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Keep warm this winter without breaking the bank

With winter right around the corner, many of us (me included) are dreading the frost-bitten mornings, increased heating bills, and feeling too frozen to enjoy our days. However, with winter comes a long list of simple things to appreciate, such as layering up with your favourite scarf before heading out, curling up under a blanket with a good book, endless cups of tea, and of course, the ultimate season for soup. Another thing to add to this unspoken list of winter essentials is the very thing that keeps us warm all day everyday: our most trusted pair of ugg boot slippers. This winter, it’s never been more important to make sure your uggs are in tip top shape, as there’s nothing more miserable than having cold toes in the middle of June. Luckily, Ugg Express is here to help. This Australian owned and based footwear brand has been crafting a wide range of high-quality ugg boots, street wear shoes and accessories for the Australian community for over 30 years. From <a href="https://uggexpress.com.au/collections/ugg-boots-for-women">women’s</a> and <a href="https://uggexpress.com.au/collections/mens-ugg-boots">men’s</a> collections to styles made for little feet, every pair of UGGs is meticulously constructed using a combination of robust soles, reinforced stitching and high-quality suede or leather exteriors to deliver long-lasting wear and endless warmth. If it's boots you’re looking for, or if slip-on slippers are more your speed, Ugg Express have what you’re after, with their entire range coming in at very affordable prices. I was lucky enough to be sent a pair of <a href="https://uggexpress.com.au/products/as-ugg-slippers-homey-unisex-sheepskin-slippers?variant=19690173005882">sheepskin Ugg slippers</a>, and can confidently say I have found my go-to Uggs for winter. These slippers are not a full boot, making them easy to slip on and off if you struggle with mobility issues, while still keeping your heels and ankles snug. As someone who has long suffered with circulation problems (even in the depths of summer will be fingers and toes be entirely too cold) these sheepskin slippers have answered my winter prayers. The ultra-soft sheepskin lining gently moulds to the contours of your feet, providing a cushioned and cloud-like sensation with every step, without leaving your feet feeling overheated or sweaty. Sheepskin also contains natural antimicrobial properties that wick away moisture and help keep nasty odours at bay, so your pair of Uggs smell fresh and new, even with extended wear. The warmth and comfort of these Uggs are unmatched, with a comfy sole adding much needed support, so you can wear them all day long. You can shop the entire range of Uggs, slippers, boots and much more <a href="https://uggexpress.com.au/">online</a>, with the Ugg Express website offering free shipping on orders over $100, and a no risk 30-day returns policy to ensure every customer is happy with their purchase. If you prefer to try before you buy, Ugg Express have stores located all across Australia. Don’t wait before you’re frozen solid to make your ultimate winter purchase! Explore the range today to discover a pair of stylish UGG boots you’ll be reaching for whenever the temperature dips. Image credits: Shutterstock

Beauty & Style

Commonwealth Games medallist pleas for missing daughter

A Commonwealth Games medallist has issued an emotional plea for information on the whereabouts of his 15-year-old daughter. Marty Jackson's daughter Marlie was last seen in Port Melbourne four days ago, although she usually lives with her dad in Geelong. He believed Marlie had been in contact with friends, but her family had been "unable to make contact" with the teen. In an emotional post to Facebook, Marty asked his friends and family for any updates on his daughter's whereabouts. "If you hear from her or have any information that could held bring her home it would be greatly appreciated," he wrote, before adding, "Marlie is 15yo, approx 163cm tall with long strawberry blonde hair." He concluded by stating her disappearance had been reported to Geelong Police Station. Marty's post was flooded with comments from loved ones and strangers alike sending their well wishes for Marlie, and their hopes that she return home safely. Marty later updated the post to say Marlie had been in contact over the phone, but he was still concerned for her safety and adding that he "just wants her home". Marty Jackson is a para-athlete who won silver in shotput at the 2018 Gold Coast Commonwealth Games. Image credits: Facebook

Family & Pets

King Charles delivers heartfelt message amidst cancer treatment

In times of adversity, the power of unity and compassion shines through, and this sentiment has never been more evident than in the heartfelt message delivered by King Charles amidst his cancer treatment. As news of his diagnosis spread, an outpouring of support enveloped the King from all corners of the Commonwealth. His gratitude and appreciation for this unwavering kindness were palpable as he addressed the nations in a video message, unable to personally attend the 2024 Commonwealth Day celebrations due to his health. "I have been most deeply touched by your wonderfully kind and thoughtful good wishes for my health and, in return, can only continue to serve you, to the best of my ability, throughout the Commonwealth," he said. "My belief in our shared endeavours and in the potential of our people remains as sure and strong as it has ever been. I have no doubt that we will continue to support one another across the Commonwealth as, together, we continue this vital journey." The absence of the Princess of Wales, still in recovery from surgery, served as a reminder of the fragility of life and the importance of cherishing every moment with loved ones. In such moments, the strength of familial bonds and the support of a caring community become invaluable lifelines. As we celebrate the 75th anniversary of the Commonwealth, we reflect not only on its historical significance but also on its enduring relevance in today's world. The theme of "One Resilient Common Future: Transforming our Commonwealth" resonates deeply as we navigate the challenges of the modern age together. King Charles' words remind us of the interconnectedness of our shared humanity, transcending borders and differences. He likened the Commonwealth to the wiring of a house, where each nation contributes to the collective energy and strength that sustains us all: "As I have said before, the Commonwealth is like the wiring of a house, and its people, our energy and our ideas are the current that runs through those wires. Together and individually we are strengthened by sharing perspectives and experiences, and by offering and borrowing the myriad ways we have each tackled the challenges of our time. This is true both at the level of nations and, indeed, at the local level. We recognise today that our diversity is our greatest strength." In facing global challenges such as climate change, biodiversity loss and socioeconomic shifts, the importance of collaboration and cooperation cannot be overstated. King Charles eloquently underscored the power of diversity as our greatest strength, recognising that it is through our varied perspectives and experiences that we find innovative solutions to complex problems. <iframe title="YouTube video player" src="https://www.youtube.com/embed/lR6Z8ss_AW0?si=Gf8lGHmG-xnw9zCP" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Image: Youtube

