"I was sitting in a meeting with a client talking about how we could get people to spend more money buying things they didn't really need," recalls 58-year-old Kim McDonnell.

"And I had a bit of a moment: is this really how I want to be remembered for the rest of my life and is this really the role model I want to be for my kids?"

The answer was no, and she decided to use the skills she'd acquired after a quarter of a century in the advertising and marketing business to try to prompt people to do "a little bit of good in the world".

That led her to set up Thankful, a for-good company trying to draw on the power of gratitude as a motivator for people to do good.

After being unable to find funding for the new venture in Australia, she and her husband, Mike Chuter, sold up in Melbourne and moved to New York. This led to McDonnell's latest venture, Saveful, a for-purpose enterprise that helps households tackle food waste and save money.

The $20 billion problem hiding in Aussie kitchens

Food waste is a significant problem in Australia, where every week each household on average bins two-thirds of a loaf of bread, more than half a litre of dairy products, fruit and vegetables, and 700g of meat.

In 2018-19, Australia produced about 7.6 million tonnes of food waste, or 312kg per person, and nearly three-quarters of that was edible, according to the government-commissioned National Food Waste Strategy Feasibility Study.

This equated to $19.8 billion of food wasted by households, at a cost of $2000 to $2500 each. The latest reliable data is from 2018-19 and since then inflation has undoubtedly pushed the cost significantly higher.

Singles and couples wasted less overall, but their per-person loss is much higher.

How one app could save you up to $4000 a year

Launched at the end of 2023, Saveful aims to educate householders and help them use food they would otherwise throw out.

It's an app that flips the recipe book on its head. Rather than starting with a recipe, which often requires home cooks to go out and buy ingredients, it starts with an ingredient.

Householders can enter a food item they have in their fridge or pantry and Saveful will provide them with recipes to use it up rather than throw it out.

And if they don't have one of the ingredients, the app will give them substitutes so they can use what they have instead of buying more.

Mayonnaise, for instance, can be used in place of eggs in a chocolate cake. Greek yoghurt can replace sour cream, mayonnaise or cream. Mashed banana or applesauce can replace sugar.

The app is also designed to educate users about what's in season and abundant, because these foods are usually less expensive.

Saveful says that the average Australian household could save between $2290 and $4352 a year by rethinking how they use food.

Why most Australians don't think they waste food

McDonnell and Chuter drew on their work in data-driven advertising to prompt change.

"We spent about two years researching to understand behaviour within our homes and understood what the key motivators were and what behaviour we had to overcome," says McDonnell.

"And that's when we identified that a technology tool, an app, could be a powerful way of helping people to save food at home as well as to save money and time."

They found that money is the main motivator for people to act, so they avoid talking to users directly about food waste.

"There's a reason the app is called Saveful and not Wasteful."

Most Australians don't consider themselves to be food wasters and believe that food waste occurs on the farm, at supermarkets and restaurants. In fact, 61% of wasted food is generated in the home.

The simple habit that could cut your carbon footprint

There is a strong environmental element to Saveful as well.

The numbers are striking. Food waste produces 8% of global greenhouse gas emissions.

If food waste was a country, it would be the third largest greenhouse gas emitter, behind the US and China.

About 2600 gigalitres of water is used to grow food that isn't used, equivalent to five Sydney Harbours.

Throwing away a loaf of bread wastes about the same amount of water as a 60-minute shower.

"Another bit of research told us that if we talk about climate change again, that's also not going to resonate. There will be a lot of shoulder shrugging and eye rolling because everyone thinks the problem is so large that our individual actions won't make a difference," says McDonnell.

"In fact, saving food at home is the single easiest and most impactful thing we can all do in the fight against climate change."

The new features designed to save you even more

Saveful introduced a more advanced paid version to sit alongside its free model in late April.

It includes a virtual fridge and pantry feature, where people can enter what they have at home and the app will tell them when and how they need to store it.

There is also a dynamic shopping list that integrates with supermarket shopping list apps, along with several other features.

In April, the app also launched Saveful for Business, a subscription-based platform for restaurants and catering companies.

They can list their surplus food on the app and charities can arrange to pick it up.

It provides businesses with traceability of the quantity and volume of food they have diverted from landfill, and Saveful can convert that into saved carbon dioxide emissions that the business can use in its sustainability and ESG reporting.

Businesses are charged to use the software-as-a-service application according to their size, while it is free for charities.

From small-town roots to a global mission

McDonnell grew up in the remote Queensland mining town of Mt Isa, where her father was a mine security guard and first aid officer.

"My parents were working class. They both worked incredibly hard and everything that we had was a result of their hard work. So if there was one lesson they imposed on me it was hard work and nothing comes easy," she says.

Keen to see life beyond Mt Isa, the then 17-year-old McDonnell moved to Melbourne to study economics but found it boring, so switched to history but didn't finish her degree.

She started work in publishing, then "stumbled" her way into advertising, which led to her own business, to New York and, ultimately, Saveful.

Why she redefined what wealth really means

After watching drought, fire and flood ravage Australian farmers from the other side of the world in 2019, McDonnell and Chuter decided to come home and see how they could use the power of gratitude to help them.

They discovered that while farmers were grateful for the help, they didn't want sympathy but instead wanted their efforts in producing food to be appreciated.

It was in thinking about how farmers' labours could be appreciated that the pair came up with the idea for Saveful.

McDonnell says that her attitude towards money has changed since she sold her advertising business.

"If you looked at it as an outsider, you would think life was pretty good," she says of her days with her own business, holiday home and overseas trips.

"But I felt incredibly unfulfilled by all of that, and in a world that defines success often as excess and where so often our self-worth is defined by our net worth, I think I've learned over the years that my wealth is not what I have in the bank."

The money lessons she lives by today

These days McDonnell is frugal with money, buying only what she needs and, now that she's launched Saveful, practising what she preaches.

Her smartest investment, she says, was in her children's education, which has helped them become "very good, decent human beings", all of whom are working in the service professions.

Their oldest daughter is a teacher of children with learning difficulties in a low socioeconomic area.

Her son works as a nurse in regional Victoria. Her youngest daughter is about to finish a Master's degree in counterterrorism and join the police force.

"The dumbest thing I've ever done with money is probably not always prioritising our needs before the business.

"Anything that we earn gets reinvested back in the business, which some might argue is not always the smartest thing."

But it's not something she regrets.

Running Saveful and Thankful, McDonnell enjoys the creativity and freedom to think about solutions to some of the world's biggest problems in an entrepreneurial way.

Most of all she likes hearing about the impact her work is having on people, like the Queensland mother of five who said that without Saveful, she couldn't afford to put food on the table.

She buys food when it's on special, a cabbage for instance, and uses the app to help her cook it in a way that will mean her children will want to eat it.

"Hearing those stories and hearing the impact that it has, it gives you the inspiration and the motivation to keep going," says McDonnell.

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

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The 2026 FIFA World Cup has kicked off, and the money headlines are staggering.

Hosted by Canada, Mexico and the United States, the 2026 World Cup will feature an expanded lineup of 48 teams, including debutants Cape Verde, Curaçao, Jordan and Uzbekistan.

Whichever way you look at it, the scale of football's crown jewel is immense.

Consider the audience, for one. FIFA estimates that five billion people engaged with the 2022 Qatar World Cup across various media forms, with 1.42 billion tuning in to the final.

So what about the money? With massive audiences, lucrative broadcast and advertising deals and some of the world's richest athletes on show, the World Cup is full of staggering figures.

So, before the action on the pitch really ramps up, here are some financial facts to impress your football-watching friends during the tournament.

Note: All figures have been converted into Australian dollars unless otherwise indicated.

How much are 2026 World Cup tickets?

Unsurprisingly, the World Cup has created controversy well in advance of the tournament itself, with ticket prices being one of the biggest grievances for fans.

Despite the tournament kicking off tomorrow, there are still plenty of unsold tickets. Given that, fans might think that they'll be able to score a last-minute bargain, but that's not the case.

Take Australia's first game against Türkiye this weekend. The cheapest seats available on the FIFA website are going for US$380 ($543.16) while the most expensive are US$1170 ($1672).

That's just for a group stage game. Tickets for the semi-final being held in Dallas next month will set fans back between US$2705 ($3866) and $US11,130 ($15,910).

How much money will FIFA make from the 2026 World Cup?

Given the huge audience it attracts, it's not surprising that the World Cup is a significant revenue generator for world football's governing body.

The sale of rights for the 2022 World Cup in Qatar generated roughly $9 billion for FIFA, with broadcasting and marketing deals making up the largest share of revenue.

Given the expanded nature of the 2026 World Cup - which will feature an additional 40 matches - that figure is set to be smashed.

While the final figure won't be confirmed until after the tournament, FIFA is projecting revenue of US$8.9 billion ($12.7 billion) for 2026 alone - the bulk of which will come from the World Cup.

Who are the highest paid players at the 2026 World Cup?

While there's likely to be plenty of ultra-wealthy individuals in the stands, Forbes reports that, for the first time, two billionaires are set to take the field at the World Cup.

These, of course, are two of the greatest - and now wealthiest - players to play the game: Portugal's Cristiano Ronaldo and Argentina's Lionel Messi.

Despite being in the twilight of their careers, both are also at the top of the high-earners list for players appearing at the World Cup.

Forbes estimates that Ronaldo pulled in US$300 million ($428 million) in on-field and off-field earnings over the last year, while Messi made US$140 million ($200 million).

Among the other mega-earners are France and Real Madrid superstar Kylian Mbappé ($135 million), Norway and Man City forward Erling Haaland ($114 million) and 18-year-old Spain and Barcelona prodigy Lamine Yamal ($61 million).

Which 2026 World Cup teams are worth the most?

The financial side of football isn't just about wages though - for fans, it's also about what players are worth on the transfer market.

So, which national sides at the World Cup are among the most valuable? France tops the list, according to football database Transfermarket.

Boasting players like Mbappé, Bayern Munich winger Michael Olise and Paris Saint-Germain forward Ousmane Dembélé, Transfermarket estimates that the combined market value of Les Bleus is €1.52 billion ($2.5 billion).

England ($2.2 billion) and Spain ($2 billion) are not far behind, while Portugal ($1.7 billion) and Germany ($1.6 billion) round out the top five.

With an estimated market value of around $128 million, the Socceroos squad will be the 35^th most valuable squad at the tournament.

How much is winning the World Cup worth?

Like athletes at the Olympics, most footballers playing at the World Cup will be focused on winning rather than financial incentives. That doesn't mean that there isn't prize money though.

FIFA is set to pay out roughly $936 million to the national associations of teams competing at the World Cup. $71 million will go to the winner and $47 million to the runner-up, while each nation is guaranteed at least $15 million.

That won't necessarily all go to the teams though. Australian players will reportedly receive 50% of any World Cup prize money under their current collective bargaining agreement.

So, if half of that $15 million figure was split with the 26 members of the Socceroos squad, each player would receive $288,395.

JB Hi-Fi refunds customers after 'fake discount' claims

Why the ACCC says shoppers were misled

JB Hi-Fi is refunding more than $250,000 after shoppers were misled by "fake discounts".

It follows investigations by the Australian Competition and Consumer Commission (ACCC) that the electronics giant may have misled consumers with dodgy 'was/now' pricing claims for a range of products last year.

The ACCC alleges the products were promoted as being discounted even though some were never offered for sale at the higher price, or were only available at a higher price for a brief period.

ACCC Commissioner Luke Woodward says some customers may have decided against buying the products if they had known the claimed discount was not genuine.

JB Hi-Fi has already provided some refunds, and contacted other affected customers directly to arrange a refund.

Customers do not need to contact JB Hi-Fi to get their money back.

It comes less than a month after Coles was found guilty of misleading discounts by temporarily raising prices by at least 15%, before placing items on a 'Down Down' promotion where the discounted price was the same as, if not higher than, the original price.

The costly catch for Barbeques Galore gift cards

The rule that forces you to spend more

Barbeques Galore is closing, and gift card holders face a costly catch.

An icon of the Aussie lifestyle since the 1970s, the chain's closure will leave 500 employees looking for new jobs.

Signs of trouble emerged in February, when Barbeques Galore, which has 89 stores nationally, went into voluntary administration, with hopes of finding a buyer to solve its liquidity woes.

With no buyer found, that plan has been abandoned, and stores will begin shutting from June 16.

Barbeques Galore gift cards can still be used before June 30, 2026, but there's a catch .

For every $1 of gift card credit, you must spend an extra $2.

To redeem a $50 gift card, you need to spend $150, with an extra $100 from your own pocket.

It's far from a sizzling deal.

Cardholders are being urged to use their gift cards promptly.

After June 30, unredeemed cards will join the pool of unsecured creditors.

The part of Australia scrapping stamp duty

How much first home buyers could save

First home buyers in the ACT could save up to $50,000 as stamp duty is scrapped from July 1.

First home buyers in the nation's capital will no longer have to pay stamp duty, regardless of property value or income.

It makes the ACT the first jurisdiction in Australia to fully abolish stamp duty for first-time buyers .

Currently, only homes under $1 million are exempt, with income thresholds applying.

The change means buyers spending $1.2 million could save around $50,000.

The median house value in Canberra is $1,040,041.

The ACT government is also expanding stamp duty exemptions to pensioners, eligible NDIS participants, and buyers who have not owned property in the past five years.

Stamp duty is also being removed for new unit-titled properties purchased by owner-occupiers, supporting Canberrans, including downsizers , to move into terraces and townhouses.

The new ETF betting on the $1 trillion space boom

What the 'MOON' ETF actually invests in

Global X has launched a new exchange traded fund, with the ASX ticker 'MOON' .

The launch coincides with the US listing of Elon Musk's company SpaceX , as investor interest grows in the rapidly expanding space economy.

Global X CEO Alex Zaika says MOON offers Australian investors a way to access the sector's growth.

"Falling launch costs and advances in satellite technology are reshaping the investment landscape," he says.

He adds the space economy is expected to surpass $US1 trillion ($1.43 trillion) over the coming decade.

MOON includes 28 companies such as Planet Labs, Rocket Lab and Globalstar.

The annual management fee is 0.5%.

The job perk Australians now want more than working from home

One in two workers would take paid health cover over flexible work

Working from home is no longer the preferred job perk of Aussie workers.

One in two Australians would rather their employer pay for private health insurance over flexible work arrangements.

These are the findings of research commissioned by Members Health Fund Alliance.

Cost-of-living pressures have pushed health cover ahead of remote work, salary sacrificing and childcare support.

Only around one in two Australians have health insurance, with cost a major barrier.

Monthly premiums range from about $234 for a single to more than $550 for a family.

With costs this high, it's easy to see why demand is shifting.

Working from home is also becoming more common, and may soon be a formal entitlement.

In Victoria, the Allan Government plans to introduce legislation in July giving eligible workers the right to work from home two days a week.

As living costs rise, flexibility alone is no longer enough to win over workers.

It's become the go-to advice in times of crisis: "Why don't you set up a GoFundMe page?"

Whether it's illness, natural disaster or falling on hard times, even contributions to holiday and wedding funds in some cases, asking for donations has taken on a life of its own in the form of crowdfunding. And GoFundMe is making it all possible.

The popular American social fundraising platform has taken the shame out of asking for money.

In fact, it has normalised it to the extent that even celebrities have jumped on the bandwagon, most recently American actor James Van Der Beek, who in the late '90s was one of Hollywood's most recognisable faces. At age 20, Van Der Beek shot to fame playing Dawson Leery on US series Dawson's Creek.

When celebrity grief turns into crowdfunding

In recent years, Van Der Beek had mostly eased out of Hollywood. There was a steady stream of work, voice acting, recurring sitcom roles, reality TV, but nothing like Dawson's Creek.

Then, in 2024, he made a public announcement, he'd been diagnosed with stage three colorectal cancer.

His battle with the illness was short and, in early February 2026, Van Der Beek's wife, Kimberly, announced his death in an Instagram post. The actor was only 48 years old and left behind six children.

Within a few days, a GoFundMe page had been set up to support his family. The response was immediate, donations poured in.

"The costs of James's medical care and the extended fight against cancer have left the family out of funds," the page said.

"They are working hard to stay in their home and to ensure the children can continue their education and maintain some stability during this incredibly difficult time."

But what does 'out of funds' mean when you're the family of a Hollywood star?

There were no further details.

That didn't stop the donations. At time of writing, more than US$2.8 million has been raised for Van Der Beek's family on GoFundMe.

The fundraiser is still open, with donations as recent as June 10, but speculation about Van Der Beek's financial situation intensified.

It was eventually reported that, just a month before his passing, Van Der Beek and his wife bought the Texas ranch they'd been renting. The property settled for $4.76 million.

Van Der Beek's representatives later reported that the down payment for the property was secured "with the help of friends through a trust so they could shift from rent to mortgage".

'I feel totally duped'

Unsurprisingly, there was a public backlash.

"Does anyone know how I can get a refund on the go fund me?!? I donated hundreds of dollars and I feel totally duped," one person wrote on Kimberly Van Der Beek's Instagram page.

Discourse on Reddit forums was particularly unforgiving.

"The reality is all of us are living within our means, and yeah, we're going to side-eye the celebrity asking for donations to maintain a celebrity standard of living," wrote one person.

This was a sentiment repeated many times across the internet.

Another star, another GoFundMe

Just days after Van Der Beek's death, another Hollywood heartthrob passed away.

Eric Dane, best known for playing Dr Mark Sloan in Grey's Anatomy, died from the degenerative disease ALS.

A GoFundMe page was immediately set up.

"Any contribution, no matter the size, will help provide stability during this incredibly difficult time... for Eric's wonderful daughters," the fundraiser said.

More than 4400 people donated almost half a million dollars.

People who donate to GoFundMe campaigns can also leave public messages. One note, written by a woman calling herself "Cristina J", stood out.

Alongside a $5 donation, she wrote:

"I have Stage 4 cancer and am living on social security so I couldn't donate more, sorry. I have a young daughter myself so I know how awful it can be having a terminal illness and leaving behind a child."

Some estimates valued Dane's estate at about US$7 million at the time of his passing.

But an exact valuation isn't possible, which highlights a bigger question: should celebrities and their families disclose more financial information before asking the public for donations?

When asked about this issue, a GoFundMe spokesperson said every situation is different and "it's ultimately up to donors to decide which causes they wish to support".

For GoFundMe itself, however, every donation also generates revenue, with the platform charging a 2.2% fee plus $0.30 per transaction.

The psychology behind celebrity donations

It's true that people are allowed to donate their money however they please, and it seems unlikely that anyone who donated to the Van Der Beek family cause thought they were in danger of homelessness.

"My best informed guess would be that people in this instance are not giving because of perceived need but rather due to other motivations," says The University of Queensland's Dr Cassandra Chapman.

According to Chapman, who has a PhD in the psychology of charitable giving, there are many reasons someone might support a celebrity fundraiser.

Donating can act as a form of identity expression, allowing people to signal what they value or feel connected to. Nostalgia can also play a role, in particular if the celebrity was tied to meaningful moments in a donor's life.

Interestingly, people may even be using the donations as a way to confront their own mortality.

"There is a theory in psychology, terror management theory, that people's behaviour can be motivated by an unconscious fear of death," says Chapman.

Many people, myself included, grew up alongside James Van Der Beek. He was the prototypical teenager of our time. And now we're all middle aged, and he is dead.

"For some, this may stir up deep-seated fears around their own mortality. Giving could be a way to dissipate that uneasiness."

Is celebrity crowdfunding ethically fair?

Fundraising to memorialise the dead is not without precedent.

According to Simon Longstaff, executive director of The Ethics Centre, communities have long pooled money to honour those seen as having made meaningful civic contributions.

"This is not a new phenomenon, it's been going on for centuries where there have been public subscriptions to fund memorials to notable citizens," says Longstaff.

"It gave people of quite modest means the opportunity to participate in the commemorative process. In a sense, become a contributor to some broader process of recognition."

Perhaps this is a normal part of public grieving, one that has been accelerated by the internet and social media.

Whether that makes fundraisers ethically defensible depends on the intended purpose of the money and the financial situation of the people for whom the donations are being raised.

