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Why millions of Aussies are falling behind on superannuation savings

Millions of Aussies are falling behind on their superannuation savings, with nearly one in two Australians on track for a grim retirement. 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. “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. 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. 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”. 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. “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. “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." “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.” 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">7News</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. “Take notice of what your account is doing,” he said. “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.” Image credits: Shutterstock

Retirement Life

Peter Stefanovic slammed for "harsh" question to young million-dollar winner

Peter Stefanovic has been slammed online for bringing up a past crime committed by the 19-year-old, who had his life change overnight when he won $1 million. Keegan Payne was fishing in the Northern Territory when he <a href="https://oversixty.com.au/travel/domestic-travel/this-is-crazy-teenager-goes-fishing-and-emerges-a-millionaire" target="_blank" rel="noopener">caught</a> a barramundi worth $1 million, that was part of a years-long fishing competition in the Top End. While dong the media rounds to celebrate his life-changing win, Keegan spoke with Stefanovic on Sky News, who chose to focus on a petty crime Keegan committed when he was just 16-years-old, cutting the joy of his win short. "There is a claim online that you stole a Polaris Ranger and Polaris quad that you and your friends stole and damaged from a business a few years back, first of all, is that true?" Stefanovic asked from his <a id="mol-c0669630-0788-11ef-a01a-6393dcd80371" href="https://www.dailymail.co.uk/news/sydney/index.html" target="_self">Sydney</a> studio during the live interview. Payne, who was speaking from the Darwin, simply answered, "Yes". "So, what happened?" Mr Stefanovic pressed. Payne explained he and his friends "were young", and "weren't thinking at the time" but having come up with the idea they "went for it". Stefanovic asked Payne if he regretted the act and he said he did "big time". Social media users were quick to condemn Stefanovic's line of questioning to the teenager, saying he chose to cut him down on live TV, rather than celebrate his success. One person wrote online, "Reporter hears good news. Does everything they can to dig up dirt and be negative. He made a mistake and took the fall out for it and was forgiven way before this win!" Another simply said, "S***ty reporting as usual", while others asked why people couldn't "just be happy for this kid?" "No one's perfect, but to shame him on tv? Talk about rip the carpet from beneath him! Stop kicking people back down when they move forward!" another added "Shows the mentality of dipsh*ts who like ruin other peoples happiness!" Another simply called Stefanovic a "grub", and said he was being "unfair" on the teenager. Image credits: Sky News / Million Dollar Fish

Legal

Anthony Albanese's new $925 million pledge

Anthony Albanese has pledged $925 million to help victims of domestic violence flee dangerous situations, in the wake of the recent increase of violence against women. The Prime Minister established the Leaving Violence Program on Wednesday, which will invest $925m over a five year period to help women escape violence at home. Albanese convened an urgent national cabinet meeting after declaring violence against women a “national emergency” following the killings of 27 women across Australia this year. Following the crisis talks, the Prime Minister announced the permanent establishment of the government’s Leaving Violence Payment to assist people experiencing violence with the financial costs of leaving a violent situation. “Those eligible will be able to access up to $5000 in financial support along with referral services, risk assessments, and safety planning. This commitment builds on measures put in place by our government to help address financial barriers to escaping violence,” Mr Albanese said. Australia will also introduce legislation that will ban the creation and distribution of deep fake pornography and the sharing of sexually explicit material using technology such as artificial intelligence. Communications Minister Michelle Rowland said governments around the world were grappling with how to keep online spaces safe. "I think the other important point to note is that as a society, we do need to do more and this is a role not only for government, not only for regulators and civil society, but also for the platforms themselves," she said. "And part of this is putting the emphasis on the platforms to enforce their existing terms of service and where they are not doing that, to examine what are the measures governments can take." The government will also bring forward legislation in early August to outlaw the release of private information online with an intent to cause harm, known as doxxing. Albanese added that violence against women was a "national crisis", saying, "It's an issue for all of us to work together in the national interest to deal with what is a scourge of violence against women that is having a real impact out there, with one every four days a woman losing their life at the hand of a domestic or former domestic partner," he said. Longer-term priorities include strengthening accountability and consequences for perpetrators, including early intervention with high-risk perpetrators and serial offenders, and better support for victim and survivors. Image credits: Getty Images

Legal

New studies suggest millions with mild cognitive impairment go undiagnosed, often until it’s too late

