Firmus, fake cash and what lottery wins do to marriage
A lottery win's surprising impact on marriage, Firmus cancelling plans for a major ASX listing, record counterfeit cash levels, rising bond yields and a new fee for visiting the Twelve Apostles. Here are five money stories you may have missed this week.
What a $140,000 lottery win could do to your marriage
It's no secret money can ruin relationships, but what about when the issue is suddenly having a lot, rather than not enough?
New research has found a big lottery win makes it more likely men will settle down and marry, but has the opposite effect on women.
The study of the lives of Swedish people who won 1 million Kroner (around $144,000 AUD) was published in the Journal of Human Resources last month.
It found men who had received this sweet financial windfall were 30% more likely to get married within the next five years.
There was also a better chance these lucky blokes would end up having children.
But the consequences for women were very different.
The study found that, if they were already married, the money would double the likelihood of female winners getting divorced within the following two years.
But the authors of the article noted divorce became less likely as the years went on, suggesting the money was helping women move on from bad marriages, rather than ruining good ones.
Why Firmus cancelled its planned ASX IPO
If you've seen any finance news this week, you'll have noticed the name Firmus being thrown around with plenty of heated speculation.
Firmus is an Australian data centre company that builds what it terms "AI factories" filled with its own AI infrastructure that is more energy- and water-efficient than its competitors.
It's been in the news because on Friday it scrapped plans to list on the Australian Stock Exchange in what would've been the nation's second-biggest ever IPO.
Multiple outlets reported it had pulled back on going public after struggling to agree with investors on a share price.
Stake market analyst Samy Sriram says investors had been increasingly questioning whether the company would live up to its soaring estimated value.
"Previously, we were talking about Firmus listing at a $12 billion valuation. Within a few months, that evaluation had skyrocketed to about $43 billion".
"That big jump got a lot of investors asking questions: What will the revenue look like?"
Firmus will now reportedly look for money to fund planned expansion from private markets.
Using cash? Beware out for counterfeits
If you're taking advantage of cash discounts appearing at small businesses in the wake of the card surcharge ban, watch out.
The number of counterfeit notes in Australia is the highest it's been in six years, according to the Reserve Bank.
For every million genuine notes, the bank detected 20 fakes in the first three months of this year.
The detection rate has surged 277% since the end of 2024 and is the highest it's been since June 2018.
The good news is you're less likely to get counterfeit change for your morning coffee.
Of the 15,000 fakes detected in the March quarter, the vast majority were $50 or $100 bills.
- ✉️ Store safely: Handle the suspect banknote as little as possible and store it in an envelope.
- 📝 Note details: Record any relevant information, such as how the note came into your possession.
- 👮♀️ Report to police: Report the matter immediately to your local police station.
Source: RBA
Record-high bond yields squeezing cost of living relief
Aussies are less likely to receive extra cost of living help at the end of this year due to high bond yields making it expensive for the government to borrow money.
Yields on Australian government 10-year bonds recently hit a 15-year high, mostly due to competition between governments and companies to borrow money in the US.
Governments issue bonds to borrow money which they then spend, but higher yields make this process more expensive.
Australia's treasurer Jim Chalmers says the yields on his government's bonds were putting "intensifying pressure" on the federal budget.
Therefore, an update to the fiscal blueprint at the end of this year would be unlikely to include money for taxpayers to help with the cost of living.
Fee coming for iconic Aussie tourist site
It's been a long time since seeing the Twelve Apostles was just a matter of pulling your car off to the side of the Great Ocean Road.
But soon taking in the iconic rock stacks (of which there are now only seven) will require booking in advance and paying a fee.
The arrangement coincides with the opening of a new visitor's centre, from where holidaymakers can access the best viewing points for the apostles.
Bookings for the new precinct open next week and the fee will come in next year.
But the Great Ocean Road Parks Authority hasn't announced how much it will cost.
It has said the fee will be "consistent with other popular nature-based attractions across the country".
The money will help pay for the facilities the authority now provides to those dropping in on the apostles, as well as protecting the local environment.
With many of us now demanding better experiences when we travel and putting greater strain on nature while we do it, such fees could become more common.
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