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Readers response: What’s the most interesting cultural experience you've had while travelling?

When travelling abroad, we are often exposed to new and fascinating cultures that can open our eyes to different ways of life. We asked our readers to share the most interesting cultural experience they've had while travelling, and the response was overwhelming. Here's what they said. Sandra Beckett - Staying overnight in a Ger in Mongolia miles from anywhere, listening to Throat singing accompanied by two traditionally dressed musicians playing Horsehead fiddles. Also, travelling across Russia by train, visiting the Galapagos islands, Skara Brae in the Orkneys, the Hagia Sophia in Istanbul. Denise Ryan - Listening to glorious classical music played in Havana’s Plaza de la Catedral and attending a stunning performance of Swan Lake in the Grand Theatre of Havana. Deedee Cullum - Visiting Ypres in Belgium and staying the night so we could see the evening ceremony at the Menin gate. Alison Davenport - 50 years ago visiting a Fijian village made me realise everyone didn't live like I did. Have been amazed at all travel experiences since. Glenn Turton - Staying in a farmhouse in Normandy for a week. Visiting D-Day beaches and Mont St Michel from there and local villages and markets on the days between. Back to the farmhouse each night to cook local produce and sit by an open fire. Karen Psaila - Sitting in a small ally sipping black sweet tea in Egypt looking at the pyramids and sphinx whilst camels are strolling by. Amazing. Patricia Watson - Darwin. Spending a day with First Nation Women and Children in the bush and learning about food that grows and is edible in that area. James Langabeer - This are my three top three most interesting cultural experiences. 1. Japan's Tea Ceremony: Attending a traditional tea ceremony in Kyoto, Japan, where I learned about the intricate rituals and Zen Buddhism's influence. 2. Indian Holi Festival: Celebrating Holi, the Festival of Colors, in Mumbai, India, surrounded by vibrant colors, music, and joyful locals. 3. Moroccan Hammam: Experiencing a traditional Moroccan bathhouse (hammam) in Marrakech, where I discovered local customs and relaxation techniques. Margaret Mason - Staying for a couple of days in a small, traditional village in China. Image credits: Shutterstock

International Travel

Australia’s fertility rate has reached a record low. What might that mean for the economy?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/jonathan-boymal-392960">Jonathan Boymal</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/ashton-de-silva-3066">Ashton De Silva</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/sarah-sinclair-385470">Sarah Sinclair</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Australia’s fertility rate has fallen to a new <a href="https://www.abs.gov.au/statistics/people/population/births-australia/latest-release">record low</a> of 1.5 babies per woman. That’s well below the “<a href="https://pubmed.ncbi.nlm.nih.gov/7834459/#:%7E:text=PIP%3A%20Replacement%20level%20fertility%20is,of%202.1%20children%20per%20woman.">replacement rate</a>” of 2.1 needed to sustain a country’s population. On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population. Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services. So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it? <h2>Are lower birth rates always a problem?</h2> Falling fertility rates can actually have some <a href="https://www.rand.org/content/dam/rand/pubs/monograph_reports/2007/MR1274.pdf">short-term benefits</a>. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth. Smaller populations can also benefit from <a href="https://www.sciencedirect.com/science/article/abs/pii/S0927537112000620.">increased investment</a> per person in education and health. But the picture gets more complex in the long term, and less rosy. An ageing population can strain pensions, health care and social services. This can hinder economic growth, unless it’s <a href="https://pubmed.ncbi.nlm.nih.gov/21302431/">offset by increased productivity</a>. Other scholars have <a href="https://www.gsb.stanford.edu/faculty-research/publications/end-economic-growth-unintended-consequences-declining-population">warned</a> that a falling population could stifle innovation, with fewer young people meaning fewer breakthrough ideas. <h2>A global phenomenon</h2> The trend towards women having fewer children is not unique to Australia. The global fertility rate has dropped over the past couple of decades, from 2.7 babies per woman in 2000 to <a href="https://www.macrotrends.net/global-metrics/countries/WLD/world/fertility-rate">2.4 in 2023</a>. However, the distribution is not evenly spread. In 2021, 29% of the world’s babies were born in sub-Saharan Africa. This is projected to <a href="https://www.healthdata.org/news-events/newsroom/news-releases/lancet-dramatic-declines-global-fertility-rates-set-transform">rise to 54% by 2100</a>. There’s also a <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/psp.2720">regional-urban divide</a>. Childbearing is often delayed in urban areas and late fertility is more common in cities. In Australia, we see <a href="https://www.abs.gov.au/statistics/people/population/births-australia/latest-release#data-downloads">higher fertility rates</a> in inner and outer regional areas than in metro areas. This could be because of more affordable housing and a better work-life balance. But it raises questions about whether people are moving out of cities to start families, or if something intrinsic about living in the regions promotes higher birth rates. <iframe id="U1wEx" class="tc-infographic-datawrapper" style="border: 0;" src="https://datawrapper.dwcdn.net/U1wEx/1/" width="100%" height="400px" frameborder="0" scrolling="no"></iframe> <h2>Fewer workers, more pressure on services</h2> Changes to the makeup of a population can be just as important as changes to its size. With fewer babies being born and increased life expectancy, the proportion of older Australians who have left the workforce will keep rising. One way of tracking this is with a metric called the old-age dependency ratio – the number of people aged 65 and over per 100 working-age individuals. In Australia, this ratio is currently about 27%. But according to the latest <a href="https://treasury.gov.au/publication/2023-intergenerational-report">Intergenerational Report</a>, it’s expected to rise to 38% by 2063. An ageing population means greater demand for medical services and aged care. As the working-age population shrinks, the tax base that funds these services will also decline. Unless this is offset by technological advances or policy innovations, it can mean higher taxes, longer working lives, or the government providing fewer public services in general. <h2>What about housing?</h2> It’s tempting to think a falling birth rate might be good news for Australia’s stubborn housing crisis. The issues are linked – rising real estate prices have made it difficult for many young people to afford homes, with a significant number of people in their 20s <a href="https://pursuit.unimelb.edu.au/articles/more-australian-adult-children-are-living-with-their-parents-longer">still living with their parents</a>. This can mean delaying starting a family and reducing the number of children they have. At the same time, if fertility rates stay low, demand for large family homes may decrease, impacting one of Australia’s most significant economic sectors and sources of household wealth. <h2>Can governments turn the tide?</h2> Governments worldwide, including Australia, have long experimented with policies that encourage families to have more children. Examples include paid parental leave, childcare subsidies and financial incentives, such as Australia’s “<a href="https://theconversation.com/what-the-baby-bonus-boost-looks-like-across-ten-years-81563">baby bonus</a>”. Many of these efforts have had only limited success. One reason is the rising average age at which women have their first child. In many developed countries, including Australia, the average age for first-time mothers has surpassed <a href="https://www.aihw.gov.au/reports/mothers-babies/australias-mothers-babies/contents/overview-and-demographics/maternal-age">30</a>. As women delay childbirth, they become less likely to have multiple children, further contributing to declining birth rates. Encouraging women to start a family earlier could be one policy lever, but it must be balanced with women’s growing workforce participation and career goals. Research has previously highlighted the factors influencing fertility decisions, including levels of paternal involvement and workplace flexibility. Countries that offer part-time work or maternity leave without career penalties have seen a <a href="https://faculty.wcas.northwestern.edu/mdo738/research/Doepke_Hannusch_Kindermann_Tertilt_Handbook_23.pdf">stabilisation or slight increases</a> in fertility rates. <h2>The way forward</h2> Historically, one of the ways Australia has countered its low birth rate is through immigration. Bringing in a lot of people – especially skilled people of working age – can help offset the effects of a low fertility rate. However, relying on immigration alone is not a long-term solution. The global fertility slump means that the pool of young, <a href="https://www.imf.org/en/Publications/fandd/issues/2020/03/can-immigration-solve-the-demographic-dilemma-peri">educated workers from other countries</a> is shrinking, too. This makes it harder for Australia to attract the talent it needs to sustain economic growth. Australia’s record-low fertility rate presents both challenges and opportunities. On one hand, the shrinking number of young people will place a strain on public services, innovation and the labour market. On the other hand, advances in technology, particularly in artificial intelligence and robotics, may help ease the <a href="https://www.sciencedirect.com/science/article/abs/pii/S0164070420302020">challenges of an ageing population</a>. That’s the optimistic scenario. AI and other tech-driven productivity gains could reduce the need for large workforces. And robotics could assist in aged care, lessening the impact of this demographic shift.<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/241577/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/jonathan-boymal-392960">Jonathan Boymal</a>, Associate Professor of Economics, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/ashton-de-silva-3066">Ashton De Silva</a>, Professor of Economics, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/sarah-sinclair-385470">Sarah Sinclair</a>, Senior Lecturer in Economics, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/australias-fertility-rate-has-reached-a-record-low-what-might-that-mean-for-the-economy-241577">original article</a>. </div>

