After one of its sharpest falls in recent years, about half of Bitcoin holders are sitting on a loss.

Millions who were told crypto was the future are now watching their investment trade below what they paid. That is easy to accept when prices are rising, much harder when they are not.

If enough investors start questioning the story, confidence can quickly turn to panic. And if that happens, the risk of a broader sell-off rises.

A sell-off without a scandal

Last week, Bitcoin recorded its worst weekly decline since the collapse of FTX in 2022. This time, there was no major fraud, no exchange failure and no obvious trigger. The market simply sold off.

That alone should give investors pause.

For years, crypto advocates pitched Bitcoin as digital gold, a hedge when inflation rises or uncertainty hits. But during the latest bout of geopolitical tension, gold moved higher while Bitcoin fell sharply.

Even believers are pulling back

Billionaire investor Mark Cuban, once one of Bitcoin's strongest backers, says he has sold most of his holdings. His reasoning is simple.

When the pressure came, Bitcoin did not behave the way it was meant to.

That raises a bigger question. If it does not rise with inflation or hold up in times of stress, what role does it actually play?

The new money magnet: AI

There is another force at work. Capital that once flowed into crypto is now shifting to artificial intelligence.

Investors can back listed companies building AI software, data centres and semiconductors.

The momentum and excitement that once powered crypto is now being redirected. Money tends to chase the next big story and right now, that story is AI.

So what now?

Bitcoin has survived sharp downturns before and recovered each time. Long-term believers will say this is just another volatile chapter.

But the debate is changing. Investors are no longer just asking how high Bitcoin can go. They are asking whether the original story still holds.

Best and worst-performing sectors this week

Consumer staples led the market, up more than 6%. Consumer discretionary followed, up more than 5%, with healthcare up more than 3%.

Technology was the weakest sector, down more than 4%. Materials fell more than 3%, while financials slipped just under 0.5%.

In the ASX 100, Steadfast Group jumped more than 30%, followed by CSL, up more than 9%, and Coles, up more than 8%.

At the other end, Greatland Resources fell more than 12%, Capricorn Metals dropped more than 11% and Newmont declined more than 10%.

What's next for the Australian sharemarket?

The All Ordinaries Index showed resilience this week, despite worsening global conditions linked to the US-Iran conflict.

By Thursday's close, the index was down just over 0.2%. Over the same period, the S&P 500 fell almost 2.5%. That divergence matters.

Investors stepped in again around 8700, a level that also held during the sell-off in late May.

This now looks like the market's line in the sand. As long as the index holds above 8700, the bullish view remains intact.

A clear break below could open the door to 8600 or lower.

Defensive shift underway

Sector moves are also telling a story. Consumer staples, discretionary, healthcare and real estate led gains. These are typically more defensive areas.

At the same time, technology and materials lagged. That is notable given both sectors have rallied strongly in recent weeks.

When money rotates into defensive sectors, it often signals rising caution.

For investors who have benefited from the recent rally, the focus may need to shift. It is not just about buying well. It is about knowing when to sell.

"I was sitting in a meeting with a client talking about how we could get people to spend more money buying things they didn't really need," recalls 58-year-old Kim McDonnell.

"And I had a bit of a moment: is this really how I want to be remembered for the rest of my life and is this really the role model I want to be for my kids?"

The answer was no, and she decided to use the skills she'd acquired after a quarter of a century in the advertising and marketing business to try to prompt people to do "a little bit of good in the world".

That led her to set up Thankful, a for-good company trying to draw on the power of gratitude as a motivator for people to do good.

After being unable to find funding for the new venture in Australia, she and her husband, Mike Chuter, sold up in Melbourne and moved to New York. This led to McDonnell's latest venture, Saveful, a for-purpose enterprise that helps households tackle food waste and save money.

The $20 billion problem hiding in Aussie kitchens

Food waste is a significant problem in Australia, where every week each household on average bins two-thirds of a loaf of bread, more than half a litre of dairy products, fruit and vegetables, and 700g of meat.

In 2018-19, Australia produced about 7.6 million tonnes of food waste, or 312kg per person, and nearly three-quarters of that was edible, according to the government-commissioned National Food Waste Strategy Feasibility Study.

This equated to $19.8 billion of food wasted by households, at a cost of $2000 to $2500 each. The latest reliable data is from 2018-19 and since then inflation has undoubtedly pushed the cost significantly higher.

Singles and couples wasted less overall, but their per-person loss is much higher.

How one app could save you up to $4000 a year

Launched at the end of 2023, Saveful aims to educate householders and help them use food they would otherwise throw out.

It's an app that flips the recipe book on its head. Rather than starting with a recipe, which often requires home cooks to go out and buy ingredients, it starts with an ingredient.

Householders can enter a food item they have in their fridge or pantry and Saveful will provide them with recipes to use it up rather than throw it out.

And if they don't have one of the ingredients, the app will give them substitutes so they can use what they have instead of buying more.

Mayonnaise, for instance, can be used in place of eggs in a chocolate cake. Greek yoghurt can replace sour cream, mayonnaise or cream. Mashed banana or applesauce can replace sugar.

The app is also designed to educate users about what's in season and abundant, because these foods are usually less expensive.

Saveful says that the average Australian household could save between $2290 and $4352 a year by rethinking how they use food.

Why most Australians don't think they waste food

McDonnell and Chuter drew on their work in data-driven advertising to prompt change.

"We spent about two years researching to understand behaviour within our homes and understood what the key motivators were and what behaviour we had to overcome," says McDonnell.

"And that's when we identified that a technology tool, an app, could be a powerful way of helping people to save food at home as well as to save money and time."

They found that money is the main motivator for people to act, so they avoid talking to users directly about food waste.

"There's a reason the app is called Saveful and not Wasteful."

Most Australians don't consider themselves to be food wasters and believe that food waste occurs on the farm, at supermarkets and restaurants. In fact, 61% of wasted food is generated in the home.

The simple habit that could cut your carbon footprint

There is a strong environmental element to Saveful as well.

The numbers are striking. Food waste produces 8% of global greenhouse gas emissions.

If food waste was a country, it would be the third largest greenhouse gas emitter, behind the US and China.

About 2600 gigalitres of water is used to grow food that isn't used, equivalent to five Sydney Harbours.

Throwing away a loaf of bread wastes about the same amount of water as a 60-minute shower.

"Another bit of research told us that if we talk about climate change again, that's also not going to resonate. There will be a lot of shoulder shrugging and eye rolling because everyone thinks the problem is so large that our individual actions won't make a difference," says McDonnell.

"In fact, saving food at home is the single easiest and most impactful thing we can all do in the fight against climate change."

The new features designed to save you even more

Saveful introduced a more advanced paid version to sit alongside its free model in late April.

It includes a virtual fridge and pantry feature, where people can enter what they have at home and the app will tell them when and how they need to store it.

There is also a dynamic shopping list that integrates with supermarket shopping list apps, along with several other features.

In April, the app also launched Saveful for Business, a subscription-based platform for restaurants and catering companies.

They can list their surplus food on the app and charities can arrange to pick it up.

It provides businesses with traceability of the quantity and volume of food they have diverted from landfill, and Saveful can convert that into saved carbon dioxide emissions that the business can use in its sustainability and ESG reporting.

Businesses are charged to use the software-as-a-service application according to their size, while it is free for charities.

From small-town roots to a global mission

McDonnell grew up in the remote Queensland mining town of Mt Isa, where her father was a mine security guard and first aid officer.

"My parents were working class. They both worked incredibly hard and everything that we had was a result of their hard work. So if there was one lesson they imposed on me it was hard work and nothing comes easy," she says.

Keen to see life beyond Mt Isa, the then 17-year-old McDonnell moved to Melbourne to study economics but found it boring, so switched to history but didn't finish her degree.

She started work in publishing, then "stumbled" her way into advertising, which led to her own business, to New York and, ultimately, Saveful.

Why she redefined what wealth really means

After watching drought, fire and flood ravage Australian farmers from the other side of the world in 2019, McDonnell and Chuter decided to come home and see how they could use the power of gratitude to help them.

They discovered that while farmers were grateful for the help, they didn't want sympathy but instead wanted their efforts in producing food to be appreciated.

It was in thinking about how farmers' labours could be appreciated that the pair came up with the idea for Saveful.

McDonnell says that her attitude towards money has changed since she sold her advertising business.

"If you looked at it as an outsider, you would think life was pretty good," she says of her days with her own business, holiday home and overseas trips.

"But I felt incredibly unfulfilled by all of that, and in a world that defines success often as excess and where so often our self-worth is defined by our net worth, I think I've learned over the years that my wealth is not what I have in the bank."

The money lessons she lives by today

These days McDonnell is frugal with money, buying only what she needs and, now that she's launched Saveful, practising what she preaches.

Her smartest investment, she says, was in her children's education, which has helped them become "very good, decent human beings", all of whom are working in the service professions.

Their oldest daughter is a teacher of children with learning difficulties in a low socioeconomic area.

Her son works as a nurse in regional Victoria. Her youngest daughter is about to finish a Master's degree in counterterrorism and join the police force.

"The dumbest thing I've ever done with money is probably not always prioritising our needs before the business.

"Anything that we earn gets reinvested back in the business, which some might argue is not always the smartest thing."

But it's not something she regrets.

Running Saveful and Thankful, McDonnell enjoys the creativity and freedom to think about solutions to some of the world's biggest problems in an entrepreneurial way.

Most of all she likes hearing about the impact her work is having on people, like the Queensland mother of five who said that without Saveful, she couldn't afford to put food on the table.

She buys food when it's on special, a cabbage for instance, and uses the app to help her cook it in a way that will mean her children will want to eat it.

"Hearing those stories and hearing the impact that it has, it gives you the inspiration and the motivation to keep going," says McDonnell.

Every week, the Money team pulls timely tips, trends and trivia from our newsletters to create a fun, fast way for you to test your personal finance knowledge and stay up to date with the latest money news.

Whether you're brushing up on budgeting, investing, superannuation, tax or saving hacks, the weekly Money Quiz helps you build confidence and learn something new in just a few minutes.

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The 2026 FIFA World Cup has kicked off, and the money headlines are staggering.

Hosted by Canada, Mexico and the United States, the 2026 World Cup will feature an expanded lineup of 48 teams, including debutants Cape Verde, Curaçao, Jordan and Uzbekistan.

Whichever way you look at it, the scale of football's crown jewel is immense.

Consider the audience, for one. FIFA estimates that five billion people engaged with the 2022 Qatar World Cup across various media forms, with 1.42 billion tuning in to the final.

So what about the money? With massive audiences, lucrative broadcast and advertising deals and some of the world's richest athletes on show, the World Cup is full of staggering figures.

So, before the action on the pitch really ramps up, here are some financial facts to impress your football-watching friends during the tournament.

Note: All figures have been converted into Australian dollars unless otherwise indicated.

How much are 2026 World Cup tickets?

Unsurprisingly, the World Cup has created controversy well in advance of the tournament itself, with ticket prices being one of the biggest grievances for fans.

Despite the tournament kicking off tomorrow, there are still plenty of unsold tickets. Given that, fans might think that they'll be able to score a last-minute bargain, but that's not the case.

Take Australia's first game against Türkiye this weekend. The cheapest seats available on the FIFA website are going for US$380 ($543.16) while the most expensive are US$1170 ($1672).

That's just for a group stage game. Tickets for the semi-final being held in Dallas next month will set fans back between US$2705 ($3866) and $US11,130 ($15,910).

How much money will FIFA make from the 2026 World Cup?

Given the huge audience it attracts, it's not surprising that the World Cup is a significant revenue generator for world football's governing body.

The sale of rights for the 2022 World Cup in Qatar generated roughly $9 billion for FIFA, with broadcasting and marketing deals making up the largest share of revenue.

Given the expanded nature of the 2026 World Cup - which will feature an additional 40 matches - that figure is set to be smashed.

While the final figure won't be confirmed until after the tournament, FIFA is projecting revenue of US$8.9 billion ($12.7 billion) for 2026 alone - the bulk of which will come from the World Cup.

Who are the highest paid players at the 2026 World Cup?

While there's likely to be plenty of ultra-wealthy individuals in the stands, Forbes reports that, for the first time, two billionaires are set to take the field at the World Cup.

These, of course, are two of the greatest - and now wealthiest - players to play the game: Portugal's Cristiano Ronaldo and Argentina's Lionel Messi.

Despite being in the twilight of their careers, both are also at the top of the high-earners list for players appearing at the World Cup.

Forbes estimates that Ronaldo pulled in US$300 million ($428 million) in on-field and off-field earnings over the last year, while Messi made US$140 million ($200 million).

Among the other mega-earners are France and Real Madrid superstar Kylian Mbappé ($135 million), Norway and Man City forward Erling Haaland ($114 million) and 18-year-old Spain and Barcelona prodigy Lamine Yamal ($61 million).

Which 2026 World Cup teams are worth the most?

The financial side of football isn't just about wages though - for fans, it's also about what players are worth on the transfer market.

So, which national sides at the World Cup are among the most valuable? France tops the list, according to football database Transfermarket.

Boasting players like Mbappé, Bayern Munich winger Michael Olise and Paris Saint-Germain forward Ousmane Dembélé, Transfermarket estimates that the combined market value of Les Bleus is €1.52 billion ($2.5 billion).

England ($2.2 billion) and Spain ($2 billion) are not far behind, while Portugal ($1.7 billion) and Germany ($1.6 billion) round out the top five.

With an estimated market value of around $128 million, the Socceroos squad will be the 35^th most valuable squad at the tournament.

How much is winning the World Cup worth?

Like athletes at the Olympics, most footballers playing at the World Cup will be focused on winning rather than financial incentives. That doesn't mean that there isn't prize money though.

FIFA is set to pay out roughly $936 million to the national associations of teams competing at the World Cup. $71 million will go to the winner and $47 million to the runner-up, while each nation is guaranteed at least $15 million.

That won't necessarily all go to the teams though. Australian players will reportedly receive 50% of any World Cup prize money under their current collective bargaining agreement.

So, if half of that $15 million figure was split with the 26 members of the Socceroos squad, each player would receive $288,395.

Chances are, you've heard about 'private credit'.

That's not surprising. Globally, the private credit market is worth $US3.5 trillion ($4.87 trillion). The Australian market is valued at around $200 billion and growing fast.

And we all know what a mortgage is: A loan secured against real estate, provided either by a bank or a non-bank lender.

And that brings us to real estate private credit.  It's increasingly familiar to most Australians.  But what is it, and how can you get involved? Let's take a look.

What is real estate private credit?

Just like any home loan, the underlying property acts as collateral against the loan.

In real estate private credit, your money is pooled with other investors and then used by the lender to provide mortgages to eligible borrowers.  And those loans are secured by a mortgage over real estate.

In much the same way that banks make money on home loans, investors in mortgage credit can expect to receive regular income earned from the interest charged on the loans.

This can make mortgage credit especially attractive to those looking for dependable income such as retirees. But it can also play a role for investors who simply want above-inflation returns, regular cash flow, low capital volatility, and a chance to add extra diversity to their portfolio.

Why has mortgage credit become so popular?

Real estate private credit has existed in various forms for decades. La Trobe Financial, for example, has been giving investors opportunities to diversify into mortgage credit for more than 70 years.

However, the market has seen substantial growth in the last decade.

In any competitive environment, competition serves to meet the needs of a wide range of borrowers.  Quality borrowers whose employment is contract-based, other self-employed borrowers, people looking to borrow via their SMSF, and even people undertaking smaller construction projects, can all benefit from a competitive non-bank sector.

It benefits investors, too.

Aussie investors have been long-term supporters of mortgage credit.

It's not just about the regular, attractive returns and lower volatility. Mortgage credit is an investment backed by property - an asset that Australians understand deeply and feel comfortable with.

How has real estate private credit performed?

As with all investments, the returns you can expect to earn will depend on the quality of the underlying assets and the expertise and experience of the manager.

For more than two decades, La Trobe Financial's 12 Month Investment Account has delivered consistent outcomes: 100% return of capital, and all income paid at the advertised rate.*

Manager selection matters

The rising popularity of private credit has driven an increase in the number of providers that investors can select from.

It pays to choose carefully.

Not all private credit funds are the same. They have different underlying assets, different approaches to lending and borrower assessment, and importantly, varying degrees of transparency.

At La Trobe Financial, our lengthy track record has been built on a conservative approach to lending, a commitment to providing stability for our investors across all economic cycles, and a philosophy of openness and transparency.

All Australians - whether they are a current investor or not - can visit the La Trobe Financial website and look at our monthly portfolio reports detailing how investor funds are being put to work.

The bottom line

Investing across Real Estate Private Credit can deliver reliable income, above-inflation returns, and low volatility.

Partner with a manager such as La Trobe Financial, with a proven record for disciplined, long-term investing, and mortgage credit can be a useful tool to build a resilient portfolio that is responsive to changes in inflation.

Disclaimers: *Past Performance is not a reliable indicator of future performance.

La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 Australian Credit Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321. It is important that you consider the Product Disclosure Statement (PDS) when deciding whether to invest or continue to invest in the fund. The PDS and Target Market Determination is available on our website. To find out more about La Trobe Financial, contact the Investor Centre on 1800 818 818 or visit latrobefinancial.com.au.

Any advice is general and does not consider your personal circumstances.

JB Hi-Fi refunds customers after 'fake discount' claims

Why the ACCC says shoppers were misled

JB Hi-Fi is refunding more than $250,000 after shoppers were misled by "fake discounts".

It follows investigations by the Australian Competition and Consumer Commission (ACCC) that the electronics giant may have misled consumers with dodgy 'was/now' pricing claims for a range of products last year.

The ACCC alleges the products were promoted as being discounted even though some were never offered for sale at the higher price, or were only available at a higher price for a brief period.

ACCC Commissioner Luke Woodward says some customers may have decided against buying the products if they had known the claimed discount was not genuine.

JB Hi-Fi has already provided some refunds, and contacted other affected customers directly to arrange a refund.

Customers do not need to contact JB Hi-Fi to get their money back.

It comes less than a month after Coles was found guilty of misleading discounts by temporarily raising prices by at least 15%, before placing items on a 'Down Down' promotion where the discounted price was the same as, if not higher than, the original price.

The costly catch for Barbeques Galore gift cards

The rule that forces you to spend more

Barbeques Galore is closing, and gift card holders face a costly catch.

An icon of the Aussie lifestyle since the 1970s, the chain's closure will leave 500 employees looking for new jobs.

Signs of trouble emerged in February, when Barbeques Galore, which has 89 stores nationally, went into voluntary administration, with hopes of finding a buyer to solve its liquidity woes.

With no buyer found, that plan has been abandoned, and stores will begin shutting from June 16.

Barbeques Galore gift cards can still be used before June 30, 2026, but there's a catch .

For every $1 of gift card credit, you must spend an extra $2.

To redeem a $50 gift card, you need to spend $150, with an extra $100 from your own pocket.

It's far from a sizzling deal.

Cardholders are being urged to use their gift cards promptly.

After June 30, unredeemed cards will join the pool of unsecured creditors.

The part of Australia scrapping stamp duty

How much first home buyers could save

First home buyers in the ACT could save up to $50,000 as stamp duty is scrapped from July 1.

First home buyers in the nation's capital will no longer have to pay stamp duty, regardless of property value or income.

It makes the ACT the first jurisdiction in Australia to fully abolish stamp duty for first-time buyers .

Currently, only homes under $1 million are exempt, with income thresholds applying.

The change means buyers spending $1.2 million could save around $50,000.

The median house value in Canberra is $1,040,041.

The ACT government is also expanding stamp duty exemptions to pensioners, eligible NDIS participants, and buyers who have not owned property in the past five years.

Stamp duty is also being removed for new unit-titled properties purchased by owner-occupiers, supporting Canberrans, including downsizers , to move into terraces and townhouses.

The new ETF betting on the $1 trillion space boom

What the 'MOON' ETF actually invests in

Global X has launched a new exchange traded fund, with the ASX ticker 'MOON' .

The launch coincides with the US listing of Elon Musk's company SpaceX , as investor interest grows in the rapidly expanding space economy.

Global X CEO Alex Zaika says MOON offers Australian investors a way to access the sector's growth.

"Falling launch costs and advances in satellite technology are reshaping the investment landscape," he says.

He adds the space economy is expected to surpass $US1 trillion ($1.43 trillion) over the coming decade.

MOON includes 28 companies such as Planet Labs, Rocket Lab and Globalstar.

The annual management fee is 0.5%.

The job perk Australians now want more than working from home

One in two workers would take paid health cover over flexible work

Working from home is no longer the preferred job perk of Aussie workers.

One in two Australians would rather their employer pay for private health insurance over flexible work arrangements.

These are the findings of research commissioned by Members Health Fund Alliance.

Cost-of-living pressures have pushed health cover ahead of remote work, salary sacrificing and childcare support.

Only around one in two Australians have health insurance, with cost a major barrier.

Monthly premiums range from about $234 for a single to more than $550 for a family.

With costs this high, it's easy to see why demand is shifting.

Working from home is also becoming more common, and may soon be a formal entitlement.

In Victoria, the Allan Government plans to introduce legislation in July giving eligible workers the right to work from home two days a week.

As living costs rise, flexibility alone is no longer enough to win over workers.

That's the situation that's played out so far this year, thanks to three hikes from the RBA which has pushed the cash rate up 75 basis points to 4.35%.

Richard Whitten, senior money editor at Finder, says that these increases - which banks have largely passed on - have left savers in one of their strongest positions in years.

"The cash rate is now back to where it was two years ago, and that's as high as it's been since 2011.

"We haven't cracked the 6.00% p.a. interest rate mark for savings accounts just yet - but we're getting pretty close."

Where can you get the best savings rates in 2026?

For savers looking for the best return on their cash, accounts with short-term introductory rates are the most competitive at present.

"These accounts tend to offer your classic four-month introductory rate which reverts to a lower rate after that," Whitten explains.

"The top right now is the High Interest Savings Account from Rabobank which will give savers 5.90% p.a. for four months. Then Ubank and ING are both offering 5.85% p.a. for four months as well."

Not far behind these are savings accounts with high, ongoing bonus rates.

Unlike intro rates, savers will earn the bonus rate each month if they meet any conditions attached to the account.

That could be depositing a certain amount, making a minimum number of transactions with a linked card or refraining from withdrawing money.

"Ongoing rates are a touch lower than introductory rates at the moment, with Move Bank offering the highest rate of 5.65% p.a. on its Growth Saver account," says Whitten.

Are the big four banks falling behind on savings rates?

While the top end of savings account rate leaderboard is congested with banks jostling for position and customers, are ANZ, Commonwealth Bank, NAB and Westpac are notable absentees.

"The big four are a fair bit lower, which is interesting," Whitten says.

"ANZ is the best among them, offering 5.10% p.a. with its Plus Flex Saver and Plus Growth Saver accounts."

Westpac's Life account is an outlier, offering a rate of 5.75% on balances up to $150,000. However, it's only for people aged between 18 and 40.

Bonus rate trap: are you earning less than you should?

Even if their money is parked in a savings account with a competitive interest rate, the reality is that many savers will only be earning a fraction of the interest they could be.

