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The Block billionaire faces unlawful lottery charges

<p>Adrian Portelli has responded after being charged by South Australian authorities for unlawful lottery. </p> <p>The billionaire his business Xclusive Tech Pty Ltd, which trades as LMCT+, have had charges brought against them by South Australia’s Consumer and Business Services.</p> <p>The charges come just days after the 35-year-old was praised for <a href="https://www.oversixty.com.au/finance/money-banking/the-block-billionaire-s-generous-christmas-stunt" target="_blank" rel="noopener">giving away $150,000 </a>in grocery vouchers at two Coles in Western Sydney. </p> <p>Portelli has been charged with nine counts of conducting or assisting in the conduct of an unlawful lottery, while his business has been charged with 10 counts of the same offence.</p> <p>He has since responded to the charges, writing  “It’s okay SA we still love you," in a post shared to his business Instagram account. </p> <p>“Your gambling commissioner won’t allow you to win major life-changing prizes so I’ve decided to run exclusive, DAILY $1000 cash giveaways to you guys instead,” he added. </p> <p>“We still love you and I’ll definitely be visiting to do more grocery voucher handouts.”</p> <p>His business, LMCT+, is a shopping tool and rewards club which has three membership tiers that all offer different prizes for their regular giveaways. </p> <p>The first prize in these giveaways can range from a new car to major cash prizes of $500,000 and $1,000,000, with each membership tier having different benefits including the amount of entries into the giveaways. </p> <p>Consumer and Business Service alleged unlawful lottery activity occurred between January 29, 2023, and May 16, 2024.</p> <p>The matter is set to be mentioned in Adelaide Magistrate’s Court on January 15.</p> <p><em>Image: Instagram</em></p>

Legal

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Donald Bradman's baggy green sells for eye-watering price

<p>Sir Donald Bradman's baggy green that he wore in his final Australian Test series has fetched nearly half a million at auction. </p> <p>The cap was worn by Bradman during the 1947-48 series, when the Indian team played on Australia soil for the first time in history. </p> <p>The baggy green fetched a whopping $390,000, with the final price totalling $479,700 including auction costs.</p> <p>It attracted significant interest from potential buyers from both Australia and overseas, with the winning buyer coming out on top after a 10 minute flurry at Bonhams Auction House in Sydney on Tuesday evening.</p> <p>The auction house described the cap as "sun faded and worn", with "some insect damage" and "some loss to edge of peak".</p> <p>The cap was also advertised as “the only known Baggy Green” to have been worn by Bradman during the series, where he cored 715 runs in six innings at an average of 178.75, with three centuries and a double-hundred.</p> <p>Bradman had gifted it to India's team manager at the time, who then gave it to the team's wicket keeper. </p> <p>While it is currently not known who placed the winning bid, the cap itself has particular significance to Indian fans, as the series took place just months after the country gained independence. </p> <p>For Aussie fans, the cap was worn during Bradman's final game on Australian soil, with the cricket legend embarking on a farewell tour of England afterwards. </p> <p>This is not the first cap of Bradman's to go under the hammer, with the cap he wore during his 1928 Test debut fetching over $450,000 plus fees in 2020.</p> <p>The late Shane Warne's baggy green currently holds the record for sale at auction, after selling for $1m when auctioned off in 2020. </p> <p><em>Image: Design Pics Inc/ Shutterstock Editorial</em></p> <p> </p>

Money & Banking

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Historic Aged Care Bill passes Parliament

<p>Older Australians will now receive greater support to live at home for longer among other reforms to aged care. </p> <p>On Monday, the Albanese Labor Government's Aged Care Bill passed Parliament, meaning that older Australians and their loved ones will have access to a better quality system. </p> <p>The bill will provide in-home help and improve conditions and protections for those living in aged-care facilities from July, with older people and their loved ones having a greater say about the care and services they receive.</p> <p>These include protections to speak up when they're not satisfied with a service, and better equipping providers to handle complaints more effectively. </p> <p>Around 1.4 million Aussies will receive support for nursing, occupational therapy and day-to-day tasks to help them live independently in their homes by 2035. </p> <p>The new $4.3 billion Support At Home system has been put in place with the hopes of improving home care wait times and will provide for home modifications and assistive technology to help older Australians maintain their independence for longer. </p> <p>The $5.6 billion package will be one of the largest improvements to the sector in 30 years, according to Aged Care Minister Anika Wells.</p> <p>“This act means that people will be the beating heart of a strengthened aged-care sector that replaces fear with trust,” she said. </p> <p>To help fund the cost of care, those not already in aged or home care will have to make contributions for non-clinical care costs, but the amount they pay would depend on their income and assets. </p> <p>The most anyone would pay for these independence and everyday living costs would be e $130,000 after the the lifetime contribution cap was raised from $76,000.</p> <p>The Commonwealth will remain the main funder of aged care. </p> <p>While the government will spend $930 million over the next four years, the new structure will save the budget $12.6 billion over the next 11 years.</p> <p><em>Image: Shutterstock</em></p>

Retirement Income

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Aussies urged to claim share of $241 million in unpaid Medicare benefits

