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World's most expensive house up for sale

A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur". "It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. "An investor could build thousands of apartments there if he wanted." The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility. The Moroccan King also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters. The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. "It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication Le Figaro Immobilier. Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. Images: Whisper Auctions

Real Estate

Experience a unique glimpse into the private life of Princess Diana

When you think of the royal family, most people picture their most high profile moments and the same anecdotes that have been recycled for years. But there is much more to them as a family, and as an institution, than meets the eye. For many royal fans, they have their favourite members of the family who they share an unspoken affinity with, and are often yearning to find out more about the princes and princesses. Around the world, there are few members of the royal family who are as fiercely loved as Princess Diana. Now, for the first time in Sydney, royal fanatics can take a never-before-seen look at the emotional private journey of the People’s Princess through the lens of one of her most trusted confidants: official royal photographer Anwar Hussein. <a href="https://princessdianaexperience.com/sydney/" target="_blank" rel="noopener">Princess Diana: Accredited Access Exhibition</a>, launching in Sydney on Wednesday April 10th, reveals the inside look at royal life from Diana’s perspective, while exploring the deep personal relationships between a princess and her photographer. Royal fans will learn about all sides of the late Princess of Wales, from how she portrayed herself in the public eye, to how she interacted with her inner circle behind closed doors. While the one of a kind exhibition covers all things Princess Diana, royal fans will also see the parallels of Anwar’s relationship with Diana, compared to Anwar’s sons, who went on to photograph Diana’s sons Prince William and Prince Harry, and their lasting relationships with the royal family at large. Throughout the exhibit, Anwar Hussein and his sons Samir and Zak, share their first-hand accounts of the stories behind the world-famous moments of Princess Diana and her family, recounting experiences they shared with the royals over their collective four decades working side-by-side with the royal family. Named one of the "Top 12 Immersive Experiences Around the World You Need to Visit” by CNN, the Princess Diana: Accredited Access Exhibition has sold out in Los Angeles, Chicago, Toronto, and Puerto Rico, and recently wowed audiences in Melbourne. Guests of the Princess Diana: Accredited Access Exhibition will embark on a captivating exploration through various themed sections covering all aspects of royal life, and will be guided by an easy to use audio guide. When arriving at the exhibit (which is housed in an accessible building for those with mobility issues), guests will be instructed to download an audio guide on their smartphone, letting guests move through the exhibition at their own pace. After being provided headphones, guests control the easy to use audio guide at their own speed, with each photograph corresponding to a number on the guide where the audience can learn the inside story behind each captured moment. If guests are hard of hearing, fear not. Each part of the audio guide also features the written script of the Hussein’s commentary, making sure visitors don’t miss any vital information. <img src="https://oversixtydev.blob.core.windows.net/media/2024/04/Diana-instructions.jpg" alt="" width="1280" height="720" /> Working your way through the exhibit can take anywhere up to one hour, with royal fans bound to leave with a new sense of connection and understanding to princess Diana’s private life, and the royal family at large. Princess Diana: Accredited Access Exhibition, presented by leading entertainment discovery platform<a href="http://feverup.com/sydney" target="_blank" rel="noopener"> Fever</a>, in partnership with global entertainment agency, SBX Group is a family-friendly experience that will leave visitors with a new perspective on royal life. Sessions run from 9am to 3pm on Wednesday to Friday, and 9am to 6pm on Saturday and Sunday, with the exhibition running until the end of May 2024. This is not a story you have heard before. Whether you are a hard-core fan or new to her legacy, you will be blown away by the fascinating depth and detail shared by the Hussein family. To purchase tickets, head to<a href="http://princessdianaexperience.com/sydney" target="_blank" rel="noopener"> princessdianaexperience.com/sydney</a>, to not miss out on this incredibly unique insight into the behind the scenes world of the royal family. Image credits: Supplied

Art

Politicians slam Albanese's "hypocritical" private jet use

Anthony Albanese has been urged to consider his carbon footprint after his controversial usage of a private jet. A group of independent MPs have asked the Prime Minister to offset his carbon usage after it was revealed that he and two other ministers chartered two private planes to attend the same clean energy event in the NSW Hunter Valley. Albanese was joined by Climate Change and Energy Minister Chris Bowen and Industry and Science Minister Ed Husic to fly to the region from Canberra on Thursday to announce a $1bn to support Australian manufacturing in solar technology. Teal MP Zali Steggall urged the leaders to offset their carbon emissions from the short journey when it was revealed that the three men flew separately in two separate Royal Australian Air Force jets. “I certainly hope they were offsetting the emissions of those two jets with companies, like Green fleet and other places like that where you can offset the emissions of your travel,” Ms Stegall told Sunrise. “I certainly hope and I call on the Minister for Climate Change to do that. Look, as a lowly independent, we don’t get the luxuries of flying in the ADF jets.” Private jets have a dramatically higher carbon footprint per passenger than commercial planes, with the average private jet emitting two tonnes of carbon an hour. Mr Bowen defended the use of the planes, saying the use of two private jets was a decision made by the airforce for safety reasons. “The Prime Minister has a large jet available to him and that would normally be what we take,” he said on Monday. “The runway at Scone wasn’t strong enough to take a large jet so the air force … decided for two jets.” Opposition transport spokeswoman Bridget McKenzie said the government should consider “jet pooling” and should make a conscious effort to cut down on the harmful use of private jets, which emit more carbon per passenger than commercial planes. “I fail to see why these guys, when they’re leaving from the same place on the same day, within 30 minutes of each other, couldn’t have either shared the plane or indeed, some of them, if they couldn’t all fit, use the commercial options that were available to them to fly direct from Canberra to Newcastle to make the announcement,” Senator McKenzie said. “It’s quite incredible.” Image credits: Getty Images

Travel Trouble

Iconic Victorian Sphinx Hotel up for sale

The iconic Sphinx hotel is in Geelong, Victoria is up for sale for the first time in over 50 years. The Ramia family, who built a 14m-high replica sphinx on the roof of their pub, are looking to sell their property after 53 years of ownership. “We’ve got to the stage where we all want to do our own thing and it’s quite a large family,” George Ramia, the owner of the hotel said. “We’re up to nearly 53 years here and I think we’re getting a bit tired. “I started work here when I was about 14. I recall those days I wasn’t allowed in the pub but I used to do all the beer lines. “Johnny O’Keeffe used to play a lot and he always asked me to play pool, and I was a pretty good player because it’s all I was allowed to do.” Ramia who started working at the former Golf View Hotel when he was 14, saw the venue change throughout the decades from a home for live music to a bistro and recently renovated sports bar. He also saw the venue grow in popularity, after a period of financial difficulties, when the pub was remodelled with the 14m-high Sphinx on the roof, completed with Egyptian-style motifs including hieroglyphics and even a mock gold pharaoh’s tomb in the 1990s. The pub continues to host live bands and events, including the Geelong Elvis Festival. The Sphinx Hotel is positioned on a 15,000sq m freehold land parcel, with 16-rooms of various configurations, with approvals in place to develop a further 24 rooms. It also features 67 electronic gambling machines, multiple bar areas and function rooms, an outdoor beer garden, a TAB and a recently renovated sports bar. The sale of the property also include the drive-through bottle shop and a licence capacity for 1010 patrons. The hotel is available as either a new long-term lease or a freehold going concern, which is currently being managed by CBRE Hotels’ senior director Scott Callow. “Geelong’s Sphinx Hotel presents a compelling investment opportunity in the thriving gaming and entertainment industry,” the CBRE Hotels’ senior director said. “We anticipate strong interest from a range of investment segments seeking to gain a significant foothold in Victoria’s tightly held gaming market.” Images: Sphinx Hotel / Facebook

