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"Stern warning": William Tyrrell's foster mother abused outside court

William Tyrrell's foster mother has been targeted in wild scenes outside court as she left the inquest into the child's disappearance, as another woman was seen "hurling abuse at her". When leaving court on Monday afternoon, the woman, who is unable to be named, was abused and heckled by an unknown female, as Counsel Assisting Gerard Craddock SC informed NSW Deputy State Coroner Harriet Grahame. "There is no place in civil society for that at all," he told the inquiry. "It is particularly terrible in these circumstances." He asked the coroner to "remind people in attendance that orderly conduct is required. That sort of conduct could amount to being punishable by contempt of court". Coroner Grahame said, "That is very disappointing. If that person is in this court now they should be warned (the court) can take action." "That sort of behaviour must not occur. I'm just disturbed by that sort of behaviour. I use a stern warning. Please behave." The incident was revealed at the beginning of the second day of the resumed inquest into the disappearance of the three-year-old boy 10 years ago. The inquest is probing the <a href="https://oversixty.com.au/finance/legal/new-corpse-disposal-theory-tested-in-william-tyrrell-inquest" target="_blank" rel="noopener">police theory</a> that William Tyrell's foster mother buried his body in bushland after he fell from a balcony and died on the morning he vanished from Kendall, on the NSW mid north coast, in September 2014. Image credits: NSW Police

Legal

"So ashamed": John Farnham opens up about years of abuse

John Farnham has shared explosive claims that he suffered years of abuse at the hands of his former manager at the beginning of his career. Revealing all in his new memoir The Voice Inside, which is set to be released on October 30th, the Aussie music legend opened up about the mistreatment he endured from former manager Darryl Sambell when he was a teen pop idol in the 1960s with hits like Sadie the Cleaning Lady. In an excerpt of the book published by <a href="https://www.theaustralian.com.au/subscribe/news/1/?sourceCode=TAWEB_WRE170_a_NEW&dest=https%3A%2F%2Fwww.theaustralian.com.au%2Farts%2Freview%2Fhe-drugged-me-for-years-john-farnham-reveals-predatory-industry-life-after-cancer-in-memoir-finding-the-voice%2Fnews-story%2Fc1dfc413b3bee553a0bda380bc3bec01&memtype=anonymous&mode=premium&v21=HIGH-Segment-2-SCORE&V21spcbehaviour=appendend" target="_blank" rel="noopener">The Australian</a>, Farnham wrote that Sambell “drugged me for years and I had no f**king idea,” until he found a half-dissolved pill at the bottom of a cup of coffee. Asked what it was, Sambell told Farnham: “That’s just something to keep you awake.” Farnham also writes that his manager, who was openly gay, was “aggressively sexual” towards him and he was constantly fending off his advances. He wrote, “I said it often enough that I can see now that this rejection turned his attraction into jealousy, hatred and a desire for control.” The toxic relationship went on for years, with Sambell controlling “where and when I worked, what I sang, what I wore, what I ate,” as Farnham ended up “isolated from friends and family,” even from wife Jill, who he married in 1973. Farnham finally sacked Sambell in 1976, later forming one of Australian music’s most successful partnerships with music manager Glenn Wheatley, who helped Farnham become a household name with his major hits of the 1980s and 90s. After Sambell died in 2001, Farnham wrote that he was forced to reflect on the early years of his career, and was overcome with a mixture of sorrow and shame: “I feel so ashamed of myself for not realising what Darryl was up to or speaking up more often to put him back in his place.” He admitted he had found it hard to “unpick” what had happened to him, until forced to confront it while writing his memoir. “But now that I’ve confronted it, I look back on that time with sorrow. I’m annoyed at myself for being so gullible and trusting,” he writes. Image credits: news.com.au / Facebook

Caring

The financial reality check after a major diagnosis

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. Who received the diagnosis – you or your spouse (if you have one)? Is it a terminal illness, chronic condition or treatable setback? 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)? Once you have clarified and considered this, spring into action as soon as possible. Revisit your spending Healthcare is expensive by any measure. 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. 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. 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. 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. Secure your income Once you’ve established the impact on your ability to work and your spending needs, determine how you will pay for everything going forward. Your emergency fund can provide short-term cash if you need to stop working suddenly or fork out for large, unexpected bills. 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. 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. Update your estate plans A major diagnosis typically elicits thoughts about mortality, legacy and how you want your loved ones to be provided for. 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. 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. Look after yourself 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. 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. 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. 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! 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> 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. Image credits: Shutterstock

Money & Banking

Warning for travellers after Gold Coast man cops $13k fine

A man has copped a whopping fine after allegedly hurling abuse at airline staff at the Gold Coast airport. The 61-year-old man from Tasmania has been accused of verbally abusing an airport staff member before failing to co-operate with intervening police, and has subsequently been charged with allegedly obstructing police and being a public nuisance. The man faced Coolangatta Magistrates Court on Monday, with the Federal Police warning other travellers that such behaviour would warrant a fine. “The maximum penalty for each offence is six months’ imprisonment or a $6452 fine,” the AFP said. The AFP warned travellers aggression would not be tolerated in airports, as Superintendent Mark Yarrow said, “Our airports are a shared space and airport staff should not be subjected to verbal abuse or any other bad behaviour.” “Our airports are a shared space and airport staff should not be subjected to verbal abuse or any other bad behaviour." “The AFP works closely with our partners in the airline industry to intervene if anyone’s behaviour in or around an airport becomes aggressive.” Image credits: Shutterstock

Travel Trouble

10 signs you’re not on the right financial path

Dreaming of owning a big house, nice car and a boat? Or just having enough cash to be comfortable? Here are 10 signs that you are not (yet) on the path to financial freedom. 1. You don't think about ways to make extra money 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. 2. You leave your savings in a savings account 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. 3. You borrow to buy 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. 4. You don't know where your money goes 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. 5. You're putting off planning for your retirement 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. 6. You hate risk 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. 7. You don't have a plan 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. 8. You don't pay yourself first 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. 9. You think you're bad with money 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. 10. You don't know the basics 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. Image credits: Shutterstock Written by Susan Edmonds. First appeared on <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>.

Money & Banking

More Australians are using their superannuation for medical procedures. But that might put their financial health at risk

