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Bold idea sees hotel offer thousands in cash back if it rains

In a move that's making waves in the travel industry, a posh hotel in the heart of Singapore has rolled out a revolutionary offer: rain insurance. Yes, you heard it right – rain insurance! InterContinental Singapore, a sanctuary for jet-setters seeking respite from both the humidity and the occasional tropical deluge, has unleashed a game-changer for travellers. Dubbed the "Rain Resist Bliss Package", this offer promises to keep your spirits high even when the rain gods decide to throw a dampener on your plans. Picture this: you've booked your suite at this 5-star haven, eagerly anticipating your Singapore escapade. But lo and behold, the forecast takes a turn for the soggy, threatening to rain on your parade – quite literally. Fear not, dear traveller, for with the Rain Resist Bliss Package, you can breathe easy knowing that if your plans get drenched, your wallet won't. Now, you might be wondering, how does this rain insurance work? Well, it's as simple as Singapore Sling on a sunny day. If the heavens decide to open up and rain on your parade for a cumulative 120 minutes within any four-hour block of daylight hours (that's 8am to 7pm for those not on island time), you're entitled to a refund equivalent to your single-night room rate. The package is available exclusively for suite room bookings starting from $SGD850 per night – so that’s around $965 rain-soaked dollars back in your pocket, no questions asked. No need to jump through hoops or perform a rain dance – just sit back, relax, and let the rain do its thing. And fret not about having to keep an eye on the sky – the clever folks at InterContinental Singapore have got you covered. They're tapping into the data from the National Environmental Agency Weather Station to automatically trigger those rain refunds. It's like having your own personal meteorologist ensuring that your plans stay as dry as your martini. But hey, if the rain does decide to crash your party, fear not! The hotel has an array of dining options to keep your tastebuds entertained while you wait for the clouds to part. And let's not forget, Singapore isn't just about sunshine and rainbows – there are plenty of indoor activities to keep you occupied, from feasting at Lau Pa Sat for an authentic hawker experience to retail therapy at Takashimaya. And here's a silver lining to those rain clouds: fewer tourists! That's right, while others might be scrambling for cover, you could be enjoying shorter lines, less crowded attractions, and even snagging better deals on accommodations. Plus, let's not overlook the fact that the rain brings a welcome respite from the tropical heat, making outdoor adventures all the more enjoyable once the showers subside. So, pack your umbrella and leave your worries behind. With InterContinental Singapore's Rain Resist Bliss Package, you can embrace the unpredictable and turn even the rainiest of days into a memorable adventure. After all, as they say, when life gives you lemons, make Singapore Slings and dance in the rain! Images: InterContinental Singapore / Getty Images

International Travel

Millions of Aussies to get cash boost in weeks

Millions of Australians are set to receive more money when payments are indexed. On March 20, those on the age pension, disability support pension and carer payment will be pocketing extra money. Single people on the pension and carer payment can expect an extra $19.60, with maximum amount increasing to $1116.30. For couples, the rate will go up $29.40 per fortnight, with the maximum being $1682.80. People on rent assistance, JobSeeker, single parenting payments and ABSTUDY will also benefit from payment increases, with single parenting payment going up by $17.50 a fortnight. Single JobSeeker recipients with no kids, and people over 22 on ABSTUDY, will get an extra $13.50 per fortnight, while each member of a couple will get an additional $12.30 per fortnight. The government has also changed the eligibility criteria for parents seeking welfare payments, with the last budget revealing that 77,000 parents will receive benefits for the youngest child up to the age of 14 instead of eight. The income and assets limits will also be increased in line with indexation in March. Social Services Minister Amanda Rishworth said that these changes will be implemented to ensure that Centrelink recipients would be able to have more money in their accounts, with the rise in cost-of-living. “Our number one priority is addressing inflation and cost of living pressures,” Rishworth said. Image: Getty

Money & Banking

12 super simple ways to save some cash

Saving money is a lot easier said than done. Whether you’ve got a holiday you’re thinking about taking, or you just want to make day to day life a little less stressful, there is a range of strategies you can employ to put a couple of dimes together. Here are 12 tips to cut costs: 1. Don't buy luxury, sometimes the budget brands are just as good and save you heaps. 2. Read the junk mail and compare offers because you can get a better deal where you didn't think you could. 3. Cut unnecessary expenses and reduce, if possible, the necessary expenses as well. 4. Buy used goods, it's cheaper and you can haggle. 5. See if you can switch power companies. I'm aware of several people who are saving $250 a year. 6. Borrow books and movies from the library or movie store - it's free or low cost compared to buying new and it's fast. 7. Barter with family and friends, it's free and everyone wins. 8. Take advantage of specials, sales and deals including buying in bulk, it can save you more than you realise. 9. Walk, bike or car pool or use other public transport, it's good for the environment and saves you money. 10. Shop around for the best deal, it might be better elsewhere. 11. Follow insurance company advice: Don't smoke, do have alarms and do get multi policies - it protects you and saves cash. 12. Have a savings account with all the savings from this and don't touch it, you will be amazed at what you have saved in a short time. Written by John Murphy. Republished with permission of <a href="http://www.stuff.co.nz/" target="_blank" rel="noopener">Stuff.co.nz</a>. Image credits: Getty Images