Real Estate

Burial plot up for sale for $100,000

It turns out Australia's housing crisis extends beyond the grave, as it's now equally expensive to die in Sydney as it is to live. A graveyard in Sydney has wait lines longer than that of an Eastern Suburbs rental property, with plots at the exclusive Waverley Cemetery now up for sale for up to $100,000. Eyebrows were raised online when the plot at the cemetery was advertised for sale on Facebook Marketplace, with the ad reading that the plot is “used – like new” and is available “in perpetuity”. To sweeten the deal, the burial site’s owner states it has “ocean views” and is in a “quiet neighbourhood,” which is no doubt what one must take into consideration your forever home. Other plots in the same cemetery are also up for sale for a lesser $50,000 and $70,000. Talking to <a title="9now.nine.com.au" href="https://9now.nine.com.au/a-current-affair/sydneys-cemetery-crisis-exposed-as-100k-grave-listed-on-facebook-marketplace/fc2311a8-3591-4625-84f2-340de78d9f98" target="_blank" rel="noopener">A Current Affair</a>, Ben Kelly from the Australasian Cemeteries and Crematoria Association, said cost of living pressures, or perhaps cost of dying pressures, were a factor even in the graveyard industry, given the rising cost of cemetery maintenance. “Waverley Cemetery is a beautiful, historic cemetery with extremely limited capacity left,” Mr Kelly said. “As the population grows these cemeteries are filling up and they are creating new ones but they are further and further away. “So when the spots do come available they are obviously of a premium.” A place in Waverley Cemetery has long been highly sought after, with the heritage listed site boasting impressive Victorian and Edwardian monuments and memorials, as well as ocean views that are... to die for. While there are definitely some people prepared to fork out the expensive sum for their prime spot in the ground, others weren't so sure. “It sounds disgraceful to be honest,” one passer-by told ACA, when told of the price of a plot at the graveyard. “I think that’s ridiculous”. Competition to get into Waverley Cemetery is so fierce that new plots with perpetual rights are no longer available, with the graveyard instead offering renewable internment rights. This allows for the burial of human rights for a minimum initial term of 25 years which then has to be renewed, and even then, there's an extensive waitlist. The extortionate prices after reflected in a 2020 report by the NSW Government, which found some of Sydney’s largest and most well-known public cemeteries were in there “final years” of being able to accommodate new burials and will likely be full by 2032. Image credits: Facebook / A Current Affair

Money & Banking

Former home of Kylie Minogue and Michael Hutchence for sale

The stunning Sydney apartment that Michael Hutchence and Kylie Minogue shared for two years has hit the market. The late INXS frontman and the Aussie pop princess lived in the Liverpool Street apartment from 1989 to 1991, with the building boasting a colourful history. The current owner and director of AusMed Innovations Gavin Holland, who owns the Longevity Lounge in Double Bay, believes the picturesque apartment overlooking Hyde Park and the harbour was the scene of some wild parties. “I know that back in those days there was a lot of socialising that went on, for want of a better word,” says Holland. “In this building, there’ve been suicides, murders, famous and infamous people — all sorts of stuff." Despite the past history of the building, the two-bedroom two-bathroom apartment boasts new finishings and stunning views of the city. “But what we’ve done recently is spend two-and-a-half million dollars on refurbishing the rooftop pool and jacuzzi, so that’s obviously an expense the new owners won’t need to fork out.” Hutchence is known to have lived in the apartment with Minogue on level 27, just two floors below the communal rooftop pool, for two years during their whirlwind romance. The apartment at <a href="https://www.realestate.com.au/property-apartment-nsw-sydney-144104704">2704/187 Liverpool Street, Sydney </a>has a $3.3 million guide, and will be auctioned at the end of February. Image credits: Getty Images / realestate.com.au

Real Estate

Why Mr Bean is being blamed for decreasing electric vehicle sales

Rowan Atkinson has been blamed for a decrease in electric car sales, with a "damaging" article being debunked in the House of Lords. The actor and comedian, who is also a well-known car enthusiast, wrote an article for The Guardian, claiming he felt "duped" by electric vehicles, saying they aren't as eco-friendly as they are often portrayed. Atkinson says the problem with the vehicles' sustainable marketing focuses on just one part of the car’s operating life: what comes out of the exhaust pipes and ignores other elements such as the manufacturing and the mining of rare earth minerals, shipping and building of the batteries. These claims, and the article itself, have been addressed by the UK's House of Lords, with politicians blaming the story for a decrease in electric vehicle sales. UK think tank the Green Alliance says, “One of the most damaging articles was a comment piece written by Rowan Atkinson in The Guardian which has been roundly debunked.” Other deterrents identified by the committee were the high purchase price and insufficient charging infrastructure. Social media users were quick to take Atkinson's side in the debate, with one person writing on X, “If Rowan Atkinson is responsible, then give him a knighthood.” Another user says, “Rowan Atkinson with a degree and masters in Engineering. Knows more than those pushing electric cars.” "Apparently it's Mr Bean's fault for the poor take up of electric cars. Cancel him," another said. For the last 12 months, high power costs in the UK have meant that fast charging your electric car can be more expensive than refuelling a petrol or diesel vehicle. The UK is planning to ban sales of petrol and diesel vehicles from 2035, despite the slip in sales. Image credits: Getty Images

Legal

"Anzac Day is not for sale": Veterans slam Anzac Day rock festival

Military veteran organisations in New South Wales have expressed their fury after a controversial rock concert booked at the Domain on Anzac Day was approved. The Pandemonium 2024 rock music festival which includes performers like Placebo, Alice Cooper and Blondie is scheduled around around 11.30am on the 25th of April, just 900 metres from where the traditional march by veterans will be. The veteran groups are concerned that the first performances will clash with the memorial march that is set to end at 12:30pm. RSL NSW president Mick Bainbridge has called out the event organisers for the inappropriate timing of the festival. "We all love to have fun and live music is fantastic for Sydney, but Anzac Day is not the day for a music festival," he said. "Anzac Day is a day to think of the sacrifices made by the approximately 120,000 people from NSW who served overseas during World War I, as well as all who have served since. "It is a day for respect and quiet contemplation." Despite reports claiming that the organisers of Pandemonium 2024 have offered to direct a portion of ticket sales to veteran charities, the veteran groups have declared that Anzac Day is "not for sale". "Anzac Day is not for sale," Bainbridge said Although the RSL NSW president said that he understood the value of music for younger people, it shouldn't compromise the day of honour and respect. "If the organiser sincerely wants to support veterans' wellbeing, we would welcome the opportunity to discuss how they can donate to organisations, including RSL NSW and RSL LifeCare Veteran Services to do so – without compromising a day of honour and respect." "I love live music and the community it builds. But it has to be at the right time," he added. "We've seen through the Royal Commission's hearings how important it is to protect and honour our community of veterans, and build opportunities to support each other, not tear them down." Image: Nine News/ Getty

Travel Trouble

Historic lighthouse keeper's cottage up for sale

A cottage next to Macquarie Lighthouse has been put up for sale, and one lucky buyer will have the chance to say they live next to one of the country's oldest lighthouses. Located on beautiful South Head Vaucluse, the lighthouse itself has stood since 1883 and it is the second tower built there after the first convict-designed one deteriorated. You don't have to worry about any noise as there's only one neighbour in sight. "How many houses can you buy with a lighthouse next door," McGrath sales agent Robert Alfeldi said. For $12 million, the lucky buyer will get the heritage home that was built 1881, with most of its original fittings still in tact and an old stables building, perched on 2600 square metres of land. Although the property has kept most of its original elements, the interior - specifically the kitchen and bathroom - have been updated into more modern versions of the original. However, those looking to renovate the property and add a second floor should look for a different property as it is a heritage home, so it limits what future owners can add. “It’s quite a unique property. People show up thinking they can put a second storey on. But it is what it is for a reason," Alfeidi said. Iconic properties like this don't go for sale often, and tends to create a buzz among wealthy potential buyers. The property was previously sold in October 2016 for $7 million. Images: Domain/ Nine