Caring

Worried about price gouging? For banks, there’s a simple solution

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Does it feel like you’re being charged more for all sorts of things these days, from <a href="https://theconversation.com/supermarkets-airlines-and-power-companies-are-charging-exploitative-prices-despite-reaping-record-profits-222755#:%7E:text=According%20to%20the%20inquiry%2C%20the,dairy%20products%20and%20breakfast%20cereals.&text=Farmers%20recently%20accused%20supermarkets%20of%20making%20too%20much%20profit%20from%20their%20crops.">groceries</a> to <a href="https://theconversation.com/see-when-australias-biggest-banks-stopped-paying-proper-interest-on-your-savings-and-what-you-can-do-about-it-200265">banking</a>? Turns out, you’re right. While we might be more likely to remember prices that go up than prices that go down, the very best evidence – assembled by Australia’s <a href="https://treasury.gov.au/sites/default/files/2023-11/competition-review-mergers-background-note.pdf">Treasury</a>, the federal government’s lead economic adviser – says your suspicions are right. We really are being charged more than we used to be two decades ago. Coupled with the latest profit reports from Australia’s biggest supermarkets and banks, including Tuesday’s half-year results from Coles, it suggests we are contributing more to company profits than we used to. <h2>Climbing price markups</h2> The Treasury estimates show in the 13 years between 2003-04 and 2016-17, the average price markup – the difference between the cost of a product and its selling price – across all Australian industries climbed 6%. That’s extra profit, taken from your wallet, going to the people selling you things. Those Treasury estimates are contained in a background paper prepared for the competition <a href="https://treasury.gov.au/review/competition-review-2023">inquiry</a> being undertaken by a panel including Productivity Commission chair Danielle Wood, former Competition and Consumer Commission chief Rod Sims, and business leader David Gonski. At the same time, the average share of each industry held by its biggest four firms edged up from 41% to 43%. Profit margins are also higher here than in more competitive markets overseas. This is true in banking, where the big four have taken over St George, BankWest, and the Bank of Melbourne – and are about to take over <a href="https://www.accc.gov.au/media-release/australian-competition-tribunal-authorises-anz%E2%80%99s-proposed-acquisition-of-suncorp-bank">Suncorp</a>. It’s also true in supermarkets, where the big two, Woolworths and Coles, have taken over or seen off Franklins, Bi-Lo and Safeway. <h2>Bigger profit margins than overseas</h2> Coles supermarkets reported earnings <a href="https://www.investopedia.com/terms/e/ebitda.asp#:%7E:text=EBITDA%2C%20or%20earnings%20before%20interest,generated%20by%20the%20company's%20operations.">before adjustments</a> of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777616-3A637432">A$1.73 billion</a> on sales of $19.778 billion in the half year to December – a profit margin of 8.7%. Last week, Woolworths supermarkets reported earnings of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02774826-2A1506104">$2.45 billion</a> on sales of $25.648 billion – a margin of 9.6%. By way of comparison, the dominant UK supermarket group, Sainsbury’s, has a profit margin of <a href="https://stockanalysis.com/quote/lon/SBRY/statistics/">6.13%</a>. In banking, the Commonwealth Bank has just reported a return on equity (profit as a proportion of shareholders’ funds) of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02772167-2A1504649">13.8%</a>. National Australia Bank reported <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2023-full-year-results.pdf">12.9%</a>. While on a par with the big banks overseas, those recent returns are a good deal higher than CommBank’s <a href="https://www.commbank.com.au/content/dam/commbank-assets/about-us/2021-08/2021-annual-report_spreads.pdf">11.5%</a> and NAB’s <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2021-full-year-results-management-discussion-and-analysis.pdf">10.7%</a> reported two years ago. <h2>Little hope for groceries</h2> For supermarkets, there’s not a lot the government can do, apart from launching an <a href="https://www.accc.gov.au/inquiries-and-consultations/supermarkets-inquiry-2024-25">inquiry</a>, and perhaps giving Australian authorities the power to <a href="https://www.afr.com/policy/economy/break-up-firms-that-abuse-market-power-says-former-competition-tsar-20230709-p5dmtq">break up</a> firms that abuse their market power. But Prime Minister Anthony Albanese has said he isn’t keen on giving Australian authorities the sort of powers available to authorities in the United States and the United Kingdom, saying (incongruously) Australia is “<a href="https://www.pm.gov.au/media/radio-interview-abc-radio-brisbane-mornings">not the old Soviet Union</a>”. And doing anything short of that would be unlikely to have much effect. Australia’s two supermarket giants have invested a fortune in high-tech <a href="https://theconversation.com/coles-and-woolworths-are-moving-to-robot-warehouses-and-on-demand-labour-as-home-deliveries-soar-166556">warehouses and distribution systems</a>, which new rivals would be hard-pressed to match. <h2>Hope for more competitive banking</h2> But for banks it’s altogether different. Richard Denniss of the Australia Institute has come up with the idea, and it’s a beauty. It’s for the government to provide a low-cost banking service – expanding on services it already offers. The costs would be so low, other banks might decide to add features and resell them in the same way as resellers sell <a href="https://www.whistleout.com.au/MobilePhones/Guides/Telstra-network-coverage-vs-ALDI-Woolworths-Belong-Boost">mobile phone</a> and <a href="https://www.nbnco.com.au/residential/service-providers">NBN</a> services. The primary function of any bank is to provide a numbered account into which Australians can deposit and withdraw funds. The Australian Tax Office does this already, at an incredibly low cost. The tax office gives every working Australian a <a href="https://www.ato.gov.au/individuals-and-families/tax-file-number">tax file number</a>. Employers deposit money into these accounts, and – should the tax office owe a refund – taxpayers withdraw them. Some taxpayers ensure their tax is <a href="https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/in-detail/income/refund-of-over-withheld-withholding-how-to-apply">overpaid</a>, so they withdraw later. Denniss describes it as a bank account with the world’s clumsiest interface. <h2>The government could offer bank loans</h2> It wouldn’t be much of a stretch from improving that interface to offering government loans. In fact, government loans are already provided in some circumstances: such as to retirees with home equity through the <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/home-equity-access-scheme">home equity access scheme</a>, and to Centrelink recipients through <a href="https://www.servicesaustralia.gov.au/centrelink-online-account-help-apply-for-advance-payment">advance payments</a>. It woudn’t be much more of stretch to provide loans more broadly, at an incredibly low administrative cost. The government already lends against the <a href="https://www.servicesaustralia.gov.au/who-can-get-loan-under-home-equity-access-scheme">value of homes</a>. Back in the days when the federal government owned the <a href="https://www.commbank.com.au/about-us/our-company/history.html">Commonwealth Bank</a>, it had to cover the high costs of running bricks and mortar branches. Freed from those costs, the government could now offer a low-cost, technology-enabled basic banking service that would tempt us away from the big four banks – unless they offered better value. Of course it would cost money, although a lot of it has already been spent setting up the system of tax file numbers and accounts. And of course the banks would hate the idea. That would be the point. But doing what we can to stop Australians being overcharged is important, not only for wage earners but also for businesses. The <a href="https://treasury.gov.au/review/competition-review-2023">competition inquiry</a> the government has launched is a good start. It shouldn’t be frightened about where it might lead.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/223821/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/worried-about-price-gouging-for-banks-theres-a-simple-solution-223821">original article</a>.

Money & Banking

War veteran loses $18,000 to Netflix scam

Shane Arnold, 71, was left with nothing after he fell for an elaborate Netflix scam, allegedly run by a teenager. The war veteran was robbed of $18,000 when he thought he was entitled to a refund after receiving a fake Netflix email. After he entered his personal banking details, the accused scammer allegedly used this information to call Arnold the following day claiming to be a security officer from Commonwealth Bank. "(It was) extremely convincing," Arnold told 9News. "He spoke in a posh English accent." Arnold was allegedly told by a 19-year-old, whose voice had been disguised with AI, that his account had been compromised and ordered to put his bank cards in a bag, to be collected by a driver. Hours later, the accused teen who is from Braybrook, Melbourne allegedly withdrew thousands of dollars from ATMs in Braybrook and West Footscray, and purchased dozens of gift cards from Kmart. He also allegedly filled up on fuel, bought a new iPhone, and some strawberry milk and ice cream. The teen has since been charged over the incident, but Arnold is still fighting hard to get his money back. "I've worked for 50-odd years to get that money," he told the publication, adding that he felt "like my heart had been ripped out". The senior also claimed that the bank was partly to blame, and has lodged a report to the Australian Financial Complaints Authority (AFCA) who are currently managing his case. Arnold added that Commonwealth Bank had only offered to reimburse him $1000, and said that everyone who'd been scammed deserved to have their money returned to them. "I hope all those people get their money back," he said. "None of them deserved to be scammed and none of them did anything wrong." Images: Nine News

Legal

"Too good to be true": Bank teller saves couple from losing $40k

A Tasmanian couple have been saved from losing $40k into an online investment scam after a bank teller noticed the red flags. The couple visited the NAB branch in Rosny, Hobart after their account was blocked during an attempt to transfer the money to an ‘online investment firm’ in Perth. The payment was the first of two instalments that they were set to pay the "firm" but NAB Customer Advisor Erin Bugg saved them from a massive loss. Bugg became suspicious of the firm after they promised a 12 per cent return on their term deposit and a guaranteed pay out if the firm went bust. “If there was a scam red flags bingo card, ‘online investment opportunity’ would be top of the list,” the NAB Customer Advisor said. “Immediately, alarm bells went off for me. It sounded like an investment scam and I was concerned this couple could lose their life savings.” The couple, however, insisted that they weren't being scammed so Bugg decided to look into the matter further and found a website and article about the firm. When she looked into the rates they offered she realised it “was literally too good to be true." “No one likes to be told they’re being lied to, especially when they feel like they’ve done all the right things. They had done their own research, and even spoken to the company on the phone,” she said. She added that "alarm bells" started ringing when the wife explained that a man from the firm kept calling her to thank her for the investment and encourage her to open an account. The couple then rang the "firm" in front of Bugg to try and convince her it was real. “I declined to speak to the ‘firm’, but I could hear them telling the customers, ‘Oh, NAB always flags us as a scam’,’” she recalled. NAB’s fraud team then informed them that the firm had a bank account at another bank, and to call the bank to confirm whether it was legit. After calling the other bank, they found that the account was not connected to the investment firm and suggested them to not transfer anything. “It was such a relief to hear from the customer that they’d avoided being scammed,” Bugg said. This comes after Scamwatch received over 7,000 reports of investment scams collectively costing Aussies over $275 million in the last year. Image: NAB