Money & Banking

AusPost customer faces extra charge for using cash

As conversations continue about moving to a cashless society, an Australia Post customer was outraged after being slapped with a charge for using cash. Brisbane resident Gerrie Hoogland shared her outrage after hearing about the supposed cash charge through a friend, who claims they were charged $2.20 for wanting to use cash to pay a bill. Hoogland recounted the story on X, formerly known as Twitter, to share the story, while asking if anyone else had encountered anything similar. She wrote, “A friend of my husband’s went to pay a bill at the Post Office last week. He gave them $82.00 in cash and they said they would have to charge him $2.20 for using cash.” “He refused to pay it after telling them cash is legal tender, and then he left without paying the bill at all. Is anyone else hearing more of this?” A number of Aussies took to the comments to call out Australia Post for being “shady”, with some calling the fee a “scam” and a “disgrace”. However the outrage towards Australia Post may be misplaced. <a href="https://au.finance.yahoo.com/news/australia-post-customer-charged-220-for-using-cash---but-is-the-outrage-warranted-025519571.html">Yahoo Finance</a> has contacted the national postal service and understands the fee is set by individual billers, rather than Australia Post themselves. The fee relates to bills paid in person at an Australia Post outlet via Post Billpay and can apply to both cash and card transactions, and whether or not the fee is passed onto the customer will depend on the individual biller. In recent years, a number of billers charge an additional payment fee for bills paid in person, with some notable examples include telcos Telstra, Optus and Vodafone. Image credits: Shutterstock

Money & Banking

"Like the cash cow had come out": Commuters puzzled by money bundles on motorway

Motorists in Perth have been left puzzled after bundles of cash were spotted flying across a motorway. On Monday evening, several members of the public called Western Australia police after up to $40,000 in cold hard cash was seen flying across the Mitchell Fwy in Connolly, in the city’s northern suburbs. According to Commissioner Col Blanch, honest civilians bundled up some of the mysterious money and “came forward with large wads of cash”. “We believe that up to $40,000 has been recovered,” he said. Police believe that the money came from an alleged drug deal gone wrong, but the incident is still under investigation. "It looks like it was a total fiasco by the person involved and probably not one of our smartest (alleged) offenders," Mr Blanch said. "It's like the cash cow had come out, and there was cash flying everywhere." "There's no more money on the freeway … let's not go there." After police attended the scene, they arrested a man close by who had another $8,000 in his possession, along with 51g of cocaine. Despite some people stopping to retrieve the money to hand over to police, the free money prompted some motorists to stop their cars to retrieve a share for themselves. Talk on social media suggested one commuter even pocketed about $10,000. Image credits: WA Police

Travel Trouble

Flower tycoon pays $76 million in CASH for epic mansion

A Sydney businessman and flower mogul has expanded his real estate portfolio, snapping up one of NSW's most prestigious properties. Leo Lynch and his wife Christina have bought a Federation mansion in Sydney's Bellevue Hill, with the eight-bedroom eight-bathroom property boasting impressive views of Sydney Harbour. The mansion, which was built in the 1890s, also showcases a pool, tennis court, and endless luxury amenities for the well-off buyers. "Designed by architect Walter Vernon," read the listing for the property, "the home is considered his most significant residence. Other heritage buildings designed by Vernon include the Australian Museum, the Art Gallery of New South Wales and Central Railway Station. A truly rare offering to earn a piece of Australian history." While securing the house seems like a huge feat in itself, the Lynch's decided to take the purchase to the next level, buying the home for $76 million in cold hard cash. Despite paying the whopping eight-figure for the mansion, the home needs work and is set to undergo renovations. The purchase of the property, named Leura, comes just after the Lynch's sold their former home for $52.4million more than he bought it. The same night he made the enormous purchase for the Leura estate, he sold his mystery home, just blocks away, for $61.5 million after rebuilding the property he had bought for just $9.05 million in 2014. Leo Lynch, 60, is a third generation of the wholesale flower family's company, founded in 1915 and for which private equity group Next Capital took a majority interest in 2015, before it was publicly listed in 2021. Image credits: Domain