<p>More than 930,000 Australians are owed their share of $241 million in unclaimed Medicare benefits. </p> <p>The unpaid Medicare benefits have been withheld from recipients who have not updated their bank details, the Department of Social Services said on Thursday.</p> <p>The average Australian is owed about $260 each, but 200 Australians are owed more than $10,000. </p> <p>Young people seem to be owed the most, with more than $52m owed to more than 224,000 Aussies aged between 18 and 24. </p> <p>“Once you update your details, Services Australia will pay your unpaid benefits within three days,” National Disability Insurance Scheme and Government Services minister Bill Shorten said.</p> <p>He added that it takes less than a minute for the average person with a myGov account linked to Medicare to check and update their bank details. </p> <p>Those owed money are being notified directly through their myGov inbox. </p> <p>“Services Australia is in the process of sending over half a million notifications to people’s myGov inbox asking them to update their details,” Shorten said.</p> <p>He added that in the last financial year, Services Australia paid nearly $30bn in Medicare benefits, and since December 2023, they have reunited over half a million Australians with $117 million in unpaid benefits. </p> <p>“We know a bit of extra money is always welcome in the lead up to the holidays – so there’s no better time than now to check if your bank details with Medicare are current, and if you have any unpaid benefits," Shorten said. </p> <p>“With everyone doing it tough due to cost of living, this is good news for nearly a million Aussies from all walks of life all over Australia.”</p> <p><em>Image: Shutterstock</em></p> <p> </p>

Money & Banking

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Workmates win $30m powerball in twist of fate

<p>A group of Perth workmates have won the incredible $30 million Powerball after a twist of fate. </p> <p>15 men and women, ranging from their 30s to 60s, will each take home $2 million after becoming the state's first Powerball winners of the year. </p> <p>The group of friends have been trying to win the Saturday Lotto for years, but when one of them forgot to buy their weekly ticket, they decided to buy the Powerball ticket on a whim.</p> <p>“We all put money into a kitty and I buy a Saturday Lotto ticket every week, plus one for any jackpots of $50 million or more,” the ticket buyer said.</p> <p>"I couldn’t believe it when I realised I forgot to buy our ticket for Saturday Lotto. I was thinking of the grief I was going to get on Monday at work.</p> <p>“I saw that Powerball was at $30 million and bought a ticket for that instead on a whim.”</p> <p>“We should never have had a ticket for this draw,"  he added. </p> <p>“I’ve never expected to win but play happily knowing that some of the money goes to helping the community.”</p> <p>The man said he now has a plan to retire early and go caravaning around the country with his wife. </p> <p>Other members of the group have decided to help their children and book holidays they had always wanted to take. </p> <p>One woman joked that when she heard the good news she immediately bought her favourite treat - a pineapple. </p> <p>Lotterywest spokeswoman Zoe Wender said the three-week Powerball jackpot run raised $5.9m for Lotterywest’s grants program, which provides supports community groups throughout WA.</p> <p>“It was incredible welcoming this group of 15 winners into the Lotterywest Winners Room and seeing how ecstatic they were,” she said.</p> <p>“This is a life-changing win for this group of workmates, and how fantastic that they are sharing the joy of winning together.”</p> <p><em>Image: Lotterywest</em></p>

Money & Banking

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The financial reality check after a major diagnosis

<p>Once you have received and processed your doctor’s diagnosis, take stock of the situation, because this will determine how you respond and what resources you have available to support you going forward.</p> <p>Who received the diagnosis – you or your spouse (if you have one)? Is it a terminal illness, chronic condition or treatable setback? </p> <p>If you are not yet retired, will you be able to keep working, need a period off work or will this bring forward your retirement? If leaving work temporarily, what are your prospects for re-entering the workforce? Will your partner need to leave their work to care for you (or vice versa)?</p> <p>Once you have clarified and considered this, spring into action as soon as possible.</p> <p><strong>Revisit your spending</strong></p> <p>Healthcare is expensive by any measure. </p> <p>Pensioners and healthcare card holders may get much or all of your treatment covered, but waiting times in the public system can be lengthy. For self-funded retirees, even with private health insurance, there can be considerable out-of-pocket costs: specialist visits, diagnostics, symptom management, physiotherapy and so on. </p> <p>Depending on the type of diagnosis, you may also need to modify your home (install ramps, railings etc.) and/or obtain specialist furniture and equipment. Then comes care requirements – private nurses, retirement living, hospice or palliative care.</p> <p>Your lifestyle may also change, and quickly. Your clothes and shoes may no longer fit if you lose weight rapidly. You may no longer be able to drive. You may need help with household chores – cleaning, cooking, gardening. Covering these requires money if you don’t have family and friends able to lend a helping hand.</p> <p>Carefully look at what supports your new reality demands and whether they will be one-off or ongoing expenses. Some things will need to be purchased, others could be hired to split the cost over the longer term. </p> <p><strong>Secure your income</strong></p> <p>Once you’ve established the impact on your ability to work and your spending needs, determine how you will pay for everything going forward.</p> <p>Your emergency fund can provide short-term cash if you need to stop working suddenly or fork out for large, unexpected bills. </p> <p>Depending on your age and circumstances, it may be worth bringing forward your retirement – allowing you to draw income from superannuation and focus more on your (or your partner’s) health.</p> <p>Check your insurances to see what claims you could make – having paid the premiums, now is the time make use of them. Relevant insurances include total permanent disability, income protection, trauma or critical illness cover. Meanwhile some life insurance policies may pay out based on a specialist’s diagnosis, unlocking much-needed funds sooner. Depending on your diagnosis, policy and the type of insurance, payouts may be a lump sum or smaller payments spaced out over time.</p> <p><strong>Update your estate plans</strong></p> <p>A major diagnosis typically elicits thoughts about mortality, legacy and how you want your loved ones to be provided for.</p> <p>Crucially, it may also influence factors such as guardianship of minors and pets while you are unwell/in hospital, Power of Attorney to cover important legal and financial decisions if you are incapacitated, and palliative care arrangements if required.</p> <p>Before heavy medications, surgeries or further deterioration of your health cloud your judgement, ensure your will and estate plans are updated to fully reflect your current needs and wishes.</p> <p><strong>Look after yourself</strong></p> <p>Stress, shock, anger and despair are common emotions to feel when faced with a major diagnosis. As such, it’s important you look after your mental and emotional wellbeing too.</p> <p>It needn’t cost a cent – you could look to free counselling services available such as Lifeline and Beyond Blue; a daily walk by the beach or through the local park; catching up with loved ones for support and companionship. </p> <p>Keeping your spirits up, as much as you can under the circumstances, can improve your quality of life while also helping you make clearer decisions about your health, finances and relationships – making it arguably the best investment of all.</p> <p>Back that up with sound legal, tax and financial advice. There is much to consider where insurance, superannuation, inheritances, Centrelink and more are involved, and you can’t know everything – especially when your focus is rightly elsewhere!</p> <p><em><strong>Helen Baker is a licensed Australian financial adviser and author of On Your Own Two Feet: The Essential Guide to Financial Independence for all Women. 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></strong></em></p> <p><em><strong>Disclaimer: The information in this article is of a general nature only and does not constitute personal financial or product advice. Any opinions or views expressed are those of the authors and do not represent those of people, institutions or organisations the owner may be associated with in a professional or personal capacity unless explicitly stated. Helen Baker is an authorised representative of BPW Partners Pty Ltd AFSL 548754.</strong></em></p> <p><em><strong>Image credits: Shutterstock </strong></em></p>