But the moral responsibility does not rest entirely with the people seeking the funds. Those donating should also examine whether the donation aligns with their own moral and ethical code.

"I think the moral obligations fall on both sides and everybody's responsible for the choices they make," says Longstaff.

The hidden risks of online fundraising

Of course, the internet has made collective giving easier to organise and scale. On GoFundMe alone, more than $1.1 billion has been donated in Australia since the platform's local launch in 2015.

"Last year 1.7 million donations were made to fundraisers, raising $141 million for local causes. In fact, nearly one in four Aussies has made a donation via GoFundMe for causes that matter to them," said a GoFundMe spokesperson.

But is every cause a worthy one? On GoFundMe there are people asking for donations towards their holidays, honeymoons and school excursions. It might be frivolous, but it's not illegal.

"At the end of the day, if somebody wants to do a fundraiser for something they feel is important, then they can do that, as long as it's not fraudulent," says Katherine Raskob, chief executive of the Fundraising Institute Australasia (FIA).

That means you can ask strangers on the internet to contribute to your kitchen renovation, five-star holiday, or dream of owning a Ferrari.

Whether they will want to help you is another matter. But what you can't do is say you're fundraising for one thing, and then spend that money elsewhere.

What to check before donating online

Just how that's enforced depends on the nature of the misconduct and the jurisdiction, laws on fundraising vary across States and Territories.

The Australian Competition and Consumer Commission may intervene if Australian Consumer Law has been breached.

There are also a number of State-based fundraising regulators who can get involved. Platforms such as GoFundMe will have their own rules as well.

If you think you've been scammed, it can be a complex regulatory system to navigate. Better to ensure your donations are going to the best possible cause in the first instance.

"It's buyer beware," says Raskob. "Make sure that you're aware of what it is that you're contributing to, and that you know who they are."

To check if a charity is legitimate, Raskob recommends starting with the Australian Charities and Not-for-profits Commission, where you can review its registration, purpose, reports and leadership.

If you want an extra layer of protection, charities that have aligned with the FIA have also agreed to ethical and transparent fundraising practices.

Ultimately, you can spend your money however you want.

There is nothing inherently wrong with giving money to a cause that feels meaningful, especially if it gives you some measure of peace or happiness. As the GoFundMe spokesperson points out, the decision rests with the donor.

But before donating in an emotional state, consider thinking about the potential impact of your money and whether it's going to the people and causes who need it the most.

Reader question

Hi Paul,

I know you've previously said that HECS-HELP is the cheapest debt you can have, but with indexation my balance just keeps going up.

I'm in my 20s, fortunate to be living at home and working part-time while I study. Should I focus on paying down my student debt or save to hopefully buy a unit one day?

Paul's response

Good question, Ally. The technical answer remains no.

A zero-interest debt, and one that just disappears when you die, is a cracking loan!

Clearly, lenders will take into account your student debt in terms of determining how much you can borrow to buy a home.

Another interesting point is how much you might earn. Your repayments are taken from your pre-tax income once you earn above $67,000.

If you ended up in a high-paying job, at more than $190,000, you'd be paying 47% tax including Medicare levy. A high-income earner would soon shred this debt.

We also need to add in politics.

As you know, the government is reducing student loan debt by 20%.

And when it comes to loan indexation with inflation, the outcry tends to see indexation lower than the actual rate of inflation. Will another 20% cut appear in the future?

My view is pretty simple.

Personally, I'd be building savings to give me the power to invest or accumulate a home deposit. Control what you can is a pretty good rule of money.

We also need to consider our own personality.

This is what I call the sleep-at-night test. I'll pick on me and my wife, Vicki. She would hate having student debt, so she would be better off paying it off and sleeping well.

I'd find it quite entertaining to build my wealth and leave the student debt alone.

If it turned out I earnt a high income, the student debt would be paid down from the compulsory payments.

I'd be happy with that.

Maybe your best solution is to leave this interest-free loan alone, save as you can and revisit the issue as you build your life and career?

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Young Australians are turning to TikTok and Instagram for investing tips, budgeting hacks and money advice as the cost of professional financial advice surges.

But experts warn some viral money advice may be misleading, promotional or even illegal, with ASIC cracking down on finfluencers accused of crossing the line into unlicensed financial advice.

ASIC has also warned Australians to be wary of creators promising "easy money" or guaranteed returns online.

Creators like budgeting influencer Breana Davidson, known as "Bree on a Budget", have built huge audiences by sharing relatable savings and spending advice aimed at young Australians

It's easy to see the appeal. The cost of seeing a financial adviser jumped 18% in 2025 to $4668 a year, up 67% over the past five years, according to Adviser Ratings' 2025 Australian Financial Advice Landscape report.

At the same time, more than half (63%) of Gen Z Australians rely on social media for financial information, while 52% say they trust what they see online.

RMIT University Deputy Dean Angel Zhong says finfluencers have helped democratise financial literacy by breaking down complex topics in a way younger audiences understand.

"They speak in plain language, meet younger audiences where they are, and cover topics like budgeting and investing that traditional advisers often overlook for clients without significant assets."

The 27-year-old making millions of views from money tips

Sydney finfluencer AJ Clores started sharing investing content after making successful trades during the pandemic while studying at university.

"I put a lot of money in the stock market and it doubled by the time the market recovered, so I was sitting on a good amount of cash," the 27-year-old says.

Two years later, he has built an audience of more than 105,000 followers across Instagram and TikTok, generating more than 30 million video views, according to his management agency.

While some creators push high-risk investments or property schemes, AJ says he focuses on general financial education aimed at younger Australians.

"There are other ways to build wealth than just saving your salary, including investing, which can pay off in the long run," he says.

But he also acknowledges the risks of taking financial advice from social media, where flashy content and viral popularity can blur the line between legitimate education and misleading promotion.

He operates without a financial licence but says he carefully follows ASIC guidelines when creating content.

"I'm trying to break the stigma around investing, and if you speak factually about information, then it's allowed."

Why ASIC is cracking down

While AJ says he follows the rules closely, other finfluencers have come under ASIC scrutiny.

The regulator has issued warning notices to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading conduct.

Another 15 Australian finfluencers are also being reviewed over content involving shares, exchange-traded funds and leveraged products.

ASIC says the crackdown aims to stop consumers losing money from misleading online financial content.

Why young Australians trust finfluencers

Curtin University lecturer Dr Ivy Hii says trustworthiness, relatability and accessible content help create strong "parasocial relationships" between finfluencers and followers.

"Finance education is shifting from instruction to inspiration, driven by connection, not just content," she says.

But she warns followers may take financial advice at face value without properly questioning whether the information is accurate, balanced or regulated.

For some followers, however, bad financial advice online can come at a real cost.

'Influence does not equal a licence'

Professor Zhong says popularity online does not exempt creators from financial advice laws.

"ASIC has made clear that follower count does not exempt you from the law. Influence does not equal a licence."

She says social media often rewards confidence and viral appeal over nuance and accuracy.

Under Australian law, anyone providing financial product advice that could influence investment decisions generally requires an Australian Financial Services licence.

"Finfluencers work best as a starting point for financial curiosity, not a substitute for personalised, qualified advice," she says.

ASIC Commissioner Alan Kirkland says Australians should carefully check a creator's credentials before acting on online financial advice.

"If someone on social media is promising easy money or guaranteed returns, there is a real risk they're breaking the law, and you could be the one who loses money."

'Be careful who you're listening to'

AJ says many finfluencers are simply trying to make financial concepts easier to understand for younger Australians.

However, he admits some creators damage trust by exaggerating their success or hiding commercial relationships.

"Anyone can rent out a Lamborghini for a day and make out that they make $10,000 a day, and some people will believe that."

His advice is simple.

"Be careful who you're listening to," he says.

"Some finfluencers may not disclose that they have a business behind them and could be trying to lure you into a specific type of investment."

But there comes a point when saving too much can limit your quality of life.

The real challenge is not whether to save, but how to balance living well today with preparing for tomorrow.

When saving becomes restrictive

Saving can feel safe, especially if you grew up with financial uncertainty or value control. But when it becomes an emotional safety net, it can stop you enjoying what you have worked for.

It is possible to be financially comfortable and still feel anxious about spending.

Once your essential needs are covered, research shows financial wellbeing depends more on mindset than the size of your bank balance.

If you feel guilty when you spend, or keep putting off meaningful experiences, it may be time to reassess whether your saving habits are helping or holding you back.

Defining what 'enough' means

Financial success is not just about how much you accumulate. It is about whether your money supports the life you want.

Start by defining what 'enough' looks like for you. Picture a satisfying week or year. Consider which experiences and freedoms matter most, and the role money plays in supporting them.

When you are clear on your priorities, saving becomes purposeful. You stop saving for its own sake and start directing money towards what truly matters. That shift makes progress feel motivating, not restrictive.

Balancing the future and the present

A healthy approach to money combines structure with flexibility. You can keep building savings and investments while still making room to enjoy life now.

Automatic transfers to savings or super can make progress effortless. Then you can spend the rest with confidence, knowing your future is already taken care of.

When your money habits align with your values, saving becomes a source of purpose rather than pressure. A plan that allows enjoyment along the way is far more likely to last.

The takeaway

There is a difference between being careful and being constrained. Saving should support your life, not limit it.

The strongest financial plans blend structure with enjoyment, discipline with freedom, and confidence with peace of mind.

Bob Morton, co-founder and chief executive of The Property Clearance Company, helps Australians uncover hidden value when downsizing or clearing estates.

From forgotten collectables to overlooked valuables, the stakes can be higher than many expect.

Here are six expert lessons to help you avoid costly mistakes and spot what's really worth money.

1. It must be emotional and overwhelming helping to clean out a loved one's home. What's the most common mistake you see people make?

The most common mistake is starting without a clear plan.

In the emotional aftermath of a loss or major life transition, it is easy to begin sorting without deciding the desired outcome.

Without that clarity, the process quickly becomes overwhelming.

Another issue is confusing sentimental value with financial value.

Many possessions carry deep meaning, but that does not always translate into market value. When the two are conflated, decision-making slows and stress increases.

People also tend to delay the process. While this is often well-intentioned, delays can lead to items deteriorating, especially in Australia's climate, reducing their resale value.

The most effective approach is to start with a clear plan, separate emotion from value, and move forward in a structured and timely way.

2. Can you give us a plan of how the company approaches a house to be cleared?

Every clearance begins by defining the objective.

Each family is different, so we first establish what success looks like, whether that is keeping important items, maximising financial return, meeting a deadline, or minimising waste.

Once this is clear, we remove the least important items first, usually waste and recyclables. This reduces clutter and makes it easier to properly assess what remains.

We then work through the home and categorise items into:
• Items to keep
• Items to sell
• Items to donate

This structured approach creates order quickly, reduces stress and ensures valuable items are not overlooked.

3. What is the best way to divide items during a clear-out?

The most effective approach is to prioritise items by importance and value.

Start by identifying what the family wants to keep, usually items with strong sentimental value.

Next, assess items that can be sold, such as art, collectables, jewellery or quality household goods.

Then move on to items suitable for donation. Many charities welcome goods in good condition.

Finally, direct remaining items towards reuse or recycling wherever possible.

4. What should people assess, room by room, as potentially valuable?

Value can exist anywhere in a home, so avoid assumptions.

Sheds, garages and storage rooms are often dismissed as waste, but can contain items of real value.

Another misconception is that large furniture is the most valuable. In reality, smaller, specialised items often carry higher value.

These include retro household items, branded glassware such as Murano, jewellery, coins, original artwork, Australiana, vintage comics and quality tools.

Condition, authenticity and branding are critical. Items that look similar can have very different values depending on these factors.

The safest approach is to pause and assess before discarding, especially smaller items that are easy to overlook.

5. Who can people turn to for valuations or advice?

It is important to seek qualified and reputable advice.

Licensed second-hand dealers are a good starting point, as they understand current market demand and pricing.

For formal valuations, particularly for estates or legal purposes, families should engage accredited valuers who provide independent assessments.

Some experts specialise in areas such as art, antiques, jewellery or coins. If an item appears rare or unusual, a specialist can make a significant difference in determining value.

Taking professional advice helps ensure valuable items are not overlooked or undervalued.

6. What is the most important advice you can give after years of handling estate clearances and downsizing?

Plan ahead while there is still time to make thoughtful decisions.

Ensure you have an up-to-date will and appropriate power of attorney arrangements.

An experienced estate lawyer can help provide clarity, not just for major assets but also personal possessions.

It is also important to anticipate practical situations, such as whether another family member living in the home has the right to remain there.

These details can prevent disputes later.

Finally, consider gifting meaningful items while you are still alive.

Passing on treasured possessions can be a deeply personal and uplifting experience. It allows you to see the joy they bring and removes uncertainty for your family in the future.

The bottom line

Taking these steps in advance - clear legal planning and thoughtful distribution of personal possessions - can significantly reduce stress for families and ensure that important decisions are made with intention rather than under pressure.

How your home loan delivers banks six-figure profits

Research by The Australia Institute reveals the big four banks rake in about $228,900 profit over the 30-year life of an average $736,000 home loan.

In the first year alone of an average first homebuyer loan, the big four banks make about $11,110 profit.

As a guide to how profitable home loans can be, the banks' profits last financial year grew to $43 billion - $16.9 billion of which came straight from owner-occupiers with a mortgage.

Dr Richard Denniss, co-CEO of The Australia Institute, says, "These numbers are obscene. Rising interest rates and rising prices are hurting Australians. But you know who's not hurting and who never hurts? The banks. While so many Australians are going backwards, the banks' profits are only going in one direction - up."

He adds, "No other companies make anything close to the profits the big four banks are taking from mortgage holders."

What can homeowners do?

The Australia Institute notes that profit margins on home loans are lower at many of the smaller banks, so it's worth shopping around.

A 1% rate difference on a $500,000 loan can mean an interest savings of close to $5000 in the first year alone.

Less than a month left to grab this $500 retirement top-up

The countdown is on to June 30, and that means low to middle income earners have less than four weeks to take advantage of super co-contributions.

If you make a personal (after-tax) contribution to your super fund before June 30, and if you qualify, the government will contribute up to a maximum of $500 when you contribute $1000.

If your income is less than $47,488 you get the full $500 co-contribution but you may still be eligible for a smaller contribution even if you earn up to $62,488.

You don't need to apply for government contributions. If you're eligible and your fund has your tax file number, it gets paid automatically.

The surprising ways young Australians are building wealth

A survey by fund manager Vanguard found nearly one in two Gen Zs (18-28) own investments. But it's the diversity of investments they hold that's particularly impressive.

Only one in four (27%) of all Gen Zs hold shares, compared to around one-third of each of the Millennials (29-44), Gen X (45-60) and Baby Boomers (60-plus).

However, younger Australians are more active across a variety of other investments.

Nearly one in five Gen Z Australians report holding ETFs, 18% own cryptocurrencies, and 4% own listed investment trusts - making this generation the keenest investors across these three products.

Among non-investors, more than half of Gen Z (52%) say they are interested in starting to invest, well above the overall average (34%) and those aged over 60 (18%).

$50,000 a minute, how fast billionaire wealth is growing

The collective wealth of Australia's billionaires surged by $25.67 billion over the past year - that's almost $50,000 per minute according to Oxfam Australia analysis of the 2026 Australian Financial Review Rich List.

Australia now has 178 billionaires, up 17 from last year - the most billionaires on record.

Looked at another way, the 20 richest Australians hold more wealth than the bottom three million households.

Jennifer Tierney, Oxfam Australia chief executive, believes the reforms to capital gains tax and negative gearing announced in the Federal Budget are "important steps towards a fairer tax system", but she is calling on the federal government to tackle inequality by taxing the super-rich.

Iron ore magnate Gina Rinehart topped the Rich List for the seventh year running, with wealth of $39 billion.

Average household wealth in Australia is around $1.560 million.

Renovation costs are easing, but not for long

Australians love a renovation project, and NAB reports a 16% jump in demand for renovation loans nationally, topped by a 25% increase in Queensland.

Building costs have come off recent peaks, however NAB economists say rising fuel prices could push renovation costs up, especially for materials and transport.

With costs potentially becoming less predictable, NAB Executive Home Lending, Denton Pugh, offers several tips to help homeowners manage renovation costs:

• Build a buffer into your budget - setting aside a 10-20% contingency can help manage unexpected increases.
• Lock in quotes where possible - understand which costs are fixed and which may move with fuel or supply chains.

• Plan around available materials - choosing materials that are easier to source can reduce delays and cost blowouts.
• Avoid starting too early - waiting until key materials are on site can prevent costly delays.

Pugh says it can also help to focus on energy-efficient improvements that may help lower bills over time.

At H&R Block Australia, we often see taxpayers eagerly awaiting their refund after lodging their return. There's often a sense of anticipation as we wait to see whether the Australian Taxation Office (ATO) is sending money back. When the refund finally lands in our bank account, it can feel like a bonus, a reward for a year's hard work, or even "free money".

The problem is that it isn't.

A tax refund is simply your own money being returned after you've paid more tax during the year than was ultimately required. Yet behavioural economists have long observed that people treat tax refunds very differently from regular income, and that often leads to poor financial decisions.

Understanding the psychology behind tax refunds can help Australians make smarter choices and turn what feels like a windfall into a genuine opportunity to improve their financial position.

Why refunds feel like free money

One of the most powerful concepts in behavioural finance is something known as "mental accounting".

Rather than viewing all money as equal, people tend to place money into different psychological buckets.

Your salary goes into one bucket. Savings sit in another. A tax refund often occupies a completely separate category.

Because the refund arrives as a lump sum and wasn't part of your regular weekly budget, your brain may classify it as unexpected money. As a result, you're often more willing to spend it on discretionary purchases than you would be if the same amount had arrived through your normal pay cycle.

A $3,000 tax refund might quickly become a holiday, a new television, a wardrobe upgrade or a series of impulse purchases that seemed justified at the time.

If that same $3,000 had been earned through several months of work, many people would think much more carefully before spending it.

The reward effect

Tax refunds also tap into another psychological bias: the reward effect.

Lodging a tax return can feel like completing a long and sometimes frustrating administrative task. Once it's done and the refund arrives, there's a temptation to celebrate.

Many people unconsciously view the refund as a reward for enduring the tax system rather than simply a correction of their tax position.

This helps explain why refund season often coincides with increased discretionary spending. The money feels emotionally different from ordinary income.

Unfortunately, emotional spending decisions rarely align with long-term financial goals.

Bigger refunds aren't always better

Another common misconception is that receiving a large tax refund is inherently a good thing.

Many people proudly talk about receiving a substantial refund each year. Yet from a purely financial perspective, a large refund often means you've effectively provided the government with an interest-free loan throughout the year.

While nobody wants an unexpected tax bill, consistently receiving very large refunds may indicate that too much tax is being withheld from your pay or that financial arrangements could be structured more efficiently.

The ideal outcome for many taxpayers is to have tax withheld as accurately as possible throughout the year, allowing them to access their money sooner rather than waiting for refund season.

The opportunity cost of spending

Before rushing out to spend a tax refund, it's worth considering the opportunity cost.

Every dollar spent today is a dollar that can't be used elsewhere.

For Australians facing rising living costs, higher mortgage repayments and persistent inflation pressures, a tax refund can provide a valuable opportunity to strengthen their financial position.

For example, a $4000 refund could be used to:

• Reduce high-interest credit card debt
• Build an emergency fund
• Make additional mortgage repayments
• Increase superannuation contributions
• Invest for long-term wealth creation

While these options may not provide the same immediate excitement as a holiday or new gadget, they often deliver far greater financial benefits over time.

A practical framework for using your refund

Rather than viewing a refund as spending money, consider adopting a simple allocation strategy.

One approach is the 50-30-20 method:

• 50% towards improving your financial position
• 30% towards medium-term goals or savings
• 20% for enjoyment

For example, someone receiving a $5000 refund could allocate:

• $2500 towards debt reduction or mortgage repayments
• $1500 into savings or investments
• $1000 for discretionary spending

This approach allows you to enjoy part of the refund while still making meaningful progress towards your financial goals.