Real Estate

“This is their money”: Aussies to receive cash boost in days

The Australian government appears to be on a mission to play Santa, as it attempts to return a whopping $234 million in unclaimed Medicare benefits to one million of its hard-working citizens. Move over, jolly old Saint Nick; it's time for Bill "Santa" Shorten to shine. It turns out that Australians have been missing out on an average of $240 each in Medicare rebates, akin to losing a crisp, green note between the couch cushions – but on a national scale. Apparently, the government has been holding onto this financial treasure trove because some Aussies forgot to update their bank details with Medicare. Who knew that keeping your bank info up-to-date could be more rewarding than finding a forgotten $20 in last winter's coat? Government Services Minister Bill Shorten is riding the sleigh of generosity, announcing that, "We know Australians are doing it tough, and I want to reunite people with millions in unpaid Medicare benefits before the holidays." In the grand spirit of giving, Shorten has a plan. Australians can reclaim their lost loot within three days by undertaking the Herculean task of updating their bank account details on the myGov website. It's like a high-stakes version of changing your password but with a much more tangible reward – immediate funds in time for holiday shopping sprees. According to Shorten, the age group with the most to gain from this unexpected Christmas bonus is 18 to 24-year-olds, collectively owed a jaw-dropping $49 million. It seems like Santa Shorten is making a list and checking it twice, ensuring even the Millennials and Gen Zs get their fair share of financial cheer. While nearly 700,000 lucky Aussies are set to receive a notification about their long-lost financial windfall, there's a Grinchy catch: 300,000 individuals without a myGov account may remain out of reach. It's a modern-day Christmas tragedy – the equivalent of getting coal in your stocking because you forgot to sign up for the "nice" list. Opposition spokesman Paul Fletcher is urging Australians to create a myGov account, stating, "Two minutes on the app, three days later money in your account, good news for Christmas." It's like a financial magic trick - poof, and the money appears! In the midst of this Yuletide monetary magic, opposition spokesman Paul Fletcher throws some shade, claiming the coalition exposed these unclaimed benefits figures in October. "Families are struggling with cost-of-living pressures, and this is their money, not the government's," he declared, sounding like a fiscal superhero fighting for the rights of the underpaid and overtaxed. So, as Aussies rush to create myGov accounts and update their banking details, it's beginning to feel a lot like Christmas. Santa Shorten and his merry band of government officials are on a mission to spread holiday cheer, one direct deposit at a time. Who needs mistletoe when you can kiss your financial worries goodbye, thanks to the jingling sound of unclaimed Medicare benefits? It's the season of giving, after all, and in Australia, Santa Shorten is coming to town. Image: Getty

Money & Banking

New commemorative Queen coin worth serious cash

The Royal Australian Mint has confirmed that it will be releasing a commemorative 50c coin to celebrate the life of Queen Elizabeth II, on Thursday. The coin will feature all six effigies which have been featured on Australian coins during the late monarch’s reign, with two versions up for sale. One is an uncirculated version which will cost $15 and, the other is silver proof edition for $135. “With limited mintage, this coin is expected to be a highly prized addition to any coin collection,” the Mint said. Australian coin expert Joel Kandia said that online marketplaces are already selling the coin at “seven times the RRP”. Royal Australian Mint CEO Leigh Gordon added that this latest release is the perfect tribute to the late Queen. “Historically, coins bear witness to a Monarch’s reign with their royal effigies appearing on the obverse. In keeping with that tradition, this exceptional coin showcases the Queen Elizabeth II Memorial Effigy by Jody Clark on the obverse,” he said. “The Mint’s trademark storytelling is strongly represented on the coin’s reverse, which features a central design depicting the first six effigies, fanned above the Queen’s royal cypher.” This surprise release will be in high demand, with a “frenzy” expected for coin collectors, according to the Perth coin and bank note expert. “It is essentially the last coin commemorating the Queen,” Kandiah said in an interview with 7News. “It is extremely special because it features all six effigies of the Queen that have appeared on Australian coinage since 1954, so it unique in that respect. “There will definitely be a frenzy, which is why the RAM have reduced the allocation to just one per person through their physical store, through the phone and their authorised distributors. “There have been murmurings about the coin for a while, so collectors are really excited to see it confirmed and able for purchase.” The uncirculated coin itself will have a mintage of 25,000 and the silver proof version has an even lower mintage of 7,500. The coins will be for sale at the Royal Australian Mint in Canberra from 8.30am on Thursday November 23, through the Mint’s Contact Centre on 1300 352 020, or through the Mint’s authorised distributors. Image: Royal Australian Mint

Money & Banking

Aussies to receive $395 million cash boost just before Christmas

Health insurer Bupa has announced a massive increase to their Covid-19 savings scheme, giving eligible Aussies a cash injection right before Christmas. Bupa shared that their cash back scheme will increase by a hefty $75 million, taking the total amount handed back to Aussies to $395 million. The payments are part of Bupa's cost of living support and Covid-19 related savings. The insurer previously committed to $320 million in June, before announcing the extra $75 million earlier this week. Payments for the 1.8 million eligible policy-holders will range from $47 to $344, depending on their policy and level of cover. The first of the payments will be paid to recipients in November, with most eligible customers receiving their financial boost before Christmas. Bupa Health Insurance managing director Chris Carroll said he hoped the payments would help members deal with the inevitable extra spending around the holiday season. "The money will go directly into our members' bank accounts, giving them more choice to use the money in a way that is most valuable to them," he said. Bupa customers are urged to make sure their bank details with the insurer are up to date so they can get their payments with no issues, and start spending for the festive season. Image credits: Getty Images

Money & Banking

Cash could be almost gone in Australia in a decade – but like cheques, who’ll miss it?

