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Where did money come from?

<div class="theconversation-article-body"> <a href="https://theconversation.com/profiles/steven-hail-1302961">Steven Hail</a>, <a href="https://www.torrens.edu.au/">Torrens University Australia</a> For the most part, economists continue to believe a story of money told to generations of students by a series of textbooks over the past 150 years. This story asks us to imagine a pre-monetary barter economy, where people bought goods and services by trading them for other goods and services. Eventually a suitable commodity – perhaps gold or silver – emerged as both an acceptable means of exchange for conducting trade and a convenient unit of account for expressing value. Later, coins were issued – eventually to be monopolised by governments – and later still paper money, credit, and banking systems. The problem with this story is that there is no historical evidence to support it. As was <a href="https://www.jstor.org/stable/2802221?seq=1#page_scan_tab_contents">noted</a> by prominent anthropologist Caroline Humphreys: <blockquote> No example of a barter economy, pure and simple, has ever been described, let alone the emergence from it of money … all available ethnography suggests that there has never been such a thing. </blockquote> So where did money come from exactly? One difficulty we face is that writing about money – what gives it value, and how monetary systems work – is not something young economists are generally encouraged to do. As a consequence, among the best articles ever written about money are two now more than 100 years old by British economist Alfred Mitchell-Innes, entitled “<a href="https://www.community-exchange.org/docs/what%20is%20money.htm">What is Money</a>?” and “<a href="https://cooperative-individualism.org/innes-a-mitchell_credit-theory-of-money-1914-dec-jan.pdf">The Credit Theory of Money</a>”. These papers, until recently almost completely ignored by the economics profession, tell a different story, rejecting the idea that money evolved naturally from barter. We can now be confident this version is closer to the truth. And it has big implications for how we think about the role of governments within monetary systems, and what gives money value. Acknowledging the true story of money would force a paradigm shift among economists – no wonder a lot of them don’t want to think about it. <h2>Actually, early governments invented money</h2> The truth is that money predates markets. <a href="https://youtu.be/7cLDFjTt4Bs?si=fDTafcZD_u1S23kD">Governments invented money</a> – it did not emerge independently from pre-existing barter systems. Market economies simply could not develop until money existed. For much of history, the currency tokens people regarded as money had little or no intrinsic value, taking the form of clay tablets, hazelwood tally sticks, base metals, shells or paper. The earliest forms of what Keynes called “modern money” – to distinguish it from gift tokens used for ceremonial purposes in communal groups – go back to the origins of taxation, accounting, and even literacy and numeracy. These early currencies were units of account used to assess the tributes that had to be paid to early governmental institutions in the Middle East. The word shekel is still used as a currency unit, but dates to ancient Babylon and the emergence of money itself, over 5,000 years ago. The idea that the need to pay taxes is what creates a demand for a currency was well understood by colonial governments. They knew how to introduce their currencies into countries they had invaded. To force locals to supply labour or goods to the government, they imposed a tax liability – often, a hut tax. This tax could only be paid using the currency of the colony. Locals had to either work for the colonial government or supply goods to others who did, else they wouldn’t have the specific currency needed to pay taxes. This created a demand for the colonial power’s currency, which the government could then spend. If such a government spent more overall than it withdrew in taxation – running a budget deficit – the community could add the remaining currency to its savings. Taxation and the legal system created a demand for the government’s money and provided the impetus for the development of a monetary economy. Even today, it’s the tax system that drives the monetary system. Demand for a government’s money is guaranteed because people need it to pay federal taxes. <h2>But banks create money too</h2> Actual physical cash makes up a tiny proportion of the money in circulation. Most of what we regard as money is held in our bank deposits, effectively a bunch of numbers on a ledger. Most of these bank deposits are created by banks when they make loans to us, and this is not government money at all – it is private money, created by the banks themselves. When a bank makes a loan to you, that loan becomes an asset for the bank, because you have to pay it back with interest. But at the same time, the loan appears as a deposit of funds in your account, which is a liability for the bank. Technically, you both owe each other. On paper, this means there’s now money in the system that wasn’t there before. The bank hasn’t actually lent you someone else’s money, the loan deposited in your account represents the bank’s IOU to you. Both the loan and the deposit are created by the bank, using nothing more than a computer keyboard. The bank has promised to use its holdings of government money to make payments on your behalf, including tax payments to the government, or to provide you with government money in the form of physical cash. As economist Hyman Minsky once said, “anyone can create money – the problem lies in getting it accepted”. Obviously, private banks don’t issue government currency. The Commonwealth government and its agent, the Reserve Bank of Australia, sit at the top of our own monetary system. Government-issued currency will always have value because it’s the unit of account needed to assess and pay our taxes. How much value the currency holds depends on how much the economy produces, how difficult it is to obtain the currency and on how much tax we have to pay. Here is some food for thought. If we accept that money and markets did not emerge naturally but had to be created by governmental institutions and legal systems, this means that there is no such thing as a genuinely free market, no such thing as a natural rate of unemployment, and no such thing as a natural distribution of income and wealth. The theory that money emerged naturally in the private sector encourages people to believe that free markets are natural systems in which governments only interfere. But in truth, early governments invented the very institutions of money and markets, and the regulatory frameworks that determined how those markets work and in whose interests. Exchange economies have always depended on systems of law and they always will. The more pertinent question concerns who writes those laws – and in whose interests those regulations are applied. <hr /> Correction: This article has been amended to reflect that a loan deposit represents a bank’s IOU to the customer, not to a bank’s other customers, as originally reported.<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/229481/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <hr /> <a href="https://theconversation.com/profiles/steven-hail-1302961">Steven Hail</a>, Associate Professor, <a href="https://www.torrens.edu.au/">Torrens University Australia</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/where-did-money-come-from-229481">original article</a>. </div>