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/neera-bhatia-15189">Neera Bhatia</a>, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> A record number of Australians are accessing their superannuation early on compassionate grounds, mainly to fund their own medical procedures – or those of a family member. Some 150,000 Australians have used the scheme in the last five years. Nearly 40,000 people <a href="https://www.ato.gov.au/about-ato/research-and-statistics/in-detail/super-statistics/early-release/compassionate-release-of-super">had applications approved</a> in 2022-23, compared to just under 30,000 in 2018-19 – an increase of 47%. Some people think this flexible use of funds is a good way to ensure people can fund their own medical needs. But more transparency and better oversight is needed. <h2>What are compassionate grounds?</h2> Since July 2018, the Australian Tax Office has administered the early release of superannuation – meaning before <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/super-withdrawal-options#Preservationage">retirement</a> – under certain circumstances, including compassionate grounds. <a href="https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/access-on-compassionate-grounds/expenses-eligible-for-release-on-compassionate-grounds">Compassionate grounds</a> for you or your dependant (such as child or spouse) are: <ul> <li>medical treatment or transport</li> <li>modifying your home or vehicle to accommodate special needs for a severe disability</li> <li>palliative care for a terminal illness</li> <li>death, funeral or burial expenses</li> <li>preventing foreclosure or forced sale of your home.</li> </ul> The medical treatment must be for a life-threatening illness or injury, or to alleviate acute or chronic pain, or acute or chronic mental illness. The treatment cannot be “readily available” through the public system. Cosmetic procedures are excluded. You also have to prove you cannot afford to pay part or all of the expenses without accessing your super, for example, by spending your savings, selling assets or getting a loan. People who can access other funding for the expense, such as via the <a href="https://theconversation.com/lists-of-eligible-supports-could-be-a-backwards-step-for-the-ndis-and-people-with-disability-236578">National Disability Insurance Scheme</a>, are ineligible. <h2>Why are people using this scheme more?</h2> The ATO has not explained what is driving the surge. General cost-of-living pressures may play a role. People may have fewer savings to draw on for medical procedures. But the treatments most commonly being accessed using superannuation – fertility treatments, weight loss surgeries and dental care – point to other systemic issues. There have long been issues with IVF and <a href="https://theconversation.com/why-isnt-dental-included-in-medicare-its-time-to-change-this-heres-how-239086#:%7E:text=The%20real%20reason%20dental%20hasn,has%20a%20structural%20budget%20problem.">dental care</a> not being readily available or funded in the public health system. Weight loss surgeries (including <a href="https://www.mayoclinic.org/tests-procedures/bariatric-surgery/about/pac-20394258">bariatric surgery</a>) can help combat potentially life-threatening conditions such as heart disease. Recent <a href="https://www.monash.edu/news/articles/fewer-australians-having-bariatric-surgery-monash-university-led-report">research</a> suggests there has been an overall drop in the number of Australians having bariatric surgeries since 2016. But of those, 95% are performed through the private system. While early access to super can provide individuals access to critical treatment, there are issues with how compassionate grounds are defined and regulated. <h2>Lack of clarity</h2> As my co-author and I <a href="https://www.unswlawjournal.unsw.edu.au/wp-content/uploads/2021/06/Issue-442-PDF-3-Bhatia-and-Porceddu.pdf">have shown</a>, the vague wording of the <a href="https://www.legislation.gov.au/F1996B00580/2022-09-28/text">Superannuation Industry regulations</a> leaves them worryingly open to interpretation. For example, the meaning of “mental disturbance” is not defined. You may not meet the criteria of having an acute or life-threatening illness, or acute or chronic pain. But if you can show a certain condition causes you acute mental disturbance, you may qualify to release your superannuation early. People accessing their superannuation for IVF use this criterion, for example, by arguing they need to access funds to continue treatment and alleviate the acute mental distress caused by ongoing infertility issues. Two registered medical practitioners are each required to submit a report demonstrating the treatment is needed, and one must be a specialist in the field in which the treatment is required. However, the regulations do not specify clearly that the specialist should have relevant qualifications. In the IVF example, this means the specialist opinion can be provided by a fertility doctor rather than a mental health expert – and that person may stand to profit if they later also provide treatment. <h2>A closed-loop system</h2> Conflict of interest is another major issue. There is nothing in the regulations to stop a medical practitioner – such as a dentist – being involved in all steps and then financially benefiting. They could encourage a patient to access superannuation for a treatment, write the specialist report and then also receive payment for the treatment. Some clinics <a href="https://www.theguardian.com/australia-news/2024/apr/06/online-ads-promote-simple-access-to-super-to-pay-for-healthcare-despite-strict-rules">promote</a> accessing superannuation as an option to pay for expensive treatments. This raises important questions about the independence of the process, as well as professional ethics. Medical practitioners making recommendations for early release of superannuation should be doing so on genuinely compassionate grounds. But the potential for exploitation remains an ethical concern, when a practitioner can financially benefit from recommending early access to nest egg funds. Transparency around potential <a href="https://theconversation.com/people-are-using-their-super-to-pay-for-ivf-with-their-fertility-clinics-blessing-thats-a-conflict-of-interest-161278">conflicts of interest</a> are impossible to ensure without proper oversight. <h2>What is needed?</h2> 1. Mandatory financial counselling The ATO <a href="https://www.theage.com.au/healthcare/worrying-trend-record-number-of-australians-raid-super-to-fund-medical-treatments-20240920-p5kc44.html">has warned</a> accessing super early is not “free money”, with a spokesperson urging people to get financial advice. But the law should go a step further and make this compulsory. That way people making decisions during an emotionally charged moment can understand any future implications. 2. Tightening of the criteria Greater clarity in the legislation – such as defining “mental disturbance” – would help prevent loopholes being exploited. 3. Better oversight Less health-care industry involvement would promote greater transparency and independence. An independent body of medical practitioners could assess applications rather than practitioners who could financially benefit if applications are approved. This would help alleviate perceived and actual conflicts of interest. Accessing superannuation early may be the only option for some people to start a family or access other life-changing medical care. But they should be able to make this decision in a fully informed way, safeguarded from exploitation and aware of the implications for their future.<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/239588/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/neera-bhatia-15189">Neera Bhatia</a>, Associate Professor in Law, <a href="https://theconversation.com/institutions/deakin-university-757">Deakin University</a> Image credits: Shutterstock 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/more-australians-are-using-their-superannuation-for-medical-procedures-but-that-might-put-their-financial-health-at-risk-239588">original article</a>. </div>

Money & Banking

Retirement doesn’t just raise financial concerns – it can also mean feeling unmoored and irrelevant

