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First look at the new and improved Brekky Central

<p>After completing their final broadcast in the legacy Martin Place studio, the <em>Sunrise</em> team have broadcast their first show from the new and improved Brekky Central. </p> <p>The breakfast program began its first show from Seven’s Eveleigh studios, unveiling the highly-anticipated state-of-the-art studio on Monday morning.</p> <p>Hosts Natalie Barr and Matt Shirvington could hardly contain their excitement as they greeted viewers for the first time from their new desk. </p> <p>Sunday’s <em>Weekend Sunrise</em> marked the end of an era at the Martin Place studios for both <em>Sunrise</em> and Channel 7 after more than 19 years.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/reel/CvD5DnZgGtB/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/reel/CvD5DnZgGtB/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Sunrise (@sunriseon7)</a></p> </div> </blockquote> <p><em>Sunrise</em> and <em>The Morning Show</em> have now joined <em>7NEWS</em> in Eveleigh, which began broadcasting from its new home in June, while 7NEWS.com.au and 7NEWS Spotlight moved across in May.</p> <p>The arrival of the <em>Sunrise</em>, <em>Weekend Sunrise</em> and <em>The Morning Show</em> teams means that for the first time in more than 40 years, the entire Seven Sydney operation and all broadcast and operational staff across all departments are now under one roof.</p> <p>Speaking of the move to Eveleigh, Seven Network Director of Morning Television, Sarah Stinson, said “From today, viewers will see a brighter and fresher look, but the heart of our shows will never change. Our teams will continue to bring the best coverage of news, sport, weather, entertainment and so much more – and we’ll continue to have a laugh as only <em>Sunrise</em> and<em> The Morning Show</em> can.”</p> <p>Throughout the show, viewers got an inside look to the brand-new set, while Mark Beretta gave the audience a tour of the studio, make-up room and control room.</p> <p>“Twenty years ago when we moved into Martin Place we did a tour, so now it is appropriate to do a new tour,” the sports presenter explained.</p> <p>With a <em>Sunrise</em> microphone in hand, Beretts proceeded to walk around the vast new set, sharing details of the layout and curtain that divides <em>Sunrise</em> from the <em>7NEWS</em> set.</p> <p><em>Image credits: Instagram</em></p>

TV

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Sweet reason for Ray Hadley's big property purchase

<p dir="ltr">2GB broadcaster Ray Hadley has purchased a stunning Central Coast property with his wife, Sophie. </p> <p dir="ltr">The seaside retreat is situated on the Bouddi Peninsula in New South Wales, right on the water’s edge of Pretty Beach, and boasts impressive views across Brisbane Water - views that a balcony accessed by the living, kitchen, and dining space makes the most of.</p> <p dir="ltr">The property has five bedrooms, allowing plenty of space for Hadley and Sophie to host their visiting family members  - and most importantly, their grandkids. </p> <p dir="ltr">Hadley, who currently resides in the northwest of Sydney, has four children with five grandchildren from them. And, in happy news for the family, another on the way. </p> <p dir="ltr">He regularly provides his radio listeners with updates on the growing brood, with a focus on the youngest generation - all of them five and under - who mean the entire world to him. </p> <p dir="ltr">As he told <em>9Honey</em>, “​​before I had grandkids five years ago, mates would say, 'you won't believe the difference it makes' ... it's basically changed my life.</p> <p dir="ltr">"Five years ago I had none, now I've got five and another one on the way. They basically are my life.</p> <p dir="ltr">"I just adore them, every one of them, and they've all got different personalities, they're all different people.”</p> <p dir="ltr">He went on to share that the youngest is learning to walk and talk, while the others are prepping for school, with his eldest granddaughter even going so far as to ask him not to work, and to instead come along for her first ever school drop-off. </p> <p dir="ltr">“Just the fact that she asked me to do it made me feel 10-foot tall,” he shared.</p> <p dir="ltr">And the new property will give him the chance to spend more time with them, serving as a midway point for sleepovers, after years of the radio host travelling up the M1 from Sydney to be with them.</p> <p dir="ltr">It isn’t the first time Hadley has dipped his toes into the real estate market, either, with the 68 year old having downsized from his acreage after he turned 66, moving for the first time since the mid-1990s.</p> <p dir="ltr">The home isn’t even his first coastal retreat, with Hadley having snapped up a property on the Gold Coast in 2016, and planning to make an upgrade once again at Main Beach.</p> <p dir="ltr">Though for the time being, he may be a little busy settling into his new home, and maybe even treating himself and Sophie to a night out at their friend John Singleton’s nearby eatery.</p> <p dir="ltr"><em>Images: realestate.com.au, Getty</em></p>

Real Estate

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Graffiti grandma banned by council

<p dir="ltr">A fed up grandma who helped motorists avoid huge potholes has been banned by the local council.</p> <p dir="ltr">Jenny Hartich from the NSW Central Coast has taken it upon herself to spray paint warning signs or colourful animals around and near potholes.</p> <p dir="ltr">The 76-year-old said she was sick of waiting for the council to fix the roads and knew she had to take matters in her own hands.</p> <p dir="ltr">“No, I've been fixing it, doing it and getting it done, getting them filled,” she told <em>A Current Affair.</em></p> <p dir="ltr">“The community have donated money and donated spray cans just to keep me going to keep everyone safe. They know they're coming up to a pothole.”</p> <p dir="ltr">But despite her helpful work, Jenny said she has been banned from warning motorists for her own safety and requested she take photos of the potholes and send it to them.</p> <p dir="ltr">“They didn't want to see me splattered on the road.”</p> <p dir="ltr">Severe rain has caused many potholes to open up on NSW roads with drivers becoming frustrated waiting for compensation from the government.</p> <p dir="ltr">Transport for NSW (TFNSW) said more than 1,000 claims for damage have been made between March and June this year.</p> <p dir="ltr">Only 82 of the claims have been processed due to a delay in investigations.</p> <p dir="ltr">"When a claim is received, an investigation into the condition of the road is carried out," a TFNSW spokesperson said.</p> <p dir="ltr">"Factors such as the incident location and date as well as inspection and maintenance records are taken into consideration to determine whether there is potential liability and the claim may be accepted."</p> <p dir="ltr"><em>Images: A Current Affair</em></p>

Travel Trouble

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Nobel economics prize: insights into financial contagion changed how central banks react during a crisis