Money & Banking

Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/jeannie-marie-paterson-6367">Jeannie Marie Paterson</a>, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/nicola-howell-1160247">Nicola Howell</a>, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a> In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year. A 2023 <a href="https://download.asic.gov.au/media/mbhoz0pc/rep761-published-20-april-2023.pdf">review</a> by the Australian Securities and Investments Commission (ASIC) found banks detected and stopped only a small proportion of scams. The total amount banks paid in compensation paled in comparison to total losses. So, it was a strong statement this week when it was revealed the Australian Financial Conduct Authority (AFCA) had <a href="https://my.afca.org.au/searchpublisheddecisions/kb-article/?id=f9f8941f-7379-ef11-ac20-000d3a6acbb4">ordered</a> a bank – HSBC – to compensate a customer who lost more than $47,000 through a sophisticated bank impersonation or “spoofing” scam. This decision was significant. An AFCA determination is binding on the relevant bank or other financial institution, which has <a href="https://www.afca.org.au/make-a-complaint#:%7E:text=Any%20determinations%20we%20make%20are,service%20is%20free%20to%20access">no direct right of appeal</a>. It could have implications for the way similar cases are treated in future. The ruling comes amid a broader push for sector-wide reforms to give banks more responsibility for <a href="https://www.fico.com/blogs/detection-prevention-tackling-scams-every-angle">detecting</a>, deterring and responding to scams, as opposed to simply telling customers to be “more careful”. Here’s what you should know about this landmark ruling, and what it might mean for consumers. <h2>A highly sophisticated ‘spoofing’ scam</h2> You might be familiar with “push payment” scams that trick the victim into paying money to a dummy account. These include the “<a href="https://www.acma.gov.au/articles/2024-01/scam-alert-re-emergence-hi-mum-scam">mum I’ve lost my phone</a>” scam and some <a href="https://www.scamwatch.gov.au/types-of-scams/online-dating-and-romance-scams">romance</a> scams. The <a href="https://www.smh.com.au/national/dragged-kicking-and-screaming-banking-giant-loses-battle-against-scam-victim-20241015-p5kide.html">recent case</a> concerned an equally noxious “bank impersonation” or “spoofing” scam. The complainant – referred to as “Mr T” – was tricked into giving the scammer access to his HSBC account, from which an unauthorised payment was made. The scammer sent Mr T a text message, purportedly asking him to investigate an attempted Amazon transaction. In an effort to respond to the (fake) unauthorised Amazon purchase, Mr T revealed security passcodes to the scammer, enabling them to transfer $47,178.54 from his account and disappear with it. The fact Mr T was dealing with scammers was far from obvious – scammers had information about him one might reasonably expect only a bank would know, such as his bank username. On top of this, the scam text message appeared in a thread of other legitimate text messages that had previously been sent by the real HSBC. <h2>AFCA’s ruling</h2> HSBC argued to AFCA that having to pay compensation should be ruled out under the <a href="https://download.asic.gov.au/media/lloeicwb/epayments-code-published-02-june-2022.pdf">ePayments Code</a>, a voluntary code of practice administered by ASIC. Under this code, a bank is not required to compensate a customer for an unauthorised payment if that customer has disclosed their passcode. The bank argued the complainant had voluntarily disclosed these codes to the scammer, meaning the bank didn’t need to pay. AFCA disagreed. It noted the very way the scam had worked was by creating a sense of urgency and crisis. AFCA considered that the complainant had been manipulated into disclosing the passcodes and had not acted voluntarily. AFCA awarded compensation covering the vast majority of the disputed transaction amount, lost interest charged to a home loan account, and $5,000 towards Mr T’s legal costs. It also ordered the bank to pay compensation of $1,000 for poor customer service in dealing with the matter, including communication delays. <h2>Other cases may be more complex</h2> In this case, the determination was relatively straightforward. It found Mr T had not voluntarily disclosed his account information, so was not excluded from being compensated under the ePayments Code. However, many payment scams fall outside the ePayments Code because they involve the customer directly sending money to the scammer (as opposed to the scammer accessing the customer’s account). That means there is no code to direct compensation. Still, AFCA’s jurisdiction is broader than merely applying a code. In considering compensation for scam losses, AFCA must consider what is “fair in all the circumstances”. This means taking into account: <ul> <li>legal principles</li> <li>applicable industry codes</li> <li>good industry practice</li> <li>previous AFCA decisions.</li> </ul> Relevant factors might well include whether the bank was proactive in responding to known scams, as well as the challenges for individual customers in identifying scams. <h2>Broader reforms are on the way</h2> At the heart of this determination by AFCA is a recognition that, increasingly, detecting sophisticated scams can be next to impossible for customers, which can mean they don’t act voluntarily in making payments to scammers. Similar reasoning has informed a range of recent reform initiatives that put more responsibility for detecting and responding to scams on the banks, rather than their customers. In 2023, Australia’s banking sector committed to a new “<a href="https://www.ausbanking.org.au/scam-safe-accord/">Scam-Safe Accord</a>”. This is a commitment to implement new measures to protect customers, including a confirmation of payee service, delays for new payments, and biometric identity checks for new accounts. Changes on the horizon could be more ambitious and significant. The proposed <a href="https://treasury.gov.au/consultation/c2024-573813">Scams Prevention Framework</a> legislation would require Australian banks, telcos and <a href="https://pursuit.unimelb.edu.au/articles/accc-vs-big-tech-round-10-and-counting">digital platforms</a> to take reasonable steps to prevent, detect, report, disrupt and respond to scams. It would also include a compulsory external dispute resolution process, like AFCA’s, for consumers seeking compensation for when any of these institutions fail to comply. Addressing scams is not just an Australian issue. In the United Kingdom, newly introduced <a href="https://www.bbc.com/news/articles/cy94vz4zd7zo">rules</a> make paying and receiving banks responsible for compensating customers, for scam losses up to £85,000 (A$165,136), unless the customer is grossly negligent.<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/241558/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/jeannie-marie-paterson-6367">Jeannie Marie Paterson</a>, Professor of Law, <a href="https://theconversation.com/institutions/the-university-of-melbourne-722">The University of Melbourne</a> and <a href="https://theconversation.com/profiles/nicola-howell-1160247">Nicola Howell</a>, Senior lecturer, <a href="https://theconversation.com/institutions/queensland-university-of-technology-847">Queensland University of Technology</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/could-a-recent-ruling-change-the-game-for-scam-victims-heres-why-the-banks-will-be-watching-closely-241558">original article</a>. </div>

Money & Banking

"Super uncomfortable for everyone": Qantas plays R-rated movie for every passenger

Qantas has issued an apology after an R-rated movie was played for every passenger onboard a flight from Sydney to Tokyo. On Saturday, the flight was delayed by an hour due to problems with the in-flight entertainment system, which resulted in cabin crew only being able to play one film on everyone's individual screens. After requests were taken by passengers, the movie Daddio was chosen. The 2023 drama stars Sean Penn and Dakota Johnson as a taxi driver and his passenger as they discuss their relationships, including an affair Johnson’s character had with a married man. One passenger took to Reddit to share their experience of the flight, saying it was "extremely inappropriate", due to scenes of “graphic nudity and a lot of sexting”. “The kind where you could literally read the texts on screen without needing headphones,” the passenger wrote. “It was super uncomfortable for everyone, especially with families and kids on board.” Another passenger said the airline made the switch to Inside Out 2 followed by a New Zealand nature show after playing “40 minutes of penis and boobs”. “These poor kids and the parents because y’all should’ve heard the audible gasps across the plane,” the passenger said. Cabin crew members attempted to fix the screens of those who didn't want to watch the R-rated film, but when this didn't work, resorted to switching the movie entirely. “The movie was clearly not suitable to play for the whole flight and we sincerely apologise to customers for this experience,” a Qantas spokesperson stated. “All screens were changed to a family-friendly movie for the rest of the flight, which is our standard practice for the rare cases where individual movie selection isn’t possible." “We are reviewing how the movie was selected.” Image credits: Shutterstock

Travel Trouble

Readers response: Who’s the most interesting person you’ve met while travelling?

One of the best parts of travelling is the people you met along the way. Whether it's as part of a tour group or an interesting character you meet by chance, interacting with interesting people in interesting places can bring a lot to your travel experience. We asked our readers to tell us about the most interesting person they've encountered on their travels and the response was overwhelming. Here's what they said. Diana Jason - Cargo Holly Harrison. He walked 15000 miles from the bottom of South America to the top of Alaska. A truly fascinating man. Margie Buckingham - While caravanning around Oz, every night we would meet interesting ppl enjoying pre-dinner drinks & nibbles around the campfire. We all had personal stories to tell or the best places to camp. Ann Smith - Myself. Travelled to the UK and found my independence and confidence, two and a bit years after I lost love of my life to cancer. Pamela Cari - We met the lady who played the mother of Apollonia Vitelli in The Godfather when we were in Savoca. Rosalie Busch - A couple who grew up behind the wall in East Berlin. Sue Velvin - Shaquille O'Neal when my daughter and I had a holiday in the states a few years ago! Awesome man. Wendy Farnham - A Buddhist Nun in Cambodia who lost her husband and 6 of her 7 children to starvation under Pol Pot’s regime. Lyn Schuemaker - Everybody. They all have stories to tell. Image credits: Shutterstock