How is that possible? They're not activating their bonus rate. More than two in three savings accounts with a bonus rate didn't receive it each month according to a 2023 ACCC report.

Whitten says that the situation has been made trickier for savers in recent years by the number of conditions banks have attached to bonus rates.

"A good example is ING's Savings Maximizer which is a popular account with one of the best ongoing rates on the market at 5.50% p.a.

"But to get that top rate, you have to deposit $1000 each month, make five transactions with a linked debit card and grow your balance. If you don't meet those, the base rate is only 0.01%."

One strategy that may help savers meet their deposit requirement is automating the process. But in some situations, Whitten says that people may be better suited to account with no strings attached.

"Try setting up an automatic transfer each month between the account your pay goes into and your savings account. That way the money will be in your savings before you have a chance to spend it.

"But if you're consistently not meeting the requirements for the bonus rate and only getting a rate closer to zero, moving to an account with a base rate of 3% or 4% could be worthwhile."

Australia's retirement story is changing quickly and testing the foundations of our retirement system.

In the year 2000, the average retirement age in Australia was 61 for men and 59 for women. Two decades on, and it has shifted later and narrowed to 65 for men and 64 for women.

Our life expectancy has increased, and the number of years we spend in retirement is getting longer, 20 years for men and 25 years for women.

We are working longer and living longer, a pattern seen across the developed world.

However, one thing has remained stubbornly constant over this time: for people nearing retirement, there is significant uncertainty about how many years of retirement their superannuation will need to fund.

Retirement, after all, is personal; you don't look at averages when it comes to your life and your needs. And when you layer in the current global economic and market volatility, these concerns are heightened.

The latest Challenger Retirement Happiness Index research found cost of living (57%), financial security (54%), and running out of money in retirement (46%) were the top concerns for Australians aged 60 and over.

Today's retirees are the first generation to have built significant superannuation savings.

Yet half of Australians aged 60+ still say they feel financially insecure. After decades of focusing on saving, when we retire the challenge changes from how much we have saved and accumulated to how much income those savings will need to deliver to last for the rest of our lives, however long that may be.

With retirement now spanning decades, small miscalculations compound.

Underestimate your how long you'll live, ignore inflation, or misjudge market returns, and the consequences can be significant.

Indeed, in March 2021, the RBA forecast inflation to lead to a 9% increase in prices; in fact, we've actually experienced a 21% increase. That translates to a stark choice for an average retiree: either draw down more income or live a life less full.

It's not all gloomy, though; our research also shows that those retirees who have a plan have greater confidence.

The plan doesn't need to be perfect; it just needs to provide some lights to guide the way and to allow people to avoid being overwhelmed when inevitable changes occur.

Working longer is not the solution

One interpretation of rising retirement age is that Australians are solving the problem by simply working longer.

To a degree, this is true. Extended workforce participation can strengthen savings, reduce drawdown years, and boost overall retirement resilience.

Staying in the workforce can also extend the ability to remain connected and to retain a sense of purpose, two areas that have a major positive impact on retirement wellbeing.

But working longer is not universally available. Health constraints, caregiving responsibilities, industry dynamics, and age discrimination limit choice. Many don't choose when to retire; it is thrust upon them.

Retiring at 65 still leaves, on average, two decades of income to fund. The bigger structural point is this: retirement planning remains framed around accumulation, not decumulation.

Around 780 Australians retire every day, however, the vast majority are not transitioning to solutions designed for this stage of life.

We know nearly four in five Australians aged 60+ (76%) would be much happier if they had a guaranteed income for life in retirement.

Yet, more than half of all Australians 60+ (59%) do not know about, or haven't heard of, lifetime income streams as a financial strategy for retirement.

Australia's compulsory superannuation system has been a global success in building retirement savings pools.

But behavioural biases and legacy product designs make converting those pools of retirement savings into sustainable lifetime income an ongoing challenge.

The next evolution of the system can move from a focus on raising balances, to a critical focus on managing longevity and income certainty.

Redesigning retirement

After decades of savings, we are asking retirees to do something that feels completely counter-intuitive - to start spending. A clear knowledge gap persists that needs to be overcome.

First, we must reframe conversations around longevity explicitly. Australians understand market volatility. They feel inflation.

But many still underestimate how long retirement lasts - and how to safely spend across decades.

Second, retirement strategies need to become more tailored and accessible. Blended solutions that include guaranteed income components are likely to play an increasingly important role.

Third, advice matters more than ever. Happiness in retirement correlates strongly with those who have received advice.

Yet advice accessibility remains uneven. If nearly half of Australians feel unprepared, ensuring greater access to advice or some form of guidance - whether digital, hybrid, or traditional - becomes critical.

Finally, behavioural challenges need to be acknowledged and addressed. Almost half of those surveyed expect an income shortfall.

However, research by the Grattan Institute found 65% of retirees super balances in Account Based Pensions remained unspent by the average life expectancy. Expectation shapes retirement behaviour - often towards underspending, over-caution, leading to a reduced quality of life.

A defining decade

Australia stands at an inflection point.

The first generation to retire with substantial super balances is transitioning from savings to spending. Their experience will shape expectations for those who follow.

If nearly half anticipate an income gap, and close to half feel unprepared, we should assume accumulation success will not automatically translate into retirement confidence.

We have built one of the most effective accumulation frameworks in the world. But adequacy at retirement is only the beginning.

The real test is can those balances be converted into reliable, sustainable income for 20 to 25 years or more, through inflation cycles, market downturns, and rising health and living costs, and the resulting increase in retirement confidence.

The next decade will determine whether Australia simply produces retirees with large balances or if we deliver Australians a retirement they can enjoy confidently and happily.

It's become the go-to advice in times of crisis: "Why don't you set up a GoFundMe page?"

Whether it's illness, natural disaster or falling on hard times, even contributions to holiday and wedding funds in some cases, asking for donations has taken on a life of its own in the form of crowdfunding. And GoFundMe is making it all possible.

The popular American social fundraising platform has taken the shame out of asking for money.

In fact, it has normalised it to the extent that even celebrities have jumped on the bandwagon, most recently American actor James Van Der Beek, who in the late '90s was one of Hollywood's most recognisable faces. At age 20, Van Der Beek shot to fame playing Dawson Leery on US series Dawson's Creek.

When celebrity grief turns into crowdfunding

In recent years, Van Der Beek had mostly eased out of Hollywood. There was a steady stream of work, voice acting, recurring sitcom roles, reality TV, but nothing like Dawson's Creek.

Then, in 2024, he made a public announcement, he'd been diagnosed with stage three colorectal cancer.

His battle with the illness was short and, in early February 2026, Van Der Beek's wife, Kimberly, announced his death in an Instagram post. The actor was only 48 years old and left behind six children.

Within a few days, a GoFundMe page had been set up to support his family. The response was immediate, donations poured in.

"The costs of James's medical care and the extended fight against cancer have left the family out of funds," the page said.

"They are working hard to stay in their home and to ensure the children can continue their education and maintain some stability during this incredibly difficult time."

But what does 'out of funds' mean when you're the family of a Hollywood star?

There were no further details.

That didn't stop the donations. At time of writing, more than US$2.8 million has been raised for Van Der Beek's family on GoFundMe.

The fundraiser is still open, with donations as recent as June 10, but speculation about Van Der Beek's financial situation intensified.

It was eventually reported that, just a month before his passing, Van Der Beek and his wife bought the Texas ranch they'd been renting. The property settled for $4.76 million.

Van Der Beek's representatives later reported that the down payment for the property was secured "with the help of friends through a trust so they could shift from rent to mortgage".

'I feel totally duped'

Unsurprisingly, there was a public backlash.

"Does anyone know how I can get a refund on the go fund me?!? I donated hundreds of dollars and I feel totally duped," one person wrote on Kimberly Van Der Beek's Instagram page.

Discourse on Reddit forums was particularly unforgiving.

"The reality is all of us are living within our means, and yeah, we're going to side-eye the celebrity asking for donations to maintain a celebrity standard of living," wrote one person.

This was a sentiment repeated many times across the internet.

Another star, another GoFundMe

Just days after Van Der Beek's death, another Hollywood heartthrob passed away.

Eric Dane, best known for playing Dr Mark Sloan in Grey's Anatomy, died from the degenerative disease ALS.

A GoFundMe page was immediately set up.

"Any contribution, no matter the size, will help provide stability during this incredibly difficult time... for Eric's wonderful daughters," the fundraiser said.

More than 4400 people donated almost half a million dollars.

People who donate to GoFundMe campaigns can also leave public messages. One note, written by a woman calling herself "Cristina J", stood out.

Alongside a $5 donation, she wrote:

"I have Stage 4 cancer and am living on social security so I couldn't donate more, sorry. I have a young daughter myself so I know how awful it can be having a terminal illness and leaving behind a child."

Some estimates valued Dane's estate at about US$7 million at the time of his passing.

But an exact valuation isn't possible, which highlights a bigger question: should celebrities and their families disclose more financial information before asking the public for donations?

When asked about this issue, a GoFundMe spokesperson said every situation is different and "it's ultimately up to donors to decide which causes they wish to support".

For GoFundMe itself, however, every donation also generates revenue, with the platform charging a 2.2% fee plus $0.30 per transaction.

The psychology behind celebrity donations

It's true that people are allowed to donate their money however they please, and it seems unlikely that anyone who donated to the Van Der Beek family cause thought they were in danger of homelessness.

"My best informed guess would be that people in this instance are not giving because of perceived need but rather due to other motivations," says The University of Queensland's Dr Cassandra Chapman.

According to Chapman, who has a PhD in the psychology of charitable giving, there are many reasons someone might support a celebrity fundraiser.

Donating can act as a form of identity expression, allowing people to signal what they value or feel connected to. Nostalgia can also play a role, in particular if the celebrity was tied to meaningful moments in a donor's life.

Interestingly, people may even be using the donations as a way to confront their own mortality.

"There is a theory in psychology, terror management theory, that people's behaviour can be motivated by an unconscious fear of death," says Chapman.

Many people, myself included, grew up alongside James Van Der Beek. He was the prototypical teenager of our time. And now we're all middle aged, and he is dead.

"For some, this may stir up deep-seated fears around their own mortality. Giving could be a way to dissipate that uneasiness."

Is celebrity crowdfunding ethically fair?

Fundraising to memorialise the dead is not without precedent.

According to Simon Longstaff, executive director of The Ethics Centre, communities have long pooled money to honour those seen as having made meaningful civic contributions.

"This is not a new phenomenon, it's been going on for centuries where there have been public subscriptions to fund memorials to notable citizens," says Longstaff.

"It gave people of quite modest means the opportunity to participate in the commemorative process. In a sense, become a contributor to some broader process of recognition."

Perhaps this is a normal part of public grieving, one that has been accelerated by the internet and social media.

Whether that makes fundraisers ethically defensible depends on the intended purpose of the money and the financial situation of the people for whom the donations are being raised.

But the moral responsibility does not rest entirely with the people seeking the funds. Those donating should also examine whether the donation aligns with their own moral and ethical code.

"I think the moral obligations fall on both sides and everybody's responsible for the choices they make," says Longstaff.

The hidden risks of online fundraising

Of course, the internet has made collective giving easier to organise and scale. On GoFundMe alone, more than $1.1 billion has been donated in Australia since the platform's local launch in 2015.

"Last year 1.7 million donations were made to fundraisers, raising $141 million for local causes. In fact, nearly one in four Aussies has made a donation via GoFundMe for causes that matter to them," said a GoFundMe spokesperson.

But is every cause a worthy one? On GoFundMe there are people asking for donations towards their holidays, honeymoons and school excursions. It might be frivolous, but it's not illegal.

"At the end of the day, if somebody wants to do a fundraiser for something they feel is important, then they can do that, as long as it's not fraudulent," says Katherine Raskob, chief executive of the Fundraising Institute Australasia (FIA).

That means you can ask strangers on the internet to contribute to your kitchen renovation, five-star holiday, or dream of owning a Ferrari.

Whether they will want to help you is another matter. But what you can't do is say you're fundraising for one thing, and then spend that money elsewhere.

What to check before donating online

Just how that's enforced depends on the nature of the misconduct and the jurisdiction, laws on fundraising vary across States and Territories.

The Australian Competition and Consumer Commission may intervene if Australian Consumer Law has been breached.

There are also a number of State-based fundraising regulators who can get involved. Platforms such as GoFundMe will have their own rules as well.

If you think you've been scammed, it can be a complex regulatory system to navigate. Better to ensure your donations are going to the best possible cause in the first instance.

"It's buyer beware," says Raskob. "Make sure that you're aware of what it is that you're contributing to, and that you know who they are."

To check if a charity is legitimate, Raskob recommends starting with the Australian Charities and Not-for-profits Commission, where you can review its registration, purpose, reports and leadership.

If you want an extra layer of protection, charities that have aligned with the FIA have also agreed to ethical and transparent fundraising practices.

Ultimately, you can spend your money however you want.

There is nothing inherently wrong with giving money to a cause that feels meaningful, especially if it gives you some measure of peace or happiness. As the GoFundMe spokesperson points out, the decision rests with the donor.

But before donating in an emotional state, consider thinking about the potential impact of your money and whether it's going to the people and causes who need it the most.

This week on the Friends With Money podcast, Michelle Baltazar speaks with Aware Super's Kate Rolfe about new research showing most parents and grandparents are willing to help younger family members buy a first home.

This often involves gifting cash, reducing their mortgages or offering low to no-interest loans, but those good intentions could potentially put their own retirement savings at risk.

They discuss how giving financial support without proper planning can affect tax outcomes and Centrelink age pension eligibility, including potential consequences such as losing access to benefits for years.

Rolfe recommends getting professional financial advice before money changes hands, considering whether to gift the funds or structure them as a loan, and weighing up lump sum versus drawdown payments.

Episode timestamps

01:09 How families can help

02:45 Retirement and pension risks

05:26 Tax advice and structuring gifts

06:43 First home super saver explained

08:32 Lump sum vs drawdown

11:09 Where to start

Listen to this episode of Friends With Money

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

How often are new episodes released?

New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

Why subscribe to the Friends With Money podcast?

Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

Subscribe to the Friends With Money podcast today and start learning when it suits you.

Reader question

Hi Paul,

I know you've previously said that HECS-HELP is the cheapest debt you can have, but with indexation my balance just keeps going up.

I'm in my 20s, fortunate to be living at home and working part-time while I study. Should I focus on paying down my student debt or save to hopefully buy a unit one day?

Paul's response

Good question, Ally. The technical answer remains no.

A zero-interest debt, and one that just disappears when you die, is a cracking loan!

Clearly, lenders will take into account your student debt in terms of determining how much you can borrow to buy a home.

Another interesting point is how much you might earn. Your repayments are taken from your pre-tax income once you earn above $67,000.

If you ended up in a high-paying job, at more than $190,000, you'd be paying 47% tax including Medicare levy. A high-income earner would soon shred this debt.

We also need to add in politics.

As you know, the government is reducing student loan debt by 20%.

And when it comes to loan indexation with inflation, the outcry tends to see indexation lower than the actual rate of inflation. Will another 20% cut appear in the future?

My view is pretty simple.

Personally, I'd be building savings to give me the power to invest or accumulate a home deposit. Control what you can is a pretty good rule of money.

We also need to consider our own personality.

This is what I call the sleep-at-night test. I'll pick on me and my wife, Vicki. She would hate having student debt, so she would be better off paying it off and sleeping well.

I'd find it quite entertaining to build my wealth and leave the student debt alone.

If it turned out I earnt a high income, the student debt would be paid down from the compulsory payments.

I'd be happy with that.

Maybe your best solution is to leave this interest-free loan alone, save as you can and revisit the issue as you build your life and career?

What to read next

• Do tradies really earn more than uni grads in Australia?
• The debt mistake that can delay your retirement plans
• What every uni student should know about HECS
• Yes, Gen Z can teach you a thing or two about money
• Ultimate money glossary: What financial terms really mean

If you're a frequent traveller, an annual travel insurance policy could be a convenient way to stay covered across a 12-month period.

But if you've only got one or two trips planned, a single-trip policy might make more sense. Here's how to decide.

How annual travel insurance actually works

If you're not entirely clear on what "an annual policy" entails, you're not alone.

It's commonly mistaken for single-trip cover for a year-long period, when in fact, an annual travel insurance policy (also known as an annual multi-trip or a frequent traveller policy) covers you for an unlimited number of shorter trips taken throughout a year duration.

The key question is whether an annual policy or a single-trip policy makes more sense for you.

Why buy an annual policy?

If you travel multiple times a year, an annual policy can be a convenient and cost-effective option.

You only need to purchase cover once, making it ideal for frequent or spontaneous travellers.

There is also no restriction on the number of trips you can take, so the world is your oyster in terms of coverage.

Just be mindful that maximum per-trip durations apply, and these can vary, depending on your policy.

Make sure you also think about the types of trips you take.

For example, if you regularly go skiing, you should make sure you're covered for this activity.

What is the maximum length of a trip I can take on an annual policy?

Maximum per-trip durations vary, depending on your insurer, but they are generally capped at 15, 30, 45 or 60 days.

If you plan to travel for longer than the maximum length of your set trip duration, you may need to look into a separate single-trip policy.

How can I compare the cost of an annual policy vs several single-trip policies?

The best way to gauge these costs is to do a comparison online.

Compare the cost of an annual policy against quotes for each of your individual trips to get a clear picture of what you'd expect to pay.

Depending on your age and trip lengths, an annual policy can often be a more affordable way to stay covered across all your travels throughout the year.

Can I buy an annual policy if I haven't yet confirmed where I'll be travelling to?

Yes, and this is one of the real advantages of annual cover. If you're not yet sure where you'll be heading in the next 12 months, selecting Worldwide coverage ensures you're protected no matter where you end up.

Worldwide policies will also cover you for trips within Australia as well, provided you are a set distance from home (typically 250 kilometres).

If you're at all in doubt, contact your insurer to confirm the most appropriate region for your policy.

Note that stopovers of less than 48 hours generally don't need to be included, with the exception of the USA.

Do annual policies cover business travel?

Yes. Travel insurers generally don't distinguish between leisure and business trips-your annual policy covers you regardless of the nature of your travel.

The one exception to be aware of is that some corporate annual policies may offer specific cover for business equipment, so it's worth checking the fine print to ensure your policy suits your needs.

Can I buy an annual policy at any age?

No, annual multi-trip policies tend to have age limits ranging from about 65 to 70 years of age (although some insurers extend cover up to 85).

Contacting your insurer directly or using a comparison site is the best way to find a policy that suits your age and travel needs.

When does my annual policy coverage begin?

Coverage under an annual policy begins from the moment you purchase, or a start date of your choosing, meaning if you need to cancel a trip before you depart, you're already covered.

This is one of the often-overlooked advantages of taking out an annual policy early, particularly if you have trips booked well in advance.

All other benefits including medical expenses, lost baggage and travel delays, kick in each time you depart on a trip throughout the policy year.

As always, check your policy wording for the specific terms and cover limits.

Do annual policies cover cruises?

In most cases, cruise cover needs to be added to your annual policy rather than to a single trip within it, meaning you'll pay for cruise cover across the full policy period, even if you only have one cruise planned for the year.

Is an annual policy right for you?

If you're a frequent traveller, an annual policy is well worth considering.

Run the numbers, compare your options, and if you're still weighing it up, contact your insurer or check out a comparison site with any relevant questions.

Young Australians are turning to TikTok and Instagram for investing tips, budgeting hacks and money advice as the cost of professional financial advice surges.

But experts warn some viral money advice may be misleading, promotional or even illegal, with ASIC cracking down on finfluencers accused of crossing the line into unlicensed financial advice.

ASIC has also warned Australians to be wary of creators promising "easy money" or guaranteed returns online.

Creators like budgeting influencer Breana Davidson, known as "Bree on a Budget", have built huge audiences by sharing relatable savings and spending advice aimed at young Australians

It's easy to see the appeal. The cost of seeing a financial adviser jumped 18% in 2025 to $4668 a year, up 67% over the past five years, according to Adviser Ratings' 2025 Australian Financial Advice Landscape report.

At the same time, more than half (63%) of Gen Z Australians rely on social media for financial information, while 52% say they trust what they see online.

RMIT University Deputy Dean Angel Zhong says finfluencers have helped democratise financial literacy by breaking down complex topics in a way younger audiences understand.

"They speak in plain language, meet younger audiences where they are, and cover topics like budgeting and investing that traditional advisers often overlook for clients without significant assets."

The 27-year-old making millions of views from money tips

Sydney finfluencer AJ Clores started sharing investing content after making successful trades during the pandemic while studying at university.

"I put a lot of money in the stock market and it doubled by the time the market recovered, so I was sitting on a good amount of cash," the 27-year-old says.

Two years later, he has built an audience of more than 105,000 followers across Instagram and TikTok, generating more than 30 million video views, according to his management agency.

While some creators push high-risk investments or property schemes, AJ says he focuses on general financial education aimed at younger Australians.

"There are other ways to build wealth than just saving your salary, including investing, which can pay off in the long run," he says.

But he also acknowledges the risks of taking financial advice from social media, where flashy content and viral popularity can blur the line between legitimate education and misleading promotion.

He operates without a financial licence but says he carefully follows ASIC guidelines when creating content.

"I'm trying to break the stigma around investing, and if you speak factually about information, then it's allowed."

Why ASIC is cracking down

While AJ says he follows the rules closely, other finfluencers have come under ASIC scrutiny.

The regulator has issued warning notices to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading conduct.

Another 15 Australian finfluencers are also being reviewed over content involving shares, exchange-traded funds and leveraged products.

ASIC says the crackdown aims to stop consumers losing money from misleading online financial content.

Why young Australians trust finfluencers

Curtin University lecturer Dr Ivy Hii says trustworthiness, relatability and accessible content help create strong "parasocial relationships" between finfluencers and followers.

"Finance education is shifting from instruction to inspiration, driven by connection, not just content," she says.

But she warns followers may take financial advice at face value without properly questioning whether the information is accurate, balanced or regulated.

For some followers, however, bad financial advice online can come at a real cost.

'Influence does not equal a licence'

Professor Zhong says popularity online does not exempt creators from financial advice laws.

"ASIC has made clear that follower count does not exempt you from the law. Influence does not equal a licence."

She says social media often rewards confidence and viral appeal over nuance and accuracy.

Under Australian law, anyone providing financial product advice that could influence investment decisions generally requires an Australian Financial Services licence.

"Finfluencers work best as a starting point for financial curiosity, not a substitute for personalised, qualified advice," she says.

ASIC Commissioner Alan Kirkland says Australians should carefully check a creator's credentials before acting on online financial advice.

"If someone on social media is promising easy money or guaranteed returns, there is a real risk they're breaking the law, and you could be the one who loses money."

'Be careful who you're listening to'

AJ says many finfluencers are simply trying to make financial concepts easier to understand for younger Australians.

However, he admits some creators damage trust by exaggerating their success or hiding commercial relationships.

"Anyone can rent out a Lamborghini for a day and make out that they make $10,000 a day, and some people will believe that."

His advice is simple.