Money & Banking

Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Imagine the dentist has just said you urgently need a A$2,000 dental crown. A week later, a pipe in your bathroom bursts, causing $8,000 worth of damage. Suddenly, you’ve been hit with a $10,000 financial shock. As the cost-of-living crisis plunges more households into financial uncertainty and at least <a href="https://melbourneinstitute.unimelb.edu.au/data/taking-the-pulse-of-the-nation-2022/2023/australians-face-challenging-budgetary-constraints#:%7E:text=Over%20the%20past%20six%20months,has%20increased%20to%2060%20percent.">one-third</a> of Australians struggle to make ends meet, it’s more important than ever to ask yourself: how financially resilient am I? Being financially resilient means you aren’t left financially devastated when an expensive emergency creeps up on you. Here are five key signs of financial resilience. <h2>1. You have a plan for what you’d do if you suddenly lost your salary</h2> Financial resilience means having a plan to fall back on during tough times. This extends to how you’d make money if you lost your job. In practice, that means things like making sure your skills and contacts are kept up to date so you can more easily find a new job. You might also consider whether a “side hustle” job such as tutoring could work for you in the short term, and how you’d put that plan into practice if needed. Perhaps you have a spare room in your home you could rent out for a period of time if you lost your salary. Those examples won’t work for everyone, of course, but it’s still worth asking yourself the question: what would I do if I lost my salary tomorrow? <h2>2. You have enough liquid assets to meet an unexpected financial expense</h2> Liquid assets means money that can be accessed quickly and easily to overcome an unplanned financial expense. Savings are a good example. They provide a buffer so you can cope in the short term if a financial shock strikes. The federal government’s Moneysmart website suggests you aim to have enough in your emergency savings fund to cover <a href="https://moneysmart.gov.au/saving/save-for-an-emergency-fund">three months of expenses</a>. Having an <a href="https://moneysmart.gov.au/glossary/offset-account">offset account</a> as part of a mortgage is another option that provides a buffer. Putting money in an offset account helps you save while reducing the amount of interest on a home loan. You can still access the money in an offset account at any time. <h2>3. You have bought the right financial products, such as insurance</h2> Financial products, such as insurance, hedge against potential losses. Personal insurance is important because it provides income in the event of death, illness or injury. Examples include: <ul> <li> life insurance (which pays out to your beneficiaries, such as your partner or children, when you die) </li> <li> total and permanent disability insurance (which means you may get some money if you acquire a disability that prevents you from working) </li> <li> income protection (which provides you with an income if you can no longer work) </li> <li> trauma cover (which covers a life-changing illness or injury, such as cancer or a stroke). </li> </ul> Check if your superannuation has any of these insurances included in it. <a href="https://www.griffith.edu.au/__data/assets/pdf_file/0030/295770/FPRJ-V4-ISS1-pp-53-75-insurance-literacy-in-australia.pdf">Research</a> has found that many Australians are underinsured. <h2>4. You can still pay your debts when times are tough</h2> Being able to borrow money can help when you’re in a tight spot. But knowing where to borrow from, how much to borrow and how to manage debt repayments is crucial. Financially resilient people use debt responsibly. That means: <ul> <li> not using debt for frivolous expenses like after-work drinks </li> <li> staying away from private money lenders </li> <li> being cautious about buy-now-pay-later services </li> <li> watching out for debts with high interest rates, such as payday loans and credit card debt </li> <li> maintaining debt repayments consistently. </li> </ul> If you’re having debt problems, talk to your lender about renegotiating your repayment arrangements, or contact the <a href="https://ndh.org.au/">National Debt Helpline</a> on 1800 007 007. <h2>5. You are financially literate</h2> Being financially literate means you can assess the benefits and risks of using savings or taking out debt to meet an unplanned financial need. As I have <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">written</a> before on The Conversation, key signs of financial literacy include tracking your cashflow, building a budget, as well as understanding what debts you have and which to pay first. It also means storing your money across different places (such as superannuation, savings accounts, property and the share market) and understanding how financial assets like cash, shares and bonds work. Being aware of your financial strengths and weaknesses, and having financial goals is also important. Nobody is born knowing how to make sound financial decisions; it’s a skill that must be learned. It’s good to think about the resources you would draw upon to help get yourself out of a difficult financial situation – well before disaster strikes.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/218126/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/could-you-cope-with-a-shock-to-your-bank-balance-5-ways-to-check-you-are-financially-resilient-218126">original article</a>.

Money & Banking

Bring a plate! What to take to Christmas lunch that looks impressive (but won’t break the bank)

<a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Christmas lunch is at your friend’s house this year, and they’ve asked you to bring a plate. Money is tight. So, you find yourself wondering, “What’s cheap, healthy but also looks impressive?” While a tray of mangoes would certainly be a cheap, healthy and colourful contribution, you want to look as if you’ve put in a bit of effort. If you’re struggling for inspiration, here are some tried and tested ideas. <h2>First, choose your ingredients</h2> Check your pantry for inspiration or ingredients. Crackers, dried fruit or nuts are great ideas for a charcuterie board. You can use herbs and spices to add flavour to dishes, or you could use up packets of dried pasta to make a <a href="https://nomoneynotime.com.au/healthy-easy-recipes/salmon-and-pasta-salad">pasta salad</a>. This is also a great way to clean out your pantry. Focus on fruit and vegetables that are in season, so are cheaper and more readily available. Keep an eye out at your local fruit and veggie shop or market as it will usually have in-season fruit and vegetables in bulk quantities at reduced prices. Check out <a href="http://seasonalfoodguide.com/australia-general-seasonal-fresh-produce-guide-fruits-vegetables-in-season-availability.html">this seasonal food guide</a> to help you plan your Christmas menu. Ask around for deals by chatting to your local butcher, fishmonger or grocer and let them know your budget. They may suggest cheaper cuts of meat (such as, <a href="https://www.australianbutchersguild.com.au/the-blog/the-abg-blog/underrated-cuts-of-beef/">oyster</a>, <a href="https://www.australianbeef.com.au/know-your-meat/beef-cuts/">blades, rump caps</a>). Try cooking <a href="https://www.bestrecipes.com.au/recipes/slow-cooker-corned-beef-mustard-sauce-recipe/z47lwrbv?r=entertaining/9clz7475&h=entertaining">corned beef</a> or <a href="https://www.bbcgoodfood.com/recipes/slow-cooker-roast-chicken">roast chicken</a> in a slow cooker with lots of vegetables. Slow-cooked meals can be frozen and can come in handy for left-overs. Lean into <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4608274/">legumes</a>. These are packed with fibre, protein, vitamins and minerals. They are also budget-friendly and a great way to add texture to salads. Tinned chickpeas, or cannellini, kidney, or butter beans are quick and easy additions that can make filling dishes go further. You could even turn tinned chickpeas into homemade hommus for a healthy and delicious side dish. Check out these healthy legume <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--legumes">recipes</a>. <h2>7 ways to keep food costs down this Christmas</h2> 1. Plan ahead Plan your menu by asking how many people are coming and checking for any food preferences or dietary requirements. Check for items you already have at home, and make a shopping list for only what you <a href="https://www.emerald.com/insight/content/doi/10.1108/BFJ-12-2017-0726/full/html">need</a>. 2. Use free recipes Use free online recipe collections and e-books tailored for budget cooking that can help you design your Christmas menu to meet your budget. This <a href="https://nomoneynotime.com.au/uploads/Our-Guide-to-the-Perfect-Christmas-Feast.pdf">one</a> was created by a group of <a href="https://dietitiansaustralia.org.au/working-dietetics/standards-and-scope/role-accredited-practising-dietitian">accredited practising dietitians</a> and has healthy, budget friendly recipes and ideas. You could also try this budget friendly collection of Christmas recipes from <a href="https://www.taste.com.au/recipes/collections/budget-christmas-recipes">taste</a>. 3. Involve the family Get together with other family members and make it a challenge to see who can make the cheapest, most delicious dish. Get the kids involved in fun activities, such as making a DIY gingerbread house or putting together mixed skewers for the barbecue. 4. Pool your resources Larger quantities of a single dish will be cheaper than multiple different dishes (and easier to prepare). 5. Frozen is fine Use frozen fruits and vegetables if you need to. These can have just as <a href="https://pubmed.ncbi.nlm.nih.gov/25526594/">many vitamins and minerals</a> as fresh, are often cheaper than fresh produce and last longer. Try using frozen berries to decorate the pavlova or add them to your favourite cake, muffin or pie. 6. Make your own drinks You could make your own drinks, such as home-brewed iced tea. See if anyone in your family has a soda stream you can borrow to make sparkling mineral water. Add some freshly squeezed lemon or lime for extra flavour. 7. Reduce waste Use your own crockery and re-use leftovers to reduce waste. After all, washing up is cheaper than buying plastic or paper plates and better for the environment. Remember to save any leftovers and re-use them. Leftover fresh vegetables could be used to make a hearty soup or chutney. <h2>It doesn’t have to be perfect</h2> Christmas comes and goes quickly. If your cooking ideas don’t work out, it’s not the end of the world. Choosing healthy foods on a budget is important all year around, so you may like to think about trying these tips throughout the years to come. <img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/196565/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, Professor of Community Health and Wellbeing, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, Postdoctoral Research Fellow, School of Human Movement and Nutrition Sciences, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, Research Fellow, Mater Research Institute, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian and Researcher, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/bring-a-plate-what-to-take-to-christmas-lunch-that-looks-impressive-but-wont-break-the-bank-196565">original article</a>.