International Travel

From maxing out to slowing down, how much do heart rates vary across sports?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/theresa-larkin-952095">Theresa Larkin</a>, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> and <a href="https://theconversation.com/profiles/gregory-peoples-1556509">Gregory Peoples</a>, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> A classic image of the Olympics and Paralympics is an athlete at the end of a race struggling for breath, their heart obviously racing. But at the other end of the scale are athletes such as archers and shooters, who need to slow their heart rates down as much as possible. Athletes in speed and endurance events regularly push their heart rate to the maximum. But these athletes usually have low heart rates at rest. What causes our heart rates and respiratory (breathing) rates to change so much, and is this healthy? <h2>When heart rates and respiratory rates rise</h2> If you are still and calm as you read this, your heart is probably beating 60–100 times per minute and you are likely breathing 12–20 times per minute. These are the <a href="https://theconversation.com/what-should-my-heart-rate-be-and-what-affects-it-98945">normal ranges for a resting adult</a>. During physical activity when muscles are contracting, the muscles need more oxygen to provide them with energy to work. To deliver this extra oxygen (<a href="https://theconversation.com/curious-kids-why-is-blood-red-229121#:%7E:text=Haemoglobin%20is%20like%20a%20red,oxygen%2C%20our%20blood%20is%20red.">carried in our blood</a>), our heart pumps blood faster. In other words, our heart rate increases. We also breathe faster to get more oxygen into our lungs to be delivered to the exercising muscles. <figure><iframe src="https://www.youtube.com/embed/3YOap5k0R_8?wmode=transparent&start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe><figcaption>Your resting heart rate can tell you plenty about your health and fitness.</figcaption></figure> <h2>How fast can our heart rate get during exercise?</h2> Aerobic means “with oxygen”. In <a href="https://my.clevelandclinic.org/health/articles/7050-aerobic-exercise">aerobic exercise</a> (“cardio”) you use large muscles repetitively and rhythmically. For example, walking, running, cycling, swimming and rowing. Muscles that are contracting during aerobic exercise use a lot of energy and need ten times <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4551211/">more oxygen than at rest</a>. High intensity aerobic events that involve large muscles or the entire body cause the highest heart rates. An <a href="https://www.heartonline.org.au/resources/calculators/target-heart-rate-calculator">estimate</a> of maximum heart rate (beats per minute) is 220 minus your age. This equates to 195 beats per minute for a 25-year-old – close to the average age of the Australian Olympic team of 26.5 years. Athletes competing in Olympic events of endurance or speed will reach their maximum heart rate. You can usually only maintain maximum heart rate for a few minutes. But in a 2000-metre rowing race, the rowers maintain intense effort at close to maximum heart rate for 6–8 minutes. This is one of the toughest events for the heart. It’s no wonder rowers often collapse in the boat <a href="https://www.bbc.com/news/uk-england-cambridgeshire-68731840">as they cross the finish line</a>. Highly trained endurance athletes can have a maximum heart rate higher than expected for their age. <a href="https://olympics.com/en/athletes/eliud-kipchoge">Eliud Kipchoge</a> from Kenya is considered the greatest marathon runner of all time. During his <a href="https://au.coros.com/stories?world-record">world record run</a> in the 2022 Berlin marathon, he ran with a heart rate of around 180 beats per minute for almost the entire race. <h2>How does breathing change with exercise?</h2> Our breathing changes with exercise to increase oxygen uptake from the air. At low-to-moderate intensity exercise, you start to take deeper breaths. This brings in more air and oxygen with each breath. However, there is a limit to how much the chest can expand. With higher intensity exercise, respiratory rate increases to increase oxygen intake. Elite athletes can breathe <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4818249/">more than 50 times</a> per minute. This is driven by <a href="https://theconversation.com/what-is-breathwork-and-do-i-need-to-do-it-231192">our diaphragm</a>, the most important muscle of breathing. <a href="https://www.abc.net.au/news/2024-07-28/paris-olympics-grace-brown-cycling-gold-medal-australia/104151466">Grace Brown</a>, Olympic gold medal cyclist in Paris, <a href="https://inscyd.com/article/grace-brown-olympic-gold-physiology/">breathes close to a maximal oxygen uptake</a> when she is cycling at high intensity. <h2>Some athletes need to slow things down</h2> Archery and shooting athletes perform better with a lower heart rate. They time their shots to be <a href="https://pubmed.ncbi.nlm.nih.gov/3580727/#:%7E:text=Results%20showed%20that%20the%20champion,both%20during%20diastole%20and%20systole">between heart beats</a> when the body is the most still. This is easier with a slower heart rate, with more time between beats. Archers consciously lower their heart rate <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6441821/">prior to shooting</a> by <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6721071/">slowing their breathing</a>. Other Olympians use <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10224217/#:%7E:text=For%20practicing%20slow%20and%20deep,minutes%20before%20starting%20the%20exercise.">breathing techniques</a> to calm pre-race anticipation and high heart rates. Slowing the breath, <a href="https://theconversation.com/what-is-breathwork-and-do-i-need-to-do-it-231192">especially the exhale</a>, is the best way to lower your heart rate. Beta-blockers also reduce heart rate, by blocking adrenaline. This is why they are on the <a href="https://www.wada-ama.org/en/prohibited-list">prohibited substances list</a> of the World Anti-Doping Agency. <h2>What about resting heart rates?</h2> Athletes often have a <a href="https://www.health.harvard.edu/heart-health/is-a-low-heart-rate-worrisome">low resting heart rate</a>, around 40-50 beats per minute, and slower during sleep. Some are even lower – five time Tour de France winner Miguel Indurain famously had a resting heart rate of <a href="https://www.cyclingweekly.com/fitness/miguel-indurain-vs-your-body-34288">28 beats per minute</a>. Legendary US swimmer Michael Phelps is the <a href="https://olympics.com/en/news/michael-phelps-olympic-medals-record-how-many-gold-swimmer-world-record">most successful Olympian</a> of all time – he had a resting heart rate of <a href="https://www.reanfoundation.org/low-resting-heart-rate-and-lifespan/#:%7E:text=Studies%20on%20Athletes%20and%20Low%20Resting%20Heart%20Rate&text=It%20could%20also%20hint%20at,BPM%20throughout%20his%20professional%20career">less than 40 beats per minute</a>. Regular moderate-to-vigorous intensity aerobic exercise makes the <a href="https://www.medicalnewstoday.com/articles/athletes-heart-rate">heart stronger and more efficient</a>. A stronger heart pumps more blood per beat, which means it doesn’t need to beat as often. Exercise also <a href="https://pubmed.ncbi.nlm.nih.gov/12477376/">increases vagus nerve</a> activity to the heart and <a href="https://www.nature.com/articles/ncomms4775">slows down</a> the heart’s pacemaker cells. These both reduce heart rate. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6306777/">A large review</a> found endurance training and yoga were the best exercises to reduce resting heart rate. But training needs to be maintained to keep resting heart rate low. When elite athletes reduced their training volume by half during COVID lockdown, their <a href="https://www.mdpi.com/2071-1050/13/5/2970">resting heart rate increased</a>. <h2>What does this mean for our health?</h2> A slower resting heart rate is linked to <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6306777/">longer life expectancy and reduced death from cardiovascular disease</a>. Indeed, <a href="https://bjsm.bmj.com/content/55/4/206">a study</a> of more than 8,000 Olympians from the United States found they lived longer than the general population. So it is healthy to do activities that increase your heart rate in the short-term, whether as an Olympian or Paralympian competing, or a fan with your heart racing watching a gold medal event.<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/235594/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/theresa-larkin-952095">Theresa Larkin</a>, Associate professor of Medical Sciences, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> and <a href="https://theconversation.com/profiles/gregory-peoples-1556509">Gregory Peoples</a>, Senior Lecturer - Physiology, <a href="https://theconversation.com/institutions/university-of-wollongong-711">University of Wollongong</a> Image credits: Shutterstock This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/from-maxing-out-to-slowing-down-how-much-do-heart-rates-vary-across-sports-235594">original article</a>. </div>

Body

Major banks hand over millions in refunds over unfair fees

Four major Australian banks are set to cough up close to $30 million in refunds to low-income customers after the Federal corporate watchdog revealed a pattern in high fees. A new report from the Australian Securities and Investments Commission revealed ANZ, Commonwealth Bank, Westpac, as well as mid-tier Bendigo and Adelaide Bank kept at least two million low-income customers in high-fee accounts. Many of these low-income earners rely on Centrelink payments, and were unfairly slapped with unreasonably high fees. The report followed an ASIC review which focused on improving financial outcomes for First Nations customers by addressing avoidable bank fees. “We focused in this project on the banks who were most likely to have First Nations consumers on low incomes trapped in high-fee accounts,” ASIC commissioner Alan Kirkland said. ASIC said the four banks have committed to moving more than 200,000 customers into low-fee accounts, saving them about $10.7 million a year, with the financial institutions also committed to refunding over $28m in fees to these customers over the next 12 to 18 months. This includes $24.6 million to Aboriginal and Torres Strait Islander students and apprentices receiving ABSTUDY payments, and customers in areas with significant First Nations populations. “At any time ASIC, and the community, expects that the banks will treat their customers fairly,” Mr Kirkland said. “But that’s particularly important for people on low incomes and for people who are struggling to make ends meet, the last thing they need is to have the very little income that they have being eaten away in unnecessary bank fees.” Mr Kirkland added that the implications of ASIC’s latest review applied to all banks across the country. “We’re expecting all of them to read the report and make improvements to their practices to stop other people being trapped in high-fee accounts that they can’t afford,” Mr Kirkland said. Image credits: Shutterstock

Money & Banking

Ignite your inspiration with multi-use makeup that won’t break the bank

As cost of living pressures continue to tug at our wallets, we’re all looking for things we can cut back on. For many people, indulgent beauty practices are the first to go when trying to save money, with many people dialling back their hair appointments and only getting their nails done as a one off treat. However, when looking to cut out non-essentials to ease the strain on your bank account, you don’t have to give up everyday makeup and beauty products that make you feel good. Instead, it’s about doing some research and buying smart, branching out to try new things, and even finding new holy grail products that work in multiple ways. Thankfully, <a href="https://www.thekindcollectiveaustralia.com/">The KIND Collective</a>’s new High Achievers range is here to save the day. With a multitude of products for lips, eyes, cheeks and skin for both everyday wear and bold evening glam, this new collection welcomes playfulness, self-expression, sustainability, and affordability to suit any generation. <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C7TWh-OtgqL/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C7TWh-OtgqL/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by The KIND Collective (@thekindcollectiveaustralia)</a> </div> </blockquote> From lip oils and skin tints, to 3-in-1 complexion trios and eyeshadow sticks, The KIND Collective have something for every occasion. For Beauty lovers looking to lean into the growing trend of incorporating multi-use products into your everyday routine, with this new range of multi-use, easy to apply products, KIND is putting the emphasis on quality over quantity. Alongside the plus of being a multi-use range, KIND has listened to the masses, with 74% of beauty consumers agreeing that makeup and beauty products from affordable brands work just as well as products from premium brands, with nothing in the new range exceeding a $30 price point. This female-founded business is on a mission to add consciously driven, multi-purpose cosmetic products to everyone’s beauty repertoire, with a reasonable budget in mind. The KIND Collective is available online or in-store at <a href="https://www.bigw.com.au/brands/kind-collective">Big W</a> and <a href="https://www.priceline.com.au/brand/kind-collective">Priceline</a>. Image credits: Shutterstock