"Be careful who you're listening to," he says.

"Some finfluencers may not disclose that they have a business behind them and could be trying to lure you into a specific type of investment."

But there comes a point when saving too much can limit your quality of life.

The real challenge is not whether to save, but how to balance living well today with preparing for tomorrow.

When saving becomes restrictive

Saving can feel safe, especially if you grew up with financial uncertainty or value control. But when it becomes an emotional safety net, it can stop you enjoying what you have worked for.

It is possible to be financially comfortable and still feel anxious about spending.

Once your essential needs are covered, research shows financial wellbeing depends more on mindset than the size of your bank balance.

If you feel guilty when you spend, or keep putting off meaningful experiences, it may be time to reassess whether your saving habits are helping or holding you back.

Defining what 'enough' means

Financial success is not just about how much you accumulate. It is about whether your money supports the life you want.

Start by defining what 'enough' looks like for you. Picture a satisfying week or year. Consider which experiences and freedoms matter most, and the role money plays in supporting them.

When you are clear on your priorities, saving becomes purposeful. You stop saving for its own sake and start directing money towards what truly matters. That shift makes progress feel motivating, not restrictive.

Balancing the future and the present

A healthy approach to money combines structure with flexibility. You can keep building savings and investments while still making room to enjoy life now.

Automatic transfers to savings or super can make progress effortless. Then you can spend the rest with confidence, knowing your future is already taken care of.

When your money habits align with your values, saving becomes a source of purpose rather than pressure. A plan that allows enjoyment along the way is far more likely to last.

The takeaway

There is a difference between being careful and being constrained. Saving should support your life, not limit it.

The strongest financial plans blend structure with enjoyment, discipline with freedom, and confidence with peace of mind.

It's the worst-case scenario: you're unable to continue making your mortgage repayments so your lender sells your home to cover the outstanding debt.

Fortunately, the vast majority of homeowners won't ever find themselves in this situation, but with interest rates expected to tick up and rising inflation putting pressure on everyday expenses, it might become a reality for more people.

Nearly 1.5 million mortgage holders were at risk of mortgage stress in the three months to April, Roy Morgan research shows - a figure which is likely to rise if rates keep heading north.

So what actually happens if you fall behind on your home loan? Here's how the process can escalate, and what you can do early to avoid losing your home.

Can going into negative equity put your home at risk?

Owing a bank more than your property is worth (negative equity) isn't ideal - but it's a situation more owners could find themselves in if prices in some parts of the country drop.

Commonwealth Bank's most recent forecast, for one, suggests that home values in Sydney (-6%) and Melbourne (-7%) will fall over the remainder of 2026.

"A buyer who purchased with a 5% deposit at the start of this year has very little buffer against falling property prices," says Sally Tindall, data insights director at Canstar.

"If CBA's forecasts play out, some recent buyers in Melbourne could owe the bank more than their home is worth by the end of the year, despite making their mortgage repayments on time."

The major downside of negative equity is that if you're forced to sell, you'll need to cover any shortfall between your loan and the sale price.

"Negative equity isn't necessarily a crisis if you plan to stay put and keep making repayments, but it can become a major problem if you're forced to sell or want to refinance," Tindall explains.

"If you do find yourself in this position, don't panic. Instead, put your head down and keep your mortgage repayments up."

What should you do if you miss a mortgage payment?

While missing a mortgage repayment isn't recommended, it's not the end of the world.

Plenty of people do it by mistake, though depending on how long it takes to fix it, you may be charged a late payment fee and end up with the missed payment on your credit report.

If you miss a payment because you don't have the money to cover it, lenders recommend contacting them as soon as possible and being upfront about your situation.

There are likely options available says Tom Abourizk, a senior policy officer at the Consumer Action Law Centre, including financial hardship support.

"Don't be afraid to ask for hardship assistance from your bank.

"A long-term deferral of a payment or a waiver of one month's payment might make a big difference, and it's probably in the bank's interest to strongly consider that at the very least."

When does a missed payment become a default?

If you can't rectify one or more missed payments, that's when the formal default process may begin.

"The first step in terms of the legal process is that a default notice will be issued," Abourizk explains.

"Default notices have to quite clearly set out that you're in default of your home loan, how you can fix it, what can happen if you fail to fix it and also provide a timeline for how long you have to fix it.

"I believe the standard is normally 30 days that they must provide at a minimum."

At this point, Abourizk recommends that anyone who receives a default notice considers lodging a dispute with the Australian Financial Complaints Authority (AFCA).

Beyond being able to raise any relevant concerns, repossession (they next potential step) can't go ahead until AFCA's assessed the dispute.

"An ombudsman would go through a process of exploring the options between them [the homeowner] and the bank to see if there is a way for them to retain their house, or at the very least, double-check that the bank is doing everything legally and reasonably."

How does the property repossession process work?

Failing an AFCA resolution or a remedy for the default, that's when a lender can begin the process of repossessing the property.

"To start repossession proceedings, banks generally need to go to court, so that would require formal written notice," Abourizk says.

"The person who receives that notice then has ten days to file an appearance, and they then have 30 days to file a defense if they want to do that."

If the court allows the repossession to go ahead, the lender is then likely to go to the sheriff.

"The sheriff would normally go through a two-step process where they notify the person that they have received the writ and will give them a date that they need to vacate by."

What can you do if you're under mortgage stress?

Repossession is a worst-case scenario. There are actions that homeowners - including those feeling the strain of rising mortgage repayments - can take long before that happens though.

Deb Shroot, a financial counsellor and industry liaison at Financial Counselling Australia, says that the first step for homeowners should be assessing their financial position.

"Work out how much you can afford and the maximum you can afford if rates do go up. Knowing what that amount is can be really useful so that you can quantify and track how you are, versus what you need to pay.

"You could also start either paying extra or putting any excess aside so that you do have a bit of a buffer if things get a bit tight.

"And if your plan includes refinancing, don't wait until you are unable to make your payments before looking at doing it."

Should you prioritise your mortgage over other debts?

Though mortgage repayments may be the largest cost for homeowners, Shroot also reinforces the point that other property-related expenses shouldn't be neglected.

"It's not just your mortgage that's really important, but also your strata and rate payments.

"Strata and rates are bound by either by-laws or legislation, so if you fall behind on these there's not the same flexibility of hardship that's available with commercial loans."

A home loan isn't going to be the only debt some households are paying off either, so how should a mortgage be prioritised?

"It depends on the individual, because everyone's finance ecosystems and value systems are different," Shroot says.

"Housing is a need, however, owning your house is not the only option.

"For example, someone might value continuing to send their child to a private school, so they might sell up and rent, whereas someone else would put their kids in a public school."

How can Australians access financial help?

One bright spot for anyone struggling with mortgage stress is that support is available. That includes hardship assistance from a lender or support from a financial counsellor.

"The options are going to depend on a number of factors, including how much equity you have in your home, how big your repayments are, whether you've accessed hardship before and whether you have other debts.

"So, there's really no one-size-fits-all type of solution," Shroot says.

That's why Shroot recommends reaching out to a financial counsellor who can provide advice which is catered to an individuals' situation, values and priorities.

"Financial counsellors can provide free, independent and confidential advice to help you work through the best options and the next steps forwards for your situation.

"There might also be flow-on consequences from someone's decisions, so we'll be able to discuss the consequences of choosing to pay your mortgage over your rates, or the other way around, and the pros and cons of doing that."

To speak to a financial counsellor you can call the National Debt Helpline on 1800 007 007, or you can find a counsellor in your local area or to fit your specific needs by visiting the National Debt Helpline's find a financial counsellor portal.

Reports that SpaceX could seek a valuation of about $7.5 trillion in what would be the biggest IPO in history have investors excited.

It is one of the most extraordinary companies ever built, spanning space exploration, satellite communications, defence and artificial intelligence.

But for investors, this story points to something more important, where we are in the market cycle right now.

One of Wall Street's oldest observations is that the biggest IPOs tend to arrive close to major market peaks. Not because the IPO causes a crash, but because deals of that size only happen when confidence is high and investors are willing to pay almost any price for future growth.

History offers some striking examples. The record-breaking AT&T listing came near the peak of the late 1990s boom before the dot-com crash.

Coinbase listed during the crypto surge of 2021, just months before digital assets fell sharply.

Rivian debuted at a valuation larger than many established carmakers shortly before growth stocks suffered one of their worst sell-offs in decades.

The pattern is not perfect, but it is worth paying attention to.

Companies do not rush to list when investors are fearful. They list when markets are strong, valuations are stretched and demand for risk is high.

Property investors have a similar saying. When the world's tallest skyscraper is announced, it often signals the peak of the property cycle.

Extreme optimism leads to extreme projects, and by the time they are delivered, much of the good news is already priced in.

Major market tops rarely form when investors are worried. They form when confidence is high and making money feels easy. That is why downturns catch so many people off guard.

Eventually, markets reach a point where optimism is fully reflected in prices and portfolios are surging. At that point, the question becomes simple, who is left to buy?

None of this means a SpaceX IPO would mark the exact top. Bull markets can continue rising long after early warning signs appear.

But a deal of this scale could be one of the clearest signals yet that the market is entering a late-cycle phase, where excitement starts to replace discipline.

What are the best and worst-performing sectors this week?   

The best performing sectors were Information Technology, up more than 7%, followed by Energy, up more than 2%, and Utilities, up more than 0.5%.

The worst performing sectors were Real Estate and Healthcare, both down more than 2%, followed by Communication Services, down more than 1%.

Among ASX 100 stocks, Pro Medicus led gains, up more than 20%, followed by Life360, up more than 12%, and WiseTech Global, up more than 11%.

The weakest performers included ResMed, Stockland and AMP, all down more than 7%.

What is next for the Australian sharemarket

The All Ordinaries Index posted a modest loss of 0.54% by Thursday's close, reversing the positive momentum from the previous week.

Materials dragged on the index, while a rebound in Technology and Energy provided some support in an otherwise subdued market.

Encouragingly, downward momentum appears to have eased. While it is still early, this technical shift suggests buyers are starting to reassert control.

If that continues, the market may again target the 9200 level.

This level has already triggered three reversals, making it a key resistance point.

However, repeated tests often weaken resistance over time. A fourth attempt typically increases the probability of a breakout.

Whether the market pauses at 9200 or breaks through quickly remains to be seen.

Either way, the expectation is that the All Ords could trade above this level in the second half of the year.

Even so, annual gains would remain modest. The index started the year around 9000 and has largely moved sideways through 2026.

For now, key support sits at 8800. More broadly, this remains a highly selective market.

While the index has been flat, certain sectors and stocks have delivered strong returns. That makes stock selection critical.

In conditions like these, where the index tells only part of the story, where the money is flowing matters far more than simply tracking the market.

Bob Morton, co-founder and chief executive of The Property Clearance Company, helps Australians uncover hidden value when downsizing or clearing estates.

From forgotten collectables to overlooked valuables, the stakes can be higher than many expect.

Here are six expert lessons to help you avoid costly mistakes and spot what's really worth money.

1. It must be emotional and overwhelming helping to clean out a loved one's home. What's the most common mistake you see people make?

The most common mistake is starting without a clear plan.

In the emotional aftermath of a loss or major life transition, it is easy to begin sorting without deciding the desired outcome.

Without that clarity, the process quickly becomes overwhelming.

Another issue is confusing sentimental value with financial value.

Many possessions carry deep meaning, but that does not always translate into market value. When the two are conflated, decision-making slows and stress increases.

People also tend to delay the process. While this is often well-intentioned, delays can lead to items deteriorating, especially in Australia's climate, reducing their resale value.

The most effective approach is to start with a clear plan, separate emotion from value, and move forward in a structured and timely way.

2. Can you give us a plan of how the company approaches a house to be cleared?

Every clearance begins by defining the objective.

Each family is different, so we first establish what success looks like, whether that is keeping important items, maximising financial return, meeting a deadline, or minimising waste.

Once this is clear, we remove the least important items first, usually waste and recyclables. This reduces clutter and makes it easier to properly assess what remains.

We then work through the home and categorise items into:
• Items to keep
• Items to sell
• Items to donate

This structured approach creates order quickly, reduces stress and ensures valuable items are not overlooked.

3. What is the best way to divide items during a clear-out?

The most effective approach is to prioritise items by importance and value.

Start by identifying what the family wants to keep, usually items with strong sentimental value.

Next, assess items that can be sold, such as art, collectables, jewellery or quality household goods.

Then move on to items suitable for donation. Many charities welcome goods in good condition.

Finally, direct remaining items towards reuse or recycling wherever possible.

4. What should people assess, room by room, as potentially valuable?

Value can exist anywhere in a home, so avoid assumptions.

Sheds, garages and storage rooms are often dismissed as waste, but can contain items of real value.

Another misconception is that large furniture is the most valuable. In reality, smaller, specialised items often carry higher value.

These include retro household items, branded glassware such as Murano, jewellery, coins, original artwork, Australiana, vintage comics and quality tools.

Condition, authenticity and branding are critical. Items that look similar can have very different values depending on these factors.

The safest approach is to pause and assess before discarding, especially smaller items that are easy to overlook.

5. Who can people turn to for valuations or advice?

It is important to seek qualified and reputable advice.

Licensed second-hand dealers are a good starting point, as they understand current market demand and pricing.

For formal valuations, particularly for estates or legal purposes, families should engage accredited valuers who provide independent assessments.

Some experts specialise in areas such as art, antiques, jewellery or coins. If an item appears rare or unusual, a specialist can make a significant difference in determining value.

Taking professional advice helps ensure valuable items are not overlooked or undervalued.

6. What is the most important advice you can give after years of handling estate clearances and downsizing?

Plan ahead while there is still time to make thoughtful decisions.

Ensure you have an up-to-date will and appropriate power of attorney arrangements.

An experienced estate lawyer can help provide clarity, not just for major assets but also personal possessions.

It is also important to anticipate practical situations, such as whether another family member living in the home has the right to remain there.

These details can prevent disputes later.

Finally, consider gifting meaningful items while you are still alive.

Passing on treasured possessions can be a deeply personal and uplifting experience. It allows you to see the joy they bring and removes uncertainty for your family in the future.

The bottom line

Taking these steps in advance - clear legal planning and thoughtful distribution of personal possessions - can significantly reduce stress for families and ensure that important decisions are made with intention rather than under pressure.

Markets are sending mixed signals, investors are feeling it, and recent events in the Middle East are a stark reminder of just how quickly sentiment can shift.

Escalating geopolitical tensions, persistent inflation, shifting central bank policy globally and uneven global growth have all combined to create an environment defined by volatility.

Sharp rotations and sudden drawdowns have become the new norm.

In this landscape, relying solely on long-only equity strategies can leave portfolios exposed. This is where an active long-short strategy can earn its place.

A more adaptable way to invest

Most investors know how long-only strategies work: buy stocks you believe will rise, and profit as they (hopefully) do. But this investment approach has a structural limitation; it only works in one direction.

A long-short strategy removes that constraint. It combines long positions in companies expected to rise with short positions in those expected to fall, allowing a portfolio to generate returns on both the long and short positions the portfolio takes.

In volatile environments, that flexibility becomes critical.

When markets decline, long-only portfolios are increasingly exposed.

But an active long-short strategy has the ability to generate returns from falling share prices, helping to cushion downside. And when markets recover, it can still participate in the upside.

While some active long-short strategies can be difficult for everyday investors to access, those offered through an ETF structure are not.

An ETF is liquid, significantly more accessible and offers a transparent and convenient way to access what has traditionally been an institutional-style strategy.

Breaking free from index constraints

One of the defining advantages of an active long-short ETF is its ability to move beyond benchmark limitations.

In markets like Australia, indices are heavily weighted toward a small number of sectors and companies.

Long-only ETF strategies often inherit this concentration, whether intentionally or not.

But active long-short ETFs are not bound by these constraints.

By incorporating short positions, managers can take advantage of both positive and negative views, building portfolios based on conviction rather than index weight.

This expands the investable universe and allows for a more balanced exposure, reducing reliance on a handful of dominant stocks and sectors.

Managing risk in real time

Volatility is about how portfolios respond to it.

An active long-short ETF provides a more dynamic approach to risk management.

Portfolio managers will adjust their long and short exposures as conditions change, increasing defensive positioning during downturns and leaning into opportunities when markets stabilise.

This ability to actively manage exposure can help reduce drawdowns, smooth returns, and limit unintended risks.

It also allows for more precise control over sector and factor exposures, making portfolios more resilient in the face of sudden market shifts.

Unlocking new sources of return

Beyond risk management, an active long-short ETF is designed to generate alpha.

By identifying both outperformers and underperformers, it provides investment returns that are not dependent on overall market direction.

This can be particularly valuable in periods where index returns are muted, but stock-level dispersion is high.

A long-short strategy offers investors the ability to increase a portfolio's market exposure by reinvesting the cash generated from its short-selling transactions of overvalued stocks, to long positions in stocks which offer higher conviction, as shown in the graph below.

This allows managers to use good stock picking to create a portfolio with greater than 100 per cent total exposure, and in turn magnifying returns over the long term.

Understanding the trade-offs

As with any strategy, there are risks to consider.

Short selling introduces unique challenges, including the potential for losses if share prices rise sharply.

The use of leverage can amplify gains but can also amplify losses. There are also practical considerations around borrowing costs, and transaction expenses.

Fees may be higher than traditional passive or long-only strategies, reflecting the active management and complexity involved.

Crucially, performance is highly dependent on manager's skill.

The ability to identify both long and short opportunities, and to manage risk effectively is central to outcomes.

A role in modern portfolios

The investment landscape has changed and portfolio construction needs to evolve with it.

Active long-short strategies are not a replacement for traditional equities, but a complement, one that can increase diversification and improve overall portfolio resilience.

In an environment shaped by geopolitical shocks, including the ongoing Iran conflict and the resulting market and economic fallout, diversification provided by a long-short strategy is increasingly valuable.

Of course, not all active ETFs are the same. TCAP - the ASX listed ETF version of Ten Cap's Alpha Plus Fund is currently one of the best performing alpha extension funds within the Australian long-short universe.

Alpha Plus aims for "equity-like" returns but with less market volatility given the fund's ability to hold both long and short positions.

It offers clients core exposure to the ASX200 Index but with the additional option of holding up to 10% outside the benchmark in small and mid-cap stocks. It is style agnostic and utilises a proprietary sector based hedging strategy, making it a smart choice for investors.

How your home loan delivers banks six-figure profits

Research by The Australia Institute reveals the big four banks rake in about $228,900 profit over the 30-year life of an average $736,000 home loan.

In the first year alone of an average first homebuyer loan, the big four banks make about $11,110 profit.

As a guide to how profitable home loans can be, the banks' profits last financial year grew to $43 billion - $16.9 billion of which came straight from owner-occupiers with a mortgage.

Dr Richard Denniss, co-CEO of The Australia Institute, says, "These numbers are obscene. Rising interest rates and rising prices are hurting Australians. But you know who's not hurting and who never hurts? The banks. While so many Australians are going backwards, the banks' profits are only going in one direction - up."

He adds, "No other companies make anything close to the profits the big four banks are taking from mortgage holders."

What can homeowners do?

The Australia Institute notes that profit margins on home loans are lower at many of the smaller banks, so it's worth shopping around.

A 1% rate difference on a $500,000 loan can mean an interest savings of close to $5000 in the first year alone.

Less than a month left to grab this $500 retirement top-up

The countdown is on to June 30, and that means low to middle income earners have less than four weeks to take advantage of super co-contributions.

If you make a personal (after-tax) contribution to your super fund before June 30, and if you qualify, the government will contribute up to a maximum of $500 when you contribute $1000.

If your income is less than $47,488 you get the full $500 co-contribution but you may still be eligible for a smaller contribution even if you earn up to $62,488.

You don't need to apply for government contributions. If you're eligible and your fund has your tax file number, it gets paid automatically.

The surprising ways young Australians are building wealth

A survey by fund manager Vanguard found nearly one in two Gen Zs (18-28) own investments. But it's the diversity of investments they hold that's particularly impressive.

Only one in four (27%) of all Gen Zs hold shares, compared to around one-third of each of the Millennials (29-44), Gen X (45-60) and Baby Boomers (60-plus).

However, younger Australians are more active across a variety of other investments.

Nearly one in five Gen Z Australians report holding ETFs, 18% own cryptocurrencies, and 4% own listed investment trusts - making this generation the keenest investors across these three products.

Among non-investors, more than half of Gen Z (52%) say they are interested in starting to invest, well above the overall average (34%) and those aged over 60 (18%).

$50,000 a minute, how fast billionaire wealth is growing

The collective wealth of Australia's billionaires surged by $25.67 billion over the past year - that's almost $50,000 per minute according to Oxfam Australia analysis of the 2026 Australian Financial Review Rich List.

Australia now has 178 billionaires, up 17 from last year - the most billionaires on record.

Looked at another way, the 20 richest Australians hold more wealth than the bottom three million households.

Jennifer Tierney, Oxfam Australia chief executive, believes the reforms to capital gains tax and negative gearing announced in the Federal Budget are "important steps towards a fairer tax system", but she is calling on the federal government to tackle inequality by taxing the super-rich.

Iron ore magnate Gina Rinehart topped the Rich List for the seventh year running, with wealth of $39 billion.

Average household wealth in Australia is around $1.560 million.

Renovation costs are easing, but not for long

Australians love a renovation project, and NAB reports a 16% jump in demand for renovation loans nationally, topped by a 25% increase in Queensland.

Building costs have come off recent peaks, however NAB economists say rising fuel prices could push renovation costs up, especially for materials and transport.

With costs potentially becoming less predictable, NAB Executive Home Lending, Denton Pugh, offers several tips to help homeowners manage renovation costs:

• Build a buffer into your budget - setting aside a 10-20% contingency can help manage unexpected increases.
• Lock in quotes where possible - understand which costs are fixed and which may move with fuel or supply chains.

• Plan around available materials - choosing materials that are easier to source can reduce delays and cost blowouts.
• Avoid starting too early - waiting until key materials are on site can prevent costly delays.

Pugh says it can also help to focus on energy-efficient improvements that may help lower bills over time.

At H&R Block Australia, we often see taxpayers eagerly awaiting their refund after lodging their return. There's often a sense of anticipation as we wait to see whether the Australian Taxation Office (ATO) is sending money back. When the refund finally lands in our bank account, it can feel like a bonus, a reward for a year's hard work, or even "free money".

The problem is that it isn't.

A tax refund is simply your own money being returned after you've paid more tax during the year than was ultimately required. Yet behavioural economists have long observed that people treat tax refunds very differently from regular income, and that often leads to poor financial decisions.

Understanding the psychology behind tax refunds can help Australians make smarter choices and turn what feels like a windfall into a genuine opportunity to improve their financial position.

Why refunds feel like free money

One of the most powerful concepts in behavioural finance is something known as "mental accounting".

Rather than viewing all money as equal, people tend to place money into different psychological buckets.

Your salary goes into one bucket. Savings sit in another. A tax refund often occupies a completely separate category.

Because the refund arrives as a lump sum and wasn't part of your regular weekly budget, your brain may classify it as unexpected money. As a result, you're often more willing to spend it on discretionary purchases than you would be if the same amount had arrived through your normal pay cycle.

