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Nat Barr quizzes Jim Chalmers over one major budget flaw

<p>Nat Barr has quizzed treasurer Jim Chalmers over one major flaw in the federal budget. </p> <p>On Tuesday night, Chalmers <a href="https://oversixty.com.au/finance/money-banking/biggest-winners-and-losers-of-the-2024-25-federal-budget" target="_blank" rel="noopener">handed down</a> his third federal budget that prioritised cost-of-living relief, with one major initiative saving Aussies big on their next energy bills. </p> <p>All Australian families will get $300 off their annual electricity bill, while small businesses will also get a $325 rebate for their bills.</p> <p>Chalmers joined Nat Barr on <em>Sunrise</em> on Wednesday morning to discuss the initiative further, as the host pointed out one major flaw in the government's plan. </p> <p>“If you’re earning a million dollars, why do you need a $300 power rebate?” Barr asked.</p> <p>But Chalmers said wealthier Australians weren’t the focus of the rebate, as everyday Aussies struggling with the rising cost of living were sure to benefit. </p> <p>“It is primarily for people doing it tough — you know, millions and millions of Australians are under cost-of-living pressure,” he said.</p> <p>“We’re trying to help. So more help is on the way for millions of people under the pump. Whether it is a tax cut for every taxpayer or energy bill relief for every household.”</p> <p>Barr asked Chalmers if people earning $1 million were “under pressure”, but the treasurer said offering specifically targeted assistance was logistically impossible.</p> <p>“Once you go beyond (pensioners), you have to design a whole new system because the energy retailers that we use to provide this help, they don’t have income information for people,” he said.</p> <p>“We deliver this relief via energy bills, via the retailers. There’s not a system that allows you to slice and dice that beyond providing it either to people on pensions and payments.”</p> <p>Barr's comments were echoed online, with many slamming the logistics of the rebate on social media. </p> <p>"I'm sure Gina Rinehart is stoked she's getting $300 back on her energy bills," one person commented. </p> <p>Another added, "If this stupid government gives me $300 off my energy bills it goes straight to charity. Join me if you can afford it."</p> <p>A third wrote, "Feel like there should be an exemption in the $300 energy rebate for anyone who has ever slept under a doona with the aircon on."</p> <p><em>Image credits: Sunrise </em></p>

Money & Banking

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Biggest winners and losers of the 2024-25 Federal Budget

<p>The unveiling of the federal budget by Treasurer Jim Chalmers was marked by a dual focus on addressing cost-of-living pressures and strategically investing in Australia's future – and was predictably met with <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">both praise and criticism. </span></p> <p>Reflecting a delicate balancing act between providing immediate relief to vulnerable segments of society and ensuring long-term fiscal sustainability, the measures to alleviate cost-of-living pressures and support key sectors appear commendable, yet concerns persist regarding the adequacy of support for welfare recipients and the potential implications of immigration policies on international education. </p> <p>Read on for the high points, the low points, and all the biggest winners and losers of the federal budget for 2024-25.</p> <p><strong>BIGGEST WINNERS:</strong></p> <p><strong>Low and Middle-Income Earners:</strong></p> <p>At the core of the budget lies a commitment to alleviate the financial strain on low and middle-income earners. With the implementation of stage three tax cuts, Australians can anticipate a welcome increase in their take-home pay. These cuts, announced earlier in the year, are projected to inject an average of $36 per week into taxpayers' pockets by 2024-25. Notably, this initiative is expected to benefit 84% of taxpayers and 90% of women, signalling a targeted effort to support those most in need.</p> <p><strong>Parents:</strong></p> <p>In a move towards greater gender equality and financial security, the government has extended superannuation payments to parents on paid leave. This initiative aims to bridge the superannuation gap and provide approximately 180,000 families annually with additional financial support during crucial early parenting stages.</p> <p><strong>Households and Small Businesses:</strong></p> <p>Acknowledging the escalating energy costs, a $300 rebate on energy bills was announced for more than 10 million households. It was this facet of the budget that drew ire from Jacqui Lambie, Federal Senator for Tasmania, who was furious over the "bizarre" decision, which sees funds being spent on high-income earners such as herself at a time of rising inflation. 'We don't need $300, I can assure you,' she said to a post-budget panel on <em>ABC's Insiders</em> on Tuesday night. "That [funding] should have been passed forward. I find it bizarre."</p> <p>Additionally, small businesses stand to benefit from a $325 boost to alleviate power bill pressures. The extension of the instant asset write-off and the abolishment of 457 nuisance tariffs signal the government's commitment to supporting small businesses and fostering economic growth.</p> <p><strong>Aged Care Workers, Renters, Women, Last-Minute Travellers, Music Festivals, and PBS Patients:</strong></p> <p>The budget also addresses various sectors of society, including aged care workers, renters, women, last-minute travellers, music festivals and Pharmaceutical Benefits Scheme patients. Measures such as wage increases, rent assistance, healthcare subsidies and support for cultural events underscore the government's multifaceted approach to addressing societal needs.</p> <p><strong>Students:</strong></p> <p>Recognising the financial challenges faced by students, the government has taken steps to ease the burden of student debt. By wiping out $3 billion in student debt and overhauling the indexation of HECS debt, thousands of Australian students stand to benefit. Moreover, the introduction of payments for compulsory work placements acknowledges the financial strain faced by students pursuing vocational and tertiary education.</p> <p><strong>BIGGEST LOSERS:</strong></p> <p><strong style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">International Students:</strong></p> <p>In response to concerns about housing shortages and migration pressures, the government has signaled a crackdown on the influx of international students. Universities will be required to match enrolment growth with adequate housing infrastructure, potentially limiting opportunities for international students seeking education in Australia.</p> <p><strong style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Welfare Recipients:</strong></p> <p>Despite calls for a significant increase in JobSeeker and Youth Allowance payments, the budget falls short of implementing substantial changes in welfare support. While some targeted assistance is provided to individuals facing barriers to employment, broader calls for income support reform remain unaddressed.</p> <p><strong>High-Income Earners:</strong></p> <p>While the budget aims to provide relief to low and middle-income earners, high-income earners may experience a less substantial boost to their incomes compared to previous projections. This recalibration reflects the government's commitment to a fair and equitable distribution of resources.</p> <p><em>Image: ABC</em></p>

Money & Banking

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Why millions of Aussies are falling behind on superannuation savings

<p>Millions of Aussies are falling behind on their superannuation savings, with nearly one in two Australians on track for a grim retirement. </p> <p>According to research from superannuation and investments company Vanguard, this huge number of Australians have no idea how much they are playing in fees to their super funds, which can greatly impact how much you have in savings when your retirement day comes. </p> <p>“We are coming up against a stubborn statistic in our retirement research again this year — almost one in two Australians still don’t know what they pay in super fees,” Vanguard Investments Australia managing director Daniel Shrimski said.</p> <p>Also adding to the confusion of how much is needed for comfortable gold year is different companies sharing conflicting numbers on what figures to strive for in your superannuation.</p> <p>Superannuation consultancy company Australian Retirement Trust’s latest research shows the average superannuation balance for someone age 35 to 44 is $92,700, however this should be closer to $156,000 to be on track for a “comfortable retirement”.</p> <p>The average worker aged 55 to 64 has $285,900 in super but a 60-year-old needs close to $453,000 in retirement savings, ART said.</p> <p>“In the past 12 months, only one in five of us has checked our super balance,” Australian Retirement Trust executive general manager Anne Fuchs said, adding 70 per cent of Australians feel they don’t have enough money to retire on.</p> <p>“We talk to members all the time who have reached the end of their working life full of regret, wishing they had done something earlier. Australia has a monster problem whereby not enough of us are engaging with our super."</p> <p>“The earlier you start paying attention and understanding how your money is invested ... then you’ll really be able to finish work and put your feet up.”</p> <p>Financial consultancy Link Wealth director and financial adviser Joshua Lee told <a href="https://7news.com.au/news/new-research-shows-aussie-superannuation-savings-falling-short-of-retirement-needs--c-14507773" target="_blank" rel="noopener"><em>7News</em></a> that one of the most important tips for Australians is to take notice and understand their superannuation payments and what they pay in fees.</p> <p>“Take notice of what your account is doing,” he said.</p> <p>“Look at your statement when it comes in every year so you can understand what fees are being deducted from your account because that will have an impact on how much money you have come retirement.”</p> <p><em>Image credits: Shutterstock </em></p>

Retirement Life

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What just happened to Bonza? Why new budget airlines always struggle in Australia