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a> Most discussions of retirement focus on the financial aspects of leaving the workforce: “<a href="https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf">How to save enough for retirement</a>” or “<a href="https://www.businessinsider.com/personal-finance/investing/when-can-i-retire">How do you know if you have enough money for retirement</a>?” But this might not be the biggest problem that potential retirees face. The deeper issues of meaning, relevance and identity that retirement can bring to the fore are more significant to some workers. Work has <a href="https://www.theatlantic.com/ideas/archive/2023/03/work-revolution-ai-wfh-new-book/673572/">become central to the modern American identity</a>, as <a href="https://www.theatlantic.com/atlantic-editions/">journalist Derek Thompson bemoans</a> in The Atlantic. And some theorists have argued that work shapes what we are. For most people, as business ethicist <a href="https://www.luc.edu/quinlan/faculty/algini.shtml#:%7E:text=About,the%20Society%20for%20Business%20Ethics.">Al Gini</a> argues, one’s work – which is usually also one’s job – <a href="https://doi.org/10.4324/9780203950555">means more than a paycheck</a>. Work can structure our friendships, our understandings of ourselves and others, our ideas about free time, our forms of entertainment – indeed our lives. I <a href="https://www.hamilton.edu/academics/our-faculty/directory/faculty-detail/marianne-janack">teach a philosophy course about the self</a>, and I find that most of my students think of the problems of identity without thinking about how a job will make them into a particular kind of person. They think mostly about the prestige and pay that come with certain jobs, or about where jobs are located. But when we get to <a href="https://plato.stanford.edu/entries/existentialism/">existentialist philosophers</a> such as <a href="https://plato.stanford.edu/entries/sartre/">Jean-Paul Sartre</a> and <a href="https://plato.stanford.edu/entries/beauvoir/">Simone de Beauvoir</a>, I often urge them to think about what it means to say, as the existentialists do, <a href="https://philosophynow.org/issues/115/On_Being_An_Existentialist">that “you are what you do</a>.” How you spend 40 years of your life, I tell them, for at least 40 hours each week – the time many people spend at their jobs – is not just a financial decision. And I have come to see that retirement isn’t just a financial decision, either, as I consider that next phase of my life. <h2>Usefulness, tools and freedom</h2> For Greek and Roman philosophers, <a href="https://search.worldcat.org/title/Work-what-it-has-meant-to-men-through-the-ages/oclc/780872063">leisure was more noble than work</a>. The life of the craftsperson, artisan – or even that of the university professor or the lawyer – was to be avoided if wealth made that possible. The good life was a life not driven by the necessity of producing goods or making money. Work, Aristotle thought, was an obstacle to the achievement of the particular forms of excellence characteristic of human life, like thought, contemplation and study – <a href="https://classics.mit.edu/Aristotle/nicomachaen.7.vii.html">activities that express</a> the <a href="https://classics.mit.edu/Aristotle/nicomachaen.8.viii.html">particular character of human beings</a> and are done for their own sake. And so, one might surmise, retirement would be something that would allow people the kind of leisure that is essential to human excellence. But contemporary retirement does not seem to encourage leisure devoted to developing human excellence, partly because it follows a long period of making oneself into an object – something that is not free. German philosopher Immanuel Kant distinguished between the value of objects and of subjects by the idea of “use.” Objects are not free: They are meant to be used, like tools – their value is tied to their usefulness. But rational beings like humans, who are subjects, are more than their use value – <a href="https://search.worldcat.org/title/5796114">they are valuable in their own right</a>, unlike tools. And yet, much of contemporary work culture encourages workers to think of themselves and their value <a href="https://www.simonandschuster.com/books/Bullshit-Jobs/David-Graeber/9781501143335">in terms of their use value</a>, a change that would have made both Kant and the ancient Greek and Roman philosophers wonder why people didn’t retire as soon as they could. <h2>‘What we do is what we are’</h2> But as one of my colleagues said when I asked him about retirement: “If I’m not a college professor, then what am I?” Another friend, who retired at 59, told me that she does not like to describe herself as retired, even though she is. “Retired implies useless,” she said. So retiring is not just giving up a way of making money; it is a deeply existential issue, one that challenges one’s idea of oneself, one’s place in the world, and one’s usefulness. One might want to say, with Kant and the ancients, that those of us who have tangled up our identities with our jobs have made ourselves into tools, and we should throw off our shackles by retiring as soon as possible. And perhaps from the outside perspective, that’s true. But from the participant perspective, it’s harder to resist the ways in which what we have done has made us what we are. Rather than worry about our finances, we should worry, as we think about retirement, more about what the good life for creatures like us – those who are now free from our jobs – should be.<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/233963/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/marianne-janack-681018">Marianne Janack</a>, John Stewart Kennedy Professor of Philosophy, <a href="https://theconversation.com/institutions/hamilton-college-2966">Hamilton College</a> Image credits: Shutterstock 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/retirement-doesnt-just-raise-financial-concerns-it-can-also-mean-feeling-unmoored-and-irrelevant-233963">original article</a>. </div>

Retirement Income

Financial hardship is the biggest driver of loneliness. Here’s why – and how to tackle it

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> One in four Australians <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/why-we-feel-lonely.pdf">report</a> feeling lonely, according to our new report released this week from our research collaboration. The data builds on a large <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">study we conducted last year</a> on social connection. Together, the data show that once someone <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">becomes lonely</a>, they’re likely to stay lonely. Feeling lonely can have a <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">negative impact on your health</a>. It increases the chance of having <a href="https://pubmed.ncbi.nlm.nih.gov/27124713/">social anxiety and depression</a>, and impacts the <a href="http://dx.doi.org/10.1037/0022-3514.85.1.105">health of your heart</a>, your <a href="http://pss.sagepub.com/content/13/4/384.full.pdf">sleep</a> and levels of <a href="https://pubmed.ncbi.nlm.nih.gov/15041083/">inflammation</a>. It also increases the likelihood of an <a href="https://www.ncbi.nlm.nih.gov/pubmed/?term=Loneliness+and+Social+Isolation+as+Risk+Factors+for+Mortality%3A+A+Meta-Analytic+Review">earlier death</a>. Staying lonely can accelerate these <a href="https://pubmed.ncbi.nlm.nih.gov/31237442/">negative impacts</a>. As more Australians grapple with a cost-of-living crisis, a key driver of loneliness is financial hardship. <h2>Am I lonely?</h2> Loneliness is a negative feeling that arises when your <a href="https://www.gilc.global/_files/ugd/410bdf_62e236db3a7146cd9f2654877a87dbc6.pdf">social needs are not met</a> by the relationships you hold. So you can feel alone, even if you’re surrounded by others, if you’re not getting the right kind of company and support. This might mean you feel, to a certain extent, that: <ul> <li>you are not “in tune” with others</li> <li>your relationships are not meaningful</li> <li>you do not belong</li> <li>you do not have a group of friends</li> <li>no one understands you</li> <li>you do not have shared interests with others</li> <li>there is no one you can turn to.</li> </ul> Not all of these may relate to you and you may experience these in varying degrees. <h2>What drives loneliness?</h2> We <a href="https://endingloneliness.com.au/wp-content/uploads/2023/10/ELT_LNA_Report_Digital.pdf">found</a> particular communities were more at risk of persistent loneliness: <ul> <li>those aged 18 to 24</li> <li>people from culturally and linguistically diverse backgrounds</li> <li>people who were single or divorced</li> <li>those with a chronic disease</li> <li>those with mental ill health.</li> </ul> But the largest effect we found, even after we accounted for all other possible contributing factors, is the impact of financial hardship. People who face financial hardship were almost seven times more likely to report persistent loneliness, and almost five times more likely to report persistent social isolation, compared with people who did not face financial hardship. This aligns with other studies that link economic hardships to <a href="https://pubmed.ncbi.nlm.nih.gov/33241698/">poor health</a>. In <a href="https://pubmed.ncbi.nlm.nih.gov/37761396/">children from low-income backgrounds</a>, for example, their family’s economic hardship is one of the main factors that negatively impacts their physical and psychological health. In a large <a href="https://www.sciencedirect.com/science/article/pii/S0277953622004282?via%3Dihub">study</a> using the UK Biobank, people who are from a lower economic background had a higher probability of reporting loneliness. In <a href="https://pubmed.ncbi.nlm.nih.gov/37528108/">Australia</a>, when compared with people on incomes more than A$150,000, those with incomes under $80,000 were 49% more likely to experience loneliness in one year and 66% more likely to report loneliness in at least two consecutive years. <h2>Being poor affects how we interact with others</h2> Factors such as income and your living environment are some of the <a href="https://www.who.int/health-topics/social-determinants-of-health#tab=tab_1">social determinants of health</a>, which influence our health outcomes. However, to date, little has been done to examine exactly how the lack of financial resources negatively affects the way we interact with others. There are two plausible scenarios. First, having financial pressures may change the way we feel and relate to others due to higher stress levels. Second, financial pressures may stop us from socialising because we have to take on more work to earn more money or we try to cut costs to save money. Socialising can be free in some circumstances, but most of the time, there is a cost to getting to places, or doing an activity together. <h2>What can we do as a society?</h2> The <a href="https://news.gallup.com/opinion/gallup/512618/almost-quarter-world-feels-lonely.aspx">high prevalence of loneliness across the world</a> – and the growing scientific evidence of the negative impact on our health, wellbeing and productivity, and subsequently the economy – can no longer be ignored. The World Health Organization is repositioning loneliness as a global public health priority and has established a <a href="https://www.who.int/groups/commission-on-social-connection">Commission on Social Connection</a>. This commission aims to set the global agenda for social connection, work with high-level commissioners to make the case for global action, scale up proven solutions and measure progress. We need to start by building a <a href="https://lonelinessawarenessweek.com.au/wp-content/uploads/2024/08/How-can-we-create-a-culture-of-connection.pdf">culture of connection</a> in Australia. This means changing the way we make decisions on how we relate to each other, promoting social connection within our schools, workplaces and communities. And to modify policies to allow us to start and maintain healthy social connections. Health and social policies to address loneliness and social isolation have to consider the impact of low incomes and increased financial pressures as barriers to building and maintaining meaningful social connection. Related to this is urban planning. People require safe and no- or low-cost spaces to interact in and to start and maintain relationships. This includes parks, libraries, public squares, community gardens and neighbourhood houses. Cuts to building or maintaining these spaces will stop people from interacting, gathering, or socialising within their community. Not addressing loneliness effectively or quickly will lead us to persistent loneliness and to potentially more distress. <h2>How to connect if you’re financially pressured</h2> Don’t feel alone in this experience. Let your family or friends know that you are financially pressured. Chances are, they are experiencing the same pressures because of the rise in the cost of living. Select no- or low-cost activities such as walking in the park with a friend, or connecting on the phone. Look for free events offered in your local area and city. Consider having meals at home as opposed to going out, or low-cost food options. Find some digital spaces which can allow you to interact with others in shared interest topics. If someone shares they are feeling lonely, asking “is there anything I can do to help?” facilitates the conversation and lets others know you are there without judgement. <hr /> If this article has raised issues for you, or if you’re concerned about someone you know, you can call Lifeline on 13 11 14.<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/236135/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/michelle-h-lim-176472">Michelle H Lim</a>, Associate Professor of Psychology, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a> Image credits: Shutterstock 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/financial-hardship-is-the-biggest-driver-of-loneliness-heres-why-and-how-to-tackle-it-236135">original article</a>. </div>