Real Estate

Accused mushroom killer puts home up for sale

Erin Patterson, the woman charged with <a href="https://www.oversixty.com.au/finance/legal/erin-patterson-charged-with-eight-counts-of-murder-and-attempted-murder" target="_blank" rel="noopener">eight counts of murder and attempted murder</a>, after allegedly lacing meals with death cap mushrooms, has put her Melbourne property up for sale. In a case that has gripped the nation, Patterson is facing these charges following the tragic incident that occurred on July 29, as well as historic incidents involving her former husband. The major incident involved a mushroom lunch hosted in Patterson's home in Leongatha, where her former parents-in-law Don and Gail Patterson, both 70, and Gail’s sister, Heather Wilkinson, 66, died shortly after allegedly consuming a beef wellington. Heather's husband and Baptist church pastor, Ian Wilkinson, who also had the meal, miraculously survived, but was hospitalised in critical condition for nearly two months before being released in September. Patterson is also charged with four counts of attempted murder of her former partner, Simon Patterson, in separate incidences between between November 2021 and September 2022 and on the day of the lunch. She has consistently denied any wrongdoing. Now, her $1 million townhouse in Melbourne's east at the suburb of Mount Waverley has hit the market. She first bought the three-bedroom, three-bathroom property in 2019, and has infrequently visited it. It is not the house where the fatal mushroom incident took place. The 249-square-metre townhouse, will go to auction at 11am on Saturday and is expected to sell for around $960,000 to $1,050,000. Real estate agency Ray White has pitched the home to downsizers and families that want to send their children to a good school. “Desired for its defined dimensions and convenient placement in the Mount Waverley Secondary Catchment (STSA), this easy-care townhouse is equally suited to those starting out or downsizing as it is for families and investors,’’ the agents said. They also provided a description of the townhouse, which read: “Quietly tucked at the rear of only two, the residence takes great care in providing a comfortable lifestyle with the lounge room enriched with large windows, while the dining zone is accompanied by a well-equipped kitchen complete with a Bosch dishwasher.” Images: Realestate.com.au / A Current Affair

Legal

No, the Voice to Parliament would not force people to give up their private land

<a href="https://theconversation.com/profiles/kate-galloway-9907">Kate Galloway</a>, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith University</a> In the polarised debate about the Voice to Parliament referendum, some proponents of the “no” vote have <a href="https://www.aap.com.au/factcheck/voice-legislation-does-not-authorise-a-land-grab/">claimed</a> the creation of the new advisory body would lead to the conversion of private land titles in Australia to native title. The implication is that people will be forced to give up their land. This has sown fear among some Australians. Last week, a false letter purporting to be from a member of the First Peoples’ Assembly of Victoria was distributed to homes in regional Victoria, saying the body was moving into the “next phase of reacquiring land”. The minister for Indigenous Australians, Linda Burney, <a href="https://www.theage.com.au/national/victoria/fake-letter-scaremongering-about-indigenous-land-claims-sparks-outrage-20230912-p5e43n.html">called</a> it a “another example of the dirty tricks campaign” being waged to sow doubt over the Voice referendum. Similar concerns were raised following the High Court decision in the <a href="https://aiatsis.gov.au/explore/mabo-case">Mabo case</a> in 1992 and passage of the <a href="https://www.legislation.gov.au/Details/C2017C00178">Native Title Act</a> a year later. Like the fear-mongering over the Mabo decision, the current alarm over the potential loss of private lands with a Voice to Parliament is unwarranted because this claim is manifestly incorrect. There are two foundational legal reasons why: <ul> <li> because of the words of the proposed constitutional amendment itself </li> <li> and because of the way that native title works. </li> </ul> <h2>Would the proposed Voice have powers related to land?</h2> The proposed constitutional amendment that would create the Voice is very simple. It seeks to insert one new section into the Constitution, which reads: <blockquote> In recognition of Aboriginal and Torres Strait Islander peoples as the First Peoples of Australia: <ol> <li> there shall be a body, to be called the Aboriginal and Torres Strait Islander Voice; </li> <li> the Aboriginal and Torres Strait Islander Voice may make representations to the Parliament and the Executive Government of the Commonwealth on matters relating to Aboriginal and Torres Strait Islander peoples; </li> <li> the Parliament shall, subject to this Constitution, have power to make laws with respect to matters relating to the Aboriginal and Torres Strait Islander Voice, including its composition, functions, powers and procedures. </li> </ol> </blockquote> The words clearly provide for only one activity to be undertaken by the Voice. The new body “may make representations” on matters relating to Aboriginal and Torres Strait Islander people. There is no express or hidden power to either take people’s land or give land to First Nations people. The Voice is a committee that may provide advice to parliament and government on issues relating to First Nations people. That is all. And this advice is not binding. The parliament of the day is free to ignore it, if it wishes to. The new provision also gives one sole power to the parliament – it would have the capacity to set up the Voice. It is not possible to understand this provision as creating a special power to take people’s land, or to “convert” land to native title. Importantly, the power to establish the Voice would not be given to the government – it would belong to parliament. In exercising this power, normal parliamentary processes will apply and the parliament will be accountable to the public. There are no other changes to the Constitution proposed in this referendum. <h2>How native title works</h2> In the famous Mabo case, the High Court found that the land title of Aboriginal and Torres Strait Islander people, held under their traditional law and custom, survived the introduction of British sovereignty over Australia. Mabo confirmed native title can only be claimed over land where there is no interest in conflict with the exercise of this right. Native title will always give way to grants of exclusive land use. Following this decision, the law now states that every grant of freehold land (“private” land) extinguishes native title. Further, in the later case of <a href="https://jade.io/article/68082">Fejo v Northern Territory</a>, the High Court confirmed that once native title has been extinguished, it cannot be revived. Consequently, even if the constitutional change creating the Voice did (somehow) recognise native title, it is not possible to “convert” freehold land to native title. On private land, native title no longer exists under Australian law. To put these claims of “land conversion” in context, it is helpful to recall the public response to the Mabo decision. Following the High Court judgement in Mabo, the mining industry ran a national campaign asserting that native title would threaten people’s back yards. The managing director of Western Mining, Hugh Morgan, <a href="https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=(Id:library/prspub/raf10);rec=0">said</a> the High Court’s decision "put at risk the whole legal framework of property rights throughout the whole community." This campaign led to significant public fear about the effects of native title. These claims about native title after Mabo were incorrect. Private landholdings have not been threatened. Indeed, on the ten-year anniversary of the Mabo decision, former Victorian Premier Jeff Kennett even <a href="https://www.theage.com.au/national/i-was-wrong-on-mabo-kennett-20020601-gdu9dt.html">admitted that his initial fears had been unfounded</a>. In reading or listening to claims about the effect of the Voice, it is prudent to question the source of information. If you have questions, seek a reliable source to read the words of the proposed amendment and understand the objective of the constitutional change. If you hear of a claim that seems extreme, it may well be aimed at diverting the public’s attention from the real issues.<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/212784/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/kate-galloway-9907">Kate Galloway</a>, Associate Professor of Law, <a href="https://theconversation.com/institutions/griffith-university-828">Griffith 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/no-the-voice-to-parliament-would-not-force-people-to-give-up-their-private-land-212784">original article</a>.