Importantly, it helps avoid the common scenario where the entire refund disappears within a few weeks and leaves little lasting benefit.

Automate before temptation strikes

One of the simplest ways to make better decisions is to remove emotion from the process.

Research consistently shows that people make different choices when money is automatically directed towards savings or debt reduction before they have the chance to spend it.

If you're expecting a refund this year, consider setting up transfers in advance.

Arrange for part of the refund to move automatically into a savings account, investment account or mortgage offset account as soon as it arrives.

By making the decision before the money reaches your everyday spending account, you're less likely to fall victim to impulse purchases.

Conclusion

Tax refunds occupy a unique place in our financial psychology. Even though the money belongs to us all along, many people treat it as a windfall and spend it far more freely than they would their regular income.

Understanding concepts such as mental accounting and the reward effect can help explain why this happens.

At H&R Block Australia, we encourage taxpayers to pause before making major spending decisions when a refund arrives. Instead of asking, "What can I buy?", consider asking, "What financial problem can I solve?"

A tax refund may not be free money, but used wisely, it can be one of the most valuable opportunities each year to improve your long-term financial wellbeing.

It's a trend the union is hoping will continue.

"What's really encouraging is the many young people who are joining," says Joseph Mitchell, the assistant secretary of the Australian Council of Trade Unions (ACTU).

"There is a clear attitudinal difference now, where young people are optimistic. They understand the power of the collective and they know that they can take direct action to make change."

Young workers are fuelling the union comeback

Mitchell points to research by the ACTU that draws on ABS data to find that union members earn $251 per week more than non-union members.

He puts the difference down to collective bargaining, where unions negotiate on behalf of their members.

The union movement argues this helps address the power imbalance between an individual worker and their employer, which might be a billion-dollar corporation or a large government agency.

This comes into play when negotiating a pay agreement with the employer, known as an enterprise agreement.

Why unions say they do more than just lift pay

While unions are best known for working to secure better pay and conditions for their members, Australian Services Union National Secretary Emeline Gaske says they look after workers in several other ways as well.

Members who run into difficulty at work, whether from bullying, sexual harassment, performance management or disciplinary issues, can call the union for support.

"They are your advocate and are experts in how to navigate these procedures and support you as you go through that," says Gaske.

What unions actually do when things go wrong at work

They can attend meetings between the union member and the employer or help them write a response or complaint about a workplace issue.

Unions can also examine members' payslips to ensure they are being paid the correct amount for the shifts they're doing.

Awards and enterprise agreements can be hugely complex and difficult to interpret.

It is not unusual for employers to accidentally underpay workers.

The Australian Services Union has 135,000 members across sectors including local government, community support, clerical roles and customer service in airlines.

Gaske says the union has recovered thousands of dollars for members who were systematically underpaid in community support roles.

"While they're doing really important work, that should not be at the expense of the right minimum wage being applied to them," she says.

Gaske grew up in a household where joining a union was the norm.

At age 14, when she got her first job at Hungry Jack's, she signed up to the Shop, Distributive and Allied Employees' Association.

Full-time workers pay union fees of $13.50 a week.

How unions are tackling AI, gig work and job security

Unions can also help members obtain qualifications or training.

This often happens through bargaining with employers to invest in development and allow time off to attend training.

Some union-affiliated organisations also provide training. The union movement is currently focused on job disruption linked to AI adoption by employers.

The ACTU wrote to employer peak bodies in February stating they are legally obliged to consult workers when AI is introduced in ways that may change jobs.

It is also working to protect gig economy workers, who are harder to organise due to casual and solo work arrangements.

Last year, the Transport Workers Union reached agreements with Uber Eats and DoorDash for a minimum rate of $31.30 an hour and accident insurance.

Why union membership collapsed for 30 years

Trade union membership has declined steadily since 1992, when 40% of employees were union members, according to the ABS.

By mid-2022, that had fallen to 12.5%.

There are several reasons for the fall, including fewer workers in highly unionised manufacturing roles. The end of the 'closed shop' system in the 1990s also played a role, where union membership had been required in many workplaces.

Isabella Dabaja, a lecturer at the University of Sydney Business School, says the decline accelerated after the election of John Howard in 1996.

The Workplace Relations Act shifted wage setting away from unions and placed limits on union workplace access.

"Union membership started to decline in the '90s because we saw a really targeted, structural assault on what unions could do," says Dabaja.

"And the thing with the union is that the fewer resources it has, the harder it is for it to promote itself. The less visible it is, the harder it is to reach out and explain why people should join."

There is also the 'free rider problem', where union-negotiated pay and conditions apply to all workers, regardless of membership.

This can discourage workers from joining while still benefiting.

Union membership is rising again, but only just

Dabaja says this is particularly evident in government sectors like teaching, nursing and the public service. These sectors still also have relatively high union membership rates.

Membership has grown since 2022. By mid-2024, 13.1% of workers, about 1.6 million people, were union members.

Many of the additional 200,000 members were aged 15 to 34. The union movement hopes this signals a longer-term recovery.

Growth has also been driven by increases in jobs in teaching, nursing, aged care, childcare and disability support. These are all strongly unionised industries.

The changing workforce has also shifted gender patterns. Women are now more likely than men to be union members.

Mitchell says getting the message out remains a challenge.

"It's not that there are a lot of people unwilling to join a union, but many haven't been asked," he says.

"Our goal is to make sure people know the pathways to joining and the benefits of collectivising."

The new laws strengthening unions' power

The union movement secured major wins through the Albanese government's Closing Loopholes laws in 2023 and 2024.

These included criminalising wage theft, setting minimum standards for gig workers and introducing the right to disconnect.

The laws also introduced Same Job, Same Pay provisions.

These prevent labour hire workers from being paid less than direct employees in sectors like mining and aviation.

The movement has also faced controversy, including corruption and intimidation allegations within the CFMEU.

Business groups also raise concerns about union behaviour.

Australian Industry Group CEO Innes Willox says unions remain embedded in Australia's workplace relations system.

Business groups push back on union power

However, he argues they often prioritise a larger share of profits rather than productivity gains.

"It is frustrating to watch unions behave in a way that is wilfully blind to the pressures faced by business," he says.

Willox also questions whether recent membership growth marks a long-term shift.

He says private sector union membership has remained in single digits.

"Overall, only a very small proportion of Australian workers elect to join a union," he says.

How unions step in when work turns risky

Queensland teacher's aide Jake Beeton joined the United Workers Union three years ago, following a visit by the union to the inner-Brisbane school where he works.

"It was essentially me wanting to make sure that I had protections at work, but then also the empowerment of being able to be looked after by the collective if needed," says the 21-year-old, who is now the school's union delegate.

Many of the children Beeton works with have some form of disability and teacher's aides can sometimes be hit or spat on by their charges.

"Our union helps every day with occupational violence. It's one of the main issues that's happening with teacher's aides now," says Beeton.

He describes his union fees as: "Twenty-five dollars a week to protect yourself."

So what do you need to know and how can you prepare?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Mark Chapman, director of tax communications at H&R Block, to break down the key updates and the moves to make before and after June 30.

Episode timestamps

00:00 Introduction

01:07 Federal budget tax changes overview

01:36 What's changing with negative gearing?

03:09 Capital gains tax overhaul

04:50 Family trusts and the 30% minimum tax

06:22 $1000 instant deduction

08:24 Working Australians Tax Offset

09:51 Lower income tax rates and super changes

11:42 Who the ATO is targeting this year

14:49 EOFY checklist: practical steps to take now

17:10 Common mistakes when preparing a tax return

18:30 Conclusion

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

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From July 1, around 2.8 million workers will receive a 4.75% pay rise in line with the Commission's latest adjustment to minimum wage rates for modern award earners.

Around 100,000 of the country's lowest-paid workers will get an even larger boost though (5.97%), that will also apply from July.

For full-time workers on the minimum wage, the result means that their earnings will rise from $24.95 per hour to $26.44 per hour.

For the first time, weekly minimum wages will edge above the $1000-mark, with full-time workers set to receive $1004.90 for a 38-hour week (up from $948).

"Australia's lowest paid workers will be pleased with the Fair Work Commission's decision to provide a 4.75% minimum wage increase," says Matthew Dickason, chief executive at Hays APAC.

"Lower-income workers in Australia have been disproportionately affected by limited wage growth, according to data from the Hays Salary Guide, with 62% earning less than $79,000 reporting little to no meaningful salary growth.

"That compares with 36% of those earning above $80,000."

Balancing act

Fair Work Commission president, Justice Adam Hatcher, described this years' determination as "particularly challenging" because of the complexity of the economic landscape.

On the one hand, an uptick in inflation, subsequent rate hikes, and the fallout from the conflict in the Middle East, has added to the broader risk of a slowdown.

On the other, the Commission considered the fact that many low-income workers are still behind where they were in 2021, in real wage terms.

On that point, Hatcher noted that, given the RBA is forecasting a headline inflation rate of 4.8% for the year to June, a wage increase over 5% would have been needed to close the real wage gap.

"Taking into account all of these matters, we have concluded, regrettably, that it would not be practicable or responsible in the current uncertain circumstances to award a real wage increase for employees reliant on modern award wage rates that would be sufficient to close the real wage gap entirely.

"However, we consider that we should at least ensure that modern award reliant employees generally are not worse off in real terms than they were as at 1 July 2025, and that we should also take additional measures to protect the position of the very lowest-paid workers under modern awards."

How has the decision been received?

Predictably, the response to today's decision from advocacy groups representing workers and businesses has been mixed.

David Alexander, chief of policy and advocacy at the Australian Chamber of Commerce and Industry, said that many businesses will struggle to deal with the cost of higher wages.

"Today's decisions further delink wage outcomes from productivity, and economic activity will suffer as a result.

"For businesses that are already struggling with interest rate hikes, high inflation and high fuel prices, this decision putting up wage costs will only add to the burden."

In contrast, Sally McManus, secretary of the Australian Council of Trade Unions, welcomed the news and said that the increase would ensure that workers wouldn't have to cut back on essentials.

"This is a positive real wage increase, and it will provide some buffer against the worst impacts of the Trump war, providing it doesn't drag on throughout the year.

"The lowest paid need to spend almost all of what they earn to survive, and this wage increase will be vital to them while generating income for local businesses that also need a boost."

Many moons ago, I managed a camping store.

And it was around this time of the year I would be busy building the ultimate camping display.

Customers, drawn in by long weekends and gift ideas, would get lost in the aisles bewildered by the outdoor gadgets: pop-up fire pits, camping espresso makers, solar phone chargers, you name it.

While the bells and whistles are nice, my job was to show them a vision of the weekend when they walked through the door.

Here's how to get started, depending on your budget.

What camping gear do you actually need?

Every trip comes down to a few essentials:

• Shelter
• Sleeping gear
• Food storage and cooking
• Lighting
• A comfortable place to sit

How much you spend on each will shape your experience, but smart choices matter more than price.

Tents and swags: what should you spend?

Budget ($): $13 to $200

Nothing ends a trip faster than a leaking tent.

Check the waterhead rating:

• Aim for 1500mm+ (fly)
• Aim for 2000mm+ (floor)

A budget option like Oztrail's Dome range can work well under $200.

A basic $13 Kmart tent, rated at just 450mm, is fine for backyard use, but risky in real rain.

Smart tip: Always check the forecast if you go ultra cheap.

Mid-range ($$): $200 to $500

This is the sweet spot for most campers.

• Dome tents offer space and weather protection
• Instant-up tents save serious setup time

Watch out for sizing claims. "Sleeps six" usually means six very cosy people.

If you'd rather skip the pegs and poles, Coleman's Instant Up range works well. The Oztrail Pop Up Pod is even faster.

On rainy school trips in WA's southwest, I relied on the Wanderer Magnitude Dome - sturdy, weather-proof, roomy.

Smugly, I stood watching mine spring up in seconds while my mates sweated over poles - but we never figured how to pack it away.

That tent rode five hours home on a bus, still fully set up.

Smart tip: Always ask to see how a tent packs down before buying.

Premium ($$$): $600+

I still use my Australian-made Burks & Wills Grampian swag from high school, proof a quality swag can last decades. The new model sells for $649.

For bigger setups, the Oztent RV range offers a rock-solid triangular frame with 30-second pitch time. Blackwolf's Turbo series is another canvas option, though both are heavy unless you've got a roof rack.

Rooftop tents push luxury further with built-in mattresses, lighting and the best sunrise views... if you're willing to pay.

Trade-off: Weight and cost increase quickly.

Sleeping gear: how to avoid a bad night

Getting a decent night's rest can make or break a camping trip. A good mattress and sleeping bag are just as important as the tent.

Budget ($): under $100

Blow-up mattresses are popular and are also great for home use, but in my eight years at a camping store they were the number one return. Most failures came from overfilling: stop at 80-90% so seams don't stretch.

The other issue was pumps. Too many people bought 240V models, then had no way to use them in the bush. A hand pump works, or a 12V pump like the Coleman QuickPump plugs straight into your car. If you must have 240V, the Dometic 150W Can Inverter ($82, Caravan RV Camping) is a good fix and doubles as a phone charger.

Foam roll mats are a budget backup, sold at Kmart, Anaconda and BCF.

For sleeping bags, kids can handle a Wanderer LilFlame +10°C ($39.99, BCF) in the warmer months. For cooler nights, the Kings Hooded Sleeping Bag rated to -2°C ($59, 4WD Supacentre) is a solid budget choice.

Mid-range ($$): $100 to $300

Self-inflating mats are the sweet spot for comfort while being less prone to leaks. Just unroll, open the vents and the foam expands. The Kings Queen-Sized Self Inflating Foam Mattress ($249, 4WD Supacentre) is roomy and practical. Just remember to do the first inflation at home as vacuum-packed mats can take up to an hour.

Cold campers should look at the Oztent Redgum HotSpot Heated XL Sleeping Bag ($249, Snowys), which comes with reusable pads that heat up following a chemical reaction.

Important: First inflation can take up to an hour. Do it at home.

Premium ($$$)

Sleeping bags - like the Sea to Summit Spark 850 -1°C ($649.99, Anaconda) or Kathmandu's Zenter -8°C ($699) - swap synthetic materials for goose or duck down feathers. These high-end models prioritise warmth with minimal weight.

Add the Sea to Summit Comfort Deluxe Self Inflating Mat ($499, Snowys) and you're as close to a real bed as you'll get outdoors.

Best for: Regular campers or cold climates.

Camping chairs: are expensive ones worth it?

Once the tent's up and the beds are sorted, it's time for the best part of camping: sitting by the fire. The chair you pick matters more than you think; it's where you'll spend hours eating, chatting and unwinding.

Budget ($): under $50

Under $50 will get you the basics from Kmart or Big W. Options range from classic cooler armchairs to moon chairs, directors' chairs and simple recliners. They're fine for a weekend away, but don't expect them to last years of use.

Mid-range ($$): around $100

Anaconda's Dune and BCF's Wanderer brands dominate this range.

The Wanderer Premium Cooler Arm Chair with Wine Holder ($99, often on sale at BCF) was the single most popular item I saw in my time at the store. Pallets of them would disappear in a day.

Other standouts include the Dune 4WD Deluxe Lounge Recliner and Dune 4WD Directors Chair with Side Table.

My personal pick is the Oztent King Goanna Chair, with adjustable lumbar straps that support your back after a long day.

Premium ($$$): $200+

If you want to splurge, the Oztent Mawson Chair Series II and the YETI Trailhead Camping Chair both deliver serious comfort and durability.

At a recent getaway in the NSW Southern Highlands, I tried the Nemo Stargaze Reclining Camp Chair.

True to its name, it let me rock back and watch the stars in total comfort, which was easily the most memorable seat I've ever used around a fire.

Reality check: This is where you'll spend hours, so comfort matters.

Food storage: Esky vs icebox vs fridge

Under the harsh Australian sun, proper food storage is a must. How you tackle it depends on whether you're away for a weekend or going bush for weeks.

Budget ($): Esky (from $30)

There's a reason the brand became a verb.

A solid Esky (or 'cooler' by other brands) with ice packs or frozen water bottles is fine for a short getaway or a mate's barbecue.

Go for anything over 26 litres if you want to slip in a bottle of wine.

Look for thick insulation and a drain plug to make life easier when the ice inevitably melts.

Mid ($$): Icebox (from $200)

Stay longer and you'll need more muscle. Iceboxes from brands like Dometic or Evakool will keep things cold for several days.

A 43L Dometic can push towards 10 days of cooling if you pre-chill everything and use block ice instead of party cubes.

They're built tough and come in all sizes, from small shoulder boxes to giant 111L chests. But it's not by litre in how you compare iceboxes - each one will have a drink capacity rating. The largest Dometic size holds 180 cans.

Closer to the $500 mark you'll find Yeti's Tundra range, which offers heavy-duty hinges and latches that won't snap mid-trip.

Example: A 43L unit can last up to 10 days in the right conditions.

Premium ($$$): Portable fridge/freezer (from $500-$1600)

Forget Ford and Holden. The real Aussie divide that splits families is whether you're an Engel or Dometic (Waeco) fan.

These portable fridge/freezers are perfect for campers who go off-grid and want to keep fresh food properly cold. Running off your car battery or a solar setup, a 12V fridge removes the daily scramble for ice.

I remember a trucker rolling in from the red dirt past Kalgoorlie, lugging a box so banged it up it looked like it was used in an episode of MythBusters. It was an Engel from the 1980s, and it was still trucking along. Turns out he just wanted a cover.

Engel's secret is its Sawafuji swing motor, built for off-road use with just one moving part. It often outlasts its five-year warranty.

Dometic is the newer player, with more sizes and arguably better tech, including a three-stage battery protection system that stops you stranding your car with a flat.

Dometics are cheaper and lighter, but Engel diehards swear by its reinforced steel build. Either way, it's money well spent if you're out for more than a few nights.

Cooking gear: what's safest and most practical?

Camp cooking can be as simple or sophisticated as you like.

Some people are happy with instant noodles, others won't leave home without their cast iron skillet.

The trick is finding the balance between portability, fuel efficiency and how much effort you actually want to put in after driving or hiking all day.

Budget ($): Butane gas stove (from $25)

These little single-burner stoves are the entry point for most campers.

Light, cheap, and compact, they'll boil water for your coffee or fry up bacon and eggs without fuss.

Butane canisters are easy to find, but safety matters. Every so often you'll see recalls or reports of explosions from dodgy models or misuse.

Before you light up, check the canister for rust or dents, only use the correct size can, and never cook in an enclosed space. On hot days, keep your spare cans out of direct sun. Anything over 50 degrees and pressure builds quickly.

Mid ($$): Two-burner LPG stove (from $80)

If you're cooking for a family or just want more flexibility, step up to a two-burner. These stoves run on larger gas bottles, give you the grunt to cook multiple dishes at once.

Anything with a BTU rating over 10,000 will handle most camp meals; and ensure you buy one with a Piezo ignition so you're not fumbling with matches.

After countless trips across WA's southwest, I can confirm wind shields are essential - otherwise the Fremantle Doctor will have your sausages cold before they're cooked. Drip trays also save a lot of mess.

Just remember, not all gas bottles are equal.

Smaller 2-3L bottles often use 3/8" fittings, which are compatible with most two-burner stoves. Larger gas bottles have POL connections so check before you head bush or risk a hungry first night.

Premium ($$$): Portable Weber BBQ (from $330)

For the campers who like their meals a little fancy, it's hard to beat the Weber Q. Think of it like Apple's iPhone strategy or Dyson's vacuums: just a few models, but endless accessories.

Hot plates, rotisseries, pizza stones, smoker boxes, thermometers - you can customise it to cook almost anything.

Over seven years at BCF I can count on one hand how many came back faulty, which says a lot about their reliability.

They're bulkier than a stove and take up more room in the car, but if you love the idea of roasting a chicken or baking a pizza in the bush, nothing else comes close.

Trade-off: Takes up more space

Lighting: what works best at camp?

Once the sun goes down, good lighting makes all the difference, whether you're cooking, reading, or navigating your way to the loo.

Budget ($): $15 to $50

Cheap, cheerful, and usually running on AAA batteries, these are the entry point for most campers.