Money & Banking

"Misleading": IOC condemns "abuse" hurled at Olympic boxer

The International Olympic Committee (IOC) has released a statement to condemn the "abuse" and "discrimination" that has targeted Algerian boxer Imane Khelif after her controversial match in Paris. The match, which was abandoned after just 46 seconds when her Italian opponent Angela Carini tapped out, caused quite the stir when Carini said she had "never been hit that hard in my life". Following the controversial match, Khelif's history came to light with many pointing out how she was permitted to fight at the Olympics despite being disqualified from the women’s boxing world championships last year for failing gender eligibility tests. Khelif, who was born female and has always identified as such, has been hit with a wave of transphobic abuse from high profile figures including J.K Rowling and Elon Musk after the revelations came to light. The 25-year-old athlete, who has been boxing since she was a child and has always competed in women’s categories, was tested by the International Boxing Association (IBA) with IBA president Umar Kremlev saying DNA tests had “proved they had XY chromosomes and were thus excluded”. For males, XY is the combination of chromosomes while XX is the combination in females. As Khelif has always identified as female, there are a number of medical conditions that can cause a woman to also have XY chromosomes. The IOC has since spoken out in defence of Khelif, denouncing the “abuse” levelled at the Khelif as “discrimination”, while confirming she had followed the eligibility criteria to compete at the Games. “Every person has the right to practise sport without discrimination,” the <a href="https://olympics.com/ioc/news/joint-paris-2024-boxing-unit-ioc-statement" target="_blank" rel="noopener">statement</a> released on Friday said. “We have seen in reports misleading information about two female athletes competing at the Olympic Games Paris 2024." The second athlete in question is referring to fellow boxer, Chinese Taipei’s Lin Yu-ting, who underwent the same testing from the IBA and returned the same XY chromosome results as Khelif. “The two athletes have been competing in international boxing competitions for many years in the women’s category, including the Olympic Games Tokyo 2020, International Boxing Association (IBA) World Championships and IBA-sanctioned tournaments." “The IOC is saddened by the abuse that the two athletes are currently receiving.” The statement went on to call out the IBA's DNA testing, reading, "The current aggression against these two athletes is based entirely on this arbitrary decision, which was taken without any proper procedure – especially considering that these athletes had been competing in top-level competition for many years." "Such an approach is contrary to good governance." Image credits: Facebook/YAHYA ARHAB/EPA-EFE/Shutterstock Editorial

Legal

Sydney Olympics icon opens up on domestic violence abuse

In a rare and candid interview, former child star Nikki Webster has spoken about her challenging journey of recovery from domestic violence. The 37-year-old, known for her iconic performance at the 2000 Sydney Olympics and the hit song "Strawberry Kisses", shared her experiences on KIIS FM’s The Kyle and Jackie O Show. Webster, now a mother of two and the owner of a dance school, opened up about her struggles during a segment of the show. When co-host Kyle Sandilands inquired about her dating life, he seemed unaware of her much-publicised marriage breakdown in 2019, where her ex-husband was charged with a domestic violence offence. “I’m single,” Webster replied, prompting Sandilands to ask, “Why? Where’s your bloke?” She described the situation as “a long story” and “not a very happy story", revealing she had faced “a pretty hard few years”. Webster was previously married to Qantas flight attendant Matthew McMah. The couple, who married in 2012, separated eight years later. In November 2019, it was revealed that McMah had been convicted of assaulting Webster earlier that year. He received an $880 fine at the Downing Centre Local Court. Encouraged by Sandilands' lighthearted questions, Webster chose to share more about her past, mentioning her challenging experiences with domestic violence. “I come from quite a bad background of some domestic violence and stuff. So, I’m happy to be on the other side of that and, you know, focusing on life and kids,” she said. Webster confirmed she is doing "great" now, focusing on her children and her life. In a previous interview with Woman’s Day, Webster expressed hope for future love while reaffirming her commitment to her children. "I hope one day the right person will come along and it will just happen," she said, adding, "But I’m really happy with being a mum; it’s my favourite job in the world." Images: Instagram / KIISFM