Legal

Who really benefits from private health insurance rebates? Not people who need cover the most

<a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/judith-liu-1467052">Judith Liu</a>, <a href="https://theconversation.com/institutions/university-of-oklahoma-1896">University of Oklahoma</a>, and <a href="https://theconversation.com/profiles/nathan-kettlewell-903866">Nathan Kettlewell</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> The Australian government spends <a href="https://www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/delivering-australias-lowest-private-health-insurance-premium-change-in-21-years">A$6.7 billion a year</a> on private health insurance rebates. These <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Private-health-insurance-rebate/">rebates</a> are the government’s contribution towards the costs of individuals’ premiums. But our <a href="https://doi.org/10.1002/hec.4751">analysis</a> shows higher rebates for people aged 65 and older are not doing much to encourage them to sign up for private hospital cover, the very group who may benefit the most from it. This and <a href="https://doi.org/10.1080/13504851.2017.1299094">other research</a> point to these rebates largely going to people on higher incomes, ones who’d be more likely to buy private health insurance anyway. <h2>Remind me, what are these rebates?</h2> In <a href="https://www.abs.gov.au/ausstats/abs@.nsf/2f762f95845417aeca25706c00834efa/0aaf3311ebcd3646ca2570ec000c46e4!OpenDocument#:%7E:text=The%20Federal%20Government%2030%25%20Rebate,the%20means%2Dtested%20PHIIS%20rebate.">1999</a>, the Australian government introduced the private health insurance rebate. Initially, the rebate meant the government paid 30% of the cost of private health insurance for everyone, regardless of income or age. Then in 2005, the Howard government increased the rebate rate to 35% for those aged 65-69 and to 40% for those aged 70 and older, regardless of how much they earned. Over time, the rebate rates have decreased slightly and now depend on both income and age. However, the higher discount for older people has always remained. We wanted to understand whether the higher rebates for older people actually encourage them to buy private health insurance. So we looked at data from more than 300,000 people who filed tax returns over more than a decade (2001-2012). We then compared the trends in insurance coverage of people younger than 65 and older than 65, before and after the 2005 rebate policy change. <h2>What we found</h2> We found higher rebates led to a modest and short-term increase in private health insurance take-up. We estimated that lowering premium prices by 10% through higher rebates would only result in 1-2% more people aged 65 and older buying private health insurance in the next two years. This means higher rebates for older people are a very expensive way to get them to insure. People aged 65-74 with income in the bottom 25% of earners were the most likely to buy insurance in response to higher rebates that reduced premium prices. That’s an income under $21,848 in today’s money (income increased to 2023 dollar amount, in line with the <a href="https://www.ato.gov.au/rates/consumer-price-index">consumer price index</a>). <h2>What do we propose?</h2> Our findings suggest a more targeted subsidy program would be a more effective way to increase private health insurance. To achieve this, we recommend lowering income thresholds for rebates to target people of all ages on genuinely low incomes. Currently, people earning as much as $144,000 (singles) or $288,000 (families) can receive rebates. Other evidence to back our proposal comes from <a href="https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=4682822">research</a> released earlier this year. This suggests higher income earners are likely to buy private insurance regardless of rebates. A recent <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies">consultation report</a> commissioned by the federal health department reviewed a range of health insurance incentives. The <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies/supporting_documents/Finity%20Consulting%20MLS%20and%20PHI%20Rebate%20Final%20Report.pdf">report</a> recommends removing rebates for those with income higher than $108,000 for singles and $216,000 for families (we recommend removing them at $93,000 for singles and $186,000 for families). The report also recommends increasing rebates for those older than 65 (we believe income, rather than age, is a better marker of someone’s means). <h2>Are rebates good value for money?</h2> We also need to look at whether rebates provide value for money more broadly, and across all ages. <a href="https://grattan.edu.au/wp-content/uploads/2019/12/926-Saving-Health-2.pdf">Existing evidence</a> shows a 10% decrease in premiums due to rebates only leads to a 3.5-5% increase in private health insurance take-up among all Australians. We show this is only <a href="https://doi.org/10.1002/hec.4751">1-2%</a> for people over 65. So rebates are likely to <a href="https://doi.org/10.1016/j.jhealeco.2013.11.007">cost taxpayers more</a> than they generate in savings, and are largely windfalls to those who would privately insure anyway, often those who are financially better off. <h2>What happens if we scrapped the rebates?</h2> It is uncertain how many people would drop private cover if the rebate was removed. But based on research from when the rebate was introduced, the rebate might account for a maximum <a href="https://escholarship.org/content/qt6j47s8kq/qt6j47s8kq_noSplash_be059196ed2d70b94486039f64452494.pdf">10-15 percentage points</a> of the overall take-up rate. Other research suggests it might be much less than this, closer to <a href="https://www.sciencedirect.com/science/article/pii/S016762961300163X?casa_token=C-SdG98Jc2UAAAAA:KJLHBZ2BJhq9wRQQKUbEWPiqoeza1DEi3mZ9Y6O2GereVX1L1x0cJumVgrqBeMGa1ygDjFrPG7T5">2 percentage points</a>. In other words, the rebate only appears to influence a small percentage of people to buy private health insurance. So scrapping it would likely have a similarly small effect. Then there’s the impact of scrapping the rebate, people dropping their cover and putting more pressure on the public system. Earlier this year, we found private health insurance had <a href="https://theconversation.com/does-private-health-insurance-cut-public-hospital-waiting-lists-we-found-it-barely-makes-a-dent-211680">minimal impact</a> on reducing waiting times for surgery in Victorian public hospitals. So scrapping the rebate might have minimal impact on waiting lists. Taken together, the billions of dollars a year the government spends to subsidise private health insurance via rebates might be better directed to public hospitals and other high-value care, including primary care and preventive 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/212611/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, Professor of Health Economics, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/judith-liu-1467052">Judith Liu</a>, Assistant Professor of Economics, <a href="https://theconversation.com/institutions/university-of-oklahoma-1896">University of Oklahoma</a>, and <a href="https://theconversation.com/profiles/nathan-kettlewell-903866">Nathan Kettlewell</a>, Chancellor's Research Fellow, Economics Discipline Group, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</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/who-really-benefits-from-private-health-insurance-rebates-not-people-who-need-cover-the-most-212611">original article</a>.

Legal

Leigh Sales' cheeky swipe at Karl Stefanovic

Leigh Sales has taken a light-hearted swipe at Karl Stefanovic on Channel Ten's media review show The Cheap Seats. Leigh appeared on the show to talk about her upcoming book Storytellers, which details the craft of journalism and her experience in the industry, as well as how to apply those skills to everyday life. The Cheap Seats hosts Melanie Bracewell and Tim McDonald asked Sales about the media professionals she interviewed for the book, as she took the opportunity for the playful jab against Karl. McDonald began his question saying, "You spoke to some incredible names in Australian journalism, such as Annabel Crabb, Karl Stefanovic, Tracy Grimshaw, David Speers... Who surprised you the most?" Leigh cheekily responded, "I thought you were going to say, 'You spoke to some incredible names in journalism AND Karl Stefanovic!" After the audience and the show hosts burst out laughing, Leigh quickly defended the Today host, saying, "But he is amazing at what he does, let the records show." Sales went on to say that when she spoke to Stefanovic for her book, she was shocked when he admitted how nervous he used to get at the start of his career. "You know Karl actually did surprise me a bit because he talked about how nervous he used to get when he was first starting out and he said he used to sweat absolute buckets," she explained. Elsewhere in the interview, Leigh

Does private health insurance cut public hospital waiting lists? We found it barely makes a dent