<p><em>This year’s <a href="https://www.nobelprize.org/prizes/economic-sciences/2022/prize-announcement/" target="_blank" rel="noopener">Nobel prize in economics</a>, known as the Sveriges Riksbank Prize in Economic Sciences, has gone to Douglas Diamond, Philip Dybvig and former Federal Reserve Chair Ben Bernanke for their work on banks and how they relate to financial crises.</em></p> <p><em>To explain the work and why it matters, we talked to Elena Carletti, a Professor of Finance at Bocconi University in Milan.</em></p> <p><strong>Why have Diamond, Bernanke and Dybvig been awarded the prize?</strong></p> <p>The works by <a href="https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022.pdf" target="_blank" rel="noopener">Diamond and Dybvig</a> essentially explained why banks exist and the role they play in the economy by channelling savings from individuals into productive investments. Essentially, banks play two roles. On the one hand, they monitor borrowers within the economy. On the other, they provide liquidity to individuals, who don’t know what they will need to buy in future, and this can make them averse to depositing money in case it’s not available when they need it. Banks smooth out this aversion by providing us with the assurance that we will be able to take out our money when it’s required.</p> <p>The problem is that by providing this assurance, banks are also vulnerable to crises even at times when their finances are healthy. This occurs when individual depositors worry that many other depositors are removing their money from the bank. This then gives them an incentive to remove money themselves, which can lead to a panic that causes a bank run.</p> <p>Ben Bernanke fed into this by looking at bank behaviour during the great depression of the 1930s, and showed that bank runs during the depression was the decisive factor in making the crisis longer and deeper than it otherwise would have been.</p> <p><strong>The observations behind the Nobel win seem fairly straightforward compared to previous years. Why are they so important?</strong></p> <p>It’s the idea that banks that are otherwise financially sound can nevertheless be vulnerable because of panicking depositors. Or, in cases such as during the global financial crisis of 2007-09, it can be a combination of the two, where there is a problem with a bank’s fundamentals but it is exacerbated by panic.</p> <p>Having recognised the intrinsic vulnerability of healthy banks, it was then possible to start thinking about policies to alleviate that risk, such as depositor insurance and reassuring everyone that the central bank will step in as the lender of last resort.</p> <p>In a bank run caused by liquidity (panic) rather than insolvency, an announcement from the government or central bank is likely to be enough to solve the problem on its own – often without the need for any deposit insurance even being paid out. On the other hand, in a banking crisis caused by insolvency, that’s when you need to pump in money to rescue the institution.</p> <p><strong>What was the consensus about bank runs before Diamond and Dybvig began publishing their work?</strong></p> <p>There had been a lot of bank runs in the past and it was understood that financial crises were linked to them – particularly before the US Federal Reserve was founded in 1913. It was understood that bank runs made financial crises longer by exacerbating them. But the mechanism causing the bank runs wasn’t well understood.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=3 2262w" alt="Police controlling an angry crowd during a Paris bank in 1904" /></a><figcaption><span class="caption">A bank run in Paris in 1904.</span> <span class="attribution"><a class="source" href="https://www.shutterstock.com/image-illustration/paris-police-hold-back-crowd-making-242294071" target="_blank" rel="noopener">Everett Collection</a></span></figcaption></figure> <p><strong>How easy is it to tell what kind of bank run you are dealing with?</strong></p> <p>It’s not always easy. For example, in 2008 in Ireland it was thought to be a classic example of bank runs caused by liquidity fears. The state stepped up to give a blanket guarantee to creditors, but it then became apparent that the banks were really insolvent and the government had to inject enormous amounts of money into them, which led to a sovereign debt crisis.</p> <p>Speaking of sovereign debt crises, the work by Diamond and Dybvig also underpins the literature on financial contagion, which is based on a <a href="https://www.jstor.org/stable/10.1086/262109" target="_blank" rel="noopener">2000 paper</a> by Franklin Allen and Douglas Gale. I worked with Allen and Gale for many years, and all our papers have been based on the work of Diamond, and Diamond and Dybvig.</p> <p>In a similar way to how state reassurances can defuse a bank run caused by liquidity problems, we saw how the then European Central Bank President Mario Draghi was able to defuse the run on government bonds in the eurozone crisis in 2011 by saying that the bank would do “<a href="https://qz.com/1038954/whatever-it-takes-five-years-ago-today-mario-draghi-saved-the-euro-with-a-momentous-speech/" target="_blank" rel="noopener">whatever it takes</a>” to preserve the euro.</p> <figure><iframe src="https://www.youtube.com/embed/tB2CM2ngpQg?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p><strong>The prize announcement has attracted plenty of people on social media saying we shouldn’t be celebrating Bernanke when he was so involved in the quantitative easing (QE) that has helped to cause today’s global financial problems – what’s your view?</strong></p> <p>I would say that without QE our problems would today be much worse, but also that the prize recognises his achievements as an academic and not as chair of the Fed. Also, Bernanke was only one of the numerous central bankers who resorted to QE after 2008.</p> <p>And it is not only the central bank actions that make banks stable. It’s also worth pointing out that the changes to the rules around the amount of capital that banks have to hold after 2008 have made the financial system much better protected against bank runs than it was beforehand.</p> <p><strong>Should such rules have been introduced when the academics first explained the risks around bank runs and contagion?</strong></p> <p>The literature had certainly hinted at these risks, but regulation-wise, we had to wait until after the global financial crisis to see <a href="https://www.ecb.europa.eu/pub/pdf/fsr/art/ecb.fsrart201405_03.en.pdf" target="_blank" rel="noopener">reforms such as</a> macro-prudential regulation and more stringent micro-prudential regulation. This shows that regulators were underestimating the risk of financial crises, perhaps also pushed by the banking lobbies that had been traditionally very powerful and managed to convince regulators that risks were well managed.</p> <p><strong>If retail banks become less important in future because of blockchain technology or central bank digital currencies, do you think the threat of financial panic will reduce?</strong></p> <p>If we are heading for a situation where depositors put their money into central banks rather than retail banks, that would diminish the role of retail banking, but I think we are far from that. Central bank digital currencies can be designed in such a way that retail banks are still necessary. But either way, the insights from Diamond and Dybvig about liquidity panics are still relevant because they apply to any context where coordination failures among investors are important, such as sovereign debt crises, currency attacks and so on.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/192208/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><span id="docs-internal-guid-b64a001e-7fff-6de9-427e-bf63c137d340">Written by Elena Carletti. Republished with permission of <a href="https://theconversation.com/nobel-economics-prize-insights-into-financial-contagion-changed-how-central-banks-react-during-a-crisis-192208" target="_blank" rel="noopener">The Conversation</a>. </span></em></p> <p><em>Image: The Nobel Foundation</em></p>