A $3,000 tax refund might quickly become a holiday, a new television, a wardrobe upgrade or a series of impulse purchases that seemed justified at the time.

If that same $3,000 had been earned through several months of work, many people would think much more carefully before spending it.

The reward effect

Tax refunds also tap into another psychological bias: the reward effect.

Lodging a tax return can feel like completing a long and sometimes frustrating administrative task. Once it's done and the refund arrives, there's a temptation to celebrate.

Many people unconsciously view the refund as a reward for enduring the tax system rather than simply a correction of their tax position.

This helps explain why refund season often coincides with increased discretionary spending. The money feels emotionally different from ordinary income.

Unfortunately, emotional spending decisions rarely align with long-term financial goals.

Bigger refunds aren't always better

Another common misconception is that receiving a large tax refund is inherently a good thing.

Many people proudly talk about receiving a substantial refund each year. Yet from a purely financial perspective, a large refund often means you've effectively provided the government with an interest-free loan throughout the year.

While nobody wants an unexpected tax bill, consistently receiving very large refunds may indicate that too much tax is being withheld from your pay or that financial arrangements could be structured more efficiently.

The ideal outcome for many taxpayers is to have tax withheld as accurately as possible throughout the year, allowing them to access their money sooner rather than waiting for refund season.

The opportunity cost of spending

Before rushing out to spend a tax refund, it's worth considering the opportunity cost.

Every dollar spent today is a dollar that can't be used elsewhere.

For Australians facing rising living costs, higher mortgage repayments and persistent inflation pressures, a tax refund can provide a valuable opportunity to strengthen their financial position.

For example, a $4000 refund could be used to:

• Reduce high-interest credit card debt
• Build an emergency fund
• Make additional mortgage repayments
• Increase superannuation contributions
• Invest for long-term wealth creation

While these options may not provide the same immediate excitement as a holiday or new gadget, they often deliver far greater financial benefits over time.

A practical framework for using your refund

Rather than viewing a refund as spending money, consider adopting a simple allocation strategy.

One approach is the 50-30-20 method:

• 50% towards improving your financial position
• 30% towards medium-term goals or savings
• 20% for enjoyment

For example, someone receiving a $5000 refund could allocate:

• $2500 towards debt reduction or mortgage repayments
• $1500 into savings or investments
• $1000 for discretionary spending

This approach allows you to enjoy part of the refund while still making meaningful progress towards your financial goals.

Importantly, it helps avoid the common scenario where the entire refund disappears within a few weeks and leaves little lasting benefit.

Automate before temptation strikes

One of the simplest ways to make better decisions is to remove emotion from the process.

Research consistently shows that people make different choices when money is automatically directed towards savings or debt reduction before they have the chance to spend it.

If you're expecting a refund this year, consider setting up transfers in advance.

Arrange for part of the refund to move automatically into a savings account, investment account or mortgage offset account as soon as it arrives.

By making the decision before the money reaches your everyday spending account, you're less likely to fall victim to impulse purchases.

Conclusion

Tax refunds occupy a unique place in our financial psychology. Even though the money belongs to us all along, many people treat it as a windfall and spend it far more freely than they would their regular income.

Understanding concepts such as mental accounting and the reward effect can help explain why this happens.

At H&R Block Australia, we encourage taxpayers to pause before making major spending decisions when a refund arrives. Instead of asking, "What can I buy?", consider asking, "What financial problem can I solve?"

A tax refund may not be free money, but used wisely, it can be one of the most valuable opportunities each year to improve your long-term financial wellbeing.

It's a trend the union is hoping will continue.

"What's really encouraging is the many young people who are joining," says Joseph Mitchell, the assistant secretary of the Australian Council of Trade Unions (ACTU).

"There is a clear attitudinal difference now, where young people are optimistic. They understand the power of the collective and they know that they can take direct action to make change."

Young workers are fuelling the union comeback

Mitchell points to research by the ACTU that draws on ABS data to find that union members earn $251 per week more than non-union members.

He puts the difference down to collective bargaining, where unions negotiate on behalf of their members.

The union movement argues this helps address the power imbalance between an individual worker and their employer, which might be a billion-dollar corporation or a large government agency.

This comes into play when negotiating a pay agreement with the employer, known as an enterprise agreement.

Why unions say they do more than just lift pay

While unions are best known for working to secure better pay and conditions for their members, Australian Services Union National Secretary Emeline Gaske says they look after workers in several other ways as well.

Members who run into difficulty at work, whether from bullying, sexual harassment, performance management or disciplinary issues, can call the union for support.

"They are your advocate and are experts in how to navigate these procedures and support you as you go through that," says Gaske.

What unions actually do when things go wrong at work

They can attend meetings between the union member and the employer or help them write a response or complaint about a workplace issue.

Unions can also examine members' payslips to ensure they are being paid the correct amount for the shifts they're doing.

Awards and enterprise agreements can be hugely complex and difficult to interpret.

It is not unusual for employers to accidentally underpay workers.

The Australian Services Union has 135,000 members across sectors including local government, community support, clerical roles and customer service in airlines.

Gaske says the union has recovered thousands of dollars for members who were systematically underpaid in community support roles.

"While they're doing really important work, that should not be at the expense of the right minimum wage being applied to them," she says.

Gaske grew up in a household where joining a union was the norm.

At age 14, when she got her first job at Hungry Jack's, she signed up to the Shop, Distributive and Allied Employees' Association.

Full-time workers pay union fees of $13.50 a week.

How unions are tackling AI, gig work and job security

Unions can also help members obtain qualifications or training.

This often happens through bargaining with employers to invest in development and allow time off to attend training.

Some union-affiliated organisations also provide training. The union movement is currently focused on job disruption linked to AI adoption by employers.

The ACTU wrote to employer peak bodies in February stating they are legally obliged to consult workers when AI is introduced in ways that may change jobs.

It is also working to protect gig economy workers, who are harder to organise due to casual and solo work arrangements.

Last year, the Transport Workers Union reached agreements with Uber Eats and DoorDash for a minimum rate of $31.30 an hour and accident insurance.

Why union membership collapsed for 30 years

Trade union membership has declined steadily since 1992, when 40% of employees were union members, according to the ABS.

By mid-2022, that had fallen to 12.5%.

There are several reasons for the fall, including fewer workers in highly unionised manufacturing roles. The end of the 'closed shop' system in the 1990s also played a role, where union membership had been required in many workplaces.

Isabella Dabaja, a lecturer at the University of Sydney Business School, says the decline accelerated after the election of John Howard in 1996.

The Workplace Relations Act shifted wage setting away from unions and placed limits on union workplace access.

"Union membership started to decline in the '90s because we saw a really targeted, structural assault on what unions could do," says Dabaja.

"And the thing with the union is that the fewer resources it has, the harder it is for it to promote itself. The less visible it is, the harder it is to reach out and explain why people should join."

There is also the 'free rider problem', where union-negotiated pay and conditions apply to all workers, regardless of membership.

This can discourage workers from joining while still benefiting.

Union membership is rising again, but only just

Dabaja says this is particularly evident in government sectors like teaching, nursing and the public service. These sectors still also have relatively high union membership rates.

Membership has grown since 2022. By mid-2024, 13.1% of workers, about 1.6 million people, were union members.

Many of the additional 200,000 members were aged 15 to 34. The union movement hopes this signals a longer-term recovery.

Growth has also been driven by increases in jobs in teaching, nursing, aged care, childcare and disability support. These are all strongly unionised industries.

The changing workforce has also shifted gender patterns. Women are now more likely than men to be union members.

Mitchell says getting the message out remains a challenge.

"It's not that there are a lot of people unwilling to join a union, but many haven't been asked," he says.

"Our goal is to make sure people know the pathways to joining and the benefits of collectivising."

The new laws strengthening unions' power

The union movement secured major wins through the Albanese government's Closing Loopholes laws in 2023 and 2024.

These included criminalising wage theft, setting minimum standards for gig workers and introducing the right to disconnect.

The laws also introduced Same Job, Same Pay provisions.

These prevent labour hire workers from being paid less than direct employees in sectors like mining and aviation.

The movement has also faced controversy, including corruption and intimidation allegations within the CFMEU.

Business groups also raise concerns about union behaviour.

Australian Industry Group CEO Innes Willox says unions remain embedded in Australia's workplace relations system.

Business groups push back on union power

However, he argues they often prioritise a larger share of profits rather than productivity gains.

"It is frustrating to watch unions behave in a way that is wilfully blind to the pressures faced by business," he says.

Willox also questions whether recent membership growth marks a long-term shift.

He says private sector union membership has remained in single digits.

"Overall, only a very small proportion of Australian workers elect to join a union," he says.

How unions step in when work turns risky

Queensland teacher's aide Jake Beeton joined the United Workers Union three years ago, following a visit by the union to the inner-Brisbane school where he works.

"It was essentially me wanting to make sure that I had protections at work, but then also the empowerment of being able to be looked after by the collective if needed," says the 21-year-old, who is now the school's union delegate.

Many of the children Beeton works with have some form of disability and teacher's aides can sometimes be hit or spat on by their charges.

"Our union helps every day with occupational violence. It's one of the main issues that's happening with teacher's aides now," says Beeton.

He describes his union fees as: "Twenty-five dollars a week to protect yourself."

It released the news at 4:05pm, reportedly believing the market was closed.

But while 'normal trading', where buy and sell orders are matched, had ceased, the market was not closed.

At 4:05pm, there are still phases in the trading day that can impact on a stock's price - as CSL discovered when its shares dropped 5%.

Why stocks can still move after 4pm

Investors get perplexed about why stock prices change after the end of normal trading. Fair enough.

It's a truth universally acknowledged that the ASX market is open from 10:00am to 4:00pm, isn't it?

However, like a good Regency novel, the truth is more complicated.

The many different phases in a trading day allow for different actions to occur.

Let's look at those phases on the ASX, where the bulk of cash equities trading, including shares and exchange traded funds, takes place in Australia.

Other local markets, NSX and Cboe Australia, have similar trading day cycles.

Pre-open
Buy and sell orders are entered into the system, ASX Trade, by brokers on behalf of their clients and queued according to price-time priority, see Explainer 2.

Orders can be amended or cancelled but won't be matched or executed until the market opens.

Opening single price auction
Opening auction, see Explainer 3, takes place where buy and sell orders are matched to become trades.

Orders can be cancelled but new orders and amendments are not accepted.

This is followed by a levelling or buffering period to enable orderly processing by broker systems.

Normal trading
Opening prices are calculated at the start of this phase, after which ASX Trade matches buy and sell orders in price-time priority on a continuous basis until 4pm.

What happens between 4pm and the true close

All stocks open for trading at the same time, replacing the arrangement preceding June 2025 whereby stocks opened on a staggered alphabetical basis over approximately nine minutes.

System robustness now allows large, concentrated volumes to be handled smoothly and efficiently.

Pre-closing single price auction
Continuous matching of orders ceases.

Brokers can enter, alter and cancel orders in preparation for the market close.

Closing single price auction (CSPA)
ASX Trade calculates a consensus closing price for each stock.

Post-close
New orders can be entered, existing orders amended and fresh orders executed at closing prices set during the CSPA.

Cancellations are also permitted.

Why late announcements can still move prices

Since June 2025, a listed company that releases a price sensitive announcement, such as the resignation of a chief executive, between 4:00pm and 4:10pm has its own closing auction in this phase, instead of missing the closing auction window.

This gives investors the opportunity to react to the news, adjust their orders and access the additional liquidity in this phase.

Adjust and Adjust ON
A tidying up period where orders may be cancelled and amended.

But new orders cannot be entered nor trades executed.

Then, orders that have expired or are too far from the market will be purged from the system, followed by a system maintenance adjustment state.

During the Close phase, trading messages cannot be entered or amended, and no matching or auctions occur.

The system unavailable phase enables securities to be added for the next trading day.

Why the ASX doesn't pause at lunch

One phase we don't have in Australia is a lunchtime trading pause, which is common among Asian exchanges including Tokyo, Hong Kong and Shanghai.

Originally serving an operational purpose, its practice today is largely cultural.

With the ever-faster pace of markets, and life generally, perhaps the time for a forced stop in the middle of our day has come.

Fairness, orderliness and efficiency underpin many of the different phases of a trading day.

Knowing what you can do and when is critical to being an informed and effective investor.

Why understanding market phases matters

Explainer 1

Randomised time windows are used as an orderly way to manage high-volume concentrations.

The random timing reduces excess volatility and the opportunity for 'gaming' or manipulating the system, and improves price discovery.

Explainer 2

Price-time priority is a standard exchange fairness and efficiency mechanism, which prioritises orders with the best price (either highest bid or lowest offer) and then, if there are multiple orders at the same price, according to the time received.

Explainer 3

Auctions allow investors to trade at a single point in time, bringing together the widest range of counterparties, delivering transparent and effective price formation.

An auction algorithm is used to determine a fair matching price at the start and the end of the trading day.

Reader question

Hi Paul, I have four adult children but only one still lives in our hometown.

I live on a large block and my daughter and her husband were struggling to afford a house and land package, so I subdivided my block and gifted them a piece of land to build their first home.

Now my other children are upset that I only helped one child. They are asking me to buy each of them a block of land.

Paul, I can't afford land in Sydney or Melbourne. I was proud to be able to help out my daughter. She has stayed close to home in our small town and always lends a hand when I need it.

I am close to retirement and have enough if I am careful, but expensive blocks of land certainly aren't in my budget.

How can I make this right with my other kids even if I can't make it exactly fair? Thank you for your advice. - Pete

Paul's response

Darn. The best time for us to have had this chat, Pete, was before the decision to help your daughter.

It is a real shame, but when it comes to family harmony, money is one of the issues that causes the most disruption, in particular 'early inheritance' gifts.

Few could afford a block of land in Sydney and Melbourne. To be quite frank, I think your children in these big cities are being unreasonable. I can see you want to resolve the situation and I do get fairness when it comes to financial gifts and inheritance.

A good solution may be to look at the value of your gift. You mention you live in a small town; the land you subdivided may not be a big dollar amount.

You could have the subdivided block of land valued at the time of your death, and this value is attributed to your daughter, meaning the other three kids get a larger amount from the estate. Your own financial security in retirement comes first.

Your call. But for me the solution would be to explain the low cost.

I'd also be transparent about the fact that like pretty much every near retiree, the money is not there for capital.

What the other three kids is requesting is unfair.

A block of land subdivided by you is not equivalent to a city block of land. It may be that this can be resolved via your estate; a chat with your solicitor could be very helpful.

What to read next

• Ask Paul: Should we leave our kids unequal inheritances?
• Estate planning and wills: How to protect your assets
• How to plan your countdown to retirement
• Ask Paul: My wife won't stop giving our adult kids handouts
• How to best give away an early inheritance

So what do you need to know and how can you prepare?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Mark Chapman, director of tax communications at H&R Block, to break down the key updates and the moves to make before and after June 30.

Episode timestamps

00:00 Introduction

01:07 Federal budget tax changes overview

01:36 What's changing with negative gearing?

03:09 Capital gains tax overhaul

04:50 Family trusts and the 30% minimum tax

06:22 $1000 instant deduction

08:24 Working Australians Tax Offset

09:51 Lower income tax rates and super changes

11:42 Who the ATO is targeting this year

14:49 EOFY checklist: practical steps to take now

17:10 Common mistakes when preparing a tax return

18:30 Conclusion

Listen to this episode of Friends With Money

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

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You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

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Subscribe to the Friends With Money podcast today and start learning when it suits you.

From July 1, around 2.8 million workers will receive a 4.75% pay rise in line with the Commission's latest adjustment to minimum wage rates for modern award earners.

Around 100,000 of the country's lowest-paid workers will get an even larger boost though (5.97%), that will also apply from July.

For full-time workers on the minimum wage, the result means that their earnings will rise from $24.95 per hour to $26.44 per hour.

For the first time, weekly minimum wages will edge above the $1000-mark, with full-time workers set to receive $1004.90 for a 38-hour week (up from $948).

"Australia's lowest paid workers will be pleased with the Fair Work Commission's decision to provide a 4.75% minimum wage increase," says Matthew Dickason, chief executive at Hays APAC.

"Lower-income workers in Australia have been disproportionately affected by limited wage growth, according to data from the Hays Salary Guide, with 62% earning less than $79,000 reporting little to no meaningful salary growth.

"That compares with 36% of those earning above $80,000."

Balancing act

Fair Work Commission president, Justice Adam Hatcher, described this years' determination as "particularly challenging" because of the complexity of the economic landscape.

On the one hand, an uptick in inflation, subsequent rate hikes, and the fallout from the conflict in the Middle East, has added to the broader risk of a slowdown.

On the other, the Commission considered the fact that many low-income workers are still behind where they were in 2021, in real wage terms.

On that point, Hatcher noted that, given the RBA is forecasting a headline inflation rate of 4.8% for the year to June, a wage increase over 5% would have been needed to close the real wage gap.

"Taking into account all of these matters, we have concluded, regrettably, that it would not be practicable or responsible in the current uncertain circumstances to award a real wage increase for employees reliant on modern award wage rates that would be sufficient to close the real wage gap entirely.

"However, we consider that we should at least ensure that modern award reliant employees generally are not worse off in real terms than they were as at 1 July 2025, and that we should also take additional measures to protect the position of the very lowest-paid workers under modern awards."

How has the decision been received?

Predictably, the response to today's decision from advocacy groups representing workers and businesses has been mixed.

David Alexander, chief of policy and advocacy at the Australian Chamber of Commerce and Industry, said that many businesses will struggle to deal with the cost of higher wages.

"Today's decisions further delink wage outcomes from productivity, and economic activity will suffer as a result.

"For businesses that are already struggling with interest rate hikes, high inflation and high fuel prices, this decision putting up wage costs will only add to the burden."

In contrast, Sally McManus, secretary of the Australian Council of Trade Unions, welcomed the news and said that the increase would ensure that workers wouldn't have to cut back on essentials.

"This is a positive real wage increase, and it will provide some buffer against the worst impacts of the Trump war, providing it doesn't drag on throughout the year.

"The lowest paid need to spend almost all of what they earn to survive, and this wage increase will be vital to them while generating income for local businesses that also need a boost."

Many moons ago, I managed a camping store.

And it was around this time of the year I would be busy building the ultimate camping display.

Customers, drawn in by long weekends and gift ideas, would get lost in the aisles bewildered by the outdoor gadgets: pop-up fire pits, camping espresso makers, solar phone chargers, you name it.

While the bells and whistles are nice, my job was to show them a vision of the weekend when they walked through the door.

Here's how to get started, depending on your budget.

What camping gear do you actually need?

Every trip comes down to a few essentials:

• Shelter
• Sleeping gear
• Food storage and cooking
• Lighting
• A comfortable place to sit

How much you spend on each will shape your experience, but smart choices matter more than price.

Tents and swags: what should you spend?

Budget ($): $13 to $200

Nothing ends a trip faster than a leaking tent.

Check the waterhead rating:

• Aim for 1500mm+ (fly)
• Aim for 2000mm+ (floor)

A budget option like Oztrail's Dome range can work well under $200.

A basic $13 Kmart tent, rated at just 450mm, is fine for backyard use, but risky in real rain.

Smart tip: Always check the forecast if you go ultra cheap.

Mid-range ($$): $200 to $500

This is the sweet spot for most campers.

• Dome tents offer space and weather protection
• Instant-up tents save serious setup time

Watch out for sizing claims. "Sleeps six" usually means six very cosy people.

If you'd rather skip the pegs and poles, Coleman's Instant Up range works well. The Oztrail Pop Up Pod is even faster.

On rainy school trips in WA's southwest, I relied on the Wanderer Magnitude Dome - sturdy, weather-proof, roomy.

Smugly, I stood watching mine spring up in seconds while my mates sweated over poles - but we never figured how to pack it away.

That tent rode five hours home on a bus, still fully set up.

Smart tip: Always ask to see how a tent packs down before buying.

Premium ($$$): $600+

I still use my Australian-made Burks & Wills Grampian swag from high school, proof a quality swag can last decades. The new model sells for $649.

For bigger setups, the Oztent RV range offers a rock-solid triangular frame with 30-second pitch time. Blackwolf's Turbo series is another canvas option, though both are heavy unless you've got a roof rack.

Rooftop tents push luxury further with built-in mattresses, lighting and the best sunrise views... if you're willing to pay.

Trade-off: Weight and cost increase quickly.

Sleeping gear: how to avoid a bad night

Getting a decent night's rest can make or break a camping trip. A good mattress and sleeping bag are just as important as the tent.

Budget ($): under $100

Blow-up mattresses are popular and are also great for home use, but in my eight years at a camping store they were the number one return. Most failures came from overfilling: stop at 80-90% so seams don't stretch.

The other issue was pumps. Too many people bought 240V models, then had no way to use them in the bush. A hand pump works, or a 12V pump like the Coleman QuickPump plugs straight into your car. If you must have 240V, the Dometic 150W Can Inverter ($82, Caravan RV Camping) is a good fix and doubles as a phone charger.

Foam roll mats are a budget backup, sold at Kmart, Anaconda and BCF.

For sleeping bags, kids can handle a Wanderer LilFlame +10°C ($39.99, BCF) in the warmer months. For cooler nights, the Kings Hooded Sleeping Bag rated to -2°C ($59, 4WD Supacentre) is a solid budget choice.

Mid-range ($$): $100 to $300

Self-inflating mats are the sweet spot for comfort while being less prone to leaks. Just unroll, open the vents and the foam expands. The Kings Queen-Sized Self Inflating Foam Mattress ($249, 4WD Supacentre) is roomy and practical. Just remember to do the first inflation at home as vacuum-packed mats can take up to an hour.

Cold campers should look at the Oztent Redgum HotSpot Heated XL Sleeping Bag ($249, Snowys), which comes with reusable pads that heat up following a chemical reaction.

Important: First inflation can take up to an hour. Do it at home.

Premium ($$$)

Sleeping bags - like the Sea to Summit Spark 850 -1°C ($649.99, Anaconda) or Kathmandu's Zenter -8°C ($699) - swap synthetic materials for goose or duck down feathers. These high-end models prioritise warmth with minimal weight.

Add the Sea to Summit Comfort Deluxe Self Inflating Mat ($499, Snowys) and you're as close to a real bed as you'll get outdoors.

Best for: Regular campers or cold climates.

Camping chairs: are expensive ones worth it?

Once the tent's up and the beds are sorted, it's time for the best part of camping: sitting by the fire. The chair you pick matters more than you think; it's where you'll spend hours eating, chatting and unwinding.

Budget ($): under $50

Under $50 will get you the basics from Kmart or Big W. Options range from classic cooler armchairs to moon chairs, directors' chairs and simple recliners. They're fine for a weekend away, but don't expect them to last years of use.

Mid-range ($$): around $100

Anaconda's Dune and BCF's Wanderer brands dominate this range.

The Wanderer Premium Cooler Arm Chair with Wine Holder ($99, often on sale at BCF) was the single most popular item I saw in my time at the store. Pallets of them would disappear in a day.

