 100,000 points. Offer ends September 30, 2026.

Rob Talevski, CEO of Webull Australia, says the partnership with Qantas Frequent Flyer "gives clients a new and compelling way to keep earning Qantas Points through an activity they're already doing".

Webull charges brokerage of $1 per trade for ASX-listed shares or 0.03% of trade value, whichever is greater.

Webull's offer replaces the partnership between Superhero and Qantas Frequent Flyer, which ended on June 30, 2026.

Are Australians paying too much for pet insurance?

New provider says many pet owners could save thousands over a pet's lifetime.

One in seven Australian pet owners spend more than $1000 a year at the vet, prompting newly launched CoverMy Pet to offer more affordable pet insurance.

CoverMy Pet says many pet owners are paying high premiums for cover they'll never use.

As a guide, just 1.49% of owners claimed more than $8000 in the past 12 months.

Grant Pugh, general manager of CoverMy Pet, says, "What we see across the industry is that pet owners start to cancel their policies after three or four years because the premiums have increased dramatically since they signed up.

"Unfortunately, shortly after they make this decision their pet is injured or becomes ill and they find themselves grossly out of pocket."

CoverMy Pet offers cover from $22 a month, covering 85% of usual vet bills for the lifetime of a pet. The average cost of pet insurance in Australia is $134 a month.

Pugh says shopping around for cover can mean saving upwards of $30,000 over the life of a pet.

Working from home could be affecting your health

Research suggests remote work may contribute to weight gain over time.

Close to one in two (46%) Australians work from home at least part of the time.

Along with flexibility, it can offer valuable savings.

The Committee for Economic Development of Australia (CEDA) estimates working from home cuts an average of three hours off weekly commute times, a saving worth around $5308 annually.

Add in the option of a 70-cent tax deduction for each hour worked from home, and it's easy to see why returning to the office full-time can hold limited appeal.

But there can be a downside.

A study by RMIT found working from home increases the likelihood of obesity over time.

That's because we no longer race to catch the bus, and without strict lunch breaks, we tend to snack more at home.

On the plus side, the research notes working from home doesn't always lead to weight gain, and it comes with the upside of greater flexibility around when we choose to exercise.

Consumer advocates estimate millions of Australians were impacted by Telstra's outage last week, including over 600 who, alarmingly, had trouble reaching triple zero.

But for many, waking up unable to connect to services crucial to daily life might not have been an entirely unfamiliar experience.

Ever since Optus' first big blackout in 2023, it feels like major telco outages have rarely been out of the news, in a period when we've also seen glitches across major bank networks.

Telco outages like last week's snafu might just be an inconvenience for those of us with only our own phone to worry about, but can cause major pain for anyone running a small business.

What caused the Telstra outage?

In the early hours of last Wednesday, a device Telstra uses to keep time synchronised across parts of its mobile network malfunctioned, leading to customers across the country waking up to find they couldn't access data or make calls on their devices.

But it wasn't just the screens we use for social media scrolling that were affected - some EFTPOS terminals businesses rely on to take card payments also went dark.

Soon after the outage began, EFTPOS system provider Tryo confirmed the Telstra breakdown had left some of its machines unable to process transactions.

With cards used for 73% of payments made by Aussie consumers, according to the RBA, this left any cafés, coffee shops and other businesses relying on these machines for their morning trade seriously out of pocket.

"When those services fail, the impacts can be immediate and costly," says Skye Cappuccio, CEO of the Council of Small Business Organisations Australia.

"Small business owners should not be left carrying the cost of failures in essential services they pay for and rely on to operate."

Hinting at the scale of the issue, Telstra said some business customers were without service for longer than individual consumers, as the federal government noted the issue was causing "real stress" for these small enterprises.

Why did EFTPOS terminals stop working during the Telstra outage?

The breakdown of Telstra's network affected EFTPOS payments because some terminals used by businesses to process transactions need to connect to 4G or 5G to work

When these systems go down, as they did during Telstra's blackout, and the machines have no backup way to connect to the internet, they stop working.

Latest payment glitch after bank bug

This isn't the first time a malfunction in the systems of a major company has caused havoc with finances.

In 2024, Money reported on a glitch at Commonwealth Bank that caused customers to be charged twice for purchases they had made through their accounts.