Food & Wine

“Coast-to-coast”: Rinehart's radical plan to save the Commonwealth Games

The 2026 Commonwealth Games has faced grim uncertainty ever since the <a href="https://www.oversixty.com.au/finance/money-banking/i-m-not-here-to-apologise-dan-andrews-fires-up-as-comm-games-is-scrapped" target="_blank" rel="noopener">Victorian government withdrew its commitment to host the event</a>, leaving Australia in a precarious situation. However, a new and radical proposal by Australia's wealthiest individual, Gina Rinehart, supported by Gold Coast Mayor Tom Tate and Perth Lord Mayor Basil Zempilas, suggests a unique solution to save the Games. Rinehart's proposal involves hosting the event in two cities at opposite ends of the country – the Gold Coast and Perth. The initial plan by the Victorian government to host the Games across multiple towns in regional Victoria was abandoned due to the reported $4 billion price tag. This decision left Australia without a host city for the 2026 Games, and no alternative has been proposed since. Additionally, the withdrawal of support from the Canadian city Alberta for the 2030 event further complicated the future of the Commonwealth Games. Now, in a letter addressed to Prime Minister Anthony Albanese, Rinehart, Tate and Zempilas have suggested a bold coast-to-coast approach for the Commonwealth Games. The idea is to utilise existing facilities in the Gold Coast and Perth, with each city hosting a week of the Games. The proposal aims to showcase Australia on a national scale, providing a unique background for discussions with Commonwealth heads. “We believe that a coast-to-coast Games presents a special opportunity to showcase Australia and provides an excellent background for you to invite those heads of the Commonwealth you may wish to have further discussions with, and/or entertain,” the letter reads. “A background where Australia pulls well above its weight, and shines!” While the proposal has gained support from key figures, including Rinehart's assertion that it would not be too difficult to execute, some critics have raised practical concerns. Melbourne radio host Tom Elliott expressed skepticism about the feasibility of a dual-city approach, citing the vast distance between the Gold Coast and Perth, which is over 4000km. “You could not pick two cities in Australia that are further apart from each other," Elliott said on his 3AW radio talk show. He also questioned the logistical challenges, such as the need for two athletes' villages and the movement of officials and volunteers between the two cities: “To have a Commonwealth Games split between the Gold Coast and Perth, I just think is utter madness... The idea is that they do the first week of events on the Gold Coast and the second week in Perth. But think about it – unless every official and volunteer moves between the Gold Coast and Perth – and where would you put them all? They effectively have to recruit all the people again just to make the Games run. You’ve got to build two athletes villages. It’s just such a dumb idea. “I think we need to accept, as sad as this is, that the era of the Commonwealth Games is over. Not that many people watch it, not that many countries compete in it, it doesn’t make any money – that’s the reason cities don’t want to host it.” Rinehart's letter counters that criticism, claiming that the dual-city approach would be popular, in the national interest, and beneficial for athletes and cities. She contends that the proposal would be more popular and less expensive than other recent expenditures, suggesting that funds allocated for other purposes, such as Papua New Guinea football, could be redirected to improve Australian facilities for the Commonwealth and later Olympic Games. Rinehart's bold proposal to host the 2026 Commonwealth Games in two cities at opposite ends of Australia certainly presents a novel solution. While critics question the practicality of the idea, proponents believe it could not only save the Games but also showcase Australia on a grand scale. As discussions unfold, the fate of the Commonwealth Games hangs in the balance, with Rinehart's vision offering a unique and ambitious alternative. Images: Getty / Facebook

Money & Banking

How risky is it to give card details over the phone and how do I reduce the chance of fraud?

<a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Paying for things digitally is so common, most of us think nothing of swiping or tapping our card, or using mobile payments. While doing so is second nature, we may be more reluctant to provide card details over the phone. Merchants are allowed to ask us for credit card details over the phone – this is perfectly legal. But there are minimum standards they must comply with and safeguards to protect consumer data. So is giving your card details over the phone any more risky than other transactions and how can you minimise the risks? <h2>How is my card data protected?</h2> For a merchant to process card transactions, they are expected to comply with the <a href="https://docs-prv.pcisecuritystandards.org/PCI%20DSS/Standard/PCI-DSS-v4_0.pdf">Payment Card Industry Data Security Standard</a>. This is a set of security requirements designed to protect cardholder data and the trillions of dollars of transactions each year. Compliance involves various security measures (such as encryption and access controls) together with strong governance and regular security assessments. If the information stored by the merchant is accessed by an unauthorised party, encryption ensures it is not readable. That means stealing the data would not let the criminals use the card details. Meanwhile, access controls ensure only authorised individuals have access to cardholder data. Though all companies processing cards are expected to meet the compliance standards, only those processing large volumes are subject to mandatory regular audits. Should a subsequent data leak or misuse occur that can be attributed to a compliance failure, a <a href="https://www.csoonline.com/article/569591/pci-dss-explained-requirements-fines-and-steps-to-compliance.html">company can be penalised</a> at levels that can escalate into millions of dollars. These requirements apply to all card transactions, whether in person, online or over the phone. Phone transactions are likely to involve a human collecting the card details and either entering them into computer systems, or processing the payment through paper forms. The payment card Security Standards Council has <a href="https://docs-prv.pcisecuritystandards.org/Guidance%20Document/Telephone-Based%20Payments/Protecting_Telephone_Based_Payment_Card_Data_v3-0_nov_2018.pdf">detailed guides for best practice</a>: <blockquote> A policy should be in place to ensure that payment card data is protected against unauthorised viewing, copying, or scanning, in particular on desks. </blockquote> Although these measures can help to protect your card data, there are still risks in case the details are misplaced or the person on the phone aren’t who they say they are. <h2>Basic tips for safe credit card use over the phone</h2> If you provide card details over the phone, there are steps you can take to minimise the chance you’ll become the victim of fraud, or get your details leaked. 1. Verify the caller If you didn’t initiate the call, hang up and call the company directly using details you’ve verified yourself. Scammers will often masquerade as a well-known company (for example, an online retailer or a courier) and convince you a payment failed or payment is needed to release a delivery. Before you provide any information, confirm the caller is legitimate and the purpose of the call is genuine. 2. Be sceptical If you are being offered a deal that’s too good to be true, have concerns about the person you’re dealing with, or just feel something is not quite right, hang up. You can always call them back later if the caller turns out to be legitimate. 3. Use secure payment methods If you’ve previously paid the company with other (more secure) methods, ask to use that same method. 4. Keep records Make sure you record details of the company, the representative you are speaking to and the amount being charged. You should also ask for an order or transaction reference. Don’t forget to ask for the receipt to be sent to you. Check the transaction against your card matches the receipt – use your banking app, don’t wait for the statement to come through. <h2>Virtual credit cards</h2> In addition to the safeguards mentioned above, a <a href="https://www.forbes.com/advisor/credit-cards/virtual-credit-card-numbers-guide/">virtual credit card</a> can help reduce the risk of card fraud. You probably already have a form of virtual card if you’ve added a credit card to your phone for mobile payments. Depending on the financial institution, you can create a new credit card number linked to your physical card. Some banks extend this functionality to allow you to generate unique card numbers and/or CVV numbers (the three digits at the back of your card). With this approach you can easily separate transactions and cancel a virtual card/number if you have any concerns. <h2>What to do if you think your card details have been compromised or stolen?</h2> It’s important not to panic, but quick action is essential: <ul> <li> call your bank and get the card blocked so you won’t lose any more money. Depending on your situation, you can also block/cancel the card through your banking app or website </li> <li> report the issue to the police or other relevant body </li> <li> monitor your account(s) for any unusual transactions </li> <li> explore card settings in your banking app or website – many providers allow you to limit transactions based on value, restrict transaction types or enable alerts </li> <li> you may want to consider registering for <a href="https://theconversation.com/your-credit-report-is-a-key-part-of-your-privacy-heres-how-to-find-and-check-it-116999">credit monitoring services</a> and to enable fraud alerts. </li> </ul> <h2>So, should I give my card details over the phone?</h2> If you want to minimise risk, it’s best to avoid giving card details over the phone if you can. Providing your card details via a website still has risks, but at least it removes the human element. The best solution currently available is to use virtual cards – if anything goes wrong you can cancel just that unique card identity, rather than your entire card.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/216833/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, Professor of Cyber Security Practice, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, Associate Professor, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Image credits: Getty Images This article is republished from <a style="font-style: italic;" href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a style="font-style: italic;" href="https://theconversation.com/how-risky-is-it-to-give-card-details-over-the-phone-and-how-do-i-reduce-the-chance-of-fraud-216833">original article</a>.