Family & Pets

Leaked footage shows Olympic star's horrific animal abuse

The extent of dressage star Charlotte Dujardin's "error of judgement" has been revealed, just hours after she made the snap decision to withdraw from the Olympics just days before its commencement. The British dressage star, who is a three-time gold medallist and the joint most-decorated British female Olympian, withdrew and accepted a provisional six-month ban when coming clean about her acts of <a href="https://oversixty.com.au/travel/travel-trouble/no-excuse-olympic-legend-quits-days-before-paris-games-commence" target="_blank" rel="noopener">animal abuse</a> in the lead up to the Paris Games. Just hours after announcing her withdrawal from the equestrian events, a disturbing video of a training session began to circulate, in which she is alleged to have beaten a horse with a long whip 24 times in one minute. The video, first released by Good Morning Britain, was taken four years ago and allegedly showed the 39-year-old mistreating a horse when trying to get the animal to slowly trot during a lesson with a young student. With the trainee rider mounted on the horse, Dujardin can allegedly be seen whipping the horse’s legs repeatedly. The video has outraged many, with hundreds of people taking to social media to voice their shock and horror at the acts. Leading British social commentator David Kurten wrote on X, “The cruel abuse of this horse by Charlotte Dujardin is horrific and a stain on our nation." “Two urgent questions need answers: Did she whip horses regularly? Are dozens or hundreds of other dressage horses regularly whipped and abused by other trainers?” Former editor of Horse and Hound Lucy Higginson also added, “It has profoundly shocked everybody in the equestrian world.” The video was sent anonymously to the International Federation for Equestrian Sports (FEI), who made the choice to suspend Dujardin just days before the Paris Olympics are set to begin. “The FEI has officially announced the provisional suspension of British Dressage athlete Charlotte Dujardin effective immediately from the date of notification, 23 July 2024,” it said in a statement. “This decision renders her ineligible to participate in the upcoming Paris 2024 Olympic Games or any other events under the jurisdiction of the FEI.” “According to the information received, the footage was allegedly taken several years ago during a training session conducted by Ms Dujardin at a private stable,” the organisation said. The governing body said Dujardin had confirmed she was depicted in the video and had acknowledged that her conduct was “inappropriate”. “Charlotte Dujardin requested to be provisionally suspended pending the outcome of the investigations and voluntarily withdrew from the Paris 2024 Olympic Games and also confirmed that she will not participate in any competitions pending the outcome of the FEI’s investigation,” it said. “The FEI condemns any conduct contrary to the welfare of horses and has robust rules in place to address such behaviour.” When announcing her withdrawal from the Games, Dujardin said she made an "error of judgement", saying there was "no excuse" for her behaviour. She wrote in a statement on Instagram, “What happened was completely out of character and does not reflect how I train my horses or coach my pupils, however there is no excuse. I am deeply ashamed and should have set a better example in that moment.” Image credits: Instagram / Good Morning Britain

Legal

Government launches new campaign to tackle elder abuse

The federal government has launched a new campaign to tackle elder abuse. According to the National Elder Abuse Prevalence Study, one in six older Australians experienced abuse last year, with 61 per cent of victims not seeking for help or advice. The Albanese government will spend $4.8 million on the campaign which includes a series of commercials. Council on the Ageing Australia chief executive Patricia Sparrow said the organisation believed cases were under reported. "That's why we think it's incredibly important to raise this awareness," Sparrow said. "It mostly comes from someone they know, which makes it very difficult for older people to report it or know what to do." Labor senator Jenny McAllister told Sky News: "This is something that the community needs to start thinking about. It's a scourge. "We need to eliminate it and the right place to start is with conversations with people we know and care about." "If you're feeling a little uncertain, if you think something is wrong and you're an older Australian you should speak up about it," she added. With an ageing population, it's important to raise awareness that elder abuse is not just physical violence, but emotional, financial and psychological abuse too. The commercials will run on TV, online and at medical clinics from July 28 and they aim to encourage older people to open up about the poor treatment they receive, including from their children and grandchildren. Attorney-General Mark Dreyfus will formally announce the campaign at the National Elder Abuse Conference in Adelaide on Monday. He said that elder abuse was a shameful and often hidden form of cruelty and mistreatment. "It is ugly, it is unacceptable and it must be eliminated," he said. "It is critical that we continue to work together as a community to promote the rights and safety of older people, and ensure that everyone is able to age with dignity and respect." Images: Nine

Legal

"I really thought he would kill me": Erin Molan opens up about abusive relationship

Warning: This article contains discussions of domestic violence which some readers may find confronting Radio and TV presenter Erin Molan has opened up for the first time about horrific abuse she endured at the hands of an ex-partner. Speaking candidly to the <a href="https://www.dailytelegraph.com.au/news/nsw/exclusive-interview-erin-molan-opens-up-about-horrific-abuse-she-suffered-from-a-man-she-dated/news-story/d2921145ef5010a413bab6c9a830f3bc" target="_blank" rel="noopener">Sunday Telegraph</a>, the 40-year-old presenter recalled many of her "worst" moments with her former boyfriend, sharing how she feared for her life when he became physically abusive. '“He came in drunk and dragged me out of bed and started stamping his foot into my head over and over and over,” she told the publication. “I was lying on the floor screaming and normally if I screamed really loudly he would stop because neighbours would hear. But that time he just kept going and going and it felt like my skull was going to crack open.” She said the relentless physical violence became a pattern of behaviour, and she would regularly be brutally injured. “One time he smashed a bottle over my head,” she says. “Another time I was terrified he’d throw me off a balcony. Once I ran to hide in my car and he got a rubbish bin and started smashing it against the windscreen and I feared I would be killed by glass shattering over me. “Another time he covered my face with a pillow so I couldn’t breathe. I was crying for my mum. I really thought he would kill me.” Molan said she chose not publicly discuss the abuse while her beloved dad, Senator Jim Molan, was alive because she didn’t want to break his heart, but now she wants others to know what she went through. In sharing her heartbreaking story, she also hopes she can give other victims of domestic violence the courage to come forward. “I’m not sharing my story because I want to. My preference would be for this part of my life to never be shared but with every single death I see in this space, a part of me wonders whether I could have made a difference,” she says. “Could my experience have made these beautiful, innocent women feel less alone, less ashamed, less scared and could that have been the tiny thing that may have empowered them to ask for help, the thing that might have helped to save their lives?” Molan added that while it’s confronting for her to speak out, she wants things to change, not just for her generation but for her daughter’s. As she says, “I want to worry about my daughter’s first boyfriend breaking her heart, not her bones.” Image credits: for AWAPAC/Shutterstock Editorial

Caring

Been scammed? Here's how to financially recover

Many people feel shame and embarrassment after realising they have been scammed. But you shouldn’t. You did nothing wrong; you are the victim of a crime. Not only are such feelings bad for your mental wellbeing, but they also often stop people reporting the scam or taking action to avoid further losses. Remember too that you’re not alone: victims reported more than 601,000 scams to the ACCC in 2023, together losing a staggering $2.74 billion. People of all ages, professions, and backgrounds have been affected. As hard as it may be, try to leave emotion aside and approach this like any other money matter – logically and methodically. Doing so will help you act faster and more decisively, which is crucial to your financial recovery. The following checklist will help you through this process: <ul> <li>Step 1 – Try to recoup your stolen money</li> </ul> Report the scam immediately. Contact your bank or card provider to stop the transaction being processed. Notify the company or marketplace where it occurred – they may have options to reverse the payment or for you to claim compensation for fraud. Also inform the ACCC’s Scamwatch and police if relevant, which may aid in tracking down the scammer and will help them alert the wider public on what to look out for. Unfortunately, the money is likely gone for good, but prompt action may just help you get some or all of it back. <ul> <li>Step 2 – Secure your accounts from further thefts</li> </ul> Once scammers have found a way to steal money, they often go back to try for more. Don’t let them! Freeze or cancel affected debit and credit cards, accounts etc. Change and strengthen all your passwords. Set up two-factor authentication if you haven’t already. Remove any suspicious applications on electronic devices. Double check the registrations of any business, adviser or tradesperson before engaging their services. Regularly check your superannuation, investments etc. to monitor for any inconsistencies. <ul> <li>Step 3 – Safeguard your cash flow</li> </ul> Don’t multiplying your losses by racking up new debts to cover the stolen money. That means limiting the use of credit cards, payday lenders and Buy Now, Pay Later schemes. Consider paying with cash instead to help you stick to a budget. If you have lost everything, register with Centrelink for income support. You may also be able to apply for hardship provisions with your bank, phone and energy providers and other essential services. <ul> <li>Step 4 – Get reputable advice</li> </ul> Legal advice may be able to get you out of bogus contracts, like loans or phone plans, and help you in the event your personal information has been stolen (which can be used in various ways to steal money). If you can’t afford a lawyer, there are free alternatives such as Legal Aid or Community Legal Centres. Specialist services such as the Women’s Legal Service may offer support where partner coercion or domestic abuse is involved. Accounting and financial advice may also help you navigate assistance options and longer term recovery efforts. <ul> <li>Step 5 – Rebuild your finances</li> </ul> Your ability to rebuild your finances after a scam will depend on a range of factors, including how much was lost plus your age and circumstances. You could seek to increase your earnings and/or cut your spending by tweaking your household budget, delaying retirement, or temporarily taking a second job to boost your income. Another option is to make your remaining finances work harder than before, such as adjusting your investment strategies (e.g. changing your risk weightings or selling assets) including within your superannuation or accessing equity in your home. If you’re a self-funded retiree, you may now qualify for a part or full pension if your scam losses push your total assets below the means test threshold. Ultimately, the most important things when dealing with the fallout from a scam is to look after yourself and protect what you have left. Scammers have already taken off with your dollars. Don’t let them steal your sense too! 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> 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. Image credits: Shutterstock