Money & Banking

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Hero dad coward-punched while trying to rescue car crash victim

<p dir="ltr">A 63-year-old father is fighting for his life after being coward-punched in the head while helping a teen in a car accident. </p> <p dir="ltr">Rob Seddon rushed to help a 17-year-old who crashed his Toyota Corolla into a caravan outside his home on Skyhawk Ave in Hamlyn Terrace on the Central Coast around 10pm on Saturday. </p> <p dir="ltr">Along with other neighbours, Mr Seddon assisted the teen before they were ambushed by a group of males who attacked them. </p> <p dir="ltr">Mr Seddon was allegedly hit from the back on the head which caused him to fall backwards, hit his head and lose consciousness. </p> <p dir="ltr">He was flown to John Hunter Hospital in a critical condition where he underwent brain surgery and remains in intensive care in a coma.</p> <p dir="ltr">Mr Seddon’s 21-year-old son was also allegedly attacked and suffered a broken nose.</p> <p dir="ltr">“I could hear the sheer horrible noises from this guy that was being hurt, I had tears in my eyes, I knew it was bad,” neighbour Diane Gardner told Nine News.</p> <p dir="ltr">“It was absolutely horrible. You could hear his pain and he wanted help.”</p> <p dir="ltr">Police are asking anyone with information about the alleged attackers to come forward. </p> <p dir="ltr">The 17-year-old driver who crashed into Mr Seddon’s caravan was breathalysed at the scene and returned a positive blood-alcohol reading.</p> <p dir="ltr">He was then charged with negligent driving and drink-driving on P-plates.</p> <p dir="ltr"><em>Images: Nine News</em></p>

Caring

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Woolies worker seriously stabbed while stacking shelves

<p dir="ltr">A Woolworths worker who was allegedly randomly stabbed with a 40cm has opened up about the terrifying ordeal.</p> <p dir="ltr">Donna Grocott was stacking shelves in the pet aisle at Woolworths in Ellenbrook Central in northeast Perth when she was allegedly stabbed in the back of her hip by Cassandra Hickling on August 16.</p> <p dir="ltr">The 44-year-old worker was rushed to hospital with the 40cm knife still lodged in her back and required seven staples after it was removed.</p> <p dir="ltr">She also suffered injuries to her fingers but says she is lucky to be alive after the knife failed to puncture any major organs.</p> <p dir="ltr">“I feel very fortunate that my injuries were not worse,” Ms Grocott said.</p> <p dir="ltr">“I’d like to thank the people who helped me at the store and the emergency responders and the hospital staff for taking care of me.”</p> <p dir="ltr">Hickling, 35, was arrested at her home and charged with attempted murder. She remains behind bars awaiting her court appearance at the end of the month.</p> <p dir="ltr">Midland Police Detective Sergeant Tania Mackenzie confirmed the women did not know each other and that Hickling purchased the knife from a different shop.</p> <p dir="ltr">“(It is) something I’ve never heard of happening before in my career,” she said.</p> <p dir="ltr">“It was just someone going about their day-to-day work, stacking shelves in the shopping centre.</p> <p dir="ltr">“There’s been no one else in the aisle and she’s been approached by the suspect who has (allegedly) stabbed her with a filleting knife.”</p> <p dir="ltr">Woolworths is offering counselling to staff.</p> <p dir="ltr"><em>Images: 7News/Facebook</em></p>

Caring

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"I've been saving them heaps": Teen speed camera crusader hailed a hero

<p>A 17-year-old from the Central Coast has found a unique way to help out his community, by warning motorists about upcoming speed cameras. </p> <p>Beau Jackson has been hailed a national hero for spending his spare time on the road helping drivers to avoid unnecessary speed camera fines by alerting them to mobile speed cameras hidden out of sight. </p> <p>No matter the weather, Beau can be seen before and after work on most days across the Central Coast on the lookout for "unfair" cameras that are collecting revenue from unsuspecting drivers. </p> <p>He stands out on the side of the road next to his motorbike with a handwritten sign warning passing drivers. </p> <p>Motorists express their gratitude by beeping their horns and yelling out messages of support. </p> <p>"I want to look out for people as it's a pretty hard time right now," Beau told <a href="https://9now.nine.com.au/a-current-affair/aussie-teens-speed-camera-crusade-helping-locals-avoid-fines/1ab8ed54-1a3c-4396-a2da-ff2c3aa5b422" target="_blank" rel="nofollow noreferrer noopener">A Current Affair</a>.</p> <p>"I don't want people getting a fine. I've been saving them heaps in the month I've been doing it."</p> <p>"People can cop a $170 fine for just going four kilometres over the limit and right now people are struggling so I just want to help them."</p> <p>Beau claims he has checked with local police to check that what he's doing isn't illegal. </p> <p>"They think I'm doing the community a service as I'm actually making people slow down," he added. </p> <p>Local motorists have declared Beau a national hero for the work he haas done. </p> <p>"He's great at it, saving all our licenses," one man said.</p> <p>Others have pulled over to offer Beau drinks and chocolate while a local tyre business showed their appreciation by giving him new tyres for his motorbike.</p> <p><em>Image credits: Nine</em></p>

Travel Trouble

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"Fly high Logan”: School vice-captain found dead