<a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/jongsay-yong-10803">Jongsay Yong</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>, and <a href="https://theconversation.com/profiles/ou-yang-937801">Ou Yang</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> The more people take up private health insurance, the <a href="https://www.aph.gov.au/parliamentary_business/committees/senate/community_affairs/completed_inquiries/1999-02/pubhosp/report/c05">less pressure</a> on the public hospital system, including <a href="https://www.privatehealthcareaustralia.org.au/australians-sign-up-to-private-health-insurance-in-record-numbers-to-avoid-hospital-waiting-lists/#:%7E:text=%22Private%20health%20insurance%20is%20the,and%20keep%20pressure%20off%20premiums.">shorter waiting lists</a> for surgery. That’s one of the key messages we’ve been hearing from government and the private health insurance industry in recent years. Governments <a href="https://www.privatehealth.gov.au/health_insurance/surcharges_incentives/index.htm">encourage us</a> to buy private hospital cover. They tempt us with carrots – for instance, with subsidised <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Private-health-insurance-rebate/">premiums</a>. With higher-income earners, the government uses sticks – buy private cover or pay the <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Medicare-levy-surcharge/">Medicare Levy Surcharge</a>. These are just some of the <a href="https://www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/delivering-australias-lowest-private-health-insurance-premium-change-in-21-years#:%7E:text=Home-,Delivering%20Australia's%20lowest%20private%20health%20insurance%20premium%20change%20in%2021,be%202.70%20percent%20in%202022">billion-dollar strategies</a> aimed to shift more of us who can afford it into the private system. But what if private health insurance doesn’t have any meaningful impact on public hospital waiting lists after all? That’s what we found in our <a href="https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=4721936">recent research</a>. Our analysis suggests if an extra 65,000 people buy private health insurance, public hospital waiting lists barely shift from the average 69 days. Waiting lists are an average just eight hours shorter. In other words, we’ve used hospital admission and waiting-list data to show private health insurance doesn’t make much difference. <h2>What we did</h2> Our <a href="https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=4721936">work</a> looked at data from 2014-2018 on hospital admissions and waiting lists for elective surgery in Victoria. The data covered all Victorians who were admitted as an inpatient in all hospitals in the state (both public and private) and those registered on the waiting list for elective surgeries in the state’s public hospitals. That included waiting times for surgeries where people are admitted to public hospitals (as an inpatient). We didn’t include people waiting to see specialist doctors as an outpatient. The data was linked at the patient level, meaning we could track what happened to individuals on the waiting list. We then examined the impact of more people buying private health insurance on waiting times for surgeries in the state’s public hospitals. We did this by looking at the uptake of private health insurance in different areas of Victoria, according to socioeconomic status. After adjusting for patient characteristics that may affect waiting times, these differences in insurance uptake allowed us to identify how this changed waiting times. <h2>What we found</h2> In our sample, on average <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0005/4721936/wp2023n09.pdf">44% of people</a> in Victoria had private health insurance. This is close to the national average of <a href="https://www.apra.gov.au/private-health-insurance-annual-coverage-survey">45%</a>. We found that increasing the average private health insurance take-up from 44% to 45% in Victoria would reduce waiting times in public hospitals by an average 0.34 days (or about eight hours). This increase of one percentage point is equivalent to 65,000 more people in Victoria (based on <a href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/3101.0Main+Features1Jun%202018?OpenDocument">2018 population data</a>) taking up (and using) private health insurance. The effects vary slightly by surgical specialty. For instance, private health insurance made a bigger reduction to waiting times for knee replacements, than for cancer surgery, compared to the average. But again, the difference only came down to a few hours. Someone’s age also made a slight difference, but again by only a few hours compared to the average wait. Given the common situation facing public and private hospitals across all states and territories, and similar private health insurance take-up in many states, our findings are likely to apply outside Victoria. <h2>Why doesn’t it reduce waiting lists?</h2> While our research did not address this directly, there may be several reasons why private health insurance does not free up resources in the public system to reduce waiting lists: <ul> <li> people might buy health insurance and not use it, preferring to have free treatment in the public system rather than risk out-of-pocket costs in the private system </li> <li> specialists may not be willing to spend more time in the public system, instead <a href="https://onlinelibrary.wiley.com/doi/epdf/10.1111/1753-6405.12488">favouring working</a> in private hospitals </li> <li> there’s a growing need for public hospital services that may not be available in the private system, such as complex neurosurgery and some forms of cancer treatment. </li> </ul> <h2>Why is this important?</h2> Government <a href="https://www.privatehealth.gov.au/health_insurance/surcharges_incentives/index.htm">policies</a> designed to get more of us to buy private health insurance involve a significant sum of public spending. Each year, the Australian government spends about <a href="https://www.health.gov.au/ministers/the-hon-greg-hunt-mp/media/delivering-australias-lowest-private-health-insurance-premium-change-in-21-years#:%7E:text=Home-,Delivering%20Australia's%20lowest%20private%20health%20insurance%20premium%20change%20in%2021,be%202.70%20percent%20in%202022">$A6.7 billion</a> in private health insurance rebates to reduce premiums. In the 2020-21 financial year, Medicare combined with state and territory government expenditure provided almost <a href="https://www.aihw.gov.au/reports/hospitals/australias-hospitals-at-a-glance/contents/spending-on-hospitals">$6.1 billion</a> to fund services provided in private hospitals. There might be an argument for this public spending if the end result was to substantially take pressure off public hospitals and thereby reduce waiting times for treatment in public hospitals. But the considerable effort it takes to encourage more people to sign up for private health insurance, coupled with the small effect on waiting lists we’ve shown, means this strategy is neither practical nor effective. Given the substantial costs of subsidising private health insurance and private hospitals, public money might be better directed to public hospitals and primary care. In addition, people buying private health insurance can skip the waiting times for elective surgery to receive speedier care. These people are often <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0005/4682822/wp2023n08.pdf">financially well off</a>, implying unequal access to health care. <h2>What’s next?</h2> The Australian government is currently <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies/">reviewing</a> private health insurance. So now is a good time for reforms to optimise the overall efficiency of the health-care system (both public and private) and improve population health while saving taxpayer money. We also need policies to ensure equitable access to care as a priority. When it comes to reducing hospital waiting lists, we’ve shown we cannot rely on increased rates of private health insurance coverage to do the heavy lifting.<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/211680/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, Professor of Health Economics, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>; <a href="https://theconversation.com/profiles/jongsay-yong-10803">Jongsay Yong</a>, Associate Professor of Economics, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a>, and <a href="https://theconversation.com/profiles/ou-yang-937801">Ou Yang</a>, Senior Research Fellow, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> 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/does-private-health-insurance-cut-public-hospital-waiting-lists-we-found-it-barely-makes-a-dent-211680">original article</a>.