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/ian-douglas-2932">Ian Douglas</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> and <a href="https://theconversation.com/profiles/seena-sarram-1469656">Seena Sarram</a>, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a></em></p> <p>The history of budget jet airlines in Australia is a long road <a href="https://www.smh.com.au/traveller/travel-news/grounded-five-of-australias-biggest-airline-failures-20221216-h28pzn.html">littered with broken dreams</a>. New entrants have consistently struggled to get a foothold.</p> <p>Low-cost carrier Bonza has just become the industry’s <a href="https://www.afr.com/companies/transport/bonza-flights-cancelled-as-aircraft-repossessed-20240430-p5fnjf">latest casualty</a>, entering voluntary administration on Tuesday after abruptly cancelling all flights.</p> <p>Losing the airline would be heartbreaking for the 24 regional Australian locations that were <a href="https://www.accc.gov.au/system/files/domestic-airline-competition-report-february2024_0.pdf">not connected directly</a> by any other airline. It would also mean even less competition in a heavily concentrated domestic air travel market. Over 85% of routes are operated by just <a href="https://www.accc.gov.au/system/files/domestic-airline-competition-report-february2024_0.pdf">three airline groups</a>.</p> <p>But Bonza hasn’t just fallen into this situation by chance. Strategic missteps likely played a key role from the very beginning.</p> <h2>What went wrong</h2> <p>First, running an airline is an expensive business – any cost savings airlines can find are extremely valuable.</p> <p>Bonza chose to enter the Australian market with a very small fleet of <a href="https://skybrary.aero/aircraft-family/b737-series">Boeing B737</a> jet aircraft. But these had no operating cost advantage over the B737s already flown by Qantas, Virgin and Rex. Bonza’s small fleet also lacked any scale advantage in scheduling aircraft or crew.</p> <p>Second, to sell tickets, Bonza adopted a radically different “<a href="https://flybonza.com/media/bonza-gets-wheels-up#:%7E:text=Bonza%20is%20the%20first%20airline,uniform%20including%20custom%20Bonza%20sneakers.">app first</a>” approach. The only place customers could search for and book tickets directly was the official Bonza app. But this meant potential customers using conventional search tools – such as search engines or booking websites – often couldn’t find Bonza flights.</p> <p>The fact Bonza <a href="https://www.couriermail.com.au/business/qld-business/gold-coast-airport-sweetheart-deals-raise-concern-for-bonza/news-story/5ecdfe749b7c8a636cfe740ee0359ba3">struggled</a> to gain traction on its routes to Gold Coast airport, which handles a sizeable 250,000 domestic passengers each month, underscores this issue with the company’s approach.</p> <p>And third, although it served a unique range of locations, Bonza’s flight schedule across its network was far from optimal. In some cases, routes were flown only <em>once weekly</em>, compared to much more frequent gateway city services on Rex and QantasLink.</p> <p>For European airlines like easyJet or Ryanair, less-than-daily flights to smaller tourist destinations might be viable. But these airlines have the scale and connectivity to offer customers alternative pathways across their networks. Unlike Bonza, small regional routes are not at the core of their business model.</p> <h2>Making an airline succeed</h2> <p>Bonza isn’t the first Australian budget carrier to fail, and likely won’t be the last. Why are so many new entrants doomed to fail?</p> <p>Making a jet airline succeed hinges on optimising three key factors – market scale, airport access, and geography. For would-be budget airlines, Australia offers a brutal starting ground on all three.</p> <p><strong>Market scale</strong></p> <p><a href="https://www.icao.int/sustainability/Pages/Low-Cost-Carriers.aspx">Low-cost carrier</a> and ultra low-cost carrier airlines have successfully gained strong footholds in Europe, the US, and Southeast Asia. But these markets are orders of magnitude larger than Australia.</p> <p>The US, for example, offers airlines a market of <a href="https://www.statista.com/statistics/183600/population-of-metropolitan-areas-in-the-us/">large cities across a large area</a>. New York’s population is approaching 20 million, Chicago 9.6 million, Houston 7.1 million, and Miami 6.1 million.</p> <p>The population of the European Union is close to 450 million. And if you include the UK, there are over 30 cities in Europe with populations over 1 million. Australian carriers have only a handful of cities on that scale.</p> <p>Australia lacks both the population density of Europe, and the range of secondary airports that European low-cost carriers have leveraged to access nearby markets and to drive down operating costs.</p> <p>After more than a year of operation, Bonza had only achieved an overall market share of <a href="https://www.accc.gov.au/system/files/domestic-airline-competition-report-february2024_0.pdf">about 2%</a>.</p> <p><strong>Airport access</strong></p> <p>Airport access is the next key barrier facing low-cost and ultra low-cost market entrants. The main routes between large Australian cities are all in a corridor along the east coast, and the largest flow into Sydney.</p> <p>Use of Sydney airport is heavily constrained, both by the incumbent operators who <a href="https://australianaviation.com.au/2023/07/sydney-slot-system-a-threat-to-bonza-owner-hints/">hold most of the slots</a>, and by regulations that artificially limit the flow of aircraft at peak times to just 80 movements (take-offs or landings) per hour.</p> <p>In contrast, London Heathrow, another constrained two-runway airport, delivers a capacity of <a href="https://www.caa.co.uk/media/dwfgyk53/estimating-the-congestion-premium-at-heathrow.pdf">88 movements per hour</a>.</p> <p>Completion of the new Western Sydney Airport will provide some relief from this capacity constraint. But it will not alter the fact Sydney Airport operates under an imposed constraint on operations.</p> <p><strong>Geography</strong></p> <p>Geography is the third constraint in Australia. Unlike Europe, the US, or Southeast Asia, most of our major cities are in a line on the east coast. There is no hub to connect our major cities with smaller regional points.</p> <p>Towns that are too distant for convenient rail or road links often have populations that are too small to support viable – let alone frequent – flights to the larger centres.</p> <p>Some regional routes are successfully serviced by small “<a href="https://nbaa.org/business-aviation/business-aircraft/turboprop-aircraft/">turboprop</a>” aircraft. Operating these incurs a higher cost per passenger than the passenger jets connecting the major cities. But it makes no sense to fly larger aircraft on these routes if the planes are half empty.</p> <h2>A big loss for regional Australia</h2> <p>The combination of Australia’s small population, the capacity constraints imposed on Sydney Airport, the presence of strong incumbent airlines, and our linear east coast market make new entry difficult.</p> <p>Virgin Blue occupied the space created by the collapse of Ansett. But Impulse, Tiger, Air Australia, Ozjet, and two versions of Compass were unsuccessful market entrants. Even Air New Zealand – which has the fleet, brand strength, and market access to support entering the market – chooses not to operate domestically in Australia.</p> <p>Understanding why new entrants fail offers little consolation to underserved regional towns in Australia. But given Bonza’s small footprint, capital city travellers looking for more competition on the major east coast routes will hardly notice a change.<!-- 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/228995/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><em><a href="https://theconversation.com/profiles/ian-douglas-2932">Ian Douglas</a>, Honorary Senior Lecturer, UNSW Aviation., <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a> and <a href="https://theconversation.com/profiles/seena-sarram-1469656">Seena Sarram</a>, Lawyer and Casual Academic, UNSW School of Aviation, <a href="https://theconversation.com/institutions/unsw-sydney-1414">UNSW Sydney</a></em></p> <p><em>Image credits: Bonza - PR Image</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/what-just-happened-to-bonza-why-new-budget-airlines-always-struggle-in-australia-228995">original article</a>.</em></p> </div>

Travel Trouble

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Battling to make ends meet? Financial planning expert offers 5 tips on how to build your budget