Money & Banking

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King Charles' $97k arrival gift slammed as "waste of money"

<p>King Charles and Queen Camilla are set for a lavish welcome to commemorate their first visit since 2018, but taxpayers are not impressed with the massive cost. </p> <p>The sails of the Sydney Opera House will be illuminated from 8pm on Friday for four minutes with images from previous royal visits intended to show the "diverse ways in which Their Majesties have engaged with and celebrated NSW and Australia over the years."</p> <p>“We are lighting up the Sydney Opera House to warmly welcome The King and Queen to our beautiful harbour city," Premier Chris Minns said in a statement.</p> <p>"The photo projection on the Opera House sails celebrates a historic moment - The King’s first visit to NSW as Sovereign - and is a fitting tribute."</p> <p>The gesture does not come cheap, costing taxpayers an estimated $97,030, and many were unhappy about it. </p> <p>"Cannot support wasting our taxes on people who wouldn’t be here if we didn’t pay," one person wrote on Facebook. </p> <p>"At a time when rents are sky high ...more and more homeless.. Hospitals are overcrowded...Food and petrol prices are ridiculous...Do you really think it excites battling Aussies...having money spent this way?" another person asked.</p> <p>"How many homeless could be housed with the money spent on a visit by millionaires, paid by us?" another wrote. </p> <p>"Waste of money! Channel the funds to the needy. King who with the horse?!," another remarked.</p> <p>However, there were a few others who expressed their excitement about the royal visit. </p> <p>"I will definitely head in with the kids to see this," one wrote. </p> <p>"As a monarchist, yes I'm going there to warmly welcome them," another commented. </p> <p>"Can’t wait for their majesties arrival," a third added. </p> <p>Royal fans will have a chance to meet or see the monarchs, as they plant to engage with members of the public on the Sydney Opera House Forecourt on October 22nd at 4.20pm. </p> <p>Their appearance will be followed by a Fleet Review on Sydney Harbour, featuring an Australian Defence Force fly past.</p> <p>Members of the public can see the ships and fly past from various vantage points including  Farm Cove, Royal Botanic Gardens and Mrs Macquarie’s Chair at approximately 4.50pm.</p> <p><em>Image: Instagram</em></p>

Money & Banking

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10 signs you’re not on the right financial path

<p>Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable?</p> <p>Here are 10 signs that you are not (yet) on the path to financial freedom.</p> <p><strong>1. You don't think about ways to make extra money</strong></p> <p>If you are paid a salary and nothing more, you are limited in the ways you can get ahead. The only way to save is to spend less. But if you switch it up and start to look for ways to earn more, your horizons open up. Most of the world's super wealthy have more than one income stream – some of which are usually passive, requiring no regular input. This could be something such as rental income from an investment property or the sale of a product such as an ebook. Add in some sensible savings habits and you will be on your way.</p> <p><strong>2. You leave your savings in a savings account</strong></p> <p>If you stick your cash in a savings account, it is basically doing nothing. You are better to look at ways to put that money to work. You could put it in a managed fund, buy shares or even lend it out via a peer-to-peer platform, to get a better return. Make sure you get good advice to understand what you are doing.</p> <p><strong>3. You borrow to buy</strong></p> <p>Borrowing to buy a house is fine. Borrowing to buy a car is (generally) not. If you are putting all your purchases on finance or credit card and paying them off with high rates of interest, you are pouring money down the drain. Live within your means if you want to get rich.</p> <p><strong>4. You don't know where your money goes</strong></p> <p>The first step to getting on the right track is to have a clear idea of what you're spending money on. If you don't know, chances are you're wasting it.  Have a look through your recent bank statements, draw up a budget. Stamp out some discretionary spending and you'll have more of that money to put to work that we mentioned earlier.</p> <p><strong>5. You're putting off planning for your retirement</strong></p> <p>If you think you are too young to have to worry about the future, you are doing yourself a huge disservice. When you are working towards a long-term financial goal, such as retirement, time is a huge asset to have on your side. The power of compounding means that any returns you make in a vehicle such as your KiwiSaver account then attract their own returns, over and over each year until you withdraw the money. The later you start saving, the more of that compounding power you miss.</p> <p><strong>6. You hate risk</strong></p> <p>It is great to be careful with your money but if you never take a risk, you miss out on returns. Over the long term, the biggest gains are usually from riskier investments, such as equities. You may also find ways to wealth by getting out of your comfort zone. Quitting your job and starting a new business is risky and scary, but could pay off if you have planned it well and know your stuff.</p> <p><strong>7. You don't have a plan</strong></p> <p>If you don't know how you're going to get rich, it probably isn't going to happen. Write down your goals. What do you want to achieve this week, month and year? What about in 10 years? If you can, identify someone who is in a position you'd like to get to and find out what they did to get there. Work out what you need to do to follow suit and break it down into small, achievable steps.</p> <p><strong>8. You don't pay yourself first</strong></p> <p>If you have decided to save money and think you'll just put aside everything that is left in your account at the end of the month, you will be horribly disappointed. This method almost always fails because there is invariably nothing left. Pay yourself first. Using your budget and plan, put aside the amount that you have worked out you can afford to save as soon as you get paid, and then live off the rest.</p> <p><strong>9. You think you're bad with money</strong></p> <p>It's a self-fulfilling prophecy. If you think you are bad with money, you won't pay any attention to your finances and they will get out of control. Stop thinking money is some sort of secret club that you could not possibly understand. Everyone can get a handle on it.</p> <p><strong>10. You don't know the basics</strong></p> <p>But having said that, it's important to get a good knowledge of the basic stuff. If you are not clear how your credit card works, or how your mortgage interest is calculated, get someone to help you break it down and bust the jargon. Websites such as Sorted have good tools or you can seek financial advice from your bank or an adviser.</p> <p><em>Image credits: Shutterstock </em></p> <p><em>Written by Susan Edmonds. First appeared on <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener"><strong><span style="text-decoration: underline;">Stuff.co.nz</span></strong></a>. </em></p>