A $15 torch-and-headlamp combo can get you through a weekend.

Headlamps keep your hands free for cooking or setting up the tent, while small LED lanterns hang overhead like UFOs, giving just enough light without blinding your mates.

Stock up on spare batteries and you'll be fine.

Mid-range ($): $60+

Step it up and you'll find far brighter, longer-lasting options.

Rechargeable camp lights from brands like Coleman or BioLite charge through USB, often come with multiple brightness settings, and some double as power banks for your phone.

Around the campsite, LED strip-light kits are another popular choice.

Plug them into your cigarette lighter or a small battery pack and they'll light up awnings or gazebos with ease.

Wanderer sells kits from about $70, and plenty of modern rooftop awnings now come with strips pre-installed.

Premium ($$): $200+

If you want serious performance, LED Lenser makes some of the best headlamps and torches on the market.

And they're not just for campers; tradies swear by them. Top models can throw a beam up to 330 metres, cost close to $700, and even link to your phone via Bluetooth so you can fine-tune the light.

On the other end of the spectrum, solar lighting systems are a smart choice for longer stays.

A panel, battery and multiple light sources will keep your camp lit night after night without a single disposable battery or charging station.

Perfect if you're setting up for a week or just want to tread lighter on the planet.

How to save money on camping gear

Online retailers like Amazon and Temu make it easy to order gear, but when it comes to camping, nothing beats seeing it in person.

Testing how heavy an Engel is or seeing the difference between the gas connections can save you a lot of regret later.

Still, there are ways to cut costs:

• The Entertainment Book includes discounts at retailers like Big W, which stocks basic camping gear.
• ShopBack partners with Caravan RV Camping and Anaconda, offering cashback on purchases.
• Consider renting gear. Overnight Adventures delivers (and collects) camping kits Australia-wide. Packages start at $295, with a family setup from $495.

Happy camping.

Last updated June 2026.

Travel limits. Asset sales. Years of restrictions.

In the March quarter, 3161 Australians fell into personal insolvency, meaning they could no longer meet their debt repayments.

That's up from 2977 a year earlier, a rise of more than 6%.

Of those, 1356 entered debt agreements to manage what they owe, while 1749 were declared bankrupt.

But bankruptcy isn't a clean slate. From limits on travel to impacts on income, credit and assets, the effects can follow you for years.

This matters if you're struggling with rising debt, running a small business or falling behind on repayments.

We asked Adam Cutri, partner at Bartier Perry Lawyers, to explain what really happens when you go bankrupt, and what Australians should know before reaching that point.

1. What exactly is bankruptcy when it comes to an individual?

At its simplest, it's when an individual can't pay their debts to creditors such as the tax office, a bank or a supplier of goods.

That sets off a legal process where a bankruptcy trustee who is registered with the Australian Financial Security Authority (AFSA) is appointed to administer an insolvent individual's financial affairs.

The intention is for the bankruptcy trustee to provide for a fair distribution of that person's divisible assets to their creditors.

Again, as an example, they may sell a property and then divide the proceeds between creditors.

2. Is there a material difference between being made bankrupt and self-declaring bankruptcy?

The main difference is who typically gets to choose or appoint the bankruptcy trustee who is going to divvy up the assets.

There are two ways an insolvent person can become bankrupt: through a self-initiated process called a 'debtor's petition' or by a creditor-initiated process called a 'creditor's petition'.

The creditor-initiated process first requires a creditor to issue a bankruptcy notice, and for that notice to expire, before commencing proceedings seeking to make the insolvent person a bankrupt.

This will generally result in the creditor selecting the bankruptcy trustee, who is ultimately appointed over the insolvent person's affairs.

In comparison, the self-initiated process is relatively informal and requires the lodgement of certain forms with the Australian Financial Security Authority (AFSA). This will generally result in the insolvent person selecting the bankruptcy trustee.

Once the bankruptcy commences, there are no differences to the way in which the bankruptcy trustee undertakes the administration of the insolvent person's affairs.

3. What resources or assistance can people on the verge of bankruptcy can access?

There are several resources available for people who believe they might be on the verge of bankruptcy.

For example, ASIC and AFSA publish helpful guides setting out what bankruptcy is and what it entails.

In addition to the general information available online, most bankruptcy trustees will publish material about bankruptcy and will happily engage with people who might be considering bankruptcy to discuss whether it is the right process for them, or whether there are any other options available.

4. Please take us through the steps that happen prior to being declared bankrupt.

This really depends on the type of bankruptcy.

The key thing here is that individuals act early in talking to an adviser.

Bankruptcy is not always inevitable.

Every insolvency expert will tell you that not ignoring financial challenges and acting early increases your chances of not being declared bankrupt.

5. How long does bankruptcy last and what are the repercussions for travel, employment, renting?

An insolvent person's bankruptcy automatically ends three years after the filing of the statement of affairs (which is a statement prepared by the insolvent person setting out their personal affairs and financial information, which is provided to the bankruptcy trustee).

There are some circumstances where the bankruptcy period can be extended (for up to eight years).

Extensions may be sought in circumstances where the insolvent person has failed to co-operate, leaves Australia without permission, manages a company without first getting court approval or engages in misleading conduct.

While bankruptcy may not stop an insolvent person from being employed, owning a modest motor vehicle, applying for a passport, renting a home, obtaining nominal credit or travelling within the State in which they were declared a bankrupt, there may be some conditions which are imposed.

For example, where an insolvent person earns over certain thresholds, they may be required to pay certain amounts to the bankruptcy trustee to enable the payment of creditors.

Those thresholds change depending on the number of dependants but start at $66,639.30 (after tax) and then increase on each additional dependant.

Further, an insolvent person is entitled to retain their tools of trade to a total value $4200, a motor vehicle to the value of $9100 and obtain a maximum amount of credit (without disclosure) in the sum of $6717.

These amounts are amended each year.

One further repercussion is that an insolvent person will require the bankruptcy trustee's consent if they wish to travel overseas during the bankruptcy period.

The failure to do so can have serious ramifications, including up to three years' imprisonment.

6. What conditions do they need to abide by for the duration of their bankruptcy?

The conditions are set out as above, but one other thing that is noteworthy is that people can become bankrupt for a whole range of reasons - often out of their direct control.

In Australia, we tend to picture anyone who is bankrupt as the person being chased down the street by an A Current Affair reporter firing questions at them.

In the US, some very successful businesspeople and individuals will openly talk about their experiences of going bankrupt before they found success.

You can emerge from bankruptcy and get on with your life.

7. How does someone who has gone through bankruptcy get discharged?

A period of bankruptcy can end in two ways.

First, the bankruptcy period of three years expires and there is no application by the bankruptcy trustee to extend the period.

Second, it can be annulled (as if it never existed).

This can usually only be achieved if:
• The bankruptcy trustee obtains sufficient monies to pay out the creditors in full;
• The insolvent person comes to an agreement with the creditors to pay a reduced sum in full and final settlement of the debts which they owe; or
• The insolvent person is successful in convincing a court that the order to make the insolvent person a bankrupt should never have been made.

8. Are there any ongoing consequences once someone has been discharged?

There are no legal consequences following an insolvent person being discharged.

That being said, it is not uncommon when obtaining credit (for example, for a post-paid mobile phone plan or for a credit card) for providers to request information as to whether the applicant is an undischarged bankrupt.

While it may not be the sole basis for the application to be rejected, it may be a contributing factor.

9. What debts can/cannot be discharged under bankruptcy?

Most unsecured debts such as credit and store card debts, personal and payday loans, utility and phone/internet bills, overdrawn bank accounts, unpaid rent, medical costs, legal costs and accounting costs are all included in a bankruptcy.

Certain debts are not caught by the insolvent person's bankruptcy.

They include court-imposed penalties and fines, child support and maintenance obligations, HELP debt and debt that you incur after entering into bankruptcy.

10. Strata schemes, tax debt and unemployment are common triggers for bankruptcy. Are there any more that people should be aware of?

In the current economic environment where a near-record number of companies are being placed into liquidation, we are seeing a significant increase in insolvent persons declaring bankruptcy due to a failure to pay a company debt after providing a personal guarantee to the creditor.

These debts can range from bank finance to trade suppliers, especially in the building and construction and hospitality industries.

[In the March 2026 quarter, nearly three in 10 personal insolvencies were linked to business activity].

In addition, the tax office is much more active in seeking to attribute company debts to directors personally, in circumstances where they remain unpaid for a significant period of time. This has also resulted in a general increase in the number of bankruptcies in 2024.

In 2025, the ABC reported that about 1.5 million Australians are part of the sandwich generation, supporting ageing parents while caring for children.

According to Women's Agenda, these multi-generational carers tend to be women, who can be left feeling stretched thin. These caregivers spend about 15 hours a week on unpaid care for ageing parents, plus another 15 hours looking after children, according to Australian Seniors. These commitments can impact women's careers and employment.

The good news is, there is a way for women aged 50 and older to feel more confident about devoting their time to caring for family members while still enjoying the security of a regular income.

A lifetime income stream: Regular income with financial confidence

One solution is a lifetime annuity, also known as a lifetime income stream. As the name suggests, it is an investment that pays a guaranteed income for life.

Women aged 50 and older can invest in a lifetime annuity using non-super savings. Put simply, it is a way to turn a lump sum of cash, such as personal savings, into a regular income stream that lasts for life.

This can help relieve the stress of balancing personal finances. By simplifying household budgeting and easing the pressure of juggling multiple responsibilities, it can give women greater confidence to spend, rather than worrying about their financial future.

While lifetime annuities are not new, they have evolved considerably in recent years. Today, a woman can receive income for life from an annuity and choose for her partner or adult child to continue receiving that income after she passes away.

In a similar way, elderly parents may choose a lifetime annuity to boost their retirement income. When they die, the income stream can pass to their adult caregiver. It can be a meaningful way for parents to thank the child who devoted time to caring for them.

The flexibility to bring forward returns

Generation Life's investment-linked lifetime annuity, LifeIncome, includes additional innovations.

The LifeBooster feature provides flexibility to bring forward future investment returns. This can result in higher income in the earlier years, when women may be more likely to lead an active lifestyle or still have adult children living at home.

There are also potential Centrelink benefits. When caregivers reach age 67, lifetime annuities may receive concessional assets test treatment for Age Pension purposes. This can mean qualifying for payments that were not expected, or increasing supplement entitlements.

The result is that a lifetime annuity can provide regular income and greater financial confidence. This can allow a woman to focus more on her loved ones, with less anxiety about her own financial security.

What to read next

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On Tuesday, the Australian Energy Regulator (AER) released its final Default Market Offer (DMO) for the 2026-27 financial year.

This is a price cap that limits how much electricity retailers can charge on certain contracts for residential and small business customers in New South Wales, South Australia and South East Queensland.

How much are electricity prices set to fall?

From July 1, households on flat rate DMO offers will see electricity prices fall between 3.4% and 5% in New South Wales and 7.2% in South East Queensland. They are set to rise by 1.4% in South Australia though.

For customers on time of use DMO plans, prices will decrease by between 3.7% and 7.7% in New South Wales, 10.7% in South East Queensland and 1.1% in South Australia.

"This is a positive outcome with prices coming down for the majority of households and all small businesses across the three regions where the DMO safety net applies," says Clare Savage, AER chair.

While not covered by the DMO, many Victorians will also get some energy bill relief from July 1 after the release of the 2026-27 Victorian Default Offer by the Essential Services Commission.

Victorian households are expected to see electricity prices fall by 5% on average (the equivalent of $84 a year), while small businesses will see average falls of 6% (the equivalent of $241 a year).

What's helping drive down electricity costs?

Households will have become used to power price volatility in recent years, with costs rising and falling - though generally trending higher. So why are electricity prices set to fall from July?

Reduced costs for retailers and a change in the methodology used to determine the latest DMO played a part.

But the single biggest contributor, according to the AER, were lower wholesale costs. These typically make up 30-41% of the DMO prices.

"The reductions compared to last year reflect easing costs across most components of the DMO," Savage explains.

"Particularly in wholesale energy, where we've seen lower electricity contract prices, reduced spot price volatility and increased output from wind and battery generation during evening peaks."

How can households cut their energy bills?

Even with electricity price cuts coming down the pipeline for large parts of the country, households have been urged to do more to reduce their energy costs further.

Sophie Ryan, comparison expert at iSelect, says that consumers looking to reduce their bills - especially those on DMO offers - should strongly consider reviewing their existing plan.

"Market offers are often well below the default rate, and switching can be far simpler than most people expect," she says.

"Have your latest bill handy and use a free comparison service. It takes minutes and could save you hundreds."

Ryan says that there are also a few practical steps that people can take around the house.

"Switch off unused lights and swap to LEDs - that alone can slash your lighting energy usage by up to 75%.

"Electronics still draw power when plugged in, even when they're turned off - so flicking off the switch at the wall can make a real difference.

"Even just switching your gaming console off after use could save more than $150 a year."

Heat your house for less this winter

With temperatures dropping and winter just days away, households in cooler climates are likely to be bracing for an energy bill bump ahead.

A 2021 analysis by the Australian Energy Council found that electricity bills in the ACT, New South Wales, South Australia and Victoria were roughly 20% to 30% higher in winter than in summer.

In contrast, gas bills across the same regions were two to three times higher in winter, with the difference even greater in colder states like Tasmania and Victoria.

So, what can people do to stay warm during the winter months without running up excessively large bills? Ryan has five tips to consider.

1. Adjust your thermostat

"Heating is one of the biggest drivers of winter electricity bills, so it's worth being strategic about it.

"Use your heating efficiently. Set your thermostat between 18 and 20 degrees - every extra degree can add around 10% to your heating costs."

2. Heat the room, not the house

"It sounds simple, but a lot of households keep their homes warmer than they need to without realising. So, avoid heating rooms you're not using.

"Close doors to unused spaces and use a smaller heater for the room you are in rather than running ducted heating throughout the whole home."

3. Get drought-proofing

"Door snakes, draught stoppers and heavy curtains all help hold in heat and reduce how hard your heating system needs to work.

"And the good thing is that these don't cost the world, but they can make a significant difference."

4. Book in a service

"A poorly maintained heating system works harder and costs more to run. A quick annual service can improve efficiency and pick up any issues before they become expensive problems.

"Check your hot water system too. Hot water is often overlooked but accounts for a chunk of household energy use."

5. Utilise the new Solar Sharer Offer

"For smart meter households, retailers will start offering a Solar Sharer Offer from July 1. This is an opt-in plan that gives you three hours of free electricity during the middle of the day.

"If you can shift some of your usage into that window, it could significantly reduce your bills without any upfront cost. You do not even need rooftop solar to take advantage of it."

Want to find out if you're one of the millions of Aussies who could get free electricity? Check out our guide on the Solar Sharer Offer for more details.

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

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

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

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

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

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

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

When did you first realise volunteering could change lives?

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

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

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

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

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

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

How does volunteering help people build confidence and financial resilience?

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

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

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

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

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

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

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

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

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

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

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

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

How do you see financial wellbeing intersecting with healthy ageing?

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

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

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

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

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

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

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

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

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

Money is good for making memories that outlast receipts.

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

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

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

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

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

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

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

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

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

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

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

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

It is another tax on small business.

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

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

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

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

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

What it says about the economy

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

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

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

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

Does it hold up?

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

2. Do falling champagne sales signal a recession?

What it says about the economy

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

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

Does it hold up?

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

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

3. Can lipstick sales predict economic downturns?

What it says about the economy

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

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

Does it hold up?

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

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

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

What it says about the economy

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

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

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

Does it hold up?

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

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

5. Do library visits rise when times are tough?

What it says about the economy

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

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

Does it hold up?

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

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

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

What it says about the economy

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

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

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

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

Does it hold up?

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

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

What it says about the economy

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

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

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

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

Does it hold up?

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

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

Reader question

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

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

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

I do not know which way to go. - Lana

Paul's response

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What to read next

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

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

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

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

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

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

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

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

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

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

Who is most likely to lose money?

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

Will your employer cover your pay?

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

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

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

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

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

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

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

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

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

What jury duty pays, at a glance

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

Jury duty pay by state

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

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

Australian Capital Territory

Daily pay:

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

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

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

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

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

New South Wales

Daily pay:

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

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

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

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

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

Northern Territory

Daily pay:

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

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

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

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

Queensland

Daily pay:

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

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

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

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

South Australia

Daily pay:

• All days: $20

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

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

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

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

Tasmania

Daily pay:

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

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

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

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

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

Victoria

Daily pay:

• Days 1-6: $40
• Days 7+: $80

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

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

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

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

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

Western Australia

Daily pay:

• Days 1-3: $15
• Days 4+: $20

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

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

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

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

Can you skip jury duty because of money?

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

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

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

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

However, potential jurors may need to prove it.

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

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

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

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

Is jury duty becoming unaffordable?

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

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

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

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

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

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

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

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

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

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

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

Starting over isn't cheap

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

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

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

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

Rent shapes how you live

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

Cheaper rent meant a longer commute.

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

What it really costs to start over

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

Cheap rent, expensive time

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

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

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

It was more practical, but it still cost money.

The hidden cost of moving

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

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

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

What adulthood really looks like

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

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

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

*Not his real name

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

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

What this means for you

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

What is actually changing

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

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

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

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

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

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

Why this hits families, not just the wealthy

The Budget frames discretionary trusts as vehicles for tax minimisation.

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

Tax efficiency is a secondary benefit.

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

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

Who is most affected?

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

The tough choice families now face

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

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

Plans that may be locked in

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

Their plans are locked in.

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

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

Why grandfathering may not help

Fixed testamentary trusts are excluded from the minimum tax.

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

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

Is this effectively a new inheritance tax

Australia abolished death duties in 1979.

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

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

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

Why the 30% floor hits harder than it appears

The word "minimum" warrants emphasis.

It is a floor, not a ceiling.

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

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

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

What families should do next

The consultation process remains open.

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

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

Weigh up the options with your advisers.

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

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

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

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

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

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

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

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

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

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

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

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

Things you didn't know your library lends for free

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

The easiest $1000 saving most people miss

For avid readers, the numbers stack up quickly.

Paperbacks typically cost between $25 and $35 each.

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

Audiobooks and e-books deliver similar savings.

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

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

The apps are straightforward to use.

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

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

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

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

Why libraries are replacing subscriptions

Libraries still do books - and much more besides.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Borrow instead of buying, tools add up fast

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

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

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

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

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

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

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

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

Repair instead of replace

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

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

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

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

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

Repairing instead of replacing also has broader environmental benefits.

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

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

How much you could actually save

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

But Selby estimates:

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

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

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

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

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

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

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

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

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

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

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

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

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

The free app replacing paid subscriptions

Libby: Free on iOS, Google Play

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

Why it matters

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

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

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

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

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

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

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

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

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

The app that can cut parking costs or earn you cash

Parkhound: Free on iOS, Google Play

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

Why it matters

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

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

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

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

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

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

The navigation app that can save fuel and time

Waze: Free on iOS, Google Play

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

Why it matters

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Why avoiding your lender can hurt your credit more

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

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

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

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

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

Why asking for help could protect your credit

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

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

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

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

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

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

What really affects your credit over 24 months

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

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

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

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

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

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

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

Why checking your credit report could save you money

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

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

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

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

Hardship support is designed for moments like this

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

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

Free and independent support is also available.

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

If you're experiencing financial difficulties, you should:

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

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

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

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

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

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

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

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

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

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

Walters carried that chip into adulthood.

The moment that shaped her ambition

She became fascinated with branding and the stories products tell.

Eventually, that same scrutiny turned back on herself.

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

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

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

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

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

She realised she wasn't building her own story

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

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

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

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

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

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

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

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

A brief break for independence

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

It was a bid for independence that lasted six months.

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

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

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

The pressure of being the boss's daughter

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

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

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

Her answer was to pile herself into her work.

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

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

Building a business while becoming a mother

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

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

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

Privilege or not, the business thrived under Walters.

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

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

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

The village behind working mothers

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

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

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

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

Selling up and the emotional aftermath

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

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

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

But what made sense commercially felt messier personally.