Beauty & Style

Channel 10 axes another show amid ratings crisis

Channel 10 has decided to axe yet another popular show as they continue to grapple with declining ratings and viewers leaving. Following the cancellation of The Bachelors and The Masked Singer, <a href="https://www.dailymail.co.uk/tvshowbiz/article-13449749/Channel-10-axes-amid-ratings-crisis-revealed-Channel-Seven-considering-saving-unlikely-series.html" target="_blank" rel="noopener">Daily Mail Australia</a> reported that the network was also cancelling Gladiators. Despite the show's success in the UK, the Australian reboot struggled to find the same effect as they failed to sustain their initial viewership. The show produced by Warner Bros and hosted by Beau Ryan and Liz Ellis was launched with high hopes and attracted 395,000 metro viewers during its premiere. However, by the second episode the numbers plummeted to just 196,000 - over half of the initial viewership. Critics on social media were also quick to point out the lack of crowd presence, despite the show being filmed under normal conditions, with one person saying: "It felt like watching an event without any real energy." The Traitors is another the show that was axed by the network after just two seasons, and now an insider has revealed that Channel Seven is considering commissioning the series. "The show's concept has potential, but it needs a fresh approach and a new platform," the insider told Daily Mail Australia. They also shared what's in store for Channel 10 as they attempt to revive their ratings. "Channel 10 is now deciding to put all their eggs in one basket, planning to roll out not one, but two seasons of Australian Survivor in 2025," the insider said. "They are putting together a 10th season special as well as an Australia vs USA Survivor all-star showdown which will be screened simultaneously in America and Down Under." A Channel 10 executive said: "Survivor has consistently performed well for us, and we believe this new approach will reignite audience interest." The Daily Mail reported that they have contacted Channel Seven and 10 for a comment. Image: Ten

"I felt duped": 95-year-old loses $1.6 million in bank scam

A 95-year-old has been left feeling "sick" after she was scammed out of $1.6 million by heartless scammers claiming to be a bank. In November last year, Harriet Spring received a call from a man who called himself George Thompson, and said he worked for ING Bank. The man gained Harriet's trust over several months, at the difficult time that the great-grandmother was handling the sale of her mother's house. "Over time, I completely thought he was from ING, I had no reason to believe he wasn't," she told <a href="https://9now.nine.com.au/today/95-year-old-great-grandmother-loses-more-than-1-million-life-savings-to-scammers/f41540e7-f5c9-4c3b-89a7-ac94dd81bf6a" target="_blank" rel="noopener">Today</a>. "George" then convinced Harriet the money from the sale of the house could build interest in an ING account, but it was actually being held by Westpac Bank. "It sounds implausible now, but the scammer had me convinced and I told my mother's bank, Teachers Mutual Bank, that this was an ING fixed term deposit, but it was being put in the Westpac bank," she said. "I put down the BSB number and the account number and what I thought was my name attached to the account, (my mother's bank) pointed out that it seems strange and ING account would be held with Westpac, but they still went ahead and authorised the transfer." When Harriet realised the scammers had taken hold of her life savings totalling $1.6 million, she felt "sick". "Obviously my world just fell out from under me - I just felt sick," she said. "I felt utterly responsible, I felt duped, foolish, ashamed - a lot of shame associated with it and I think that's why a lot of people don't come forward and talk about this kind of thing." Harriet has shared her story as a warning for others to be wary of potential scammers, while also calling on banks to have better protocols in place to stop suspicious transactions from going through. "Someone with basic training from the bank would have known that ING don't bank with any other banks and they should have flagged it," she said. "I believe the reality is that the banks 100 per cent put the blame on the victims and they minimise their own liability." "There should be some sort of system for compensating victims, the banks don't commit the theft, but they certainly drive the getaway car and they need to be held responsible for being complicit with this." Image credits: Today

Legal

What are heart rate zones, and how can you incorporate them into your exercise routine?

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/hunter-bennett-1053061">Hunter Bennett</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> If you spend a lot of time exploring fitness content online, you might have come across the concept of heart rate zones. Heart rate zone training has become more popular in recent years partly because of the boom in wearable technology which, among other functions, allows people to easily track their heart rates. <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6537749/">Heart rate zones</a> reflect different levels of intensity during aerobic exercise. They’re most often based on a percentage of your maximum heart rate, which is the highest number of beats your heart can achieve per minute. But what are the different heart rate zones, and how can you use these zones to optimise your workout? <h2>The three-zone model</h2> While there are several models used to describe heart rate zones, the most common model in the scientific literature is the <a href="https://journals.humankinetics.com/view/journals/ijspp/9/1/article-p100.xml">three-zone model</a>, where the zones may be categorised as follows: <ul> <li> zone 1: 55%–82% of maximum heart rate </li> <li> zone 2: 82%–87% of maximum heart rate </li> <li> zone 3: 87%–97% of maximum heart rate. </li> </ul> If you’re not sure what your maximum heart rate is, it can be calculated using <a href="https://www.jacc.org/doi/full/10.1016/S0735-1097%2800%2901054-8">this equation</a>: 208 – (0.7 × age in years). For example, I’m 32 years old. 208 – (0.7 x 32) = 185.6, so my predicted maximum heart rate is around 186 beats per minute. There are also other models used to describe heart rate zones, such as the <a href="https://journals.humankinetics.com/view/journals/ijspp/14/8/article-p1151.xml">five-zone model</a> (as its name implies, this one has five distinct zones). These <a href="https://journals.humankinetics.com/view/journals/ijspp/9/1/article-p100.xml">models</a> largely describe the same thing and can mostly be used interchangeably. <h2>What do the different zones involve?</h2> The three zones are based around a person’s <a href="https://link.springer.com/article/10.2165/00007256-200939060-00003">lactate threshold</a>, which describes the point at which exercise intensity moves from being predominantly aerobic, to predominantly anaerobic. Aerobic exercise <a href="https://www.healthline.com/health/fitness-exercise/difference-between-aerobic-and-anaerobic">uses oxygen</a> to help our muscles keep going, ensuring we can continue for a long time without fatiguing. Anaerobic exercise, however, uses stored energy to fuel exercise. Anaerobic exercise also accrues metabolic byproducts (such as lactate) that increase fatigue, meaning we can only produce energy anaerobically for a short time. On average your lactate threshold tends to sit around <a href="https://www.tandfonline.com/doi/full/10.2147/OAJSM.S141657">85% of your maximum heart rate</a>, although this varies from person to person, and can be <a href="https://journals.physiology.org/doi/full/10.1152/japplphysiol.00043.2013">higher in athletes</a>. In the three-zone model, each zone loosely describes <a href="https://www.frontiersin.org/journals/physiology/articles/10.3389/fphys.2015.00295/full">one of three types of training</a>. Zone 1 represents high-volume, low-intensity exercise, usually performed for long periods and at an easy pace, well below lactate threshold. Examples include jogging or cycling at a gentle pace. Zone 2 is threshold training, also known as tempo training, a moderate intensity training method performed for moderate durations, at (or around) lactate threshold. This could be running, rowing or cycling at a speed where it’s difficult to speak full sentences. Zone 3 mostly describes methods of high-intensity interval training, which are performed for shorter durations and at intensities above lactate threshold. For example, any circuit style workout that has you exercising hard for 30 seconds then resting for 30 seconds would be zone 3. <h2>Striking a balance</h2> To maximise endurance performance, you need to strike a balance between doing enough training to elicit positive changes, while avoiding over-training, injury and burnout. While zone 3 is thought to produce the largest improvements in <a href="https://www.sciencedirect.com/science/article/pii/S1440244018309198">maximal oxygen uptake</a> – one of the best predictors of endurance performance and overall health – it’s also the most tiring. This means you can only perform so much of it before it becomes too much. Training in different heart rate zones improves <a href="https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=38c07018c0636422d9d5a77316216efb3c10164f">slightly different physiological qualities</a>, and so by spending time in each zone, you ensure a <a href="https://link.springer.com/article/10.1007/bf00426304">variety of benefits</a> for performance and health. <h2>So how much time should you spend in each zone?</h2> Most <a href="https://www.frontiersin.org/articles/10.3389/fspor.2023.1258585/full">elite endurance athletes</a>, including runners, rowers, and even cross-country skiers, tend to spend most of their training (around 80%) in zone 1, with the rest split between zones 2 and 3. Because elite endurance athletes train a lot, most of it needs to be in zone 1, otherwise they risk injury and burnout. For example, some runners accumulate <a href="https://journals.humankinetics.com/view/journals/ijsnem/22/5/article-p392.xml?content=pdf">more than 250 kilometres per week</a>, which would be impossible to recover from if it was all performed in zone 2 or 3. Of course, most people are not professional athletes. The <a href="https://www.who.int/news-room/fact-sheets/detail/physical-activity">World Health Organization</a> recommends adults aim for 150–300 minutes of moderate intensity exercise per week, or 75–150 minutes of vigorous exercise per week. If you look at this in the context of heart rate zones, you could consider zone 1 training as moderate intensity, and zones 2 and 3 as vigorous. Then, you can use heart rate zones to make sure you’re exercising to meet these guidelines. <h2>What if I don’t have a heart rate monitor?</h2> If you don’t have access to a heart rate tracker, that doesn’t mean you can’t use heart rate zones to guide your training. The three heart rate zones discussed in this article can also be prescribed based on feel using a simple <a href="https://onlinelibrary.wiley.com/doi/10.1111/j.1600-0838.2004.00418.x">10-point scale</a>, where 0 indicates no effort, and 10 indicates the maximum amount of effort you can produce. With this system, zone 1 aligns with a 4 or less out of 10, zone 2 with 4.5 to 6.5 out of 10, and zone 3 as a 7 or higher out of 10. Heart rate zones are not a perfect measure of exercise intensity, but can be a useful tool. And if you don’t want to worry about heart rate zones at all, that’s also fine. The most important thing is to simply get moving.<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/228520/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/hunter-bennett-1053061">Hunter Bennett</a>, Lecturer in Exercise Science, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</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/what-are-heart-rate-zones-and-how-can-you-incorporate-them-into-your-exercise-routine-228520">original article</a>. </div>