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/soeren-mattke-1484707">Soeren Mattke</a>, <a href="https://theconversation.com/institutions/university-of-southern-california-1265">University of Southern California</a> and <a href="https://theconversation.com/profiles/ying-liu-1221170">Ying Liu</a>, <a href="https://theconversation.com/institutions/usc-dornsife-college-of-letters-arts-and-sciences-2669">USC Dornsife College of Letters, Arts and Sciences</a> Mild cognitive impairment – an early stage of dementia – is widely underdiagnosed in people 65 and older. That is the key takeaway of two recent studies from our team. In the first study, we used Medicare data for about 40 million beneficiaries age 65 and older from 2015 to 2019 to estimate the prevalence of mild cognitive impairment in that population and to identify what proportion of them had actually been diagnosed. Our <a href="https://doi.org/10.1186/s13195-023-01272-z">finding was sobering</a>: A mere 8% of the number of cases with mild cognitive impairment that we expected based on a statistical model had actually been diagnosed. Scaled up to the general population 65 and older, this means that approximately 7.4 million cases across the country remain undiagnosed. In the second study, we analyzed data for 226,756 primary care clinicians and found that <a href="https://doi.org/10.14283/jpad.2023.131">over 99% of them underdiagnosed mild cognitive impairment</a> in this population. <h2>Why it matters</h2> Mild cognitive impairment is an early symptom of Alzheimer’s disease in <a href="https://doi.org/10.1001/jama.2019.2000">about half of cases</a> and progresses to dementia <a href="https://www.alz.org/alzheimers-dementia/what-is-dementia/related_conditions/mild-cognitive-impairment">at a rate of 10% to 15% per year</a>. It includes symptoms such as losing the ability to remember recent events and appointments, make sound decisions and master complex tasks. Failure to detect it might deprive patients of an opportunity to get treated and to slow down disease progression. Mild cognitive impairment can sometimes be caused by easily addressable factors, such as medication side effects, thyroid dysfunction or <a href="https://theconversation.com/vitamin-b12-deficiency-is-a-common-health-problem-that-can-have-serious-consequences-but-doctors-often-overlook-it-192714">vitamin B12 deficiency</a>. Since mild cognitive impairment has <a href="https://doi.org/10.1016/j.amjopharm.2008.06.004">the same risk factors as cardiovascular disease</a>, such as high blood pressure and cholesterol, medication management of these risks combined with diet and exercise <a href="https://doi.org/10.1016/S0140-6736(15)60461-5">can reduce the risk of progression</a>. In 2023, the Food and Drug Administration <a href="https://www.fda.gov/news-events/press-announcements/fda-converts-novel-alzheimers-disease-treatment-traditional-approval">approved the drug lecanemab</a> as the <a href="https://theconversation.com/what-the-fdas-accelerated-approval-of-a-new-alzheimers-drug-could-mean-for-those-with-the-disease-5-questions-answered-about-lecanemab-197460">first disease-modifying treatment</a> <a href="https://www.nia.nih.gov/health/alzheimers-causes-and-risk-factors/what-happens-brain-alzheimers-disease">for Alzheimer’s disease</a>, the most common cause of mild cognitive impairment. In contrast to previous drugs, which can temporarily improve symptoms of the disease, such as memory loss and agitation, this new treatment addresses the underlying cause of the disease. Lecanemab, a monoclonal antibody, <a href="https://www.news-medical.net/health/What-are-Amyloid-Plaques.aspx">reduces amyloid plaques</a> in the brain, which are toxic protein clumps that are believed to contribute to the progression of the disease. In a large clinical trial, lecanemab was able to <a href="https://doi.org/10.1056/NEJMoa2212948">reduce the progression</a> of early-stage Alzheimer’s disease. A similar drug, donanemab, also <a href="https://doi.org/10.1001/jama.2023.13239">succeeded in a clinical trial</a> and is expected to be <a href="https://www.medicalnewstoday.com/articles/fda-delays-approval-of-alzheimers-drug-donanemab-what-experts-think">approved sometime in 2024</a>. However, these drugs must be used in the early stages of Alzheimer’s disease, ideally when a patient has only mild cognitive impairment, as there is <a href="https://www.alz.org/alzheimers-dementia/treatments/lecanemab-leqembi">no evidence that they are effective in advanced stages</a>. <figure><iframe src="https://www.youtube.com/embed/w3IbAscNjsQ?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>An earlier diagnosis leads to early treatment and better outcomes.</figcaption></figure> <h2>What still isn’t known</h2> Many factors contribute to the <a href="https://doi.org/10.1002/alz.13051">lack of timely detection</a>. But researchers don’t have a good understanding of the relative importance of those individual factors or how to reduce the high rate of underdiagnosis. While distinct, symptoms are subtle and their slow progression means that they can be overlooked or misinterpreted as normal aging. A neurologist in China told our research team that diagnosis rates spike in China after the New Year’s holiday, when children who haven’t seen their parents for a year notice changes that are harder to pick up when interacting with someone daily. Doctors also commonly discount memory concerns as normal aging and doubt that much can be done about it. While cognitive tests to distinguish mild cognitive impairment from pathologic decline do exist, they take about 15 minutes, which can be hard to come by during the limited time of a doctor’s visit and may require a follow-up appointment. <h2>What’s next</h2> People, particularly those in their 60s and beyond, as well as their families and friends need to be vigilant about cognitive decline, bring it up during doctor’s appointments and insist on a formal assessment. The <a href="https://www.medicare.gov/coverage/yearly-wellness-visits">Medicare yearly “wellness” visit</a> is an opportunity to explore such concerns, but only about half of beneficiaries <a href="https://doi.org/10.1377/hlthaff.2019.01795">take advantage of it</a>. Just as physicians ask patients about unexplained weight loss and take those concerns seriously, we believe questions that explore a patient’s cognitive state need to become the norm. The <a href="https://theconversation.com/us/topics/research-brief-83231">Research Brief</a> is a short take on interesting academic work.<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/216892/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/soeren-mattke-1484707">Soeren Mattke</a>, Director of the USC Dornsife Brain Health Observatory, <a href="https://theconversation.com/institutions/university-of-southern-california-1265">University of Southern California</a> and <a href="https://theconversation.com/profiles/ying-liu-1221170">Ying Liu</a>, Research Scientist, Center for Economic and Social Research, <a href="https://theconversation.com/institutions/usc-dornsife-college-of-letters-arts-and-sciences-2669">USC Dornsife College of Letters, Arts and Sciences</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/new-studies-suggest-millions-with-mild-cognitive-impairment-go-undiagnosed-often-until-its-too-late-216892">original article</a>. </div>

Mind

Millions of phones at risk of being cut off from calling triple-0

Over a million Aussies may be unable to contact triple-0 as two major telcos cut their 3G networks. Telstra's network will be closed on June 30 this year followed by Optus, which will shut their 3G network in September. While most late model phones are now serviced by either 4G or 5G networks, there are many devices that still rely on 3G. Approximately 113,000 Telstra customers have not upgraded their 3G handsets, while Optus have not disclosed a figure. The greater concerns lie for older 4G-enabled handsets that may not be able to call triple-0 once the 3G networks are switched off, because of the way those phones are configured. In March, Communications Minister Michelle Rowland was informed that 740,000 Australians were in that category. A month later, that figure was revised to over a million. "I welcome the industry’s first report to government but am concerned around their disclosure of around one million potentially impacted consumers,” the minister said. “I am considering the detail provided and next steps, and the government will have more to say about the 3G switchover soon.” She also said that they were open to delaying the switchover "if warranted in the public interest”. “Options exist under law for the government to consider proposals to delay the planned switchover, subject to consultation and procedural processes,” she said. Telstra has informed customers about what to do if they are affected, and how they could check. “If your mobile device doesn’t have Voice over LTE (VoLTE) technology, even if it uses 4G data, it will not be able to make voice calls on our network after 30 June 2024,” they informed their customers. “Not all VoLTE enabled devices support emergency VoLTE calling, meaning they will not be able to make an emergency call to triple-0 once 3G closes." “Without taking the recommended action you won’t be able to connect to a network after 30 June 2024,” they warned. Customers who are worried that they might be impacted, are encouraged to text 3 to the number 3498, so that the telco can inform the customer on their connection status. Optus have also encouraged customers to contact them if they think they may be affected. Image: Getty