<p>A young man named Logan Losurdo has tragically been discovered dead by police, following a search that spanned over three months.</p> <p>The ex-school vice captain shared his life story in a heartbreaking speech that was widely shared online. He had been missing from the NSW Central Coast since Friday the 26th of November.</p> <p>A spokeswoman from NSW Police said the remains were discovered shortly after 11 am on March the 10th, when police were called to Soldiers Beach at Norah Head following reports human remains were located on the shoreline.</p> <p>Late on Monday night police, said the remains had been identified.</p> <p>“Officers from Tuggerah Lakes Police District established a crime scene and commenced an investigation,” she said.</p> <p>“Police have since confirmed the remains to be those of a 20-year-old man, who was last seen in the Magenta area on the Central Coast in November 2021. A report will be prepared for the information of the Coroner.”</p> <p>The Help find Logan Losurdo Facebook page announced his death on Monday night. “It is with very heavy hearts we announce that Logan has been located deceased. Our hearts are breaking for all Logan’s family and friends.”</p> <p>“We ask you please respect their privacy at this difficult time. Fly high Logan,” the statement said.</p> <p>Mr Losurdo was reported missing to police at around 8 pm on the 26th of November. Officers from Tuggerah Lakes Police District – with the assistance of SES volunteers, PolAir, Water Police, Marine Rescue, NSW Surf Lifesaving and the Volunteer Rescue Association conducted extensive land and sea searches in efforts to find him.</p> <p>Strike Force McConnell, which was established to investigate the circumstances surrounding the disappearance, sought to speak to the driver of a white vehicle which was seen on Magenta Drive shortly before 1:10 am on the night Mr Losurdo went missing.</p> <p>CCTV footage showed a man getting out of a car and speaking with Mr Losurdo before re-entering the vehicle and driving away. There is no evidence to suggest the vehicle or person is involved in Mr Losurdo’s disappearance.</p> <p>The then 17-year-old senior at Tuggerah Lakes Secondary College shared his life story after winning the AVID Australia Student Speaker competition, describing his troubled upbringing where “life was anything but stable”.</p> <p><em>Images: Facebook</em></p>

Caring

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Ray Hadley’s former holiday home sells for record-breaking price

<p><span style="font-weight: 400;">A home formerly owned by radio presenter Ray Hadley has smashed local property records after it was sold for $9 million over the summer holidays.</span></p> <p><span style="font-weight: 400;">The 2GB presenter formerly owned the beachfront house in Toowoon Bay, on the NSW Central Coast, and used it as a holiday home before selling it for $3,275,000 in 2016.</span></p> <p><span style="font-weight: 400;">Prior to its most recent sale, an $8 million house in Pearl Beach held the record for the region after it was sold in 2021.</span></p> <p><span style="font-weight: 400;">Cathy Baker of Belle Property Central Coast sold the record-breaking home and said the Central Coast area is in the middle of a price surge.</span></p> <p><span style="font-weight: 400;">“The Central Coast has seen a surge in property prices off the back of the pandemic. Travel restrictions and lockdowns encouraged people to reconsider their lifestyle, while flexible work arrangements have allowed more people to live wherever they want, which is often by the Coast,” Ms Baker </span><a rel="noopener" href="https://www.realestate.com.au/news/ray-hadleys-former-retreat-smashes-central-coast-price-record/" target="_blank"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">“Covid has changed the way many of us holiday and we’ve seen unprecedented demand for luxury homes on the Coast, which buyers are using (for) their own holidays as well as to make lucrative returns.”</span></p> <p><span style="font-weight: 400;">Along with Sydneysiders visiting for holidays, the Toowoon Bay area is also home to young families who have moved there to enjoy a laid back coastal lifestyle.</span></p> <p><span style="font-weight: 400;">The Toowoon Bay home is due to become another option for hopeful visitors to the area, with its launch as a holiday rental home on Belle Escapes Central Coast due soon.</span></p> <p><span style="font-weight: 400;">With its prime location, lucky renters will be able to enjoy the nearby bays, lakes and beaches, as well as its panoramic water views, heated plunge pool, and pool cabana.</span></p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CX78b6zBwCn/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/CX78b6zBwCn/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Belle Property Central Coast (@bellepropertycentralcoast)</a></p> </div> </blockquote> <p><span style="font-weight: 400;">“It has to be one of the best beachfront homes on the East Coast,” Ms Baker said. “It’s private and sheltered - even the beach is protected and the bay is great for snorkelling, paddling and swimming.</span></p> <p><span style="font-weight: 400;">“The width of the frontage is rare. It’s hard to appreciate how amazing the aspect is until you walk into the home and soak in the incredible views.</span></p> <p><span style="font-weight: 400;">“The architect Mark Eastham designed the home in such a way that it feels like you’re living outdoors on a beach.”</span></p> <p><span style="font-weight: 400;">The Central Coast has seen a surge in prices for high-end properties, with the median price for a Central Coast home increasing from nearly $624,000 in 2020 to $682,000 in 2021.</span></p> <p><em>Images: realestate.com.au,<span> </span><span>@bellepropertycentralcoast (Instagram)</span></em></p>

Real Estate

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Local council accidentally crushes woman's car and belongings

<p dir="ltr">A NSW grandmother is still awaiting compensation three months after the local council admitted to accidentally seizing and crushing her car.</p> <p dir="ltr">Wendy Tucker said she is upset at how heartless the council has been when it came to offering help, fixing its mistake, and being clear about what happened to her 1997 Toyota Camry and personal belongings, while critics described the incident as embarrassing and evidence of incompetence on the Central Coast Council’s behalf.</p> <p dir="ltr">Mrs Tucker told<span> </span><em>A Current Affair,<span> </span></em>"I just thought the council would have been more forthcoming.</p> <p dir="ltr">"It was my only car, and it had things in it - personal belongings, emotional things - you get attached to your vehicles regardless of how good or bad they are."</p> <p dir="ltr">Mrs Tucker said that three months ago, she rang the police and council rangers, fearing her car, which was parked near her daughter’s home, had been stolen. The 61-year-old high school science lab assistant claims she was told by the council that the car had been towed, and to expect a letter in the mail that would outline the next steps she should take.</p> <p dir="ltr">Unfortunately, the next day she received a call from the council informing her that the car had been accidentally crushed. The warning letter from the council arrived a few days later.</p> <p dir="ltr">Mrs Tucker said, "I thought they were exaggerating but apparently it had been crushed completely.”</p> <p dir="ltr">Former Central Coast councilor Greg Best said “heads should roll” after the incident. "Surely they should have just sat down with Mrs Tucker over a cup of tea and said 'sorry, here's what we're going to do'.</p> <p dir="ltr">"This council wracked up the largest financial debt and financial loss of any council in Australia and it has now gone to an all time high in its incompetence and embarrassment."</p> <p dir="ltr">The Council confirmed the car was left in a street at Point Clare for roughly eight weeks during NSW’s COVID-19 lockdown, and that it towed the vehicle following complaints from nearby homeowners. While this is within the council’s power, it is required to contact the registered owner and give warning that the car had been impounded.</p> <p dir="ltr">The Central Coast Council<span> </span><a rel="noopener" href="https://9now.nine.com.au/a-current-affair/aussie-grandmothers-car-crushed-by-nsw-council-without-warning/b04415f6-ce57-42aa-a2ca-c263a61073f8" target="_blank">provided two statements</a><span> </span>to<span> </span><em>A Current Affair,<span> </span></em>and later offerred an apology to Mrs Tucker. Their most recent statement says, amongst other things, that the “Council apologies to the car owner that adequate notice wasn't provided by letter to the registered address, and despite Council undertaking the process lawfully within the legislation, compensation is assured to the car's owner.”</p> <p dir="ltr"><em>Image: Channel 9</em></p>