Body

Australians are having fewer babies and our local-born population is about to shrink: here’s why it’s not that scary

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/amanda-davies-201009">Amanda Davies</a>, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</a> Australians are having fewer babies, so many fewer that without international migration our population would be on track to decline in just over a decade. In most circumstances, the number of babies per woman that a population needs to sustain itself – the so-called <a href="https://www.who.int/data/gho/indicator-metadata-registry/imr-details/123">total fertility rate</a> – is 2.1. Australia’s total fertility rate dipped below 2.1 in the late 1970s, moved back up towards it in the late 2000s (assisted in part by an improving economy, better access to childcare and the introduction of the <a href="https://theconversation.com/what-the-baby-bonus-boost-looks-like-across-ten-years-81563">Commonwealth Baby Bonus</a>), and then plunged again, hitting a low of <a href="https://www.abs.gov.au/statistics/people/population/population-projections-australia/2022-base-2071#assumptions">1.59</a> during the first year of COVID. <hr /> <iframe id="CHdqj" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/CHdqj/3/" width="100%" height="400px" frameborder="0"></iframe> <hr /> The latest population projections from the Australian Bureau of Statistics assume the rate remains near its present 1.6% for <a href="https://www.abs.gov.au/statistics/people/population/population-projections-australia/2022-base-2071#assumptions">the next 50 years</a>. An alternative, lower, set of assumptions has the rate falling to 1.45 over the next five years and staying there. A higher set of assumptions has it rebounding to 1.75 and staying there. A comprehensive study of global fertility trends published in March in the medical journal <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext#%20">The Lancet</a> has Australia’s central case at 1.45, followed by a fall to 1.33 by the end of the century. Significantly, none of these assumptions envisages a return to replacement rate. The bureau’s central projection has Australia’s population turning down from 2037 in the absence of a boost from migration. <hr /> <iframe id="oi55c" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/oi55c/3/" width="100%" height="400px" frameborder="0"></iframe> <hr /> It’s easy to make guesses about reasons. Reliable contraception has been widely available for 50 years. Rents, mortgages and the other costs facing Australians of child-bearing age appear to be climbing. It’s still <a href="https://www.abc.net.au/news/2023-12-17/career-or-baby-michelle-battersby-pregnancy-gender-/103186296">difficult to have a career</a> if you have a child, and data show women still carry the substantive burden of <a href="https://theconversation.com/mind-the-gap-gender-differences-in-time-use-narrowing-but-slowly-191678">unpaid work around the home</a>. The US fertility rate has fallen <a href="https://ourworldindata.org/grapher/children-per-woman-un?tab=chart&time=1950..latest&country=OWID_WRL%7EUSA%7EAUS">much in line with Australia’s</a>. Reporting on <a href="https://theconversation.com/us-birth-rates-are-at-record-lows-even-though-the-number-of-kids-most-americans-say-they-want-has-held-steady-197270">research</a> into the reasons, Forbes Magazine succinctly said a broken economy had “<a href="https://fortune.com/2023/01/12/millennials-broken-economy-delay-children-birthrate/">screwed over</a>” Americans considering having children. More diplomatically, it said Americans saw parenthood as “<a href="https://fortune.com/2023/01/12/millennials-broken-economy-delay-children-birthrate/">harder to manage</a>” than they might have in the past. <h2>Half the world is unable to replace itself</h2> But this trend is widespread. The <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext#%20">Lancet study</a> finds more than half of the world’s countries have a fertility rate below replacement level. <a href="https://theconversation.com/chinas-population-shrinks-again-and-could-more-than-halve-heres-what-that-means-220667">China</a>, which is important for the global fertility rate because it makes up such a large share of the world’s population, had a fertility rate as high as 7.5 in the early 1960s. It fell to 2.5 before the start of China’s <a href="https://www.scmp.com/economy/china-economy/article/3135510/chinas-one-child-policy-what-was-it-and-what-impact-did-it">one-child</a> policy in the early 1990s, and then slid further from 1.8 to 1 after the policy was abandoned in 2016. <hr /> <iframe id="idC4X" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/idC4X/3/" width="100%" height="400px" frameborder="0"></iframe> <hr /> South Korea’s fertility rate has dived further, to the world’s lowest: <a href="https://time.com/6488894/south-korea-low-fertility-rate-trend-decline/">0.72</a>. The fertility rate in India, which is now <a href="https://www.un.org/development/desa/dpad/publication/un-desa-policy-brief-no-153-india-overtakes-china-as-the-worlds-most-populous-country/">more populous than China</a>, has also fallen <a href="https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?page=&locations=IN">below replacement level</a>. Most of the 94 nations that continue to have above-replacement fertility rates are in North Africa, the Middle East and Sub-Saharan Africa. Some, including Samoa and Papua New Guinea, are in the Pacific. Most of Asia, Europe and Oceania is already below replacement rate. <h2>A changing world order</h2> The largest high-fertility African nation, <a href="https://www.weforum.org/agenda/2020/09/the-world-population-in-2100-by-country/">Nigeria</a>, is expected to overtake China to become the world’s second-most-populous nation by the end of the century. But even Nigeria’s fertility rate will sink. The Lancet projections have it sliding from 4.7 to <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext#%20">1.87</a> by the end of the century. The differences mean the world’s population growth will increasingly take place in countries that are among the most vulnerable to environmental and economic hardship. Already economically disadvantaged, these nations will need to provide jobs, housing, healthcare and services for rapidly growing populations at a time when the rest of the world does not. On the other hand, those nations will be blessed with young people. They will be an increasingly valuable resource as other nations face the challenges of an ageing population and declining workforce. <h2>An older world, then a smaller world</h2> Global fertility <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext">halved</a> between 1950 and 2021, shrinking from 4.84 to 2.23. The latest projections have it sinking below the replacement rate to somewhere between 1.59 and 2.08 by 2050, and then to between <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext">1.25 and 1.96</a> by 2100. The world has already seen peak births and peak primary-school-aged children. In <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(24)00550-6/fulltext">2016</a>, the world welcomed about 142 million live babies, and since then the number born each year has fallen. By 2021, it was about 129 million. The global school-age population aged 6 to 11 years peaked at around 820 million in <a href="https://www.un.org/development/desa/dpad/publication/un-desa-policy-brief-no-152-population-education-and-sustainable-development-interlinkages-and-select-policy-implications/">2023</a>. The United Nations expects the world’s population to peak at 10.6 billion in <a href="https://www.smh.com.au/national/the-planet-s-population-will-get-to-10-4-billion-then-drop-here-s-when-we-reach-peak-human-20231213-p5er8g.html">2086</a>, after which it will begin to fall. Another forecast, produced as part of the impressive <a href="https://www.healthdata.org/research-analysis/gbd">Global Burden of Disease</a> study, has the peak occurring two decades earlier in <a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30677-2/fulltext">2064</a>, with the world’s population peaking at 9.73 billion. <h2>Fewer babies are a sign of success</h2> In many ways, a smaller world is to be welcomed. The concern common <a href="https://theconversation.com/a-long-fuse-the-population-bomb-is-still-ticking-50-years-after-its-publication-96090">in the 1960s and 1970s</a> that the world’s population was growing faster and faster and the world would soon be unable to feed itself has turned out to be misplaced. Aside from occasional blips (China’s birth rate in the <a href="https://www.jstor.org/stable/1973601">Year of the Dragon</a>) the fertility trend in just about every nation on Earth is downwards. The world’s population hasn’t been growing rapidly for long. Before 1700 it grew by only about <a href="https://ourworldindata.org/population-growth-over-time">0.4% per year</a>. By 2100 it will have stabilised and started to fall, limiting the period of unusually rapid growth to four centuries. In an important way, lower birth rates can be seen as a sign of success. The richer a society becomes and the more it is able to look after its seniors, the less important it becomes for each couple to have children to care for them in old age. This is a long-established theory with a name: the <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4116081/">demographic transition</a>. For Australia, even with forecast immigration, lower fertility will mean changes. The government’s 2023 <a href="https://treasury.gov.au/publication/2023-intergenerational-report">Intergenerational Report</a> says that whereas there are now 3.7 Australians of traditional working age for each Australian aged 65 and over, by 2063 there will only be 2.6. It will mean those 2.6 people will have to work smarter, perhaps with greater assistance from artificial intelligence. Unless they decide to have more babies, which history suggests they won’t.<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/228273/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/amanda-davies-201009">Amanda Davies</a>, Professor and Head of School of Social Sciences, <a href="https://theconversation.com/institutions/the-university-of-western-australia-1067">The University of Western Australia</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/australians-are-having-fewer-babies-and-our-local-born-population-is-about-to-shrink-heres-why-its-not-that-scary-228273">original article</a>. </div>