Legal

Why a one-cent stamp is set to sell for millions

An extremely rare stamp that was once bought for a measly one cent is set to sell for millions of dollars, breaking records at a US auction house. While to the untrained eye, the blue stamp seems like any old stamp, the 1868 one-cent Z-grill is actually the rarest stamp in America due to its unique history and rarity. On June 14th, the one-cent Z-grill will be put up for sale by Robert A. Siegel Auction Galleries, marking the first time the rare stamp has been on auction since 1998. Experts from the New York auction house say it could fetch $6 million to $7.5 million (AUD), which would make it the single most expensive US stamp ever sold. The reason for the extraordinary price comes down to the fact that out of the two known Z-grill stamp copies, the one up for auction is the only copy available for private purchase by collectors, while other historic copy is held at the New York Public Library. The Z-grill is unique due to its signature embossed paper, which was introduced to the US postal service after the Civil War to prevent stamps from being reused. Since 2005, the coveted stamp has belonged to billionaire investor and “bond king” Bill Gross. “It’s considered the trophy of collecting United States stamps,” said Charles Shreve, who has managed and built Gross’ extensive stamp collection for years and serves as director of international auctions at Robert A. Siegel Auction Galleries. “There’s only one. If you want to brag, that’s the stamp.” Mr Gross' entire collection is estimated to be worth $22.6 million to $30 million AUD. The top 100 stamps from the collection will be auctioned off on June 14th, while the remaining stamps will be sold on June 15th. “There’s multiple stamps that’ll bring $500,000 or $750,000 (USD) but the (one-cent) Z-grill is the star of the show,” Shreve said. “I just know some people who are lusting for it, and we want to try to get as many people interested in it as possible.” Image credits: Robert A. Siegel Auction Galleries

Money & Banking

10 million animals die on our roads each year. Here’s what works (and what doesn’t) to cut the toll