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

When success feels more complicated

Over time, that numbness gave way to guilt.

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

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

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

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

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

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

Rethinking what leadership looks like

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

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

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

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

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

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

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

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

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

Why Koh felt like the right next step

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

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

Walters saw room to grow.

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

So she sent the founders a message on LinkedIn.

Purpose, identity and building a brand

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

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

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

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

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

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

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

Coming back to who you are

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

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

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

"It's okay to be you."

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

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

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

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

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

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

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

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

Penalties against Coles are yet to be determined.

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

Will housing prices slow under new tax rules?

Tuesday's Federal Budget introduced major changes to property investment, including limits on negative gearing and a shake-up to capital gains tax (CGT).

Negative gearing will now apply only to new builds, while the 50% CGT discount will be replaced by an indexation model and a 30% minimum tax rate on established properties.

Treasury estimates the changes could reduce investor demand and slow property price growth by around 2% over the next few years.

But Australia's largest home lender, Commonwealth Bank, is not forecasting a sharp downturn.

CBA expects national home prices to rise by 3% in 2026, with similar growth of 3% forecast for 2027.

Separate analysis by REA Group suggests not all investors will lose out under the new CGT rules.

It found that over the past decade, 27% of properties that recorded a capital gain would have delivered a better outcome under the indexation model than the current 50% discount.

Why your savings may be going backwards

You'd think three rate hikes in as many months would be good news for savers. But that's not always the case.

Research from Money.com.au shows almost half of Australians, 47%, don't know whether their savings are going backwards.

Here's why it matters.

With inflation at 4.6%, your savings need to earn at least 4.6% just to maintain their purchasing power.

Right now, only 12% of Australians say their savings are beating inflation, while 26% admit their returns are falling short.

Money.com.au finance expert Sean Callery says many savers underestimate how quickly inflation can erode cash.

He notes that fewer than one in three savings accounts currently offer rates above inflation.

"That means the odds aren't in people's favour unless they're actively seeking out a competitive rate," Callery says.

The good news is that higher rates are out there if you know where to look.

Among the top savings accounts:

• Easy Street Financial, 5.05% ongoing
• MyState Bank, 5.40% for 4 months, then 5% ongoing
• ING Savings Accelerator, 5.65% for 4 months, then 4.6% ongoing
• Macquarie Bank, 5.10% for 4 months, then 4.75% ongoing
• Rabobank, 5.90% for 4 months, then 4% ongoing

This airline wants to cut check-in times by 50%

Cutting check-in times isn't just about saving on airport parking. It can also mean more time to relax before your flight.

Virgin Australia is aiming to do both, with new digital upgrades designed to cut airport check-in times by up to 50%.

In what the airline calls an "Australian airline-first", new bag tag printers will be paired with automated bag drop.

Travellers will simply scan their boarding pass, print a bag tag and drop off their luggage, streamlining the entire process.

The upgrade is expected to significantly reduce queues, though passengers will need the Virgin Australia app to access the new system.

Virgin Australia general manager of digital Alex Plummer says the rollout marks a major shift in how travellers move through airports.

"Today's update is a major step forward, allowing customers to check in, manage their booking and move through the airport in a way that's never been done before by an Australian airline," Plummer says.

He added that nearly four in five Virgin Australia passengers already use the airline's app or website to check in and manage their bookings.

'Natural' food labels face calls for tighter rules

Back in 2024, Monash University found Australian shoppers are increasingly prioritising sustainability, with almost half (42%) willing to pay more for sustainable groceries.

But new research from the George Institute for Global Health highlights a lack of regulation around food labels such as 'natural', 'vegan' and 'eco-friendly'.

UNSW associate professor Alexandra Jones says the findings point to an urgent need for reform.

"Terms like 'natural' and 'sustainable' sound meaningful, but without clear definitions or verification, they can be applied to almost anything," she says.

"That's not useful information. It's just marketing."

Researchers are now calling on Australian policymakers to introduce stronger rules around sustainability labelling.

In the meantime, consumers are being urged to read product labels closely to better assess how sustainable a product really is.

As is custom, Taylor was responding to the 2026 federal budget handed down by Treasurer Jim Chalmers on Tuesday night - a budget headlined by significant tax reform.

Unsurprisingly, Taylor - a former shadow treasurer - criticised the latest budget, suggesting that rather than being about intergenerational fairness, it perpetrated intergenerational fraud.

"Labor is locking out young Australians from the opportunities afforded to older Australians to build wealth and prosperity to get ahead."

So which budget measures would the Coalition look to roll back in the future? And what alternative policies are they putting forward? Here are six takeaways from the Budget reply speech.

1. CGT and negative gearing changes would be wound back

Changes to the existing rules around negative gearing, capital gains tax and family trusts were at the heart of Tuesday's federal budget.

In the days since the budget's release, Coalition members haven't been shy in criticising the policy, with Shadow Treasurer Tim Wilson arguing that it would kneecap young Australian investors.

If it wasn't clear already, Taylor reaffirmed that stance, stating that the Coalition would seek to block future legislation related to the reforms or dump them if elected to government.

"The Coalition will fight like hell to prevent Labor's toxic taxes from becoming law. But if they do, I commit that a Coalition government I lead will repeal them."

2. Income tax brackets would be indexed

Still on the tax front, Taylor used his speech to lay out the Coalition's desire to address the issue of bracket creep by way of a policy called the 'Tax Back Guarantee'.

Under the plan, Taylor announced that the bottom two tax thresholds would be indexed to inflation from the 2028-29 income year.

"That will fully protect 85% of income earners, with relief of around $250 in year one, growing to more than $1,000 a year in year four."

The top two tax thresholds would then be indexed from 2031-32.

3. Migration levels would be pegged to housing supply

In an effort to ease pressure on housing, a new Coalition policy outlined by Taylor would directly link Australia's migrant intake to the number of new homes built in the country.

The proposal would see net overseas migration capped at one person for every new home built, though Taylor said that to help housing shortages catch up, the Coalition would aim for an even lower number in the first years of government - if it is elected.

"The number of people coming in far exceeds the number of houses going up. Consequently, the great Australian dream of home ownership is vanishing for old and new Australians alike."

4. Housing infrastructure funding would be increased

In another measure aimed at housing supply, Taylor committed to setting up a new Housing Infrastructure Fund.

The $5 billion fund would allocate money towards roads, water and sewerage infrastructure directly related to new development to help increase supply.

"With such infrastructure supported, we will unlock 400,000 new homes for Australians. As I said, we will also cut red tape, which will take up to $70,000 off the cost of a new home."

Labor unveiled a related package in its latest budget, allocating $2 billion towards housing-related infrastructure.

5. Housing and electric vehicles schemes would be scrapped

Signalling a desire to reduce government spending, Taylor also committed to ending several programs related to housing should the Coalition be returned to power in the future.

Those include the Housing Australia Future Fund, the Help to Buy scheme, the Build to Rent scheme and the New Homes Bonus. The Coalition would also limit the 5% Deposit scheme to citizens.

Beyond housing, Taylor also confirmed that electric vehicle subsides would be scrapped by a future Coalition government.

"We will end tax breaks for electric vehicles, which are overwhelmingly going to high-income Australians."

6. NDIS and JobSeeker would be limited to citizens

In a move that was linked to both migration and spending, Taylor used his speech to outline a new Coalition policy that would see non-citizens barred from accessing a range of government welfare programs.

The policy would apply to 17 different programs, including the National Disability Insurance Agency (NDIS), JobSeeker, Youth Allowance and the Family Tax Benefit.

"If you commit to Australia, Australia will commit to you. After all, taxes paid by hard-working Australians should support Australians," Taylor suggested.

But in reality, the money the government raises and spends has very real consequences for almost every Australian.

From tax and housing to health and infrastructure, here are some of the major measures outlined in the 2026 Federal Budget and who they will affect.

1. Working Australians

Tax reform was at the heart of the budget, and Treasurer Jim Chalmers made it clear in his budget speech that Australian workers - as disparate a group as it is - were designed to be the beneficiaries.

Chief among the policies set to benefit workers is the new Working Australians Tax Offset (WATO) which will provide roughly 13 million workers with $250 in their tax refund each year from 2028.

The budget also outlined the new $1000 instant tax deduction which Australians will be able to use to claim work-related expenses when filing their tax returns in the second half of next year.

"This is a budget that finally tackles a system that's been taxing work harder than taxing wealth," says ACTU president Michele O'Neil.

"This budget marks a shift that gives workers a fairer shot at housing stability through tax changes that will start to rebalance the rules."

The new measures are set to build on the stage 3 tax cuts already implemented and the new round of income tax cuts, which will take place from July 1 this year and July 1, 2027.

2. Low-income households

Beyond the new tax initiatives, the budget also outlined several changes the government argues will directly benefit low-income households.

From July 1, the Medicare levy low-income thresholds for singles, families, seniors and pensioners will be raised by 2.9%.

For example, the threshold for singles will increase from $27,222 to $28,011 and the family threshold will go from $45,907 to $47,238.

Income support payments like the Age Pension and JobSeeker will also continue to increase, but at the standard rate of indexation - not because of any new injection of funding.

Cassandra Goldie, chief executive of the Australian Council of Social Service, says that while many of the budgets' tax reforms are welcome, some Australians are still being left behind.

"People with the least, who are most in need of help, especially when cost of living is sky high, do not get the real increases they need in this budget."

3. Investors

Australians looking to invest in property or other asset classes like shares are likely to be relatively worse off in the years to come as a result of less advantageous tax settings.

That's assuming that the government's major amendments to capital gains tax and negative gearing announced in the budget are legislated.

"These changes reshape the incentives for every investor in Australia. Property, shares, crypto, collectibles - if you have an investment portfolio, this budget matters to you," says Susan Franks, Australian tax and superannuation lead at Chartered Accountants ANZ.

Investors may benefit from greater scrutiny of investment management schemes going forward though, with the budget allocating $17 million to ASIC and other bodies to enhance governance requirements, supervision and enforcement in the sector.

4. Future homebuyers

While many investors are unlikely to be happy with the changes around the capital gains tax and negative gearing, future homebuyers could stand to gain.

The government estimates that the reforms will support an additional 75,000 first homebuyers to purchase property over the decade thanks to increased supply and diminished competition.

Trent Saunders, a senior economist at the Commonwealth Bank, suggests that the tax changes are likely to have a relatively modest impact on both home prices and rent prices.

"The combined effect of the changes to negative gearing and the indexation of the CGT discount are expected to see house prices just under 3% lower than they otherwise would have been.

"Treasury estimates that rents could increase by around $2 per week for a household paying the current median rent, which is broadly in line with our estimates."

Elsewhere on the housing front, buyers will face less overseas competition, with the budget outlining an extension to the ban on foreign purchases of existing residential property until June 2029.

5. Older Australians

While measures related to tax and housing reform were presented as moves to address issues of intergenerational fairness for younger people, the budget was arguably more of a mixed bag for older Australians.

Some seniors and pensioners on lower incomes will benefit from increases to the Medicare levy low-income thresholds.

The government has also allocated $449 million to fund free RSV vaccines for all people aged 75 and over and Aboriginal and Torres Strait Islander peoples aged 60 and over through the National Immunisation Program.

However, millions of older Australians are likely to be worse off because of the government's decision to cut a private health insurance rebate for people aged over 65.

"We are particularly concerned about the impact of changes to the private health insurance rebate," says Patricia Sparrow, Council on the Ageing (COTA) Australia chief executive.

"If people drop private health cover altogether or reduce their level of cover because it becomes unaffordable, pressure simply shifts onto already overstretched public hospital systems.

"Older Australians are among the biggest users of healthcare and the rebate has helped many maintain their cover."

"Don't cry." That's what I told myself as I walked into the CEO's office the first time I was made redundant.

I knew it was coming. They'd given me a new job title which I have since been told is a sure pathway to redundancy land, easier to cut a role you've just created.

The CEO actually handled it spectacularly well. He was gracious and kind and understood when I said I had to leave, emotion getting the better of me.

When your job becomes your identity, the fall hits harder

I was so hurt. I had poured so much of myself into this job.

I'd helped them get nominated for ACRAs and had taken them to number one in the ratings. I'd given them so much, why was it so easy to discard me?

I was bruised. My ego was in tatters. I wondered who I was without the company.

I didn't realise how toxic it is to tie your worth to your employer. I'd made it part of my identity and that's what hurt most when they decided I was no longer needed.

For as long as I can remember, I've wanted to be a journalist.

But when people asked me back then what I did, I wouldn't say 'I'm a journalist'. I would say "I work at NOVA".

By the time I started my most recent job, I was different.

I'd promised myself I would never become unhealthily attached to a company like that again.

If your job becomes your identity, redundancy feels like losing yourself. The sooner you separate the two, the easier the reset.

The warning signs were there, but I didn't think it would be me

Seven years, three launched podcasts, awards and millions of downloads later, news started to filter through that redundancies were coming. It wasn't a total surprise.

Advertising revenue was falling, we'd already seen what it had done to the radio industry.

The company was also pushing AI like it was life or death. We were reassured that we weren't AI'ing ourselves out of a job, but it didn't stop the uneasy feeling.

Truthfully, I wasn't prepared for it to be me, at least not so quickly.

I'd been pulling extra time in the past year, filling in for a maternity leave colleague while holding down my own job and backfilling others. I felt like my role was needed.

But on April 21, I got a call to inform me that the restructure would be impacting my role.

Now I understand that legally, managers are restricted with what they can say at this moment.

But when you just desperately want clarity on whether you're being made redundant or not, they can't actually confirm it.

It's rage-inducing and the management speak strips away any humanity.

The moment it starts to unravel is louder than you expect

This is what happened inside my brain after I hung up:

"Agggggghhhhhhhhh!!!"

"Oh s**t, will I be able to pay my mortgage?"

"Who will hire me now?"

"How will we be able to afford to pay for things?"

"Ugh a new resume."

After some calls and a cry, the shock wore off quite quickly. I got myself together and started researching.

I looked up what my entitlements were and logged into my portal to check how much leave I had owing.

I'd been there for seven years, so I was entitled to 13 weeks' redundancy pay, plus a four-week notice period, which they would eventually pay out.

I would also have a payout for accrued annual leave and pro rata long service leave.

How your redundancy payout buys you time

That immediately made me feel lighter. I would have enough money to get me through at least a few months, during which I was pretty sure I could find something to do with myself.

It also made me realise I should always have money like that payout in my bank account for situations just like this.

My resume was so old. We lovingly curate them and then abandon them for years, I should have been keeping it updated.

Thankfully my company had trained me on AI so I used it to help me create a new one which I then promptly rewrote.

I've already got an interview lined up, but not being based in Sydney is making the job hunt a little harder to navigate.

I went remote during the pandemic and haven't been back in the office full-time since. Remote jobs like mine aren't easy to come by in 2026.

A new job also means a potential shift in routine and working hours as well as a new commute, not just for me but my family too. With a school-aged kid, that's really stressful.

I asked my direct manager to be my support person for the formal redundancy meeting, and I am so glad I did.

Choosing the right person to sit beside you while you're being told your world is about to change is very important. She was amazing.

I was asked to work for another two weeks, which I agreed to.

Why the last day felt so unsettling

Then I had the weirdest last day at work ever.

People are commiserating with you but also celebrating you.

The speeches made it feel like I was attending my own funeral. But being able to separate my emotions from my employer actually made this last day quite joyous.

I got to say goodbye to the working relationships I'd been enjoying for the better part of a decade, while knowing there would be friendships that endured beyond it.

What you need to tell yourself if and when you ever face redundancy, is that business will business, regardless of how much the company directors and your colleagues like you as a human being.

The important thing to know is that you are not defined by who employs you; you're defined by the work you do and the lasting impact that has on the people around you and those who consume the outcome.

Whatever I do next, know that I go into it without a skerrick of hard feelings towards my previous employer.

Redundancy sucks, doors close, onwards to find open ones.

If you need support

• Lifeline: 13 11 14
• Beyond Blue: 1300 22 4636
• Headspace (for under 25s): headspace.org.au/online-and-phone-support

What should you prioritise immediately after redundancy?

Two of the best things you can do for yourself when you've been made redundant are to stay connected with personal networks and industry colleagues and become visible on LinkedIn.

"It can be challenging to stay motivated and engaged but having a conversation with industry colleagues can make a difference - if colleagues know you are in the market and looking opportunities can come your way from areas you didn't expect," says First State Super talent acquisition consultant Russell Stoneley.

"It's particularly important to stay connected to former colleagues as some industries can be quite niche so you're potentially going to be crossing paths with those colleagues in the future.

How your network can unlock hidden job opportunities

"By keeping connected you're maintaining those relationships that can help you in the future when you least expect it."

Stoneley used his own redundancy, in 2015, as an opportunity to relocate to Melbourne from Queensland.

"For me it was more about making the connections in a new city, reaching out to industry-specific recruiters in Victoria," he says.

"I stayed motivated because I was keen to move and try something different. I focused on the positives not the negatives - it's just about being clear about the direction you want to go.

"Once you have that clear idea, do proactive searches for a particular employer or brand you are connected with, for example if you want to be in superannuation and know the super fund you are interested in  it's about targeting that employer or brand."

Why LinkedIn activity can fast-track your next role

Experts are united that LinkedIn is very important.

For connections you haven't met it's about giving enough detail that's important to you; if it's already a connection then it's good to maintain and foster that relationship once it's been established, says Stoneley.

Fastlane chief executive and career coach Deanna Lane says "LinkedIn is where everybody goes to find you and see what you're interested in and talking about."

"Review your LinkedIn profile, follow companies you admire and comment on posts that you like," she says.

"Even if you are not going to put out your own post, it's a good thing to engage with others."

Lane suggests people looking for work should make sure their CVs are up to date, look at their strengths and create a desired job description to match with jobs they see advertised.

Should you take time off or keep job hunting?

You don't have to focus full time on looking for a job, according to Simone Mears, chief executive at recruitment specialist Profusion.

"You need to find meaningful and purposeful work - and until you find it, you can do volunteer and charity work, whatever you are passionate about but you need to have something other than looking for a job," she says. "This takes the pressure off."

Some people will need a transition period before looking for their next role, says Mears.

"Taking time off now is normal, it's a clear decision to not look for a job until you've decided - this means not thinking about work or seeing people about jobs or sending your CV out, " she says.

"If you have decided to take time out you should do it.

"If you've decided to look for a job, don't look for work five days a week, it's soul destroying, maybe look three days a week and then have a four day weekend."

Mears suggests seeking support through a coach, partner, spiritual counsellor, or psychologist.

What recruiters really want to hear from you

When you're talking to people about a job, a mate, a headhunter or talent team, be clear about what you want, and this means knowing the job you want to do.

"Often people tell me they want to go somewhere there's a good culture or team - but I need to know the job you want," she says.

Think about the person in the market who has the job you want. Then consider your skills and what you need to do to get that job, including retraining.

Being rejected and not making a shortlist can be upsetting, but Mears says it's important to keep this knockback  in perspective.

"For you it's life but for them it's just business," she says.

The supermarket's middle aisle might usually be a mix of impulse buys, from power tools to slippers, but once a year it turns into something closer to a budget ski shop.

And for plenty of Australians, it's worth lining up early to get in.

That's because the value is hard to ignore. Aldi says nothing in its 50-piece snow range is priced above $100, and some items cost less than $5.

In practical terms, you can kit out an adult for around $255, or get a child fully geared for about $187.

But there's a catch. Stock is limited, sizes can be patchy, and some items are gone within hours. So if you want to land a bargain, timing and strategy matter just as much as price.

Here's what to know before you go.

Prices are far below big brands

This is the main reason the sale has built a loyal following. Jackets, pants and thermals cost a fraction of what you would pay at a dedicated ski retailer.

For casual skiers, or anyone trying the sport for the first time, the ability to spend a few hundred dollars instead of well over $1000 is a big draw.

It lowers the barrier to entry and makes a snow trip far more accessible.

You can build a full outfit in one shop

The range is designed to cover the essentials. You will find jackets, snow pants, thermals, gloves, goggles and socks in one place.