Money & Banking

8 tips for keeping pets healthy that won’t break the bank

Australia is a nation of animal lovers. Collectively, we have more pets than people (<a href="https://kb.rspca.org.au/knowledge-base/how-many-pets-are-there-in-australia/#ftn1">28.7 million pets</a> vs <a href="https://www.abs.gov.au/statistics/people/population/population-clock-pyramid">26.7 million people</a>) and <a href="https://kb.rspca.org.au/knowledge-base/how-many-pets-are-there-in-australia/#:~:text=Overall%252C%2520Australian%2520households%2520are%2520estimated,spent%2520per%2520animal%2520each%2520year.">spent $33 billion on them</a> in 2022. Not only is a healthy pet a happy one, but healthy = wealthy with fewer vet bills and medications, plus less time off work to look after them. But how can you keep spending under control without sacrificing your pet’s health? Read on! 1. Choose the right pet Save yourself considerable drama – and money – by getting the right pet for your family from the outset. For instance: <ul> <li>Small dogs eat less, making them more suitable for tighter budgets.</li> <li>Energetic breeds won’t thrive if you can’t exercise them sufficiently. </li> <li>Low-allergy breeds (like Poodles and Burmese cats) can save allergy suffers on antihistamines and tissues.</li> </ul> 2. Secure your yard Prevention is always better than cure, so a secure yard/enclosure is a worthwhile investment. The cost of a new fence (especially if split with neighbours) often dwarfs the vet bills if your beloved is hit by a car. A secure pet is less likely to fight with other animals or eat things they shouldn’t. Plus, many areas impose fines for unrestrained pets. 3. Be organised An old phrase says: “For every minute spent organising, an hour is earned.” I’d suggest that hour earned also brings dollars saved. For pets, organisation includes: <ul> <li>Staying up-to-date with treatments and veterinary visits. Overdue parasite treatments, vaccinations, and check-ups often cause unnecessary and expensive complications.</li> <li>A tidy home, which saves replacing destroyed shoes etc and fees on overdue bills where the notice was chewed.</li> <li>Keeping household dangers – e.g., toxic plants, chemicals, foods (chocolate!) – out of your pets’ reach to avoid accidental poisoning.</li> </ul> 4. Weigh up insurance Many people say they’ll put money aside instead of buying pet insurance. But they don’t – the money winds up elsewhere. When considering insurance, weigh up each policy’s conditions, your pet’s health, and your ability to pay unexpected bills. Without insurance, small amounts may not be problematic. But unexpected surgeries or specialist tests and treatments could see you thousands of dollars out of pocket. The more claims you’re likely to make, the more valuable insurance may be. If you do get insurance, choose a reputable provider with positive reviews for paying claims promptly. 5. Master DIY Put your hands to work and make your pet’s essentials at a fraction of buying new. Consider making your own: <ul> <li>Toys – such as uncooked rice or pasta in a PET bottle. (Beware things like sticks, which can cause injuries and splinters.)</li> <li>Meals – cook in bulk and freeze portions for added savings and convenience. Homemade meals may be healthier too, since you know exactly what they’re eating.</li> <li>Bedding and towels – from your old clothing, linen etc.</li> </ul> Always use safe materials and ingredients that won’t be a choking hazard. Monitor items for wear and tear. 6. Involve your kids Getting kids/grandkids involved with animal care is good for everyone – including your wallet. Kids love animals. Pets love children’s playtime energy. And you’ll save paying someone else to do it when you’re short for time. Ask them to walk the dog, clean the litter tray, collect the eggs, top up food and water. You can make it form part of their pocket money – teaching them the value of earning – all while helping them develop important life skills like empathy and responsibility. 7. Consider legalities Custody and inheritance matters affect furbabies too, so it’s important to have a plan: <ul> <li>Wills – who will have guardianship if you die suddenly? Is that person willing and able? Have you left money to pay for their ongoing care?</li> <li>Separation/divorce – pets sadly are sometimes used as weapons in a separation. It could be emotional blackmail over custody, or one partner is given custody but cannot afford to keep them on a single income. The stress adversely affects everyone – including your pet. </li> </ul> 8. Spend time with them Companionship is important for your pet’s health – and yours. And it’s free! Research suggests <a href="https://www.health.harvard.edu/staying-healthy/having-a-dog-can-help-your-heart--literally">dog ownership improves heart health for humans</a> and <a href="https://www.psychologicalhealthcare.com.au/blog/mental-health-benefits-pets/">patting pets lowers blood pressure and stress hormones</a>. Plus, you’ll both benefit from being more active and making new friends (such as at the dog park). So, what are you waiting for? Hitch up the lead or pick up a toy and give your furbaby some love! Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children. Find out more at <a href="http://www.onyourowntwofeet.com.au">www.onyourowntwofeet.com.au</a> Image credits: Shutterstock

Family & Pets

Gina Rinehart's bid to save the Commonwealth Games

Gina Rinehart has thrown her support behind a bid to save the 2026 Commonwealth Games, after Victoria abandoned hosting the event. Australia's richest person has vowed to work with sporting officials and Gold Coast Mayor Tom Tate to help salvage the Games and move them to Queensland, after Victorian premier Dan Andrews pulled the pin on the event over major budget issues. Gina's support comes amid fears the Commonwealth Games are in free fall after Canada pulled out of a bid to host the 2030 Games, meaning the Games currently have no future events planned and no host city. Following Victoria's abandonment of the 2026 Games, London, New Zealand and several cities in Scotland have launched campaigns to host the event, with each of them garnering some public support. According to reports from the <a title="www.couriermail.com.au" href="https://www.couriermail.com.au/sport/gina-rinehart-backs-gold-coast-bid-for-2026-commonwealth-games/news-story/3a6d0b2b4acb5ff522dde7ea4bd3e6b7" target="_blank" rel="noopener" data-tgev="event119" data-tgev-container="bodylink" data-tgev-order="3a6d0b2b4acb5ff522dde7ea4bd3e6b7" data-tgev-label="sport" data-tgev-metric="ev">Courier Mail,</a> Rinehart is not prepared to fund the Games herself, but is prepared to do whatever is needed to help the Gold Coast secure the Commonwealth Games. A spokesman for Rinehart said “direct athlete support” would remain the focus of Hancock Prospecting’s sports funding program, but she would back a Gold Coast bid. “Having seen the joy that athletes and their families experienced when competing in front of a home crowd for the 2018 Gold Coast Commonwealth Games, Mrs Rinehart would certainly welcome the 2026 event to again be held in Australia, especially at the Gold Coast, where it was run so successfully before,” her spokesman said. Mayor Tate said Rinehart’s commitment was a significant endorsement in the Gold Coast, which he said could host the Games again at a cost of just over $1 billion. The city hosted the 2018 Commonwealth Games and would have the facilities to hold the event just eight years later. “Her statement sends a clear message: We must show what we are capable of as a country,” Tate said. “The Aussie athletes deserve it, as does every young kid who dreams of representing their country." “The momentum behind a 2026 Gold Coast Games is growing.” Image credits: Getty Images

Money & Banking

‘Existential questions’: is this the beginning of the end of the Commonwealth Games?