<a href="https://theconversation.com/profiles/graeme-coulson-1378778">Graeme Coulson</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/helena-bender-98800">Helena Bender</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> There’s almost no warning. A dark shape appears on the side of the road, then you feel a jolt as something goes under the car. Or worse, the shape rears up, hits the front of your vehicle, then slams into the windscreen. You have just experienced a wildlife-vehicle collision. This gruesome scene plays out <a href="https://www.bbcearth.com/news/australias-road-kill-map">every night across Australia</a>. When these collisions happen, many animals become instant roadkill. An <a href="https://ses.library.usyd.edu.au/bitstream/handle/2123/23121/Thesis%20updated%20for%20library%20submission.pdf?sequence=1">estimated 10 million</a> native mammals, reptiles, birds and other species are killed each year. Others are injured and die away from the road. Some survive with <a href="https://theconversation.com/10-million-animals-are-hit-on-our-roads-each-year-heres-how-you-can-help-them-and-steer-clear-of-them-these-holidays-149733">terrible injuries and have to be euthanised</a>. The lucky ones might <a href="https://kb.rspca.org.au/knowledge-base/who-should-i-contact-about-injured-wildlife/">be rescued</a> by groups such as <a href="https://wildliferescue.net.au/">Wildlife Rescue</a>, <a href="https://www.wildlifevictoria.org.au/">Wildlife Victoria</a> and <a href="https://www.wires.org.au/">WIRES</a>. Wildlife-vehicle collisions also increase the risk to whole populations of some threatened species, such as <a href="https://doi.org/10.1071/WR17143">Lumholtz’s tree-kangaroo</a> on the Atherton Tablelands in Queensland. People are affected, too. Human <a href="https://doi.org/10.1111/1742-6723.13361">deaths and injuries</a> from these collisions are rising, with motorcyclists at greatest risk. Vehicle repairs are <a href="https://www.mynrma.com.au/-/media/wildlife-road-safety-report--final.pdf">inconvenient and costly</a>. Added to this is the distress for people when dealing with a dead or dying animal on the roadside. How can we reduce the wildlife toll on our roads? Many measures have been tried and proven largely ineffective. However, other evidence-based approaches can help avoid collisions. <h2>Evidence for what works is limited</h2> Many communities are worried about the growing impacts of wildlife-vehicle collisions and are desperate for solutions. Recent reports from <a href="https://www.diva-portal.org/smash/get/diva2:1822182/FULLTEXT01.pdf">Europe</a> and <a href="https://westerntransportationinstitute.org/wp-content/uploads/2021/12/4w7576_Huijser_etal_WVC_ConnectivityLiteratureReview_PooledFundStudyFinalReport_2021.pdf">North America</a> review the many methods to reduce such collisions. Do these findings apply to Australia’s unique fauna? Unfortunately, we don’t have a detailed analysis of options for our wildlife, but here’s what we know now. Well-designed fences keep wildlife off our highways but also fragment the landscape. Happily, animals will use crossing structures – overpasses and <a href="https://theconversation.com/good-news-highway-underpasses-for-wildlife-actually-work-187434">underpasses</a> – to get to food and mates on the other side of the road. Fences and crossings do work, but are regarded as too costly over Australia’s vast road network. As for standard wildlife warning signs, drivers <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4494358/">ignore most of them</a> after a while, making them ineffective. Signs with graphic images and variable messages get <a href="https://doi.org/10.3390/ani3041142">more attention</a>, but we need road trials to assess their effect on drivers and collision rates. <h2>Whistling in the dark</h2> Some drivers install cheap, wind-driven, high-pitched wildlife whistles on their vehicles. Tests in the United States 20 years ago found humans and deer <a href="https://doi.org/10.1121/1.1582071">could not hear any whistling sound</a> above the road noise of the test vehicle. Yet these devices are still sold in Australia as kangaroo deterrents. The Shu-Roo, an Australian invention, is an active wildlife whistle. It is fitted to the bumper bar, producing a high-pitched electronic sound, which is claimed to scare wildlife away from the road. Sadly, <a href="https://rest.neptune-prod.its.unimelb.edu.au/server/api/core/bitstreams/3c3154e0-2f48-5b73-a6cd-a7423c2a75ee/content">our tests</a> show the Shu-Roo signal can’t be heard above road noise 50 metres away and has no effect on captive kangaroo behaviour. We also recruited fleets of trucks, buses, vans, utes and cars to field test the Shu-Roo. Nearly 100 vehicles covered more than 4 million kilometres across Australia over 15,500 days. The drivers reported just over one wildlife-vehicle collision per 100,000km travelled, but <a href="https://doi.org/10.7882/AZ.2021.042">there was no difference in the rate</a> for vehicles fitted with a Shu-Roo versus those without one. The virtual fence is the latest attempt to reduce wildlife-vehicle collisions. It uses a line of posts spaced along the roadside, each with a unit producing loud sounds and flashing lights aimed away from the road. Vehicle headlights activate the units, which are claimed to alert animals and reduce the risk of collision. Early results from Tasmania were encouraging. A 50% drop in possum and wallaby deaths was reported, but <a href="https://doi.org/10.1071/AM19009">this trial had many design flaws</a>. Recent trials in <a href="https://www.mdpi.com/2076-2615/9/10/752">Tasmania</a>, <a href="https://www.mdpi.com/2076-2615/12/10/1323">New South Wales</a> and <a href="https://www.redland.qld.gov.au/downloads/download/292/virtual_fence_to_reduce_vehicle_collisions_with_wallabies_on_heinemann_rd_-_final_report_2020">Queensland</a> show no effect of virtual fencing on collisions with possums, wallabies or wombats. Our concern is that this system is being <a href="https://www.abc.net.au/news/2020-06-02/wildlife-fence-trial-underway-in-queensland-and-phillip-island/12268110">rolled out</a> in <a href="https://www.townsville.qld.gov.au/about-council/news-and-publications/media-releases/2023/june/councils-innovative-trial-helping-keep-local-wildlife-safe">many</a> <a href="https://www.abc.net.au/news/2022-10-26/nsw-south-coast-council-first-virtual-fence-to-protect-wildlife/101571600">parts</a> of <a href="https://www.theage.com.au/politics/victoria/the-stealth-tech-aiming-to-stop-roos-from-becoming-roadkill-20231222-p5etda.html">Australia</a>. It gives the impression of action to reduce collisions with wildlife, but without an evidence base, solid study design or adequate monitoring. <h2>A very messy problem</h2> The problem has many dimensions. We need to consider all of them to achieve safe travel for people and animals on our roads. At a landscape level, collision hotspots occur where wildlife frequently cross roads, which can help us predict the collision risk for species such as <a href="https://doi.org/10.1111/aec.13465">koalas</a>. But the risk differs between species. For example, <a href="https://doi.org/10.1016/j.gecco.2021.e01530">on Phillip Island</a> most wallaby collisions happen on rural roads, while most involving possums and birds are in urban streets. Traffic volume and speed are key factors for many species, including <a href="https://doi.org/10.1002/ece3.2306">kangaroos</a>. Driver training and experience are also important. In the Royal National Park in New South Wales, <a href="https://www.mdpi.com/2076-2615/6/6/40">half the drivers surveyed</a> had struck animals, including wallabies and deer. Yet most still <a href="https://theconversation.com/10-million-animals-are-hit-on-our-roads-each-year-heres-how-you-can-help-them-and-steer-clear-of-them-these-holidays-149733">weren’t keen</a> to slow down or avoid driving at dawn and dusk. Road design has a major influence on wildlife-vehicle collions too, but the planning process too often <a href="https://www.frontiersin.org/articles/10.3389/fenvs.2022.959918">neglects wildlife studies</a>. Smarter cars are <a href="https://www.diva-portal.org/smash/get/diva2:1822182/FULLTEXT01.pdf">being developed</a>. One day these will use AI to spot animal hazards, apply automatic emergency braking and alert other drivers of real-time risk. To explore potential technological solutions, Transport for NSW is running a <a href="https://www.eianz.org/events/event/symposium-using-technology-to-reduce-wildlife-vehicle-collisions">symposium</a> at the University of Technology Sydney on May 21. The symposium will cover wildlife ecology and the evidence base for options to reduce wildlife-vehicle collisions in Australia. <hr /> If you see an injured animal on the road, call <a href="https://www.wildliferescue.net.au/">Wildlife Rescue Australia</a> on 1300 596 457. for specific state and territory numbers, go to the <a href="https://kb.rspca.org.au/knowledge-base/who-should-i-contact-about-injured-wildlife/">RSPCA injured wildlife site</a>.<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/222367/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/graeme-coulson-1378778">Graeme Coulson</a>, Honorary Principal Fellow, School of BioSciences, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/helena-bender-98800">Helena Bender</a>, Senior Lecturer, Environmental Social Sciences, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</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/10-million-animals-die-on-our-roads-each-year-heres-what-works-and-what-doesnt-to-cut-the-toll-222367">original article</a>.