Money & Banking

What are financial years – and why are they different from calendar years?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/michaela-rankin-1544784">Michaela Rankin</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Yesterday was July 1, the first day of the new financial year in Australia. Also called fiscal years, financial years are often abbreviated in print. The one that’s just begun in Australia – July 1 2024 to June 30 2025 – will typically be denoted by FY24/25 or FY25. As the name suggests, financial years are used for financial reporting, tax and budgeting purposes. Whether you are preparing an individual tax return or financial statements for a business, it is important to understand the difference between financial and calendar years. Both have 365 days. But the calendar year, based on the <a href="https://www.timeanddate.com/calendar/gregorian-calendar.html">Gregorian calendar</a>, runs from New Years’ Day on January 1 through to December 31. Australian financial years on the other hand run from July 1 of one year to June 30 the next. But this July to June financial year <a href="https://web.archive.org/web/20200430054150/https:/www.cia.gov/library/publications/the-world-factbook/fields/228.html">does not apply</a> in all countries. Many align their financial year with the calendar year, but others have further variations still. So why are they different, and what does that mean for businesses operating across borders? <h2>Different around the world</h2> In contrast to our own, the United Kingdom’s financial year starts on April 6 each year and runs to April 5 the next. The English and Irish New Year traditionally fell on March 25, when taxes and other accounts were due. But in the 18th century, the British empire switched from the Roman Julian calendar to the Gregorian calendar, and had to <a href="https://www.bowesbrooks.co.uk/why-does-the-tax-year-start-on-6th-april/">adjust the start date</a> to avoid losing tax revenue. India’s fiscal year runs from April 1 until March 31, for a <a href="https://www.idfcfirstbank.com/finfirst-blogs/finance/reasons-why-the-financial-year-starts-from-april">number of reasons</a>. Historically a country that was heavily focused on agriculture, this timeframe aligned with the crop cycle and allowed the government to develop financial plans for the sector. The British empire also influenced the April reporting schedule in India, as prior to independence many financial policies were based on the British system. <h2>Government budgets play a role</h2> In the United States, fiscal years once ran from July 1 to June 30, like Australia’s do now. But in 1974 this was <a href="https://www.federaltimes.com/management/budget/2022/09/20/why-the-us-federal-fiscal-year-2023-starts-in-october/">changed</a> to instead span October 1 to September 30, giving Congress more time to agree on a budget each year. In the US, however, companies can also <a href="https://www.business.com/articles/how-to-decide-on-fiscal-year/">choose their own</a> fiscal years. Some choose a calendar year, but others elect dates that better align with their business cycle. Walmart’s, for example, ends on January 31 each year to reflect its typically strong financial performance over the holiday period at the end of the year. In Australia, the financial year matches government reporting cycles. Unlike the northern hemisphere, our parliamentarians typically take holidays over summer in December and January, which makes meeting over November and December to approve government budgets difficult. The federal budget is issued in May for the following financial year, giving parliament time to consider it before the new fiscal year begins. <h2>Comparing (and taxing) performance</h2> Regardless of the time period over which a financial year operates, its primary purpose is to provide a standardised time frame for financial reporting. Financial years allow income and expenses to be tracked and compared over the same timeframe each year. This allows investors to compare business performance across consistent periods. They are also used to determine the collection of personal income tax. Our government uses this information to calculate the amount of tax it will collect through the Australian Taxation Office each year. Businesses with operations spanning multiple countries may have to contend with fiscal years that do not align. Where this is the case, they may need to choose one financial year for the whole company, typically that used by the parent company. Keeping track of the financial year is helpful for individuals, in knowing when tax returns need to be prepared (and when to expect end-of-financial-year sales). It is also important for businesses to consider the financial year in making budgeting, business and tax planning decisions. <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/233655/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/michaela-rankin-1544784">Michaela Rankin</a>, Professor and Head, Department of Accounting, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock 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/what-are-financial-years-and-why-are-they-different-from-calendar-years-233655">original article</a>. </div>

Money & Banking

Australia’s tax system is being weaponised against victims of domestic abuse. Here’s how

