Property sellers pocket a record profit of $285,000
Home sellers pocket record profits, $17.8 billion in unclaimed super, and unruly airline passenger slugged with $8630 fuel bill. Here are five things you may have missed this week.
Home sellers pocket record $285,000 profits on sale
So much for winter being a quiet time in real estate.
Almost every (94.5%) homeowner who sold their place in the June quarter made a profit on sale, with the median gain being $285,000.
That's a record profit according to CoreLogic, which says Brisbane topped the leaderboard of markets, with 99.1% of homes re-sold for a profit. This was followed by Adelaide (98.7%) and Perth (95.4%).
Looking ahead, Eliza Owen, CoreLogic's head of research, expects the rate of profit-making sales to continue heading north through the spring selling season, in line with rising home values.
However, she adds that the dept of buyer demand may be tested in the months ahead.
"The housing market faces some headwinds to demand in the form of high interest rates that are higher for longer, high cost of living and constrained affordability," says Owen.
Lost super tops $17.8 billion
The Australian Taxation Office (ATO) is reminding Australians to check if they have lost or forgotten super.
Forgotten accounts are an evergreen problem in our super system, and although the ATO has reunited almost $6.4 billion of unclaimed super with its owners in the past three years, there is still more than $17.8 billion waiting to be found.
According to the ATO, "many" Australians forget to keep their super fund up to date with their contact details, meaning the fund can't find them.
Over time that can see your super left to the care of the ATO.
ATO Deputy Commissioner Emma Rosenzweig says, "If you've changed job, moved house or simply forgotten to update your details, you may have lost or unclaimed super."
Even if you've retired you could have lost or unclaimed super. The ATO is holding $471 million on behalf of people aged 65-plus.
The ATO website features a 5-step Super Health Check that can help get your super back where it belongs.
A boozy flight? Just plane expensive
A flight from Perth to Sydney has proved surprisingly expensive for a WA man whose unruly (and allegedly alcohol-infused) behaviour on a flight last year, saw the Australian Federal Police (AFP) called in to help.
The plane was forced to return to Perth, requiring the pilot to dump fuel before landing.
This week the Perth Magistrates Court slugged the unnamed man with a $9000 fine plus a $8630 bill to compensate the airline for fuel costs.
It's a fair bet no amount of travel insurance would compensate for the cost.
AFP Acting Superintendent Shona Davis says, "It's far simpler to obey the directions of airline staff than cause unnecessary issues, which can end up hitting you in the hip pocket," she says.
However, it's not always passengers who break the rules.
Budget airline Jetstar is facing legal action in New Zealand with the NZ Commerce Commission alleging the airline discouraged customers from seeking compensation after their flights were cancelled in 2022 and 2023.
Jetstar has said it is "deeply sorry to have let our New Zealand customers down by errors made in assessing some compensation claims for disrupted flights".
China pushes out retirement age by up to five years
This week saw China's 1.4 billion people learn they are expected to work for longer.
China's official Xinhua news agency announced the retirement age will be raised to 63 for men, up from 60. Women in white collar work will face a retirement age of 58, up from 55. For women in blue collar jobs, it will be increased to 55 from 50.
China's retirement age hasn't altered since the 1950s, but declining birth rates mean the nation now has one of the fastest growing ageing populations in the world.
Over 250 million people (about ten times the population of Australia) are aged over 60. By 2040, one in four of China's citizens will be aged 60-plus.
Australia doesn't have an official retirement age though plenty of Aussies would look at China's new retirement age with envy.
A report by KPMG found Australian workers are retiring at their oldest age since the early 1970s, with the retirement age currently around 66.2 years for men and 64.8 years for women.
Gen Z entrepreneurs choose lifestyle over 9-5
Australia's small business sector has an ageing problem, with only 8% of business owners aged below 30.
That could be about to change.
A survey by MYOB found three in four (75%) Gen Zs (born after 1997) either have, or would consider, starting their own business, compared to 48% of Australians overall.
The main motivations for Gen Zs to start a business are the desire to be their own boss (41%) and to move away from the traditional 9-5 grind (37%).
One in three felt they could make more money running a business than by earning a salary.
Paul Robson, CEO of MYOB, says around half of Gen Zs already have a business idea, and are confident in their ability to succeed in their own business.
The federal government offers the New Enterprise Incentive Scheme, which provides small business training and mentoring plus financial support options including an allowance and rental assistance.
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