Money & Banking

Private health insurance is set for a shake-up. But asking people to pay more for policies they don’t want isn’t the answer

<a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/nathan-kettlewell-903866">Nathan Kettlewell</a>, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</a> Private health insurance is <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies/">under review</a>, with proposals to overhaul everything from rebates to tax penalty rules. One <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies/supporting_documents/Finity%20Consulting%20MLS%20and%20PHI%20Rebate%20Final%20Report.pdf">proposal</a> is for higher-income earners who don’t have private health insurance to pay a larger <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Medicare-levy-surcharge/">Medicare Levy Surcharge</a> – an increase from 1.25% or 1.5%, to 2%. And if they want to avoid that surcharge, they’d need to take out higher-level hospital cover than currently required. Encouraging more people to take up private health insurance like this might seem a good way to take pressure off the public hospital system. But <a href="https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=4682822">our research</a> shows these proposals may not achieve this. These may also be especially punitive for people with little to gain from buying private health insurance, such as younger people and those living in regional areas who do not have access to private hospitals. <h2>What is the Medicare Levy Surcharge?</h2> The Medicare Levy Surcharge was <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2013/May/A_short_history_of_increases_to_the_Medicare_levy#:%7E:text=From%20July%201997%2C%20a%20surcharge,ancillary%20insurance%20cover%20was%20introduced">introduced in 1997</a> to encourage high-income earners to buy health insurance. People earning above the relevant thresholds need to buy “complying” health insurance, or pay the levy. This surcharge is in addition to the <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Medicare-levy/">Medicare levy</a>, which applies to most taxpayers. The surcharge varies depending on your income bracket, and the rate is <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Medicare-levy-surcharge/Medicare-levy-surcharge-income,-thresholds-and-rates/">different</a> for families. For instance, to avoid paying the surcharge currently, a single person living in Victoria earning A$108,001 can buy basic hospital cover. The lowest annual premium for someone under 65 is <a href="https://www.privatehealth.gov.au/dynamic/Search/">about $1,100</a>, after rebates. That varies slightly between states and territories. Not buying private health insurance and paying the Medicare Levy Surcharge instead would cost even more, at $1,350 (1.25% of $108,001). <h2>What is being proposed?</h2> The <a href="https://consultations.health.gov.au/medical-benefits-division/consultation-on-phi-studies/">report</a>, by Finity Consulting and commissioned by the federal health department, reviews a range of health insurance incentives. It recommends increasing the Medicare Levy Surcharge to 2% for those with an income above $108,001 for singles, and $216,001 for families. The definition of a “complying” private health insurance policy would also change. Rather than having basic hospital cover as is required now, someone would need to buy <a href="https://www.health.gov.au/resources/publications/private-health-insurance-reforms-gold-silver-bronze-basic-product-tiers-campaign-fact-sheet?language=en">silver or gold</a> cover to avoid the surcharge. Under the proposed changes, people who pay the 2% surcharge would also no longer receive any rebate, which currently reduces premiums by <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Private-health-insurance-rebate/Income-thresholds-and-rates-for-the-private-health-insurance-rebate/#Rebaterates1">about 8%</a> for people earning $108,001-$144,000. So, for a single person under 65, earning $108,001 and living in Victoria, the <a href="https://www.privatehealth.gov.au/dynamic/Search/">annual cost of buying</a> complying hospital cover would be at least $1,904 (without the rebate). Again, that varies slightly between states and territories. But the cost of not insuring and paying the Medicare Levy Surcharge instead would go up to $2,160 (2% of $108,001). <h2>Is this a good idea?</h2> However, <a href="https://melbourneinstitute.unimelb.edu.au/publications/working-papers/search/result?paper=4682822">our research</a>, out earlier this year, suggests increasing the Medicare Levy Surcharge will not meaningfully increase take-up of private health insurance. We’ve shown that people do not respond as strongly to the surcharge as theory would predict. For example, when the surcharge kicks in, we found the probability of insuring only increases modestly from about 70% to 73% for singles, and about 90% to 91% for families. It is generally cheaper to buy private health insurance than to pay the surcharge. However, we found about 15% of single people with an income of $108,001 or above don’t insure despite it being cheaper than paying the Medicare Levy Surcharge. We don’t know precisely why. Maybe people are not sure of the financial benefit due to changes in their income, or if they are, cannot be bothered, or do not have time, to explore their options. Maybe, as <a href="https://www.reddit.com/r/AusFinance/comments/x2909w/does_anyone_else_willingly_pay_the_medicare/">anecdotal reports suggest</a>, rather than buying private health insurance, some people would rather support the public system by paying the Medicare Levy Surcharge. The point is, people who are not buying private health insurance appear to be highly resistant to financial incentives. So stronger penalties might have little effect. Instead, we propose the Medicare Levy Surcharge be better targeted to true high-income earners. We can do that by increasing income thresholds for the surcharge to kick in, which are then indexed annually to reflect changes in earnings. <h2>How about needing more expensive cover?</h2> Requiring people to choose silver level cover or above would address criticisms about people buying “<a href="https://theconversation.com/getting-rid-of-junk-health-insurance-policies-is-just-tinkering-at-the-margins-of-a-much-bigger-issue-82749">junk</a>” private health insurance they never intend to use. However, people may be buying this type of product because private health insurance has little value to them. Requiring them to spend even more on a product they don’t want is a roundabout way of taking pressure off the public system. So we propose keeping the current level of hospital cover required to avoid the surcharge, rather than increasing it. <h2>Who loses?</h2> Taken together, the cost of these proposed changes would disproportionately fall on people with little to gain from private health insurance. These include younger people, those living in regional areas who do not have access to private hospitals, or those who prefer to support the public system directly. These groups are the least likely to use private insurance so have the least to gain from upgrading their cover. <h2>Where to next?</h2> The report also recommends keeping <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Private-health-insurance-rebate/">health insurance rebates</a> (a government contribution to your premiums), the <a href="https://www.ato.gov.au/Individuals/Medicare-and-private-health-insurance/Private-health-insurance-rebate/Lifetime-health-cover/">Lifetime Health Cover</a> loading (to encourage people to take out hospital cover while younger), as well as the Medicare Levy Surcharge. We also support keeping these three in the short to medium term. But we recommend gradually reducing public support for private health insurance. We believe the ultimate goal of reforming private health insurance is to optimise the overall efficiency of the health-care system (both public and private systems) and improve population health while saving taxpayers’ money. The goal should not be merely increasing the take-up of private health insurance, which is the focus of the current report. So, as well as our recommendation to better target the Medicare Levy Surcharge, we need to: <ul> <li> lower income thresholds for <a href="https://theconversation.com/the-private-health-insurance-rebate-has-cost-taxpayers-100-billion-and-only-benefits-some-should-we-scrap-it-181264">insurance rebates</a>, especially targeting those on genuinely low incomes. This means lower premiums only for the people who can least afford private health care </li> <li> remove rebates <a href="https://theconversation.com/private-health-insurance-premiums-should-be-based-on-age-and-health-status-122545">based on age</a> as higher rebates for older people <a href="https://www.tandfonline.com/doi/abs/10.1080/13504851.2017.1299094?journalCode=rael20">do not</a> encourage more to insure. Rebates should be tied to just income, which is a better indicator of financial means.<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/210981/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> </li> </ul> <a href="https://theconversation.com/profiles/yuting-zhang-1144393">Yuting Zhang</a>, Professor of Health Economics, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/nathan-kettlewell-903866">Nathan Kettlewell</a>, Chancellor's Postdoctoral Research Fellow, Economics Discipline Group, <a href="https://theconversation.com/institutions/university-of-technology-sydney-936">University of Technology Sydney</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/private-health-insurance-is-set-for-a-shake-up-but-asking-people-to-pay-more-for-policies-they-dont-want-isnt-the-answer-210981">original article</a>.