Money & Banking

Qantas apologises after rejecting cancer patient's refund request

Qantas has issued an apology for rejecting a cancer patient's refund request after his case allegedly did not qualify based on “compassionate reasons”. Neil Ross, 62, decided to book a holiday to Cairns with his wife for a couple of weeks, but two weeks later he was diagnosed with face cancer. “It hit me like a rock,” Mr Ross told news.com.au. “I wasn’t in the life of me, expecting that news.” The Brisbane local was initially told he had Bells Palsy, but was later diagnosed with cancer and had to undergo a 13-hour operation to remove the tumour, causing the right side of his face to be significantly disfigured. He underwent radiation almost every day for six weeks saying it “knocked him to no end”. “I was very thankful that my wife had helped me and still is helping me to get through this.” Ross is yet to be given the all-clear and is still undergoing treatments, including rehab following the loss of muscle mass. He will also undergo plastic surgery to reconstruct the right side of his face. “I had notified Flight Centre that I needed to cancel my flight due to finding out that I had cancer and that l needed treatment urgently,” he said. “As I said to the girl at Flight Centre – ‘look at my face, do you think I want to get a refund for the hell of it? I rather be healthy and go on holiday.” Ross said that the airline issued him a credit note until April 22 of this year, but with his current circumstances, he was unable to travel before that date and applied for a full refund. He also claims that despite sending two medical certificates - the first which stated that Ross was unfit to fly for 12 months, and the second which included detailed information about his condition - it “did not meet requirements on compassion”. “I thought ‘what the hell, what more can I do?’ This has done nothing but cause me a great deal of stress that I don’t need," he said. Ross submitted two different refund requests, one on March 20, which was rejected on the fourth of April, and another on April 9 which was rejected two weeks later. The email from a Flight Centre representative reportedly said: "They have advised that ‘the attached medical certificate does not fit into the GF guidelines for a refund due to compassionate reasons’." According to news.com.au, Qantas has since contacted Ross and issued a refund, after an error was made in processing the supplementary material, by not connecting it to the earlier application. “We apologise to Mr Ross for this experience and have let him know we’re processing a refund for him.” They have also reportedly apologised for any distress they may have caused and are investigating how the error occurred so that it doesn't happen again. Images: news.com.au/ Getty

Travel Trouble

Bold idea sees hotel offer thousands in cash back if it rains

In a move that's making waves in the travel industry, a posh hotel in the heart of Singapore has rolled out a revolutionary offer: rain insurance. Yes, you heard it right – rain insurance! InterContinental Singapore, a sanctuary for jet-setters seeking respite from both the humidity and the occasional tropical deluge, has unleashed a game-changer for travellers. Dubbed the "Rain Resist Bliss Package", this offer promises to keep your spirits high even when the rain gods decide to throw a dampener on your plans. Picture this: you've booked your suite at this 5-star haven, eagerly anticipating your Singapore escapade. But lo and behold, the forecast takes a turn for the soggy, threatening to rain on your parade – quite literally. Fear not, dear traveller, for with the Rain Resist Bliss Package, you can breathe easy knowing that if your plans get drenched, your wallet won't. Now, you might be wondering, how does this rain insurance work? Well, it's as simple as Singapore Sling on a sunny day. If the heavens decide to open up and rain on your parade for a cumulative 120 minutes within any four-hour block of daylight hours (that's 8am to 7pm for those not on island time), you're entitled to a refund equivalent to your single-night room rate. The package is available exclusively for suite room bookings starting from $SGD850 per night – so that’s around $965 rain-soaked dollars back in your pocket, no questions asked. No need to jump through hoops or perform a rain dance – just sit back, relax, and let the rain do its thing. And fret not about having to keep an eye on the sky – the clever folks at InterContinental Singapore have got you covered. They're tapping into the data from the National Environmental Agency Weather Station to automatically trigger those rain refunds. It's like having your own personal meteorologist ensuring that your plans stay as dry as your martini. But hey, if the rain does decide to crash your party, fear not! The hotel has an array of dining options to keep your tastebuds entertained while you wait for the clouds to part. And let's not forget, Singapore isn't just about sunshine and rainbows – there are plenty of indoor activities to keep you occupied, from feasting at Lau Pa Sat for an authentic hawker experience to retail therapy at Takashimaya. And here's a silver lining to those rain clouds: fewer tourists! That's right, while others might be scrambling for cover, you could be enjoying shorter lines, less crowded attractions, and even snagging better deals on accommodations. Plus, let's not overlook the fact that the rain brings a welcome respite from the tropical heat, making outdoor adventures all the more enjoyable once the showers subside. So, pack your umbrella and leave your worries behind. With InterContinental Singapore's Rain Resist Bliss Package, you can embrace the unpredictable and turn even the rainiest of days into a memorable adventure. After all, as they say, when life gives you lemons, make Singapore Slings and dance in the rain! Images: InterContinental Singapore / Getty Images

International Travel

Millions of Aussies to get cash boost in weeks

Millions of Australians are set to receive more money when payments are indexed. On March 20, those on the age pension, disability support pension and carer payment will be pocketing extra money. Single people on the pension and carer payment can expect an extra $19.60, with maximum amount increasing to $1116.30. For couples, the rate will go up $29.40 per fortnight, with the maximum being $1682.80. People on rent assistance, JobSeeker, single parenting payments and ABSTUDY will also benefit from payment increases, with single parenting payment going up by $17.50 a fortnight. Single JobSeeker recipients with no kids, and people over 22 on ABSTUDY, will get an extra $13.50 per fortnight, while each member of a couple will get an additional $12.30 per fortnight. The government has also changed the eligibility criteria for parents seeking welfare payments, with the last budget revealing that 77,000 parents will receive benefits for the youngest child up to the age of 14 instead of eight. The income and assets limits will also be increased in line with indexation in March. Social Services Minister Amanda Rishworth said that these changes will be implemented to ensure that Centrelink recipients would be able to have more money in their accounts, with the rise in cost-of-living. “Our number one priority is addressing inflation and cost of living pressures,” Rishworth said. Image: Getty

Money & Banking

12 super simple ways to save some cash

Saving money is a lot easier said than done. Whether you’ve got a holiday you’re thinking about taking, or you just want to make day to day life a little less stressful, there is a range of strategies you can employ to put a couple of dimes together. Here are 12 tips to cut costs: 1. Don't buy luxury, sometimes the budget brands are just as good and save you heaps. 2. Read the junk mail and compare offers because you can get a better deal where you didn't think you could. 3. Cut unnecessary expenses and reduce, if possible, the necessary expenses as well. 4. Buy used goods, it's cheaper and you can haggle. 5. See if you can switch power companies. I'm aware of several people who are saving $250 a year. 6. Borrow books and movies from the library or movie store - it's free or low cost compared to buying new and it's fast. 7. Barter with family and friends, it's free and everyone wins. 8. Take advantage of specials, sales and deals including buying in bulk, it can save you more than you realise. 9. Walk, bike or car pool or use other public transport, it's good for the environment and saves you money. 10. Shop around for the best deal, it might be better elsewhere. 11. Follow insurance company advice: Don't smoke, do have alarms and do get multi policies - it protects you and saves cash. 12. Have a savings account with all the savings from this and don't touch it, you will be amazed at what you have saved in a short time. Written by John Murphy. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Image credits: Getty Images