For someone heading to the snow once or twice a year, that is usually enough. You do not need to overthink technical specs, and you can get everything sorted in a single visit.

More experienced skiers may find the range limited, especially if they are chasing specific features or premium materials.

But for most people, this is about practicality and value, not extreme performance.

The quality is better than you might expect

Aldi's snow gear has improved its reputation over time, and the numbers back that up.

Jackets and pants are typically rated to 12,000mm waterproofing and 10,000g breathability.

In simple terms, that sits in the mid-range. It is suitable for general snow conditions and moderate activity, keeping you warm and dry on standard resort days.

If you expect heavy snow, rain or more demanding conditions, you may need higher-spec gear. But for the average holiday, Aldi's offering is considered solid for the price.

The trade-off is consistency. Because it is a seasonal range, sizing can be hit or miss, and once stock sells out, it is not restocked.

The sale date matters more than you think

This is not a sale you can leave until the weekend after launch. Popular sizes and key items can disappear quickly, sometimes within hours.

That is why seasoned shoppers plan ahead, know what they want and arrive early on launch day. Turning up late or browsing casually can mean missing out entirely.

It is also easy to get distracted in-store, but this is one time it pays to stay focused and shop with intent.

There is a new way to buy, but it is limited

For the first time, some Aldi special buys will be available through the DoorDash delivery app.

That means you can order some items from the comfort of your couch instead of joining the pre-opening queue.

But don't put the car keys away yet. Aldi says this is only available for a limited range of smaller items like gloves and socks.

There is a backup plan if you miss out

If you do not manage to get what you want on launch day, there is still a potential second chance.

The Aldi store in Cooma, near the Snowy Mountains, has historically received leftover snow gear later in the season. If you are travelling to the snow in July or August, it can be worth checking in.

It is not guaranteed, but for flexible shoppers, it is another way to pick up a deal after the initial rush.

Why shoppers keep coming back

Aldi's ski sale sits in a sweet spot. The gear is affordable, good enough for most conditions, and easy to buy in one go.

The trade-off is scarcity. Limited stock, unpredictable sizing and high demand mean not everyone gets what they want.

For some, that is part of the appeal. For others, it is the main frustration. Either way, if you are planning to rely on Aldi for your snow trip, it pays to go in with a plan.

Australia's generous electric vehicle tax break is being wound back, shifting from a full FBT exemption to a phased reduction that will reshape the economics of novated leases.

Currently, many EVs provided through salary packaging or novated leases can be completely exempt from FBT, which has been a major driver of uptake.

What is changing with EV FBT exemptions in Australia?

Under the proposed changes:

• From April 2027, the full exemption will be restricted, particularly for higher-priced vehicles
• Vehicles above around $75,000 will no longer receive the full exemption, instead moving to a partial (around 25%) FBT discount
• By April 2029, all eligible EVs will lose the full exemption and instead receive only a reduced FBT concession

Importantly, existing arrangements - particularly novated leases already in place - are expected to be grandfathered, meaning current users won't be retrospectively impacted.

Who loses the most from the FBT changes?

The biggest impact will be felt by:

• Employees using novated leases, where the FBT exemption has been a key financial advantage
• Higher-income earners, who have disproportionately benefited from the scheme to date
• Buyers of higher-value EVs, especially those above the $75,000 threshold

The reason this matters is that the FBT exemption has been worth thousands of dollars per year in tax savings under a novated lease. Removing or reducing that benefit will directly increase the after-tax cost of running an EV through salary packaging.

In practical terms, this could mean higher lease costs, reduced salary packaging benefits and a narrowing of the financial gap between EVs and traditional vehicles.

Should you buy or lease an EV before 2027?

Timing is becoming critical.

For Australians considering an EV, acting sooner rather than later may lock in the current, more generous tax treatment - particularly if entering into a novated lease before the rules change.

Waiting until after April 2027 could mean materially lower tax benefits, especially for mid-to-high priced vehicles

This creates a potential "pull-forward" effect, where demand increases in the short term as buyers try to secure the full exemption before it is scaled back.

However, it's also worth noting that EV purchase prices are gradually falling and running costs remain significantly lower than petrol vehicles.

So while tax benefits may reduce, the overall value proposition doesn't disappear.

Will EVs still be cheaper than petrol cars?

Even with the changes, EVs are still likely to remain relatively tax-effective, but the advantage will be less pronounced.

A 25% FBT concession is still meaningful compared to the full FBT liability that applies to petrol or diesel vehicles.

EV also continue to benefit from lower running and maintenance costs, which sit outside the tax system.

For many users, particularly high-kilometre drivers, the total cost of ownership may still favour EVs

That said, the changes do signal a shift from "highly tax-driven decision" to more of a balanced cost and lifestyle decision.

Are EV tax breaks being removed completely?

One of the biggest misconceptions is that the EV tax break is being completely removed - it's not. It's being scaled back, not scrapped entirely.

Other key points people may overlook:

1. Grandfathering matters

Many existing arrangements are likely to be protected, so current lease holders may not be affected at all.

2. Not all EVs will be treated equally

Higher-priced vehicles will lose access to the most generous concessions first, which is a deliberate policy shift toward more "affordable EVs."

3. The tax benefit was never the whole story

Some buyers have focused heavily on the FBT exemption without considering:

• Running costs
• Charging infrastructure
• Resale value

4. Behavioural risk

There's a risk that some people rush into a novated lease purely for tax reasons without fully understanding the long-term financial commitment.

Conclusion

The FBT changes mark a transition from very generous, early-adoption incentives to a more targeted and sustainable policy.

For taxpayers, there's still a window to access the current benefits but the decision should be based on overall economics, not just tax savings.

For the market, EVs are likely to remain attractive but less of the decision will hinge on tax - and more on cost, practicality and long-term value.

While fewer marriages are ending, women who separate continue to face far greater financial insecurity, housing risk and social stigma than men.

According to the Australian Institute of Family Studies, Australia's divorce rate fell to 2.3 per 1,000 people in 2023, the lowest level since the mid-1970s.

Divorce and divorcees are accepted as a part of modern life, and Australians are marrying less and being more intentional with who they choose to marry.

Yet women continue to carry the burden of the social stigma associated with marriage breakdown. Just like the women of the generations before them, they are also the ones most likely to be financially bereft following a divorce.

Divorce has never been equal for women

From the 19th and early 20th centuries, exclusion was the name of the game for divorced women.

Shunned from social circles and left without financial support, women who were brave enough and determined enough to obtain a divorce frequently lost custody of their children and were left destitute, as few worked outside the home.

For most of the population, especially women, divorce was close to impossible to obtain.

Laws overwhelmingly favoured men, who could divorce their wives for adultery in Victorian England. Women, on the other hand, were required to provide proof of adultery plus another transgression such as cruelty, incest or desertion.

Things did not improve through the mid-20th century, when divorce was widely viewed as a ruinous event for women. In countries where it was permitted, divorced women were judged, shamed and left financially and socially vulnerable.

In the lead-up to the introduction of no-fault divorce in 1976, which also happened to be the year marriage dissolutions peaked, women were in a stronger position to support themselves.

Women were more prevalent in the workforce and able to own property, vote and achieve financial independence.

However, women were still not spared the stigma of divorce. Viewed with suspicion and even regarded as a threat to married women, divorced women were often depicted in popular culture as pitiable, lonely or desperate for remarriage.

Why modern divorce still hits women harder

Today, divorce is commonplace, yet women continue to disproportionately carry the stigma attached to relationship breakdown.

Common tropes persist, with women accused of taking half of everything or labelled callous "gold diggers" who deliberately keep children from their fathers.

AIFS data shows the reality is very different. The social and financial divorce penalty still bites women harder.

Following separation, women's standard of living falls significantly, with women and children far more likely than men to experience financial hardship after divorce. Repartnering remains a key pathway out of financial difficulty for many divorced women and their children.

Divorce and separation frequently lead to homelessness for women, particularly older women, who are now the fastest-growing cohort of homeless Australians.

Those who have spent time out of the workforce raising families are often left in a precarious position after a marriage breakdown.

At every stage of life, women are more likely to be financially disadvantaged after divorce. Against this backdrop, the low divorce rate of 2.3 per 1000 people must be viewed in its broader social and economic context.

Low divorce rates do not mean happier marriages

The stigma once attached to blended families, second marriages and de facto relationships has largely faded, and fewer Australians are getting married in the first place.

Women are more independent than ever and increasingly expect equality within their relationships. As elsewhere in the world, the average age of marriage has risen.

Globally, divorce rates have plateaued or declined, from the United States to Sweden and Denmark, once described as "divorce capitals".

But fewer divorces do not necessarily mean happier marriages.

Australia's housing affordability crisis, combined with inflation, stagnant wages and persistently high living costs, has placed a prohibitive price tag on separation.

Domestic, family and sexual violence further compounds this reality. Countless women remain in harmful, unsafe or unfulfilling relationships because they feel they have no viable alternative.

Separation is often the most dangerous period for a woman escaping violence, raising the stakes and reinforcing the sense that leaving is simply too risky.

The real financial cost women pay after separation

At face value, divorce can appear to be largely about legal fees.

In reality, an underfunded court system burdened by delays, combined with the housing crisis and cost-of-living pressures, discourages many couples from separating at all.

Because women are more likely to have interrupted careers due to caregiving, they tend to have lower superannuation balances, less career capital and fewer advancement opportunities.

After divorce, men are more likely to remain in full-time work, while women juggle part-time employment with ongoing childcare responsibilities.

The numbers are stark. Women's household incomes fall by up to 29% following divorce, compared with around 5% for men. Men are also far less likely to fall below the poverty line.

Divorce can still represent freedom for women escaping unsafe and harmful relationships, but the system extracts a heavy and gendered price.

As primary caregivers, many separated women lose income security, housing stability and retirement prospects. Too often, they and their children lack adequate support to recover from trauma.

As a society, we must recognise that falling divorce rates do not always equate to good news. Systemic barriers must be dismantled, and meaningful support provided to those who would otherwise escape unsafe relationships.

Until it is genuinely safe for women to leave, Australia's low divorce rate should be seen for what it is, a reflection of the inequality that continues to define divorce for women.

On this week's Friends With Money podcast, managing editor Vanessa Walker speaks with ACCC deputy chair Catriona Lowe about the regulator's romance scam awareness campaign and why these crimes cause serious financial loss and long-lasting emotional harm.

Lowe explains that romance scams involve fake relationships designed to steal money and personal data. They often start on dating apps or social platforms before quickly moving to encrypted messaging services. She outlines two common scam models, fast investment pitches and long-running "slow burn" requests, and reveals Australians reported more than $28.6 million in losses to Scamwatch through 2025.

The episode also explores the ACCC's taskforce approach, a new online relationship health check tool, the incoming scams prevention framework for banks, telcos and digital platforms, the role of organised crime and trafficking, and how AI could help defeat reverse image searches.

00:30 What are romance scams?

02:42 How big the losses are

04:45 How scams move online

06:18 Industry crackdown tools

07:49 Scams prevention framework

11:13 Who runs these rings

13:47 AI and future scams

16:08 Who is most at risk

19:02 Warning signs and next steps

Listen to this episode of Friends With Money

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

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

Where can I listen to the podcast?

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

Who hosts Friends With Money?

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

Is the podcast suitable for beginners?

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

What topics does the podcast cover?

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

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

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

Why subscribe to the Friends With Money podcast?

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

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

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

The official cash rate was increased by 25 basis points to 4.35% by the Reserve Bank of Australia's (RBA) Monetary Policy Board this afternoon - the third consecutive rate rise handed down by the Board.

The latest decision means that the three cuts passed on by the Board last year have now been reversed, with the cash rate back to its highest level since November 2011.

Like in March, the verdict wasn't quite unanimous though, with eight Board members voting in favour of the rate rise and one member voting to leave rates steady at 4.10%.

What pushed the RBA Board to lift rates?

As usual, the issue of inflation was at the heart of the decision.

Last week the Australian Bureau of Statistics released its latest Consumer Price Index (CPI) which revealed that the headline inflation rate had ticked up to 4.6% over the 12 months to March.

The rate of trimmed mean inflation - which strips out more volatile price movements like the recent surge in fuel prices - was flat though, coming in at 3.3%.

The crux of the matter though is that both rates remain above the RBA's 2-3% target inflation band - a fact the RBA Board stressed in its post-meeting statement.

"As expected, developments in the Middle East are having an impact on inflation. Higher fuel prices are adding to inflation and there are indications that this is likely to have second-round effects on prices for goods and services more broadly.

"This inflation impulse is in addition to the high inflation recorded around the start of 2026, reflecting capacity pressures in the economy.

"In light of these considerations, the Board assessed that inflation is likely to remain above target for some time and that the risks remain tilted to the upside, including to inflation expectations."

Mortgage holders brace for further pain

After rate rises in both February and March, homeowners with a mortgage will barely have had time to adjust to their new, higher mortgage repayments.

So now that the cash rate has been increased again, how much more will borrowers need to budget for? Assuming that lenders pass on the latest rise, that is.

On the average new loan amount for owner occupiers of $736,000 and a typical variable rate of 6.00%, a 25bp increase would add roughly $120 each month.

The reality for many borrowers is that there's left room left to move in their budgets though.

Research conducted by Finder before today's RBA meeting found that one in 10 mortgage holders (9%) wouldn't be able to afford their mortgage if they were hit with two rate rises.

More concerningly, 3% of the borrowers surveyed said that they would only be able to absorb one more rate rise before falling behind on their loan.

"Speak to your lender as soon as possible if you're struggling - there may be options available to help you stay on top of repayments," says Richard Whitten, money and home loans expert at Finder.

"Refinancing or negotiating a cheaper rate could make a meaningful difference to your monthly costs."

Looking forward, borrowers - and everyone else - won't have too long to wait until the next potential rate change.

That's because the Reserve Bank Monetary Policy Board will convene again for its next meeting in six weeks' time on June 15 and 16.

In part two of our car buyer's guide, we focus on what happens after you've made your choice, when fees, finance decisions and fine print can change the real cost of ownership.

From dealer delivery charges and loan structures to warranties, safety tech and resale value, these are the details that can add thousands to the price if you don't know where to look.

How to buy smarter and pay less at the dealership

When car dealers are most willing to negotiate

The last few days of the month are when salespeople will be most eager to meet the manager's margins.

Shop at the end of a calendar year or the very start of a new one, as the holiday period is when things tend to slow down in terms of showroom foot traffic.

Other hot times of year, figuratively, for deals include the end of March, in particular if you're buying a Japanese car, or the regular end of financial year sales in June.

Go to more than one dealership

Be willing to shop around. You do it for a fridge, TV or even a quote for a new bathroom, so why not work some different angles by calling dealerships that might not necessarily be the closest to you.

If you live in Sydney, call dealerships in Bathurst, Newcastle, Wollongong, Canberra or further afield. You might find the car you're looking for can be had with a welcome discount by just spending a few hours on the phone chasing prices.

Be prepared to walk away

If you're not happy with the service you receive or the price you're trying to agree on, be willing to walk.

It might end up with a follow-up phone call and a better bargain than you initially expected.

Dealerships are there to make money, not to be your friend. Don't be fooled by the million-dollar smile and have a price in mind that you are willing to pay.

Beware the add-ons

Many car salespeople work on commissions based on the accessories you add to the vehicle, or things like paint protection.

You should be able to negotiate a set of floor mats if they're not included in the price. And if you want the windows tinted, it shouldn't cost you $2000.

Paint already has a protective layer, the clear coat on top. If you're worried, consider going to a specialist car detailer for a ceramic treatment.

Do your research

Check the car brand's warranty information, maintenance requirements and roadside assistance program before you go for a test drive.

You're more likely to face 'extended warranty' upsells on used vehicles, but know what's offered from the factory so you don't buy something you don't need.

Most brands now offer a five-year, unlimited-kilometre warranty, and the majority also have capped-price servicing and roadside assistance for the same period as the standard warranty.

Question everything

If you were asked to pay an extra fee for your takeaway coffee, you'd want to know why, right?

It's the same for costs on your car-buying contract. You have a right to know what every charge relates to.

Do not back down if you think there are unfair fees or charges added.

What dealer delivery fees really cover

Arguably the darkest art in the new-car game is dealer delivery fees.

Some dealerships have added more than $10,000 to the asking price of high-demand vehicles, although typically the cost ranges between $500 and $4000.

Don't assume this covers the cost of transporting the car from the port.

An industry insider, speaking on the condition of anonymity, told Money the concept is widely misunderstood.

"Dealer delivery is a historical fee introduced back in the day when cars needed a lot of preparation work before they were handed over to the customer," the insider said.

"Contrary to perception, it does not cover the cost of getting the car to the dealer's front door. The dealership pays for delivery in the invoice cost of the car."

Dealer delivery is an extra layer of profit, but like the overall vehicle price, it is negotiable.

The fee typically covers basics like registration plates, a quick hose down, removal of transport plastic and, if you're lucky, some fuel in the tank.

Any new-car quote should include a clear breakdown of registration, stamp duty, GST, dealer delivery and luxury car tax, if applicable. Check the maths carefully, you'd be surprised what can sneak through.

Common car ownership mistakes and how to avoid them

Once the paperwork is signed, the focus shifts from buying well to owning wisely.

Some brands offer resale protection through guaranteed future value programs, which set expectations for a buy-out or trade-in value at the end of a loan term.

Otherwise, simple habits can go a long way.

Clean it

Keeping the exterior clean helps protect the paintwork, while a tidy interior adds resale appeal.

No one wants a used car that smells like spilled coffee or rotten bananas.

It might help to set a regular reminder, weekly or less often, rather than waiting for a service just to get a free car wash.

Maintain it

Stick to the service schedule, but don't feel locked into a brand dealership.

Authorised independent mechanics can often do a better job at a competitive price.

Servicing outside the brand network, as long as it's done by an authorised mechanic, shouldn't affect your warranty.

Put good tyres on it

Tyres are your only contact point with the road and a critical safety item.

Don't buy the cheapest option. Buy the best tyres you can afford.

Premium brands include Michelin, Continental, Pirelli and Goodyear. More affordable options include Kumho and Maxxis.

For off-roaders, consider Toyo, BFGoodrich or Cooper.

Owning an electrified car

Battery chemistry matters. If your EV has an NMC battery, setting a maximum charge limit of around 80% may improve long-term battery health.

If it has an LFP battery, you can generally charge to 100% regularly without significant degradation.

What new-car warranties really cover

New-car warranties vary widely.

At the low end, some brands offer three years or 100,000km. At the top end, coverage extends to 10 years or 300,000km.

Warranty paperwork can be cleverly worded, but Australian Consumer Law may still protect you against certain faults.

How to finance a car without overpaying

There are plenty of ways to buy a new car, but paying outright with cash is still the simplest.

It avoids interest and keeps costs down, even if it's not viable for most buyers.

"Ultimately, the best way to pay for a car is to buy outright and avoid interest," says Mike Costello from Cox Automotive Australia, "but that's not realistic for everyone."

Car loans are more profitable for dealerships, which is why special finance offers often exist when there's excess stock.

Loans can be fixed or variable, just like home loans. Fixed rates suit tight budgets. Variable rates can end up cheaper, or more expensive, depending on the market.

Many loans require a deposit and include a balloon payment, a larger lump sum due at the end of the term.

That balloon reduces monthly repayments. For example, financing a $60,000 car with a $15,000 balloon means repayments are calculated on $45,000.

Why comparing lenders can save you thousands

Many brands now offer low-rate finance as a quiet discount without cutting sticker prices.

Dealer finance can include higher fees or compulsory balloon payments. Bank loans may offer more flexibility, even if the interest rate is higher.

Online comparison tools can save you thousands over a five-year loan.

If you see 0% finance, read the fine print. Big fees and balloon payments often make the numbers work.

Refinancing is also an option if rates move or your circumstances change, but watch out for exit fees.

EV buyers may access generous novated lease deals, with repayments taken from pre-tax income.

"If you're buying an electric car, a tax-free novated lease is almost a no-brainer," says Costello.

How modern car safety systems actually work

Most new cars now come with a full suite of active and passive safety systems.