Legal

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Chris Hemsworth to visit the NSW central west

<p dir="ltr">In a bid to attract tourists to the small town of Cowra, population 13,000, the town’s tourism team put together an amazing ‘Get Chris to Cowra’ campaign – and it worked! The Chris in question being Australia’s favourite of the Hollywood Chrises, of course: Chris Hemsworth, best known for playing Thor in the Marvel movies.</p> <p dir="ltr">The campaign launched last week with an entertaining video showcasing all of the amazing things Cowra has to offer, as well as giving viewers a glimpse into the process behind getting the campaign off the ground. The primary goal behind the campaign was to boost tourism after years of drought and the COVID-19 pandemic, with attracting Chris Hemsworth himself surely feeling like a pipe dream.</p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/9z6_2FA38R8" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen=""></iframe></p> <p dir="ltr">The campaign includes a proposal for a ‘Big Chris’, in the style of Australia’s Big Landmarks like the Big Pineapple and the Big Prawn. The statue would be “four storeys tall and a beard like spun canola” according to the campaign<span> </span><a rel="noopener" href="https://www.getchristocowra.com.au/the-big-chris" target="_blank">website</a>.</p> <p dir="ltr">The website says of the proposed statue, “standing over forty metres tall, the proposed Big Chris will stand testament to mankind's ingenuity, daring, and engineering skills, and will be a glimmering beacon for international and domestic visitors alike. The Big Chris will be the crown jewel in the rich tapestry of visitor sights and experiences that is Cowra.” Plus, they want the statue to be “constructed from chiselled marble (much like Chris Hemsworth's jawline)”. Who could resist visiting such a marvel of modern engineering?</p> <p dir="ltr">And now the town might have to actually follow through on their proposal, because the God of Thunder himself has taken to Instagram to accept the town’s gracious offer, promising to visit the town next year.</p> <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/tv/CVJppLMhS9e/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/tv/CVJppLMhS9e/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank">A post shared by Chris Hemsworth (@chrishemsworth)</a></p> </div> </blockquote> <p dir="ltr">Writing on Instagram on Tuesday, Hemsworth said, “Big love to all the folks in Cowra for this amazing campaign, warmed my heart and made me smile! I’m off shooting a film over seas soon but upon return next year I’m comin in hot!!</p> <p dir="ltr">“Like many regional towns around Australia, Cowra has suffered from a lack of tourism due to COVID-19 pandemic. So when things open up be sure to check out all the amazing places Australia has to offer!”</p> <p dir="ltr">Speaking to the<span> </span><a rel="noopener" href="https://www.abc.net.au/news/2021-10-19/chris-hemsworth-agrees-to-come-to-cowra/100549628" target="_blank">ABC</a>, Cowra Tourism manager Glenn Daley said he was experiencing “a little bit of disbelief”, understandably so. "I was actually out in the paddock doing some farm stuff, and the assistant manager called and said 'we've got him'!"</p> <p dir="ltr"><em>Image: Cowra Tourism, Jun Sato/GC Images</em></p>

Domestic Travel

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Murder suspect posted about teenage girl’s death day before his arrest

<p>The man accused of killing a teenage girl in the central coast of NSW more than 21 years ago left a comment on a post about her death just a day before his arrest.</p> <p>Craig Henry Brumsby, who now lives in Sydney, was arrested on Tuesday evening for the murder of teenager Michelle Bright.</p> <p>Police say he was so shocked by the arrest that he needed medical care for heart palpitations.</p> <p>“He was actually taken back to the police station and had heart palpitations and had to get medically treated for a couple of hours,” Detective Superintendent Danny Doherty said.</p> <p>Michelle was just 17 when she was last seen alive on February 27, 1999, when a friend dropped her off on Herbert Street in Gulgong after a birthday party.</p> <p>Three days later, her deceased body was found in long grass on the side of Barneys Reef Road.</p> <p>Rumsby was arrested for Bright’s murder a day after a reward put out for information to solve Bright’s murder was doubled to a whopping $1 million.</p> <p>He posted on the NSW Police Facebook page on Monday: “It’s so sad they haven’t caught her killer... Michelle was like a sister to me.”</p> <p>“I feel sorry for the family.”</p> <p>The 53-year-old appeared in Mudgee Local Court on Wednesday and did not apply for bail.</p> <p>He will return to court next Wednesday.</p> <p>Det Supt Doherty says Rumsby had been a person of interest for several years and responses to the plea reaffirmed existing evidence against him.</p> <p>Police are yet to finalise the investigation; however, it is unlikely the reward will be paid.</p> <p>Michelle’s mother Loraine chose not to speak to the media on Wednesday, explaining on Monday she’s endured 21 years of “indescribable pain”.</p> <p>Det Supt Doherty said the charges against Rumsby had also shocked Loraine Bright.</p>

Legal

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Slip sliding away: Coastal homes under dire threat