Money & Banking

AusPost customer faces extra charge for using cash

As conversations continue about moving to a cashless society, an Australia Post customer was outraged after being slapped with a charge for using cash. Brisbane resident Gerrie Hoogland shared her outrage after hearing about the supposed cash charge through a friend, who claims they were charged $2.20 for wanting to use cash to pay a bill. Hoogland recounted the story on X, formerly known as Twitter, to share the story, while asking if anyone else had encountered anything similar. She wrote, “A friend of my husband’s went to pay a bill at the Post Office last week. He gave them $82.00 in cash and they said they would have to charge him $2.20 for using cash.” “He refused to pay it after telling them cash is legal tender, and then he left without paying the bill at all. Is anyone else hearing more of this?” A number of Aussies took to the comments to call out Australia Post for being “shady”, with some calling the fee a “scam” and a “disgrace”. However the outrage towards Australia Post may be misplaced. <a href="https://au.finance.yahoo.com/news/australia-post-customer-charged-220-for-using-cash---but-is-the-outrage-warranted-025519571.html">Yahoo Finance</a> has contacted the national postal service and understands the fee is set by individual billers, rather than Australia Post themselves. The fee relates to bills paid in person at an Australia Post outlet via Post Billpay and can apply to both cash and card transactions, and whether or not the fee is passed onto the customer will depend on the individual biller. In recent years, a number of billers charge an additional payment fee for bills paid in person, with some notable examples include telcos Telstra, Optus and Vodafone. Image credits: Shutterstock

Money & Banking

Aussies lament the end of ancient "Beers for Garbos" tradition

Here in Australia, where rubbish collectors are celebrated annually with a frosty brew (or six), a cherished tradition is facing its untimely demise. Yes, you guessed it right – the legendary "Beers for Garbos" tradition, where grateful locals adorn their wheelie bins with a six-pack of beer as a token of appreciation, is disappearing faster than a cold beer on a scorching summer day. For generations, Aussies have upheld this festive practice, a heartwarming exchange between citizens and their garbage collectors during the most wonderful time of the year. But alas, the tides are turning, and it seems the days of beer-topped bins are numbered. The alarm was sounded when a concerned citizen took to the virtual streets of Reddit to lament the decline of this time-honoured tradition. "I've been doing this for 20 years, only the last two years they don't seem interested. Is this a tradition we are losing?" cried out the desperate Redditor, faced with the heartbreaking prospect of having their VB left unwanted and unclaimed. Speculations ran wild in the digital realm, with theories ranging from light-fingered neighbours to the outrageous notion that beer might not be as popular as it once was. However, Veolia, the giant among waste management companies in Australia, quickly extinguished the fiery speculations. Veolia's chief operating officer of environment, Tony Roderick, delivered the crushing blow, confirming that the "Beers for Garbos" tradition had taken its last bow. The culprit? Health and safety concerns, the perennial party poopers of workplace festivities. Roderick explained, "Packages of beer become missiles in the cabin of the truck under emergency braking." Picture this: a garbage truck hurtling down the suburban streets, emergency brakes screeching, and inside, a symphony of exploding beer bottles. It's a hazardous scenario that even the most seasoned garbage collector might find hard to navigate. Moreover, Veolia has a company-wide dry workplace policy, dashing hopes of a beer-fuelled trash pickup. But fear not, for Roderick is not entirely Ebenezer Scrooge. He encourages alternative forms of gift-giving. "Should people want to leave a small gift for their local driver, it is possible to leave it at the local depot where the driver can collect it at the end of the shift." So, instead of a six-pack perched on the bin, envision a quaint scene of a garbage collector picking up a thoughtful gift basket at the depot – the stuff of modern Aussie holiday magic. As we bid adieu to the "Beers for Garbos" era, let's raise a glass in fond remembrance. May your wheelie bins be forever adorned with the spirit of giving, even if the contents are now strictly non-alcoholic. Cheers to a new era of sober, yet equally heartfelt, expressions of gratitude for our unsung garbage heroes! Images: Facebook

Home & Garden

"Like the cash cow had come out": Commuters puzzled by money bundles on motorway

Motorists in Perth have been left puzzled after bundles of cash were spotted flying across a motorway. On Monday evening, several members of the public called Western Australia police after up to $40,000 in cold hard cash was seen flying across the Mitchell Fwy in Connolly, in the city’s northern suburbs. According to Commissioner Col Blanch, honest civilians bundled up some of the mysterious money and “came forward with large wads of cash”. “We believe that up to $40,000 has been recovered,” he said. Police believe that the money came from an alleged drug deal gone wrong, but the incident is still under investigation. "It looks like it was a total fiasco by the person involved and probably not one of our smartest (alleged) offenders," Mr Blanch said. "It's like the cash cow had come out, and there was cash flying everywhere." "There's no more money on the freeway … let's not go there." After police attended the scene, they arrested a man close by who had another $8,000 in his possession, along with 51g of cocaine. Despite some people stopping to retrieve the money to hand over to police, the free money prompted some motorists to stop their cars to retrieve a share for themselves. Talk on social media suggested one commuter even pocketed about $10,000. Image credits: WA Police

Travel Trouble

Flower tycoon pays $76 million in CASH for epic mansion

A Sydney businessman and flower mogul has expanded his real estate portfolio, snapping up one of NSW's most prestigious properties. Leo Lynch and his wife Christina have bought a Federation mansion in Sydney's Bellevue Hill, with the eight-bedroom eight-bathroom property boasting impressive views of Sydney Harbour. The mansion, which was built in the 1890s, also showcases a pool, tennis court, and endless luxury amenities for the well-off buyers. "Designed by architect Walter Vernon," read the listing for the property, "the home is considered his most significant residence. Other heritage buildings designed by Vernon include the Australian Museum, the Art Gallery of New South Wales and Central Railway Station. A truly rare offering to earn a piece of Australian history." While securing the house seems like a huge feat in itself, the Lynch's decided to take the purchase to the next level, buying the home for $76 million in cold hard cash. Despite paying the whopping eight-figure for the mansion, the home needs work and is set to undergo renovations. The purchase of the property, named Leura, comes just after the Lynch's sold their former home for $52.4million more than he bought it. The same night he made the enormous purchase for the Leura estate, he sold his mystery home, just blocks away, for $61.5 million after rebuilding the property he had bought for just $9.05 million in 2014. Leo Lynch, 60, is a third generation of the wholesale flower family's company, founded in 1915 and for which private equity group Next Capital took a majority interest in 2015, before it was publicly listed in 2021. Image credits: Domain