<a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. Of the 13,000 payments, only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">17</a> were with cheques. It’s been an astounding collapse. Back in 1980 at the start of the credit card era, <a href="https://www.rba.gov.au/publications/bulletin/1996/oct/pdf/bu-1096-2.pdf">85%</a> of non-cash payments were made with cheques. Today it’s less than <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">0.1%</a>. Earlier this month, the government announced it was following <a href="https://www.justice.govt.nz/about/news-and-media/news/the-ministry-is-phasing-out-payment-by-cheque/">New Zealand</a>, Denmark, the Netherlands and <a href="https://www.sbs.com.au/news/article/the-death-of-the-cheque-book-australia-to-phase-out-cheques/qu0e4xf55">others</a>, closing our cheque system down by <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques">2030</a>. Meanwhile, New Zealand is already on to the next thing. Having <a href="https://www.stuff.co.nz/business/300011579/bnz-anz-westpac-to-phase-out-cheque-use">phased out cheques</a>, it’s now looking at winding down the use of <a href="https://www.rbnz.govt.nz/-/media/project/sites/rbnz/files/research/future-of-cash-issues-paper.pdf">cash</a>. So how close is Australia now to becoming a cash-free nation? <h2>The hidden costs of cheques and cash</h2> Cheques are horrendously expensive to process. The average cost of everything that had to happen to process a cheque exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">$5</a> per payment, mostly borne by banks. But cash is expensive in its own way. The average cost of creating, sorting and trucking all those sheets of plastic and coins exceeds <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">50 cents</a> per payment, mostly passed on to banks and retailers, and it is soaring as the number of payments plummets. As recently as 2007, the vast bulk of consumer payments – 69% – were in cash. By 2019 only 27% were in cash. By 2022, after two years of COVID, it was only <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/consumer-payment-behaviour-in-australia.html">13%</a>. At this rate, it’s hard to be certain how long cash will last. <h2>What made cheques so slow and costly</h2> For those who’ve never had to write one, cheques are bank-issued pieces of paper on which the owner writes the name of the person they want the bank to pay and the amount. They they hand it to that person, who then hands it to their bank, which then tries to get the money from the payer’s bank. <figure class="align-right "><figcaption></figcaption></figure> Behind the scenes, until recently when the electronic transmission of digital images changed things, each bank would collect all the cheques that had been presented to its branches each day and sort them into bags, one for each originating bank. Then, late at night, its “bag man” would travel to a nondescript city location with a bag for each bank, hand the correct one to each of the other bagmen, and be given bags in return, which the bagman would take back to the bank for signature checking. When each bank worked out what it owed the other bank, they would usually discover the flows largely cancelled each other out, and then make net payments which would be reflected in the cheque-writer’s account, up to five business days later. Always expensive, the cost per cheque grew and grew as the number of Australians paying with cheques dwindled to a fraction of what it had been. <h2>How moving cash became a loss-making business</h2> It’s the same sort of story with cash. Although we don’t often think about it, cash costs an awful lot to move, sort and restock. Printing the notes still makes money – it costs about 32 cents to make each note, whether it’s worth $5 or $100, although making some coins now <a href="https://theconversation.com/the-mint-and-note-printing-australia-make-billions-for-australia-but-it-could-be-at-risk-190901">loses money</a>. The real expense is in moving notes and coins around, keeping them nearby and restocking banks and cash registers. Aside from payments the Reserve Bank makes to banks for returning damaged notes, the banks (and, through them, the retailers) are expected to pay for the lot. Until recently that gave the two firms that dominate the business (Linfox Armaguard, and Prosegur, which owns Chubb Security) a pretty good deal. Except that the volume of cash they’ve carried has dived <a href="https://www.accc.gov.au/system/files/public-registers/documents/Application%20for%20merger%20authorisation%20-%2027.09.22%20-%20PR%20VERSION%20-%20MA1000022%20Armaguard%20Prosegur.pdf">47%</a> over the past ten years, 30% of it during COVID. Both firms say their money-moving arms are incurring “heavy financial losses” and that if they increase their prices much more, retailers might move even <a href="https://images.theconversation.com/files/532829/original/file-20230620-48940-4a5amn.PNG">further away from cash</a>, pushing their costs even higher. <figure class="align-right zoomable"><figcaption></figcaption></figure> Last week, the Competition and Consumer Commission allowed them to <a href="https://www.accc.gov.au/public-registers/mergers-registers/merger-authorisations-register/linfox-armaguard-pty-ltd-and-prosegur-australia-holdings-pty-ltd-proposed-merger">merge</a> on the condition that they limit their price increases to the consumer index plus 7.5% per year. That increase is so steep as to suggest a <a href="https://www.energynetworks.com.au/news/energy-insider/the-death-spiral/">death spiral</a>: the more they charge, the less retailers will use cash, the more they’ll have to charge. The only way out, unless they can make really big efficiencies, or unless the decline in the use of cash stops, would be for the government to return to subsidising the use of cash. It’s hard to see how it could make the case to do that when there are cheaper emerging technologies. Bank transfers cost a <a href="https://www.rba.gov.au/publications/rdp/2014/pdf/rdp2014-14.pdf">mere fraction</a> of using cash, and pretty soon we’ll be able to use them for everything, via things such as <a href="https://www.mobiletransaction.org/qr-code-payment-works/">QR codes</a>. <h2>So when will cash go the way of cheques?</h2> A previous federal government has already tried to eliminate the use of cash for transactions worth more than $10,000, as part of its attack on the black economy. Announced in 2016 by the Turnbull Coalition government, the ban was due to come into force in <a href="https://ministers.treasury.gov.au/ministers/kelly-odwyer-2016/media-releases/tackling-illegal-behaviour-black-economy">2019</a>. But, after delays, in 2020 the Morrison-led Coalition government <a href="https://www.abc.net.au/news/2020-12-07/cash-ban-law-10000-dollars-abandoned-amid-covid-crisis/12951720">backed down</a>. If Australia wants to ban cash (and ban it for small transactions too – cash is now used less than cards for transactions <a href="https://www.rba.gov.au/publications/bulletin/2023/jun/cash-use-and-attitudes-in-australia.html">of all sizes</a>) the easiest solution might be simply to wait. <hr /> <iframe id="HykMF" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/HykMF/10/" width="100%" height="400px" frameborder="0"></iframe> <hr /> Cards are now the dominant means of exchanging money, and electronic transfers are growing from a small base. Pure extrapolation would suggest cash has less than a decade to go, but it will probably hang around for longer as an (expensive, little-used) backup that maintains privacy. Like cheques, cash will probably die <a href="https://quoteinvestigator.com/2018/08/06/bankrupt/">gradually, then suddenly</a>. By the time it does, there will be few users left who care.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/208020/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> <a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, Visiting Fellow, <a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a> Image credits: Getty Images This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/cash-could-be-almost-gone-in-australia-in-a-decade-but-like-cheques-wholl-miss-it-208020">original article</a>.