Money & Banking

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5 ways to reduce everyday bills

<p>It’s not uncommon to get to the end of the month and be surprised by a figure in your bills. But this surprise needn’t be unpleasant. There is wide a range of simple measures you can employ to reduce your monthly bills without too much effort. Follow these five simple tips and save money.</p> <p><strong>1. Food and groceries</strong></p> <p>Food can be a problem area in the average Australian’s budget, either because we’re physically eating too much, eating out too much or spending too much money on groceries. But that doesn’t mean you have to transition to a Spartan diet. Here’s how you can save on your grocery bill:</p> <ul> <li>Reduce the amount of times you’re eating out or getting takeout a week</li> <li>Use a shopping list and coupons, pay for groceries (this means you’re less likely to splurge on items that you don’t need) and buy more non-perishable foods to store and save</li> <li>Consider starting a garden and grow your own fruit and veggies</li> </ul> <p><strong>2. Energy</strong></p> <p>Many people have found their energy bills have been increasingly steady over the past through years, but this doesn’t mean you have to be part of that trend. With a little bit of ingenuity and not a lot of fuss you can make your house energy efficient and enjoy huge power bill savings:</p> <ul> <li>Switch to energy-efficient light bulbs. In many cases these bulbs do cost more than traditional bulbs, but they use much less energy and can last up to 10 times longer</li> <li>Unplug unused electrical devices that are draining electricity</li> <li>Make sure you home is airtight to prevent cold drafts in winter and the loss of cool air in summer. This will also reduce your heating/cooling bills accordingly</li> </ul> <p><strong>3. Cars</strong></p> <p>As fuel, registration and maintenance costs start to pile up, a car can seem less like a convenience and more like a money pit rolling around on four wheels. That being said, there is a range of ways you can enjoy the access vehicle ownerships provides, without having to pay through your nose:</p> <ul> <li>Underinflated tyres reduces the value of your cars fuel economy significantly, so make sure you take a couple of minutes to check the air pressure and reinflate once a month</li> <li>Consider selling a vehicle if you’re not using it often. Without taking the cost of parking and toll roads into account driving vehicles costs thousands of dollars a year</li> <li>Use more public transport and consider setting up car pools with friends/colleagues</li> </ul> <p><strong>4. Grooming and beauty  </strong></p> <p>Looking and feeling great is important, but it doesn’t necessarily have to be a hugely expensive ordeal. With a little bit of ingenuity, creativity and willingness to not spend $10,000 on that jewel encrusted headdress you can still be the belle/male-belle of the ball without breaking the bank:</p> <ul> <li>Reduce the amount of money you spend on clothing by keeping your eye on sales</li> <li>Consider lower cost alternatives to your favourite beauty products</li> <li>Cut back on the amount of times you have your hair cut and styled</li> </ul> <p><strong>5. Additional entertainment expenses</strong></p> <p>Your deluxe gym membership might give you access to the power lifting body attack class, but are you really getting the full value for it and the other regular entertainment expenses you’ve signed up for? There are still ways to stay entertained without having to break the bank every week.</p> <ul> <li>Consider cancelling club memberships for places you don’t visit often</li> <li>Investigate free events and inexpensive entertainment ideas like cheap movies Tuesdays</li> <li>Magazine and newspaper subscriptions can also become expensive if you’re not actually reading the papers, as well as pay television services that can be easily eliminated</li> </ul> <p><em>Image credits: Shutterstock</em></p>

Money & Banking

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Aussie family's refusal to sell family home could land them a $60m fortune