Real Estate

“This is their money”: Aussies to receive cash boost in days

The Australian government appears to be on a mission to play Santa, as it attempts to return a whopping $234 million in unclaimed Medicare benefits to one million of its hard-working citizens. Move over, jolly old Saint Nick; it's time for Bill "Santa" Shorten to shine. It turns out that Australians have been missing out on an average of $240 each in Medicare rebates, akin to losing a crisp, green note between the couch cushions – but on a national scale. Apparently, the government has been holding onto this financial treasure trove because some Aussies forgot to update their bank details with Medicare. Who knew that keeping your bank info up-to-date could be more rewarding than finding a forgotten $20 in last winter's coat? Government Services Minister Bill Shorten is riding the sleigh of generosity, announcing that, "We know Australians are doing it tough, and I want to reunite people with millions in unpaid Medicare benefits before the holidays." In the grand spirit of giving, Shorten has a plan. Australians can reclaim their lost loot within three days by undertaking the Herculean task of updating their bank account details on the myGov website. It's like a high-stakes version of changing your password but with a much more tangible reward – immediate funds in time for holiday shopping sprees. According to Shorten, the age group with the most to gain from this unexpected Christmas bonus is 18 to 24-year-olds, collectively owed a jaw-dropping $49 million. It seems like Santa Shorten is making a list and checking it twice, ensuring even the Millennials and Gen Zs get their fair share of financial cheer. While nearly 700,000 lucky Aussies are set to receive a notification about their long-lost financial windfall, there's a Grinchy catch: 300,000 individuals without a myGov account may remain out of reach. It's a modern-day Christmas tragedy – the equivalent of getting coal in your stocking because you forgot to sign up for the "nice" list. Opposition spokesman Paul Fletcher is urging Australians to create a myGov account, stating, "Two minutes on the app, three days later money in your account, good news for Christmas." It's like a financial magic trick - poof, and the money appears! In the midst of this Yuletide monetary magic, opposition spokesman Paul Fletcher throws some shade, claiming the coalition exposed these unclaimed benefits figures in October. "Families are struggling with cost-of-living pressures, and this is their money, not the government's," he declared, sounding like a fiscal superhero fighting for the rights of the underpaid and overtaxed. So, as Aussies rush to create myGov accounts and update their banking details, it's beginning to feel a lot like Christmas. Santa Shorten and his merry band of government officials are on a mission to spread holiday cheer, one direct deposit at a time. Who needs mistletoe when you can kiss your financial worries goodbye, thanks to the jingling sound of unclaimed Medicare benefits? It's the season of giving, after all, and in Australia, Santa Shorten is coming to town. Image: Getty

Money & Banking

Senior wins $38,000 a year for life because of retailer's mistake

A man in the US is set for life after a retailer's blunder led him to win the lotto. Michael Sopejstal, 60, who lives in Illinois, won the Lucky for Life lotto after a retailer at a GoLo gas station accidentally printed a ticket with 10 lines for a single draw. Buying the Lucky for Life ticket has been part of Sopejstal's routine, as he travels from Illinois to Michigan every few weeks to eat at his favourite restaurant, and this time he got lucky. “I checked my ticket one morning and saw that I had won $US25,000 ($A38,000) a year for life,” he told Michigan Lottery officials. “I immediately started thinking about all the things I could do with the money and whether I wanted to take the lump sum or annuity option. “It was an amazing feeling!” Sopejstal chances of winning were one in more than 1.8 million. According to the lottery, Sopejstal recently visited their headquarters to claim his prize. They said he opted for a lump sum payment of $US390,000 ($A590,000) instead of the annual payment. Sopejstal also told them that he plans to use his prize money to travel and save whatever is left. Images: Getty

Money & Banking

New commemorative Queen coin worth serious cash

The Royal Australian Mint has confirmed that it will be releasing a commemorative 50c coin to celebrate the life of Queen Elizabeth II, on Thursday. The coin will feature all six effigies which have been featured on Australian coins during the late monarch’s reign, with two versions up for sale. One is an uncirculated version which will cost $15 and, the other is silver proof edition for $135. “With limited mintage, this coin is expected to be a highly prized addition to any coin collection,” the Mint said. Australian coin expert Joel Kandia said that online marketplaces are already selling the coin at “seven times the RRP”. Royal Australian Mint CEO Leigh Gordon added that this latest release is the perfect tribute to the late Queen. “Historically, coins bear witness to a Monarch’s reign with their royal effigies appearing on the obverse. In keeping with that tradition, this exceptional coin showcases the Queen Elizabeth II Memorial Effigy by Jody Clark on the obverse,” he said. “The Mint’s trademark storytelling is strongly represented on the coin’s reverse, which features a central design depicting the first six effigies, fanned above the Queen’s royal cypher.” This surprise release will be in high demand, with a “frenzy” expected for coin collectors, according to the Perth coin and bank note expert. “It is essentially the last coin commemorating the Queen,” Kandiah said in an interview with 7News. “It is extremely special because it features all six effigies of the Queen that have appeared on Australian coinage since 1954, so it unique in that respect. “There will definitely be a frenzy, which is why the RAM have reduced the allocation to just one per person through their physical store, through the phone and their authorised distributors. “There have been murmurings about the coin for a while, so collectors are really excited to see it confirmed and able for purchase.” The uncirculated coin itself will have a mintage of 25,000 and the silver proof version has an even lower mintage of 7,500. The coins will be for sale at the Royal Australian Mint in Canberra from 8.30am on Thursday November 23, through the Mint’s Contact Centre on 1300 352 020, or through the Mint’s authorised distributors. Image: Royal Australian Mint