Money & Banking

Returning and Earning for your community

Charities and community groups across NSW are cashing in empty drink containers to support their important work in the community, all with the added benefit of helping the environment. It’s an easy win-win to fundraise through Return and Earn, and it makes donating to a local charity or community group very easy. Return and Earn is the incredibly successful container deposit scheme in NSW, where 10 cents is refunded for every eligible drink container returned for recycling through the network of 600+ return points across the state. Since launching over five years ago, <a href="https://returnandearn.org.au" target="_blank" rel="noopener">Return and Earn</a> has become an important and well used channel for charities and community groups fundraising to support a range of local and broader causes. Groups such as Rotary and Lions Clubs, animal rescue organisations, and fire and rescue services are just a few of the many different cohorts that have partnered with Return and Earn and relied on the generosity of NSW citizens to help them do vital work in their communities. “We’ve seen many groups really embrace the scheme, showing a humbling passion for giving back to the community – whether it’s to help fund an event for a local club, or to donate to a charity,” said Danielle Smalley, CEO of scheme coordinator, Exchange for Change. “Some of these groups have raised a lot of money from recycling drink containers through Return and Earn. Often local residents and businesses are handing over their containers or donating their refunds to support the cause, proving there is enormous goodwill in the community.” The Gerringong Lions Club recently celebrated one million containers collected, raising $100,000 that was donated to a variety of causes including medical research, local sporting facilities, as well as helping both Australian and oversees Lions Clubs provide relief during catastrophes. <img class="alignnone size-full wp-image-67811" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Gerringong-Lions-Club-image-2-for-article-2_RD.jpg" alt="" width="770" height="500" /> The Gerringong Lions Club are now raising around $20,000 each year. The COVID shutdowns and restrictions put a halt to the activities that would normally bring funds to the club. Return and Earn was the only means for the club to generate an income to help the community during this time. As routine users of the scheme, the Gerringong Lions Club are now raising around $20,000 each year, all the while making positive impacts to the environment. Bruce Ray is a past president and active member of the club, and says he gets a sense of satisfaction knowing they are helping the community while also looking out for the environment. “We have the bins at the hotel, the bowling club, and campgrounds. The club also provides the container collection bins for events such as weddings and uses them at local New Years’ Eve events,” said Mr Ray. In Cobar, the local Rotary Club is also using Return and Earn to support the work in their community. They partnered with the local Girl Guides who help the club sort through any drink containers collected. They’ve now raised more than $25,000 since they began in early 2020. Club Secretary Gordon Hill said that one of the benefits for the Girl Guides is the real-world experience in seeing how much locally created waste can be recycled. “It also provides a healthy opportunity for a challenge to see which girls can pack the most containers during a 1.5 to 2 hour session. The record currently stands at 3,080, but the challenge continues,” Gordon added. <img class="alignnone size-full wp-image-67813" src="https://www.readersdigest.com.au/wp-content/uploads/2023/06/Cobar-Rotary-Club-image-for-article-2_RD.jpg" alt="" width="770" height="500" /> In Cobar, the local Rotary Club has partnered with the Girl Guides to help with sorting! Since Return and Earn launched in December 2017, over $42 million has been raised through donations and return point hosting fees. The funds have made a significant difference to individuals and groups who have received the support. “There are a lot more collection drives in the community that we don’t track, so the total fundraising amount is in fact even higher,” Ms Smalley said. “We encourage all our Return and Earn users to consider donating containers to a local charity or community group either at the nearest Return and Earn machine or using the Return and Earn app. “And if you’re a member of a group looking for an easy and effective way to fundraise, consider Return and Earn where you can double the benefit by raising funds while also helping the environment.” Every Return and Earn machine features a local donation partner, to whom users can donate part or all of their refunds to. The charity listed changes every six months to give as many groups as possible the opportunity. Charities and groups can also elect to be listed on the Return and Earn app, allowing anyone using the app at a machine or automated depot to donate direct to their favourite charity. There are currently over 170 charities featured on the app. When using a Return and Earn machine, select donate, then select which of the charities listed you want the funds to go. If you’re using the Return and Earn app, simply select donation as your payout option and then select the charity or group you would like to donate your refund to. “Contributions don’t need to be big to make a difference. It can be as easy as collecting a few eligible drink containers and donating them to a charity, helping local communities thrive while looking after the environment.” said Ms Smalley. For more information on donating through Return and Earn visit <a href="https://returnandearn.org.au/donate/" target="_blank" rel="noopener">returnandearn.org.au/donate/</a> Images: Supplied This is a sponsored article produced in partnership with Return and Earn.