<p>An Aussie family that repeatedly said no to selling their much-loved family home to developers could land them a $60million in Australia's booming property market, but the defiant family refuses to sell. </p> <p>A year ago, the Zammit family from Quakers Hill in Sydney's north west caught worldwide attention when they refused to sell their  20,000 sqm parcel of land to developers who had purchased all the other land around them. </p> <p>The family received offers of up to $50m to sell their home to complete the new development named The Ponds, but they refused to sell. </p> <p>That didn't deter developers who are still offering the owners a massive amount of cash to sell their homes, with offers reportedly around $60m now, meaning the family have earned another $10m or 20 per cent over the past year. </p> <p>According to PropTrack home prices in Quakers Hill have risen by 8.5 per cent over the past 12 months, meaning that the Zammits would have earned at least another $4.25 million.</p> <p>The median price of a home in Quakers hill is now at $1.172m, around a decade ago it was $700,000.</p> <p>Last year, one of the property owners,  Diane Zammit, 50, told <em>news.com.au</em> that the neighbourhood used to be “farmland dotted with little red brick homes and cottages." </p> <p>“Every home was unique and there was so much space – but not any more. It’s just not the same,” she said.</p> <p>It is estimated that 50 houses could fit on the block of land if they chose to sell, but some of their neighbours reportedly don't want them to, as they like living in a cul-de-sac. </p> <p>Ray White Quakers Hill agent Taylor Bredin previously praised the family for staying put. </p> <p>“The fact that most people sold out years and years ago, these guys have held on. All credit to them," he told <em>7News</em>.</p> <p>“Depending on how far you push the development plan, you’d be able to push anywhere from 40 to 50 properties on something like this, and when subdivided, a 300 square metre block would get a million dollars.”</p> <p><em>Images: Channel 7</em></p>

Money & Banking

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"Almost proud of himself": Elderly man condemned for keying Tesla in broad daylight

<p>An elderly man has sparked outrage after being caught on camera keying a stranger’s Tesla in a Woolworths car park in Queanbeyan, near the ACT-NSW border. The incident, which occurred on Thursday, has led to widespread condemnation online.</p> <p>The Tesla’s owner, David Shannon, shared the footage of the incident on Facebook, asking the public for help in identifying the man responsible for the damage. “Is anyone familiar with this man? He keyed my car at Woolworths,” Shannon wrote in a local community group, attaching a video of the act.</p> <p>The footage shows the elderly man casually walking past the Tesla, dragging a set of keys along the car's side. After causing the damage, he pauses to inspect his handiwork before walking away. Shannon clarified in his post that his vehicle was not parked in a disabled spot, referencing the adjacent sign to avoid any misunderstandings.</p> <p>“This is not going to be a cheap fix and I’d love the opportunity to ask him nicely what drove him to this,” Shannon expressed. He later <a href="https://www.dailymail.co.uk/news/article-13878489/Key-car-Woolworths-Queanbeyan-Canberra.html" target="_blank" rel="noopener">confirmed to the <em>Daily Mail</em></a> that the repairs would cost approximately $3,000.</p> <p>Though the motive for the attack remains unclear, Shannon speculated that the man may hold a grudge against electric vehicles. Many on social media were quick to criticise the elderly man’s actions, with some expressing disgust at the moment when he appeared to “admire” the damage.</p> <p>“Can’t believe someone would do that!” one commenter exclaimed, while another called the act “absolutely disgusting.”</p> <p>“It’s scary that he stands back to admire his handy work. Almost proud of himself,” another added.</p> <p>Calls for legal action have grown, with many urging Shannon to report the incident to authorities. “He needs to be held accountable and pay for the damage to the car,” one person insisted. Another lamented, “This man gives baby boomers a bad name and bad reputation!”</p> <p>NSW Police have confirmed that they have launched an investigation following reports of vehicle damage at the shopping centre on Crawford Street, Queanbeyan. Authorities are urging anyone with additional information or CCTV footage to contact Crime Stoppers to assist in their investigation.</p> <p><em>Images: Facebook</em></p>

Legal

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ATO urges Aussies to cash in on nearly $18 billion in lost or unclaimed super

<p>The Australian Taxation Office is urging people to check whether they are eligible to cash in on almost $17.8 billion in lost or unclaimed superannuation. </p> <p>Lost super is when your fund has lost touch with you or your account is inactive, and this can occur if you've changed your name, moved homes or changed jobs, without updating your details. </p> <p>The lost super becomes unclaimed when your fund transfers this lost money to the ATO. </p> <p>"Since 2021, the ATO has reunited almost $6.4 billion of unclaimed super with its owners. But there is still more than $17.8 billion waiting to be found,"<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> ATO deputy commissioner Emma Rosenzweig said.</span></p> <p>"If you've changed jobs, moved house or simply forgotten to update your details, you may have lost or unclaimed super.</p> <p>"We're urging Australians to check if some of the $17.8 billion in lost and unclaimed super belongs to them."</p> <p>As of June 30, 2024, super funds and the ATO are holding lost super for over 7.1 million accounts, with retirees among those with lost or unclaimed super. </p> <p>The ATO revealed it was holding $471 million on behalf of those aged over 65. </p> <p>“Superannuation is a key part of your retirement, and we want to make sure Australians are claiming the investment they’ve worked for,” Rosenzweig said.</p> <p>You can check for lost super online through the <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/keeping-track-of-your-super/super-health-check#ato-Check3Checkforlostandunclaimedsuper" target="_blank" rel="noopener">ATO</a>. </p> <p>For those wanting to search for unclaimed cash, including unclaimed refunds, share dividends, uncashed cheques and more, you can visit <a href="https://asic.gov.au/for-consumers/unclaimed-money/" target="_blank" rel="noopener">federal</a> and state websites to see if you have anything owed to you. </p> <p>Unclaimed money is cash owed to people who can't be located, either due to name or address changes, lost paperwork or just forgot about the cash. </p> <p><em>Image: Shutterstock</em></p>

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Aussies outraged over price of staple snack