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p>Every day seems to bring new headlines about rising costs. <a href="https://www.news24.com/news24/africa/news/nigerias-big-unions-call-indefinite-strike-over-fuel-prices-and-the-cost-of-living-20230926">In Nigeria</a>, unions are threatening to strike amid soaring fuel prices; the country’s inflation rate <a href="https://www.cbn.gov.ng/rates/inflrates.asp">hit 25%</a> in August. The amount it costs to fill a food basket in South Africa <a href="https://pmbejd.org.za/wp-content/uploads/2023/09/PMBEJD_Key-Data_September-2023_27092023.pdf">keeps climbing</a>. Ghanaians <a href="https://www.reuters.com/world/africa/multi-day-protests-over-economic-crisis-grip-ghanas-capital-2023-09-23/">took to the streets</a> of Accra in late September to protest about the cost of living.</p> <p>A <a href="https://www2.deloitte.com/us/en/insights/industry/retail-distribution/consumer-behavior-trends-state-of-the-consumer-tracker.html">recent study by the audit and consulting firm Deloitte</a> found that 75% of South Africans were concerned that the prices for everyday purchases would continue to increase, while 80% of consumers across all income groups expected the prices of groceries, household utilities and fuel to rise.</p> <p>This stark reality means budgeting may be more necessary than ever.</p> <p>If you don’t know how to create a budget, then you shouldn’t feel bad – most adults aren’t taught how to create one. And most people don’t budget, because they see it as restrictive or unsustainable. But it need not be: once you appreciate that a budget can work for you, it can be a financially empowering exercise. It’s a cornerstone of financial planning because it ensures you are living within your means and helps you remain in financial control.</p> <p>As a financial planning academic, I focus in <a href="https://researchprofiles.canberra.edu.au/en/persons/bomikazi-zeka/publications/">my research</a> on improving financial wellbeing and promoting savings behaviours through interventions such as budgeting. Here are five guidelines for creating a budget.</p> <h2>1. Apps vs spreadsheet</h2> <p>A good place to start is to choose the format of how you’re going to budget. There are several <a href="https://www.sanlamreality.co.za/wealth-sense/setting-up-a-family-budget-that-works/">online templates</a> and apps you can use for budgeting. For instance, <a href="https://www.22seven.com/">22Seven</a> has gained popularity in South Africa due to its compatibility with several financial institutions, including the country’s big five banks. Similarly, <a href="https://www.the-star.co.ke/business/kenya/2021-01-25-budgeting-using-mint-app/">Mint</a> is a popular budgeting tool that is used in Kenya and Nigeria.</p> <p>If you prefer to put pen to paper, some online templates come with <a href="https://www.wonga.co.za/blog/free-budget-template">free printable budgets</a>. Creating your own <a href="https://create.microsoft.com/en-us/learn/articles/how-to-make-excel-budget">Excel spreadsheet</a> is an equally good approach.</p> <p>What matters most is using a tool that you can commit to.</p> <h2>2. Itemising your income and expenses</h2> <p>A budget essentially shows how much you’re spending in relation to how much you’re earning. So once you have selected your budgeting tool, you need to fill in your income and itemise how much you’re spending on each expense in a month. A budget can be considered a cashflow statement because it allows you to track money coming in (income) and money going out (expenses).</p> <p>If you are living within your means, your budget should indicate a surplus – more cash inflows than cash outflows. So budgeting provides an accurate account of your short-term financial position.</p> <h2>3. A realistic account of expenses</h2> <p>When you look at your financial statements, fill your expenses into your budget honestly and accurately. Don’t cheat! Since everyone’s financial situation is different, your budget will also be unique.</p> <p>Even though there is no one-size-fits-all approach to budgeting, it should still consider all of your expenses (both regular and intermittent). A general rule of thumb is that if it’s deducted from your account then you should treat it as an expense. This includes payments for housing, medical insurance, fuel, dining out, credit card repayments and even bank fees.</p> <h2>4. Save first, spend later</h2> <p>Now you’ve seen how much you’re spending. Either it’s too much – and you can plan where to cut back – or you have savings at the end of the month.</p> <p>When compiling your budget it’s important to demarcate how much will be in the form of savings. What’s more important is getting into the habit of saving before you spend instead of saving after spending. If you spend first then you’ve deprived yourself of the opportunity to save for a rainy day.</p> <p>Furthermore, <a href="https://eprints.hud.ac.uk/id/eprint/10231/1/Microsoft_Word_-_submitted_version_3rd_June_201.pdf">research</a> has shown that getting into the habit of saving has a transgenerational effect: it can be considered a cultural value that is passed on from one generation to another. So think of saving as paying yourself first. Once you have done so, you won’t feel guilty for treating yourself because you’ve already done the financially responsible thing by putting your savings aside.</p> <h2>5. Considering assets and liabilities</h2> <p>Once you’ve become comfortable with consistently budgeting, you can take it up a notch by including your assets (everything you own with an economic value) and liabilities (everything you owe) to determine your overall financial position.</p> <p>You can get a clearer picture of your overall financial wellbeing by compiling a list of all your assets, for example your savings and <a href="https://www.investopedia.com/terms/h/home_equity.asp">home equity</a>, in relation to liabilities (such as bank loans). Knowing your long-term financial position can indicate how financially resilient or vulnerable you are. In the event of a financial emergency, you will know which resources you can draw upon to meet an unexpected expense.</p> <p>By creating a budget (and sticking to it), you can protect yourself and your household from financial shocks. Consider the alternative. Imagine you haven’t budgeted and set savings aside. If a financial emergency were to arise, your next best bet would be to borrow the funds you need. You’d have to come up with a plan to repay what you’d borrowed while also building your savings.</p> <h2>A healthy habit</h2> <p>Getting into the habit of budgeting isn’t easy, especially if you haven’t done it before or you’re intimidated by the process. But, as the expression goes, “a journey of a thousand miles begins with a single step”. Think of budgeting as taking a small but important step towards reclaiming control over your finances and improving your financial well-being.<!-- 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/214861/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><em><a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>Image credits: Getty Images </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/battling-to-make-ends-meet-financial-planning-expert-offers-5-tips-on-how-to-build-your-budget-214861">original article</a>.</em></p> </div>

Money & Banking

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Beyond the spin, beyond the handouts, here’s how to get a handle on what’s really happening on budget night

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <em><a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p>Three weeks from now, some of us will be presented with a <a href="https://budget.gov.au/">mountain</a> of budget papers, and just about all of us will get to hear about them on radio, TV or news websites on budget night.</p> <p>The quickest way to find out what the budget is really doing will be to listen to the treasurer’s speech, or to peruse online the aptly-named “<a href="https://treasury.infoservices.com.au/page/budget2023">glossy</a>” – a document that last year was titled “<a href="https://archive.budget.gov.au/2023-24/overview/download/budget_overview.pdf">Stronger foundations for a better future</a>”.</p> <figure class="align-right zoomable"><a href="https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=237&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=848&fit=crop&dpr=1 600w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=848&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=848&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=1066&fit=crop&dpr=1 754w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=1066&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=1066&fit=crop&dpr=3 2262w" alt="Cover of 2023 budget glossy" /></a><figcaption><span class="caption">Glossies are used to make each budget attractive.</span> <span class="attribution"><a class="source" href="https://archive.budget.gov.au/2023-24/overview/download/budget_overview.pdf">Commonwealth Treasury</a></span></figcaption></figure> <p>But they will tell you exactly what the government wants you to hear, exactly as it wants you to hear it.</p> <p>If you are looking instead for the truth – what the government is actually trying to achieve and what it is holding itself and its officials to, I would suggest something else, tucked away on about page <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">87</a> of the main budget document.</p> <p>It is required by the <a href="https://www.legislation.gov.au/C2004A05333/latest/text">Charter of Budget Honesty Act</a> introduced in 1998 by Peter Costello, the treasurer under Prime Minister John Howard.</p> <p>On taking office in 1996, Costello set up a <a href="https://webarchive.nla.gov.au/awa/20101119021633/http://www.finance.gov.au/archive/archive-of-publications/ncoa/execsum.htm">National Commission of Audit</a> to examine the finances he had inherited from the Hawke and Keating governments, presumably with an eye to discovering they had been mismanaged.</p> <p>But the members of the commission weren’t much interested in that. Instead, they decided to deal with something more fundamental.</p> <h2>Budget as you wish, but explain your strategy</h2> <p>Governments were perfectly entitled to manage money in whatever way they wanted, and they were perfectly entitled to spend more money than they raised (which they usually do, it’s called a <a href="https://www.investopedia.com/terms/d/deficit.asp">budget deficit</a>).</p> <p>What the commission wanted was for governments to make clear what they were doing, and to spell out the strategy behind it.</p> <p>Only part of it was about being upfront with the public. The commission also wanted governments to be upfront with themselves – to actually develop frameworks for what they were doing, rather than doing whatever they felt like.</p> <p>The commission recommended a <a href="https://webarchive.nla.gov.au/awa/20101119021633/http://www.finance.gov.au/archive/archive-of-publications/ncoa/execsum.htm">Charter of Budget Honesty</a>, which among other things requires officials to prepare independent assessments of the finances before each election, requires budget updates six months after each budget, and requires <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook45p/TaxExpenditures">tax expenditures</a> (tax breaks) to be accounted for like other expenditures.</p> <p>And it requires the publication and regular updating of a <a href="https://cdn.theconversation.com/static_files/files/3227/CBH_Fiscal_strategy.pdf">fiscal strategy statement</a>.</p> <h2>Where treasurers hold themselves accountable</h2> <p>The <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">fiscal strategy</a> can be thought of as an exam question set by the student who is being examined – something along the lines of “this is what you say you want your budget to achieve, please set out the means by which you plan to achieve it”.</p> <p>It turns out to have been exceptionally effective in getting governments to organise their thoughts, make budgets at least try to achieve something, and let the rest of us know what they are trying to achieve.</p> <p>Every few years, treasurers change the strategy, as is their right. Treasurer Jim Chalmers says he’ll change it again this budget, to de-emphasise the fight against inflation and to more greatly emphasise the need to <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/transcripts/press-conference-washington-dc-0">support economic growth</a>.</p> <p>His statement will tell us what’s behind his actions in a way the glossy words in his brochure and speech might not.</p> <h2>The strategy that has signposted 26 years</h2> <p>Previous statements have signposted all the important turns in what the budget is trying to do.</p> <p>The first, in <a href="https://images.theconversation.com/files/589686/original/file-20240423-16-rncqg3.PNG">1998</a>, committed Costello and Howard to achieving a budget surplus on average over the economic cycle and whenever “growth prospects remain sound”.</p> <p>Making that commitment more difficult was another “not to introduce new taxes or raise existing taxes over the term of this parliament”.</p> <p>Two years later, after the government had won an election promising a new goods and services tax, that commitment was <a href="https://images.theconversation.com/files/589692/original/file-20240423-18-q843xn.PNG">changed</a> to “no increase in the overall tax burden from its 1996-97 level”, a condition met by calling the GST a state tax.</p> <h2>Hockey and Morrison wound back spending</h2> <p>The Labor budgets from 2008 <a href="https://images.theconversation.com/files/589702/original/file-20240423-18-mikx6f.PNG">loosened</a> the tax target to the <em>average</em> share of GDP below the reference year, which they changed to the higher-tax year of 2007-08.</p> <p>The first Coalition budget under Treasurer Joe Hockey in 2014 changed the target from tax to spending, pledging to bring down the ratio of <a href="https://images.theconversation.com/files/589705/original/file-20240423-16-9spkdy.PNG">payments to GDP</a>, and pledging a surplus of 1% of GDP by 2023-24.</p> <p>Any new spending would be more than offset by cuts elsewhere, and if the budget did receive a burst of unexpected revenue it would be “banked” rather than spent.</p> <p>In 2018 Treasurer Scott Morrison reintroduced tax as a target, that he spelled out precisely. Tax was not to increase beyond <a href="https://images.theconversation.com/files/589706/original/file-20240423-16-b7gj5d.PNG">23.9%</a> of GDP.</p> <h2>During COVID, Frydenberg spent big</h2> <p>In 2020, in the face of a COVID-induced recession and soaring unemployment, Finance Minister Mathias Cormann and Treasurer Josh Frydenberg pushed the old strategy to one side.</p> <p>They would spend big now to keep the economy afloat so they wouldn’t have to spend more bailing it out later, and they wouldn’t return to their old concern about the deficit until the unemployment rate was “<a href="https://cdn.theconversation.com/static_files/files/3228/fs2020.pdf">comfortably below 6%</a>”.</p> <p>So well did they succeed that in 2021 Frydenberg made the momentous decision to keep going, abandoning the promise to return to worrying about the deficit when unemployment fell below 6%.</p> <p>Instead he promised to keep spending big until unemployment was “<a href="https://images.theconversation.com/files/589709/original/file-20240423-16-9pmpaf.PNG">back to pre-crisis levels or lower</a>”.</p> <p>The decision propelled unemployment down to a 50-year low of <a href="https://www.datawrapper.de/_/wPfXO/">3.5%</a>.</p> <p>Along with high iron ore prices, that one change of strategy has probably helped deliver Chalmers two consecutive budget surpluses – the one he announced last year for 2022-23, and the one he is set to announce this year for 2023-24. More of us have been in jobs <a href="https://www.finance.gov.au/publications/commonwealth-monthly-financial-statements/2024/mfs-january">paying tax</a>, and fewer have been out of jobs <a href="https://theconversation.com/half-a-million-more-australians-on-welfare-not-unless-you-double-count-227342">on benefits</a>.</p> <p>It’s a powerful demonstration of the real-world difference budget decisions can make, and the way in which the <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">fiscal strategy</a> tells the story.<!-- 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/228387/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><em><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p><em>Image credits: Getty Images</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/beyond-the-spin-beyond-the-handouts-heres-how-to-get-a-handle-on-whats-really-happening-on-budget-night-228387">original article</a>.</em></p> </div>