How to claim compensation after the Telstra outage

The Telecommunications Industry Ombudsman (TIO) -- the independent body that mediates disputes between telcos and their customers - says it expects service providers to make compensation available to customers affected by outages.

In accordance with this, Telstra has already promised assistance for individual and small business customers affected by last week's outage.

If you run a business that lost money or are someone who was otherwise left out of pocket, you can request compensation by lodging a complaint on Telstra's website.

The TIO says requests for compensation are more likely to be successful if you also provide records of:

• Your attempts to contact Telstra about the issue and any responses you received
• How long your service was disrupted for
• Any extra costs you incurred because of the outage, such as buying additional mobile data, travelling to access communications or losing business sales
• Receipts, invoices or other proof of these expenses
• Records showing impacts of the outage, such as screenshots, emails or messages about disrupted work or missed appointments.

The TIO says to contact them if you're having trouble reaching a resolution with Telstra or are unhappy with the outcome you're being offered.

Compensation scheme criticised

Consumer advocacy group the Australian Communications Consumer Action Network has welcomed the compensation scheme, but has criticised it for "putting the onus back on consumers."

The TIO agrees it shouldn't all be up to customers and says it's ready to help Australians having trouble with the process.

"Consumers shouldn't have to do all the heavy lifting after a major outage," said Ombudsman Cynthia Gebert. "If consumers aren't happy with the outcome they receive from their telco, they can reach out to the TIO for free and independent help."

The ABC reports Telstra executives will answer questions about the outage when they appear before a Senate inquiry on Friday.

How to prepare for the next telco or EFTPOS outage

Telstra's outage is a reminder of how reliant we are on telco networks, not just for chatting on the phone, but also for making payments, receiving information and organising our lives.

Consider these strategies if you're a small business owner or regular consumer looking for ways to build resilience before the next outage:

1. Carry cash as a backup

Many of us go without it these days, but notes and coins can be a lifesaving backup for essential purchases when payment networks or bank systems go down.

Financial adviser Amir Rodnia is a "big fan" of always keeping notes and coins on hand in case of an outage.

"It's sort of like keeping a spare tyre in your car: You hope you're not going to need it, but you know it's there when you have to use it," the author of Freedom Gameplan explains.

"Anywhere between $50 to $100 should suffice, unless you're in a regional area, where you may need a little bit more. [Keep some] on your person, in the car, maybe even a little bit in the house."

2. Be prepared to keep records

Your telco may ask for proof of costs you incurred, your attempts to resolve issues or other pieces of information if you go seeking compensation after an outage. Be prepared to collect this evidence.

3. Get to know your EFTPOS terminal

Running a business that uses an EFTPOS terminal connected to a mobile network to process payments? Seek information from the bank or financial institution that provided you with the device to see if there are backup options for keeping your terminal online during an outage.

4. Watch out for scams

Telstra says it's received reports of fraudsters calling customers and trying to take advantage of the recent outage by claiming to work for the telco and asking for personal details.

Beware of calls, emails, texts or social media messages appearing to come from Telstra if you haven't already lodged a request via the telco's online form. Any legitimate messages from the company should also appear in your account in the My Telstra app.

Contact the telco using details you've found yourself to confirm any suspicious requests or directions.

Beware of text messages labelled as coming from "Unverified". These have been flagged by Australia's SMS Sender ID Register - a new system designed to protect consumers and businesses from scammers.

When it comes to relationships, few things shape your future as much as money. Yet many couples who communicate well still find themselves financially out of sync. They may share the same values but have different priorities, spending habits or long-term financial goals.

Being financially aligned does not mean agreeing on everything. It means creating a shared plan that reflects your values, supports your lifestyle and gives both partners confidence about where their money is going.

Why couples argue about money

Take James and Rebecca, both in their early 40s with two children in primary school. James wanted to save aggressively and pay off the mortgage early. Rebecca felt they should enjoy life more now that their income had grown.

Every few months they found themselves having the same argument: should we spend or save?

Neither was wrong. They simply had not created a system that balanced both priorities. Once they worked out what mattered most to each of them, they defined shared goals and built a financial plan around them. The process improved not only their finances, but also their relationship.

Set shared financial goals

Most couples spend more time discussing day-to-day expenses than what they are actually working towards. The first step towards financial alignment is clarity.

Start by defining what financial success looks like for both of you. Whether that means paying off the mortgage sooner, taking annual family holidays, funding school fees or planning an early retirement, shared goals create direction and help guide decision-making.