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/ann-kayis-kumar-466422">Ann Kayis-Kumar</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> When women seeking financial help from the government-funded UNSW <a href="https://www.unsw.edu.au/business/our-schools/accounting-auditing-taxation/about-us/unsw-clinic">Tax and Business Advisory Clinic</a> are asked whether they have ever been affected by family or domestic violence, most say they have. In the past year this number has grown from <a href="https://cdn.theconversation.com/static_files/files/3339/sub009.pdf?1718777706">65%</a> to over 80%. And about <a href="https://ssrn.com/abstract=4746954">14%</a> of the clinic’s clients say their tax debts are a result of intimate partner violence. These debts often arise from business debts, bankruptcy, corporate directorships and director penalty notices. We know that economic abuse is a red flag for other forms of domestic violence. Economic abuse occurs in nearly all Australian domestic and family violence cases, affecting more than <a href="https://www.abs.gov.au/statistics/people/crime-and-justice/personal-safety-australia/latest-release">2.4 million Australians</a> and costing the economy an estimated <a href="https://www.commbank.com.au/content/dam/caas/newsroom/docs/Cost%20of%20financial%20abuse%20in%20Australia.pdf">A$10.9 billion</a> a year. Unfortunately, existing laws fall well short of protecting abuse victim-survivors from financial loss. <h2>How violent partners weaponise tax</h2> The perpetrators of violence can effectively weaponise the tax system by placing tax debts solely in the names of former partners, often because they have made them directors of companies or through family businesses operating through partnerships or trusts. There is a policy assumption that family members benefit from family partnerships. But this does not always hold in practice and can be problematic when there is economic abuse because Australian tax law requires victims report and pay tax on their “share” of the family partnership’s income. The average tax debt at the tax clinic is about $90,000. This can result in debilitating financial burdens, exhausted savings, insecure housing and prolonged economic instability, well after abusive relationships end. <h2>Change is needed</h2> Australia has no specific strategy for relief of tax debts caused by financial abuse. There are “serious hardship” provisions in Australian taxation law, but these are outdated and in need of <a href="https://theconversation.com/sometimes-people-can-do-with-a-break-3-ways-tax-debt-relief-rules-are-too-tough-156948">reform</a>. Usually people do not have the funds up front so the only way the Australian Taxation Office can collect debts from the abused partner is through (generally two-year) payment plans, offsetting future tax refunds, engaging external debt collectors and initiating bankruptcy proceedings. To that end, the decision announced in this year’s budget to give the Tax Commissioner discretion <a href="https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/changes-to-offsetting-debts-on-hold">not to offset</a> against tax returns debts previously placed “on hold” is welcome. It will provide short-term relief by enabling abuse victims to get their refunds instead of having it used by the Tax Office to reduce their debt. Colleagues Christine Speidel, Leslie Book and I want this power extended to all <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4746954">forms of tax debts</a> not just for tax debts that have been placed “on hold” especially where the taxpayer is known to have experienced financial abuse. But this wouldn’t go far enough – the victim-survivors would still have the perpetrator’s tax debt hanging over them. Where this happens, financial instability can <a href="https://www.commbank.com.au/content/dam/commbank-assets/support/2021-01/unsw-report-key-findings.pdf">drive women back</a> into abusive relationships. <h2>The US shows what can be done</h2> Legislative reform to shift tax liability from abuse survivors to perpetrators is the key to helping solve the problem. <figure class="align-right zoomable"></figure> The United States has offered some form of “<a href="https://www.irs.gov/individuals/innocent-spouse-relief">innocent spouse relief</a>” since 1971. In 2011 it widened eligibility and <a href="https://www.irs.gov/pub/irs-news/ir-11-080.pdf">removed a two-year time limit</a> for requesting relief. It is important to understand the US provisions apply because the country offers jointly filed “married” tax returns. In Australia tax returns are filed by individuals. Australia’s laws would need to change to ensure abused women do not find themselves jointly liable. Any changes should also include debts incurred in the name of partnerships and company directors. The US is the first and only country to do this, largely because of the advocacy of US low-income tax clinics over decades. Australia now has such clinics, funded as part of the Tax Office <a href="https://www.ato.gov.au/individuals-and-families/financial-difficulties-and-disasters/support-to-lodge-and-pay/national-tax-clinic-program">National Tax Clinic Program</a>. Australia’s adoption of US-style rules could provide a model for other jurisdictions, increase tax debt collection (as perpetrators are likely to have better capacity to pay than victims) and foster greater confidence in the Tax Office. Most importantly, it would acknowledge that victim-survivors with tax debts should not bear responsibility for debts incurred by perpetrators. <hr /> For information and advice about family and intimate partner violence contact 1800 RESPECT (<a href="https://www.1800respect.org.au/">1800 737 732</a>). If you or someone you know is in immediate danger, contact 000. The Men’s Referral Service (<a href="https://ntv.org.au/get-help/">1300 766 491)</a> offers advice and counselling to men looking to change their behaviour.<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/232609/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/ann-kayis-kumar-466422">Ann Kayis-Kumar</a>, Founding Director of UNSW Tax and Business Advisory Clinic, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> Image credits: Shutterstock 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/australias-tax-system-is-being-weaponised-against-victims-of-domestic-abuse-heres-how-232609">original article</a>. </div>

Money & Banking

Super funds are using ‘nudges’ to help you make financial decisions. How do they work?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Late last year the federal government announced <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">measures</a> to make it easier for Australians to access financial advice. As part of this, the government wants super funds to use “nudges” to get members to engage more with their retirement investments and superannuation, especially when they’re starting work and approaching retirement. While the legislation containing the changes is still in the consultation phase, super funds are <a href="https://www.afr.com/companies/financial-services/super-funds-spend-big-ahead-of-advice-reforms-20240418-p5fkx6">upskilling staff</a> and making other changes to improve customer service or risk a government crackdown. Telling funds to use <a href="https://www.behaviourworksaustralia.org/blog/nudging-what-is-it-and-how-can-we-use-it-forgood">nudge theory</a> to advise on super comes as more than five million Australians are heading towards retirement. <h2>What is nudge theory?</h2> Nudging is used to encourage people to pick the “better” option, without taking away their freedom to choose differently. For example, sending regular reminders to members about the benefits of voluntary contributions can get them to increase the amount they put in. This nudge makes it easier for them to contribute more – the better option – while still allowing them to choose not to. Assistant Treasurer Stephen Jones <a href="https://ministers.treasury.gov.au/ministers/stephen-jones-2022/media-releases/government-unveils-comprehensive-financial-advice">explained</a> the government’s changes were needed because so-called “fin-fluencers” were providing unregulated financial advice on social media platforms to Australians unable to pay an adviser. <h2>Helping people protect their interests</h2> There are three ways, supported by research, nudges can help Australians engage with their super. 1. Future self visualisation This involves getting young people to think about their <a href="https://www.halhershfield.com/considering-the-future-self">future selves</a> and visualise their life in retirement. This can help them to recognise the long-term benefits of getting actively involved with their super. Showing fund members how they might look when older by using an ageing filter software, for example, can make this visualisation more real for them and <a href="https://journals.sagepub.com/doi/full/10.1177/23794607231190607">enhance understanding of their future selves, leading to higher engagement</a>. 2. Simplification We all know financial products and superannuation can be complicated. The information and choices presented can lead to <a href="https://thedecisionlab.com/biases/choice-overload-bias">decision paralysis</a>, causing people to delay or opt out of making a decision. By simplifying the process, funds can motivate people to get more engaged with their super. To get people to make voluntary contributions, for example, it might be more effective for funds to recommend <a href="https://siepr.stanford.edu/news/how-simple-nudge-can-motivate-workers-save-retirement">a specific percentage of their salary</a> rather than offering several options. Deciding whether to boost contributions by an extra 3%, 4% or 5% can be overwhelming, especially for people with poor <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">financial literacy</a>. 3. Language and framing The way options are framed and the language super funds use can significantly impact member engagement. Australians may be more likely to make higher voluntary contributions if they are asked how much they want <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">to “invest” in their super </a> instead of how much they want to “contribute” or “add”. The word “invest” encourages people to think about future benefits, motivating them to make higher contributions. How options are labelled can also have an impact on <a href="https://www.bi.team/press-releases/the-small-nudges-that-could-make-young-people-142000-better-off-in-retirement/">member engagement</a> and decision making. For example, highlighting concrete benefits of different voluntary payments, such as “a 4% contribution keeps you above the poverty line”, and “a 10% contribution allows for a comfortable retirement according to Australian standards” can increase how much people are willing to contribute. <h2>Ethical use of nudges</h2> The <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">Financial Services Council</a> backs the government on getting super funds to nudge members about contributions and investments but says there are limits. Parameters around nudging should be set […] to ensure that the language is appropriate and does not ultimately amount to defaulting. For example, letting a customer know that as they approach retirement, they need to make a decision about what retirement product they wish to utilise would be an acceptable nudge, while contacting a customer to let them know that they will be placed in a product when they retire, would not necessarily be acceptable. The council emphasises the importance of super funds recognising <a href="https://www.superreview.com.au/news/superannuation/industry-body-backs-super-fund-nudges-though-parameters-need-be-set">people’s autonomy</a> when delivering a “soft” or “hard” nudge. Soft nudges are gentle prompts and reminders designed to guide people to make good choices without pressuring them, such as sending an email reminder to review their investment options. Hard nudges are more direct in their guidance. These might include recommending specific investment options. Despite these differences, <a href="https://www.behaviourworksaustralia.org/blog/can-we-have-a-quiet-word-about-behavioural-science">ethical use of nudges</a> should encourage engagement while respecting people’s autonomy by making it easy for them to opt out. The use of nudges presents a valuable opportunity to increase superannuation fund members’ engagement. Whether through future self visualisation, simplification or language framing, ethical nudges can motivate members to take action, leading to greater confidence in navigating the retirement transition and achieving retirement goals.<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/230404/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/fernanda-mata-1533222">Fernanda Mata</a>, Research Fellow, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>; <a href="https://theconversation.com/profiles/breanna-wright-267597">Breanna Wright</a>, Research fellow, BehaviourWorks Australia, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a>, and <a href="https://theconversation.com/profiles/liam-smith-5152">Liam Smith</a>, Director, BehaviourWorks, Monash Sustainable Development Institute, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a> Image credits: Shutterstock 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/super-funds-are-using-nudges-to-help-you-make-financial-decisions-how-do-they-work-230404">original article</a>. </div>