<p>Australians have expressed outrage over the price of Tim Tams, after one Reddit user spotted the staple snack being sold in stores and online for $6 per pack. </p> <p>“I (remember) when a double pack used to only be about $4.50. F**k this shit,” the user who posted the photo stated.</p> <p>Others blasted the price hike as excessive and "un-Australian". </p> <p>One commenter pointed out that the iconic Australian biscuit was potentially cheaper overseas, despite the import taxes. </p> <p>“That’s in Australia? They’re half that in Canada and they have to import them from Australia,” one said.</p> <p>“Like many other shrunken and quality reduced products I can live without them," another added. </p> <p>Arnott's traditional flavours are currently listed at $6 in Coles and Woolworths, while a family packet will set buyers back $7. </p> <p>An Arnott's spokesperson told the Daily Mail that the price hike was due to increased input costs. </p> <p>“Like most Australian manufacturers, we are experiencing a significant increase in our input costs, including the surging price of cocoa," the spokesperson said.</p> <p>“This has led us to make the difficult decision to increase the price of our Tim Tam biscuits.</p> <p>“We continue to invest in promotional programs with our retailers year-round, to ensure consumers can buy our products at great value prices.</p> <p>‘The changes are necessary for Arnott’s to remain competitive as an Australian manufacturer and to continue to make the delicious products Australians know and love.”</p> <p><em>Image: Reddit</em></p>

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Heritage Aussie number plate to fetch over a million

<p>A South Australian number plate is expected to sell at auction for over a million dollars. </p> <p>The sought-after No. 8 Plate was first issued in 1906 to Arthur Ernest Ayers, the son of South Australian businessman and politician Sir Henry Ayers, the original owner of the Ayers House in Adelaide.</p> <p>The number plate became available for the first time in February this year, with the online auction going live late last month. </p> <p>Almost 1,700 bids have already been made, with the leading bid as of Monday morning at around $1.32 million with the auction closing at 7pm (local time).</p> <p>“It’s very rare and very special,” Historic Plates auctioneer, Stewart Kay, said. </p> <p>The last time the SA Government issued a single digit number plate was in 1985, when plate No. 7 was sold. </p> <p>“These plates are all about the paperwork, so having a set of number plates hanging in grandad’s shed might not necessary confer ownership.”</p> <p>He added that the plate would likely be sold to a prominent Adelaide businessman for around  $1.3 to $1.5 million.</p> <p>This is a record price for a South Australian number plate, with the previous highest being for a SA No. 1 Plate commemorating the Adelaide Grand Prix, which fetched $593,000 in 2020.</p> <p>Kay added that the older the number plate and lower the number, the higher the return expected at auction.</p> <p>“Number plates are a very historic connection back to 120 years ago when they were first issued,” Kay said.</p> <p>“They’re sort of triple threat, they look fantastic on a car, they have a great return in terms of investment and they have a certain level of prestige to them.”</p> <p>Anyone can purchase the rights to a number plate, however the plates can only be affixed to a vehicle that is registered to the state it belongs in. </p> <p>In New South Wales, a No. 1 plate surpassed its $10 million estimate and was sold for $12.4 million in January. </p> <p>Earlier this year, Victoria’s "luckiest" number plate with the number 888-888 sold for an eye-watering $230,000 to an anonymous buyer after it was privately owned for the past 30 years. </p> <p><em>Image: 7News</em></p>

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Rare coin hidden for decades to fetch eye-watering sum

<p>Three sisters from the US who inherited a dime coin kept it in a bank vault for more than 40 years, and while they know it had some value, they didn't know just how much until a few years ago. </p> <p>The rare coin, struck by the US Mint in San Francisco in 1975, could be worth more than $US500,000 ($748,000), according to Ian Russell, president of GreatCollections, the auction house selling the coin. </p> <p>What makes the coin depicting President Franklin D. Roosevelt so valuable is that it is just one of two coins missing the "S" mint mark for San Francisco. </p> <p>The other dime sold for  $US682,000 (over $1 million) at a 2019 auction and then again months later to a private collector. </p> <p>While avid coin collectors have known about the existence of these two extraordinarily rare coins, their whereabouts had remained a mystery since the late 1970s. </p> <p>“They were hidden for decades,” Russell said.</p> <p>“Most major collectors and dealers have never seen one.”</p> <p>The three sisters from Ohio, who want to remain anonymous,  inherited one of the two dimes after the recent death of their of their brother, Russell said. </p> <p>They told Russell that their brother and mother bought the first error coin discovered in 1978 for $27,225, which would amount to roughly $135,000 today.</p> <p>Their parents, who ran a dairy farm, saw the coin as a financial safety net, and it was only until last year that one of the sisters saw the coin first-hand. </p> <p>Russell also said that their brother had reached out to him about seven years ago and told him about the coin, but he too kept it a secret. </p> <p>When Russell told one of the sisters about the potential value of the coin, she told him: “is that really possible?”. </p> <p>The coin, known as the “1975 ‘no S’ proof dime,” will be displayed at a coin show beginning on Wednesday in Tampa, Florida, and before <a href="https://www.greatcollections.com/Coin/1655587" target="_blank" rel="noopener">the auction</a> closes late next month, Russell said.</p> <p>The current highest bidder has offered $US250,000 ($374,000).</p> <p><em>Images: Great Collections/ Professional Coin Grading Services</em></p>