Money & Banking

Sandra Bullock mourns the passing of her longtime partner after private illness

Hollywood star Sandra Bullock's beloved partner, Bryan Randall, has passed away at the age of 57, with the heart-wrenching news confirmed by his grieving family in a statement shared on Monday. “It is with great sadness that we share that on Aug. 5, Bryan Randall passed away peacefully after a three-year battle with ALS,” the statement read. “Bryan chose early to keep his journey with ALS private and those of us who cared for him did our best to honour his request. We are immensely grateful to the tireless doctors who navigated the landscape of this illness with us and to the astounding nurses who became our roommates, often sacrificing their own families to be with ours. At this time we ask for privacy to grieve and to come to terms with the impossibility of saying goodbye to Bryan.” The statement was signed with a poignant, "His Loving Family". Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s Disease, is a merciless neurological affliction that ravages motor neurons that command delicate voluntary muscle movement. Regrettably, there is currently no remedy for the condition. Bullock, aged 59, crossed paths with model-turned-photographer Randall when he was summoned to capture her son Louis’ birthday celebration in the early days of 2015. Their connection was immediate and profound. The mother-of-two, and an actress who has fiercely guarded her privacy over the years, chose to unveil fragments of her relationship's intimacy during a candid appearance on Red Table Talk in 2021. “I found the love of my life. We share two beautiful children — three children, [Randall’s] older daughter. It’s the best thing ever,” Bullock said at the time. “I don’t wanna say do it like I do it, but I don’t need a paper to be a devoted partner and devoted mother … I don’t need to be told to be ever present in the hardest of times. I don’t need to be told to weather a storm with a good man.” She added that Randall was also a superb “example” to her two children: “He’s the example that I would want my children to have... I have a partner who’s very Christian and there are two different ways of looking at things. I don’t always agree with him, and he doesn’t always agree with me. But he is an example even when I don’t agree with him... I’m stubborn but sometimes I need to sit back and listen and go, ‘You’re saying it differently but we mean exactly the same thing.’ “It’s hard to co-parent because I just want to do it myself.” "He was so happy, but he was scared. I'm a bulldozer. My life was already on the track, and here's this beautiful human being who doesn't want anything to do with my life but the right human being to be there." Images: Getty

Caring

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

11 garage sale finds you should never pass up

Vintage furniture Want to snag the biggest bargain on vintage furniture at a garage sale? The key is to wait until the end of the day. By then, the sellers are wondering how they are going to get that heavy old sofa off of the grass and back into the living room – and they’ll be more likely to take your initial offer. Be careful with upholstered items (bed bug alert!), but once you’re confident it’s clean, try to look past garishly coloured fabric and eye-popping patterns: you can always reupholster a piece of furniture to better suit your sense of style. Artwork Garage sale artwork is a great way to add some colour to your home. It’s fun to pick up art for two reasons: You might learn about interesting local artists, or, even if you don’t like the image, you can always repurpose the frame. This is key for larger paintings and drawings, because big frames can be so expensive. Haggle if you want, since art is subjective and the sellers might not have too many interested buyers. Also, odds are that they’re tired of looking at it and just want it gone. Vintage jewellery Not to sound old-fashioned, but they don’t make jewellery like they used to – costume jewellery included. Since the popularity of items like brooches has declined over the years, you can usually get a deal on these accessories, and if you like, the possibilities for upgrading them are endless. Give tarnished silver a good polish with a paste of baking soda and warm water. For gold, paying a few bucks for solid pieces should pay off – you can always sell them for scrap or have them melted down to create something new. Kitchenware When you see pots and pans at a garage sale, look for rust, non-stick surfaces that are scratched or flaking, and chemical coatings that might leach out into your food. Cast-iron ware, on the other hand, can be salvaged and restored no matter what the condition – and it’ll last forever. Also, if you find the following items in good working condition, snap them up: stainless steel baking items, kitchen timers, serving utensils, Pyrex or ovenproof glass baking dishes, and quality knives (you can always take them in to be sharpened). Just make sure to wash these great garage sale finds well before use. Small kitchen appliance If you’re in the market for an ice cream maker, single-serve smoothie blender, or rotisserie, consider scouring garage sales first. People hold sales to sell off unused items that take up space on their countertops, and bulky, highly-specialised small appliances are often priced to move. You’ll usually be able to scoop them up for a fraction of their retail price – even if they’ve only been used once or twice. Jackets When it comes to apparel, jackets can be among the best garage sale finds. Since sellers spring-clean before their sales, bulky or unworn winter coats and vests are some of the first things to hit the to-go pile. Check for holes and wear before purchasing, and dry clean or give a good washing before putting in the closet for next year. For children, buy the next size(s) up and store in a closet for future seasons. Tools Tools like drills, saws, nail guns and compressors can be great garage sale finds. As long as the seller can prove that they’re in good working condition, snap them up. Ask how old the product is and how much it has been used over the years. Always keep an eye out for rust, which usually means the integrity of the metal is compromised, making the tool more dangerous to work with. Silverware Odds are you can pick up a stylish silverware set for cheaper than what you can find new at most stores, plus you’re likely to hear a cool back-story to boot. There’s also a chance that what you’ve got is actual silver. How can you tell? On the back of silver-plated items there will be markings that can include the company name, the country in which it was made, a product number, and the E.P. (electroplate) marking. Don’t miss this garage sale find! Bicycles Bikes can be a great garage sale find, but it’s important to take them for a test drive before you commit to the purchase. Hardcore bargain-hunters might consider bringing a wrench to adjust the seat and get a real feel for how it rides, paying particular attention to the condition of the brakes and tyres. (Although tires can always be filled with more air, check the treads for wear and the sidewalls for cracking.) For kids’ bikes, the owner’s children might not have used the item much before they outgrew it, but ask. Exercise equipment This is one of the best garage sale finds! A lot of people lose interest in their fitness gear quickly, which means you can get the equipment you’ve been looking for at half the price or better. Look for big-ticket items (elliptical machines, treadmills) as well as other indoor merch like hand weights in the spring, when New Year’s resolutions are long forgotten. Research the equipment first: It’s important to know where certain machines tend to wear out the most. Books Bulk up your home library with new favourite reads, especially children’s books (kids outgrow their books quickly as their reading comprehension increases) and hardcover classics. Image credits: Getty Images This article originally appeared on <a href="https://www.readersdigest.com.au/food-home-garden/home-tips/11-garage-sale-finds-you-should-never-pass-up-2?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.

Home & Garden

Balmain Private: A decade of trust and success

Having celebrated its 10th anniversary in 2022, Balmain Private has firmly established itself as one of Australia's most reliable investment options. Since its inception in 2012, the company has consistently delivered impressive results, making it a trusted choice for individuals and advisers alike. With a track record of $244 million in interest paid to investors – and with an even more impressive capital loss of zero dollars – Balmain Private has demonstrated its commitment to delivering solid returns. Over the past decade, investors have enjoyed an average annual return of 7.56%*, with the highest reaching an outstanding 11.25% net return*. What sets Balmain Private apart is its unique approach to investment. The company empowers investors by allowing them to build, select, and manage their own portfolio of first mortgage loans. This flexibility appeals to a wide range of investors, including Retail, High Net Worth and Self-Managed Superannuation Fund investors, who seek alternative income sources beyond traditional options. At Balmain Private, the approval process for investment offerings is highly meticulous. Only the best loans make it to the investors, ensuring a carefully curated selection that prioritises quality and performance. Remarkably, more than 20% of loans repaid have exceeded the target return rate, while the rest have consistently met their target rate of return. Investing with Balmain Private is not only rewarding but also convenient. The entire process can be completed online, allowing investors to transact at their leisure. Whether on a PC, tablet or smartphone, investors have easy access to their portfolio. Additionally, Balmain Private offers a Mobile App that enables investors and advisers to manage, invest and review their portfolio on the go. The app allows for seamless depositing or redeeming of funds and provides downloadable reports right on your mobile device. To further enhance transparency and control, investors or their advisers can manage their portfolio through an intuitive online investor portal. This portal provides comprehensive details on current investments, capital movements, income distributions and transactions, ensuring that investors stay well-informed every step of the way. If you're ready to explore the opportunities offered by Balmain Private, you can download their complimentary <a href="https://info.balmain.com.au/rs/929-AKB-976/images/BPD%205727%20Target%20Market%20Determination.pdf" target="_blank" rel="noopener">Target Market Determination</a> (TMD), their <a href="https://info.balmain.com.au/FactSheetOrder-Over60_01LandingHomepage.html?utm_source=Over60&utm_medium=Editorial&utm_campaign=June&utm_content=Editorial_TextLink" target="_blank" rel="noopener">Investor Fact Sheet</a>, or get in touch with their Investments Team at 02 9232 8888. For more detailed information, you can also visit their library of materials at <a href="https://linktr.ee/balmainprivate" target="_blank" rel="noopener">https://linktr.ee/balmainprivate</a>. Balmain Fund Administration Limited, with ABN 98 134 526 604 and AFSL No: 333213, serves as the issuer of units in the Balmain Discrete Mortgage Income Trusts ARSN 155 909 176. Before making any investment decision, it is crucial to read the Product Disclosure Statement (PDS) and the Target Market Determination (TMD) available on the company's website or by calling 02 9232 8888. It's important to carefully consider whether investing in the Trust aligns with your financial goals, as rates of return are not guaranteed and are subject to future revenue, which may be lower than expected. As with any investment, there is a risk of losing some or all of the principal investment. However, Balmain Private's exceptional track record and commitment to investor satisfaction provide a solid foundation for a successful investment journey. Choose Balmain Private for your chance to embark on another decade of trust and prosperity. Image: Shutterstock This is a sponsored article produced in partnership with Balmain Private. *Since inception. Past performance is not indicative of future performance. Investors should consider the risk associated with any Loan as set out in the PDS and any relevant Supplementary PDS (SPDS) pertaining to that Loan.