Money & Banking

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What to expect from the federal budget

<p>There's just three weeks left until Treasurer Jim Chalmers unveils the federal budget.</p> <p>With the cost of living crisis still a major issue across the country, we can expect to see some policies aimed at alleviating the pressure. </p> <p>Some policies, have already been announced and here are a few others that we can expect to hear from Chalmers on May 14. </p> <p>Stage 3 cuts announced in January, will form a key part of this year's budget, which will direct more benefit towards low- and middle-income earners – although Australians on high salaries will still receive a tax cut.</p> <p>The decision was made to alleviate the cost-of-living pressures and partly address the bracket creep. The cuts lower the threshold for the lowest two brackets (so they pay less tax on that income), and raise the threshold for the highest two brackets (so they need to earn more to be taxed at a higher rate). </p> <p>This means that someone with average income of around $73,000 will get $1504, but how much you actually receive will depend on your income. </p> <p>The new version of the stage 3 cuts will come into effect on July 1.</p> <p>Superannuation will be paid on government-funded parental leave, with the change due to kick in for parents with babies born after July 1, 2025.</p> <p>They will receive a 12 per cent superannuation on top of their government-funded parental leave, with around 180,000 families expected to benefit from it. </p> <p>The figures will be included in the May 14 budget. </p> <p>Although nothing has been officially announced,  there will likely be HECS-HELP debt relief for current and former students. </p> <p>"I think there's a range of areas where we need to do much better with the younger generation, and HECS is one of them," Prime Minister Anthony Albanese said on radio on April 18.</p> <p>"We've received a review of that... and what that has said is that the system can be made simpler and be made fairer.</p> <p>"We're examining the recommendations and we'll be making announcements pretty soon on that. We, of course, have a budget coming up."</p> <p>There have also been some hints from the government that energy bill relief will continue in this year's budget. </p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," Albanese said, citing the existing policy that gives eligible families up to $500 off their power bills and eligible small businesses up to $650.</p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," he said.</p> <p>"That's why the energy bill relief package I negotiated with the states and territories delivered up to $650 in savings for around 1 million small businesses, along with 5 million families.</p> <p>"And as we put together next month's budget, small businesses and families will again be front and centre in our thinking."</p> <p>Energy bills are also set to go down, or remain stable for the most part from July 1. </p> <p><em>Image: Getty</em></p>

Money & Banking

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Stay or go? Most older Australians want to retire where they are, but renters don’t always get a choice

<p><em><a href="https://theconversation.com/profiles/christopher-phelps-378137">Christopher Phelps</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p>As Australia’s population gets older, more people are confronted with a choice: retire where they are or seek new horizons elsewhere.</p> <p>Choosing to grow old in your existing home or neighbourhood is known as “ageing in place”. It enables older people to stay connected to their community and maintain familiarity with their surroundings.</p> <p>For many, the decision to “age in place” will be tied to their connection to the family home. But for many, secure and affordable housing is increasingly <a href="https://theconversation.com/ageing-in-a-housing-crisis-growing-numbers-of-older-australians-are-facing-a-bleak-future-209237">beyond reach</a>. This choice may then be impeded by a lack of suitable accommodation in their current or desired neighbourhoods.</p> <p>Our recently published <a href="https://doi.org/10.1177/01640275231209683">study</a> asks what motivates older homeowners and renters to age in place or relocate, and what factors disrupt these preferences. It suggests older renters are often not given a fair choice.</p> <h2>Most older Australians want to age in place</h2> <p>Having the option to age in place enables older people to retain autonomy over their lifestyles and identity, promoting emotional wellbeing.</p> <p>Using 20 years of data from the government-funded Household, Income and Labour Dynamics in Australia (HILDA) survey, we tracked the preferences of Australians aged 55 and over.</p> <p>Encouragingly, most older Australians are already where they want to be.</p> <p>Two-thirds (67%) of respondents strongly preferred to stay in their current neighbourhood, and an additional one-fifth (19%) had a moderate preference to stay.</p> <p>Only 6% showed a moderate or strong desire to leave. Ageing in place is then the natural choice for a vast majority of older Australians.</p> <p><iframe id="s3LTM" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/s3LTM/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>Our study highlights several motivations for people to stay put as they retire.</p> <p>For homeowners, family ties matter. Owners with children residing nearby were around one and a half times more likely to have a higher preference to stay.</p> <p>Older owners might then have a reason to call on their substantial <a href="https://theconversation.com/the-housing-wealth-gap-between-older-and-younger-australians-has-widened-alarmingly-in-the-past-30-years-heres-why-197027">housing wealth</a> and keep their children nearby via the <a href="https://360info.org/how-to-help-the-young-buy-a-home/">“bank of mum and dad”</a>.</p> <p>For renters, how long they stay is important. Those renting their home for 10 years or more were 1.7 times more likely to have a higher preference to stay than short-term renters.</p> <h2>Renters face the most disruption</h2> <p>The survey enabled us to follow where older people lived a year after they provided their preferences. This helped us gauge how often they turned their desires into reality.</p> <p>The chart below indicates that private renters face greater obstacles to ageing in place.</p> <p>Around one in 10 private renters that desired to age in place were disrupted – they wanted to stay in their neighbourhood but didn’t. This suggests they moved out of their neighbourhood involuntarily.</p> <p>Only 2% of homeowners and social renters experienced the same disruption. However, for those in these tenures that did not desire to age in place, involuntary immobility was a greater concern. Only 15% of those that wanted to leave succeeded, leaving the vast majority “stuck in place”.</p> <p><iframe id="IlliV" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/IlliV/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>The private rental market is the least secure of tenures, and so private tenants are often exposed to involuntary moves. Australia’s private rental system is lightly regulated compared to many other countries, creating tenure insecurity concerns.</p> <p>On the other hand, social renters were particularly susceptible to involuntary immobility. Social housing is scarce in Australia and subject to <a href="https://theconversation.com/its-soul-destroying-how-people-on-a-housing-wait-list-of-175-000-describe-their-years-of-waiting-210705">lengthy waiting lists</a>. A neighbourhood move often requires transferring to the less affordable and less secure private rental housing.</p> <p>Even after considering financial status, social renters were four times as likely to be stuck as compared to private renters. Social tenants are strongly deterred from moving in the current system.</p> <h2>How can we support older Australians’ preferences?</h2> <p>Our study exposes some barriers in the housing system that hinder people from being able to age in place, or move when they want to. Clearly, older renters enjoy fewer protections against disruptions to their preferences to age in place than older owners.</p> <p>For private renters, tenure insecurity in the <a href="https://theconversation.com/insecure-renting-ages-you-faster-than-owning-a-home-unemployment-or-obesity-better-housing-policy-can-change-this-216364">private rental sector</a> is a key reform priority. This can be achieved through stronger regulation that improves tenants’ rights. For example, more states could adopt <a href="https://theconversation.com/how-5-key-tenancy-reforms-are-affecting-renters-and-landlords-around-australia-187779?utm_source=twitter&amp;utm_medium=bylinetwitterbutton">recent regulatory rental reforms</a> that support the rights of pet owners and protect against no-grounds evictions.</p> <p>Large numbers of older private renters also face severe <a href="https://www.oldertenants.org.au/publications/ageing-in-a-housing-crisis-older-peoples-housing-insecurity-homelessness-in-australia">rental stress</a>, which may force them to move from their preferred neighbourhood. <a href="https://theconversation.com/1-billion-per-year-or-less-could-halve-rental-housing-stress-146397">Commonwealth rent assistance reform</a> would alleviate some of this stress through an increase in rates and better targeting.</p> <p>An increase in the supply of social housing would play an important role in improving both tenure security and housing affordability. Older social renters enjoy fewer obstacles to ageing in place than older private renters.</p> <p>However, if social renters want to move into the private rental market to relocate, they face difficulty securing accommodation. This will likely discourage moves as it would require sacrificing the tenure security offered by social housing. However, policy initiatives that improve the <a href="https://www.ahuri.edu.au/sites/default/files/migration/documents/PES-358-Lessons-from-public-housing-urban-renewal-evaluation.pdf">quality of the public housing stock</a> can reduce feelings of being stuck.</p> <p>As <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">homeownership rates decline</a> both among young people and those nearing retirement, we can expect the population of older renters to grow.</p> <p>Overall, our findings support a strong case for policy reform in the rental sectors to address the needs and preferences of older renters.<!-- 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/218024/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/christopher-phelps-378137"><em>Christopher Phelps</em></a><em>, Research Fellow, School of Accounting, Economics and Finance, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, ARC Future Fellow &amp; Professor of Economics, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, Research Professor of Geography, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</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/stay-or-go-most-older-australians-want-to-retire-where-they-are-but-renters-dont-always-get-a-choice-218024">original article</a>.</em></p>