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What’s a recession – and how can we tell if we’re in one?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/leonora-risse-405312">Leonora Risse</a>, <em><a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p>Today’s <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release">economic data</a> shows that, outside of the pandemic, the Australian economy has slowed down to its lowest annual rate of growth since the early-1990s recession.</p> <p>That’s prompting the dreaded question: are we headed for another one?</p> <p>Any mention of the “R” word can trigger anxiety. Recessions bring job losses and financial strain, and put serious pressure on people’s mental health.</p> <p>These impacts can be especially severe for people who are already experiencing disadvantage and vulnerabilities.</p> <p>But what exactly does it mean to be in a recession? What are the different ways we define them? And are these current approaches the best way to measure people’s economic pain?</p> <h2>What’s a recession?</h2> <p>A bit like the waves of the ocean, our economy is characterised by ebbs and flows in overall activity.</p> <p>Spending and business growth can swell during times of confidence, but slow down when optimism deflates or the economy is hit by an unexpected shock such as a pandemic or climate disaster. This pattern is what economists describe as “the business cycle”.</p> <p>Most of the time, our economy is constantly growing, even if the pace varies.</p> <p>Conventionally, we measure this pace by tracking changes in the level of <a href="https://www.rba.gov.au/education/resources/explainers/economic-growth.html">gross domestic product</a> (GDP) – the overall volume of items and services being produced, bought and sold in the economy.</p> <p>The <a href="https://www.abs.gov.au/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/jun-2024">latest economic growth rates</a> of 0.2% for the June quarter, and 1% over the past year, tell us that the Australian economy is still growing, even if at a slower pace than previous years.</p> <p>Occasionally, the economy slows down to such a grind that economic activity, from one quarter to the next, shrinks. When this happens, the GDP measurements come out negative.</p> <p>When we have two negative measurements of GDP in a row, this is defined as a <a href="https://www.rba.gov.au/education/resources/explainers/recession.html">technical recession</a>.</p> <p>This is what happened to most countries around the globe during the COVID-19 pandemic. Prior to the pandemic, Australia hadn’t experienced a technical recession since 1991.</p> <p>The latest figures tell us Australia is staying afloat for now. But that doesn’t mean it doesn’t <em>feel</em> like a recession to many people. Some other metrics show why.</p> <h2>Other measures of recession</h2> <p>Growth in economic activity is fuelled, in part, by a growing population. Dividing total economic output by the population size, GDP per capita can offer a more accurate picture of people’s economic reality.</p> <p>This population-adjusted measure of economic growth has long fallen into negative territory. Today’s figures tell us that Australia’s GDP per person has been shrinking for 18 months. Our annual <em>per capita</em> growth rate is now -1.5%.</p> <figure class="align-right zoomable"></figure> <p>In the United States, recessions are measured differently again. Recessions are officially declared by the National Bureau of Economic Research (<a href="https://www.nber.org/research/business-cycle-dating">NBER</a>). Unlike technical recessions, these aren’t based on a simple rule.</p> <p>NBER considers a range of measures beyond GDP – including personal income, employment, personal consumption, wholesale and retail sales, and industrial production across multiple sectors – when deciding whether to declare a US recession.</p> <h2>Is Australia heading for a recession?</h2> <p>This is a challenging question to answer because the GDP figures economists conventionally use to diagnose the situation only come to light after a recession hits.</p> <p>Today’s economic figures from the ABS are for the June 2024 quarter – now more than two months old. Measurements of the current economic climate won’t come through in official statistics for some time.</p> <p>If it occurs, by the time a recession is officially diagnosed, we’re usually well and truly in it.</p> <p>A similar limitation applies to the retrospective approach of the <a href="https://www.nber.org/research/business-cycle-dating">NBER</a>, which “waits until it is confident that a recession has occurred”.</p> <p>It’s like a weather forecaster declaring a cyclone has hit only after the wind gusts have blown your roof away.</p> <p>But we can use other metrics to alert ourselves to recession risks before the eye of the storm hits.</p> <h2>Using jobs numbers as a recession alert</h2> <p>One approach is the <a href="https://fred.stlouisfed.org/series/SAHMCURRENT">Sahm Rule</a>, named after its creator, US economist Claudia Sahm.</p> <p>By analysing patterns in the monthly unemployment data that preceded past recessions, Sahm devised a <a href="https://stayathomemacro.substack.com/p/the-sahm-rule-step-by-step">formula</a> to detect when increases in the current unemployment rate were rapid enough to pose a recession risk.</p> <p>The advantage of this approach is that unemployment statistics come out more quickly and frequently than GDP numbers.</p> <p>Many would also argue that monitoring unemployment, rather than GDP, is a more meaningful metric to reflect people’s everyday experiences of the economy and wellbeing.</p> <p>The Sahm approach tracks how quickly the national unemployment rate is currently rising compared to the past year.</p> <p>It’s calculated by comparing the current three-month moving average of the national unemployment rate to this figure’s lowest value in the previous 12 months. This “moving average” approach smooths out the bumpiness of monthly figures.</p> <p>A jump of 0.5% or more signals the economy’s current pattern is on the cusp of recession.</p> <p>While the Sahm formula was developed for the US economy, it does a fairly good job of waving a red flag where recessions previously occurred in the Australian economy, too.</p> <p>Australia’s latest unemployment rate – inching up to 4.2% in July 2024 – pushed the Sahm value up to 0.5%.</p> <p><iframe id="3d239" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/3d239/5/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe></p> <p>This indicator doesn’t necessarily mean that a recession will occur. But it suggests policymakers should be on high alert.</p> <p>The Sahm indicator also validates the experiences of job seekers who – despite official definitions that the economy is not in recession – are personally feeling the pressures of a slowing economy and shrinking job opportunities.</p> <p>As our approaches to measuring and managing the ups and downs of the economy continue to evolve, these people-centred metrics are an increasingly important part of our toolkit.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><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/238199/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><a href="https://theconversation.com/profiles/leonora-risse-405312"><em>Leonora Risse</em></a><em>, Associate Professor in Economics, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/whats-a-recession-and-how-can-we-tell-if-were-in-one-238199">original article</a>.</em></p> </div>