Money & Banking

Australia’s richest schools revealed

Funding in education is a divisive topic at the best of times, but with new data from the Australian Curriculum, Assessment and Reporting Authority’s MySchool, the divide between public and private school has never been more apparent. With five years’ worth of financial data at its disposal, news.com.au ranked Australia’s schools by wealth in each state, and by combining each institution’s gross income across its fees, its government funding, and the likes of donation income. According to the study, the top five wealthiest schools in New South Wales were - from first to fifth - Wahroonga’s Knox Grammar School, Darlinghurst’s Sydney Grammar School, Hornsby’s Barker College, Bellevue Hill’s The Scots College, and Pymble’s Pymble Ladies’ College. The results also revealed that New South Wales’ wealthiest school - Knox Grammar School - has gained more money through fees, funding, and donations over the course of five years than the total economic output of five of Australia’s Pacific island neighbours. Non-government schools account for 56 of the state’s richest, with Cherrybrook Technology High School - a secondary school in northwest Sydney - the highest-earning public school. Victoria’s top five were Keysborough’s Haileybury College, Melbourne’s Wesley College, St Kilda East’s Caulfield Grammar School, Kew’s Carey Baptist Grammar School, and Ivanhoe’s Ivanhoe Grammar School. And Victoria’s richest - Haileybury College - has more money than the bottom 300 schools combined, according to new data, with a staggering five-year income of $677m. However, it has also been reported that many Victorian state schools receive more per student from the government than the top private schools. Similar to Victoria, Queensland’s top five made more money over a five year period than the bottom 300, prompting renewed calls for the state and federal governments to negotiate on school funding. And those top five were Brisbane’s Brisbane Grammar School, East Brisbane’s Anglican Church Grammar School, Indooroopilly’s St Peters Lutheran College, Reedy Creek’s King’s Christian College, and Brisbane’s Brisbane Girls Grammar School. South Australia’s top five were St Peters’ St Peters’ College, Somerton Park’s Sacred Heart College, Marion’s Westminster School, Findon’s Nazareth Catholic College, and Kent Town’s Prince Alfred College. The findings revealed that some of the inner-city colleges were bringing in up to 100 times more than their country school counterparts, and that St Peter’s College could boast a five-year gross income of almost a quarter of a billion dollars. Meanwhile, at small town Port Neill Primary School on the Eyre Peninsula, the gross income for the same period came in at just over $2.5m. Tasmania’s top five were North Hobart’s The Friends’ School, Prospect Vale’s St Patrick’s College, Newstead’s Scotch Oakburn College, Sandy Bay’s The Hutchins School, and Launceston’s Launceston College. And Tasmania’s richest, The Friends’ School, was revealed to be raking in over $158.3m over five years, with an astounding average cost per student of $29,070. The Northern Territory’s top five wealthiest schools were The Garden’s Darwin High School, Humpty Doo’s Taminmin College, Howard Springs’ Good Shepherd Lutheran College, Wadeye’s Our Lady of the Sacred Heart Thamarrurr Catholic College, and Rapid Creek’s The Essington School. Darwin High School had a gross income of $118.1m, while the region’s second wealthiest - Taminmin College - had one just shy of the former’s at $118m. However, Tipperary Station School had the lowest gross income of any of the territory’s schools, bringing in just $2.1m. Western Australia’s top five were Claremont’s Christ Church Grammar School, Wembley Downs’ Hale School, Swanbourne’s Scotch College, Karrinyup’s St Mary’s Anglican Girls’ School, and Duncraig’s St Stephen’s School. And last but not least, the Australian Capital Territory’s five richest schools were Red Hill’s Canberra Grammar School, Bruce’s Radford College, Deakin’s Canberra Girls Grammar School, Isabella Plains’ St Mary MacKillop College, and Pearce’s Marist College Canberra. Images: Facebook

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World's most expensive house up for sale

Experience a unique glimpse into the private life of Princess Diana

Politicians slam Albanese's "hypocritical" private jet use

Iconic Victorian Sphinx Hotel up for sale

Burial plot up for sale for $100,000

Former home of Kylie Minogue and Michael Hutchence for sale

Why Mr Bean is being blamed for decreasing electric vehicle sales

"Anzac Day is not for sale": Veterans slam Anzac Day rock festival

Historic lighthouse keeper's cottage up for sale

Accused mushroom killer puts home up for sale

No, the Voice to Parliament would not force people to give up their private land

Who really benefits from private health insurance rebates? Not people who need cover the most

Leigh Sales' cheeky swipe at Karl Stefanovic

Does private health insurance cut public hospital waiting lists? We found it barely makes a dent

Private health insurance is set for a shake-up. But asking people to pay more for policies they don’t want isn’t the answer

Sandra Bullock mourns the passing of her longtime partner after private illness

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

11 garage sale finds you should never pass up

Balmain Private: A decade of trust and success

Australia’s richest schools revealed

Our Partners

News

Shop

Catalogues

Newspaper

Contests

Entertainment

Travel

Health

Lifestyle

Finance

Property

Compare

Games

Information

Keep up to date

Search

World's most expensive house up for sale

Experience a unique glimpse into the private life of Princess Diana

Politicians slam Albanese's "hypocritical" private jet use

Iconic Victorian Sphinx Hotel up for sale

Burial plot up for sale for $100,000

Former home of Kylie Minogue and Michael Hutchence for sale

Why Mr Bean is being blamed for decreasing electric vehicle sales

"Anzac Day is not for sale": Veterans slam Anzac Day rock festival

Historic lighthouse keeper's cottage up for sale

Accused mushroom killer puts home up for sale

No, the Voice to Parliament would not force people to give up their private land

Who really benefits from private health insurance rebates? Not people who need cover the most

Leigh Sales' cheeky swipe at Karl Stefanovic

Does private health insurance cut public hospital waiting lists? We found it barely makes a dent

Private health insurance is set for a shake-up. But asking people to pay more for policies they don’t want isn’t the answer

Sandra Bullock mourns the passing of her longtime partner after private illness

Peter Stefanovic and Sylvia Jeffreys list multimillion-dollar home

11 garage sale finds you should never pass up

Balmain Private: A decade of trust and success

Australia’s richest schools revealed

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