Retirement Income

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Your passport to salon-quality haircare on a budget

<p dir="ltr">There’s nothing quite like the feeling of walking out of the hairdressers to proudly show off your new cut or colour, and your hair is the softest it's ever felt. </p> <p dir="ltr">While this post-salon feeling is second to none, it's hard to recreate at home to avoid spending big bucks at your hairdressers more than you need to. </p> <p dir="ltr">And then begins the seemingly endless journey to find a shampoo and conditioner that works for your unique hair type without breaking the bank. Trawling down the aisles of supermarkets and chemists in search of these elusive products can often raise more questions than answers. </p> <p dir="ltr">What ingredients should you be steering clear of? What brands are better than others? What problem area should you be targeting? Does more expensive actually mean better?</p> <p dir="ltr">And so on and so forth, forever. </p> <p dir="ltr">Until, an unsung hero swoops in to save the day. </p> <p dir="ltr">After absolutely perfecting affordable makeup, Revlon have made their foray into haircare, with Revlon Professional having the answer for everyone’s individual hair care needs while keeping the prices low.   </p> <p dir="ltr">Revlon Professional have a shampoo, conditioner and hair mask to cover everyone, with their systems covering everything from hydration and volume to colour protection, restoration, curly hair maintenance and more. </p> <p dir="ltr">I tried out the Revlon Professional RE/START Hydration system over two weeks while on holiday to really put it to the test.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C1X1n6AI9FP/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C1X1n6AI9FP/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Revlon Professional Australia (@revlonprofessionalaustralia)</a></p> </div> </blockquote> <p dir="ltr">While I was testing out the three-step system, I was exposing my hair to chlorine pools, salty ocean water and relentless humidity. On top of this, my poor hair has suffered years of abuse (at my own hands), and has been bleached several times, draining my hair of any natural moisture.</p> <p dir="ltr">I have tried dozens of ultra hydration products to make my hair look marginally better than a hay bale, and have yet to find my holy grail solution. </p> <p dir="ltr">I was expecting the Revlon Professional range to do what every other product does: give me maybe 12 hours of softness before my hair goes back to looking like a tumbleweed.</p> <p dir="ltr">Obviously my years of trying every product on the market has made me jaded, because the  RE/START Hydration system was so much more than I ever expected. </p> <p dir="ltr">Over two weeks of trying out the products, I used the shampoo, conditioner and mask about four times. After the first time of using them, I was completely shocked at how hydrated my hair stayed until it was next time for a wash. </p> <p dir="ltr">Unlike other products on the market, the RE/START Hydration system keeps your hair hydrated for days, all while looking clean, healthy, shiny and untangled, without weighing your hair down. </p> <p dir="ltr">At last, I have finally found my holy grail products and I will sing their praises from the rooftops. </p> <p dir="ltr">Whatever your hair concerns may be, Revlon Professional has the answer for you, all while keeping your wallet in mind. </p> <p dir="ltr">But don’t just take my word for it. The Revlon Professional ranges are available at <a href="https://www.adorebeauty.com.au/b/revlon-professional.html?p=2">Adore Beauty</a>, <a href="https://www.ozhairandbeauty.com/brands/revlon-professional">Oz Hair &amp; Beauty</a> and Revlon’s <a href="https://www.revlonprofessional.com/">official website</a> for you to find your own holy grail products, and have salon fresh hair all year round. </p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Beauty & Style

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Airline selling international flights for under $400

<p>Looking to jet off to Europe without breaking the bank? Well, now might be your chance! Budget airline Scoot has just unveiled an irresistible March sale, offering one-way flights to various European and other international destinations for less than $400. With more than 60 destinations on offer, travellers from Sydney, Melbourne and Perth are in for a treat.</p> <p>Scoot, known for its affordable fares and quality service, is the low-fare subsidiary of Singapore Airlines. The airline kicked off its one-week sale on Tuesday March 19, much to the delight of eager globetrotters. From Greece to Japan, and from Singapore to Indonesia, there's a plethora of destinations waiting to be explored.</p> <p>Among the highlights of this enticing offer are flights to Singapore starting from a mere $198, Athens from $355, Osaka from $315, and Denpasar from just $189. With such competitive pricing, it's no wonder travellers are scrambling to secure their seats.</p> <p>However, with great deals often come limited availability. While Scoot has not disclosed the exact number of seats up for grabs, travel experts advise acting fast. Graham Turner, from Flight Centre, <a href="https://7news.com.au/news/scoot-launches-march-sale-with-flights-to-europe-from-395-c-14009924" target="_blank" rel="noopener">cautioned 7News</a> that while the deals are fantastic, they're likely to be snapped up quickly. "There won't be a lot," he warned, while stressing the importance of doing thorough research before making a booking.</p> <p>It's essential for travellers to note that the fares advertised are all one-way and do not include additional charges such as taxes, checked baggage, WiFi, in-flight entertainment, food or flight changes. Despite these add-ons, the base fares remain incredibly competitive, making Scoot's March sale an attractive option for those seeking budget-friendly travel options.</p> <p>If you've been dreaming of am international getaway, now is the time to turn those dreams into reality. But don't delay – Scoot's March sale is set to run only until Monday night March 25, giving travellers just a limited window of opportunity to snag these incredible deals.</p> <p>So, whether you're yearning to wander through the historic streets of Athens, indulge in sushi delights in Osaka, or relax on the pristine beaches of Denpasar, Scoot's March sale has something for every traveller's taste and budget. Don't miss out on this chance to explore Europe without breaking the bank!</p> <p><em>Image: Scoot</em></p>

Travel Tips

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World's oldest woman turns 117

<p>One of the world's oldest living person has turned 117. </p> <p>Maria Branyas Morera born on March 4, 1907 in San Francisco, lived through the 1918 pandemic, the two World Wars, Spain’s civil war and fully recovered after contracting Covid just days before her 113th birthday. </p> <p>She was one of the world's oldest Covid survivor's in 2020 and is now the 12th oldest verified person in history. </p> <p>Maria, who moved to Catalonia, Spain when she was eight, proudly announced her age on X, formerly known as Twitter in a post that read:  “Good morning, world. Today I turn 117 years old. I’ve come this far.”</p> <p>Maria, who has lived in a nursing home for the past 23 years, is healthier than ever aside from hearing difficulties and mobility issues, and scientists are studying her to find out the secrets to a long life. </p> <p>“She remembers with impressive clarity events from when she was only four years old, and she does not present any cardiovascular disease, common in elderly people," Scientist Manel Esteller told Spanish outlet <em>ABC</em>.</p> <p>“It is clear that there is a genetic component because there are several members of her family who are over 90 years old.”</p> <p>Scientists and Maria are working together to gain further insights into living longer, and researchers hope that studying Maria’s genes will help with the development of drugs which could combat diseases associated with ageing.</p> <p>Maria had three children with her husband  a Catalan doctor named Joan Moret.</p> <p>Her husband passed away 1976, and Maria also outlived her only son, August who tragically passed away in a tractor accident when he was 86. </p> <p>Maria now has two daughters, 11 grandchildren and 11 great-grandchildren.</p> <p>The oldest person ever established was a Frenchwoman named Jeanne Calment, who lived to the age of 122 years and 164 days.</p> <p><em>Image: news.com.au/ Guiness Book of Records</em></p>

Family & Pets

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Why Ita Buttrose chose to leave the ABC

<p>In her last week as the head of the ABC, Ita Buttrose has broken her silence on why she chose to step down from the role. </p> <p>Speaking with <em>Stellar</em> magazine ahead of International Women's Day, the 82-year-old journalist has clarified that her decision to leave the public broadcaster had “nothing to do with current events.”</p> <p>After serving her five-year term, reports have swirled that her departure is related to the December sacking of presenter Antoinette Lattouf, who was let go after she shared a social media post about the Israel Gaza war, in which she condemned the treatment of Palestinian civilians.</p> <p>Following the controversial sacking, more than 100 of ABC's union staff slammed managing director David Anderson triggering a vote of no confidence. </p> <p>Ms Buttrose supported Mr Anderson through the ordeal, declaring it’s “abhorrent and incorrect” that he showed a lack of support for independent journalists amid Ms Lattouf’s axing.</p> <p>Due to the chaos at the ABC, many speculated that Buttrose's departure was to escape the turmoil, but she has since refuted the claims. </p> <p>“I did notify the government and the minister Michelle Rowland in August last year that I was not going to seek another term,” Ms Buttrose told <em>Stellar</em>.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C366msrI_qc/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C366msrI_qc/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Stellar (@stellarmag)</a></p> </div> </blockquote> <p>“Five years is quite a long time to serve the ABC. I know some chairs have gone on and done a second term, but I’m conscious that I’m a woman of a certain age. And despite [US president] Joe Biden thinking he should run another term – I don’t think he should – sometimes you need to examine yourself and say, ‘Well, I am a person of a certain age and everything’s fine, and cognitively I’m good’ but still, weigh it up. Another five years. What would it be like?" </p> <p>“You have to know in yourself when you need to step aside. I felt that. It had nothing to do with any current events.”</p> <p>Ms Buttrose went on to defend questions surrounding outside influence on the national broadcaster.</p> <p>“The role of independence of the national broadcaster is paramount to what we do. It’s enshrined in legislation,” she said.</p> <p>“The ABC and I have never been influenced by outside lobbyists, people passionate about their particular cause as politicians, commercial interests, you name it." </p> <p>“The ABC has never caved in. I’ve never caved in. Neither has the managing director nor the board.”</p> <p><em>Image credits: Getty Images</em></p>

Retirement Life

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As Scott Morrison leaves parliament, where does he rank among Australian prime ministers?