Other standouts include the Dune 4WD Deluxe Lounge Recliner and Dune 4WD Directors Chair with Side Table.

My personal pick is the Oztent King Goanna Chair, with adjustable lumbar straps that support your back after a long day.

Premium ($$$): $200+

If you want to splurge, the Oztent Mawson Chair Series II and the YETI Trailhead Camping Chair both deliver serious comfort and durability.

At a recent getaway in the NSW Southern Highlands, I tried the Nemo Stargaze Reclining Camp Chair.

True to its name, it let me rock back and watch the stars in total comfort, which was easily the most memorable seat I've ever used around a fire.

Reality check: This is where you'll spend hours, so comfort matters.

Food storage: Esky vs icebox vs fridge

Under the harsh Australian sun, proper food storage is a must. How you tackle it depends on whether you're away for a weekend or going bush for weeks.

Budget ($): Esky (from $30)

There's a reason the brand became a verb.

A solid Esky (or 'cooler' by other brands) with ice packs or frozen water bottles is fine for a short getaway or a mate's barbecue.

Go for anything over 26 litres if you want to slip in a bottle of wine.

Look for thick insulation and a drain plug to make life easier when the ice inevitably melts.

Mid ($$): Icebox (from $200)

Stay longer and you'll need more muscle. Iceboxes from brands like Dometic or Evakool will keep things cold for several days.

A 43L Dometic can push towards 10 days of cooling if you pre-chill everything and use block ice instead of party cubes.

They're built tough and come in all sizes, from small shoulder boxes to giant 111L chests. But it's not by litre in how you compare iceboxes - each one will have a drink capacity rating. The largest Dometic size holds 180 cans.

Closer to the $500 mark you'll find Yeti's Tundra range, which offers heavy-duty hinges and latches that won't snap mid-trip.

Example: A 43L unit can last up to 10 days in the right conditions.

Premium ($$$): Portable fridge/freezer (from $500-$1600)

Forget Ford and Holden. The real Aussie divide that splits families is whether you're an Engel or Dometic (Waeco) fan.

These portable fridge/freezers are perfect for campers who go off-grid and want to keep fresh food properly cold. Running off your car battery or a solar setup, a 12V fridge removes the daily scramble for ice.

I remember a trucker rolling in from the red dirt past Kalgoorlie, lugging a box so banged it up it looked like it was used in an episode of MythBusters. It was an Engel from the 1980s, and it was still trucking along. Turns out he just wanted a cover.

Engel's secret is its Sawafuji swing motor, built for off-road use with just one moving part. It often outlasts its five-year warranty.

Dometic is the newer player, with more sizes and arguably better tech, including a three-stage battery protection system that stops you stranding your car with a flat.

Dometics are cheaper and lighter, but Engel diehards swear by its reinforced steel build. Either way, it's money well spent if you're out for more than a few nights.

Cooking gear: what's safest and most practical?

Camp cooking can be as simple or sophisticated as you like.

Some people are happy with instant noodles, others won't leave home without their cast iron skillet.

The trick is finding the balance between portability, fuel efficiency and how much effort you actually want to put in after driving or hiking all day.

Budget ($): Butane gas stove (from $25)

These little single-burner stoves are the entry point for most campers.

Light, cheap, and compact, they'll boil water for your coffee or fry up bacon and eggs without fuss.

Butane canisters are easy to find, but safety matters. Every so often you'll see recalls or reports of explosions from dodgy models or misuse.

Before you light up, check the canister for rust or dents, only use the correct size can, and never cook in an enclosed space. On hot days, keep your spare cans out of direct sun. Anything over 50 degrees and pressure builds quickly.

Mid ($$): Two-burner LPG stove (from $80)

If you're cooking for a family or just want more flexibility, step up to a two-burner. These stoves run on larger gas bottles, give you the grunt to cook multiple dishes at once.

Anything with a BTU rating over 10,000 will handle most camp meals; and ensure you buy one with a Piezo ignition so you're not fumbling with matches.

After countless trips across WA's southwest, I can confirm wind shields are essential - otherwise the Fremantle Doctor will have your sausages cold before they're cooked. Drip trays also save a lot of mess.

Just remember, not all gas bottles are equal.

Smaller 2-3L bottles often use 3/8" fittings, which are compatible with most two-burner stoves. Larger gas bottles have POL connections so check before you head bush or risk a hungry first night.

Premium ($$$): Portable Weber BBQ (from $330)

For the campers who like their meals a little fancy, it's hard to beat the Weber Q. Think of it like Apple's iPhone strategy or Dyson's vacuums: just a few models, but endless accessories.

Hot plates, rotisseries, pizza stones, smoker boxes, thermometers - you can customise it to cook almost anything.

Over seven years at BCF I can count on one hand how many came back faulty, which says a lot about their reliability.

They're bulkier than a stove and take up more room in the car, but if you love the idea of roasting a chicken or baking a pizza in the bush, nothing else comes close.

Trade-off: Takes up more space

Lighting: what works best at camp?

Once the sun goes down, good lighting makes all the difference, whether you're cooking, reading, or navigating your way to the loo.

Budget ($): $15 to $50

Cheap, cheerful, and usually running on AAA batteries, these are the entry point for most campers.

A $15 torch-and-headlamp combo can get you through a weekend.

Headlamps keep your hands free for cooking or setting up the tent, while small LED lanterns hang overhead like UFOs, giving just enough light without blinding your mates.

Stock up on spare batteries and you'll be fine.

Mid-range ($): $60+

Step it up and you'll find far brighter, longer-lasting options.

Rechargeable camp lights from brands like Coleman or BioLite charge through USB, often come with multiple brightness settings, and some double as power banks for your phone.

Around the campsite, LED strip-light kits are another popular choice.

Plug them into your cigarette lighter or a small battery pack and they'll light up awnings or gazebos with ease.

Wanderer sells kits from about $70, and plenty of modern rooftop awnings now come with strips pre-installed.

Premium ($$): $200+

If you want serious performance, LED Lenser makes some of the best headlamps and torches on the market.

And they're not just for campers; tradies swear by them. Top models can throw a beam up to 330 metres, cost close to $700, and even link to your phone via Bluetooth so you can fine-tune the light.

On the other end of the spectrum, solar lighting systems are a smart choice for longer stays.

A panel, battery and multiple light sources will keep your camp lit night after night without a single disposable battery or charging station.

Perfect if you're setting up for a week or just want to tread lighter on the planet.

How to save money on camping gear

Online retailers like Amazon and Temu make it easy to order gear, but when it comes to camping, nothing beats seeing it in person.

Testing how heavy an Engel is or seeing the difference between the gas connections can save you a lot of regret later.

Still, there are ways to cut costs:

• The Entertainment Book includes discounts at retailers like Big W, which stocks basic camping gear.
• ShopBack partners with Caravan RV Camping and Anaconda, offering cashback on purchases.
• Consider renting gear. Overnight Adventures delivers (and collects) camping kits Australia-wide. Packages start at $295, with a family setup from $495.

Happy camping.

Last updated June 2026.

Travel limits. Asset sales. Years of restrictions.

In the March quarter, 3161 Australians fell into personal insolvency, meaning they could no longer meet their debt repayments.

That's up from 2977 a year earlier, a rise of more than 6%.

Of those, 1356 entered debt agreements to manage what they owe, while 1749 were declared bankrupt.

But bankruptcy isn't a clean slate. From limits on travel to impacts on income, credit and assets, the effects can follow you for years.

This matters if you're struggling with rising debt, running a small business or falling behind on repayments.

We asked Adam Cutri, partner at Bartier Perry Lawyers, to explain what really happens when you go bankrupt, and what Australians should know before reaching that point.

1. What exactly is bankruptcy when it comes to an individual?

At its simplest, it's when an individual can't pay their debts to creditors such as the tax office, a bank or a supplier of goods.

That sets off a legal process where a bankruptcy trustee who is registered with the Australian Financial Security Authority (AFSA) is appointed to administer an insolvent individual's financial affairs.

The intention is for the bankruptcy trustee to provide for a fair distribution of that person's divisible assets to their creditors.

Again, as an example, they may sell a property and then divide the proceeds between creditors.

2. Is there a material difference between being made bankrupt and self-declaring bankruptcy?

The main difference is who typically gets to choose or appoint the bankruptcy trustee who is going to divvy up the assets.

There are two ways an insolvent person can become bankrupt: through a self-initiated process called a 'debtor's petition' or by a creditor-initiated process called a 'creditor's petition'.

The creditor-initiated process first requires a creditor to issue a bankruptcy notice, and for that notice to expire, before commencing proceedings seeking to make the insolvent person a bankrupt.

This will generally result in the creditor selecting the bankruptcy trustee, who is ultimately appointed over the insolvent person's affairs.

In comparison, the self-initiated process is relatively informal and requires the lodgement of certain forms with the Australian Financial Security Authority (AFSA). This will generally result in the insolvent person selecting the bankruptcy trustee.

Once the bankruptcy commences, there are no differences to the way in which the bankruptcy trustee undertakes the administration of the insolvent person's affairs.

3. What resources or assistance can people on the verge of bankruptcy can access?

There are several resources available for people who believe they might be on the verge of bankruptcy.

For example, ASIC and AFSA publish helpful guides setting out what bankruptcy is and what it entails.

In addition to the general information available online, most bankruptcy trustees will publish material about bankruptcy and will happily engage with people who might be considering bankruptcy to discuss whether it is the right process for them, or whether there are any other options available.

4. Please take us through the steps that happen prior to being declared bankrupt.

This really depends on the type of bankruptcy.

The key thing here is that individuals act early in talking to an adviser.

Bankruptcy is not always inevitable.

Every insolvency expert will tell you that not ignoring financial challenges and acting early increases your chances of not being declared bankrupt.

5. How long does bankruptcy last and what are the repercussions for travel, employment, renting?

An insolvent person's bankruptcy automatically ends three years after the filing of the statement of affairs (which is a statement prepared by the insolvent person setting out their personal affairs and financial information, which is provided to the bankruptcy trustee).

There are some circumstances where the bankruptcy period can be extended (for up to eight years).

Extensions may be sought in circumstances where the insolvent person has failed to co-operate, leaves Australia without permission, manages a company without first getting court approval or engages in misleading conduct.

While bankruptcy may not stop an insolvent person from being employed, owning a modest motor vehicle, applying for a passport, renting a home, obtaining nominal credit or travelling within the State in which they were declared a bankrupt, there may be some conditions which are imposed.

For example, where an insolvent person earns over certain thresholds, they may be required to pay certain amounts to the bankruptcy trustee to enable the payment of creditors.

Those thresholds change depending on the number of dependants but start at $66,639.30 (after tax) and then increase on each additional dependant.

Further, an insolvent person is entitled to retain their tools of trade to a total value $4200, a motor vehicle to the value of $9100 and obtain a maximum amount of credit (without disclosure) in the sum of $6717.

These amounts are amended each year.

One further repercussion is that an insolvent person will require the bankruptcy trustee's consent if they wish to travel overseas during the bankruptcy period.

The failure to do so can have serious ramifications, including up to three years' imprisonment.

6. What conditions do they need to abide by for the duration of their bankruptcy?

The conditions are set out as above, but one other thing that is noteworthy is that people can become bankrupt for a whole range of reasons - often out of their direct control.

In Australia, we tend to picture anyone who is bankrupt as the person being chased down the street by an A Current Affair reporter firing questions at them.

In the US, some very successful businesspeople and individuals will openly talk about their experiences of going bankrupt before they found success.

You can emerge from bankruptcy and get on with your life.

7. How does someone who has gone through bankruptcy get discharged?

A period of bankruptcy can end in two ways.

First, the bankruptcy period of three years expires and there is no application by the bankruptcy trustee to extend the period.

Second, it can be annulled (as if it never existed).

This can usually only be achieved if:
• The bankruptcy trustee obtains sufficient monies to pay out the creditors in full;
• The insolvent person comes to an agreement with the creditors to pay a reduced sum in full and final settlement of the debts which they owe; or
• The insolvent person is successful in convincing a court that the order to make the insolvent person a bankrupt should never have been made.

8. Are there any ongoing consequences once someone has been discharged?

There are no legal consequences following an insolvent person being discharged.

That being said, it is not uncommon when obtaining credit (for example, for a post-paid mobile phone plan or for a credit card) for providers to request information as to whether the applicant is an undischarged bankrupt.

While it may not be the sole basis for the application to be rejected, it may be a contributing factor.

9. What debts can/cannot be discharged under bankruptcy?

Most unsecured debts such as credit and store card debts, personal and payday loans, utility and phone/internet bills, overdrawn bank accounts, unpaid rent, medical costs, legal costs and accounting costs are all included in a bankruptcy.

Certain debts are not caught by the insolvent person's bankruptcy.

They include court-imposed penalties and fines, child support and maintenance obligations, HELP debt and debt that you incur after entering into bankruptcy.

10. Strata schemes, tax debt and unemployment are common triggers for bankruptcy. Are there any more that people should be aware of?

In the current economic environment where a near-record number of companies are being placed into liquidation, we are seeing a significant increase in insolvent persons declaring bankruptcy due to a failure to pay a company debt after providing a personal guarantee to the creditor.

These debts can range from bank finance to trade suppliers, especially in the building and construction and hospitality industries.

[In the March 2026 quarter, nearly three in 10 personal insolvencies were linked to business activity].

In addition, the tax office is much more active in seeking to attribute company debts to directors personally, in circumstances where they remain unpaid for a significant period of time. This has also resulted in a general increase in the number of bankruptcies in 2024.

In 2025, the ABC reported that about 1.5 million Australians are part of the sandwich generation, supporting ageing parents while caring for children.

According to Women's Agenda, these multi-generational carers tend to be women, who can be left feeling stretched thin. These caregivers spend about 15 hours a week on unpaid care for ageing parents, plus another 15 hours looking after children, according to Australian Seniors. These commitments can impact women's careers and employment.

The good news is, there is a way for women aged 50 and older to feel more confident about devoting their time to caring for family members while still enjoying the security of a regular income.

A lifetime income stream: Regular income with financial confidence

One solution is a lifetime annuity, also known as a lifetime income stream. As the name suggests, it is an investment that pays a guaranteed income for life.

Women aged 50 and older can invest in a lifetime annuity using non-super savings. Put simply, it is a way to turn a lump sum of cash, such as personal savings, into a regular income stream that lasts for life.

This can help relieve the stress of balancing personal finances. By simplifying household budgeting and easing the pressure of juggling multiple responsibilities, it can give women greater confidence to spend, rather than worrying about their financial future.

While lifetime annuities are not new, they have evolved considerably in recent years. Today, a woman can receive income for life from an annuity and choose for her partner or adult child to continue receiving that income after she passes away.

In a similar way, elderly parents may choose a lifetime annuity to boost their retirement income. When they die, the income stream can pass to their adult caregiver. It can be a meaningful way for parents to thank the child who devoted time to caring for them.

The flexibility to bring forward returns

Generation Life's investment-linked lifetime annuity, LifeIncome, includes additional innovations.

The LifeBooster feature provides flexibility to bring forward future investment returns. This can result in higher income in the earlier years, when women may be more likely to lead an active lifestyle or still have adult children living at home.

There are also potential Centrelink benefits. When caregivers reach age 67, lifetime annuities may receive concessional assets test treatment for Age Pension purposes. This can mean qualifying for payments that were not expected, or increasing supplement entitlements.

The result is that a lifetime annuity can provide regular income and greater financial confidence. This can allow a woman to focus more on her loved ones, with less anxiety about her own financial security.

What to read next

• Retirement income - avoiding 'regret risk'
• Smart EOFY tax moves investors can still make

The warning signs are already here, and the cracks in the economy are becoming impossible to ignore.

Unemployment has climbed to 4.5%, the highest level since 2021, while employment growth has slowed.

The labour market is clearly weakening, particularly as government spending slows and sectors tied to programs like the NDIS face tightening budgets and hiring pressure.

That matters more than many people realise. The care economy has been one of Australia's biggest sources of employment growth over the past few years.

In some periods, NDIS-related jobs accounted for close to one in every five new jobs created nationally. If that spending slows, the hit to employment could be larger than markets currently expect.

At the same time, inflation is easing and the market is starting to realise what has really been driving much of the inflation problem all along: oil.

It has now spent almost two months trying to break above the US$100 to US$110 range and failed each time. That matters because markets have already stress-tested the worst-case geopolitical scenario.

Every major escalation in the Middle East sent oil to $110, yet each time negotiations or ceasefire discussions emerged, prices collapsed almost instantly, including multiple double-digit percentage falls in a single day. That tells you something important.

The market already knows where the panic ceiling for oil likely sits, but it may not yet be pricing in the downside if broader negotiations continue.

In other words, we now have a much clearer picture of the upside risk for energy prices, while the bigger surprise may now come from how quickly inflation falls if oil keeps retreating.

Meanwhile, higher interest rates have already crushed borrowing power, consumer confidence is fading, businesses are slowing hiring and households are cutting spending.

Proposed changes to negative gearing and capital gains tax are also weighing on investor confidence at the exact moment Australia is already struggling to build enough homes.

The Reserve Bank risks solving yesterday's inflation problem while creating tomorrow's recession. That's the real danger now.

Interest rates work with a lag. The damage from previous hikes is only just starting to hit the economy and by the time the slowdown becomes obvious in the data, unemployment may already be out of control.

At some point, the focus must shift from fighting inflation to protecting growth because if unemployment keeps rising while productivity keeps falling, the economy won't need another rate hike, it will need a rescue package.

What are the best and worst-performing sectors this week?   

The best-performing sectors include Consumer Discretionary, up more than 2%, followed by Information Technology and Real Estate, both up more than 0.5%.

The worst-performing sectors include Energy, down 3%, followed by Communication Services and Financials, both down more than 2%.

The best-performing stocks in the S&P/ASX 100 include Fisher & Paykel Healthcare, up more than 12%, followed by James Hardie, up more than 8% and South 32 Limited, up more than 7%.

The worst-performing stocks include ASX Limited, down more than 23%, followed by Regis Resources and Perseus Mining, both down more than 7%.

What's next for the Australian stock market? 

The All Ordinaries Index drifted lower again this week, posting a modest but disappointing 0.65% decline by Thursdays close.

The bigger issue, however, is that the Australian market continues to struggle to build momentum.

In fact, the All Ordinaries is trading around similar levels to July 2025, meaning the market has effectively moved sideways for almost a year.

This comes at a time when the US market, particularly the S&P 500, continues to make fresh all-time highs.

Since the tariff-driven sell-off in April 2025, the S&P 500 has rallied more than 55%, while the All Ords has gained only around 20%.

Of course, these are very different markets. The US is heavily weighted toward technology, while Australia is dominated by Financials and Materials.

Still, it raises an interesting question: why do we follow the US market so quickly on the way down, yet hesitate when global markets rally, especially considering we are currently benefiting from a commodities boom.

In reality, it suggests a large amount of money is still sitting cautiously on the sidelines waiting for the "right" opportunity.

From a technical perspective, the 8,800 level continues to provide solid support for the market.

Price action is also beginning to compress, suggesting the market is nearing a point where it will likely make a stronger directional move.

For now, the setup still appears to favour a bounce. However, any break below the 8,600 level would shift the outlook more negatively and increase the risk of a deeper decline.

On Tuesday, the Australian Energy Regulator (AER) released its final Default Market Offer (DMO) for the 2026-27 financial year.

This is a price cap that limits how much electricity retailers can charge on certain contracts for residential and small business customers in New South Wales, South Australia and South East Queensland.

How much are electricity prices set to fall?

From July 1, households on flat rate DMO offers will see electricity prices fall between 3.4% and 5% in New South Wales and 7.2% in South East Queensland. They are set to rise by 1.4% in South Australia though.

For customers on time of use DMO plans, prices will decrease by between 3.7% and 7.7% in New South Wales, 10.7% in South East Queensland and 1.1% in South Australia.

"This is a positive outcome with prices coming down for the majority of households and all small businesses across the three regions where the DMO safety net applies," says Clare Savage, AER chair.

While not covered by the DMO, many Victorians will also get some energy bill relief from July 1 after the release of the 2026-27 Victorian Default Offer by the Essential Services Commission.

Victorian households are expected to see electricity prices fall by 5% on average (the equivalent of $84 a year), while small businesses will see average falls of 6% (the equivalent of $241 a year).

What's helping drive down electricity costs?

Households will have become used to power price volatility in recent years, with costs rising and falling - though generally trending higher. So why are electricity prices set to fall from July?

Reduced costs for retailers and a change in the methodology used to determine the latest DMO played a part.

But the single biggest contributor, according to the AER, were lower wholesale costs. These typically make up 30-41% of the DMO prices.

"The reductions compared to last year reflect easing costs across most components of the DMO," Savage explains.

"Particularly in wholesale energy, where we've seen lower electricity contract prices, reduced spot price volatility and increased output from wind and battery generation during evening peaks."

How can households cut their energy bills?

Even with electricity price cuts coming down the pipeline for large parts of the country, households have been urged to do more to reduce their energy costs further.

Sophie Ryan, comparison expert at iSelect, says that consumers looking to reduce their bills - especially those on DMO offers - should strongly consider reviewing their existing plan.

"Market offers are often well below the default rate, and switching can be far simpler than most people expect," she says.

"Have your latest bill handy and use a free comparison service. It takes minutes and could save you hundreds."

Ryan says that there are also a few practical steps that people can take around the house.

"Switch off unused lights and swap to LEDs - that alone can slash your lighting energy usage by up to 75%.

"Electronics still draw power when plugged in, even when they're turned off - so flicking off the switch at the wall can make a real difference.

"Even just switching your gaming console off after use could save more than $150 a year."

Heat your house for less this winter

With temperatures dropping and winter just days away, households in cooler climates are likely to be bracing for an energy bill bump ahead.

A 2021 analysis by the Australian Energy Council found that electricity bills in the ACT, New South Wales, South Australia and Victoria were roughly 20% to 30% higher in winter than in summer.

In contrast, gas bills across the same regions were two to three times higher in winter, with the difference even greater in colder states like Tasmania and Victoria.

So, what can people do to stay warm during the winter months without running up excessively large bills? Ryan has five tips to consider.

1. Adjust your thermostat

"Heating is one of the biggest drivers of winter electricity bills, so it's worth being strategic about it.

"Use your heating efficiently. Set your thermostat between 18 and 20 degrees - every extra degree can add around 10% to your heating costs."

2. Heat the room, not the house

"It sounds simple, but a lot of households keep their homes warmer than they need to without realising. So, avoid heating rooms you're not using.

"Close doors to unused spaces and use a smaller heater for the room you are in rather than running ducted heating throughout the whole home."

3. Get drought-proofing

"Door snakes, draught stoppers and heavy curtains all help hold in heat and reduce how hard your heating system needs to work.

"And the good thing is that these don't cost the world, but they can make a significant difference."

4. Book in a service

"A poorly maintained heating system works harder and costs more to run. A quick annual service can improve efficiency and pick up any issues before they become expensive problems.

"Check your hot water system too. Hot water is often overlooked but accounts for a chunk of household energy use."