<p>Residents along the NSW Central Coast have been left concerned after days of extreme surf caused severe erosion, putting the beachfront homes in danger of collapsing.</p> <p>A powerful low pressure system across Australia’s east coast earlier this week created large swells and high waves smashing the beaches.</p> <p>Police, State Emergency Services (SES) and NSW Fire and Rescue were called to homes on Ocean View Drive in Wamberal on Thursday night following reports of erosion at the properties, the <em><a href="https://www.smh.com.au/national/nsw/wild-weather-leaves-nsw-homes-at-risk-of-structural-collapse-due-to-beach-erosion-20200717-p55cwm.html">Sydney Morning Herald</a> </em>reported.</p> <p>“Dunes are collapsing, people’s houses are at risk of falling into the sea,” a resident told <em><a href="https://www.9news.com.au/national/sydney-erosion-fears-wild-weather/c1d0baad-688a-4bc6-8a8e-58177aee69af#:~:text=Residents%20living%20along%20the%20NSW,homes%20exposed%20to%20the%20elements.&amp;text=%22We%20have%20massive%20erosion%20on,%2C%22%20one%20resident%20told%209News.">9News</a></em>.</p> <p><iframe src="https://www.facebook.com/plugins/post.php?href=https%3A%2F%2Fwww.facebook.com%2Ffrnsw459%2Fposts%2F1918254264978574&amp;show_text=true&amp;width=552&amp;height=740&amp;appId" width="552" height="740" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe></p> <p>Emergency services brought large concrete blocks along the stretch of coast to help support homes from the risk of landslide.</p> <p>SES controller Rolf Garda said this erosion damage was the worst he had seen in the last 30 years.</p> <p>“There’s always been impact on that area but for some reason this event has taken away far more land than we expected,” Garda told the <em><a href="https://www.abc.net.au/news/2020-07-17/nsw-coastal-erosion-from-large-swell-pummelling-coast/12465398">ABC</a></em>.</p> <p>“We identified that some houses were pretty close to the slump line. We worked with Council to walk up and down and talk to the residents and advised them of the potential dangers.”</p> <p>Local café worker Amanda Keanelly said the coastal erosion was “so scary” for the residents. “A guy came in yesterday and he told us that his home was a metre away from going in. He was heartbroken,” Keanelly told the <em><a href="https://www.theguardian.com/environment/2020/jul/17/nsw-central-coast-huge-swells-wamberal-homes-risk-collapse-beach-erosion">Guardian</a></em>.</p> <p>The <a href="http://www.bom.gov.au/nsw/forecasts/centralcoastcities.shtml">Bureau of Meteorology</a> forecasted large and powerful surf conditions until at least Saturday.</p> <p><em>Photo: ABC News</em></p>

Real Estate

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Driving along Central Otago highway

<p><em>Justine and Chris Tyerman continue their ‘age-inappropriate’ road trip in a mini campervan, revisiting places in Central Otago Justine last travelled as a child...</em></p> <p><span>Driving along magnificent stretches of Central Otago highway without a care in the world, the sun streaming down from a clear, blue, autumn sky, we encountered some extraordinarily-friendly gestures from the occupants of other bright green and purple rental vehicles approaching or passing us on the open road — waves, thumbs-ups and beaming smiles. We reciprocated, being careful to arrange our fingers in a non-offensive configuration, of course. We had such enthusiastic responses it inspired us to be even more inventive so I held up a “Kia Ora” sign, assuming most of them were visitors to Aotearoa.</span></p> <p><span>After many such greetings over the next few hours, we decided to call this phenomenon the “JRW”, the JUCY Recognition Wave, brand recognition and brand bonding on a grand scale.<br />I also detected expressions of surprise and/or amusement on the faces of the invariably young occupants of the other vehicles as they glimpsed a couple of oldies travelling in a mini-camper. Did they think we were cool... or crazy? And did we care? Not two hoots! We were like a couple of teenagers on their first roadie as we meandered our way from Wanaka to the Catlins, revisiting places in Central Otago last travelled as a child.</span></p> <p><span>In those days, the narrow, winding Cromwell Gorge road was just another obstacle to endure on our long car trips from Dunedin to our little crib in Arrowtown. But the old road is long gone now, submerged by Lake Dunstan — and the new road is straighter and much higher up the side of the gorge wall, closer to the craggy, weathered mountain tops that used to tower above us.</span></p> <p><span>Fifteen minutes from Cromwell, the curved rim of the Clyde Dam loomed into view, the 103m-high concrete gravity structure that holds back the 26 sq km hydro-power storage reservoir of Lake Dunstan. Shortly after the completion of the Clyde Dam in 1993, we had a guided tour of the power station including a walk-through of the dimly-lit, vibrating interior corridor of the dam wall. I doubt I would do that now having researched the history of the dam construction in PM Robert Muldoon’s “Think Big” era, the discovery of fault lines above the one million cubic metres of concrete and steel dam and the safety compromises made back then.</span></p> <p><span>Clyde has transformed itself into a seriously-classy village since the days we used to drive through the sleepy settlement stopping for a cuppa beside the river. Now the start and end point of the immensely-popular 152km Otago Central Rail Trail, Clyde has a great range of accommodation and eateries including Olivers, an upmarket craft brewery, bar, bakery-café, and gourmet restaurant with boutique accommodation, located in the old stone, gold rush-era general store.</span></p> <p><span>Six or seven minutes further on is Alexandra whose claim to fame in my teenage years was the October Blossom Festival. I seldom managed to get there because I was always in Dunedin, buried in my books, studying for end-of-year exams.</span></p> <p><span>Alexandra reached its heyday during the late 1800s when huge gold dredges worked the mighty Clutha River/Mata-Au. The most successful dredge was the “Dunedin”, which extracted around 528kg of gold. Today Alexandra is known for its pinot noir vineyards and apricots, peaches, cherries and apples.</span></p> <p><span>In mid-winter, we used to go ice skating on nearby Manorburn Dam, the largest natural ice skating area in the Southern Hemisphere. The dam has been a popular place to skate and play ice hockey and the game of “curling” since the late 1880s. Parts of the dam still freeze over but most people now go to the artificial rink in town.</span></p> <p><span>They sure knew how to build beautiful bridges in the old days. The graceful stone towers of the historic bridge over the Clutha River/Mata-Au, built from 1879 to 1882, still stand strong and proud in New Zealand’s swiftest river. The vivid turquoise of the Clutha against the bright gold of the autumn poplars and willows on the riverbank, with the deeply-weathered rocks on the hillsides above, is stunning. The replacement bridge, built in 1958, looked so utilitarian and ordinary by comparison.</span></p> <p><span>We stopped for morning tea beside the river, soaking up the warm autumn sun. The little kitchen with its gas cooker, fridge and sink tucked into the back of the JUCY Cabana was incredibly convenient when we wanted to take a break in a beautiful spot.</span></p> <p><span>Near the bridge, van-loads of excited cyclists were setting off to do the Roxburgh Gorge Trail, a 34km ride along the Clutha River from Alexandra to Lake Roxburgh Dam with a boat link in the middle. Combining fascinating goldmining era history, stunning scenery and wildlife, this is definitely top of my must-do list. A remote wilderness experience with no road access, the trail passes through what’s described as New Zealand’s “Grand Canyon” with rocky bluffs 350m high on both sides of the river.</span></p> <p><span>I’ve always regarded Roxburgh as the heart of Central Otago, “well-suited to the making of Westerns”, my father used to say whenever we drove over the wild, barren landscape scattered with jagged, grey-brown rocks. Roxburgh’s hot, dry summers and cold winters are ideal for growing apricots, apples, pears, raspberries and strawberries. We used to stop to pick sturmer apples at a friend’s orchard there.</span></p> <p><span>Roxburgh is near the site of the earliest of the large hydroelectric projects in the South Island. Opened in 1956, the concrete gravity structure dams the Clutha River/Mata-Au, 9km to the north of the town of Roxburgh creating a lake 30km long.</span></p> <p><span>The land flattens out towards Raes Junction so we took a detour just before Lawrence, opting for the Tuapeka West Road to Balclutha. What an incredible contrast. Suddenly we were surrounded by rolling green pastures populated with well-fed sheep and cows and barely a rock or weed in sight.  A huge dairy factory stood in the middle of nowhere.</span></p> <p><span>At Balclutha, we headed towards Kaka Point and the much-anticipated start of our Catlins adventure, all new territory for us. I stood there gazing at the silvery sea and white sands of Molyneux Bay on New Zealand’s south-east coast. It all seemed far too easy to have left the snow-capped mountains of Wanaka in the morning, traversed the wild and arid heart of Central Otago and the verdant pastures of Tuapeka, and arrived at the seaside by lunchtime. That’s one of a myriad of things I love about our Aotearoa backyard. The contrasts are huge but the distances are not...</span></p> <p><span><em>Next story: The Catlins</em></span></p> <p><em>Read the first of Justine’s road trip stories <a rel="noopener" href="https://www.oversixty.com.au/travel/international-travel/exploring-our-own-backyard" target="_blank">here</a>.</em><span><br /></span></p> <p><span><strong>Factbox:</strong><br />• Pick up a JUCY campervan, 4WD, people-mover or car from <a rel="noopener noreferrer" href="http://www.jucy.com/" target="_blank" data-auth="NotApplicable">JUCY</a> Rentals at Queenstown Airport. We’ve tried them all but this time we had a two-berth JUCY Cabana mini campervan with a double bed and a little kitchen, which gave us the freedom to camp out whenever we felt like it. The Cabana is not self-contained so we stayed at camping grounds and met some awesome people along the way. We liked the ease and manoeuvrability of the basic little campervan and the freedom of not being tied to an itinerary or pre-booked accommodation.</span></p>