<a href="https://theconversation.com/profiles/hunter-fujak-290599">Hunter Fujak</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> and <a href="https://theconversation.com/profiles/damien-whitburn-1455572">Damien Whitburn</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Premier Daniel Andrews announced on Tuesday that the Victorian government has withdrawn from its commitment to host the 2026 Commonwealth Games, citing an anticipated cost blowout from an original estimate of A$2.6 billion to <a href="https://www.theguardian.com/australia-news/2023/jul/18/australia-commonwealth-games-2026-victoria-cancels-event-after-funding-shortfall">over $6-$7 billion</a>. Commonwealth Games Australia chief executive Craig Phillips described the decision as “beyond disappointing”. Phillips questions the government’s figures, <a href="https://thenewdaily.com.au/news/2023/07/18/commonwealth-games-federation/">saying that the</a> cost of running the Gold Coast event in 2018 was $1.2 billion and the 2022 Birmingham Games was $1.8 billion. The government said existing funding set aside for the games will remain invested in regional projects intended to create an event “legacy”. Aside from the viability of the 2026 event, Victoria pulling out of hosting the event raises the broader question of whether the Commonwealth Games will survive. <h2>How has this happened?</h2> Victoria secured the Commonwealth Games in April 2022 with a unique multi-region model that sought to bring the event to regional Victoria. Despite the obvious risks and costs associated with decentralising a major event away from pre-existing infrastructure in Melbourne, Andrews <a href="https://www.theage.com.au/national/victoria/victoria-confirms-bid-for-2026-commonwealth-games-20220216-p59wvp.html">noted</a> at bid submission that "Victoria is Australia’s sporting state, and, if awarded the 2026 Commonwealth Games would demonstrate to the world a new way to deliver the competition." Andrews made clear the decision to withdraw was entirely financial, stating that the new estimated cost of potentially over $7 billion “does not represent value for money”. When pressed at his media conference to provide accountability as to how his government’s costing could have been so grossly inaccurate, Andrews said that certain event costs were unforeseeable. "What could not be reasonably foreseen, and was not foreseen, was the costs incurred in terms of services, security, transport […] there were estimates that were made and those estimates are clearly well and truly under the actual cost." The Commonwealth Games Federation and Commonwealth Games Australia dispute these costs estimates. They <a href="https://www.commonwealthsport.com/news/3594069/response-to-victoria-government-2026-commonwealth-game-host-withdrawal">signalled</a> the blame for any cost overruns lies with the Victorian government. "The numbers quoted to us today of $6 billion are 50% more than those advised to the Organising Committee board at its meeting in June." :Since awarding Victoria the Games, the Government has made decisions to include more sports and an additional regional hub, and changed plans for venues, all of which have added considerable expense, often against the advice of the Commonwealth Games Federation and Commonwealth Games Australia." <blockquote class="twitter-tweet"> Bit of a long one this morning. You might have heard the news this morning that Victoria will no longer be hosting the 2026 Commonwealth Games. And I wanted to tell you about the decision. — Dan Andrews (@DanielAndrewsMP) <a href="https://twitter.com/DanielAndrewsMP/status/1681087774110384128?ref_src=twsrc%5Etfw">July 17, 2023</a></blockquote> <h2>The implications</h2> The decision to withdraw from hosting the event will still incur costs. This includes pre-existing costs related to staffing contracts, renting premises and marketing, as well as to-be-determined contractual break costs as negotiated with the Commonwealth Games Federation. The financial costs of the withdrawal, however, may pale against the longer-term reputational damage done to Victoria and perhaps Australia more broadly. This decision may also damage Andrews’ reputation. In proposing an untested regional games delivery model, it was incumbent on the government to adopt a particularly rigorous process to ensure the the event’s viability, which does not appear to have been done. <h2>Is Victoria still Australia’s ‘sporting capital’?</h2> Victoria has long proclaimed itself Australia’s (and even the world’s) <a href="https://search.informit.org/doi/abs/10.3316/INFORMIT.143058285756777">sporting capital</a>. The state has developed an unparalleled portfolio of major sport events since the 1980s, and become a global exemplar in executing major events in the process. But withdrawing from the 2026 Commonwealth Games arguably represents Australia’s most prominent sporting failure of the past half-century, and is a significant reputational blow to Victoria’s sporting pre-eminence. What’s more, in an <a href="https://inqld.com.au/news/2023/07/12/take-that-melbourne-brisbane-now-rated-as-australias-sports-capital/">annual global ranking of sport cities</a> published last month, before the Commonwealth Games decision, Brisbane (15th) leapfrogged Melbourne (23rd) and Sydney (44th) to become Australia’s top ranked. Brisbane’s success isn’t only attributable to its impending hosting of the 2032 Olympics. Its ranking also recognises that the FIFA Women’s World Cup is being played predominantly in the north-east Australian states due to <a href="https://www.brisbanetimes.com.au/sport/soccer/not-a-realistic-option-why-the-matildas-aren-t-playing-at-the-mcg-20230717-p5doxk.html">stadium challenges</a> associated with <a href="https://www.theguardian.com/football/2021/dec/03/melbourne-falls-short-in-womens-world-cup-venue-allocation">AFL-orientated</a> Victoria. Meanwhile, South Australia’s recent sporting successes include the hosting of <a href="https://www.afl.com.au/news/906620/afl-to-gather-round-again-in-sa-for-next-three-years">AFL Gather Round</a>, LIV Golf and recent procurement of the <a href="https://supernetball.com.au/news/location-2024-ssn-grand-final-revealed#:%7E:text=Adelaide%20will%20host%20the%202024,at%20the%20Adelaide%20Entertainment%20Centre.">2024 Super Netball</a> final from Victoria. Victoria’s grip on the “sports capital” title is increasingly tenuous. <h2>The end of the Commonwealth Games?</h2> Perhaps the most critical question is the viability not only of the 2026 Games, but also the broader Commonwealth Games movement. Victoria’s withdrawal continues a trend of recent instability. In 2017, the South African city of <a href="https://www.reuters.com/article/us-games-commonwealth-durban-idUSKBN16K1UN">Durban</a> was stripped of 2022 hosting rights for a failure to meet key obligations around governance, venues and funding. However, whereas the Commonwealth Games Federation had just under 2,000 days to secure a replacement host for 2022, Victoria’s withdrawal has occurred only 973 days prior to the start of the event. The movement’s broader existence is perilous given there’s a shrinking pool of host cities. Victoria was the <a href="https://www.theage.com.au/sport/melbourne-set-to-step-into-breach-as-2026-commonwealth-games-host-city-20220118-p59p6r.html">only formal applicant</a> for the 2026 edition. This is a challenge faced by large sporting events more broadly, with potential applicants <a href="https://www.routledge.com/Sport-Management-in-Australia-Organisation-Development-and-Global-Perspectives/Karg-Shilbury-Phillips-Rowe-Fujak/p/book/9781032330242?_ga=1233395845.1684800000">increasingly wary</a> of the significant costs. Even the summer and winter Olympic Games have increasingly struggled to attract applicants. This resulted in the <a href="https://olympics.com/ioc/2024-2028-host-city-election">unprecedented</a> move to simultaneously award the 2024 and 2028 summer games to Paris and Los Angeles in 2017 – normally the summer games are awarded to one city at a time. With seemingly little global appetite to host the event, and broader cultural discussions in Australia and abroad surrounding the role of the monarchy, existential questions surround the Commonwealth Games movement.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/209961/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hunter-fujak-290599">Hunter Fujak</a>, Lecturer in Sport Management, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> and <a href="https://theconversation.com/profiles/damien-whitburn-1455572">Damien Whitburn</a>, Lecturer, Sport Management, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/existential-questions-is-this-the-beginning-of-the-end-of-the-commonwealth-games-209961">original article</a>.