When both partners understand the bigger picture, it becomes easier to make everyday spending and saving choices.

Create a budgeting system that works for both partners

A clear financial structure can help remove friction and reduce money-related stress.

Many couples benefit from keeping separate personal accounts alongside a shared account for household expenses and savings goals. This approach allows for individual freedom while maintaining a commitment to shared priorities.

Automatic transfers to savings or investment accounts can also help keep progress on track and make financial goals feel more achievable.

Build trust through financial transparency

Transparency is a key part of any successful financial partnership.

Regularly reviewing your finances together helps both partners stay informed and involved. It can also prevent misunderstandings, improve communication and ensure financial decisions remain aligned with your shared goals.

The more open couples are about money, the easier it is to navigate financial decisions together.

Schedule regular money check-ins

Financial alignment is not a one-off conversation. Income changes, life circumstances evolve and priorities can shift over time.

The most effective couples schedule regular money check-ins to review what is working, what needs adjusting and whether their financial goals still reflect the life they want to build together.

These conversations do not need to be complicated. Even a monthly discussion can help keep both partners accountable and engaged.

When professional financial advice can help

Working with a financial adviser can help keep discussions objective and productive.

A trusted adviser can model different financial scenarios and provide guidance on balancing lifestyle choices with long-term financial security. This can be particularly valuable when couples have competing priorities or are making major financial decisions.

Financial alignment is about teamwork

Financial alignment does not mean identical spending habits. It means moving from tension to teamwork.

When couples share a clear understanding of their goals and a plan for achieving them, they can make financial decisions with greater confidence, flexibility and connection.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

It was a clean break.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I have been studying all my life.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stop using a credit card!

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

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

Finish this sentence. Money is good for...

Surviving.

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

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

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

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

The $2177 'savings bonus' trap

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

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

It's an issue driving growing frustration among consumers.

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

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

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

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

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

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

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

Women and professionals most at risk from AI disruption

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

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

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

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

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

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

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

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

Home buyers may need to prove where their deposit came from

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

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

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

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

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

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

The tax scam warning every Australian should know this July

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Warning signs often emerge gradually.

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

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

Signs your ageing parent may need help

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

How can you help your parents as they age?

Watch for changes in health

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

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

Make sure they're eating well

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

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

Ideally, she needed to eat with others.

Check their home is safe

Do they need rails in the bathroom or on stairs?

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

Motion-sensitive lights are helpful at night.

Review their finances

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

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

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

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

Is their cash earning the best interest rate?

Get legal documents in place

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

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

Do they have a will?

Look for memory warning signs

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

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

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

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

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

Review health insurance cover

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

Protect them from scams

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

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

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

What are their spending patterns?

Is there anything irregular that you notice?

They can be too ashamed and confused to admit it.

Plan ahead for aged care

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

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

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

Help them stay connected

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

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

Watch for signs of elder abuse

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

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

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

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

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

Encourage social connections

Encourage your parents to be connected with people.

Check out any local community groups for older people.

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

Reader question

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

I can't see myself retiring before 70.

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

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

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

Paul's response

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

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

This in itself is quite extraordinary.

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

Retirement age

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

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

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

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

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

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

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

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

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

Invest and diversify

I appreciate that you are not happy with your planner.

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

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

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

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

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

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

But I can tell you what you need to do.

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

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

Then we look at your assets and liabilities.

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

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

Work out a life plan

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

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

This is not repayable until you sell or pass away.

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

There is so much complexity.

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

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

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

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

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

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

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

What to read next

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

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

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

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

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

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

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

What to do before lodging a formal complaint

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

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

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

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

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

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

Consumer purchase complaints

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

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

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

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

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

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

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

Banking complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

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

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

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

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

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

Insurance complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

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

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

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

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

Superannuation complaints

Relevant body: Australian Financial Complaints Authority (AFCA)

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

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

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

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

Energy and water complaints

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

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

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

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

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

Mobile and internet complaints

Relevant body: Telecommunications Industry Ombudsman (TIO)

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

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

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

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

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

Where else can people turn to for help? 

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

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

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

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

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

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

However, this is not automatically the case.

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

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

Any existing will remains fully operative.

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

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

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

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

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

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

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

3. What about jointly held property?

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

A will cannot override this.

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

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

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

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

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

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

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

5. What if I obtain a divorce?

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

However, the remainder of the will continues to operate.