Money & Banking

Aussies to receive $395 million cash boost just before Christmas

Health insurer Bupa has announced a massive increase to their Covid-19 savings scheme, giving eligible Aussies a cash injection right before Christmas. Bupa shared that their cash back scheme will increase by a hefty $75 million, taking the total amount handed back to Aussies to $395 million. The payments are part of Bupa's cost of living support and Covid-19 related savings. The insurer previously committed to $320 million in June, before announcing the extra $75 million earlier this week. Payments for the 1.8 million eligible policy-holders will range from $47 to $344, depending on their policy and level of cover. The first of the payments will be paid to recipients in November, with most eligible customers receiving their financial boost before Christmas. Bupa Health Insurance managing director Chris Carroll said he hoped the payments would help members deal with the inevitable extra spending around the holiday season. "The money will go directly into our members' bank accounts, giving them more choice to use the money in a way that is most valuable to them," he said. Bupa customers are urged to make sure their bank details with the insurer are up to date so they can get their payments with no issues, and start spending for the festive season. Image credits: Getty Images

Money & Banking

Mum shamed and denied food for bottle feeding her baby

A Brisbane mother has been left feeling "devastated, guilty and enraged" after being targeted by a controversial rule after she took her baby to the emergency room. It was the middle of the night when Sarah Stoddart's 12-week-old daughter became extremely unwell. The baby, who Sarah had decided to bottle feed, was vomiting and running a temperature, prompting her worried mother to take her to the emergency department of Prince Charles Hospital in Brisbane's north. Things started to go wrong for Sarah when she was handed a "welcome sheet" after arriving at the hospital. "They had circled and brought to my attention that only breastfeeding mothers were entitled to meals," she <a href="https://www.9news.com.au/national/queensland-mum-denied-food-at-hospital-for-not-breastfeeding-child/f8ea2db9-b448-4ce8-8dfb-6e65657cc5ab" target="_blank" rel="nofollow noopener" data-i13n="cpos:5;pos:1" data-ylk="slk:told Nine News;cpos:5;pos:1;elm:context_link;itc:0" data-rapid_p="12" data-v9y="1">told Nine News</a>. "First of all [it] made me feel devastated and guilty but then quite enraged, that is a decision that is being made in this country and this state in 2023." Furious, Ms Stoddart claims staff eventually told her that they could "make an exception" and would "sneak through an approval" so that she could get fed. According to Sarah, her partner was at home looking after the couple's other kids, and the whole ordeal left her feeling guilty over a decision that was made for the health of their child. She added that mothers are "already struggling with enough" in the first trimester and "don't need the judgement from the government as to how they chose to feed their child". After speaking out about her treatment at the hospital and raising the issue with Metro North Health, the hospital has changed their policy. "The Prince Charles Hospital now provides meals to parents of children six months and under who are admitted into our care," Prince Charles Hospital said in a statement. "Parents of all patients admitted to the Paediatric Ward at The Prince Charles Hospital have access to food, water, tea and coffee. Further paid options, including fresh food vending machines, cafes and a stocked fridge, are accessible 24hrs a day." Queensland's Health Minister Shannon Fentiman she would work with other hospitals across the state to ensure a similar scenario does not occur again. "It shouldn't really matter whether you are breastfeeding or not, it should be about trying to make our parents who are doing the best they can to look after their sick kids as comfortable as possible," she said. Image credits: Nine News

Caring

Return and Earn is a great way to recycle

When you recycle your eligible bottles and cans through Return and Earn, the material that is used to make the bottles and cans stay in use for as long as possible and are turned into new products, rather than ending up in landfill or polluting waterways. The scheme has already more than halved the number of drink containers littering our parks, waterways, or ending up in landfill compared to before the scheme was launched in December 2017. What happens to containers returned through Return and Earn? Have you ever wondered what happens to the containers once they are returned through the scheme? All containers returned through Return and Earn are recycled. The containers are picked up from the return points and trucked to a sorting facility where the containers are processed depending on the material type. Cans are crushed and baled into a giant cube, glass bottles are crushed into small particles called cullet; and plastic bottles are sorted by type and colour and shredded into smaller flakes before being turned into pellets. <img class="alignnone size-full wp-image-68727" src="https://www.readersdigest.com.au/wp-content/uploads/2023/08/crushed-cans-770.jpg" alt="" width="770" height="500" /> The giant cubes of Aluminium cans are melted, rolled into sheets, and sent to manufacturers to be turned into new cans or other products – some even go to make up aeroplane parts! Glass cullet is melted and mixed with raw materials before being blown into a new glass bottle and sent to drink companies. The plastic pellets are melted down, moulded and blown into new plastic bottles, ready to be bought be retailers. The new bottles and cans made from the recycled materials are filled by the beverage companies, labelled, capped, and ready to be consumed. By using the recycled material from Return and Earn, we save water, energy, and landfill, as well as reducing the carbon emissions that would be used if new raw materials were used instead. This conservation contributes to a more sustainable and efficient economy. Keeping materials in Australia The purity and quality of the material from Return and Earn plays a crucial role in establishing local recycling facilities so most of the key materials stay in Australia. A key milestone was the opening of the Circular Plastics Australia plant in Albury, NSW, in March 2022. This state-of-the-art PET plastic recycling facility is a joint venture between waste industry and beverage industry partners and is the largest of its kind in Australia. The facility reprocesses 100% of the PET (one of the materials that make up plastic containers) collected through the Return and Earn network of over 600 return points and uses the materials to remake new bottles and other food-grade plastic packaging. All glass collected through the Return and Earn network is also being reprocessed in Australia and contributes to the growing demand of locally sourced glass to use in making new bottles and other products. Having facilities in Australia means that the cycle of making a new container from the recycled material is fast. Plastic bottles can be back on the shelf in as little as six weeks and glass bottles in four weeks. Now that’s recycling at its best. <img class="alignnone size-full wp-image-68725" src="https://www.readersdigest.com.au/wp-content/uploads/2023/08/what-happens-when-you-return-and-earn-journey-image_770.jpg" alt="" width="770" height="846" /> Do you recycle? It’s easier than ever to recycle your empty containers through Return and Earn. We have over 600 return points across Australia, and we continue to work with businesses and local councils to identify more sites. Every container counts – recycling is an important way to reduce the load on our natural resources and keep valuable waste on the path to being remade into new products and used again. These small acts can make a big impact. If you’re not interested in returning the containers, consider leaving them out for others in your neighbourhood that are collecting them, or donate them to a charity or community group who is fundraising through the scheme. If you are unable to give them away, place your empty drink containers in your yellow lid recycle bin. For more information about Return and Earn, and to find your nearest return point visit <a href="https://returnandearn.org.au/">returnandearn.org.au</a> Case Study: Sharing the dignity through recycling Semi-retiree Wendy Pluckrose from the far north NSW coast has supported Share the Dignity for years, so when she discovered Return and Earn it seemed an obvious way to raise some extra funds as well as protect the environment. Share the Dignity is a women's charity in Australia, that works to make a real difference in the lives of those experiencing homelessness, fleeing domestic violence, or doing it tough. Wendy has installed bins at home and at local shops and restaurants to collect eligible drink containers. Most days she collects between 100 – 500 containers, and in the last year has raised nearly $3,500 from around 35,000 containers recycled through Return and Earn. “Return and Earn is just free money!” Wendy said. “It’s a little bit of effort, but it makes a big difference.” <img class="alignnone size-full wp-image-68728" src="https://www.readersdigest.com.au/wp-content/uploads/2023/08/share-the-dignity-photo-article-770.jpg" alt="" width="770" height="733" /> With the containers collected so far, not only is the refund going towards buying women’s sanitary products to women experiencing hardships, but it has also contributed to protecting the environment. By recycling 35,000 containers to be remade into new containers rather than using virgin materials, the environmental savings calculated by the <a href="https://returnandearn.org.au/impact-calculator/">Impact Calculator</a> include 206,000 litres of water; 46 gigajoules of energy that equates to six months of energy consumption for a household; and 2,100 kilograms of material entering landfill. The carbon emissions avoided equates to keeping two cars off the road for 18 months. To learn more about Return and Earn, <a href="https://returnandearn.org.au/">head to their website</a>. Images: Return and Earn. This is a sponsored article produced in partnership with Return and Earn.