Money & Banking

“I’m sick of it": Boy's heartbreaking plea after racist abuse

An Anawain Gamilaroi woman has demanded change after her nine-year-old nephew was left crushed by racist abuse that he allegedly experienced at AFL training. Shaylee Matthews shared the heartbreaking video of Jarmilles breaking down in a car on LinkedIn. The young boy was still wearing his team jersey and was in tears as he repeated the racist abuse that was allegedly targeted towards him. "I hate it when you call me Black," he said through tears. "I hate when you call me monkey. It's got to stop." "I'm sick of this. I don't want there to be racism. I'm sick of it. It needs to be over." When asked if he was okay, Jarmilles replied: "No. I want to go home and go to bed now." Matthews, who works for the ACT government, said the video exposes the "harsh reality" of racism experienced by Aboriginal and Torres Strait Islander peoples. “This post and videos shared is of my 9 soon to be 10 year old nephew’s experience at AFL training (playing a game he loves) which highlights the harsh reality of racism that persists in our society, especially during National Reconciliation Week (with the theme being Now More Than Ever),” she said. “It’s a call to action for us all to confront privilege, challenge learned racism, and dismantle the systemic issues that perpetuate injustice for Indigenous youth.” "The hurtful comments and behaviours faced by Jarmilles not only reflect individual ignorance but also contribute to larger systemic inequalities," she added. She then called for the public to use Reconciliation Week as an opportunity to fight racism and advocate for change. "We must advocate for change, demand accountability, and ensure that all children, regardless of their background, are treated with dignity and respect," she said. "By standing in solidarity, raising our voices, and actively working towards a more just and inclusive society, we can create a future where every child feels safe, valued, and supported. "Let's turn this moment of pain into a catalyst for meaningful change and a brighter tomorrow for all our children." Image: LinkedIn/ news.com.au

Legal

Gina Rinehart's financial advice for Anthony Albanese

Gina Rinehart has offered some free and unsolicited financial advice to Prime Minister Anthony Albanese in the wake of his divisive Federal Budget. Australia's richest woman, who has no experience in politics, suggested cutting the fuel excise and halting immigration would have a greater positive impact on the economy, as opposed to the Albanese government's measures to curb the cost of living. Rinehart has been critical of the $300 handout to combat energy bills regardless of household income, and believes that a big-spending budget is not the best way forward. Rather than tax Australians more to hand the money out again through handouts and welfare, she said lower taxes overall was a better way forward. Ms Rinehart said cutting fuel tax, which the government has rejected as too expensive, was one option. “I have advocated strongly for the government to directly reduce costs of living for Australians by cutting their fuel excise taxes, which would spread not only to car users, but all products that require transport,’’ she told <a href="https://www.news.com.au/finance/economy/australian-economy/gina-rinehart-tells-anthony-albanese-to-cut-fuel-excise-migration/news-story/bb84ef69e8a19506e7e3ae3e1f678e7c" target="_blank" rel="noopener">news.com.au</a>. “I have also advocated for cutting other taxes, payroll tax, stamp duty and license fees, that not only would bring down the cost of living, but were supposed to have been cut when GST was introduced decades ago." “Big spending, big government costs all (which I advocate against), and adds to the costs of living." “Recycling taxes paid is very inefficient, the taxpayer is actually better off paying less tax, and spending their income as they prefer.” Ms Rinehart, who has racked up a net worth of over $46.5 billion AUD through her investments into mining, has previously suggested a better way is to cut taxes and allow people to keep more of what they earn. “To help people suffering the most on low incomes, such as veterans, pensioners and uni students, if the government really cared about these fellow Australians struggling with high costs, they would remove the onerous government paperwork and their unfair limits on pensioners, veterans and students working hours, each of whom face higher effective tax rates than me if they choose to work above a very small threshold of hours,’’ she said. “Letting Australians who want to work, work, would be not only better for those Australians and their families, but would save the need for the government’s very expensive policy of hugely increased immigration, to allegedly bring in more workers.” Image credits: Darren England/EPA-EFE & LUKAS COCH/EPA-EFE/Shutterstock Editorial

Money & Banking

Entire Knox team stood down after abusing female players

Knox Football Netball Club (KFNC) has stood down its entire mens development indefinitely, following reports of their "inexcusable behaviour" towards an opposing women's team. Reports emerged this week that players from the Melbourne suburban football club rated and attempted to trip over Donvale's female players as they entered the field last Sunday. “They held out their legs to trip the women over and used the phrases yes, no, mediocre, rating each female player. The players were rightly upset but they played out the rest of the game,” veteran reporter Jacqui Felgate said. “I hope the men that did this … are held to account," she continued. KFNC immediately looked into the incident, and on Thursday announced that the whole team had been “stood down indefinitely pending the outcome of the independent investigation” in an open letter shared on Facebook. They also said: "KFNC recognises that such behaviour is completely unacceptable and does not reflect the values of the club." KNFC will also implement a comprehensive behavioural and domestic violence education program across the entire club. “Participation in this program will be mandatory for all members, with a ‘no education, no play’ rule in effect,” Knox said. “KFNC is establishing an ongoing partnership with a local family violence shelter for both education and charitable support. “We understand the gravity of this situation and the importance of taking swift and decisive action. We are committed to learning from this incident and ensuring that such behaviour is not repeated in the future. “Our club stands for inclusivity, respect, and safety for all members, and we will continue to uphold these values in everything we do.” Felgate reacted to Knox's open letter and said that the action was “the very least they could do”. “Women play sport — they should not be subjected to abuse on the field, off the field, whatever, on the base of their sex,” Felgate said. A Donvale player also spoke to the Herald Sun anonymously and said that her team were already "uncomfortable" before the comments began. "We all realised what happened a lot of us broke down in tears and just felt helpless," she told the publication. "I’ve had individual men come up to me and say things that aren’t really appropriate but this was a group of 20 men standing, laughing and making comments about us. “The only thing I want to emphasise is the amount of other men from Knox that were around them not saying anything," she added. “Unfortunately I really do believe that men aren’t going to stop behaving like this unless other men call it out, they don’t listen to women.” Image: Facebook/ Knox Football Club

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Australia’s tax system is being weaponised against victims of domestic abuse. Here’s how

Super funds are using ‘nudges’ to help you make financial decisions. How do they work?

“I’m sick of it": Boy's heartbreaking plea after racist abuse

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Entire Knox team stood down after abusing female players

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