Family & Pets

Keep warm this winter without breaking the bank

With winter right around the corner, many of us (me included) are dreading the frost-bitten mornings, increased heating bills, and feeling too frozen to enjoy our days. However, with winter comes a long list of simple things to appreciate, such as layering up with your favourite scarf before heading out, curling up under a blanket with a good book, endless cups of tea, and of course, the ultimate season for soup. Another thing to add to this unspoken list of winter essentials is the very thing that keeps us warm all day everyday: our most trusted pair of ugg boot slippers. This winter, it’s never been more important to make sure your uggs are in tip top shape, as there’s nothing more miserable than having cold toes in the middle of June. Luckily, Ugg Express is here to help. This Australian owned and based footwear brand has been crafting a wide range of high-quality ugg boots, street wear shoes and accessories for the Australian community for over 30 years. From <a href="https://uggexpress.com.au/collections/ugg-boots-for-women">women’s</a> and <a href="https://uggexpress.com.au/collections/mens-ugg-boots">men’s</a> collections to styles made for little feet, every pair of UGGs is meticulously constructed using a combination of robust soles, reinforced stitching and high-quality suede or leather exteriors to deliver long-lasting wear and endless warmth. If it's boots you’re looking for, or if slip-on slippers are more your speed, Ugg Express have what you’re after, with their entire range coming in at very affordable prices. I was lucky enough to be sent a pair of <a href="https://uggexpress.com.au/products/as-ugg-slippers-homey-unisex-sheepskin-slippers?variant=19690173005882">sheepskin Ugg slippers</a>, and can confidently say I have found my go-to Uggs for winter. These slippers are not a full boot, making them easy to slip on and off if you struggle with mobility issues, while still keeping your heels and ankles snug. As someone who has long suffered with circulation problems (even in the depths of summer will be fingers and toes be entirely too cold) these sheepskin slippers have answered my winter prayers. The ultra-soft sheepskin lining gently moulds to the contours of your feet, providing a cushioned and cloud-like sensation with every step, without leaving your feet feeling overheated or sweaty. Sheepskin also contains natural antimicrobial properties that wick away moisture and help keep nasty odours at bay, so your pair of Uggs smell fresh and new, even with extended wear. The warmth and comfort of these Uggs are unmatched, with a comfy sole adding much needed support, so you can wear them all day long. You can shop the entire range of Uggs, slippers, boots and much more <a href="https://uggexpress.com.au/">online</a>, with the Ugg Express website offering free shipping on orders over $100, and a no risk 30-day returns policy to ensure every customer is happy with their purchase. If you prefer to try before you buy, Ugg Express have stores located all across Australia. Don’t wait before you’re frozen solid to make your ultimate winter purchase! Explore the range today to discover a pair of stylish UGG boots you’ll be reaching for whenever the temperature dips. Image credits: Shutterstock

Beauty & Style

Worried about price gouging? For banks, there’s a simple solution

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Does it feel like you’re being charged more for all sorts of things these days, from <a href="https://theconversation.com/supermarkets-airlines-and-power-companies-are-charging-exploitative-prices-despite-reaping-record-profits-222755#:%7E:text=According%20to%20the%20inquiry%2C%20the,dairy%20products%20and%20breakfast%20cereals.&text=Farmers%20recently%20accused%20supermarkets%20of%20making%20too%20much%20profit%20from%20their%20crops.">groceries</a> to <a href="https://theconversation.com/see-when-australias-biggest-banks-stopped-paying-proper-interest-on-your-savings-and-what-you-can-do-about-it-200265">banking</a>? Turns out, you’re right. While we might be more likely to remember prices that go up than prices that go down, the very best evidence – assembled by Australia’s <a href="https://treasury.gov.au/sites/default/files/2023-11/competition-review-mergers-background-note.pdf">Treasury</a>, the federal government’s lead economic adviser – says your suspicions are right. We really are being charged more than we used to be two decades ago. Coupled with the latest profit reports from Australia’s biggest supermarkets and banks, including Tuesday’s half-year results from Coles, it suggests we are contributing more to company profits than we used to. <h2>Climbing price markups</h2> The Treasury estimates show in the 13 years between 2003-04 and 2016-17, the average price markup – the difference between the cost of a product and its selling price – across all Australian industries climbed 6%. That’s extra profit, taken from your wallet, going to the people selling you things. Those Treasury estimates are contained in a background paper prepared for the competition <a href="https://treasury.gov.au/review/competition-review-2023">inquiry</a> being undertaken by a panel including Productivity Commission chair Danielle Wood, former Competition and Consumer Commission chief Rod Sims, and business leader David Gonski. At the same time, the average share of each industry held by its biggest four firms edged up from 41% to 43%. Profit margins are also higher here than in more competitive markets overseas. This is true in banking, where the big four have taken over St George, BankWest, and the Bank of Melbourne – and are about to take over <a href="https://www.accc.gov.au/media-release/australian-competition-tribunal-authorises-anz%E2%80%99s-proposed-acquisition-of-suncorp-bank">Suncorp</a>. It’s also true in supermarkets, where the big two, Woolworths and Coles, have taken over or seen off Franklins, Bi-Lo and Safeway. <h2>Bigger profit margins than overseas</h2> Coles supermarkets reported earnings <a href="https://www.investopedia.com/terms/e/ebitda.asp#:%7E:text=EBITDA%2C%20or%20earnings%20before%20interest,generated%20by%20the%20company's%20operations.">before adjustments</a> of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02777616-3A637432">A$1.73 billion</a> on sales of $19.778 billion in the half year to December – a profit margin of 8.7%. Last week, Woolworths supermarkets reported earnings of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02774826-2A1506104">$2.45 billion</a> on sales of $25.648 billion – a margin of 9.6%. By way of comparison, the dominant UK supermarket group, Sainsbury’s, has a profit margin of <a href="https://stockanalysis.com/quote/lon/SBRY/statistics/">6.13%</a>. In banking, the Commonwealth Bank has just reported a return on equity (profit as a proportion of shareholders’ funds) of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02772167-2A1504649">13.8%</a>. National Australia Bank reported <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2023-full-year-results.pdf">12.9%</a>. While on a par with the big banks overseas, those recent returns are a good deal higher than CommBank’s <a href="https://www.commbank.com.au/content/dam/commbank-assets/about-us/2021-08/2021-annual-report_spreads.pdf">11.5%</a> and NAB’s <a href="https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2021-full-year-results-management-discussion-and-analysis.pdf">10.7%</a> reported two years ago. <h2>Little hope for groceries</h2> For supermarkets, there’s not a lot the government can do, apart from launching an <a href="https://www.accc.gov.au/inquiries-and-consultations/supermarkets-inquiry-2024-25">inquiry</a>, and perhaps giving Australian authorities the power to <a href="https://www.afr.com/policy/economy/break-up-firms-that-abuse-market-power-says-former-competition-tsar-20230709-p5dmtq">break up</a> firms that abuse their market power. But Prime Minister Anthony Albanese has said he isn’t keen on giving Australian authorities the sort of powers available to authorities in the United States and the United Kingdom, saying (incongruously) Australia is “<a href="https://www.pm.gov.au/media/radio-interview-abc-radio-brisbane-mornings">not the old Soviet Union</a>”. And doing anything short of that would be unlikely to have much effect. Australia’s two supermarket giants have invested a fortune in high-tech <a href="https://theconversation.com/coles-and-woolworths-are-moving-to-robot-warehouses-and-on-demand-labour-as-home-deliveries-soar-166556">warehouses and distribution systems</a>, which new rivals would be hard-pressed to match. <h2>Hope for more competitive banking</h2> But for banks it’s altogether different. Richard Denniss of the Australia Institute has come up with the idea, and it’s a beauty. It’s for the government to provide a low-cost banking service – expanding on services it already offers. The costs would be so low, other banks might decide to add features and resell them in the same way as resellers sell <a href="https://www.whistleout.com.au/MobilePhones/Guides/Telstra-network-coverage-vs-ALDI-Woolworths-Belong-Boost">mobile phone</a> and <a href="https://www.nbnco.com.au/residential/service-providers">NBN</a> services. The primary function of any bank is to provide a numbered account into which Australians can deposit and withdraw funds. The Australian Tax Office does this already, at an incredibly low cost. The tax office gives every working Australian a <a href="https://www.ato.gov.au/individuals-and-families/tax-file-number">tax file number</a>. Employers deposit money into these accounts, and – should the tax office owe a refund – taxpayers withdraw them. Some taxpayers ensure their tax is <a href="https://www.ato.gov.au/businesses-and-organisations/international-tax-for-business/in-detail/income/refund-of-over-withheld-withholding-how-to-apply">overpaid</a>, so they withdraw later. Denniss describes it as a bank account with the world’s clumsiest interface. <h2>The government could offer bank loans</h2> It wouldn’t be much of a stretch from improving that interface to offering government loans. In fact, government loans are already provided in some circumstances: such as to retirees with home equity through the <a href="https://www.dss.gov.au/our-responsibilities/seniors/benefits-payments/home-equity-access-scheme">home equity access scheme</a>, and to Centrelink recipients through <a href="https://www.servicesaustralia.gov.au/centrelink-online-account-help-apply-for-advance-payment">advance payments</a>. It woudn’t be much more of stretch to provide loans more broadly, at an incredibly low administrative cost. The government already lends against the <a href="https://www.servicesaustralia.gov.au/who-can-get-loan-under-home-equity-access-scheme">value of homes</a>. Back in the days when the federal government owned the <a href="https://www.commbank.com.au/about-us/our-company/history.html">Commonwealth Bank</a>, it had to cover the high costs of running bricks and mortar branches. Freed from those costs, the government could now offer a low-cost, technology-enabled basic banking service that would tempt us away from the big four banks – unless they offered better value. Of course it would cost money, although a lot of it has already been spent setting up the system of tax file numbers and accounts. And of course the banks would hate the idea. That would be the point. But doing what we can to stop Australians being overcharged is important, not only for wage earners but also for businesses. The <a href="https://treasury.gov.au/review/competition-review-2023">competition inquiry</a> the government has launched is a good start. It shouldn’t be frightened about where it might lead.<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/223821/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/worried-about-price-gouging-for-banks-theres-a-simple-solution-223821">original article</a>.