Money & Banking

5 super simple ways to save cash for retirement

During the lead-in to retirement, money management becomes more important than ever. And while we often get lost pondering over in the major financial decisions, getting the minor financial decisions right can be just as important. We’re going to run through five simple ways any soon-to-be-retiree can save cash for their golden years. Sometimes the smallest changes make the biggest difference. 1. Set targets Saving can be difficult if you don’t know where the goalposts are placed. But how much do you really need to retire? As <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip notes</a>, “According to ASFA (the Association of Superannuation Funds of Australia), a couple needs approximately $640,000 in retirement savings for a comfortable lifestyle. For a single person that number is $545,000.” Setting minor saving targets, even if it’s just a little bit of money here and there every week, can get the ball rolling and start putting yourself in a position to prop up your nest egg. 2. Shop smarter While you don’t want to be living like a miser, smarter shopping choices can add up. Keeping your ear to the ground for discounts, taking advantage of specials and avoiding any discretionary purchases will help keep you in the black. 3. Clear any outstanding debt Debt can be an inconvenient drain on your income in the lead-in to retirement. If you’re set to take the plunge and find yourself in a mire of debt, it’s important to take necessary steps as soon as possible, which might mean finding a financial planner. <a href="http://119.9.30.84/blog/are-you-retirement-ready" target="_blank" rel="noopener">Equip says</a>, “Having outstanding debts as you approach retirement isn’t necessarily a problem, but it does require some planning. For example - do you use your super to pay off your mortgage? There’s no simple answer, but speaking to a financial planner can help you understand your options and what they mean in the long term.” 4. Change spending habits Ultimately, if you’re looking to save some extra cash for retirement you’re going to have to change your spending habits. Little things like drinking coffee at home, or staying in for lunch and dinner can make a big difference in the long run. 5. Explore your options Taking the measures listed above is a good start, but you’re only scratching the surface of what you can do to prop up your retirement income. <a href="https://www.equipsuper.com.au/financial-planning/meet-our-financial-planners" target="_blank" rel="noopener">Qualified financial planners</a> can give you advice and guidance on little things you can do in your day to day life that will ensure you’re in a better position when you’ve reached retirement. Image credits: Getty Images