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

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

6. Can my estranged spouse challenge my will?

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

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

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

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

In summary, separation alone does not protect your estate.

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

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

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

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

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

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

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

Timestamps

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

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

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

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

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

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

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

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

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

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

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

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

Qantas compensation payouts move a step closer

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

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

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

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

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

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

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

The generation that faced Australia's toughest home loan crunch

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

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

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

The answer is neither.

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

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

Back then the cash rate was 7.25%.

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

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

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

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

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

The simple food label change that could save families money

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

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

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

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

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

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

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

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

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

Australia's ninth property downturn begins

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

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

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

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

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

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

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

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

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

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

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

Help to Buy expands with 10,000 new places

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

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

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

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

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

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

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

Reader-voted categories were determined through a national survey conducted by Rainmaker Information and Money, with Australians rating providers on products and features, customer service and digital experience.

Expert-assessed categories, including Insurer of the Year, Business Bank of the Year and Margin Lender of the Year, were selected by Rainmaker Research using detailed industry analysis.

Below are the winners of the 2026 Consumer Finance Awards.

2026 Consumer Finance Awards winners

Bank of the Year
Reader voted
The winner had the highest overall composite rating scores across products and features, customer service and digital experience. Only national full-service banks were eligible to win this premier award.
Winner: Macquarie Bank

Bank of the Year - Digital
Reader voted
The banking provider that achieved the highest overall rating scores for digital experience.
Winner: Bank Australia

Customer-owned Bank of the Year
Reader voted
Like Bank of the Year, but only full-service, customer-owned banks were eligible to win this premier award.
Winner: Bank Australia

Bank of the Year - Young People
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 18 to 34 years.
Winner: NAB

Bank of the Year - Retirees
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 55 or older.
Winner: Macquarie Bank

Bank of the Year - Savers
Reader voted
The banking provider that achieved the highest overall composite rating scores across products and features, customer service and digital experience from readers aged 35 to 54 years.
Winner: Macquarie Bank

Bank of the Year - Product
Reader voted
The banking provider that achieved the highest overall rating scores for products and features.
Winner: Macquarie Bank

Bank of the Year - Customer Service
Reader voted
The banking provider that achieved the highest overall ratings for customer service.
Winner: Newcastle Permanent

Non-Bank Lender of the Year
Awarded by Rainmaker Research
The winner was the non-bank lending institution judged by Rainmaker Research to score highest across seven core dimensions: product range, business strength, ability to raise lending capital, innovation, corporate transparency, loan quality and customer depth.
Winner: La Trobe Financial

Business Bank of the Year
Awarded by Rainmaker Research
There is more to being a leading business bank than simply offering a good deal on business accounts and loans. This is why Rainmaker Research identified the leading national full-service business banks that offered the most comprehensive services across business accounts, loans, credit cards, term deposits, currency management, cyber-risk and fraud protection, point-of-sale and ecommerce, international transactions and merchant support.
Winner: Commonwealth Bank

Credit Card Issuer of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for credit card products and features, customer service and digital experience.
Winner: American Express

Money Minder of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for everyday savings accounts and term deposit products and features, customer service and digital experience.
Winner: Macquarie Bank

Home Lender of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for mortgage products and features, customer service and digital experience.
Winner: Macquarie Bank

Investment Property Lender of the Year
Reader voted
The banking provider that achieved the highest overall composite rating scores from readers for investment mortgage products and features, customer service and digital experience.
Winner: Macquarie Bank

Insurer of the Year
Awarded by Rainmaker Research
This category took into consideration competitive home and contents and car insurance premium rates, and holistic factors such as corporate strength, what the winner delivers and how it supports customers, customer engagement and reliability in paying claims.
Winner: Budget Direct

Retirement Income Provider of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to be the best retirement income product designed to assist retirees in meeting the challenges of finances and longevity risk by providing flexible and reliable income-stream solutions.
Winner: AMP

Investment Bond Provider of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to be the investment bond with the best financial and market strengths, product benefits, customer service, and support and training of financial advisers.
Winner: Generation Life

Margin Lender of the Year
Awarded by Rainmaker Research
The winner was judged by Rainmaker Research to achieve the highest score across core dimensions, spanning product and investment choice breadth, depth, research services, type of investment available, access to international markets and interest rates payable on loan products.
Winner: NAB Margin Lending

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