5. Utilise the new Solar Sharer Offer

"For smart meter households, retailers will start offering a Solar Sharer Offer from July 1. This is an opt-in plan that gives you three hours of free electricity during the middle of the day.

"If you can shift some of your usage into that window, it could significantly reduce your bills without any upfront cost. You do not even need rooftop solar to take advantage of it."

Want to find out if you're one of the millions of Aussies who could get free electricity? Check out our guide on the Solar Sharer Offer for more details.

For everyday investors, that can make it even more difficult than usual to know how to respond and position their portfolios.

As always, information can be key. So, with that in mind, what are the potential risks and opportunities awaiting investors in the remaining seven months of 2026?

Here are perspectives of 11 investment experts on everything from shares and bonds to commercial real estate.

Darren Connolly - Chief executive at InvestmentMarkets

"Most investors think they're diversified, but true diversification means more than holding a few different stocks.

"It means exposure across asset classes, geographies and income sources - and it means having parts of your portfolio where the cash flows aren't driven by market sentiment at all.

"That's the gap we see most often, and it's the one that hurts most in periods like this."

Michael McCarthy - Chief executive at Moomoo Australia

"I'm seeing signals from bond markets, currency markets, cryptocurrency markets and share markets that are all lining up with the same message - growth is slowing and interest rates are headed higher.

"The best time to prepare for volatility is at the beginning when you devise your strategy. The next best time is when markets are going well.

"The third best time is now, because it's never too late to act."

Rudi Filapek-Vandyck - Founder of FNArena

"The share market outside of a very small selection of winners is now basically becoming a value proposition for investors who can look beyond the immediate headwinds.

"The whole AI narrative is a very long-term story. It's going to change the world, have no doubt but the way it does is open for debate."

Simon Raubenheimer - Director of Contrarius Investment Management

"It is tempting to get excited about shares that are down 70 to 80% in a short space of time, but there's a serious risk of buying a value trap.

"Our challenge is to be extremely disciplined in avoiding companies that face existential risks, even if they look cheap in the rearview mirror."

Marc Jocum - Product and investment strategist at Global X ETFs

"The current dividend yield on the Australian share market is around 3.2%, the lowest it's been for decades.

"We are heavily weighted into financials and materials, which make up 50 to 60% of the market, and significantly underexposed to the sectors projected to grow earnings at double digits.

"Don't forget that earnings drive the majority of share market returns."

Michael Saba - Portfolio manager at Arculus Funds Management

"The landscape has changed dramatically. Hybrids are being phased out, but that doesn't mean they're dead, there are still 38 issues and around $37 billion outstanding.

"What's exciting is the range of new yield products emerging. It's a sector that has just reached adolescence - it's going through growing pains, and that's good, because it will sort itself out."

Nick Alcock - Australian Secure Capital Fund

"Since October 2021, APRA has maintained a 3% mortgage serviceability buffer. The unintended consequence is that we now see situations where hopeful refinancers can't even service with their current lenders.

"Borrowers still need funding and projects still need finance, but the traditional banking system is no longer willing to provide it in some cases and that's the gap private lenders have stepped in to fill."

Vaughan Hayne - Managing director and co-founder at Exceed Capital

"We've seen rents on the Gold Coast increase 40% in two years, with A-grade office vacancy under 1.7%, the lowest it's ever been.

"Some of our A-grade buildings have moved from $460 to $650 per square metre.

"Construction costs and labour costs are at record highs, which means less new supply - which is generally a good thing for existing commercial property owners. Less supply, more demand, pushes up rental prices."

Michael Fazzini - Sales and distribution executive at Capital Prudential

"The biggest insight in property development that most investors don't realise is that most of the profit comes from what you pay for the land.

"Market price for land in our world isn't the last transaction of a similar site or per square metre, it's working backwards from what the finished product is worth, the build costs, and the minimum return needed to make the project viable.

"Get that wrong and no amount of execution can save you."

Marcus Cleary - Head of distribution at Oreana

"Volatility is a pricing problem, not a cash flow problem.

"Whether it's tariffs, tech selloffs or oil shocks, the price volatility and breadth of that volatility isn't seen within the direct asset class because the cash flows we deliver are linked to CPI and backed by long-term leases.

"Regardless of the economic environment, families are still sending their kids to childcare."

Richard Collier - Chief financial officer at Heartland Bank

"Australians aged over 60 hold more than $3 trillion in property, yet less than 1% of that available equity has been unlocked.

"The total reverse mortgage market is only around $5.5 billion against an addressable market of around $600 billion.

"With superannuation balances of just over $4 trillion across the entire system not sufficient to fund the lifestyle Australians expect in retirement, this is the largest store of value that remains untapped."

"Grossly negligent": Westpac fined $26 million for hardship failures

Westpac has been slapped with a $26 million penalty for failing to adequately respond to over 200 customers experiencing financial hardship between 2017 and 2023.

The Federal Court described the failures as "grossly negligent".

The requests for help were made by customers of Westpac and its subsidiaries - St George Bank, Bank SA and Bank of Melbourne, who reached out to the bank after struggling to meet repayments on home loans, credit cards, personal loans and car loans.

Some customers waited for weeks longer than the 21-day legal deadline for a response. Others got no response at all.

Westpac has since paid more than $1.7 million to the affected customers, including refunds of fees and interest, and compensation for non-financial loss.

However, Sarah Court, deputy chair of the Australian Securities and Investments Commission (ASIC), says the penalty sent a clear message to Westpac and other lenders to step up and do better when customers ask for help.

"Westpac failed the very customers who needed help when they needed it most," notes Court.

"These were customers who were asking for some breathing room for a range of reasons including domestic abuse, natural disasters, serious illness or the loss of their job.

"Instead of providing a safety net for these customers, Westpac's systemic failures let them slip through the cracks."

Time is running out for tax deductible super contributions

As we head into June, it's time to get cracking with before-tax (concessional) super contributions.

You may be able to claim a tax deduction for personal contributions to your super though limits apply. In the current financial year, tax-deductible contributions are capped at $30,000.

This includes your employer's compulsory 12% super payments plus any salary sacrifice contributions of your own.

However, you may be able to take advantage of carry forward contributions. These are the balances leftover from unclaimed contributions over the past five years.

Either way, it pays to get cracking with personal contributions especially if you plan to claim them on tax.

It takes time for super funds to process contributions, and some of the larger funds like Aware Super, are advising members that the cut-off date to add to your super this financial year is Friday June 26.

That leaves a little over three weeks to tip money into your fund if you want to claim a contribution on tax.

Electricity bills could plunge 10.7%

After years of being slugged with rising electricity bills, households in several states are set to enjoy a welcome break.

The Australian Energy Regulator (AER) has cut the default market offer (DMO) for many households across New South Wales, South East Queensland and South Australia.

Prices are expected to fall by up to 7.7% in New South Wales, 10.7% in south-east Queensland and 1.1% in South Australia for households using smart meters on a time of use standing offers.

For those on a flat rate standing offer, prices will fall between 3.4% and 5.0% in New South Wales and 7.2% in south-east Queensland, while households in South Australian households will see prices increase by 1.4%.

It's all thanks to skyrocketing levels of renewable energy and more reliable coal-fired generators.

Clare Savage, AER chair, says it's still important for consumers to explore the market and shop around for the best deal.

As a reminder, she points out that retailers are required to tell their customers at least once every 100 days if they could offer them a better plan.

"Once new prices take effect in July, it will be worth exploring which retailers offer further discounts."

Can home security cameras reduce your premiums?

It's estimated more than one in three Aussies use home security cameras.

A Canstar survey shows homeowners are spending, on average, $458 on home security products, with over one in ten (12%) installing cameras in a bid to lower home insurance premiums.

But cameras can dish up unsettling findings that don't always reduce premiums. One-quarter of Canstar's respondents with security cameras saw people trespassing on their property.

One in ten found someone attempting to break into their home, and 7% saw an attempted vehicle theft.

Apart from unearthing dodgy habits among the locals, will home security cameras mean a discount on home insurance premiums? Not necessarily.

Insurer Youi, says home security cameras may make no difference to premiums, though alarm systems - like monitored back-to-base alarms - can be considered when calculating premiums.

That makes it worth talking to your insurer before investing in home security measures.

NSW residents can save over $500 on new air con

Monday marks the start of winter. But it pays to be prepared for the summer ahead.

This week saw London swelter in temps topping 35 degrees. For comparison, Dubai, in the United Arab Emirates, saw the mercury climb to 34 degrees.

Does that make London the Dubai of Europe? Probably not.

But it is a reminder that the winter months can be a good time for Aussies to get on top of home cooling ahead of the summer heat.

The good news is that New South Wales residents may be able to save by taking advantage of the state's air conditioner upgrade incentive.

This scheme allows NSW residents to access a discount from the NSW Government's Energy Savings Scheme to lower the cost of installing a new energy-efficient air conditioner or replacing an old one with a more efficient model.

If you're eligible, discounts can be worth up to:

• $550 if you install a new 6kW air conditioner system
• $560 if you replace an old air conditioner with a 6kW split system.

Your ability to access the scheme can depend on whether your location is serviced by installers who offer the incentive.

To know for sure, speak to local installers or head to NSW Climate and Energy Action for more details.

After an extended stretch of low interest rates, the rate cycle is shifting, and although rising rates won't be welcomed by all, they are good news for investors whose income is responsive to interest rate changes.

That said, there is no room for complacency.

Rates have climbed higher in response to increasing inflation.

This is especially noteworthy for income investors.

If your investment returns are not outpacing cost of living increases, the purchasing power of your money is declining. And this has the potential to impact your standard of living.

With this in mind, let's look at how income investors have the potential to boost their returns, often without dramatically altering the risk profile of their portfolio.

Review your current investments

The starting point to making the most of rising rates is to know how your current investments are performing.

It is surprising how many investors are in the dark on this score.

Research consistently shows, for instance, that many Australians don't know the rate they are earning on personal savings.

If it's been a while since you last reviewed your portfolio, now could be the time to get a clear picture of your investment returns, particularly in regards to regular income, and whether it is responsive to changes in interest rates.

Know the benchmark to beat

Inflation is currently sitting at 4.6%, the highest it's been since late 2023.

As an income investor, this is the benchmark to beat.

Remember, if you're not earning above the inflation rate, the value of your assets, and quite possibly your income, is likely going backwards in 'real' (i.e. after-inflation) terms.

It is also worth keeping in mind that retirees can be hit especially hard by rising living costs because they may spend more on essential items where price growth has outpaced the overall inflation figure.

Private credit - opportunities for more rewarding income returns

Australia's growing private credit market gives income investors a chance to invest in the nation's non-bank lending market.

Driven by reduced bank lending, private credit has enjoyed substantial growth in recent years, with the market currently worth around $234.5 billion in Australia alone.

For income investors, private credit can tick plenty of boxes - with the potential to generate healthy returns that are distributed as regular income.

Highlighting the appeal of private credit, a report by accounting firm EY shows 81% of investors in private credit expect to increase or maintain their allocation to this asset market over the next three years.

This same report confirms a growing number of private credit funds have been launched in response to investor interest.

However, when you rely on investments for regular income, it pays to consider the track record of any investment provider.

As one of Australia's largest alternative asset managers, La Trobe Financial has been part of Australia's financial landscape for over 70 years.

Our investment options span a variety of timeframes: each offers regular returns plus low volatility, and all are backed by quality mortgage assets and Australian cash.

As a guide to returns, our flagship 12 Month Investment Account has consistently delivered competitive, variable monthly income to investors for almost 30 years.* This $11+ million fund is backed by the diversification of almost 12,000 individual mortgages, and has been awarded Money's Best Private Credit Fund - Mortgages for 17 consecutive years.

For opportunities that can help you make the most of rising rates, contact the La Trobe Financial team on 1800 818 818 or visit latrobefinancial.com.au to find out more.

La Trobe Financial Asset Management Limited ACN 007 332 363 Australian Financial Services Licence No. 222213 Australian Financial Services Licence No. 222213 is the responsible entity of the La Trobe Australian Credit Fund ARSN 088 178 321. It is important that you consider the Product Disclosure Statement (PDS) before deciding whether to invest or continue to invest in any of the funds. The PDSs and Target Market Determinations are available on La Trobe Financial's website.

*Past Performance is not a reliable indicator of future performance

Any Financial product advice is general only and has been prepared without considering your objectives, financial situation or needs. You should, before investing or continuing to invest in the La Trobe Australian Credit Fund, consider the appropriateness of the advice having regard to your objectives, financial situation or needs and consider the PDS for the fund.

When considering whether to invest or continue investing in the La Trobe Australian Credit Fund, you should be aware that (1) an investment in the fund is not a term deposit, and your investment is not covered by the Australian Government's deposit guarantee scheme. Investing in the fund has a higher level of risk compared to investing in a term deposit issued by a bank and (2) there are other risks associated with an investment in the fund. The key risks of investing in the fund are explained in section 9 of the PDS, available on our website.

As the former chief executive of Volunteering Sunshine Coast, Cheryl led the development of the Pathways to Employment program, helping people build skills, confidence and pathways into paid work through volunteering.

She is currently chair of Healthy Ageing Partnerships, empowering older Australians through shared knowledge and informed health choices.

Tell me about your early years. What shaped your attitude towards community?

I grew up in Rhodesia, now Zimbabwe, in an average family rich in happiness. The youngest of four children, with two older brothers and a younger sister, I was well looked after - my brothers were especially protective, which I appreciated.

It was a close-knit family environment, filled with fun, laughter and love.

My mum taught us from a young age to do our best at school, to respect everyone regardless of colour or creed, and to treat others with kindness.

She encouraged us to celebrate others' achievements, rather than be jealous of them. She also instilled in us the belief that if you can help someone, you should, with the right intentions and never expecting anything in return. It's a principle I've tried to live by since.

When did you first realise volunteering could change lives?

I started volunteering at 20, and as I grew older, I understood just how much volunteering can change lives.

You gain skills that support your professional life, form new friendships, and by understanding the needs within your community, you become more aware of the positive impact you can have.

What's the most rewarding moment you've had as a volunteer?

A young man came to volunteer when I was running a kidney support organisation. He was autistic, so I knew his communication style might be a little different.

During the interview, I asked what he enjoyed doing, and he said he loved working with computers. I mentioned that I needed someone to produce our newsletter, and his face lit up. He volunteered twice a week, was incredibly reliable, and did an amazing job.

Over time, he grew more confident, chatted easily with others in the office, and became a valuable member of our organisation. I was thrilled that taking the time to understand his passion helped him shine.

How does volunteering help people build confidence and financial resilience?

Volunteering Queensland defines volunteering as: "Time willingly given for the common good and without financial gain".

Volunteering is particularly valuable if you're new to a State or country, as it's an excellent way to meet people and build connections. It can also be beneficial if you've been unemployed for some time or are a parent returning to the workforce.

The skills you bring - and those you gain - often build on past study or work experience, helping you stay current while adding real value to the not-for-profit organisation you support.

After Covid, volunteer numbers dropped significantly, so encouraging others to volunteer - whether young, middle-aged or older - is incredibly important. Even corporate volunteering is a great team-building exercise.

What advice would you give to someone who wants to volunteer but worries about work and money?

Think of the difference you're making - whether helping animals, supporting the homeless, assisting older people, or contributing to disaster resilience during floods and droughts. Think of our farmers and everything they endure.

I understand that rising living costs and fuel prices make it harder, especially if you're on an age pension, youth allowance or any Services Australia payment. But the satisfaction you gain from seeing the difference your few hours make is immense.

What's one misconception older Australians have about money and health?

There's a common misconception: 'If I'm frugal and avoid spending, I'll stay financially secure, even if my health starts to fail.'

Unfortunately, avoiding dental check-ups, skipping physio or not considering mobility aids can create bigger health problems later.

With the current changes to My Aged Care and higher co-payments, it's not easy, especially for lower income earners. Talking to Services Australia, a social worker or family members can help. Even saving a few dollars each fortnight can make a difference.

If you're financially stable, speaking with a financial adviser can help you plan for later years and future medical needs. There are no quick fixes, but planning helps.

How do you see financial wellbeing intersecting with healthy ageing?

Financial wellbeing and healthy ageing are two sides of the same coin. When older people feel financially secure, they can make choices that protect their health - choices about housing, mobility, social connection and preventative care.

When people stay healthy, they protect their financial independence for longer. Our role is to strengthen both, because dignity in later life depends on more than services; it depends on the freedom to live well, participate fully and age with confidence.

What's one piece of money advice you'd give your 16-year-old self?

I wish that, as a youngster, I had been advised to save 10% of my earnings from the day I started working.

I would say to myself: invest early in the things that build your future - skills, relationships and your wellbeing.

Money grows, but so do you, and the earlier you back yourself, the stronger your foundation becomes.

Please finish this sentence: Money is good for...

... creating options - the freedom to live well, stay connected, and make choices that reflect what matters to you.

Money is good for adding a bit of sparkle to the everyday - the kind that makes life feel deliciously yours.

Money is good for making memories that outlast receipts.

The Federal Budget brought major changes to the taxation of discretionary trusts, including the introduction of a baseline (minimum) 30% tax rate on trust income from July 1, 2028.

Currently, trustees pay tax on income which is retained by the trust, and beneficiaries pay tax on distributions received, at the marginal tax rate applicable to them.

According to the Budget, from the 2028 commencement of these changes, trustees will, upon determining the taxable income of the trust, be required to pay tax on the income at a minimum rate of 30%, even if income is distributed to beneficiaries on lower marginal tax rates.

Individual beneficiaries will still receive distributions, however, they will now receive a non-refundable credit for any tax already paid by the trust.

There are a few exceptions for these structures such as qualifying charitable trusts, disability trusts, and superannuation funds.

In a number of respects, the consequences do not appear to have been thought through. For example, will tax be payable twice where trusts hold shares in Companies which must also pay tax at the applicable rate?

And are not beneficiaries without other sources of income unfairly penalised?

It seems that the Federal Government has made an assumption that every Trust has been established for the purposes of tax avoidance, and the Budget response is a blunt approach to punish everyone. In our experience the main reason Trusts are established is where enterprises are intended to benefit more than one person, and in nearly all cases it is different members of a family.

It is a legitimate structure for business, estate, and succession planning.

And if Testamentary Trusts (trusts established on death) are also caught then this looks like a death tax in disguise.

On any analysis, it is hard to see what was wrong with the pre-budget approach of taxing beneficiaries on income received.

And in our experience, this is not a tax on the rich, it is a tax on the middle class.

It is another tax on small business.

The Budget changes, if they are legislated into law, will require many families and businesspeople to review whether their current structure remains appropriate or whether they need to explore alternative structures.

Given the 2028 commencement date is still some time away, trustees and beneficiaries have the opportunity to seek professional advice and to consider which restructuring options should be explored before the new rules are in effect.

Money has been alerted to multiple cases where its name and Clitheroe's identity are being misused to promote so-called "hot stock tips" in messaging groups.

Clitheroe has issued a clear warning.

"I am absolutely not in any WhatsApp group share tipping," he says. "Scams are everywhere."

The alert comes as ASIC warns these groups are increasingly being used to funnel users into fake crypto trading platforms that can wipe out savings.

Fake platforms that look real

These scams are built to appear legitimate.

Fraudsters mimic well-known brands and personalities to build trust, then direct users to investment platforms that appear to show live trading and strong returns.

But ASIC says the activity is entirely fake.

There is no real trading taking place. Any money deposited goes straight to scammers.

Victims are often told they must pay extra fees to withdraw their funds. In reality, these payments also go to scammers, and no money is ever returned.

Some are then targeted again through so-called recovery scams, where fraudsters promise to help recover losses, for a fee.

How the scam unfolds

These scams typically follow a clear pattern:

• Social media ads or posts promise lucrative stock tips
• Users are invited to join WhatsApp or messaging groups
• Scammers impersonate trusted brands or well-known figures
• Members are directed to a specific trading platform
• Fake profits are shown to build confidence
• Attempts to withdraw funds trigger demands for more money

ASIC has also warned these groups can be used to coordinate illegal pump and dump schemes targeting retail investors.

Younger investors particularly exposed

ASIC research suggests younger Australians are especially vulnerable to these tactics.

A Moneysmart survey of people aged 18 to 28 found that 23% own crypto assets and 66% take a short-term, speculative approach.

A third trade based on social media influencers, while 72% have seen crypto ads on social media, and 41% have been approached directly about crypto investing.

The data highlights how easily scammers can reach new investors through digital platforms.

Red flags you should not ignore

Consumers are being urged to watch for warning signs, including:

• Unsolicited invitations to messaging groups
• Claims of guaranteed or unusually high returns
• Pressure to act quickly
• Requests to transfer money to unfamiliar platforms
• Demands for fees to access or withdraw funds

If something feels off, it probably is.

How to protect yourself

ASIC's advice is simple:

STOP
Do not share personal or financial information or act on unsolicited investment advice. Avoid rushed decisions.

CHECK
Verify whether the provider is legitimate. Check ASIC registers and the AUSTRAC Virtual Asset Service Provider Register. Search for warnings online.

PROTECT
Act quickly if something feels wrong. Contact your bank immediately if money has been sent and report the incident.

What to do if you see a fake group

If you come across one of these groups, do not respond or engage, or share personal or financial information.

Report the group in WhatsApp by tapping the group name and selecting "Report group", then report the scam to Scamwatch

Money is urging readers to act.

If you see its name or branding being misused, report it. Each report helps limit the reach of these scams and protect others.

How much money would you say it takes to start investing?

It's a question that stumps plenty of Australians.

Research consistently shows misconceptions around the amount of cash needed to get the ball rolling as an investor.

It turns out plenty of people assume you need at least $1000. Others say $10,000.

It's true, there are investments and investment platforms that may ask for high minimum starting balances.

But the reality is that you can start investing with as little as $1.

Let's face it, $1 doesn't buy much these days: maybe half a litre of petrol or one-fifth of a cappuccino.

So, it's pretty exciting that a single dollar can let you become an investor in Australia's growing private credit market (essentially non-bank lending) - and earn a healthy variable return of 6.50% p.a, with the likes of GPS Investments' Arkus Fund.

Starting small - a chance to test the waters

Not everyone starts small because cash is tight.

When I talk to Arkus Fund investors, it's clear that many start out with as little as $1 for reasons that have nothing to do with a lack of funds.

The fact is, starting small can be an opportunity to 'try before you buy'.

It's a way of dipping your toe in a particular asset market, or to test the investment provider's credentials and see if they live up to their promises: Are distributions paid as and when described? Does the return match - or exceed - the advertised figure? If investors have a question, can they contact the investment provider and speak to a real person here in Australia or do they have to deal with a bot?

This approach explains the pattern I've seen among many Arkus Fund investors. They start small, gain confidence in the private credit market, and from there consistently add to their investment in a pattern that builds wealth over time.

The importance of staying consistent

Success as an investor is not just about getting started. It also involves consistently adding to your investments.

Here too, regular investing doesn't have to involve substantial sums of money. Every bit counts, and that's especially important in these high-cost-of-living days, when many of us simply don't have a lot left over once regular bills have been paid.

What matters is getting into the habit of regular investing. It's great discipline, it lets you harness the power of compounding returns, and it's a sure-and-steady way to grow wealth.