International Travel

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Central Coast's changing face attracts Sydney downsizers

<p><strong>The NSW Central Coast region’s natural beauty, improved transport access and shift to high-quality new housing are helping to attract downsizers from Sydney.</strong></p> <p>Downsizing.com.au spoke to a local agent to understand more about the region’s growing appeal.</p> <p><strong>Attractive lifestyle and transport access</strong></p> <p>Michelle Tucker, a Central Coast-based McGrath agent, says there are several drivers enticing downsizers to ‘The Coast’ (as locals prefer to call the region).</p> <p>Ms Tucker said the picturesque Brisbane Waters and the region’s magnificent beaches are key attractors. “The lifestyle of the Central Coast has always been an attractive proposition for downsizers,” Ms Tucker said. </p> <p>Ms Tucker also says transport access is also about to improve, with the <a href="https://northconnex.com.au/">North Connex roadway project</a> close to completion. This project is expected to make the trip from the Central Coast to the centre of Sydney some 30 minutes faster. </p> <p>“Downsizers want to stay connected to the city’s amenities, and this is particularly so for those originating from Sydney,” Ms Tucker explains. </p> <p>“They want everything at their fingertips. They still want to go to shows in Sydney and meet their friend for lunch. They don’t want to give up their Sydney lifestyle.”</p> <p>In addition, Central Coast residents have the choice of two major airports, Sydney’s Kingsford Smith and Newcastle Airport at Williamtown. It is also possible to take a train from Gosford to Central Station in 70 minutes.  </p> <p><strong>Relative value for money</strong></p> <p>Ms Tucker says the downsizer market on the Central Coast is split between locals and those moving from Sydney. </p> <p>“We recently sold a beautifully appointed penthouse with sweeping views of Brisbane Waters to downsizers from Killara, a northern Sydney suburb, for $1.6 million,” she says.  </p> <p>“To find an apartment like this on the North Shore with sweeping water views of say Middle Harbour or Sydney Harbour, you could expect to double and even triple the price.</p> <p>“Not only has this couple bought into a fantastic lifestyle but downsizing to the Central Coast leaves money in the bank.”</p> <p>However, Ms Tucker said that the Central Coast hasn’t always offered the housing product matching the region’s lifestyle delights. </p> <p>“It’s only in the last few years we’ve seen an increase in brand new luxury apartments come onto the market,” she said.</p> <p><strong>Changing face of Gosford</strong></p> <p>With more residential towers in various stages of development in Gosford and Point Frederick, the local restaurant, café and bar scene is improving with a bullet.</p> <p>“You come out of your apartment, and you’re on the waterfront, go to a restaurant or café in town. Gosford is starting to happen, and there are places to go,” Ms Tucker says.</p> <p>In addition, both of the region's major hospitals are <a href="http://www.gwhr.health.nsw.gov.au/">currently undergoing a major redevelopment.</a> </p> <p><strong>Properties on the Central Coast</strong></p> <p>Ms Tucker is currently marketing the luxury <a href="https://www.downsizing.com.au/property/sale/47280/ravello-luxury-apartments">Ravello</a> residential apartment project, being developed by veteran media industry figure John Singleton at Point Frederick.</p> <p>Located on the former site of the iconic Monti’s Ashore fish and chip shop, Ravello includes 40 apartments and has largely uninterrupted views over Brisbane Water.</p> <p>The project will be completed in 2021 and includes one, two and three-bedroom apartments, and three penthouses. </p> <p>There is only a limited number of one-bedroom apartments available from $460,000, while two-bedroom apartments begin at $830,000. </p> <p>“Central Coast downsizers love large apartments with big terraces as they still want space for the Christmas lunch and in this respect, developments such as Ravello tick these boxes,” Ms Tucker says.</p> <p>Another new Central Coast project currently on offer is Retire Australia’s <a href="https://www.downsizing.com.au/property/sale/44418/expect-a-lifestyle-thats-second-to-none">Rise at Wood Glen</a> project at Erina. </p> <p>The Rise at Wood Glen will comprise 58 purpose-built two and three-bedroom independent living apartments against a backdrop of award-winning gardens and bushland views in the existing Wood Glen retirement living community.</p> <p>Independent living apartments in Stage 1 range from $650,000 to $1,050,000.</p> <p>The Central Coast also continues to offer more affordable property in existing retirement villages and land lease communities.</p> <p><em>Republished with permission of </em><a href="https://www.downsizing.com.au/news/664/Central-Coasts-changing-face-attracts-Sydney-downsizers"><em>Downsizing.com.au.</em></a></p>