<p><em><a href="https://theconversation.com/profiles/paul-strangio-1232">Paul Strangio</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>This week Scott Morrison, Australia’s 30th prime minister, will deliver his valedictory speech to the House of Representatives. As Morrison leaves parliament, it’s timely to ask where he is placed in the pantheon of Australia’s national leaders.</p> <p>Already there have been unflattering verdicts on Morrison’s prime-ministerial standing. For example, in her withering account of his leadership, veteran columnist and author <a href="https://scribepublications.com.au/books-authors/books/bulldozed-9781922585981">Niki Savva writes</a> that among detractors, “Morrison was regarded as the worst prime minister since Billy McMahon”. Moreover, according to Savva, following the August 2022 revelation of his commandeering of five ministries during the COVID pandemic, his reputation sunk still lower: “he was worse than McMahon. Worse even than Tony Abbott, who lasted a scant two years in the job”.</p> <h2>How can we rank prime ministerial performance?</h2> <p>How might we know how Morrison’s record stacks up against his prime-ministerial peers? One device for evaluating comparative leadership performance is expert rankings. Australia has had a slow take-up in this field, unlike the United States, where presidential rankings have a lineage stretching back three-quarters of a century and are a veritable scholarly cottage industry.</p> <p>In recent years, there have been forays into this territory in Australia, with three prime-ministerial rankings conducted by newspapers and two initiated by Monash University in 2010 and 2020. (I was the organiser of both of these Monash rankings.)</p> <p>These rankings have been largely consistent in their results. The experts, mostly political historians and political scientists, have judged the nation’s greatest prime minister to be its second world war leader, John Curtin. The other leaders in the top echelon are, in rough order, Bob Hawke, Ben Chifley, Alfred Deakin, Robert Menzies, Andrew Fisher, John Howard, Paul Keating and Gough Whitlam.</p> <p>At the other end of the scale, Billy McMahon, who is chiefly remembered for being defeated by Labor’s Whitlam at the December 1972 election, thereby bringing to a close the Liberal Party’s postwar ascendancy, has been consistently rated Australia’s prime-ministerial dunce. Even his biographer, Patrick Mullins, acknowledges that McMahon has become “a by-word for failure, silliness, ridicule”.</p> <p>However, in the most recent of the rankings, the Monash 2020 survey, McMahon had a close competitor for bottom place: Tony Abbott. Forty-four out of 66 respondents to that survey assessed Abbott’s prime ministership a failure. Other prime ministers to the rear of the field included Abbott’s contemporaries, Kevin Rudd and Malcolm Turnbull.</p> <p>Morrison was not included in the 2020 rankings because as the incumbent his prime ministership was incomplete, and so it was premature to evaluate his performance. Let us now, though, measure his record against the nine benchmarks that the experts were asked to consider in rating the nation’s leaders.</p> <h2>So how does Morrison shape up?</h2> <p>The first is “effectively managing cabinet”. To date, little has been disclosed about the integrity of cabinet processes under Morrison’s stewardship. Yet, whatever the merits of that management, his scandalous breach of the norms of cabinet government by <a href="https://theconversation.com/view-from-the-hill-the-bell-report-on-morrisons-multi-ministries-provides-a-bad-character-reference-195368">secretly assuming several ministries</a> will irretrievably stain his reputation in this regard.</p> <p>Next is “maintaining support of Coalition/party”. That Morrison avoided being deposed by his party, which was the fate of his immediate predecessors (Rudd, Julia Gillard, Abbott and Turnbull), counts in his favour. As the ABC docuseries Nemesis shows, however, his prime ministership was marked by serious frictions both within the Liberal Party and between the Liberal and National coalition partners.</p> <figure><iframe src="https://www.youtube.com/embed/gLXdXUwGrJs?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Demonstrating personal integrity”. This was not one of Morrison’s strong suits. As Savva makes searingly evident, and Nemesis also highlights, Morrison earned a reputation for being economical with the truth (including hiding his acquisition of colleagues’ ministries), for evading accountability and shifting blame (“I don’t hold a hose, mate”), and for corrupted processes under his watch (an example being the <a href="https://theconversation.com/more-sports-rort-questions-for-morrison-after-bridget-mckenzie-speaks-out-133160">shameless pork-barrelling</a> of the community sport infrastructure program in the lead-up to the 2019 election).</p> <p>“Leaving a significant policy legacy”. Here Morrison is partly damned by his own words. In office, he insisted he was not concerned about his legacy, equating the idea with a vanity project. Indeed, an obsession with the theatre of politics and a corresponding lack of substance caused his prime ministership to come to be seen as bereft of purpose.</p> <p>On the other hand, management of the COVID pandemic, however mixed, accords a significance to his time in office. AUKUS stands as the other major legacy of Morrison’s prime ministership, entrenched as it has been by his successor, Anthony Albanese. The agreement promises to influence Australia’s defence capability until the middle of this century and beyond, although only time will tell whether it enhances the nation’s security or is a dangerous white elephant.</p> <p>“Relationship with the electorate”. Morrison’s record here is mixed. In his favour, he won an election (something McMahon couldn’t claim). Yet, by the time of the 2022 election, according to the Australian Election Study, he was the least popular major party leader in the history of that survey, which dates back to the 1980s.</p> <p>His public toxicity was a primary factor in the Coalition’s defeat, one of his Liberal colleagues comparing the depth of public sentiment against the prime minister in 2022 to “having a 10,000-tonne boulder attached to your leg”.</p> <p>“Communication effectiveness”. Styling himself as a Cronulla Sharks-supporting “daggy dad” from the suburbs, at least initially Morrison’s communication mode seemed to be well received in the community. He was relentlessly on message during the 2019 election campaign.</p> <p>But the shine rapidly wore off his persona following that victory, with growing doubts about his authenticity. Rather than persuade, his habit was to hector, and rather than empathise, he exuded smugness. A series of notorious tin-eared statements, which especially alienated women voters, came to define his image. By the end he was known as the “bulldozer-in-chief”.</p> <figure><iframe src="https://www.youtube.com/embed/yamdw5VeNtA?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Nurturing national unity”. An innovation of Morrison’s at the beginning of the pandemic was the national cabinet. Bringing together the prime minister and premiers, it worked effectively for a time, only for partisan interests over lockdowns to strain relations between Canberra and the states.</p> <p>Under pressure, Morrison also flirted with divisive culture-war politics, instances being his divisive Religious Discrimination Bill and his egregious handpicking of the anti-transgender Liberal candidate Katherine Deves to contest the 2022 election.</p> <p>“Defending and promoting Australia’s interests abroad”. The AUKUS pact has vehement critics, led by Morrison’s prime-ministerial peers Keating and Turnbull, who argue it jeopardises national sovereignty.</p> <p>There is no denying, however, that AUKUS was Morrison’s signature foreign policy enterprise. On the other hand, Australia’s reputation as a laggard on climate change under the Coalition hurt our international standing, not least among Pacific neighbours. The Morrison government’s belated commitment to a net zero carbon emissions by 2050 target was too little, too late. Bellicose rhetoric towards Beijing also led to a deterioration in relations with the nation’s major trading partner (as well as estranging Chinese-Australian voters).</p> <p>“Being able to manage turbulent times”. Here, again, Morrison’s record is at best mixed. In his favour is decisive early actions to ameliorate the COVID pandemic, headed by the JobKeeper program. As the pandemic progressed, however, his government was too often flat-footed, demonstrated by its dilatory approach to procuring vaccines. His response to natural disasters, most notably the 2019-20 Black Summer bushfires, was another shortcoming, exemplified by his secret holiday to Hawaii in the midst of the crisis. Arguably, his prime ministership was doomed from that moment.</p> <h2>And the verdict?</h2> <p>Prime-ministerial reputations can take time to settle. The passing of years fleshes out historical knowledge as well as providing greater perspective on performance in office. For example, the fate of AUKUS will quite possibly affect Morrison’s standing well into the future.</p> <p>Even allowing for this, it seems safe to forecast that Morrison will be rated among the least distinguished of Australian prime ministers. His government’s relatively successful early management of the COVID pandemic and the legacy of AUKUS might spare him from falling below McMahon and Abbott at the bottom of the prime-ministerial heap. But avoiding that ignominy will probably be a close-run thing.<!-- 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/223003/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><em><a href="https://theconversation.com/profiles/paul-strangio-1232">Paul Strangio</a>, Emeritus professor of politics, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Getty Images </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/as-scott-morrison-leaves-parliament-where-does-he-rank-among-australian-prime-ministers-223003">original article</a>.</em></p>