Domestic Travel

Millions of Aussies set for power bill relief

Millions of Aussies are set for some financial relief, with electricity costs set to drop by up to 7 per cent in the coming months. The Australian Energy Regulator (AER) and Victoria's Essential Services Commission (ESC) both released their draft default market offers - the maximum energy retailers are allowed to charge customers - for the 2024-25 financial year. Under the AER draft, residents in Sydney, Newcastle and the Hunter on the default offer will pay between 3 and 3.4 per cent less for electricity starting from July 1. The biggest drop is set for Victoria, with the ESC proposing a 6.4 per cent decrease. Those in Western Sydney, the Illawarra, and South Coast, will see their electricity bills decrease by 1.9 to 7.1 per cent. South Australians will receive a drop between 0.5 and 2.5 per cent. A number of small business customers will also benefit from lower power bill costs with 9.7 per cent for Sydney, Newcastle and the Hunter; 4.4 per cent for Western Sydney and the South Coast; 0.3 per cent for South-East Queensland; 8.2 per cent for South Australia; and 7 per cent for Victoria. Energy Minister Chris Bowen welcomed the news of lower power bill costs, but acknowledged that it will continue to play a part in the cost of living challenges faced by many Australians. "This is encouraging news," he said. "Encouraging for those small businesses and families who will receive lower energy bills as a result. "But nobody should suggest that there aren't real cost of living pressures around the world and in Australia, and energy prices are of course part of that and will continue to be." Not everyone will see a drop, with customers in the rest of regional NSW to get a small increase of 0.9 per cent, while the default offer for South East Queensland will increase by up to 2.7 per cent. While not all households are on the default offer, Bowen said that the AER's decision will also affect those not on the offer. "This either impacts directly or indirectly your energy bill," he said. "Directly for those on the default market offer. For those who aren't on the direct market offer, indirectly - the energy companies have to benchmark themselves against this, tell their consumers how they compare to this, and it provides very real pressure on them to match it. "If they don't, consumers will know about it and will make choices accordingly. "It's partly about those on the default market offer, but it actually impacts on all our bills indirectly." AER chair Clare Savage said that the cost of living crisis was the main contributor for their draft decision. "We know that economic conditions have put pressure on many Australians and the increases in electricity prices over the last two years has made energy less affordable for many households," she said. "In light of this, the AER has, in this decision, placed increased weight on protecting consumers." The draft decision is not final, with both the AER and ESC to receive consultation and feedback from stakeholders before confirming their default market offers in May. Image: Getty

Money & Banking

Millions of eligible Aussies about to receive financial boost

Starting this Wednesday, millions of Australians relying on Centrelink benefits will see a welcome increase in their payments. With indexation kicking in, fortnightly boosts ranging from $14 to $30 will be allocated to eligible recipients, depending on their specific circumstances and the type of payment they receive. This adjustment will not only benefit current beneficiaries but also extend support to more individuals, with an additional 77,000 parents now qualifying for higher payment rates. The eligibility criteria for certain payments have been expanded, particularly for parents whose youngest child is under 14, a significant extension from the previous threshold of under eight. Income and assets limits tied to these payments will also experience an uptick in line with the indexation process, offering further relief to recipients. But how exactly will these increments manifest across different categories of payments? For single parents, the fortnightly payment will see a boost of $17.50, while partnered parents will witness an increase of $12.30 individually. Moreover, the income free area will rise to $1,345 for each person, an enhancement of $20 per fortnight. Jobseekers with children or those aged over 55 will receive an additional $14.40 fortnightly. Single JobSeeker recipients without children and individuals aged over 22 on ABSTUDY will enjoy a $13.50 increase per fortnight, with couples receiving an extra $12.30 each. Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation. For those on the age pension, disability support pension, and carer payment, the increase is more substantial, with singles receiving an extra $19.60 and couples combined receiving $29.40 each fortnight. This brings the maximum rate of the pension to $1116.30 for singles and $1682.80 for couples, including pension and energy supplements. Amanda Rishworth, the Social Services Minister, explains that indexation plays a crucial role in ensuring that welfare recipients can cope with inflation and the rising cost of living – and that addressing these pressures remains a top priority for the government. This increase in Centrelink payments comes at a critical time when many Australians are grappling with economic uncertainty due to various factors, including the ongoing pandemic. While these adjustments may seem modest to some, they can make a significant difference for those relying on welfare support to make ends meet. It's essential for eligible individuals to stay informed about these changes and ensure they receive the full benefits they're entitled to. For those who may be unsure about their eligibility or how to navigate the system, seeking assistance from Centrelink or relevant support services can provide valuable guidance. As the cost of living continues to evolve, initiatives like indexation serve as vital mechanisms for maintaining the welfare safety net and supporting vulnerable members of society. By keeping pace with economic realities, these adjustments strive to provide meaningful relief to those who need it most, contributing to a more equitable and inclusive society for all Australians. Image: Getty

Money & Banking

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

Bunnings worker wins $1.25 million payout

Bunnings is set to fork out $1.25 million after a worker was seriously injured on the job. Sarah Jane, 31, worked as a merchandiser for Neutrog at Seven Hills Bunnings in Western Sydney in 2018 when she severely injured her back while trying to lift and drag forward a bucket of fertiliser to the front of a pallet. Each bucket weighed between 10.8 and 11.2 kilograms, and Jane said that she continues to suffer from the injury today. Her case was heard in the NSW Supreme Court this week with Bunnings agreeing to pay $750,000 in a settlement plus legal costs, which are estimated to be about $500,000. Neutrog, who was her employer, has also been ordered to contribute to the costs. As part of the settlement, Bunnings admitted they “knew or ought to have known” the foreseeable risk when they failed to train Jane to use a pallet jack, which could have prevented her injury. Jane was only trained using a Bunnings module, but was not told that pallet jacks were available to help her move stock forward. The pallet are regularly used by Bunnings workers but court documents note that they “did not apply the same rigour or adopt the same precautions for the merchandisers, who were nonetheless subject to Bunnings control and oversight”. Jane’s lawyer, Luke Power, said that the settlement was a "win for the little guy" after a lot of push back from Bunnings regarding the case. “There has been a lot of push back and we were told on numerous occasions there was no case,” Power said. “This has been incredibly stressful for her, and it was fought tooth and nail.” Despite winning the big payout, Jane, who is also a mother, has said that the injury has dramatically changed her life. “It’s a win but it doesn’t really feel like a win,” she said. “Not just everything that they’ve put me through, but just the injury itself, and how much it’s changed my life and how much I’ve missed out on with my kids when they were young.” Images: news.com.au

Legal

Mission: Impossible Sydney mansion sells for eye-watering price

One of Sydney's most iconic properties, known as the Boomerang in Elizabeth Bay, has sold for $80 million. The mansion is featured in the second instalment in the Mission: Impossible franchise, with the 2000 movie starring Tom Cruise being set and filmed in Sydney. It was the first house to officially sell for above $1 million in 1978, before setting another record in 2002 when it fetched $20.7 million. Now, multiple sources have confirmed it has been snapped up by a purchaser, originally from Asia, for four times what it last sold for. The property has long been rated as one of Sydney’s Top 50 homes, and has been in the name of Katrina Fox, the daughter of Melbourne-based billionaire trucking magnate Lindsay Fox, since 2005. The impressive home was put up for sale by Ray White in 2017 with hopes of selling for $60 million and then again with Brad Pillinger of Pillinger for $80 million in 2021 — the last agent to have it listed. Pillinger couldn’t be contacted ahead of publication, but other sources have confirmed the property has sold for the $80m asking price, while speculation from other sources that the result was $105 million have been dismissed. Boomerang sits on 4233 square metres of waterfront land, and features 25 rooms including a private cinema modelled on the State Theatre. Image credits: realestate.com.au / Paramount Pictures