Retirement Income

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

TV presenter power couple Peter Stefanovic and Sylvia Jeffreys have listed their Double Bay terrace for sale. The couple placed their home on the market for $4.5 million, as they start the search for a bigger and better family home for them and their two sons. The four-bedroom terrace with two-and-a-half bathrooms in Epping Rd is scheduled to go under the hammer on August 22nd with a $4.5m price guide via Oliver Lavers of The Rubinstein Group. Stefanovic, a co-host of First Edition on Sky News Australia, and Jeffreys, co-host of Today Extra on Channel 9, had bought the home on a 186 sqm block for $2.7m in 2016. In their seven years at the home, the couple have made a range of improvements including adding off-street parking, and created an impressive outdoor entertainment area with inbuilt seating and barbecue in the rear courtyard. The impressive property boasts open plan living areas, polished timber floors, marble finishes in the kitchen, and underfloor heating in the bathrooms. Two master-sized bedrooms open to balconies, alongside a third on the upper floor, and a versatile fourth bedroom could serve as an office. The couple met in 2014 when they were both colleagues at Channel Nine - she was working on The Today Show while he was a foreign correspondent for Nine News, and they bumped into each other in the station’s carpark. Two years later in 2016, Stefanovic popped the question in a French vineyard, and they were married the following year in Kangaroo Valley. The couple have two sons - Oscar, who was born in early 2020 and Henry, who arrived a little more than a year later. With their sons growing up and needing more space, the family are looking for a bigger home in Sydney’s eastern suburbs. Image credits: realestate.com.au / Instagram

Real Estate

Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. Of the 13,000 payments, only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">17</a> were with cheques. It’s been an astounding collapse. Back in 1980 at the start of the credit card era, <a href="https://www.rba.gov.au/publications/bulletin/1996/oct/pdf/bu-1096-2.pdf">85%</a> of non-cash payments were made with cheques. Today it’s less than <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">0.1%</a>. Earlier this month, the government announced it was following <a href="https://www.justice.govt.nz/about/news-and-media/news/the-ministry-is-phasing-out-payment-by-cheque/">New Zealand</a>, Denmark, the Netherlands and <a href="https://www.sbs.com.au/news/article/the-death-of-the-cheque-book-australia-to-phase-out-cheques/qu0e4xf55">others</a>, closing our cheque system down by <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques">2030</a>. Meanwhile, New Zealand is already on to the next thing. Having <a href="https://www.stuff.co.nz/business/300011579/bnz-anz-westpac-to-phase-out-cheque-use">phased out cheques</a>, it’s now looking at winding down the use of <a href="https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/research/future-of-cash-issues-paper.pdf">cash</a>. So how close is Australia now to becoming a cash-free nation? <h2>The hidden costs of cheques and cash</h2> Cheques are horrendously expensive to process. The average cost of everything that had to happen to process a cheque exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">$5</a> per payment, mostly borne by banks. But cash is expensive in its own way. The average cost of creating, sorting and trucking all those sheets of plastic and coins exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">50 cents</a> per payment, mostly passed on to banks and retailers, and it is soaring as the number of payments plummets. As recently as 2007, the vast bulk of consumer payments – 69% – were in cash. By 2019 only 27% were in cash. By 2022, after two years of COVID, it was only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">13%</a>. At this rate, it’s hard to be certain how long cash will last. <h2>What made cheques so slow and costly</h2> For those who’ve never had to write one, cheques are bank-issued pieces of paper on which the owner writes the name of the person they want the bank to pay and the amount. They they hand it to that person, who then hands it to their bank, which then tries to get the money from the payer’s bank. <figure class="align-right "><figcaption></figcaption></figure> Behind the scenes, until recently when the electronic transmission of digital images changed things, each bank would collect all the cheques that had been presented to its branches each day and sort them into bags, one for each originating bank. Then, late at night, its “bag man” would travel to a nondescript city location with a bag for each bank, hand the correct one to each of the other bagmen, and be given bags in return, which the bagman would take back to the bank for signature checking. When each bank worked out what it owed the other bank, they would usually discover the flows largely cancelled each other out, and then make net payments which would be reflected in the cheque-writer’s account, up to five business days later. Always expensive, the cost per cheque grew and grew as the number of Australians paying with cheques dwindled to a fraction of what it had been. <h2>How moving cash became a loss-making business</h2> It’s the same sort of story with cash. Although we don’t often think about it, cash costs an awful lot to move, sort and restock. Printing the notes still makes money – it costs about 32 cents to make each note, whether it’s worth $5 or $100, although making some coins now <a href="https://theconversation.com/the-mint-and-note-printing-australia-make-billions-for-australia-but-it-could-be-at-risk-190901">loses money</a>. The real expense is in moving notes and coins around, keeping them nearby and restocking banks and cash registers. Aside from payments the Reserve Bank makes to banks for returning damaged notes, the banks (and, through them, the retailers) are expected to pay for the lot. Until recently that gave the two firms that dominate the business (Linfox Armaguard, and Prosegur, which owns Chubb Security) a pretty good deal. Except that the volume of cash they’ve carried has dived <a href="https://www.accc.gov.au/system/files/public-registers/documents/Application%20for%20merger%20authorisation%20-%2027.09.22%20-%20PR%20VERSION%20-%20MA1000022%20Armaguard%20Prosegur.pdf">47%</a> over the past ten years, 30% of it during COVID. Both firms say their money-moving arms are incurring “heavy financial losses” and that if they increase their prices much more, retailers might move even <a href="https://images.theconversation.com/files/532829/original/file-20230620-48940-4a5amn.PNG">further away from cash</a>, pushing their costs even higher. <figure class="align-right zoomable"><figcaption></figcaption></figure> Last week, the Competition and Consumer Commission allowed them to <a href="https://www.accc.gov.au/public-registers/mergers-registers/merger-authorisations-register/linfox-armaguard-pty-ltd-and-prosegur-australia-holdings-pty-ltd-proposed-merger">merge</a> on the condition that they limit their price increases to the consumer index plus 7.5% per year. That increase is so steep as to suggest a <a href="https://www.energynetworks.com.au/news/energy-insider/the-death-spiral/">death spiral</a>: the more they charge, the less retailers will use cash, the more they’ll have to charge. The only way out, unless they can make really big efficiencies, or unless the decline in the use of cash stops, would be for the government to return to subsidising the use of cash. It’s hard to see how it could make the case to do that when there are cheaper emerging technologies. Bank transfers cost a <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">mere fraction</a> of using cash, and pretty soon we’ll be able to use them for everything, via things such as <a href="https://www.mobiletransaction.org/qr-code-payment-works/">QR codes</a>. <h2>So when will cash go the way of cheques?</h2> A previous federal government has already tried to eliminate the use of cash for transactions worth more than $10,000, as part of its attack on the black economy. Announced in 2016 by the Turnbull Coalition government, the ban was due to come into force in <a href="https://ministers.treasury.gov.au/ministers/kelly-odwyer-2016/media-releases/tackling-illegal-behaviour-black-economy">2019</a>. But, after delays, in 2020 the Morrison-led Coalition government <a href="https://www.abc.net.au/news/2020-12-07/cash-ban-law-10000-dollars-abandoned-amid-covid-crisis/12951720">backed down</a>. If Australia wants to ban cash (and ban it for small transactions too – cash is now used less than cards for transactions <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/cash-use-and-attitudes-in-australia.html">of all sizes</a>) the easiest solution might be simply to wait. <hr /> <iframe id="HykMF" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/HykMF/10/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Cards are now the dominant means of exchanging money, and electronic transfers are growing from a small base. Pure extrapolation would suggest cash has less than a decade to go, but it will probably hang around for longer as an (expensive, little-used) backup that maintains privacy. Like cheques, cash will probably die <a href="https://quoteinvestigator.com/2018/08/06/bankrupt/">gradually, then suddenly</a>. By the time it does, there will be few users left who care.<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/208020/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/cash-could-be-almost-gone-in-australia-in-a-decade-but-like-cheques-wholl-miss-it-208020">original article</a>.