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Aussies top global list for biggest gambling losses

<p>A new report has revealed that Australians are the biggest gambling losers in the world, with the average Australian adult gambling away $1635 per year according to the Grattan Institute think tank. </p> <p>That is more than most households pay for power and exceeds the average spend in similar countries like the US and New Zealand. </p> <p>Collectively, Australians lost $24 billion to gambling in 2020-21, with half of that amount lost through poker machines. </p> <p>The rest was lost on sports or race betting, in casinos, and on lotteries and Keno. </p> <p>The report also claims that there are more pokies than post boxes and public toilets across Australia, bringing light to the "lax approach" that has let the industry "run wild". </p> <p>"Gambling products are designed to be addictive, and the consequences can be catastrophic: job loss, bankruptcy, relationship breakdown, family violence, even suicide," the report's authors wrote.</p> <p>People in the Northern Territory and NSW lost the most amount of money, with the two states having the highest concentration of polies in their jurisdiction. </p> <p>The report recommended the federal government ban all gambling advertisements and urged them to cut the number of pokies in each state over time.</p> <p>They also suggested a mandatory pre-commitment system for online gambling and pokies, which would put a limit on daily losses. </p> <p>There are many different ways to get help and information about gambling. Call the National Gambling Helpline on 1800 858 858; use <a href="https://www.gamblinghelponline.org.au/tools-resources/chat-counselling" target="_blank" rel="noopener">online counselling</a>. </p> <p><em>Images: </em><em>SNEHIT PHOTO / Shutterstock.com</em></p> <p> </p>

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Cash boost for millions of Aussies as indexation kicks in

<p>Millions of Australians are set to get a cash boost within weeks as the Services Australia payments are indexed on top of additional increases to Rent Assistance payments, with the changes coming into effect on September 20</p> <p>The indexation will be applied to a range of pensions and payments including the Age Pension, Disability Support Pension and Carer Payments, Commonwealth Rent Assistance, JobSeeker, and Parenting Payments.</p> <p>The indexation increases of up to $41.50 a fortnight will vary based on the payments.</p> <p>Centrelink JobSeeker recipients will receive an extra $71.20 per fortnight. </p> <p>“Single JobSeeker Payment recipients with an assessed partial capacity to work of 0 to 14 hours per week will move to the higher rate of JobSeeker, receiving $849.50 a fortnight,” the Department of Social Services said.</p> <p>The maximum rates of Commonwealth Rent Assistance will be increased by 10 per cent.</p> <p>For families with one or two children, he Rent Assistance fortnightly payment will increase by $27.02.</p> <p>Single age pensioners will see an increase of $28.10 to their fortnightly payments, and recipients in a couple will receive a combined $42.40 increase to their payments.</p> <p>The same increase will apply to the Disability Support Pension and Carer Payment.</p> <p>Single recipients receiving the fortnightly Parenting Payment will  receive a $19.80 increase, while single recipients without children will get a $15.30 boost. </p> <p><em>Image: Shutterstock</em></p>

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Thousands of eligible Aussies to receive cost-of-living payments

<p>Around 210,000  eligible South Australian households will receive a cost-of-living payment this week, including pensioners, Centrelink recipients and low-income earners. </p> <p>A Cost of Living Concession of $255.60 will be paid to all eligible households, with the annual payments made to eligible tenants and self-funded retirees doubled to match the amount given to homeowners.</p> <p>The payment is part of the state government's $266.2 million cost-of-living relief package announced in this year's state budget.</p> <p>This included the one-off additional payment of $243.90 to households who received last year's cost-of-living payment in June. </p> <p>South Australia's Premier Peter Malinsauskas said the government had delivered the “single largest cost-of-living assistance package in South Australia’s history”.</p> <p>“We know people are doing it tough and cost-of-living pressures are continuing to have an impact on many South Australians,” he said.</p> <p>“In the past two months, our government will have issued more than $100 million in targeted cost-of-living relief to South Australian households.”</p> <p>Pensioners and other card holders including, the Pensioner Concession Card, Veteran Gold Card, Low Income Health Care Card and Commonwealth Seniors Health Card, as well as low-income households and those receiving Centrelink payments including JobSeeker, the Parenting Payment and Youth Allowance, are eligible to receive the  SA Cost Of Living Concession.</p> <p>Those who want to receive the concession for that financial year will need to apply <a href="https://www.sa.gov.au/topics/care-and-support/concessions/household-concessions/cost-of-living-concessions" target="_blank" rel="noopener">online</a> by December 31 and only one person per household can receive the payment and it will be based on your circumstances on July 1. </p> <p>Those who have previously received the payment and whose circumstances haven't changed don't need to reapply. </p> <p>The payments started rolling out this month, with Human Services Minister Nat Cook saying that all payments should come through by early next week. </p> <p>“This includes everyone who received a payment last year and who is still eligible, as well as new applications which have been processed up to now,” Cook said.</p> <p>"Anyone who thinks they might be eligible for cost-of-living support should head to the sa.gov.au website to have a look at the eligibility criteria."</p> <p>Other states have also provided cost-of-living support, with eligible seniors in Western Australia able to receive a Cost of Living Rebate of $107.12 for singles and $160.68 for couples.</p> <p>While in the ACT, apprentices and tradies in the state can get a one-off $250 Cost Of Living payment if they are employed by an ACT employer.</p> <p>NSW has a few cost-of-living initiatives including up to $350 energy rebates for eligible households, and up to  $4,220 early childhood fee relief for 3 to 5-year-olds attending eligible community and mobile preschools.</p> <p><em>Image: Shutterstock</em></p>

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