Retirement Income

Carrie Bickmore cops a warning after going rogue on air

Carrie Bickmore has reportedly copped a tense warning after making a big cash offer live on her radio show. The radio presenter, along with her co-host Tommy Little, were partaking in a long-running segment called The Time Game, in which listeners call in and try to guess when a stopwatch reaches exactly 5.00 seconds. The game, which regularly airs on their Hit Network drive show Carrie and Tommy, has never actually been won in the three years that the duo have been inviting listeners to play, with the cash prize rising by $100 each time the game remained unbeaten. During Wednesday's show, the game was commencing when Carrie decided to raise the stakes for listeners, without previously clearing her rogue idea with the radio powers that be. The hosts shared that the cash prize has risen to a whopping $10,000, when Bickmore decided to add another $20,000 to the prize money before listener Nick was invited to play. “Because our show starts at three, I’m timesing it by three: thirty grand on the line today,” Bickmore announced. “I just think it’s what people want.” Tommy Little seemed stunned at this sudden leap in the prize money on offer, asking his co-host, “Have you been hitting the bottle early?” and noting that their boss was “shaking her head.” “I’m not looking at her. If I’m not looking at her, it won’t be a problem,” Bickmore said. Minutes later, with the game still yet to be played, Bickmore revealed that her announcement had sent the show’s bosses into a frenzy. “There’s been a few meetings that’s been happening off-air in the last 10 minutes with bosses going, ‘You can’t just go saying things on-air that we can’t fulfil.’ I will fulfil it. If they can’t, I will.” In a spectacular twist, as Nick began to play the game, he called stop just as the stopwatch hit five seconds exactly. “Oh Nick, I didn’t run this past the bosses at all … I just went rogue and said $30,000 and now I’ve … oh my god, oh my god,” Bickmore said. “I’m so excited by this, but I’m slightly terrified, because I’m not sure if it’s my money or the company’s money that you’re about to take.” Thankfully for Bickmore, the Hit Network covered the $30,000 prize money, according to a statement shared to <a href="https://www.news.com.au/entertainment/tv/radio/tense-meetings-after-carrie-bickmore-goes-rogue-with-big-cash-offer-onair/news-story/462716cd6ad770c7dec38c912f54a2d5" target="_blank" rel="noopener">news.com.au</a>. Image credits: Hit Network <div class="AV62af35d851923c62777207b4" style="box-sizing: inherit; margin: 0px auto; font-family: 'Helvetica Neue', HelveticaNeue, Helvetica, Arial, sans-serif; font-size: 18px; width: 705.202209px;"> <div id="aniBox" style="box-sizing: inherit; overflow: hidden; transition: height 1s ease 0s; opacity: 0; width: 705px; height: 1px;"> <div id="aniplayer_AV62af35d851923c62777207b4-1677109384997" style="box-sizing: inherit;"> <div id="aniplayer_AV62af35d851923c62777207b4-1677109384997gui" style="box-sizing: inherit;"> <div id="av-caption" style="box-sizing: inherit; position: relative; text-align: center; line-height: 18px; width: 705px;"> <div id="av-close-btn-overlay" class="av-pos-top-left" style="box-sizing: inherit; display: inline-block; position: relative; z-index: 9999999; vertical-align: top; padding: 30px; margin: -30px; float: left;"> <div id="av-close-btn" style="box-sizing: inherit; z-index: 9999999; position: static; top: 0px; left: 0px; width: 18px; height: 18px; background-color: rgba(0, 0, 0, 0.4); background-size: 60%; border: none; transition: all 0.15s ease-in-out 0s; background-position: center center; background-repeat: no-repeat no-repeat;"></div> </div> <span id="av-label" style="box-sizing: inherit; display: inline-block; text-transform: uppercase; font-size: 9px; color: #bbbbbb; z-index: 83; vertical-align: top; font-family: Helvetica, Arial, fallback, sans-serif; line-height: 10px; margin: 0px; padding: 4px;"></div> </div> </div> </div> </div>