Taking a little-and-often approach to investing isn't just easier on our personal cash flow. It can also provide the feel-good factor of knowing we're doing something positive for ourselves - and our financial wellbeing, even during difficult times.

Look for zero-fee options - they do exist

If you do plan to start small, it's important to be mindful of investment fees.

As I mentioned, the Arkus Fund offers a way to start investing with just one dollar. There are other options too, notably micro-investing apps, that let you start small.

But do keep an eye on the fees you'll pay.

Micro-investing apps such as Raiz can charge fees as high as $5.50 per month. While this may be low in dollar terms, it can work out to a significant percentage of your account balance if you have only limited funds invested.

The good news is that it is possible to avoid fees altogether.

As a guide, the Arkus Fund charges zero fees. There's no trick to this. The fund invests in registered first mortgages over residential construction projects in south-east Queensland. Just like getting a loan from a bank, the borrowers behind these mortgages pay fees when they take out a loan. So Arkus investors pay zero fees.

Small steps - big strides

As with most things, the key to investing is taking that first step.

So often we wait for the right moment - when we'll have more money, more confidence and more time.

However, the cost of doing nothing is real.

Today's high inflation is eating away at the purchasing power of cash sitting in low-interest (or worse, no-interest) accounts. Beyond missed returns, the emotional toll of feeling as though you're falling behind financially shouldn't be underestimated.

That's where the Arkus Fund comes in. With the upside of regular income, above-inflation returns, and zero fees, it's a chance to embrace the power of modest beginnings and grow your balance at a pace that suits you.

The Arkus Fund (ARSN: 686 375 422) ("the Fund") Product Disclosure Statement ("PDS") is issued by GPS Investment Fund Limited (ABN: 40 145 378 383) (AFSL: 383080) ("GPS"). This document may contain general advice which does not consider any particular person's objectives, financial situation or needs. GPS is not licensed to provide financial product advice about the Fund, so you should obtain a PDS, including a Target Market Determination ("TMD"), and read both prior to making a decision to invest. The PDS and TMD for the Fund are available at www.gpsinvest.com.au/resources/, or by calling 1800 999 109, and the TMD includes a description of who the Fund is considered appropriate for. You should also consider obtaining professional financial advice before making an investment decision. Cooling-off periods do not apply to the Fund. Past performance is not a reliable indicator of future performance. An investment in the Fund has risk, can fluctuate in value, may achieve lower than expected returns, is not a bank deposit, is not guaranteed and investors risk losing some or all of their principal investment. Distributions, if any, will generally be paid monthly. The Fund has limited withdrawal rights. Withdrawal offers will generally be made monthly, subject to available liquidity. Refer to the relevant PDS for more details.

Our Life Insurer of the Year winner, Acenda, may not be a household name. At least not yet. But it's certainly no newcomer to the Australian insurance market.

Acenda Group was established in late 2025, following Nippon Life's global acquisition of Resolution Life Group.

Sean McCormack, chief commercial officer of Acenda Group, explains that Acenda Life has more than 175 years of local heritage.

He says, "Acenda Life supports close to two million Australians through personal and group insurance, including life cover, total and permanent disability (TPD) cover, trauma, and income protection, as well as retirement income.

"Our focus is on providing financial confidence through high-quality insurance protection and claims support to our customers.

"We're committed to making life insurance simpler to understand, and easier to navigate, for our adviser partners and their clients."

McCormack adds that Acenda Life is "extremely proud to have received this award in such a strong and competitive category. It's a great endorsement of our products and people, and welcome recognition that our adviser-first proposition and end-to-end solution has been building market momentum over the past 18 months.

"Our aim is to provide advisers and their clients with confidence through high-quality financial protection at every life stage.

"This award demonstrates that we're making it easier for our partner advisers to confidently provide valuable risk advice to more Australians."

According to McCormack, there are real upsides to arranging life cover through an adviser.

"When advisers build personal advice plans for their clients, they make their insurance recommendations based on each client's income, assets, liabilities, debts, dependants, goals and tolerance for risk.

He adds, "Advisers develop relationships with their clients and regularly review their circumstances over time to ensure that their cover remains appropriate if their circumstances change. Advisers can also provide support if their clients ever need to make a claim."

It feels a long time ago now, but back in late 2023, I gave a speech to an investment crowd at the Windsor Hotel in Melbourne.

It turned into one of my finest hours, but only in hindsight. I left the stage kind of sweaty and drained.

We were there to help people decide what to do with their money. Tough gig.

I bought a new jacket for the event. At least I'd look good if I made a fool of myself. I said to the audience that sentiment was terrible, expectations were low and ASX shares were down in the dumps.

It was good news. It meant there was a huge opportunity to buy stocks on the cheap and position for a rebound.

The ASX was around a two-year low at this time.

When everyone feels negative, opportunity often hides

Afterwards an older gent pointed a finger at me and said, "You! You're too positive!" I don't blame him.

That was the general vibe at the time. There was no momentum in the stockmarket. The news was uninspiring.

Here we are, nearly three years later.

The S&P/ASX 200 hit a record high in February this year. It is up about 30% since that speech, and more if you include dividends.

Plenty of individual stocks have done far better than that. My little speech hit the market.

Confession. I can't take all the credit. I had help.

An Australian man called Colin Nicholson wrote a great book nearly 20 years ago called Building Wealth in the Stock Market. It's a beauty.

I owe him one because behind the scenes I was using his market framework straight out of the book.

The three-stage pattern hiding in this rally

Nicholson describes and divides a bull market into three broad stages like this:

• Stage 1 - Reviving confidence
• Stage 2 - Increasing earnings
• Stage 3 - Speculation

You know what? For such a simple description, it's been bang on over the past three years.

The market rallied over 2024 and 2025 despite no earnings growth.

Confidence came back as interest rates and inflation moderated, AI drove huge growth and excitement in the US and China's economy held together.

That was Stage 1.

I put us at Stage 2, currently, for both the US and Australia.

The ASX is seeing earnings growth again, thanks to strong resource prices and cost cutting. US market earnings improved faster than Australia and are still going up this year.

Why the easy gains may be over

Confidence is solid, although occasionally rattled by events like the Iran shock recently. There'll be a list of worries for the market to climb, because there always is.

At some point we're going to go into Stage 3, speculation. Nicholson notes multiple features about this stage.

Two are that interest rates will be relatively high. Another is that "new paradigm" theories get advanced.

We already know that interest rates are likely going higher. And there's the AI revolution seeping into popular consciousness every day.

The groundwork for a move into Stage 3 is already laid.

At this stage, I expect the speculation to appear heaviest in the resource sector as the resource supercycle narrative gains more traction.

Like all bull market narratives, there are elements of truth here that will get juiced the higher prices and stock prices go.

The market is likely to become more volatile as the market goes higher and fundamentals get stretched.

How much longer can this run last?

Timing is going to become important as the bull run ages.

ChatGPT tells me that the average ASX 200 bull market since 1990 is 46 months, or 3.8 years.

That would suggest we have until about mid-2027 to mid-2028 if that time estimate holds and we take November 2023 as the starting point for the ASX 200.

This is an educated guess, and no more.

The danger signal most investors miss

Here's the kicker you'll need to watch for.

If the market is going to peak around these dates, and please remember that this is no more than a thought experiment today, it's not going to feel dangerous or risky.

In fact, it will feel the opposite, comfortable.

Sir John Templeton famously said, "Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria."

I expect to give a speech around this time and warn people away from the stockmarket because of all the risks building.

I also expect an older gent to come up to me and say, "You! You're too negative!"

Some things change. Human nature doesn't.

Callum Newman is a senior equity analyst at Marcus Today.

But let's be honest - these terms (and the numbers behind them) can feel dry and disconnected from reality. So, what if you could gauge the health of the economy in more interesting ways?

From Big Macs to Bunnings sausage sizzles, here are seven quirky indicators that might reveal more about consumer confidence and purchasing power than you'd expect.

1. What is the Big Mac Index and what does it show?

What it says about the economy

Launched by The Economist in 1986, the Big Mac index started as a tongue-in-cheek way to showcase the theory of purchasing-power parity which suggests that the exchange rate between countries should equalise the price of an identical basket of goods and services over time.

Instead of a basket, The Economist simplified things using a Big Mac.

For example, the latest index shows that a Big Mac costs A$8.50 in Australia and US$6.12 in the United States.

That implies that the exchange rate is 1.39. In reality, it is 1.49 - suggesting that the Aussie dollar is undervalued by 7%.

Does it hold up?

The index has come in for criticism for being geographically limited and for the fact that Big Macs aren't uniform across the world. At the end of the day, it's a fun exercise.

2. Do falling champagne sales signal a recession?

What it says about the economy

When times are tough and consumers start to tighten the reins on their spending, logic suggests that luxury items are one of the first expenses to face the chopping block.

That's the theory behind the champagne index: that households fond of a premium bottle of bubbly might swap it out for cheaper fizz, or ditch it altogether, if a recession is looming.

Does it hold up?

Champagne might just be a worthy indicator. The Business Review at Berkley found that annual sales in the US fell from 23 million bottles before the Great Recession to 12.5 million in 2009.

There's also evidence closer to home, with indications that cost-of-living pressure has made better-value brands and local sparking more attractive to Australian champagne in recent years.

3. Can lipstick sales predict economic downturns?

What it says about the economy

Proposed by Leonard Lauder, chairman of Estee Lauder, during the early-2000s recession, the lipstick index is based on the idea that lipstick sales are inversely correlated to the state of the economy.

When people start to reduce their spending on more expensive discretionary items like clothing, the theory goes, they'll substitute those out for cheaper discretionary purchases like lipstick.

Does it hold up?

The evidence seems to be mixed. On the one hand, Lauder based the theory on an uptick in lipstick sales across the company's brands during the early 2000s recession.

However, market research firm Mintel's research on the subject during the Great Recession didn't find a link - rather, hair care and skincare were the categories where spending held up.

4. Why do men's underwear sales matter to economists?

What it says about the economy

Could an uptick in tighty-whities sales herald a new economic dawn? That's the thinking behind the men's underwear index theory floated by former chair of the US Federal Reserve, Alan Greenspan.

Because undies are the least-visible garment of clothing, the theory suggests they're the first item men will stop purchasing during a downturn.

But as consumer confidence picks up, they're also one of the first items men will flock to buy (or are shamed into buying once they become too holey).

Does it hold up?

Again, the evidence seems mixed. There was plenty of reporting suggesting that men's underwear sales did fall during the Great Recession.

However, an analysis published in the International Journal of Technology concluded that while the idea held up in some countries, overall, underwear sales were unrelated to the state of the economy.

5. Do library visits rise when times are tough?

What it says about the economy

In the 1980s an American library administrator named Steven James set about determining whether there was a link between economic downturns and higher public library patronage.

He referred to it as the 'librarian's axiom'. The theory is a simple one: when money is tight, more people will turn to the free resources offered by libraries.

Does it hold up?

James himself couldn't establish a correlation using the Great Depression as an example, but other research post-Great Recession has linked downturns to greater library patronage.

In Australia, libraries also reported a surge in digital borrowing during 2024-2025 as cost-of-living pressure ramped up.

6. What is the Christmas Price Index and why is it tracked?

What it says about the economy

Since 1984, US-based PNC Financial Services Group has released a Christmas Price Index which tracks the cost of each gift in the 'The Twelve Days of Christmas' carol (i.e. twelve drummers drumming.).

Like the Consumer Price Index, this festive equivalent is simply a way to showcase changes in the price of goods and services over time.

The index shows that the cost of Christmas has risen from US$20,069 in 1984 to US$51,476 in 2025.

Unsurprisingly, soaring gold prices haven't helped, with the cost of five gold rings rising 32.5% in the last year alone.

Does it hold up?

The Christmas index has copped some criticism over the years from a few grinches for the way it calculates the price of some of the gifts involved (can you really put a dollar figure on 11 leaping lords?).

7. How does the price of a Bunnings sausage reflect inflation?

What it says about the economy

This could be the most unofficial of the unofficial economic indicators, because there hasn't been an index developed (at least, not yet).

But if there's one example of the impact inflation has had on some of our favourite goods and services in recent years, it's the price of the Bunnings sausage sizzle.

In 2022, the price of a Bunnings snag jumped from $2.50 to $3.50 thanks, in part, to rising food costs. Then in 2024, the price of a drink to go with that sausage sambo was raised from $1.50 to $2.

Of course, that money goes directly to the community groups running the sizzles, so it's not a hard cost to swallow.

Does it hold up?

The price of a snag on bread has only increased once in 15 years so it might be too early to set up a Bunnings Index.

But that gap between prices rises does just go to illustrate the extent of the inflationary environment we've been in.

Reader question

Hi Paul, my husband and I are on the age pension. I am 75 and he is 76. We own our own home but have no savings and we're struggling a bit.

My husband is not well and is on a lot of medication.

I have a chance to inherit $1 million. Would it be wise to go with the inheritance and give up the pension?

I do not know which way to go. - Lana

Paul's response

Wise? Goodness, Lana, it would be crazy not to go with a $1 million inheritance!

You have already told me your husband is unwell and you are struggling a bit.

Let's ignore the entire issue of investing the money, although it would be pretty silly not to at least invest in safe bank term deposits earning, say, 4.5% and generating $45,000 a year.

Split between you and your husband, this would come to you tax free and is close to the full age pension for a homeowning couple, but this does not include any supplements.

Now I do realise you are thinking about other benefits such as health, house rates and so on. But don't forget you can still get a part pension with assets of up to $1,085,000.

Under the income test you can earn $104,020.80 before a part pension cuts out.

There is no real debate here. The $1 million is yours.

You can easily fund a lot of healthcare for a million dollars. Let me be silly, because I think it will help. Let's say you don't even bother investing the money (which would be a bad idea) and spend $100,000 a year doing things you may have always wanted to do.

How about a luxury cruise, with excellent health services onboard for your husband?

In a bit over six years, you could spend about $600,000. This then puts you below the assets test, which is $481,500. This cut-off level will increase with inflation.

So, you've had a far better life, with no need to struggle, for six years. Then you are where you are now, with full pension and some $400,000 that you can use as you wish.

Lana, I respect people who value our not perfect, but world-class pension system. But I cannot be any clearer, it would be a bad idea not to take the million dollars.

I'm going to repeat myself. You will get part pension anyway with $1 million. Give yourself and your husband a break from struggling, improve your house if you wish, pay for the best medical care you can, pay for nursing support at home if you want, and have fun!

Worst-case scenario is that you spend the money down to the assets test level, regain your full pension and still have some $481,000 plus dollars to improve your lifestyle beyond the age pension. I do hope this makes sense, Lana. Take the inheritance.

I wish you and your husband all the best. Please send us here at Money a photo of you on a cruise or doing something you enjoy!

What to read next

• New trust tax could force families into a tough choice
• Why thousands of retirees are better off with less super
• Ask Paul: I have $900k in super, but can't afford to retire
• How to handle an inheritance wisely
• Why one-off financial advice is so hard to get

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Dale Gillham, chief investment analyst at Wealth Within, to discuss the standout stocks, underperformers and what investors should look for in the months ahead.

Episode timestamps

00:00 Introduction

01:52 A tale of two markets

04:24 Macro forces and the market

07:09 Resource sector shines

10:02 CSL slump and other underperformers

12:33 Investor playbook for the second half of 2026

16:15 Conclusion

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Friends With Money podcast FAQ

What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

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You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

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A string of court decisions, including a landmark 2022 High Court ruling, have exposed a painful reality for Australian families: your superannuation does not automatically form part of your estate. Without careful planning, hundreds of thousands of dollars can end up in the hands of someone you never intended to benefit, and the law may offer no remedy.

For many Australians, super is their second-largest asset after the family home - often worth hundreds of thousands of dollars.

Yet unlike a bank account or property, super exists in a trust structure.

When you die, your fund's trustee, not your will, decides where the money goes, unless you have taken specific steps to direct it.

Key takeaway: Without a valid binding death benefit nomination, your super may not go to the person you expect.

The binding death benefit nomination

The mechanism that gives members control is the binding death benefit nomination, or BDBN.

Where a valid BDBN is in place, the trustee must pay the benefit in accordance with your direction.

Without one, the trustee holds a broad discretion to distribute the benefit among your "dependants": spouse, children, or anyone in an interdependency relationship.

Under the Superannuation Industry (Supervision) Act 1993 (Cth), a standard BDBN is only valid for three years and must be renewed.

Let it lapse, and you lose all control.

The high court settles the SMSF question

In Hill v Zuda Pty Ltd [2022] HCA 21, the High Court confirmed that the three-year lapsing rule for BDBNs under the SIS Regulations does not apply to self-managed super funds.

This means SMSF members can make a non-lapsing BDBN, one that remains valid indefinitely, provided their trust deed permits it. The decision was a win for certainty, but it also highlighted a trap: if your SMSF deed does not expressly authorise a non-lapsing nomination, you may still be caught by the default lapsing rules.

When good intentions are not enough

The human cost can be severe.

In Re Marsella; Marsella v Wareham (No 2) [2019] VSC 65, a deceased woman's daughter became sole trustee of the family SMSF and resolved to pay the entire $450,000 death benefit to herself, overlooking the deceased's husband of 32 years.

The Court removed the daughter as trustee, finding the discretion had not been exercised in good faith.

But even after winning, the husband faced further uncertainty; courts can send a decision back, but they cannot direct a particular outcome.

In Carr v Douglass [2016] NSWSC 854, a father's will directed his super be held on trust for his disabled son.

But his binding nomination had expired two years before his death and nobody reminded him to renew it.

His former wife then caused the trustee to pay the entire fund, over $673,000, to herself.

The Court was powerless to redirect it.

Why these outcomes keep happening

These cases are not rare, and they follow a clear pattern.

What you should do now

Check your BDBN

If it has lapsed or was never made, act immediately.

Review your SMSF deed

The High Court's decision in Hill v Zuda means you can make a non-lapsing BDBN, but only if your trust deed permits it.

Plan trustee succession

Consider who will become your fund's trustee upon your death.

If your co-trustee is also a potential beneficiary, a conflict of interest is built into the structure.

Align your will

A will that assumes super will flow into the estate is worthless without a valid BDBN directing the benefit to your legal personal representative.

Finally, if you are in a blended family, the risk is acute.

Courts have shown that trustees will often favour a surviving spouse, and adult children face an uphill battle to challenge such decisions.

A BDBN is the only mechanism that removes discretion entirely.

The bottom line

Superannuation is not governed by your will.

The courts have made clear that good intentions and longstanding family relationships count for nothing if the paperwork is not in order.

The fix is straightforward: make a binding death benefit nomination, review it regularly, and ensure your fund's trust deed supports it and aligns with your overall estate planning.

Kenneth Ghi, head of insurance in super at MLC, says, "We're pleased to be awarded Best-Value Death & TPD Insurance in Super - Men, for our MLC MasterKey Business Super product. This reflects our focus on delivering protection that is both meaningful and affordable for members."

While this award highlights MLC's offering for men, Ghi says, "We recognise that insurance in super plays an essential role in supporting members of all genders during periods of illness or injury."

He adds, "Because premiums are paid from members' retirement savings, insurance must be carefully designed and priced to avoid unintended impacts on long-term outcomes.

"We actively manage our insurance pricing and product features, regularly reviewing premium levels, benefit design and eligibility settings. We also work closely with our insurer to ensure cover remains fit for purpose, sustainable and aligned with members' needs across different life stages."

Acenda, the name behind the group cover for this award, partners with several large super funds and numerous corporate funds.

According to the chief commercial officer of Acenda Group, Sean McCormack, cover is often automatic, with few or no health checks required to access insurance.

"Premiums are paid from members' super accounts and could have tax advantages for members," he says.

"These considerations can often make insurance through super an accessible and affordable starting point for many Australians."

McCormack says, "Our research has shown that almost half of all Australian workers have three months or less in savings to support them if injury, illness, or death prevent them from earning an income."

He adds, "Insurance held through super can provide fund members with good, cost-effective cover that requires few or no medical checks, potentially on terms they wouldn't otherwise be able to access due to their medical history or other risk factors."

Best-Value Death & TPD Insurance - Women - Vanguard Super Savesmart + AIA

Vanguard Super provides default death and TPD insurance cover that is simple to understand and designed to meet members' needs at different life stages. Members can also apply for additional death, TPD and income protection insurance cover to meet their individual needs.

Renae Smith, chief of personal investor at Vanguard Australia, says, "A key contributor to Vanguard Super's strong insurance offer is a disciplined focus on providing value to members."

The fund regularly benchmarks insurance premiums and policy features against a broad range of leading super funds, and does not charge any additional administration fees or margins on insurance premiums.

According to Smith, this approach aligns with Vanguard Super's broader philosophy of delivering 'simpler, smarter super' for members, reflected in its low fees and lifecycle investment option that has delivered strong results for members since launch.

"By keeping our insurance design simple, avoiding additional fees or margins, and focusing on long-term value, we aim to deliver quality, affordable insurance cover that supports members through their working lives," says Smith.

"We're proud to see that approach recognised by Money."

Vanguard's life and TPD insurance is backed by group insurer AIA Australia. Chris Healey, chief group insurance officer, AIA Australia, says,

"We're incredibly proud to receive this recognition. Insurance in superannuation plays a vital role in supporting Australians, but the reality is women continue to face greater financial challenges throughout their lives.

"Lower average wages, extended periods out of the workforce to care for others, and consequently lower super balances mean many women enter retirement more financially vulnerable."

Healey adds, "With almost 60% of our insured members being women, designing sustainable insurance is essential.

"We focus on simple, fair, value for money cover that strengthens women's long-term financial wellbeing and retirement outcomes. This award reflects that commitment and the responsibility that comes with it."

Buying a strata property can be a minefield, but the biggest risks are often hidden until it's too late.

In NSW, with one-third of all strata developments in Australia, 53% of strata buildings have reported serious defects in common property, according to a 2023 survey by the Office of the Building Commissioner and Strata Community Association of NSW (SCA).

The most prevalent defects are related to waterproofing, fire safety systems, structural issues, building enclosures and, increasingly, building services such as lifts and plumbing.

Mixed-use can quietly drive up your costs

Problems with strata living or investing can be compounded if the strata you buy into is also part of a mixed-use development, for example shops below and apartments above, and is governed by a building management statement (BMS) or a strata management statement (SMS).

These documents regulate shared areas between different entities, setting out how they will be managed and funded.

A building management committee (BMC) is the body responsible for carrying out the rules set out in the SMS or BMS and is made up of representatives from each of the different schemes.

The very nature of a mixed-use complex indicates a plethora of interests, including the residential owners or tenants, the commercial landlords (often the original developers), the commercial tenants, local authorities, customers and visitors, generally, according to legal firm Bannermans, which specialises in construction, strata and property development law.

"The potential for conflicts between these often-competing needs and interests is very real."

Mixed-use developments are becoming more common, says David Glover, managing director of the owners corporation network (OCN).

And the problem with many BMSs is that they are drafted by the developer and registered before residents move in.