Money & Banking

Why Mary Poppins has received a new rating 60 years on

Almost 60 years after Mary Poppins was first released, the classic film has been given a new rating by the British Board of Film Classification (BBFC). The BBFC, which regulates films and video content in the country, changed the rating of the 1964 Disney musical last week from U (Universal) to PG (Parental Guidance) because it features a racial slur once used by white Europeans to refer to the native peoples of southern Africa. "Mary Poppins (1964) includes two uses of the discriminatory term 'hottentots'," a BBFC spokesperson said in a statement to CNN. "While Mary Poppins has a historical context, the use of discriminatory language is not condemned, and ultimately exceeds our guidelines for acceptable language at U." The approaching 60th anniversary of the film is what prompted the BBFC to reexamine the film, as it is set to return to UK cinemas in celebration of the milestone. Even as Mary Poppins remains a treasured part of UK culture, the film has long been criticised for the use of blackface. It's partly in this context that the discriminatory language referenced by BBFC appears in the film. In one scene, the eccentric Admiral Boom asks one of the Banks children if he is going on an adventure to "defeat hottentots." Later in the film, as Admiral Boom sees chimney sweeps with soot-blackened faces dancing in the distance, he shouts, "We're being attacked by hottentots!" and orders a cannon to be fired in their direction. "Hottentot" is a derogatory term used by European settlers to refer to Khoikhoi peoples of South Africa and Namibia, according to the Oxford Dictionary reference. Per the new film rating, children of any age can still watch without an adult present, but parents should consider whether the content might upset younger or more sensitive children, a BBFC spokesperson said. Image credits: Disney

Movies

War veteran loses $18,000 to Netflix scam

Shane Arnold, 71, was left with nothing after he fell for an elaborate Netflix scam, allegedly run by a teenager. The war veteran was robbed of $18,000 when he thought he was entitled to a refund after receiving a fake Netflix email. After he entered his personal banking details, the accused scammer allegedly used this information to call Arnold the following day claiming to be a security officer from Commonwealth Bank. "(It was) extremely convincing," Arnold told 9News. "He spoke in a posh English accent." Arnold was allegedly told by a 19-year-old, whose voice had been disguised with AI, that his account had been compromised and ordered to put his bank cards in a bag, to be collected by a driver. Hours later, the accused teen who is from Braybrook, Melbourne allegedly withdrew thousands of dollars from ATMs in Braybrook and West Footscray, and purchased dozens of gift cards from Kmart. He also allegedly filled up on fuel, bought a new iPhone, and some strawberry milk and ice cream. The teen has since been charged over the incident, but Arnold is still fighting hard to get his money back. "I've worked for 50-odd years to get that money," he told the publication, adding that he felt "like my heart had been ripped out". The senior also claimed that the bank was partly to blame, and has lodged a report to the Australian Financial Complaints Authority (AFCA) who are currently managing his case. Arnold added that Commonwealth Bank had only offered to reimburse him $1000, and said that everyone who'd been scammed deserved to have their money returned to them. "I hope all those people get their money back," he said. "None of them deserved to be scammed and none of them did anything wrong." Images: Nine News

Legal

"Too good to be true": Bank teller saves couple from losing $40k

A Tasmanian couple have been saved from losing $40k into an online investment scam after a bank teller noticed the red flags. The couple visited the NAB branch in Rosny, Hobart after their account was blocked during an attempt to transfer the money to an ‘online investment firm’ in Perth. The payment was the first of two instalments that they were set to pay the "firm" but NAB Customer Advisor Erin Bugg saved them from a massive loss. Bugg became suspicious of the firm after they promised a 12 per cent return on their term deposit and a guaranteed pay out if the firm went bust. “If there was a scam red flags bingo card, ‘online investment opportunity’ would be top of the list,” the NAB Customer Advisor said. “Immediately, alarm bells went off for me. It sounded like an investment scam and I was concerned this couple could lose their life savings.” The couple, however, insisted that they weren't being scammed so Bugg decided to look into the matter further and found a website and article about the firm. When she looked into the rates they offered she realised it “was literally too good to be true." “No one likes to be told they’re being lied to, especially when they feel like they’ve done all the right things. They had done their own research, and even spoken to the company on the phone,” she said. She added that "alarm bells" started ringing when the wife explained that a man from the firm kept calling her to thank her for the investment and encourage her to open an account. The couple then rang the "firm" in front of Bugg to try and convince her it was real. “I declined to speak to the ‘firm’, but I could hear them telling the customers, ‘Oh, NAB always flags us as a scam’,’” she recalled. NAB’s fraud team then informed them that the firm had a bank account at another bank, and to call the bank to confirm whether it was legit. After calling the other bank, they found that the account was not connected to the investment firm and suggested them to not transfer anything. “It was such a relief to hear from the customer that they’d avoided being scammed,” Bugg said. This comes after Scamwatch received over 7,000 reports of investment scams collectively costing Aussies over $275 million in the last year. Image: NAB

Money & Banking

Could you cope with a shock to your bank balance? 5 ways to check you are financially resilient

<a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> Imagine the dentist has just said you urgently need a A$2,000 dental crown. A week later, a pipe in your bathroom bursts, causing $8,000 worth of damage. Suddenly, you’ve been hit with a $10,000 financial shock. As the cost-of-living crisis plunges more households into financial uncertainty and at least <a href="https://melbourneinstitute.unimelb.edu.au/data/taking-the-pulse-of-the-nation-2022/2023/australians-face-challenging-budgetary-constraints#:%7E:text=Over%20the%20past%20six%20months,has%20increased%20to%2060%20percent.">one-third</a> of Australians struggle to make ends meet, it’s more important than ever to ask yourself: how financially resilient am I? Being financially resilient means you aren’t left financially devastated when an expensive emergency creeps up on you. Here are five key signs of financial resilience. <h2>1. You have a plan for what you’d do if you suddenly lost your salary</h2> Financial resilience means having a plan to fall back on during tough times. This extends to how you’d make money if you lost your job. In practice, that means things like making sure your skills and contacts are kept up to date so you can more easily find a new job. You might also consider whether a “side hustle” job such as tutoring could work for you in the short term, and how you’d put that plan into practice if needed. Perhaps you have a spare room in your home you could rent out for a period of time if you lost your salary. Those examples won’t work for everyone, of course, but it’s still worth asking yourself the question: what would I do if I lost my salary tomorrow? <h2>2. You have enough liquid assets to meet an unexpected financial expense</h2> Liquid assets means money that can be accessed quickly and easily to overcome an unplanned financial expense. Savings are a good example. They provide a buffer so you can cope in the short term if a financial shock strikes. The federal government’s Moneysmart website suggests you aim to have enough in your emergency savings fund to cover <a href="https://moneysmart.gov.au/saving/save-for-an-emergency-fund">three months of expenses</a>. Having an <a href="https://moneysmart.gov.au/glossary/offset-account">offset account</a> as part of a mortgage is another option that provides a buffer. Putting money in an offset account helps you save while reducing the amount of interest on a home loan. You can still access the money in an offset account at any time. <h2>3. You have bought the right financial products, such as insurance</h2> Financial products, such as insurance, hedge against potential losses. Personal insurance is important because it provides income in the event of death, illness or injury. Examples include: <ul> <li> life insurance (which pays out to your beneficiaries, such as your partner or children, when you die) </li> <li> total and permanent disability insurance (which means you may get some money if you acquire a disability that prevents you from working) </li> <li> income protection (which provides you with an income if you can no longer work) </li> <li> trauma cover (which covers a life-changing illness or injury, such as cancer or a stroke). </li> </ul> Check if your superannuation has any of these insurances included in it. <a href="https://www.griffith.edu.au/__data/assets/pdf_file/0030/295770/FPRJ-V4-ISS1-pp-53-75-insurance-literacy-in-australia.pdf">Research</a> has found that many Australians are underinsured. <h2>4. You can still pay your debts when times are tough</h2> Being able to borrow money can help when you’re in a tight spot. But knowing where to borrow from, how much to borrow and how to manage debt repayments is crucial. Financially resilient people use debt responsibly. That means: <ul> <li> not using debt for frivolous expenses like after-work drinks </li> <li> staying away from private money lenders </li> <li> being cautious about buy-now-pay-later services </li> <li> watching out for debts with high interest rates, such as payday loans and credit card debt </li> <li> maintaining debt repayments consistently. </li> </ul> If you’re having debt problems, talk to your lender about renegotiating your repayment arrangements, or contact the <a href="https://ndh.org.au/">National Debt Helpline</a> on 1800 007 007. <h2>5. You are financially literate</h2> Being financially literate means you can assess the benefits and risks of using savings or taking out debt to meet an unplanned financial need. As I have <a href="https://theconversation.com/are-you-financially-literate-here-are-7-signs-youre-on-the-right-track-202331">written</a> before on The Conversation, key signs of financial literacy include tracking your cashflow, building a budget, as well as understanding what debts you have and which to pay first. It also means storing your money across different places (such as superannuation, savings accounts, property and the share market) and understanding how financial assets like cash, shares and bonds work. Being aware of your financial strengths and weaknesses, and having financial goals is also important. Nobody is born knowing how to make sound financial decisions; it’s a skill that must be learned. It’s good to think about the resources you would draw upon to help get yourself out of a difficult financial situation – well before disaster strikes.<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/218126/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/bomikazi-zeka-680577">Bomikazi Zeka</a>, Assistant Professor in Finance and Financial Planning, <a href="https://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a> 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/could-you-cope-with-a-shock-to-your-bank-balance-5-ways-to-check-you-are-financially-resilient-218126">original article</a>.