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Why Sweden's central bank dumped Australian bonds

<p><strong>What’s happening?</strong></p> <p>Suddenly, at the level of central banks, Australia is regarded as an investment risk.</p> <p>On Wednesday Martin Flodén, the deputy governor of Sweden’s central bank, announced that because Australia and Canada were “<a href="https://www.riksbank.se/globalassets/media/tal/engelska/floden/2019/monetary-policy-in-a-changing-world.pdf">not known for good climate work</a>”.</p> <p>As a result the bank had sold its holdings of bonds issued by the Canadian province of Alberta and by the Australian states of Queensland and Western Australia.</p> <p><a href="https://images.theconversation.com/files/301897/original/file-20191115-47128-1s2eoc3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/301897/original/file-20191115-47128-1s2eoc3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /></a> <span class="caption"></span> <span class="attribution"><a href="https://www.riksbank.se/globalassets/media/tal/engelska/floden/2019/monetary-policy-in-a-changing-world.pdf" class="source">Martin Flodén, deputy governor Sveriges Riksbank Central Bank of Sweden</a></span></p> <p>Central banks normally make the news when they change their “cash rate” and households pay less (or more) on their mortgages.</p> <p>But central banks such as Australia’s Reserve Bank and the European Central Bank, the People’s Bank of China and the US Federal Reserve have broader responsibilities.</p> <p>They can see climate change affecting their ability to <a href="https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2018/climate-change-and-the-macro-economy-a-critical-review.pdf">manage their economies</a> and deliver <a href="https://www.rba.gov.au/publications/fsr/2019/oct/box-c-financial-stability-risks-from-climate-change.html">financial stability</a>.</p> <p><strong>There’s more to central banks than rates</strong></p> <p>As an example, the new managing director of the International Monetary Fund Kristalina Georgieva warned last month that the necessary transition away from fossil fuels would lead to significant amounts of “<a href="https://www.afr.com/policy/economy/central-banks-tune-in-to-climate-change-20191020-p532ev">stranded assets</a>”.</p> <p>Those assets will be coal mines and oil fields that become worthless, endangering the banks that have lent to develop them. More frequent floods, storms and fires will pose risks for insurance companies. Climate change will make these and other shocks more frequent and more severe.</p> <p>In a speech in March the deputy governor of Australia’s Reserve Bank <a href="https://www.rba.gov.au/speeches/2019/sp-dg-2019-03-12.html">Guy Debelle</a> said we needed to stop thinking of extreme events as cyclical.</p> <blockquote> <p><em>We need to think in terms of trend rather than cycles in the weather. Droughts have generally been regarded (at least economically) as cyclical events that recur every so often. In contrast, climate change is a trend change. The impact of a trend is ongoing, whereas a cycle is temporary.</em></p> </blockquote> <p>And he said the changes that will be imposed on us and the changes we will need might be abrupt.</p> <blockquote> <p><em>The transition path to a less carbon-intensive world is clearly quite different depending on whether it is managed as a gradual process or is abrupt. The trend changes aren’t likely to be smooth. There is likely to be volatility around the trend, with the potential for damaging outcomes from spikes above the trend.</em></p> </blockquote> <p>Australia’s central bank and others are going further then just responding to the impacts of climate change. They are doing their part to moderate it.</p> <p><strong>No more watching from the sidelines</strong></p> <p>Over thirty central banks (including Australia’s), and a number of financial supervisory agencies, have created a <a href="https://www.ngfs.net/en">Network for Greening the Financial System</a>.</p> <p>Its purpose is to enhance the role of the financial system in mobilising finance to support the transitions that will be needed. The US Federal Reserve has not joined yet but is <a href="https://www.bis.org/review/r191111a.pdf">considering how to participate</a>.</p> <p>One of its credos is that central banks should <a href="https://www.bis.org/review/r191111a.pdf">lead by example</a> in their own investments.</p> <p>They hold and manage over A$17 trillion. That makes them enormously large investors and a huge influence on global markets.</p> <p>As part of their traditional focus on the liquidity, safety and returns from assets, they are taking into account climate change in deciding how to invest.</p> <p>The are increasingly putting their money into “<a href="https://www.bis.org/publ/qtrpdf/r_qt1909f.pdf">green bonds</a>”, which are securities whose proceeds are used to finance projects that combat climate change or the depletion of biodiversity and natural resources.</p> <p>Over A$300 billion worth of green bonds were issued in 2018, with the total stock now over A$1 trillion.</p> <p><strong>Central banks are investing, and setting standards</strong></p> <p>While large, that is still less than 1% of the stock of conventional securities. It means green bonds are less liquid and have higher buying and selling costs.</p> <p>It also means smaller central banks lack the skills to deal with them.</p> <p>These problems have been addressed by the <a href="https://www.bis.org/">Bank for International Settlements</a>, a bank owned by 60 of the central banks.</p> <p>In September it launched a <a href="https://www.bis.org/press/p190926.htm">green bond fund</a> that will pool investments from 140 (mostly central bank) clients.</p> <p>Its products will initially be denominated in US dollars but will later also be available in euros. It will be supported by an advisory committee of the world’s top central bankers.</p> <p>It is alert to the risk of “<a href="https://en.wikipedia.org/wiki/Greenwashing">greenwashing</a>” and will only buy bonds that comply with the International Capital Market Association’s <a href="https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/">Green Bond Principles</a> or the Climate Bond Initiative’s <a href="https://www.climatebonds.net/standard">Climate Bond Standard</a>.</p> <p>Launching the fund in Basel, Switzerland, the bank’s head of banking Peter Zöllner said he was</p> <blockquote> <p><em>confident that, by aggregating the investment power of central banks, we can influence the behaviour of market participants and have some impact on how green investment standards develop</em></p> </blockquote> <p>It’s an important role. Traditionally focused on keeping the financial system safe, our central banks are increasingly turning to using their stewardship of the financial system to keep us, and our environment, safe.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/126766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Assistant professor, <a href="http://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/climate-change-why-swedens-central-bank-dumped-australian-bonds-126766">original article</a>.</em></p>

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