Travel Trouble

"Gross exaggeration": Sporting officials slam Dan Andrew's Comm Games spending

Dan Andrews has been the subject of a blistering attack by sporting officials just hours after announcing the 2026 Commonwealth Games would not go ahead. The Victorian premier broke the news in a press conference on Tuesday, saying the <a href="https://oversixty.com.au/finance/money-banking/i-m-not-here-to-apologise-dan-andrews-fires-up-as-comm-games-is-scrapped" target="_blank" rel="noopener">event has been cancelled</a> due to ongoing funding issues. He shared that the event, which was due to be held in numerous regional Victorian towns and was first expected to cost $2.6 billion, would now blow the budget out to a whopping $7 billion. However, following Andrews' announcement, Commonwealthh Games Australia Executive Officer Craig Phillips said the premier's cost update doesn't add up, with the $7 billion figure being a "gross exaggeration". “Beyond disappointing for us,” he said on Tuesday. “It’s a comprehensive let-down for the athletes, the excited host communities, First Nations Australians who were going to be at the heart of the Games and which millions of fans that would have embraced the sixth home Games in Australia.” Phillips also accused Andrews of telling misinformation surrounding the process in which the government put its hand up to host the event. After being confirmed to host in April 2022, planning documents showed the intentions were to establish hubs in Geelong, Bendigo, Ballarat and Gippsland, each with an athlete’s village. Shepparton was also planned to host events, and the MCG would have hosted the opening ceremony. In a statement released on Tuesday afternoon, Phillips made bombshell claims government officials ignored advice to save costs by moving events to existing stadiums and facilities in Melbourne. Phillips also said Commonwealth Games Australia was not notified about the changed budgetary estimates until the government had already made its decision. He said, “The detailed budgetary implications announced today have not been sighted or discussed with the CGF or CGA ahead of being notified of the Government’s decision." “The stated costs overrun, in our opinion, are a gross exaggeration and not reflective of the operational costs presented to the Victoria 2026 Organising Committee board as recently as June." “Beyond this, the Victorian Government wilfully ignored recommendations to move events to purpose-built stadia in Melbourne and in fact remained wedded to proceeding with expensive temporary venues in regional Victoria." Many were up in arms over the Games being cancelled, including Victorian opposition senator Anne Ruston, who has called on prime minister Anthony Albanese to “take responsibility” for Victoria’s decision to cancel the Commonwealth Games, arguing it has dented Australia’s international reputation. “I say to the prime minister: Australia’s reputation has been damaged today and you should be very worried about the damage this does to Australia’s international reputation,” Ruston said. “This is a terrible decision for Australia but it is also very disingenuous and I think as we dig into the decision this morning, which we will do through our Senate inquiry, you will see that the Victorian government is hiding its incompetence behind a smokescreen of saying this is a budget blowout.” Image credits: Getty Images

Legal

"I'm not here to apologise": Dan Andrews fires up as Comm Games is scrapped

Dan Andrews has fired up at disappointed journalists after making the shock announcement that the 2026 Commonwealth Games would be cancelled. The Victorian premier shocked the nation with the announcement during a press conference on Tuesday, saying the event would not go ahead due to funding issues. He said the government had considered “every conceivable option” to still hold the games, but new budgets revealed the event, which was originally tipped to cost $2.6 billion, would likely blow out the budget to $7 billion. “I’m not here to apologise for not spending $7bn to deliver an event,” he said. “It’s about, do you deliver it at any cost or not? And the answer is we’re not.” Journalists then quizzed Andrews on what the cost of abandoning the event would be, which he refused to answer but assured the costs would be “fully accounted for” at a later date. While he said he would not “speculate” on discussions, he confirmed “very little costs had been incurred to this point”. Regional Victoria were awarded the rights to host the 2026 event last year after no other countries in the Commonwealth Games Federation volunteered. The Games were set to be held from March 17th to 29th in the regional towns of Geelong, Bendigo, Ballarat, Gippsland and Shepparton. Andrews went on to say the state could benefit much more from allocating the hefty multi-billion budget to other areas. “Today it’s not about finding fault with those cost estimates,” Mr Andrews said. “I will not take money out of hospitals and schools in order to fund an event that is three times the cost as estimated and budgeted for last year.” Mr Andrews said he had informed the Commonwealth Games authorities the state would seek to terminate the contract and said the subsequent meetings had been “amicable and productive”. In lieu of the Games, Mr Andrews announced the government would deliver the legacy benefits of the “housing, sporting infrastructure and tourism” benefits through other policies, using funds from the allocated $2.6 billion budget. Image credits: Getty Images

Money & Banking

Australia can learn from the UK’s experience by making banks pay for scam losses

<a href="https://theconversation.com/profiles/muhammad-al-mamun-1454182">Muhammad Al Mamun</a>, <a href="https://theconversation.com/institutions/la-trobe-university-842">La Trobe University</a> British banks will soon be required to reimburse customers who fall victim to authorised push payment fraud – where a scammer convinces you to authorise a payment, generally by masquerading as a legitimate business or person. The new rules from the UK’s <a href="https://www.psr.org.uk/">Payment Systems Regulator</a> are intended to incentivise all businesses involved in payments to take more action against scam activity, with reimbursement costs split 50:50 between the bank that sends and the bank that receives the payment. There is a strong case that banks and other payment providers in Australia (and New Zealand) should be made to do the same. Scam-related losses are soaring, and banks are falling short of detecting, stopping and recovering losses. In 2022 Australians <a href="https://www.accc.gov.au/system/files/Targeting%20scams%202022.pdf">lost at least $3.1 billion</a> to scams – an 80% increase on 2021. The Australian Competition and Consumer Commission says the actual losses were far higher, because about 30% of victims don’t report their loss to anyone. While the biggest losses came from investment scams (totalling $1.5 billion), payment redirection scams – where a scammer impersonates a business or individual asking for payment – amounted to A$224 million. Among the most vulnerable groups are older people (25% of losses were reported by those aged 65+), people with a disability (6% of reported losses), and people from culturally and linguistically diverse communities (almost 10% of reported losses). <h2>What are Australian banks doing?</h2> No regulations oblige Australian banks to reimburse scam victims, though some banks have self-governed reimbursement policies. While banks have dedicated fraud teams to prevent scams and support victims, the most recent review of the four major banks’ processes by the Australian Investments and Securities Commission, <a href="https://download.asic.gov.au/media/mbhoz0pc/rep761-published-20-april-2023.pdf">published in April</a>, says they detected and stopped just 13% of scam payments. Reimbursement policies and practices varied from bank to bank but the overall rate was low – ranging from 2% to 5%. The review described the banks’ approaches to liability, reimbursement and compensation as “inconsistent and generally very narrow”. <h2>Why the UK has made banks responsible</h2> The greater obligations being imposed on British banks follows attempts by the UK’s <a href="https://www.psr.org.uk/">Payment Systems Regulator</a> to improve consumer protections through a voluntary code of conduct. Introduced in May 2019, this voluntary code was intended, under certain conditions, to ensure the reimbursement of victims of “authorised push payment” scams. These conditions included the customer taking reasonable care and notifying any scam incident to the bank. It had modest success, with <a href="https://www.psr.org.uk/news-and-updates/latest-news/news/psr-sets-out-proposals-to-give-greater-protection-against-app-scams/">46% of reported scam losses</a> being reimbursed between 2020 and 2022. But the Payment Systems Regulator wants 95%. So it has pressed for a mandatory reimbursement scheme. Under the new provisions money must be reimbursed within 48 hours of a fraud being reported. The idea is to get banks to put more effort into detecting and preventing scams. Overall, the UK has accepted the need for a more regimented regulatory approach over a market-based one. <h2>A more pragmatic approach needed</h2> While the Australian Investments and Securities Commission’s own reports have revealed the sorry state of scam prevention, management, and reimbursement practices at major banks, the regulatory body is still not walking in the footsteps of the UK. It is instead advising banks to improve their governance and scam management practices. The Australian Banking Association, which represents the banking sector, has strongly argued against regulation supporting mandatory reimbursement. It has even suggested this <a href="https://www.smh.com.au/business/banking-and-finance/big-banks-fight-push-for-billions-of-dollars-in-scam-refunds-20220131-p59sp3.html">could increase scamming losses</a> because of the risk customers will take less care if they know any losses will be covered by their bank. It has called for greater personal responsibility in preventing scam losses. But such an argument ignores the effects of the digitisation push by financial service providers, which has made scamming so much easier. Scammers are also becoming more sophisticated. The statistics speak for themselves. Scamming losses are increasing. Recovery rates are meagre. A more pragmatic approach based on this reality and banks’ fiduciary responsibilities is needed.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/209585/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/muhammad-al-mamun-1454182">Muhammad Al Mamun</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/la-trobe-university-842">La Trobe University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australia-can-learn-from-the-uks-experience-by-making-banks-pay-for-scam-losses-209585">original article</a>.