Retirement Life

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Read this before choosing a retirement village

<p>Making the move from your own home into a retirement village is a huge decision. And with more than 2,000 villages around the country there’s a world of choice. These are some of the things you need to know before you make the move.</p> <p><strong>Get your priorities straight</strong></p> <p>Think about the kind of village you can see yourself living in. Make a list of features that you absolutely must have and a list of those that are desirable but not essential. Don’t be tempted to compromise on the first list because you could end up very unhappy in the long run.</p> <p>Do your research and find a village that meets your requirements. Don’t rush into somewhere that you aren’t completely sure about.</p> <p><strong>Money, money, money</strong></p> <p>Retirement villages aren’t cheap so you’ll need to be realistic about what it’s going to cost and how much you have to spend. It’s a good idea to see a professional financial adviser to get a complete picture of your financial situation, including things like selling your current home, super and any shares you own.</p> <p>You will have to sign a contract with the village before you move in, so get your financial adviser or a lawyer to go over it with you and make sure you understand all your obligations.</p> <p><strong>Location is key</strong></p> <p>As with any move, you need to think carefully about location. If the village is a long way from your current residence it can drastically alter your social life and connections with friends and family.</p> <p>You also need to think about proximity to public transport, shops, health services and community activities.</p> <p><strong>Choose your style</strong></p> <p>Retirement villages range from self-contained independent living to serviced accommodation and residential aged care. They also vary greatly in size from just a handful of units to villages with hundreds of residents. Larger villages tend to have more facilities, so if you’re an active person who loves to swim or play tennis then this could be the choice for you.</p> <p>However, extra facilities come with extra costs so if these aren’t important to you then you could find a cheaper option. You’ll also want to find out about communal dining options and social activities or groups within the village.</p> <p><strong>Get the help you need</strong></p> <p>As with accommodation styles, there is a wide range in the levels of assistance available. This can be as basic as having a cleaner come once a week right up to full nursing care. Some villages have the option to raise your level of care as you age or become unwell, which can be a better option than moving into a new village.</p> <p><strong>Stick to the rules</strong></p> <p>Can visitors stay the night? Can I have a pet? Is there a system for resolving disputes? You’ll want to be familiar with the rules and regulations of the village so read the fine print in your contract or ask questions before you commit.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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The one thing you must do before retirement

<p>When you think about planning for retirement, the standard advice is to take a thorough look at your superannuation and finances. Although money is undoubtedly an important aspect of retirement planning, making a plan for your emotion and physical wellbeing is just as crucial.</p> <p>New research from the UK has found that retirement can have a negative impact on your mental and physical health. The study, published by the Institute of Economic Affairs, looked at the impact of retirement on 7,000 people aged 50 to 70, and found that while retirement gives most people a small health booth, over the medium to long-term it causes a “drastic decline in health”.</p> <p>For both men and women, retirement decreases the likelihood of "very good” or "excellent" self-reported health by 40 per cent, increases risk for depression by 40 per cent, and diagnosis of a physical illness by 60 per cent. The study’s lead author, Gabriel Sahlgren, noted: "Work, especially paid work, gives many people a sense of purpose. Losing that may lead to declines in health."</p> <p>The lesson: Make a plan for your emotional and physical health.</p> <p>“Don't wait until you retire to decide how you're going to keep busy,” Dave Bernard, retirement blogger and author of Are You Just Existing and Calling it a Life?, told Prevention, adding, “And you need to look well beyond the first six months.”</p> <p>Just as it’s necessary to make sure your finances are in order before retirement, it’s crucial to ask yourself: What will my new sense of purpose in retirement be?</p> <p>“Many times, adults might not think about what it actually means to be retired, or they think about retirement in abstract terms,” says Angela Curl, an assistant professor in the University of Missouri School of Social Work.</p> <p>She says you need to make concrete plans for retirement. “If you want to volunteer when you are retired, ask yourself where and how often. Having specific plans and steps to follow will help you enter retirement more easily,” says Curl.</p> <p>Creating a plan of how you’ll spend your time when you retire will keep you mentally and physically strong, ensuring that you’ll be healthy enough to enjoy your well-deserved retirement.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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"Lost everything": Retirees left homeless after houseboat destroyed

<p>Two grandparents from South Australia have lost everything after a tree fell on their houseboat during a wild storm. </p> <p>Pam, 77, and David, 82, moved into their two-bedroom houseboat on the Murray River when they first retired over 20 years ago, after finally living out their dream of living on the water. </p> <p>During a storm on February 13th, when their houseboat was moored about 700m from the Renmark boat ramp, their lives were changed forever when a tree fell through their roof. </p> <p>Their granddaughter Shenay Harris said it was a miracle the pair escaped with only minor injuries.</p> <p>“They’re both sitting in their armchairs next to each other. My nan was actually stuck. Her legs were pinned from all the rubble of the roof caving in, and my pop managed to be able to stand up and reach for the phone to call emergency services,” Harris told <a href="https://7news.com.au/news/south-australian-grandparents-lose-everything-after-tree-falls-on-houseboat-in-murray-river-during-storm--c-13615764" target="_blank" rel="noopener"><em>7News</em></a>.</p> <p>“Looking at the boat and where they were sitting and everything, we have no idea how they are still with us. It’s just absolutely amazing that they’re still here, and they’re OK.”</p> <p>Shenay said her grandparents were now feeling lost about their future, while also grieving the loss of their retirement home. </p> <p>“My pop, he’s absolutely shattered. He’s said to us ‘it’s all over now’ ... (we’re) trying to reassure him (that) ‘no, it’s just a new beginning’,” Harris said.</p> <p>“They’ve been on that boat for 23 years, so it’s been my whole childhood and life with them living on the boat."</p> <p>The houseboat was not insured at the time of the accident, leaving both of the retirees homeless, with no hope for a replacement boat or a payout to get them back on their feet. </p> <p>“They’ve literally just lost everything they’ve got, you know, no assets, nowhere to go, no money,” Shenay said.</p> <p>An <a href="https://www.gofundme.com/f/riverland-houseboat-tragedy-pamelas-joy?cdn-cache=0" target="_blank" rel="noopener">online fundraiser</a> has been set up to support the couple as they figure out the next stage of their life, so far raising $3,000.</p> <p>“They’re both pensioners, they’ve really got nothing to their name now, having lost the boat. So really just to get them back on their feet.”</p> <p><em>Image credits: GoFundMe / 7News</em></p>

Retirement Life

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Five tips for developing and managing your budget – even in tough economic times