Real Estate

Woolies boss' multi-million dollar payout revealed

Chief executive Brad Banducci announced his <a href="https://www.oversixty.com.au/lifestyle/retirement-life/woolies-ceo-quits-after-disaster-interview" target="_blank" rel="noopener">early retirement </a>on Wednesday, following a series of PR disasters for the brand and just days after a <a href="https://www.oversixty.com.au/finance/money-banking/i-think-i-m-done-the-question-that-made-woolies-ceo-leave-interview" target="_blank" rel="noopener">trainwreck interview</a> with ABC Four Corners. Now, the staggering amount he will be paid-out for walking away from the top job has been revealed. According to a report published by The Australian, the supermarket boss will take home a share portfolio worth an estimated $24.4 million. This is in addition to the $6.5 million he would likely be paid-out from his salary. Banducci will step down from his position in September and he will be replaced by former WooliesX leader <a href="https://www.oversixty.com.au/finance/money-banking/new-woolies-ceo-s-huge-salary-revealed" target="_blank" rel="noopener">Amanda Bardwell</a>, who will take over as Chief Executive then. Woolworths Group has denied the suggestion that the resignation was related to the disaster Four Corners interview where Banducci tried to walk away in the middle of being questioned about price gouging. A senate inquiry is also currently investigating whether major supermarkets across the country have engaged in price gouging, as the cost-of-living continues to rise. Banducci has been involved in a series of public controversies before his retirement, including when he came under fire after the supermarket announced it would <a href="https://www.oversixty.com.au/finance/money-banking/woolworths-under-fire-for-dropping-australia-day-merch" target="_blank" rel="noopener">stop selling Australia Day merchandise </a>ahead of the national holiday in January. Image: Today

Money & Banking

Lisa Wilkinson's fears over losing her home

Lisa Wilkinson's fears over losing her multi-million dollar mansion to cover her legal fees have been detailed in a series of court documents. The former host of The Project entered into a bitter legal battle after being sued for defamation by Bruce Lehrmann, and decided to hire top defamation lawyer Sue Chrysanthou SC and her own legal team to fight the charges. In a series of emotional emails and documents tendered by the Federal Court, Wilkinson was allegedly "almost hysterical" and "sobbing" over the notion of losing her home in Cremorne to pay the hefty legal fees. In a briefing note prepared for Ten’s legal team, Network Ten CEO Beverley McGarvey detailed a “challenging” call she had with the network star on June 7th 2023. McGarvey had called to ask how Ms Wilkinson was going in the wake of Channel 7’s Spotlight program and the leaking of audio provided to police and lawyers but never tendered in court. “Lisa was very upset and emotional and it was a very challenging call,” MsMcGarvey wrote. “She was almost immediately upset and started talking about legal fees and how she would have to sell her house." “I would say her tone was almost hysterical.” McGarvey then did her best to ease Wilkinson's concerns, reminding her of her secure financial position. “She is being paid by us on full salary, and lives in a lavish multimillion dollar home with a pool and a tennis court and harbour views so I hope this is not a real risk,” she said. “She asked if we would pay for her fees and this came up over and over again in the conversation. I told her to talk with Nick, her manager." “But she had chosen her own legal team against our advice and chosen a team we objected to. “She said if I actually cared about her, I would make sure we pay their legal fees.” The documents were released by the Federal Court on Friday after Ms Wilkinson won her legal battle to force Network Ten to pay for her legal fees that are estimated to amount to up to $2 million. The exact amount Ten will pay has not yet been determined. Image credits: Getty Images

Legal

"It was devastating": Grandfather loses $1 million in scam before his death

A "vulnerable" and "lonely" grandfather lost over $1 million in a complex scam in the months before he died, with his son now issuing a warning to others. Adrian Heartsch was described by his family as a "frugal" man, who had no experience with online banking before becoming involved in the scam. “Unless he knew exactly what he was paying for – he wouldn’t pay for it,” his son Simon Heartsch told A Current Affair. “I said to him if somebody can scam you, they can scam anybody.” He soon connected with someone online, who called themselves a woman named Vida and charmed him with sweet talk and pet names, and soon earned his trust. “He wasn’t alone, but he was lonely. He had no company, he didn’t even have his dog anymore to talk to,” his son told ACA. “So I guess he’s vulnerable in that way.” The woman convinced Mr Heartsch to send her several Apple gift cards, claiming he would be given over $20 million worth of gold bars or gold bullion in return. She also promised the grandfather that she would come to Australia and live “happily ever after” with him. Simon only discovered the truth about his father's finance and the long-running scam when Adrian landed in hospital. “We brought up these emails that were just gobsmacking,” he said. “The story grew from $300,000 to $600,000 to up and up and up … over a million dollars.” The ruse had been going on for three years, and saw Mr Heartsch buy up to $10,000 worth of Apple gift cards from several shops in a single day. Simon said his father was “mortified” after learning the truth and didn’t want to pursue a case with the police. The scam cost the 77-year-old almost everything, robbing him of his savings, truck and caravan, leaving him with only his home. Shortly after, Mr Heartsch fell “sicker and sicker” as his health deteriorated, and he passed away a month after his family learned of the scam. “It was like all this was the nail in the coffin, it was devastating for him, his whole life savings he’s lost,” said Simon. Adrian's family went searching for answers, and with the help of a cyber security expert, discovered that the scammer was operating out of Ghana in West Africa. Following his father’s death, Simon urged others to watch out for loved ones who may be vulnerable to “horrible” scammers. “They’re ruining peoples’ lives. They’re speeding up people’s deaths,” he said. “They’re preying on the vulnerable.” Image credits: A Current Affair