Money & Banking

“Breaking Aussies’ spirits”: Karl rips into Reserve Bank

Karl Stefanovic has ripped into the Reserve Bank for their decision to pause interest rates at an all time high. The Today host blasted their decision to freeze the cash rate at an 11-year high of 4.1 percent, as Aussies continue to struggle through the cost of living crisis. Karl Stefanovic has accused the Reserve Bank of “not giving a toss” about the millions of Australians struggling to keep their homes amid seemingly endless interest rate rises. On Thursday, Karl let loose on the RBA, slamming their decision to put Aussies under further financial strain. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/reel/CuQTWInBqdU/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CuQTWInBqdU/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by thetodayshow (@thetodayshow)</a> </div> </blockquote> “They have single-handedly crushed, strangled Australian households,” he said. “Aussies who go to work, pay their bills, and just made the mistake of wanting to own their own home. Now you are being held to ransom.” “Everything you have built is now on the line because our central bank missed the inflation tidal wave. This is what's worse though.” “It's not over-spending respective governments carrying the can. It's you at home.” “It's you trying to put food on the table, pay your power bills and keep a roof over your family's head. It's no wonder it's breaking Aussies' spirits right now.” On Tuesday, the RBA moved to pause interest rates at an 11-year high of 4.1 per cent for the next month. Governor Philip Lowe hinted at more monetary policy tightening because inflation is still too high, even after the most aggressive rate rises since 1989. Even if interest rates don't rise again, mortgage repayments could still be hiked. Image credits: Today

RBA announces major interest rate rise

The Reserve Bank of Australia has lifted its official interest rate to 4.1 per cent, an increase not seen since early 2012. The bank’s board chose to lift the cash rate target by 0.25 of a percentage point for the second month in a row amid concerns that inflation is taking too long to decrease. The latest monthly consumer price index from the Australian Bureau of Statistics saw prices rise 6.8 per cent from 2022 to April 2023, up from the March reading due to statistical uncertainties caused by last year’s temporary fuel excise cut. Reserve Bank governor Phillip Lowe warned the public about rising costs of services including hospitality which are labour intensive and vulnerable to increased wages. "Recent data indicate that the upside risks to the inflation outlook have increased and the board has responded to this," he highlighted in his post-meeting statement. "While goods price inflation is slowing, services price inflation is still very high and is proving to be very persistent overseas. Unit labour costs are also rising briskly, with productivity growth remaining subdued.” Lowe noted the most recent and bigger than expected rise in minimum and award wages, which was the highest increase in decades. "Wages growth has picked up in response to the tight labour market and high inflation," he explained. "At the aggregate level, wages growth is still consistent with the inflation target, provided that productivity growth picks up.” The interest rate spike will add around $76 a month to the repayments on a $500,000 loan, and double that on a million-dollar 25-year mortgage. Someone with $500,000 owing on their home loan will see their monthly repayment increase by around $1,134 a month since the RBA started lifting rates from a record low of 0.1 per cent in May 2022. However, there is still the risk of another rate rise. "Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable time frame, but that will depend upon how the economy and inflation evolve," Lowe warned. Image credit: Twitter

Money & Banking

RBA boss' blunt suggestion for struggling renters

Reserve Bank of Australia governor Phillip Lowe is warning Aussies that the nationwide rental crisis will worsen before it gets better. Despite high interest rates and a good chance of another increase as inflation continues to skyrocket, the housing market is showing signs of recovery. However, renters are faced with a short supply and the possibility of the biggest rent hike in decades. Lowe urged people struggling with their payments to consider getting a flatmate or housemate or moving back home. He also suggested people rent out their spare rooms to help with the crisis. "The way that this ends up fixing itself, unfortunately, is through higher housing prices and higher rents," he said. "Because as rents go up people decide not to move out of home, or you don't have that home office, you get a flatmate. "The increase in supply can't happen immediately, but higher prices do lead people to economise on housing." Lowe explained that housing supply was the biggest challenge on the market and that rents were expected to increase by 10 per cent. That would be the biggest price hike since the 1980s. However, homeowners will be pleased to hear that the market is showing signs of recovery, with a 1.2 per cent growth recorded in May 2023. Image credit: Getty

Real Estate

Bank of Mum and Dad: How much parents are gifting their children for first home deposit

A lot of Aussies are turning to the “Bank of Mum and Dad” to buy their first home, with parents willing to fork out exorbitant funds to help their kids. Parents with children aged under 12 are planning to gift their children $33,278, on average, to put towards their first home deposit, according to new research by Finder. That amount is just about a third of the average first-home-buyer deposit ($96,274), based on the average first-home-buyer loan of $481,368. Victorian parents were the most generous, with plans to gift their adult children $52,716, on average, followed by parents in South Australia ($44,656) and New South Wales ($40,191). Queensland parents were willing to cough up $36,497, while Western Australian parents said they would gift $31,076. However, not everyone is prepared to dig so deep into their pockets as half of parents (51 per cent) said they would give their children $1,000 or less. About 40 per cent of Australians aged 25-34 are expected to reach out to the “Bank of Mum and Dad” to help them buy a property, according to a recent report by the Australian Housing and Urban Research Institute. Finder money expert Sarah Megginson said, without the help of their parents, many young Australians will simply be priced out of the market. “Recent property price hikes, combined with interest rate rises, have made it extremely tough for young buyers to save a sufficient deposit, let alone qualify for a home loan,” she said. “Buying a home also comes with new responsibilities such as managing hefty council rates and strata fees, paying for ongoing repairs and managing your money.” Megginson said older Australians should make sure they “put their oxygen mask on first” before helping their kids, rather than risk damaging their own retirement fund. “It’s important to consider whether you are financially secure before helping family members, and look for ways to work towards a mutually beneficial outcome.” Megginson said. “For instance, you might pledge to match your kids’ home-deposit savings dollar-for-dollar, which gets them into the habit and discipline of saving, and means you don’t have to contribute as much.” Parents should also ask their children to prepare a household budget to help ensure they will b able to handle further rate rises, Megginson said. Image credit: Shutterstock

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Australia can learn from the UK’s experience by making banks pay for scam losses

“Breaking Aussies’ spirits”: Karl rips into Reserve Bank

RBA announces major interest rate rise

RBA boss' blunt suggestion for struggling renters

Bank of Mum and Dad: How much parents are gifting their children for first home deposit

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Travel

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Lifestyle

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Keep warm this winter without breaking the bank

Commonwealth Games medallist pleas for missing daughter

King Charles delivers heartfelt message amidst cancer treatment

Worried about price gouging? For banks, there’s a simple solution

War veteran loses $18,000 to Netflix scam

"Too good to be true": Bank teller saves couple from losing $40k

Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

Bring a plate! What to take to Christmas lunch that looks impressive (but won’t break the bank)

“Coast-to-coast”: Rinehart's radical plan to save the Commonwealth Games

How risky is it to give card details over the phone and how do I reduce the chance of fraud?

8 tips for keeping pets healthy that won’t break the bank

Gina Rinehart's bid to save the Commonwealth Games

‘Existential questions’: is this the beginning of the end of the Commonwealth Games?

"Gross exaggeration": Sporting officials slam Dan Andrew's Comm Games spending

"I'm not here to apologise": Dan Andrews fires up as Comm Games is scrapped

Australia can learn from the UK’s experience by making banks pay for scam losses

“Breaking Aussies’ spirits”: Karl rips into Reserve Bank

RBA announces major interest rate rise

RBA boss' blunt suggestion for struggling renters

Bank of Mum and Dad: How much parents are gifting their children for first home deposit

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