Active safety intervenes to prevent crashes, through braking, steering or speed control.

This includes automatic emergency braking (AEB), lane-keep assistance, adaptive cruise control, blind-spot monitoring and intersection assistance.

Some systems work beautifully. Others can feel intrusive, especially when speed-sign recognition gets confused.

Passive safety is what protects you once a crash occurs.

Seatbelts, airbags and the vehicle's crumple zones all fall into this category.

Family buyers should look for curtain airbags that extend to the third row in seven-seat vehicles.

In Australia, ANCAP ratings assess both active and passive safety across four criteria.

Five stars remains the benchmark, although the amount of technology required to achieve it can sometimes make a car feel overbearing to drive.

Uni students targeted in 'quick-cash' money mule scams

As tertiary students across the country settle into the university year, ANZ and Griffith University, are urging students and young Australians to remain alert to a rise in so-called "quick-cash" money mule scams.

Criminal groups are increasingly targeting students - particularly those living away from home or studying internationally - both online and in person.

The crooks offer easy payments in exchange for access to bank accounts or identity documents.

The Australian Federal Police (AFP) has previously flagged this tactic as a growing threat to Australians.

According to the AFP, organised crime syndicates are offering several hundred dollars - sometimes with additional commission - for the use of bank accounts.

Identity documents such as passports and driver licences are also being sought so criminals can open fraudulent accounts in victims' names.

ANZ has observed increasingly brazen approaches, with scammers contacting students via social media platforms, messaging apps, and even in person near university campuses and student accommodation.

ANZ's Marc Broome, says, "Selling or 'loaning' your bank account or identity puts you at risk of being linked to money laundering and other crimes."

Over-60s sitting on $600 billion in home equity

Australians aged over 60 are sitting on $3 trillion in home equity, including around $600 billion that could be unlocked through equity release products, to boost retirement incomes and help older Australians stay in their homes.

That's the finding of Deloitte's 2026 Australian Reverse Mortgage Survey, which found reverse mortgages are currently used to access just 1% of the potential equity available among over-60s.

Deloitte Australia partner, James Hickey, says equity release products such as reverse mortgages and the government's own Home Equity Access Scheme can significantly boost retirement income and support retirees' standard of living.

However, he adds that use of these products is low, suggesting lack of consumer awareness.

Medina Cicak, chief commercial officer of Heartland Australia Bank, which contributed to the report, says, "Older Australians are not drawing more than required; on average, they access around 50% or less of their available equity."

The report shows that home improvements and paying off debt are the two most popular ways people use funds released via home equity.

One in seven Aussie drivers cut back or ditch car insurance as petrol costs surge

Fifteen per cent of Aussie motorists - around 3.2 million of us, have downgraded or ditched car insurance over the past 12 months as fuel costs surge according to Finder.

It comes as more than a quarter of Australians currently list petrol as one of their "most stressful" expenses. That's up from just 11% in January.

Finder's Taylor Blackburn says there is a worrying number of uninsured vehicles on Australian roads.

He adds that driving without sufficient insurance carries real financial risks.

"An at-fault accident could result in substantial out-of-pocket costs, particularly if multiple vehicles are involved.

"It's crucial for drivers to carefully consider their options before cancelling their cover entirely," warns Blackburn.

Not all drivers are cutting back - 10% say they switched providers to secure a better deal while maintaining the same level of cover.

Blackburn says the best way to save on car insurance whilst keeping your level of cover is to shop around.

NAB to roll out 700 new smart ATMs as cash use holds firm

NAB is bucking the industry trend with plans to roll out over 700 new smart ATMs nationally.

Paul Carter, NAB executive of retail banking, says the investment comes at a time when access to cash remains important for many Australians, even as parts of the banking sector scale back or step away from providing cash services.

"While many Australians are using digital banking more often, cash still plays an important role," notes Carter.

Across NAB's ATM network, more than 500,000 transactions are made every week, with over $8 billion withdrawn and $3 billion deposited in cash each year.

"Those numbers tell us cash is still very much part of everyday life," notes Carter.

Weaker borrowing power cools Australia's property price growth

Australia's housing market has continued to see gains into early 2026, with most capital cities reaching new price highs in the March quarter.

However,  Domain's latest quarterly property price report shows the pace of gains has slowed, roughly halving from the previous quarter.

But it's not demand that's softened.

The cracks starting to appear in the market are the result of weaker borrowing power, and buyers being "more cautious, more price-sensitive, and increasingly selective about where and what they purchase."

Sydney's median price has slipped just 0.04%, or $772 - its first drop since 2022.

Melbourne's median slumped by 0.6% or $6,357.

However, not every market is feeling the squeeze.

Several capitals posted "massive growth" over the quarter including Darwin, where prices leapt $56,818; Perth, with the biggest rise of $63,615; Adelaide, up $53,922; and Brisbane, up by just under $50,000.

Petrol and power prices have sent inflation back to 4.6%, reviving fears of another RBA rate hike.

Annual inflation has jumped to its highest rate in more than two years, according to new data released by the Australian Bureau of Statistics (ABS) this morning.

The Consumer Price Index (CPI) rose 4.6% in the 12 months to March - a sharp increase from the 3.7% rate recorded over the 12 months to February.

"Annual CPI inflation is the highest it's been since September 2023," says Sue-Ellen Luke, head of prices statistics at the ABS.

Underlying inflation (or trimmed mean) - which doesn't include the most volatile price changes in the basket of goods and services tracked by the ABS - remained steady at 3.3% over the 12 months.

Transport and housing costs rise

While petrol prices have come down in the last fortnight, motorists won't be surprised to learn that automotive fuel was one of the largest recent drivers of inflation.

"Automotive fuel prices rose 32.8% from February to March, which pre-dates the halving of the fuel excise on April 1," Luke says.

"The increase in March is the largest monthly increase since the series began in 2017, reflecting the impact of the conflict in the Middle East on fuel prices."

The recent spike in fuel costs ensured that transport category (up 8.9%), was one of the largest contributors towards the uptick in headline inflation.

The other was the housing category (up 6.5%), pushed higher by elevated electricity costs which, according to the ABS, are 25% higher than they were 12 months ago following the end of government energy rebates.

What could this mean for the May RBA meeting?

Next week the Reserve Bank of Australia's (RBA) Monetary Policy Board will meet for the third time this year, armed with the knowledge that inflation has crept even further above its desired 2-3% target band.

As it stands, experts suggest that the Board is more likely than not to hand down a third straight 25-basis-point rate rise on Tuesday afternoon which would take the cash rate from 4.10% to 4.35%.

Before this morning's inflation release markets were pricing in the chance of a rate rise at 76%, while all four major banks were predicting a 25bp hike.

"Although the quarterly increase in trimmed-mean inflation was slightly less than the market feared, it was still uncomfortably high and cements the case for a rate hike at next week's RBA meeting," says David Bassanese, chief economist at Betashares.

"Beyond May, however, the case for further rate hikes is less clear-cut. There has been some modest easing in trimmed-mean quarterly inflation over the last three quarters, and a 0.8% increase is arguably not bad given the surge in energy costs in the last month of the quarter.

"Much will depend on how long the Iran conflict persists and whether the Strait of Hormuz remains effectively closed."

Humans, it turns out, are spectacularly bad at planning for the future, especially when money is involved.

This is surprising, because we talk about the future constantly. We make New Year's resolutions, five-year plans, strategic roadmaps, vision boards and, occasionally, PowerPoint decks so optimistic they should come with sunscreen.

Yet despite all this enthusiasm, most of us remain deeply shocked when the future eventually arrives, behaving as if it were some sort of rude ambush rather than the very thing we'd been discussing since Tuesday.

Why your planning brain fails when it's time to spend

To understand why this happens, it helps to start with a simple truth, the part of your brain that plans for the future is not the part of your brain that will actually be there when the future shows up. This explains a great deal.

Consider a very ordinary scenario. You are lying in bed at night, filled with resolve. Tomorrow, you will wake early, exercise, eat sensibly, respond thoughtfully to emails and calmly navigate interpersonal conflict like a Tibetan monk with a calendar.

The future version of you is serene, organised and buys vegetables. Unfortunately, the next morning you wake up as you. Tired, mildly resentful and already running late. The monk has gone. The vegetables remain theoretical.

This is not a character flaw. It is neuroscience.

The brain is, at heart, a survival machine. It evolved to keep us alive long enough to reproduce, not to help us manage quarterly goals or retirement funds.

The emotional systems that drive behaviour, fear, desire, comfort-seeking and avoidance, are fast, ancient and extremely persuasive. They care deeply about now. The future, by contrast, is vague, abstract and emotionally underpowered.

From the brain's perspective, later is a rumour.

Why immediate rewards beat long-term financial goals

Psychologists call this tendency to value immediate rewards far more than future ones temporal discounting. A chocolate bar now feels real. Good health in 10 years feels hypothetical.

So we choose the chocolate and promise, very sincerely, to be healthier tomorrow. Tomorrow, as we have established, is not very reliable.

This is where Emotional Intelligence, EI 2.0, earns its keep. EI 1.0 taught us to notice emotions once they had already arrived, unpacked their bags and started rearranging the furniture.

EI 2.0 asks a more uncomfortable question, what emotional state is making this decision right now and would I agree with it if I felt different?

Because future planning fails most often not due to lack of intelligence, but due to emotional hijacking. We don't plan poorly because we lack information. We plan poorly because we plan while calm and execute while aroused.

Why financial plans collapse under stress

Research on affective forecasting shows that we are consistently terrible at predicting how we will feel in the future.

We assume our future selves will be more rational, more disciplined and less emotionally reactive than our current selves.

This belief has survived centuries of evidence to the contrary. It is one of humanity's most enduring delusions, right up there with "this meeting will be quick" and "I'll remember that password".

High emotional arousal collapses our planning horizon.

When emotional intensity rises, cognitive capacity shrinks. The brain shifts from long-term reasoning to short-term survival. This is adaptive if you are being chased by a tiger. It is less helpful when you are being chased by an email thread.

This is why so many future plans disintegrate under pressure.

The plan was designed by a calm brain for a calm world.

The execution happens in a noisy, unpredictable world filled with children, deadlines, wi-fi issues and someone asking "just a quick question" at precisely the wrong moment.

How to design money plans that work under stress

We need to reframe future planning as an emotional design problem, not a motivational one. Instead of asking "why can't I stick to my plans?" ask "what emotional states will sabotage this, and how do I design around them?"

This is why habits work better than goals, why exit strategies beat willpower and why reducing emotional friction is more effective than issuing stern internal lectures.

Good planners don't trust their future emotions. They respect them. They build systems that work even when motivation is low and stress is high.

The irony is that humans are not bad at planning because we are irrational. We are bad at planning because we are emotional and we keep pretending we are not.

Once we accept that our future selves will be just as human, just as tired and just as emotionally persuadable as our present selves, something remarkable happens.

Our plans become kinder, simpler and far more likely to survive contact with reality.

Why budgeting isn't about spreadsheets, but emotions

The future, after all, is not managed by spreadsheets. It is managed by nervous systems. And the sooner we plan for that, the better tomorrow will treat us. Even if tomorrow we still forget to buy vegetables.

Every meaningful financial journey begins the same way, one decision, one habit, one step, repeated. Even if the barbecue guests roll their eyes.

How to plan money decisions when motivation is unreliable

• Automate savings and bills so decisions are removed
• Design defaults for low-energy days
• Reduce friction for good behaviour, increase it for bad
• Plan exits for stress moments, not ideal conditions

If you need seven seats, a five-seater isn't going to cut it. Want a 10-speaker stereo but the car that better fits your needs has eight? You'll have to settle.

Be honest with yourself about what you want the car to do for you. You don't have to buy a vehicle that will tow up to 3.5 tonnes if your caravan is only 1800kg.

And spending $100,000 on a hardcore 4x4 dual-cab ute, just to go down an unsealed track to your favourite campground? Think about your actual lifestyle, not the life you'd like to live. It could save you heaps.

Then there's the budget. Most of us won't walk into a dealership with $60,000 cash. Instead, we'll investigate weekly repayments, finance options or leasing.

Car brands and dealerships regularly run promotional finance deals, and sharp rates could help your hip pocket substantially.

Fuel, upkeep, maintenance, tyres, insurance and parking should all be built into your budget. Don't just focus on the sticker price or minimum monthly payment.

Resale is the biggest cost for almost all vehicles, and it's common for new cars to lose more than 30% of their value after three years. Some do far worse.

Buying an electric vehicle (EV) might feel like a bigger gamble due to misconceptions around battery reliability and repair costs. But if you're shopping second-hand, you could pick up an absolute bargain.

Most new cars now come with a base level of safety tech, and almost every vehicle has a touchscreen media system.

However, technology becomes outdated quickly. Make sure you're happy with what's on board today, rather than worrying about what the next owner might want in five years' time.

New versus used: which is right for you?

New is exciting. Shiny. High-tech. Enviable. But it can also be nerve-racking and exhausting. Months of research, weekends spent trying to find trustworthy salespeople, then running the numbers and tackling the paperwork, that shine can wear off fast.

There are, of course, some clear upsides. Being the first person in the seat is a big one, and the bragability factor is real. New-car warranties, along with deal sweeteners such as free roadside assistance or capped-price servicing, can also make it easier to budget your running costs.

Technology is another major drawcard. Cars are effectively computers on wheels now, and newer models are often loaded with tech. That said, not all new cars are really new. Some have been on sale for a decade or more and aren't as cutting-edge as rivals. Examples include the Suzuki Vitara and Mazda CX-3, both launched in 2015.

Buying used can be a more affordable way into a 'new to you' experience and, in many cases, is the smarter move. If you're considering an EV, it's especially worth checking used listings first. You could save as much as $30,000 on a used or demo car with only a few thousand kilometres on the clock, sometimes more if there's been a model update.

"When you choose a demo or used vehicle, it allows you to dodge the instant depreciation of buying new," says Feann Torr, managing editor at Carsales. "Most brands offer longer warranties than they used to, and they're transferable. Lower upfront government fees and reduced insurance costs also mean demo or used cars are often the savvy choice."

Older used cars need more consideration. They may be out of warranty, increasing the risk of expensive repairs. Older tech can also be an issue, from outdated infotainment systems to slow EV charging speeds or old plug types.

Find the right size car for you

Small cars

Small cars are usually cheaper, more fuel efficient, easier to park and often more fun to drive. The trade-off can be lower safety scores compared with larger vehicles.

The Kia Picanto is a standout for budget buyers, starting at just over $22,000. It's tiny, but more practical than you'd expect. The Suzuki Swift is another popular option, with a fun personality and pricing under $25,000. The Skoda Fabia is also worth a look, offering clever interior space, European styling and a seven-year warranty for under $30,000 drive-away.

While traditional small cars have declined in number, the small SUV segment has boomed. Despite rugged looks and higher ride heights, many are essentially hatchbacks underneath.

Options that blur the lines include the value-focused Chery Tiggo 4 from $23,990. If you want a bit more space, the MG ZS or Suzuki Fronx are solid choices. For hybrids, the Toyota Corolla Cross is a great bridge between a hatch and a medium SUV, while the Hyundai Kona hybrid offers strong value. Prefer a sedan? The Hyundai i30 hybrid is ultra-efficient.

Medium family SUVs

Step up a size and you gain more boot space, five seats as standard, and usually more performance. Powertrain options are broad, including petrol, diesel, hybrid, plug-in hybrid and electric.

Our recent Best of the Best awards highlighted several standouts. The GWM Haval H6 hybrid starts from just over $33,000 drive-away. The Mitsubishi Outlander offers five or seven seats and front or all-wheel drive. The VW Tiguan is another polished option, particularly for urban drivers.

If plugging in appeals, the Chery Tiggo 8 Super Hybrid comes in under $50,000, offers three rows of seats and can drive nearly 100km on EV power alone. The BYD Sealion 6 is another strong option if you only need two rows.

Large SUVs

Big families often need bigger vehicles. While large SUVs can be harder to park and sometimes compromise boot space, hybrid options have helped rein in fuel bills.

One of the best people movers isn't an SUV at all. The Kia Carnival offers eight seats and loads of luggage space, with petrol, diesel and hybrid options available.

The Hyundai Santa Fe seven-seater has multiple variants, generous standard features and a choice of hybrid or turbo-petrol power. If you're trying to stay under $50,000, the MG QS offers three rows, bold styling and up to 10 years of warranty if serviced with MG.

Dual-cab utes

If a dual-cab ute suits your needs, there's no shortage of options. Just remember many are built on ladder-frame platforms, which can mean a firmer, less refined drive. Most are still diesel-powered.

Standouts include the GWM Cannon, which starts under $40,000 and offers strong value. The Mitsubishi Triton remains a solid mainstream pick, with up to 10 years' warranty when serviced with the brand. The LDV Terron 9, related to the MG U9, impresses with comfort and features.

For lifestyle buyers, the BYD Shark 6 stands apart. Its plug-in hybrid setup offers around 100km of EV driving and suits family buyers better than traditional work-focused utes.

Electric vehicles and plug-in hybrids

EVs can be brilliant, as long as you choose wisely. Range, charging speeds and tech-heavy cabins require adjustment. If you can charge at home, especially with solar, ownership costs can be significantly lower.

Choice has exploded in recent years, with China leading on tech, value and features. The Zeekr 7X offers luxury, comfort and more than 600km of range in mid-spec form for around $65,000. The MG IM6 delivers plenty of wow factor from just over $60,000. For a premium driving experience, the Porsche Macan EV sets the benchmark from about $130,000.

Eight things to check on a test drive

1. Comfort and driving position: If you're not comfortable the moment you adjust the seat and wheel, you never will be. Trust your first impression.

2. Blind spots: Check visibility past mirrors and pillars, and make sure shoulder checks feel natural.

3. Ride quality: Drive on the rough roads you use every day, not just smooth showroom routes.

4. Noise levels: Ask the salesperson to stay quiet and listen for tyre and road noise.

5. Parking ease: Test parking cameras, sensors and mirror visibility in real-world situations.

6. Cabin usability: Make sure storage, phone placement and charging options suit your habits.

7. Tech responsiveness: If the screen frustrates you in the showroom, it will frustrate you at home.

8. Safety features: Understand which alerts can be adjusted or turned off, and how easy that is to do.

Ready to go further? In part 2, we look at running costs, ownership traps and how to avoid buyer's remorse.

This week on the Friends With Money podcast, Money's managing editor, Vanessa Walker, is joined by motoring contributor and The Right Car host, Matt Campbell, to discuss the pros and cons of buying an EV.
Campbell explains the main barriers that held Australians back - price, range anxiety, resale and battery concerns, fit-for-purpose models, and charging infrastructure - then outlines what has changed, including emissions rules, improved plug-in hybrid and EV ranges, and growing price parity.

They cover economical charging (EV plans, solar and home batteries), insurance and resale considerations, suggested EV models across sizes, and why faster charging speeds are the next major battleground.

Episode timestamps

01:38 Why Aussies hesitated

03:14 Policy shifts and better range

05:23 Charging network bottlenecks

08:04 Cheapest ways to charge

09:19 Affordable EV price points

12:07 Must have features vs gimmicks

13:46 Hidden costs insurance and resale

16:01 Top picks small to large

18:27 Future faster charging tech

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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.

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

Who hosts Friends With Money?

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

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What topics does the podcast cover?

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

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

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

Tell us about your early years. What shaped your attitude toward money and independence? 

I grew up in a family that valued hard work and practicality. One of my earliest memories is spending what felt like hours wandering through Toys"R"Us fixated on a pretend cash register. My mum didn't say 'no' instead, she said, "If you think it's worth it, we'll buy it".

As a little girl, that question made me pause and think. I'd imagine what my life would look like with the toy and without it, and more often than not I'd end up deciding it wasn't worth it and walking away.

That simple lesson shaped my entire relationship with money: respect it, don't fear it, and treat it as a tool rather than a measure of who you are. From there, independence came naturally.

I grew to love the freedom of making choices, not just the ability to buy things, but the ability to choose not to, even when I could.

Growing up, did you always imagine yourself as an entrepreneur? 