<p><em><a href="https://theconversation.com/profiles/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a></em></p> <p>There’s nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start a new year by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing <a href="https://www.statista.com/statistics/268225/countries-with-the-highest-inflation-rate/">all over Africa and the world</a>.</p> <p>Budgeting is especially key. It is the most effective method to <a href="https://www.thebalancemoney.com/how-to-make-a-budget-1289587">monitor income and expenditure</a>. <a href="https://www.uslendingcompany.com/blog/key-differences-in-writing-a-household-budget-vs-a-personal-budget/">Personal budgets</a> can help you to monitor your resources in pursuit of larger financial goals. Budgeting also offers <a href="https://www.acrwebsite.org/volumes/v46/acr_vol46_2411998.pdf">more opportunities</a> to save money, reduce your debts and live a comfortable life. It can even <a href="https://prucomm.ac.uk/assets/uploads/blog/2013/04/Personal-Budgets-review-of-evidence_FINAL-REPORT.pdf">improve your mental health</a>.</p> <p>But where should you start? What questions do you need to answer in creating a budget? Here are some tips that I’ve learned – not just as an economist, but as a research cost analyst and someone who keeps a budget too.</p> <h2>1. Understand the broader economic conditions</h2> <p>It is imperative that individuals keep themselves aware and up-to-date on the realities of their country’s economic landscape. You don’t have to be a professional economist, but keep an eye on new developments like free business registration, small business development funds and printing of new money notes. What is the current exchange rate? What’s the political landscape and what international factors, like the price of crude oil, are at play? You should also watch the inflation rate and have a sense of unemployment trends.</p> <p>This economic awareness will prepare you to draft your own budget and you’ll have a sense of when external factors mean it’s time to revisit your plans.</p> <h2>2. Review your income sources</h2> <p>The ability to earn income is critical to sustaining livelihoods. Having a definite source of income is the bedrock of budgeting.</p> <p>Some important questions you should ask about your income – and how you might budget with it – include:</p> <ul> <li>What is my current income?</li> <li>What do I use my income for?</li> <li>Am I able to save, given my current income?</li> <li>What proportion of my income do I save and what proportion do I spend?</li> <li>Do I have the capacity to earn more than this?</li> <li>How can I improve my income?</li> </ul> <p>Your answers can help you to identify gaps or untapped potential. Those with irregular or unpredictable income should factor in the element of time-gap in their income, for effective budgeting. Time gap is when they are not earning income. And everyone should make allowance in their budgets for uncertainties like health issues, social engagements, inflation, unemployment, recession and price shocks.</p> <h2>3. Appraise your expenses</h2> <p>Expenses can be broadly categorised into “variable” and “fixed”.</p> <p>Fixed expenses recur within a short period: housing, food, transport, medical costs, electricity, utilities, toiletries and clothing. Variable expenses are more long-term and irregular, such as investment in property or interest-yielding assets, and the purchase of machinery.</p> <p>The main essence of revising our expenses is to analyse and possibly improve our spending habits. In reviewing our expenses, we can consider issues such as:</p> <ul> <li>What is the proportion of consumption-savings ratio from my income? This is how much do I spend compared to how much I save.</li> <li>What are my regular expenses?</li> <li>What are my fixed, capital or investment expenses?</li> <li>What are my extraordinary expenses that need modification?</li> <li>Have there been emergency or extraordinary expenses?</li> </ul> <p>A careful response to the issues raised above offers an occasion to re-evaluate the pattern and direction of our expenses. For instance, overspending, unplanned or extraordinary expenses can be identified. This can lead to an optimal, efficient reallocation of available resources.</p> <h2>4. Stabilise your finances through savings</h2> <p>Savings have been <a href="https://klinglercpa.com/bedrock-principles-for-saving-money/">described</a> as a financial stabiliser, given their potential to cater for urgent needs and create opportunities for investments.</p> <p>Of course, savings have more value when they grow faster than the rate of inflation. Inflation erodes the value of savings. For instance, an amount of 300,000 naira (US$676) saved to purchase an autorickshaw today may be impossible in two months’ time with an inflation rate of 10% when the tricycle price rises to 330,000 naira (US$744). The reverse is the case when there is deflation.</p> <p>Therefore, it is advisable to improve the value of savings through investments in interest-yielding assets such as stocks, shares, bonds, microfinance and production.</p> <p>That’s not to say it’s always easy to save. Many income earners spend as they go, not seeing savings as part of their budgets. Harsh economic realities can also make it difficult – sometimes seemingly impossible – to save. But it’s not impossible: savings can be made in small amounts, through a daily, weekly or monthly contribution to collections, cooperative schemes or microfinance affiliations. For instance, a point of sale business in Nigeria can permit a daily contribution of 500 naira (US$1.13) over 25 work days, giving an average saving of 12,500 naira (US$28.18) per month.</p> <p>The Point-of-Sale business started in Nigeria in 2013 when the Central Bank of Nigeria introduced the agent banking system. A POS agent operates and processes transactions through a POS service provider. Providers of such services include banks, microfinance banks and fintech companies.</p> <h2>5. Run a flexible budget</h2> <p>Once your budget is created, remember that it’s not set in stone. It should be flexible if anything changes in your life. For instance, an amount saved to buy a car can be invested in a promising venture buying shares through public offerings or private placements in multinational organisations like Nestle or Unilever.</p> <p>Also, health emergencies or career advancement programmes can require taking some money out of our savings.</p> <p>In all, budgeting should be flexible enough to incorporate exigencies, especially when catering for the current situation will culminate into a greater good.<!-- 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/195590/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><em><a href="https://theconversation.com/profiles/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, Lecturer/Researcher, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a></em></p> <p><em>Image credits: Getty Images </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/five-tips-for-developing-and-managing-your-budget-even-in-tough-economic-times-195590">original article</a>.</em></p>

Money & Banking

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Most expensive countries to retire in revealed

<p dir="ltr">Australia has become one of the most expensive countries in the world to spend your retirement, with experts sharing how much we need to retire comfortably. </p> <p dir="ltr">Australia is now regarded as the world's seventh most expensive place to retire, and is also a major target for scammers, given the country’s superannuation initiative. </p> <p dir="ltr">Swedish loan broking group Sambla calculated Australians need at least $640,911 to retire comfortably, with this hefty amount one of the biggest in the world. </p> <p dir="ltr">Australia's 4.1 per cent inflation rate is also higher than most of the rich world, which means a retiree would need $34,221 a year to survive, provided they aren't renting.</p> <p dir="ltr">Australia is also a target for scammers, having $3.6trillion in superannuation savings, or the fourth highest pool in the world.</p> <p dir="ltr">In comparison, Switzerland has been named the most expensive place in the world to retire, requiring $927,034 in retirement savings to grow old in the Alps, translating into annual costs of $46,632.</p> <p dir="ltr">Check out the entire top ten list of most expensive countries to retire below. </p> <p dir="ltr">10. France. $583,950 in retirement savings required</p> <p dir="ltr">9. Austria. $598,434 in retirement savings required</p> <p dir="ltr">8. Iceland. $607,558 in retirement savings required</p> <p dir="ltr">7. Australia. $640,911 in retirement savings required</p> <p dir="ltr">6. Canada. $665,752 in retirement savings required</p> <p dir="ltr">5. Liechtenstein. $772,984 in retirement savings required</p> <p dir="ltr">4. Singapore. $773,456 in retirement savings required</p> <p dir="ltr">3. Qatar. $791,029 in retirement savings required</p> <p dir="ltr">2. Monaco. $795,431 in retirement savings required</p> <p dir="ltr" role="presentation">1. Switzerland. $927,035 in retirement savings required</p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Retirement Life

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Monty Python star's candid financial admission

<p>Monty Python star Eric Idle has made a candid admission about the state of his finances, revealing why he still has to work at the age of 80. </p> <p>The comic legend admitted he receives only a fraction of the millions the Python team have made in the past because the finances are a “disaster”.</p> <p>In messages on X, formerly Twitter, Idle wrote: “I don’t know why people always assume we’re loaded”.</p> <p>“I have to work for my living. I never dreamed that at this age the income streams would tail off so disastrously."</p> <p>“I have been working and earning for Pythons since 1995. And now no more.”</p> <p>Idle also took aim at TV lawyer Holly Gilliam, the daughter of fellow Python member Terry Gilliam, who took over the Python brand in 2013 as part of HDG Projects Ltd. </p> <p>He said, “I guess if you put a Gilliam child in as your manager you should not be so surprised”.</p> <p>“One Gilliam is bad enough. Two can take out any company.”</p> <p>Daughter Lily Idle backed him, writing online, “I’m so proud of my dad for finally finally finally starting to share the truth.”</p> <p>The Pythons, who also included John Cleese, 84, Michael Palin, 80, and the late Terry Jones — made a fortune thanks to their iconic cult films, including <em>Life of Brian</em>, hit stage show <em>Spamalot</em>, which Idle co-wrote, and the original <em>Flying Circus</em> BBC TV series.</p> <p>They were back in the limelight in 2014 with <em>Monty Python Live (Mostly) — One Down, Five to Go</em>: a reference to former member Graham Chapman who died in 1989 aged just 48.</p> <p>It featured interpretations of some of their famous sketches, and reportedly earned the surviving members at least £2 million ($3.87m AUD) each.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Income

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The cheapest places to travel in 2024

<p dir="ltr">With the cost of living continuing to rise, many people are looking for cost-friendly ways to travel the world in 2024. </p> <p dir="ltr">Some destinations are more economic than others, with these somewhat overlooked holiday hotspots showcasing the best of travelling without breaking the bank.</p> <p dir="ltr">If you’re looking for a new adventure this year, these corners of the globe are the cheapest places to travel in 2024.</p> <p dir="ltr"><strong>The Philippines</strong></p> <p dir="ltr">The underrated gem located only a few hours northeast of Australia is one of the cheapest destinations in Asia, it's a wonder why more tourists don’t visit. </p> <p dir="ltr">Not only is it home to over 7,500 picturesque islands, six UNESCO World Heritage Sites and an endless chain of pristine beaches, it's also very affordable with resort accommodation under $100 a night is not hard to find.</p> <p dir="ltr">On top of accommodation, day tours and activities (snorkelling, for example) will set you back around $30 to $40.</p> <p dir="ltr">Flights are also reasonable in cost, with return flights from Sydney to Manila coming in around $600 per person. </p> <p dir="ltr"><strong>Turkey</strong></p> <p dir="ltr">Travellers can get to Istanbul from Melbourne and back for approximately $1,300 per person, to visit some of the world’s most historical sites. </p> <p dir="ltr">Turkey is a paradise for those travelling on a budget, with mouthwatering meals can be found regularly for as little as $5, and even less for street food.</p> <p dir="ltr">To make it even better, striking accommodation in the historic Galata region can be as low as $50 a night. </p> <p dir="ltr"><strong>Hungary</strong></p> <p dir="ltr">Hungary is regularly dubbed one of Europe’s cheapest tourist destinations, with  accommodation, dining and entertainment costs significantly lower than the neighbouring countries.</p> <p dir="ltr">Expect to part with $60 to $100 a night for a pretty-as-a-picture hotel in the city centre, around $10 to $15 for meals in restaurants, and anywhere between $7 to $30 for activities. </p> <p dir="ltr">There are also tourist passes available that make these costs even cheaper. </p> <p dir="ltr"><strong>Albania</strong></p> <p dir="ltr">Located on the western part of the Balkan peninsula, this destination is often overlooked by tourists, making it an ideal budget-friendly destination. </p> <p dir="ltr">The stunning country is home to UNESCO World Heritage sites and turquoise beaches, all while keeping your budget in mind. </p> <p dir="ltr">Beachside accommodation can be found for as little as $70 a night, with prices comparable to Turkey for restaurant meals. </p> <p dir="ltr"><em>Image credits: Getty Images</em></p> <p> </p>

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