Strata jargon, decoded

BMS (Building Management Statement)
Rules for how shared spaces between residential and commercial areas are managed and paid for

SMS (Strata Management Statement)
Similar to a BMS, used in multi-layered strata developments

BMC (Building Management Committee)
The group that makes decisions about shared areas and costs

SCA (Strata Community Association)
Industry body representing strata managers and stakeholders

Why apartment owners often foot the bill

"Decisions made at development approval stage will directly shape the governance, financial sustainability and liveability outcomes for thousands of current and future residents," says Glover.

"Poorly structured or inequitable BMSs create persistent governance and financial problems."

Strata expert Professor Cathy Sherry of Macquarie Law School agrees that mixed-use developments are becoming more prevalent.

In the current, frenzied, simplistic push for high-density development, there has been a marked growth in stratum subdivision, which combines retail, commercial and residential development in large high-rise estates, serviced by complex infrastructure and governed by largely unregulated management statements drafted by developers," said Sherry in an article in The Sydney Morning Herald in February 2024.

Problems are emerging with BMC structures, says Glover.

These include "inequitable distribution of costs, with residential owners often subsidising commercial infrastructure and locked in cost allocation formulas that are difficult or impractical to amend, even when they become clearly unfair".

Other problems that can disadvantage residential owners identified by the OCN include diffuse accountability for shared infrastructure, increasing long-term building deterioration and financial risk for residents, and limited transparency and indirect representation of residential owners who cannot participate directly in BMC decision-making.

"I could never see myself buying into a strata development with a BMC," says Glover.

Watch for these warning signs

• High or rising levies with unclear causes
• Frequent disputes in meeting minutes
• Little mention of defects or repairs
• Complex cost-sharing arrangements

What it is really like to live with a building management committee

I can understand his position from my own experience because I bought into such a development without fully understanding the ramifications.

Mine covers four separate schemes and we all have one vote out of four, yet the residential scheme pays the lion's share of the considerable levies required to run the BMC.

One big frustration of living in shared property is that everything that needs to be done to keep my home liveable seems to take such a long time.

Decisions about many things, from upgrading landscaping or just undertaking necessary repairs to common property, can drag out because of governance deadlocks and disputes between competing interests, sometimes compounded by a lack of regular BMC meetings.

The owners of the apartments, especially those who call them home, generally want their buildings and facilities to be maintained to a certain standard and not have to wait for months or even years for things to be brought up to scratch.

The commercial owners, whose tenants usually occupy their spaces during business hours, don't generally have the same priorities.

Why these arrangements rarely change

The bad news is that these arrangements, usually designed by developers to suit their own commercial purpose, can go on forever, says Glover, sometimes 50-100 years.

They can only be changed by the unanimous agreement of all members or by order of the Supreme Court.

"I know of a strata committee that sought legal advice on the prospects of dismantling a BMC arrangement. It cost them $75,000 just to consider whether it was a good idea or not and they were told they had no prospect of success," says Glover.

He thinks, eventually, that informed consumers may turn away from buildings with BMCs attached, which may spur change.

In the meantime, your best protection, if you are buying into any strata development, is to conduct your own strata search, says Glover. Scrutinise both the minutes of meetings and the notices of meetings for at least three years, he says.

"If something bad is going on, there will be some hints somewhere. If you're not reading anything about building problems, then the owners committee and strata manager are likely hiding something."

But it might also help them discover ways to avoid paying the proposed higher capital gains tax.

Property already feels out of reach for many people under 40, which has pushed an entire generation toward shares, ETFs and crypto.

But now, with the proposed changes to capital gains tax and negative gearing, even long-term investing is becoming less attractive.

This is why it's no longer just about choosing the right investment.

The structure you invest through could become just as important as the investment itself.

There's one loophole sitting quietly inside the tax system that many Australians probably haven't thought about. Most people assume you only have two choices: buy assets and hold them, or don't invest at all.

But the tax office treats investors and traders very differently, and if CGT concessions become less attractive, that distinction suddenly matters a lot more.

If you're classified as an investor, profits are generally taxed under capital gains tax rules.

But if you operate as a genuine trading business, profits are typically treated as income.

That might sound like a technical detail, but it completely changes the game. More Australians may now start asking a question they never thought they would: "Should I stop acting like an investor and start operating like a business?"

To qualify, you generally need to show you're operating in a business-like manner with things like trading plans, records, active involvement and consistency.

A genuine trading business may also be able to claim legitimate operating expenses directly tied to generating income, including brokerage, software, internet, market data, accounting and education costs.

Superannuation could also become far more attractive.

Most younger Australians ignore super because retirement feels decades away, but if personal CGT concessions become less generous while super keeps its current tax treatment, it could become one of the most tax-effective investment vehicles available.

The old Australian model of "buy a house and wait" is fading fast. Governments can change tax rules overnight, which means younger Australians will need to become smarter and more strategic about how they build wealth.

That's because in the future, building wealth may have less to do with simply owning assets and more to do with understanding the rules of the game before everyone else does.

What are the best and worst-performing sectors this week?

The best-performing sectors include Consumer Staples, up more than 2%, followed by Energy and Financials, both up more than 1%.

The worst-performing sectors include Industrials, Utilities and Materials, all down more than 2%.

The best-performing stocks in the ASX top 100 include Computershare Ltd, up more than 8%, followed by ALS Limited, up more than 7% and Mineral Resources, up more than 6%.

The worst-performing stocks include Brambles Ltd, down more than 23%, followed by Eagers Automotive Limited and Greatland Resources, both down more than 8%.

What's next for the Australian stock market?

The All Ordinaries Index has been a battle between buyers and sellers so far this week. Before Thursday's session, the market was staring at a decline of almost 2%, but buyers stepped back in aggressively to help the Index recover to down less than 0.5%.

The encouraging sign is where buyers appeared. The 8700 level continues to act as a major support zone, with buyers defending that area for the third time since June last year.

That tells us institutions are still willing to step into the market when prices become attractive enough.

What's also important is the character of this pullback compared to the sharp sell-off we saw earlier this year.

Back in March, the market dropped roughly 10% in just four weeks, which was a fast and emotional decline driven by panic and uncertainty.

This current move lower has been far more controlled. The market is down around 4% over five weeks, suggesting investors are becoming cautious, but not fearful.

That distinction matters because sharp declines are often fuelled by emotion, while slower pullbacks can simply reflect profit-taking and investors reassessing the outlook after a strong run.

Right now, the market still looks more hesitant than broken.

Given that setup, I wouldn't be surprised if the market rises next week, assuming we don't see any major geopolitical escalation over the weekend.

Markets rarely move in one direction forever and after several weeks of steady declines, conditions are starting to line up for at least some form of a relief rally.

The Materials sector also continues to hold up remarkably well despite a modest pullback this week. That's important because Materials remain one of the key drivers of the Australian market.

Meanwhile, Financials, which looked weak last week, managed to stabilise and finish on a firmer footing.

If both heavyweight sectors regain momentum together, this could provide the fuel needed to push the broader market into its next rebound.

When Sean Harrison received a letter in January indicating that he could be summoned for jury duty, he admits that he didn't immediately consider the financial side of serving.

In February, however, he was called up to take part in a criminal trial at the New South Wales Supreme Court.

Like all almost all jurors in Australia, Harrison was entitled to compensation from the courts. In New South Wales, daily jury pay starts at $106.30 and rises to $247.40 if the case runs over 10 days.

For many workers, this will be far less than their regular salary or wages.

Fortunately for Harrison, his trial ran for seven days, so he didn't take a financial hit.

That's because employers are required to bridge the gap between jury pay and an employees' normal pay for the first 10 days of jury service.

"It didn't affect me because I served for less than 10 days, but I think the pay could disadvantage some people more than others.

"If it's a long case, that $240-something dollars a day is alright, but it's not massive - especially compared with some salaries people are getting.

"Then when you think about things like mortgage stress, or if you've got expenses related to kids, or if a few hefty bills come in - all those sorts of things - that money's not going to go very far."

Who is most likely to lose money?

• Casual workers
• Contractors and sole traders
• People in long trials (more than 10 days)
• High-income earners without employer support

Will your employer cover your pay?

Harrison's experience highlights a key safety net built into the system for workers who are obliged to serve jury duty.

But that safety net isn't endless, and it doesn't apply to everyone.

As laid out in the Fair Work Act, employers must pay full-time or part-time employees their base pay rate for the first 10 days they attend jury duty.

Employers can take into consideration any jury pay an employee receives though.

Unfortunately for casuals, the same provision doesn't apply, though they might still be covered under their particular award or enterprise agreement, or by state or territory legislation.

What happens after those 10 days though? In states like New South Wales, employers are under no obligation to continue paying, meaning that employees will have to rely on jury pay alone.

After 10 days, many Australians are left earning less than their normal wage. Some can be hundreds of dollars a week worse off.

In places like Victoria though, employers must continue making up the difference between jury pay and their employees' normal pay for the entirely of a trial - no matter how long it is.

Beyond the issue of pay, employers are also legally required to let their employees attend jury duty, though employees will need to notify their employers as soon as possible if they're called up.

What jury duty pays, at a glance

• NSW: from $106 a day, higher after 10 days
• VIC: $40 to $80, but employers must top up
• QLD: about $148 a day
• SA: $20 a day, plus reimbursements
• WA: as little as $15 a day, with employer cover

Jury duty pay by state

There's no set pay rate for people serving jury duty in Australia.

In fact, pay rates, allowances and the treatment of jurors differ across the states and territories.

Australian Capital Territory

Daily pay:

• Days 1-4: $130.80
• Days 5-10: $151.90
• Days 11+: $177.20

Jurors in the ACT are paid different rates depending on the trial length.

The rates are pegged to the Consumer Price Index and are raised each financial year (the rates above are for 2025-26).

Private sector employees - excluding casuals - will receive their normal pay for the first 10 days, but after that they may need to rely on jury rates alone. Public servants will continue to receive their normal salary while on jury duty.

Beyond the daily rate, jurors in the ACT may also be eligible for meal allowances towards lunch ($20) and dinner ($30).

New South Wales

Daily pay:

• Days 1-10: $106.30 (all jurors)
• Days 11+: $106.30 (unemployed and casual workers)
• Days 11+: $247.40 (full-time, part-time and self-employed workers)

The amount jurors are paid in New South Wales varies based on the length of the trial and the nature of the juror's employment.

Unlike the ACT though, these rates don't increase every year.

Employers in New South Wales are required to make up the difference between the court payment and their employees' regular pay for the first 10 days, though this doesn't apply to casual workers.

Jury members may also be able to claim a travel allowance based on the distance between their postcode and the courthouse (at 30.7 cents per kilometre capped at 100km) and a meal allowance of $6.95 per day if they don't want the court-provided catering.

Northern Territory

Daily pay:

• Days 1-9: $73.80
• Days 10+: $147.60

Jurors who lose income as a result of attending jury service in the Northern Territory are entitled to compensation from the court.

These rates are updated every financial year (the above are for 2025-26) in line with changes to the Darwin Consumer Price Index.

Because lunch is provided (as is dinner if the jury needs to stay after business hours), jurors aren't given a specific meal allowance.

Queensland

Daily pay:

• Days 1-20: $148.30
• Days 21+: $197.90

Courts in Queensland provide jurors with a daily allowance that differs depending on how long they are empanelled.

These rates have been in place since 2017 and aren't indexed to inflation.

In addition to the daily stipend, jurors may be eligible for lunch ($17.40) and dinner ($29.50) allowances. They can also claim public transport and some private transportation costs (if public transport isn't a viable option).

South Australia

Daily pay:

• All days: $20

Jurors in South Australia receive a flat daily payment, though additional compensation is available in many cases.

For instance, if jury service results in income loss, jurors may be able to claim a reimbursement of up to $200 per day.

Employers who provide paid leave can also apply to have that cost reimbursed, up to $200 per day.

Jurors may also be eligible for a travel allowance of 95 cents per kilometre for trips between their home and court.

Tasmania

Daily pay:

• Employed jurors: Up to $306.37
• Unemployed jurors: $40 (1-3 days) or $50 (4+ days)

Tasmania has the most generous pay rate for employed jurors - up to $306.37 each day provided they can provide evidence from their employer that they've lost income while serving.

Jurors can also claim travel costs to get to and from court.

Public transport and car park fees are reimbursed with proof, as are driving costs at a rate of $0.6512 cents per kilometre (engine capacity above 2 litres) or $0.56 cents per kilometre (under 2 litre engine capacity).

Reasonable costs associated with any childcare that jurors need to arrange during jury service may also be refunded with proof.

Victoria

Daily pay:

• Days 1-6: $40
• Days 7+: $80

All jurors in Victoria are paid a daily rate that increases after the first week of service.

Unlike most jurisdictions, employed jurors in Victoria are entitled to receive their regular income for the entire duration of service.

That means that employers will need to pay workers the difference between the jury rate and their normal earnings.

This applies to full-time, part-time and casual employees, but not to independent contractors.

Courts will also pay an allowance of 42 cents per kilometre for distances beyond 8km between home and the courthouse (one way only). This is not paid to those attending court in Melbourne though.

Western Australia

Daily pay:

• Days 1-3: $15
• Days 4+: $20

Jurors in Western Australia may receive a small daily payment, but in most cases, employed people will continue to receive their usual income.

That's because employers are required to continue paying employees their wages during jury service, including casuals (where work was expected).

Employers are then able to reclaim these costs from the court at a later date.

Jurors may also be reimbursed for trips between home and court. In Perth, this is based on public transport fares, whereas regional jurors are paid a per-kilometre rate for driving.

Can you skip jury duty because of money?

For some Australians, the bigger question isn't how much jury duty pays.

It's whether they can afford to serve at all.

After all, mortgage and rental costs and other bills won't suddenly disappear.

Every state and territory does recognise financial hardship as a genuine reason for someone to be excused from jury duty.

However, potential jurors may need to prove it.

Dr Leah Williams, a senior lecturer in the School of Law, Society and Criminology at UNSW, says that in New South Wales, for instance, undue hardship is not defined. Rather, it's assessed on a case-by-case basis.

"If serving is going to cause you to not be able to pay your rent and then lose your housing, that would be considered serious financial hardship.

"But somebody turning up and saying 'Oh, this is going to be difficult for me', is typically not going to be sufficient.

"Generally, courts will require some level of evidence. Say it's a sole trader or a contractor. They'll need to provide documentation to show what kind of financial impact serving on a jury will have on their business."

Is jury duty becoming unaffordable?

Whether it's people experiencing financial hardship or members of the workforce who don't have employer support to rely on, do the financial realities of participating in jury duty mean that jury pools are less diverse than they could be?

Dr Williams says that, broadly speaking, there is concern about jury diversity.

However, given the strict confidentiality rules around juries, there is little concrete data on the specific role that finances play in shaping who ends up serving.

From her perspective, there's a difficult balance to strike.

"I think there's a risk in setting jury allowances too high, because you don't want to incentivise people to be on a jury. That would take away from the core role of the juror, which is a civic duty.

"The role of jurors in a criminal trial, particularly, is to bring community values into the courtroom to allow justice to be seen to be done."

"So, the balance is having an allowance that supports a diversity of people to participate and satisfy that expectation that the jury is a representation of society."

SpaceX IPO could be biggest ever

SpaceX could be about to make stock market history, and Australian investors may get a way in.

Elon Musk, CEO of SpaceX, has formally lodged paperwork with the US Securities and Exchange Commission to list his space company on the Nasdaq, setting up what could become the biggest IPO ever.

While pricing hasn't been confirmed, early expectations suggest the float could raise about $US1.75 trillion, roughly $2.5 trillion, putting it in record territory.

It's a bold move, but not without risk.

The filing shows SpaceX generated $US18.67 billion in revenue in 2025, while still posting a loss of $4.94 billion, highlighting the high-cost nature of the space race.

For investors, the opportunity may extend beyond buying shares directly. Once listed, SpaceX is likely to appear in major exchange traded funds, offering indirect exposure for Australians.

The $5000 pet bill many can't afford

A vet visit could cost thousands, and many Australians worry they won't be able to pay.

New research from Royal Canin shows 78% of pet owners are concerned about affording veterinary care, despite two in five seeing their pet as a family member.

Some say they'd stretch their finances. One in four would pay up to $5000 for treatment, while almost one in ten say there's no limit.

But the reality is different.

Nearly two-thirds of pet owners don't have insurance, and vets say cost is a major barrier. One in two reports that up to half of the recommended treatments are declined because owners simply can't afford them.

Insurance can help, but it comes at a price. Pet cover can cost more than $800 a year, and like human health insurance, policies often include waiting periods before claims are paid.

Why car parks are pushing up home prices

You could be paying tens of thousands for a car space you don't even use.

Mandatory parking requirements in new developments are pushing up apartment prices across Australia, even as many of those spaces sit empty.

Research from the Grattan Institute shows up to 40% of car spots in some buildings are vacant each night, yet buyers are still footing the bill.

The added cost is significant.

Parking requirements can inflate the price of a two-bedroom apartment by about $70,000 in Sydney, $62,000 in Melbourne, and more than $100,000 in Brisbane and Perth.

That's money many buyers don't need to spend, especially as fewer inner-city residents rely on a car.

The Grattan Institute wants governments to change the rules, allowing parking to be bought or rented separately from apartments.

For buyers, this could mean lower upfront costs and more choice. It could also free up construction resources, with Grattan estimating the savings could help deliver more than 9000 additional homes.

One in four Aussies lifting card limits to cope

More Australians are turning to credit cards to manage rising costs, but the short-term fix may come with long-term risks.

One in four cardholders have applied to increase their credit limit in the past year, according to Money.com.au, with the average boost sitting at $3,000, about 30% of a typical limit.

For some households, it's a way to stay on top of everyday expenses.

But experts warn it can be a slippery slope.

A higher limit can offer flexibility, yet it may also point to growing reliance on credit. As balances rise, they can quickly become harder to repay, increasing the risk of longer-term debt.

There are other consequences to consider, too. Requests to lift your limit can appear on your credit report, potentially raising concerns for lenders and affecting your ability to borrow in the future.

The shift comes as changes to credit card surcharges loom. With a ban set to take effect from October 1, 2026, reward programs could lose value, prompting more than one-third of Australians to think about using points for everyday essentials instead.

Millions in lost money, could some be yours?

There are billions of dollars in lost money sitting unclaimed in Australia, and some of it could be yours.

ASIC says $2.7 billion is waiting to be reunited with its owners, from forgotten bank accounts to old shareholdings and insurance payouts.

And that's just the start.

Unclaimed super adds another $19 billion, taking the total pool of lost money to a staggering level.

Interest in tracking it down is rising fast. Visits to ASIC's Moneysmart unclaimed money tool have jumped 74% over the past year, as more Australians realise they may be missing out.

Some of the funds have been sitting untouched for decades, with records dating back to the 1950s. One unclaimed amount alone is worth $1.3 million.

The good news is there's no deadline to claim.

You can search for free using ASIC's Moneysmart tool, and there's no need to pay private services to do it for you.

Close to nine million Australians have life insurance through their super fund, but that doesn't mean you have to hold cover this way.

There can be good reasons to hold life insurance directly outside of super or to simply top up the level of cover that's already provided by your super fund.

In addition, if you are among the 1.2 million people with a self-managed super fund, you will need to organise your own life insurance.

NobleOak is no stranger to our insurance awards, having taken home Money's award for Best Direct Life Insurance Cover of the Year in 2022 and 2024.

With a heritage spanning more than 145 years, NobleOak has offered life insurance directly to Australians since 2012.

Miguel Cortes, senior product manager at NobleOak says, "Integrity and putting customers first remain at the heart of our business.

"We only offer fully underwritten life insurance directly to our customers. This means we take the time upfront to understand each customer's health and lifestyle before issuing cover.

"By collecting the right information early, we can tailor premiums and terms to the individual, rather than pricing for uncertainty. This allows us to keep our premiums competitive while still delivering quality cover customers can rely on."

Cortes explains, "Combined with our commitment to excellent customer service, this approach ensures customers receive genuine value, quality cover, fair pricing and support they can trust."

Our joint winner, Budget Direct (insurance provided by NobleOak) is a household name in Australia's insurance scene, and was the winner of Money's Best-Value Direct Life & Trauma Insurance award in 2025.

Budget Direct offers life cover from $50,000 to $25 million, with a maximum entry age of 74.

This is a key point of difference from life cover through super, which typically ends at age 70.

NobleOak also provides cover up to age 74 - although to a maximum of $500,000.

After years of studying abroad, I finally graduated and secured a job in Sydney. It felt like the beginning of adulthood, until I checked my bank account.

Within weeks, I had spent more than a month's salary just trying to get settled.

Without family support and with little time to plan, I suddenly had to rebuild my life in a completely new city.

From my experience living in different countries and cities, every move comes with costs, but this one felt different. It was the first time I fully understood how expensive "starting from scratch" can be.

Starting over isn't cheap

Since childhood, I was taught that clothing, food, shelter and transportation are the essentials of life (衣食住行 in traditional Chinese). You can wear what you already own to work, and learn to cook from YouTube or your parents. But when moving to a new city, shelter quickly becomes the biggest challenge.

It wasn't just about finding somewhere to rent, it was about understanding what kind of lifestyle my bank account could realistically support. When I looked at the rental market, it felt like there were no options near my workplace in the Sydney CBD. That changed when I met a colleague who walks to the office from an apartment near Town Hall.

My financial situation didn't just determine where I lived, it shaped how I experienced Sydney.

In the end, I chose a shared house in Parramatta, paying $270 a week.

Rent shapes how you live

After moving from Brisbane to Sydney, I started my new job and began commuting between the two CBDs. That's when I properly understood the phrase "time is money".

Cheaper rent meant a longer commute.

From bus to train, I spent around two hours a day travelling between Parramatta and Sydney CBD. While Sydney's transport system is known for its reach, the cost still felt high. In Brisbane, I had been used to paying as little as $0.50 per trip. Even with Sydney's weekly cap, it felt expensive on a tight budget.

What it really costs to start over

• Bond and upfront rent
• Furniture and essentials
• Transport setup and weekly fares
• Moving or shipping costs
• Replacing everyday items

Cheap rent, expensive time

With a limited relocation budget, starting over also meant rebuilding daily life from scratch. A table, a chair, a rice cooker, even basic cutlery, everything had to be bought again.

In the past, I tried to save money by moving things with me, making multiple trips between cities or even shipping boxes overseas. Once, I sent more than 100 kilograms of belongings and waited three months for them to arrive.

This time, I did the opposite. I sold almost everything in Brisbane and bought second-hand in Sydney.

It was more practical, but it still cost money.

The hidden cost of moving

Sitting in my small room in Parramatta, I realised I had already spent more than a month's salary before fully settling into Sydney.

Starting a career is often seen as the beginning of financial independence. In reality, for many young professionals, it begins with trade-offs.

Where you live. How long you commute. What you can afford to buy straight away, and what has to wait.

What adulthood really looks like

Looking back, the biggest lesson wasn't just how expensive Sydney is. It was understanding those trade-offs earlier, especially the balance between rent, time and lifestyle.

For many migrants and young workers living away from family support, adulthood doesn't begin with stability.

It begins with learning how to make those choices, and living with their cost.

*Not his real name