Money & Banking

Returning and Earning for your community

Charities and community groups across NSW are cashing in empty drink containers to support their important work in the community, all with the added benefit of helping the environment. It’s an easy win-win to fundraise through Return and Earn, and it makes donating to a local charity or community group very easy. Return and Earn is the incredibly successful container deposit scheme in NSW, where 10 cents is refunded for every eligible drink container returned for recycling through the network of 600+ return points across the state. Since launching over five years ago, <a href="https://returnandearn.org.au" target="_blank" rel="noopener">Return and Earn</a> has become an important and well used channel for charities and community groups fundraising to support a range of local and broader causes. Groups such as Rotary and Lions Clubs, animal rescue organisations, and fire and rescue services are just a few of the many different cohorts that have partnered with Return and Earn and relied on the generosity of NSW citizens to help them do vital work in their communities. “We’ve seen many groups really embrace the scheme, showing a humbling passion for giving back to the community – whether it’s to help fund an event for a local club, or to donate to a charity,” said Danielle Smalley, CEO of scheme coordinator, Exchange for Change. “Some of these groups have raised a lot of money from recycling drink containers through Return and Earn. Often local residents and businesses are handing over their containers or donating their refunds to support the cause, proving there is enormous goodwill in the community.” The Gerringong Lions Club recently celebrated one million containers collected, raising $100,000 that was donated to a variety of causes including medical research, local sporting facilities, as well as helping both Australian and oversees Lions Clubs provide relief during catastrophes. <img class="alignnone size-full wp-image-67811" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Gerringong-Lions-Club-image-2-for-article-2_RD.jpg" alt="" width="770" height="500" /> The Gerringong Lions Club are now raising around $20,000 each year. The COVID shutdowns and restrictions put a halt to the activities that would normally bring funds to the club. Return and Earn was the only means for the club to generate an income to help the community during this time. As routine users of the scheme, the Gerringong Lions Club are now raising around $20,000 each year, all the while making positive impacts to the environment. Bruce Ray is a past president and active member of the club, and says he gets a sense of satisfaction knowing they are helping the community while also looking out for the environment. “We have the bins at the hotel, the bowling club, and campgrounds. The club also provides the container collection bins for events such as weddings and uses them at local New Years’ Eve events,” said Mr Ray. In Cobar, the local Rotary Club is also using Return and Earn to support the work in their community. They partnered with the local Girl Guides who help the club sort through any drink containers collected. They’ve now raised more than $25,000 since they began in early 2020. Club Secretary Gordon Hill said that one of the benefits for the Girl Guides is the real-world experience in seeing how much locally created waste can be recycled. “It also provides a healthy opportunity for a challenge to see which girls can pack the most containers during a 1.5 to 2 hour session. The record currently stands at 3,080, but the challenge continues,” Gordon added. <img class="alignnone size-full wp-image-67813" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Cobar-Rotary-Club-image-for-article-2_RD.jpg" alt="" width="770" height="500" /> In Cobar, the local Rotary Club has partnered with the Girl Guides to help with sorting! Since Return and Earn launched in December 2017, over $42 million has been raised through donations and return point hosting fees. The funds have made a significant difference to individuals and groups who have received the support. “There are a lot more collection drives in the community that we don’t track, so the total fundraising amount is in fact even higher,” Ms Smalley said. “We encourage all our Return and Earn users to consider donating containers to a local charity or community group either at the nearest Return and Earn machine or using the Return and Earn app. “And if you’re a member of a group looking for an easy and effective way to fundraise, consider Return and Earn where you can double the benefit by raising funds while also helping the environment.” Every Return and Earn machine features a local donation partner, to whom users can donate part or all of their refunds to. The charity listed changes every six months to give as many groups as possible the opportunity. Charities and groups can also elect to be listed on the Return and Earn app, allowing anyone using the app at a machine or automated depot to donate direct to their favourite charity. There are currently over 170 charities featured on the app. When using a Return and Earn machine, select donate, then select which of the charities listed you want the funds to go. If you’re using the Return and Earn app, simply select donation as your payout option and then select the charity or group you would like to donate your refund to. “Contributions don’t need to be big to make a difference. It can be as easy as collecting a few eligible drink containers and donating them to a charity, helping local communities thrive while looking after the environment.” said Ms Smalley. For more information on donating through Return and Earn visit <a href="https://returnandearn.org.au/donate/" target="_blank" rel="noopener">returnandearn.org.au/donate/</a> Images: Supplied This is a sponsored article produced in partnership with Return and Earn.