Not in the traditional sense. I didn't grow up thinking I'd run a business, but I did always have the instincts, like selling baked treats at school, coming up with ideas, being obsessed with creating.

I just didn't know back then that it was entrepreneurship. Looking back, it makes perfect sense.

What was the first financial risk you took to bring your brand to life? 

The first real risk was spending my savings on equipment, ingredients and a logo before I had any certainty that people would buy my product.

It wasn't a small amount to me at the time and there was a very real 'this could flop' moment. In fact, I started multiple businesses that flopped before Cherry's Goods.

Did you fund the business yourself or seek investors? 

Self-funding meant slower growth at the start, but it also meant every decision aligned with my vision; also, I don't know any investors, ha ha.

You have more than 300,000 social media followers on TikTok. How does that translate into financial opportunity? 

TikTok and other social media platforms have opened a lot of doors. Strong social presence means fewer barriers between 
me and my customers; I can launch new products directly to an engaged audience.

TikTok is not just numbers; it's a community that actively supports what I create and that brings me so much joy because 
I love baking and hosting others in my own space.

Does the size of that audience create pressure to constantly perform or monetise? 

Absolutely. There's a constant, unspoken pressure to always be on, to keep creating, keep evolving, keep feeding the algorithm. And on the days I'm not posting, it can feel like I'm somehow slipping behind.

But I've had to remind myself that my real passion isn't in the performative side of it; it's in hospitality, in baking, and in crafting videos that feel thoughtful and high quality, not just constant.

What's the biggest misconception people have about influencer income? 

That it's easy or passive. People assume you just post content and money appears.

In reality, it's strategy, deadlines and negotiations. And income isn't consistent; it can be amazing one month and quiet the next. I'm just grateful I can still call this a hobby while I focus on my day job.

What's the toughest money decision you've made since starting your brand? 

Choosing to reinvest almost everything back into the business, rather than paying myself more, has been the toughest decision. It's never easy watching money come in only to send it straight back out into growth, especially when you're relying entirely on your own ideas to carry things forward.

But in a way, that's also the thrill of entrepreneurship: betting on your own ideas and building something bigger than the moment you're in.

How do you balance reinvesting in the business versus personal spending? 

I think this brings me back to my first answer. The same question I asked myself as a little girl at Toys"R"Us: do I want to spend 
my money for this or keep it for something more worthwhile.

I don't think you're truly an entrepreneur if you put yourself before your business.

What's the best money advice you've ever received? Did you follow it? 

'If the problem can be solved with money, it isn't really a problem.'

At first, I didn't fully embrace this; I've always had a naturally thrifty mindset. But once I did, it brought me both relief and a sense of freedom.

Suddenly, I felt less guilty about spending on solutions and more empowered to act on things I had been putting off.

Finish this sentence: Money is good for... 

...creating freedom. Freedom to choose to build the life you want on your own terms.

RBA takes to social media to sell rate hikes

If you can't beat influencers, why not join them?

This seems to be the logic behind the Reserve Bank of Australia's (RBA's) push to use social media to defend its interest rate decisions, with recent posts aiming to explain why a loaf of bread that cost $3 in 2016 now costs $5 or more.

Sadly, the message may not reach many inflation-weary Australians.

The RBA has only 17,000 followers on Facebook.

The UK equivalent, the Bank of England, has a more respectable 60,000 followers.

The Commonwealth Bank has a thumping 800,000-plus followers on Facebook.

Even so, banks don't just have the cache of soccer stars like Christino Ronaldo, who has amassed 171 million followers.

The RBA may also be discovering that social media can be something of a game of chance when it comes to garnering consumer support.

The central bank's post about the cost of a loaf of bread attracted several hundred comments - plenty of which may not have been what the bank was hoping for.

Comments included:

"I'd rather pay an extra $2 for a loaf of bread than an extra $200 on my mortgage"

"Bread is now $5, so to help you with that, we're going to make sure your mortgage is now $500 more than it used to be", and "Time to buy a Bread Machine".

One insightful reader summed up the situation, noting, "Guessing your social media team was hoping for 'positive' comments lol".

HSBC backs down on scamming court case

HSBC, one of the world's biggest banks, has tossed in the towel on a court fight against corporate watchdog - the Australian Investments and Securities Commission (ASIC).

In the first case of its kind in Australia, ASIC alleged that HSBC Australia didn't have adequate controls in place to detect and prevent scams, and to properly respond to customers who reported losing money to scams.

ASIC alleges that between January 2020 and August 2024, HSBC received approximately 950 reports of unauthorised transactions. This ramped up significantly from mid-2023 when scammers gained access to customer accounts by impersonating HSBC staff.

Some HSBC customers lost $90,000 or more to scammers, and ASIC says HSBC "failed to protect its customers".

In a remarkable turnaround, HSBC has given up its fight, admitting to a number of ASIC's allegations just weeks before the case was due to be heard in court.

It's not over yet.

HSBC will face a one-day hearing in mid-June.

At the time of writing neither HSBC nor ASIC have commented on the bank's about-face.

But it's sure to see other banks lift their game when it comes to protecting customers against cyber-crooks.

No more $50 showers for seniors

This week saw the Federal Government expand clinical care support for seniors under the Support at Home program to include showering, dressing and continence management.

Under the scheme, launched in late 2025, seniors are expected to contribute to the cost of various in-home services depending on their income.

The ABC reports some elderly Australians could end up paying $50 an hour for basic personal care services like showering.

Minister for Aged Care and Seniors, Sam Rae, says, "Showering, dressing, continence care - these aren't optional extras. They're the basics of ageing with dignity, and no older Australian should miss out because of cost."

However, Council on the Ageing (COTA) Australia says the expansion of care services only corrects a problem that should never have existed.

COTA Australia Acting CEO, Corey Irlam, says, "Basic care like showering should never have been treated as an optional extra in aged care.

"Returning crucial supports like showering and dressing into clinical care, where they are fully government funded, is a welcome 'win' for older people.

Seniors will still need to foot the bill for basic care until October 2026.

ABS launches national hunt for Census Field Officers

Keen to earn extra cash?

The 2026 Census could be a golden opportunity.

The Australian Bureau of Statistics (ABS) is hiring more than 16,000 Field Officers for the Census.

The hourly rate of pay is $31.19 plus super.

Emily Walter, Census National Spokesperson, says, "We need people from across Australia to join the Census team, to help us to ensure everyone in Australia on Census night is counted."

Field Officers will answer the public's questions about the Census, deliver Census letters and forms and follow up with those who have not responded.

"We're looking for people who are willing and motivated to help others and can communicate sensitively and respectfully," says Walter.

If you're interested, head to the ABS census website. Census night is August 11, 2026.

Only one in 10 Aussies feel comfortable buying at auction

If the idea of bidding at auction leaves you icy cold, you're not alone.

A survey by Great Southern Bank found only one in 10 Australians feel comfortable buying a home at auction.

Over 40% of Aussies say their preferred way of buying a home is a private sale through a real estate agent. Over one in four (27%) would rather deal directly with the property owner.

Among those who feel comfortable buying at auction, almost one third believe this method of sale might land them a better price, while 27% say they have more control over the outcome.

The reality however is that Sydney and Melbourne are the primary auction hubs across Australia. Auction sales represent a fraction of the market elsewhere.

Cotality notes that the ANZAC Day long weekend is set to see a lull in auction action, with 770 homes scheduled to go under the hammer this week, bouncing back to approximately 2660 homes the week after.

Reader question

Hi Paul,

I'm 59 years old and own my home outright. I also have an investment property in Hobart worth about $520,000, with a weekly rental income of $470 and a loan of $235,000.

As far as my debts go, I'm paying back a $253,000 loan on a second investment property, which is located in Western Australia. I have no other loans or debts to repay.

In the current property market, the investment property in Western Australia is worth about $820,000 and brings in a weekly rent of $650.

I have a superannuation balance of $400,000.

I work full time and earn a salary of $54,000 a year, but will usually work a few hours of overtime each week. I live alone and have no dependants.

Money is tight and I'm driving an older car, which is only worth about $5000.

I would love to know if you have any advice to help me achieve some degree of financial freedom. At the moment, I'm living week to week, but in an ideal world I would be in a position to retire in two or five years' time. And a newer car would be nice.

Should I keep struggling along as I am until I retire, or would it be a good idea to sell one of the investment properties and be debt-free until I reach that stage of my life?

I hope you have some advice and see a way forward for me. - David

Paul's response

Well, David, my first thought was about how you have come to hold one property in Hobart and one in WA. I presume you lived in both these locations, but you certainly have two investment properties about as far apart as possible.

Add your super into the mix and you have built a solid pool of investment assets. Let's take a look at this.

Your total gross assets are a very impressive $1,740,000. Deduct your debt of $488,000 and we get to your net assets, not including your car, of some $1.25 million. Of course, to this we would need to add the value of your home.

Doing the sums

From a cashflow viewpoint, I can see your problem with free cash.

The Hobart property is returning $470 a week, or about $25,000 a year. I'll guess the interest on your mortgage is $15,000. I think the remaining $10,000 will be absorbed by agent fees, insurance, rates, maintenance and all the usual costs of a property.

I'm going to assume a zero income return to you from this property.

Your WA property is returning $650 a week, or about $48,000 a year. Your interest on the loan of $253,000 I'll assume is some $34,000.

Here I am hoping you have some positive cashflow, but I doubt it is much. From the $14,000 that remains you have the same expenses as above, and a nearly identical mortgage amount. I'm thinking a surplus of maybe $4000 a year.

You'll clear about $45,000 from your salary, plus my guess at a surplus on your WA property, so after tax you will have about $48,000.

Not bad, but hardly a fortune.

Now I can see why money is tight and a better car unaffordable. My question to you is why?

With your fully owned home and net investment assets of $1.25 million, if you did not work at all, spread across a balanced portfolio, you could expect to earn about 8% a year on average over the long term. If you spent 5%, leaving the other 3% to keep pace with inflation, you'd have a bit over $60,000 to spend.

Obviously your age is important in regard to accessing super, but you have ample assets outside super.

My view is you are sacrificing lifestyle today to create arguably more wealth than you need in the future. I don't know your personal situation, but if you keep struggling to get by day to day and keep your $5000 car, you will die a very rich man with a very old car.

There may be personal reasons I don't know for you to scrimp and save today to have more wealth in the future. But based on what you have told me, I don't see the logic here.

Clearly you are living on your after-tax income, plus a bit from the WA property, totalling about $48,000. You have a pool of assets that, if you stop work, will deliver more than this.

I'm arguing that in all likelihood you are already financially independent.

I suspect you want to keep working. Your after-tax income will cover most of your costs. In your shoes, these facts would lead me to a simple conclusion.

I most certainly would not struggle until retirement.

I would be looking at the two properties and selling the one with the least upside and the lowest capital gains tax liability. I don't know your purchase price of each property, but let's say you sell Hobart.

After agent fees, this should clear some $275,000. Work out your CGT tax with your accountant. But you would have a very nice pot of money.

Focus on today

It sounds like you will work to retirement age, so I'd be buying a new car, taking a holiday and enjoying a few meals out with a nice, cold beer.

You should still have $200,000 left over. You can leave some in the bank and invest some in shares. The dividends would be some $7000. I'd improve my lifestyle by spending that without any guilt.

In fact, I'd happily run down the $200,000 up to my retirement.

You will still have money going into super. Your existing $400,000 will grow over the longer term. The property you keep, if well located, should grow in value and deliver increased rent.

You already own your home.

The caveat here is what I don't know about your situation. Please see a professional adviser if there is complexity that I know nothing about.

On the face of what you have told me though, scrimping and saving when you seem to have already covered your retirement income seems nuts to me.

I can say one thing with absolute confidence. There are no guarantees about how long we live. I've had five close mates from university die in their 50s and mid-60s in the past few years.

Sure, it is prudent to create wealth for retirement, but if you have already achieved this, which I suspect you have, it is time to focus on today.

You have worked and saved hard. Have some fun.

As I have said to Money readers for about 40 years, aiming to be the richest person in the graveyard is a silly plan.

What to read next

• How to plan your countdown to retirement
• The most dangerous number in retirement planning
• Can your super fund replace a financial adviser?
• How much super you need for a comfortable retirement now
• Why one-off financial advice is so hard to get

This week on The Friends With Money podcast, Money magazine's Ryan Johnson speaks with licensed Australian financial adviser and author Helen Baker to explain family trusts in plain English and challenge the idea they're only for the ultra-wealthy.

They break down how a family trust is its own entity, the roles of beneficiaries, trustees and the appointor (who holds ultimate power), and why separation of control matters for potential asset protection.

Helen clarifies that the trust owns the assets and beneficiaries generally have rights to income or capital distributions, not ownership, and discusses when a trust may be worth considering (often with significant funds, varying household incomes, or positive income/capital), how tax flexibility works via distributing income across beneficiaries, the need to distribute to avoid the trust being taxed at the top rate, costs to set up and run, risks of poor management, and why investment suitability and liquidity matter.

Episode timestamps

00:00 Family trusts explained

02:03 Trust roles breakdown

05:12 Who owns what

06:13 When trusts make sense

08:23 Tax flexibility in action

10:25 Your advisory team

11:57 Risks and penalties

12:56 Costs to run and unwind

14:55 Choosing investments

16:49 Who trusts are for

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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.

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

Who hosts Friends With Money?

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

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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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.

Debt trouble rarely arrives with a show of fireworks. It turns up as an email, a late fee, a missed direct debit - then you're suddenly in a conversation where the other side sounds certain and you're trying to work out what happens next.

Australia's debt pile is enormous. Australian Bureau of Statistics data puts household debt at $3.33 trillion as at June 2025, with the average household carrying more than $313,000, mostly mortgages. This household debt sits at around 113% of GDP, keeping Australia near the top globally.

Debt isn't automatically a problem. It can bring a first home forward, fund study, grow a business or smooth a big cost over time. But when the debt goes bad, people come knocking.

Laurence Barlow was one of these knockers, a former debt collector who ran large teams collecting for banks and finance companies. That's why he's switched sides, launching Small Business Reboot to help people avoid the knock and know how to answer the door if it arrives.

"I've lost track of the number of people we've had to talk back from the edge because they're scrambling to pay creditors and save the home," says Barlow.

The Australian Financial Security Authority says creditor petitions (a court debt-enforcement process that ends in bankruptcy) climbed from a COVID-era low of 671 in 2020-21 to 1447 last year. The Australian Taxation Office was the largest petitioner by both volume and value, lodging 247 petitions worth $184 million.

"Whether it's a bank or the taxman, they want to know there's a plan," says Barlow. "The earlier you engage, the more options you usually have."

Q&A with Laurence Barlow on debt collection, rights and next steps

What triggers a debt collection notice in Australia?

When you take out credit, you enter a legal contract. It sets out how much you borrowed, the interest, fees, repayment dates and what counts as a default.

A debt collection notice is usually triggered when you miss a repayment or another breach. You'll get reminders, then a formal demand, then escalation to a specialist team or an external collection agency if nothing changes.

A default notice isn't a court order but the lender telling you what's wrong and giving you 30 days to fix it before enforcement.

What should I do in the first 48 hours after getting a debt notice?

First, breathe. A debt notice is scary. But then get organised.

Move the conversation into writing. You need a paper trail.

Start a folder and build a timeline: dates, amounts, who contacted you and how, what was said and how you responded.

Ask for the documents. Get a copy of the contract or agreement and a statement showing the amount, how it was calculated and what you've paid. You're checking whether the paperwork matches what you're being told.

What can debt collectors legally do?

When your account slips, my job as a debt collector was to open a dialogue and get things grounded in facts and process. I could be self-employed or hired by a lender or a debt collection agency.

I would contact you to seek payment, offer a settlement or a payment plan, or check why an agreed plan wasn't kept. If you're on a plan, debt collectors can follow up to review it and explain the consequences if it isn't working.

If the debt is secured against goods, and only after the proper legal steps, they can organise repossession - though that's never a surprise visit at that point.

What can't debt collectors do under Australian law?

There's plenty that debt collectors must not do - we weren't just going around hustling people. We were at pains to not harass people or use any overbearing tactics.

We could only call Monday to Friday between 7.30am and 9pm, no more than three times a week and never on public holidays. We generally only meet face-to-face if no one has responded to our calls.

We couldn't trespass, mislead you or discuss your debt with someone else without your written permission.

Finally, we were trained to not take unfair advantage of vulnerabilities. If someone was ill, elderly, living with a disability or clearly out of their depth, collectors are expected to take that into account and offer realistic options.

How can I dispute a debt?

If something doesn't add up, dispute the debt in writing and ask for evidence.

For most financial firms, you can raise a dispute through the Australian Financial Complaints Authority. Once you've lodged a genuine dispute, collection should pause while it's addressed.

You can dispute a debt if it's not yours, you don't owe the full amount or you have some other legal grounds to challenge it.

If it's more than six years (or three if you're in the Northern Territory) since your last debt payment - and there's not a court judgement against you - you can also dispute it.

If you've already paid back the debt, include proof of payment.

What if I'm struggling to pay my debt?

If you're struggling to pay, hardship isn't a moral failure but a legal pathway. Work out what you can genuinely afford. Use a simple budget (Moneysmart's budget planner is a good resource) and be honest about your essentials and other debts.

If there's nothing spare, call the National Debt Helpline for free, confidential support. A financial counsellor can help you map options and draft words to your lender.

Next, ask your lender for hardship in writing. Under the National Credit Code you can lodge a hardship notice and change your repayments - for example, smaller payments for longer, or a short pause with a catch-up plan.

Lenders must consider the request and respond within set timeframes. While it's assessed, pay what you can, don't agree to an amount you can't sustain and get any deal in writing.

What are some common pitfalls to avoid?

• Ignoring the notices

Ignoring notices escalates the process and is often when debt collectors get involved.

• Acting while overwhelmed

Panic makes expensive promises. Stabilise first: get everything in writing, gather documents, slow the timeline and put a sustainable plan in place.

• Lying to the debt collector

Be honest about your financial situation, including other debts. Being uncooperative or misleading usually makes things worse.

Where to get free debt help in Australia

Call the National Debt Helpline to speak to a financial counsellor who can assess your options and, if needed, talk to your creditor.

If it's legal - court papers, repossession, a disputed contract - contact your local Community Legal Centre or Legal Aid for free advice. ASIC's Moneysmart site explains how counselling works and links to services in your State.

And if it's involving small business debt, remember a personal guarantee can tie business borrowing to personal assets. Get advice early, especially before you sign anything new.

How to read a debt notice, step by step

Start at the top and work down like you're checking a bill.

• Sender: Is it your lender, a collector acting for them, or a law firm?
• Type of notice: Reminder, formal demand, default notice, or court document (very different stakes).
• Debt details: Account or contract number, what the debt relates to, and whether it's in your name.
• Amount claimed: Is it itemised (principal, interest, fees, legal or enforcement costs) or just a lump sum?
• Dates: When the payment was missed, the date of the notice, and the 'pay by' or 'remedy by' deadline.
• Next steps: What they say they'll do if you don't respond (collections, default listing, repossession, court).
• Contact and response method: Where they want you to reply and whether they include a reference number.

Case study: How a small business debt can threaten the family home

John and Marie ran a suburban e-bike shop. They'd done the hard yards and paid off the family home, the dream scenario.

Then the COVID-era supply mess hit. Stock arrived late, freight costs jumped, demand faltered and cashflow got ugly.

To keep the doors open, they took out a business loan and, like many owners, signed personal guarantees. They didn't fully grasp what that meant at the time. If the business couldn't pay, the debt could follow them home.

When the numbers stopped adding up, attempts to restructure the small business debt were met with talk of bankruptcy and selling the home.

"We were panicked," says Marie. "We wanted to retire in a few years and the thought of starting again was terrifying."

They were referred to Barlow, who says the first step was to slow everything down.

"Once we got the paperwork, we could separate what the lender was saying from what the documents actually allowed," says Barlow.

"We put a workable plan on paper, got the conversations into writing and took the heat out of it, helping protect their home when it came time to negotiate."

If you or someone you know needs support
National Debt Helpline: 1800 007 007
The Small Business Support Line (1800 413 828)