Legal

Tax boost announced for 1.2 million people

Low-income earners will receive a tax boost with the Medicare levy threshold set to rise. The income threshold at which taxpayers will have to pay a two per cent Medicare levy will increase by 7.1 per cent, in line with inflation. Currently single people who earn below $24,276 do not have to pay the levy. Under the changes, the two per cent levy only has to be paid by anyone earning over $26,000 The Medicare levy threshold for seniors and pensioners will increase to $41,089, up from the initial benchmark of $38,365. For families, this threshold has increased to $43,486 up from the previous $40,939. Treasurer Jim Chalmers said that the increase was part of the broader measures taken to relieve the increase in cost-of-living. “This will ensure people on lower incomes continue to pay less or are exempt from the Medicare levy,” he said on Tuesday. “It means 1.2 million Australians get to keep a bit more of what they earn.” The boost in the Medicare levy threshold was announced alongside changes to income tax cuts, with those earning under $150,000 set to receive greater benefits. “This is about doing what we responsibly can to ease some of the pressure being felt by Australians right around the country, but especially for people on lower incomes, young people, seniors and women,” Chalmers said. This comes just days after Medicare celebrated it's 40th anniversary, with an exhibition launched at Parliament House. Image: Getty

Money & Banking

$280 million lotto winner cuts ties with "greedy" family

Scotland resident Gillian Bayford went from rags to riches in an instant when she won the equivalent of a $278.36 million jackpot in August 2012. Thinking luck was finally on her side, Bayford didn't expect the amount of drama that came with the life-changing prize. It all began just 15 months after her lucky win with then-husband Adrian, who she split with allegedly due to the stress of managing the jackpot. Not long after, she spent $1,324,304 to pay off her family's debt, which included money that her late father Ian McCulloch and her brother Colin owed over a series of failed business ventures according to <a href="https://www.businessinsider.com/woman-won-187m-lottery-severed-ties-greedy-family-2023-12" target="_blank" rel="noopener">Business Insider</a>. “My dad and brother built up one company after another and then closed them down,” Bayford said. “I’ve bailed them out of every debt.” She continued to keep her family financially afloat spending a total of $37.31 million on them, and even bought her parents - who were broke and living in a caravan at the time - a $522,388 penthouse apartment in eastern Scotland. But, according to the Mirror, that wasn't enough and her father insisted that she should give her brother around $1.5 million, for a new play-centre business. She obliged, and instead of thanking her, Colin now drives Audis with private plates, owns a $546,000 house and reportedly stopped talking to his sister. He even got married to his girlfriend without inviting Bayford to the wedding. “They have lost touch with where they’ve come from,” Bayford told The Sun. “They’re rubbing people’s noses in it by flashing their cash, which I think is downright nasty.” At one point her father even tried to take control of her winnings and even take a piece of her business. “It’s upsetting and raw,” she told the publication. “The money was supposed to make everybody happy. But it’s made them demanding and greedy.” She added, "they brought our name into disrespect in the village, and we had people threatening to torch the family house.” Bayford said that despite it all she takes pride in herself "because I know I’ve taken them out of a situation.” The lotto winner officially cut ties with her family in 2016 after they called her an embarrassment, while her mum Brenda McCulloch claims she’s heartbroken over the lack of contact with her daughter and grandchildren. “Gillian says that we didn’t try and get in touch with them, but if I’d tried she wouldn’t have let me,” she said. Her mum also claimed that while her daughter was “generous,” the actual amount she gave her family was much lower. “Every word that comes out of their mouths is a lie. I wish them a happy life, but there will be no reconciliation now," Bayford refuted. Image: Getty

Money & Banking

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

Groom faces serious jail time after $89 million "wedding of the century"

A groom whose viral $89 million wedding was dubbed the "wedding of the century" is now facing a possible life sentence in prison. Jacob LaGrone, 29, and wife, car dealership heiress Madelaine Brockway, took social media by storm last month after videos of their lavish, five-day wedding in France went viral on TikTok. The wedding which featured an overnight stay at the Palace of Versailles, rehearsal dinner at the Paris Opera House, and a performance by Maroon 5 at the Texan couple's reception, was nothing short of amazing. Now, instead of going on their honeymoon, the groom could be facing life in prison, after getting arrested for allegedly shooting at three police officers in an incident on March 14. The Nashville native was indicted eight months ago on three counts of aggravated assault on a public servant, which is a first-degree felony in Texas, that, if convicted, could see him face a sentence from less than five years to life in prison. According to city officials, officers responded to multiple disturbance calls about a gun being discharged at a home – and when the three officers arrived, "they were fired upon” by LaGrone. An indictment obtained by The Washington Post, said that LaGrone "did intentionally and knowingly threaten imminent bodily injury" to the officers and “did use or exhibit a deadly weapon during the commission of the assault, namely, a firearm”. The indictment did not specify where the incident took place, and no further details were given regarding the disturbance calls. The Dallas Morning News reported that the Tarrant County District Attorney offered LaGrone a plea deal of 25-years in jail . Neither LaGrone nor his wife have publicly addressed the charges, and both have since made their social media accounts private. Images: Instagram/ News.com.au

Legal

Happy birthday AUD: how our Australian dollar was floated, 40 years ago this week