Money & Banking

Bring a plate! What to take to Christmas lunch that looks impressive (but won’t break the bank)

<a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a> Christmas lunch is at your friend’s house this year, and they’ve asked you to bring a plate. Money is tight. So, you find yourself wondering, “What’s cheap, healthy but also looks impressive?” While a tray of mangoes would certainly be a cheap, healthy and colourful contribution, you want to look as if you’ve put in a bit of effort. If you’re struggling for inspiration, here are some tried and tested ideas. <h2>First, choose your ingredients</h2> Check your pantry for inspiration or ingredients. Crackers, dried fruit or nuts are great ideas for a charcuterie board. You can use herbs and spices to add flavour to dishes, or you could use up packets of dried pasta to make a <a href="https://nomoneynotime.com.au/healthy-easy-recipes/salmon-and-pasta-salad">pasta salad</a>. This is also a great way to clean out your pantry. Focus on fruit and vegetables that are in season, so are cheaper and more readily available. Keep an eye out at your local fruit and veggie shop or market as it will usually have in-season fruit and vegetables in bulk quantities at reduced prices. Check out <a href="http://seasonalfoodguide.com/australia-general-seasonal-fresh-produce-guide-fruits-vegetables-in-season-availability.html">this seasonal food guide</a> to help you plan your Christmas menu. Ask around for deals by chatting to your local butcher, fishmonger or grocer and let them know your budget. They may suggest cheaper cuts of meat (such as, <a href="https://www.australianbutchersguild.com.au/the-blog/the-abg-blog/underrated-cuts-of-beef/">oyster</a>, <a href="https://www.australianbeef.com.au/know-your-meat/beef-cuts/">blades, rump caps</a>). Try cooking <a href="https://www.bestrecipes.com.au/recipes/slow-cooker-corned-beef-mustard-sauce-recipe/z47lwrbv?r=entertaining/9clz7475&h=entertaining">corned beef</a> or <a href="https://www.bbcgoodfood.com/recipes/slow-cooker-roast-chicken">roast chicken</a> in a slow cooker with lots of vegetables. Slow-cooked meals can be frozen and can come in handy for left-overs. Lean into <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4608274/">legumes</a>. These are packed with fibre, protein, vitamins and minerals. They are also budget-friendly and a great way to add texture to salads. Tinned chickpeas, or cannellini, kidney, or butter beans are quick and easy additions that can make filling dishes go further. You could even turn tinned chickpeas into homemade hommus for a healthy and delicious side dish. Check out these healthy legume <a href="https://nomoneynotime.com.au/healthy-easy-recipes/filter/keywords--legumes">recipes</a>. <h2>7 ways to keep food costs down this Christmas</h2> 1. Plan ahead Plan your menu by asking how many people are coming and checking for any food preferences or dietary requirements. Check for items you already have at home, and make a shopping list for only what you <a href="https://www.emerald.com/insight/content/doi/10.1108/BFJ-12-2017-0726/full/html">need</a>. 2. Use free recipes Use free online recipe collections and e-books tailored for budget cooking that can help you design your Christmas menu to meet your budget. This <a href="https://nomoneynotime.com.au/uploads/Our-Guide-to-the-Perfect-Christmas-Feast.pdf">one</a> was created by a group of <a href="https://dietitiansaustralia.org.au/working-dietetics/standards-and-scope/role-accredited-practising-dietitian">accredited practising dietitians</a> and has healthy, budget friendly recipes and ideas. You could also try this budget friendly collection of Christmas recipes from <a href="https://www.taste.com.au/recipes/collections/budget-christmas-recipes">taste</a>. 3. Involve the family Get together with other family members and make it a challenge to see who can make the cheapest, most delicious dish. Get the kids involved in fun activities, such as making a DIY gingerbread house or putting together mixed skewers for the barbecue. 4. Pool your resources Larger quantities of a single dish will be cheaper than multiple different dishes (and easier to prepare). 5. Frozen is fine Use frozen fruits and vegetables if you need to. These can have just as <a href="https://pubmed.ncbi.nlm.nih.gov/25526594/">many vitamins and minerals</a> as fresh, are often cheaper than fresh produce and last longer. Try using frozen berries to decorate the pavlova or add them to your favourite cake, muffin or pie. 6. Make your own drinks You could make your own drinks, such as home-brewed iced tea. See if anyone in your family has a soda stream you can borrow to make sparkling mineral water. Add some freshly squeezed lemon or lime for extra flavour. 7. Reduce waste Use your own crockery and re-use leftovers to reduce waste. After all, washing up is cheaper than buying plastic or paper plates and better for the environment. Remember to save any leftovers and re-use them. Leftover fresh vegetables could be used to make a hearty soup or chutney. <h2>It doesn’t have to be perfect</h2> Christmas comes and goes quickly. If your cooking ideas don’t work out, it’s not the end of the world. Choosing healthy foods on a budget is important all year around, so you may like to think about trying these tips throughout the years to come. <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/196565/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/lauren-ball-14718">Lauren Ball</a>, Professor of Community Health and Wellbeing, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/amy-kirkegaard-1401256">Amy Kirkegaard</a>, Postdoctoral Research Fellow, School of Human Movement and Nutrition Sciences, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>; <a href="https://theconversation.com/profiles/breanna-lepre-1401257">Breanna Lepre</a>, Research Fellow, Mater Research Institute, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a>, and <a href="https://theconversation.com/profiles/emily-burch-438717">Emily Burch</a>, Dietitian and Researcher, <a href="https://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</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/bring-a-plate-what-to-take-to-christmas-lunch-that-looks-impressive-but-wont-break-the-bank-196565">original article</a>.

Food & Wine

How risky is it to give card details over the phone and how do I reduce the chance of fraud?

<a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Paying for things digitally is so common, most of us think nothing of swiping or tapping our card, or using mobile payments. While doing so is second nature, we may be more reluctant to provide card details over the phone. Merchants are allowed to ask us for credit card details over the phone – this is perfectly legal. But there are minimum standards they must comply with and safeguards to protect consumer data. So is giving your card details over the phone any more risky than other transactions and how can you minimise the risks? <h2>How is my card data protected?</h2> For a merchant to process card transactions, they are expected to comply with the <a href="https://docs-prv.pcisecuritystandards.org/PCI%20DSS/Standard/PCI-DSS-v4_0.pdf">Payment Card Industry Data Security Standard</a>. This is a set of security requirements designed to protect cardholder data and the trillions of dollars of transactions each year. Compliance involves various security measures (such as encryption and access controls) together with strong governance and regular security assessments. If the information stored by the merchant is accessed by an unauthorised party, encryption ensures it is not readable. That means stealing the data would not let the criminals use the card details. Meanwhile, access controls ensure only authorised individuals have access to cardholder data. Though all companies processing cards are expected to meet the compliance standards, only those processing large volumes are subject to mandatory regular audits. Should a subsequent data leak or misuse occur that can be attributed to a compliance failure, a <a href="https://www.csoonline.com/article/569591/pci-dss-explained-requirements-fines-and-steps-to-compliance.html">company can be penalised</a> at levels that can escalate into millions of dollars. These requirements apply to all card transactions, whether in person, online or over the phone. Phone transactions are likely to involve a human collecting the card details and either entering them into computer systems, or processing the payment through paper forms. The payment card Security Standards Council has <a href="https://docs-prv.pcisecuritystandards.org/Guidance%20Document/Telephone-Based%20Payments/Protecting_Telephone_Based_Payment_Card_Data_v3-0_nov_2018.pdf">detailed guides for best practice</a>: <blockquote> A policy should be in place to ensure that payment card data is protected against unauthorised viewing, copying, or scanning, in particular on desks. </blockquote> Although these measures can help to protect your card data, there are still risks in case the details are misplaced or the person on the phone aren’t who they say they are. <h2>Basic tips for safe credit card use over the phone</h2> If you provide card details over the phone, there are steps you can take to minimise the chance you’ll become the victim of fraud, or get your details leaked. 1. Verify the caller If you didn’t initiate the call, hang up and call the company directly using details you’ve verified yourself. Scammers will often masquerade as a well-known company (for example, an online retailer or a courier) and convince you a payment failed or payment is needed to release a delivery. Before you provide any information, confirm the caller is legitimate and the purpose of the call is genuine. 2. Be sceptical If you are being offered a deal that’s too good to be true, have concerns about the person you’re dealing with, or just feel something is not quite right, hang up. You can always call them back later if the caller turns out to be legitimate. 3. Use secure payment methods If you’ve previously paid the company with other (more secure) methods, ask to use that same method. 4. Keep records Make sure you record details of the company, the representative you are speaking to and the amount being charged. You should also ask for an order or transaction reference. Don’t forget to ask for the receipt to be sent to you. Check the transaction against your card matches the receipt – use your banking app, don’t wait for the statement to come through. <h2>Virtual credit cards</h2> In addition to the safeguards mentioned above, a <a href="https://www.forbes.com/advisor/credit-cards/virtual-credit-card-numbers-guide/">virtual credit card</a> can help reduce the risk of card fraud. You probably already have a form of virtual card if you’ve added a credit card to your phone for mobile payments. Depending on the financial institution, you can create a new credit card number linked to your physical card. Some banks extend this functionality to allow you to generate unique card numbers and/or CVV numbers (the three digits at the back of your card). With this approach you can easily separate transactions and cancel a virtual card/number if you have any concerns. <h2>What to do if you think your card details have been compromised or stolen?</h2> It’s important not to panic, but quick action is essential: <ul> <li> call your bank and get the card blocked so you won’t lose any more money. Depending on your situation, you can also block/cancel the card through your banking app or website </li> <li> report the issue to the police or other relevant body </li> <li> monitor your account(s) for any unusual transactions </li> <li> explore card settings in your banking app or website – many providers allow you to limit transactions based on value, restrict transaction types or enable alerts </li> <li> you may want to consider registering for <a href="https://theconversation.com/your-credit-report-is-a-key-part-of-your-privacy-heres-how-to-find-and-check-it-116999">credit monitoring services</a> and to enable fraud alerts. </li> </ul> <h2>So, should I give my card details over the phone?</h2> If you want to minimise risk, it’s best to avoid giving card details over the phone if you can. Providing your card details via a website still has risks, but at least it removes the human element. The best solution currently available is to use virtual cards – if anything goes wrong you can cancel just that unique card identity, rather than your entire card.<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/216833/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, Professor of Cyber Security Practice, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, Associate Professor, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a> Image credits: Getty Images This article is republished from <a style="font-style: italic;" href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a style="font-style: italic;" href="https://theconversation.com/how-risky-is-it-to-give-card-details-over-the-phone-and-how-do-i-reduce-the-chance-of-fraud-216833">original article</a>.

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