Money & Banking

Luxury listing offers Jaws as a housemate

An unusual house listing is boasting a unique feature that will make the new homeowner very friendly with some dangerous fishy friends. The home is located in the south Sydney suburb of <a href="https://www.domain.com.au/63-kangaroo-point-road-kangaroo-point-nsw-2224-2018457503" target="_blank" rel="noopener">Kangaroo Point</a>: a waterfront area that boasts extraordinary views of the Shire waters and all its inhabitants. However, the homeowner won't even have to step outside to find the latest sea life, as the home features an enormous shark tank in the middle of the living space. Located right next to the kitchen, the 6 metre-long aquatic vault has taken the concept of home aquariums to the next level, as the 20,000-litre aquarium is the largest private residential set-up in Australia. On the floorplan, a large blue rectangle denotes the incredible inclusion, which glistens in the hallway between the dining room and kitchen and home cinema. The two-bedroom, one bathroom home also features a boat shed and 30 metre jetty out to the Georges River, just in case you wanted to get even closer to the local aquatic residents. The home last sold in March 2021, and is expected to sell this time around for approximately $4 million. Image credits: Domain

Real Estate

5 super simple ways to save cash for retirement

During the lead-in to retirement, money management becomes more important than ever. And while we often get lost pondering over in the major financial decisions, getting the minor financial decisions right can be just as important. We’re going to run through five simple ways any soon-to-be-retiree can save cash for their golden years. Sometimes the smallest changes make the biggest difference. 1. Set targets Saving can be difficult if you don’t know where the goalposts are placed. But how much do you really need to retire? As <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip notes</a>, “According to ASFA (the Association of Superannuation Funds of Australia), a couple needs approximately $640,000 in retirement savings for a comfortable lifestyle. For a single person that number is $545,000.” Setting minor saving targets, even if it’s just a little bit of money here and there every week, can get the ball rolling and start putting yourself in a position to prop up your nest egg. 2. Shop smarter While you don’t want to be living like a miser, smarter shopping choices can add up. Keeping your ear to the ground for discounts, taking advantage of specials and avoiding any discretionary purchases will help keep you in the black. 3. Clear any outstanding debt Debt can be an inconvenient drain on your income in the lead-in to retirement. If you’re set to take the plunge and find yourself in a mire of debt, it’s important to take necessary steps as soon as possible, which might mean finding a financial planner. <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip says</a>, “Having outstanding debts as you approach retirement isn’t necessarily a problem, but it does require some planning. For example - do you use your super to pay off your mortgage? There’s no simple answer, but speaking to a financial planner can help you understand your options and what they mean in the long term.” 4. Change spending habits Ultimately, if you’re looking to save some extra cash for retirement you’re going to have to change your spending habits. Little things like drinking coffee at home, or staying in for lunch and dinner can make a big difference in the long run. 5. Explore your options Taking the measures listed above is a good start, but you’re only scratching the surface of what you can do to prop up your retirement income. <a href="https://www.equipsuper.com.au/financial-planning/meet-our-financial-planners" target="_blank" rel="noopener">Qualified financial planners</a> can give you advice and guidance on little things you can do in your day to day life that will ensure you’re in a better position when you’ve reached retirement. Image credits: Getty Images

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Where did money come from?

Qantas apologises after rejecting cancer patient's refund request

Bold idea sees hotel offer thousands in cash back if it rains

Millions of Aussies to get cash boost in weeks

12 super simple ways to save some cash

AusPost customer faces extra charge for using cash

Aussies lament the end of ancient "Beers for Garbos" tradition

"Like the cash cow had come out": Commuters puzzled by money bundles on motorway

Flower tycoon pays $76 million in CASH for epic mansion

“This is their money”: Aussies to receive cash boost in days

Senior wins $38,000 a year for life because of retailer's mistake

New commemorative Queen coin worth serious cash

Aussies to receive $395 million cash boost just before Christmas

Mum shamed and denied food for bottle feeding her baby

Return and Earn is a great way to recycle

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

Returning and Earning for your community

Luxury listing offers Jaws as a housemate

5 super simple ways to save cash for retirement

Our Partners

News

Shop

Catalogues

Newspaper

Contests

Entertainment

Travel

Health

Lifestyle

Finance

Property

Compare

Games

Information

Keep up to date

Search

Where did money come from?

Qantas apologises after rejecting cancer patient's refund request

Bold idea sees hotel offer thousands in cash back if it rains

Millions of Aussies to get cash boost in weeks

12 super simple ways to save some cash

AusPost customer faces extra charge for using cash

Aussies lament the end of ancient "Beers for Garbos" tradition

"Like the cash cow had come out": Commuters puzzled by money bundles on motorway

Flower tycoon pays $76 million in CASH for epic mansion

“This is their money”: Aussies to receive cash boost in days

Senior wins $38,000 a year for life because of retailer's mistake

New commemorative Queen coin worth serious cash

Aussies to receive $395 million cash boost just before Christmas

Mum shamed and denied food for bottle feeding her baby

Return and Earn is a great way to recycle

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

Returning and Earning for your community

Luxury listing offers Jaws as a housemate

5 super simple ways to save cash for retirement

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