<a href="https://theconversation.com/profiles/selwyn-cornish-1297285">Selwyn Cornish</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> and <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> These days, we take for granted that the value of the Australian dollar fluctuates against other currencies, changing thousands of times a day and at times jumping or falling quite a lot in the space of a week. But for most of Australia’s history, the value of the Australian dollar – and the earlier Australian pound – was “<a href="https://www.rba.gov.au/education/resources/explainers/exchange-rates-and-their-measurement.html#:%7E:text=exchange%20rate%20volatility.-,Pegged,or%20a%20basket%20of%20currencies.">pegged</a>” to either gold, pound sterling, the US dollar or to a value of a basket of currencies. The momentous decision to <a href="https://www.afr.com/policy/economy/the-long-road-that-led-to-the-floating-of-the-australian-dollar-20141121-11ra30">float</a> the dollar was taken on Friday December 9 1983 by the Hawke Labor Government, which was elected nine months earlier. As they approached the cabinet room at what is now Old Parliament House, Treasurer Paul Keating asked Reserve Bank Governor Bob Johnston to write him a letter to say the bank recommended floating. The letter, dated December 9, referred to the bank’s concern about the "volume of foreign exchange purchases and its belief that if these flows are to be brought under control we shall need to face up without delay either to less Reserve Bank participation in the exchange market or capital controls." By “less Reserve Bank participation”, Johnston meant a managed float; direct controls were to be considered “as a last resort”. The bank had long maintained a “<a href="https://www.afr.com/policy/economy/the-long-road-that-led-to-the-floating-of-the-australian-dollar-20141121-11ra30">war book</a>”, bearing the intriguing label “Secret Matter”, outlining the procedures to be followed in the event of a decision to float. An updated version was handed to the treasurer the day before the decision. The <a href="https://www.brookings.edu/articles/floating-exchange-rates-after-ten-years/">US</a> and the <a href="http://news.bbc.co.uk/onthisday/hi/dates/stories/june/23/newsid_2518000/2518927.stm">UK</a> floated their currencies in the early 1970s. Since the early 1980s the value of the dollar had been set via a “<a href="https://www.rba.gov.au/publications/bulletin/2018/dec/understanding-exchange-rates-and-why-they-are-important.html">crawling peg</a>” – meaning its value was pegged to other currencies each week, and later each day, by a committee of officials who announced the values at <a href="https://www.smh.com.au/entertainment/inside-the-floating-of-the-a-20131211-2z698.html">9.30 each morning</a>. If too much or too little money came into the country as a result of the rate the authorities had set, they adjusted it the next day, sometimes losing money to speculators who had bet they wouldn’t be able to hold the rate they had set. Keating had Johnston accompany him to the December 9 press conference instead of Treasury Secretary John Stone, who had argued against the float in the cabinet room, putting the case for direct controls on capital inflows instead. Johnston’s presence was meant to make clear that at least the central bank supported floating the dollar. <h2>Speculators now speculate against themselves</h2> Keating told the press conference the float meant the speculators would be “<a href="https://www.smh.com.au/business/banking-and-finance/from-the-archives-1983-the-australian-dollar-floats-free-20191206-p53hjq.html">speculating against themselves</a>”, rather than against the authorities. One banker quoted that night confessed to being “<a href="https://www.smh.com.au/business/banking-and-finance/from-the-archives-1983-the-australian-dollar-floats-free-20191206-p53hjq.html">absolutely staggered</a>”. “I’m not sure they know what they have done,” the banker said. The following Monday on ABC’s AM program, presenter <a href="https://www.abc.net.au/news/2003-12-08/20-years-since-dollar-floated/102568">Red Harrison</a> heralded “a brave new world for the Australian dollar”. He said, "from today the dollar must take its chance, subject to the supply and demand of the international marketplace, and there are suggestions that foreign exchange dealers expect a nervous start to trading when the first quotes are posted this morning." At the time, the Australian dollar was worth 90 US cents. At first it <a href="https://www.rba.gov.au/speeches/2013/sp-gov-211113.html">rose</a>, before settling back. Since then, the Australian dollar has fluctuated from a low of <a href="https://www.nma.gov.au/defining-moments/resources/australian-dollar-floated">47.75</a> US cents in April 2001 to a high of US$1.10 in July 2011. <hr /> <iframe id="6ExL8" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/6ExL8/3/" width="100%" height="400px" frameborder="0"></iframe> <hr /> <h2>The long road to the float</h2> The idea first took hold in Australia when Commonwealth Bank Governor <a href="https://www.rba.gov.au/publications/bulletin/2022/dec/hc-coombs-governor-of-australias-central-bank-1949-1968.html">“Nugget” Coombs</a> visited Canada in 1953, at a time when it was one of the few countries with a floating exchange rate. On his return, Coombs wrote the bank should consider Canada’s experience. A strong advocate from the mid-1960s was the bank’s economist <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1475-4932.1986.tb00915.x">Austin Holmes</a>. Among those he mentored at what by then was called the Reserve Bank were Bob Johnston, Don Sanders and John Phillips. All three were in the cabinet room when the decision was taken. <h2>Backed by Cairns, opposed by Abbott</h2> An unlikely advocate in the 1970s was the left-wing Labor treasurer <a href="https://treasury.gov.au/sites/default/files/2019-03/05Hawkins.pdf">Jim Cairns</a>. But asked in 1979 whether he was in favour of a float, the then Reserve Bank governor <a href="https://www.rba.gov.au/about-rba/history/governors/sir-harold-murray-knight.html">Harry Knight</a> responded by quoting Saint Augustine, saying “God make me pure, but not yet”. An oil shock was making markets turbulent at the time. In 1981, the Campbell inquiry into the Australian financial system delivered a landmark report to Treasurer John Howard, <a href="https://treasury.gov.au/publication/p1981-afs">recommending</a> a float. The idea was backed by neither the Treasury nor Prime Minister Malcolm Fraser. Two years later, Howard watched from opposition as Labor did what he could not. The Liberal Party generally backed Labor’s move, with one notable exception – the later prime minister, <a href="https://www.smh.com.au/national/tony-abbott-wrote-20-years-ago-floating-dollar-didnt-make-sense-20131206-2ywpm.html">Tony Abbott</a>, who in 1994 wrote that "changing the price of the dollar moment by moment in response to each transaction makes no more sense than altering the price of cornflakes every time a buyer takes a packet off the supermarket shelves." <h2>A success by any measure</h2> The floating exchange rate has served Australia well. When the Australian economy has slowed or contracted – in the early 1990s, the Asian financial crisis, the global financial crisis and in the COVID recession – the Australian dollar has fallen, making Australian exports cheaper in foreign markets. When mining booms have sucked money into the country, the Australian dollar has climbed, spreading the benefit and fighting inflation by increasing the buying power of Australian dollars. It’s why these days, hardly anyone wants to return to a <a href="https://www.rba.gov.au/education/resources/explainers/exchange-rates-and-their-measurement.html">pegged</a> rate.<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/217548/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/selwyn-cornish-1297285">Selwyn Cornish</a>, Honorary Associate Professor, Research School of Economics, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a> and <a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Senior Lecturer, Canberra School of Politics, Economics and Society, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/happy-birthday-aud-how-our-australian-dollar-was-floated-40-years-ago-this-week-217548">original article</a>.

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Why millions of Aussies are falling behind on superannuation savings

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