News

Ways you’re wasting money without knowing it

Airline fees You’re paying extra for almost everything when you fly these days, from your bags to your seat. So be sure to compare not only the prices of flights but what they’re charging in extra fees. You may also want to weigh your bag before you go to avoid any additional charges. Bank fees Not keeping enough money in your bank account could cost you some serious cash. How much? ATM and other maintenance fees can also add up to $1,000 over ten years. To avoid them, look for banks with free ATMs that don’t charge monthly maintenance fees. Buying things new Sure, a shiny new car is tempting. But as soon as you drive it off the lot, the car loses 11 percent of its value. A better option? Opt for a reliable used car and a short-term loan you can pay off quickly. The same goes for electronics and other items. Convenience foods Pre-cut fruit and vegetables can save time, but they can also dent your wallet. Instead, buy food as close to its natural form as possible, and divide it up into portion sizes yourself. The same concept applies for all those fancy lattes. Even if you buy just three $5 drinks each week, that’s $780 per year. Over a decade, it’s $7,800. Credit card interest It’s not uncommon to be charged 20 percent annually, although some people face even steeper rates. If you carry $25,000 in debt, paying 20 percent on it will cost you a whopping $5,000 annually – just in interest. To avoid paying extra money for old debts, try the snowball method. Pay off the card with the lowest balance first, then move on to the next one. Dry cleaning A typical trip to the cleaners for your pants and shirts can cost you more than $10. With a weekly visit, that could add up to more than $500 per year. To save that money, clean your shirts in the delicate cycle in your washer or hand wash them. Eating out Going out to dinner with the family can be a nice treat, but doing it regularly really adds up. Instead of buying your lunch every day, save money by packing it. And before you go out, look for specials like coupons or happy hours or get entrees instead of full meals. Extended warranties Getting an extended warranty on that refrigerator or car you bought sounds like a good idea. But most extended warranties aren’t worth the money. Why? The fine print may not include likely problems, or you may be buying duplicate coverage. A better plan? Open a savings account and sock away money for any repairs that might come up. Impulse buys Spur-of-the-moment buys can cost you more in the long term, because you may not really need them, or you haven’t shopped around for better deals. Really want something? Take a 24-hour breather and see if you still do. Name brands Brand names can be tempting when it comes to consumer products like cereals and soaps. But the generic versions work just as well. And when it comes to medications, generic versions can cost between 30 and 80 percent less than brand-name drugs. Ask your doctor to specify on the prescription that generic medications should be substituted for name brands. Phantom electricity Everyone wants to make sure their electronic devices are charged. But keeping your laptop and phone plugged in once they’re at full power is costing you – especially with high energy prices. To save money, make sure to power down your devices when you’re not using them and use a power strip to easily turn off several electronics at once. Procrastinating You might think it’s a good idea to wait for last-minute deals, but procrastinating can cost you in the long run. Plane tickets and hotel rooms can get more expensive the closer to the date. And procrastinating on saving money will mean less down the road. Speeding Rushing to get somewhere may be tempting, but it can also add up. On the highway, speeding can decrease your fuel mileage by up to 30 percent. That’s not counting what it will cost you if you get stopped for your leadfoot or hit another vehicle. So slow down and save. Subscription boxes The average subscription box costs between $10 and $40 per month, which means you could be spending well over $100 a year – on just one service. Think about whether you’re really using (and enjoying) the majority of the items in the box on a regular basis. If not, it might be time to cancel your subscription. Unused memberships You signed up for that gym membership with the best of intentions, but if you’re part of the 67 percent of people with a membership who never set foot in the gym, you could be wasting more than $700 a year. And if you’re a member of one of the fancier gyms, you’re wasting even more. Tax deductions you're missing Earned income tax credits were designed to help keep money in people’s pockets. But 20 percent of people who qualify for the deductions don’t take advantage of them. To make sure you get the deductions you’re entitled to, use an online tax program or hire a professional. Wasted food A trip to the grocery store may cost you money in more ways than one. Because of lack of planning, impulse buying, and cooking too much food, an average of one in five bags of groceries goes to waste. To save, make a plan before you go shopping, don’t go to the store hungry, and eat/freeze your leftovers. Image credits: Getty Images This article originally appeared on <a href="https://www.readersdigest.com.au/food-home-garden/money/ways-youre-wasting-money-without-knowing-it?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.

Money & Banking

The most feel-good way to recycle

Long-time Return and Earner "Scooter Dave" has been a keen participant in the NSW container deposit scheme since the program started, and the Illawarra local has returned 500,000 containers in that time. Dave gets about on a scooter and any day when weather and health permits, he completes his route to collect rubbish from Windang Bridge in Shellharbour. Along the way he picks up eligible drink containers from residents and businesses who keep them in their yards ready for his scooter collection service. He has donated all of the $50,000 in refunds to many charities, including the Smith Family, the Sydney Children’s Hospital, and children’s ward in Wollongong, bushfire appeals and the Illawarra Convoy. “It gives me something to do, and I know that I am doing something to help people," says Scooter Dave. "People always say that there should be more people like me. There are, but they aren’t cleaning up rubbish like I am.” In a world that’s becoming more eco-conscious, we’re seeing more and more initiatives implemented to reduce the impact we’re having on the planet – from the single-use plastic bans to adopting reusable packaging and recycling. Recycling remains one of the best ways to help protect the environment. The benefits of recycling include reducing the amount of rubbish that ends up in landfill or as litter in our local environment, and reducing the need to extract raw materials from the earth to create new products such as mining raw aluminium to create cans. And with <a style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;" href="https://returnandearn.org.au/?utm_source=over-60&utm_medium=article&utm_content=native-article&utm_campaign=grey-partnership" target="_blank" rel="noopener">Return and Earn</a> there are even more direct benefits for you. Return and Earn is one of many drink container return schemes that have been adopted around the world, where customers who return their used eligible drink containers for recycling can collect a refund. “With Return and Earn, you earn a 10c refund for every empty can, glass or plastic bottle, carton, juice box or popper that you return through one of its 600 return points across NSW. “Since the scheme launched five years ago, over 8.6 billion containers have been returned for recycling by the NSW public resulting in over $860 million in container refunds back in people’s pockets,” says Danielle Smalley, CEO of Exchange for Change, scheme coordinator for Return and Earn. The scheme is entirely funded by the beverage industry, aiming to place responsibility for container recycling firmly back with the industry. The scheme targets commonly littered items and includes most 150ml to three litre plastic, glass, aluminium, steel, and liquid paperboard containers. Eligible containers featuring the 10 cent refund mark can be redeemed for the refund. “Return and Earn is an extraordinary example of how individual action can have a collective impact,” says Smalley. The environmental benefits of the scheme have exceeded expectations – reducing the volume of drink container litter by 52 per cent compared to pre-scheme levels and sending over 755,000 tonnes of material to be recycled. Plus the Return and Earn app makes recycling your containers even easier because you can check the map to see where the nearest return points are to your location and make sure they’re open. Another fantastic feature on the app is the container checker which helps you avoid taking containers that are not eligible. Simply scan the barcode on your container and the app tells you if it can be returned for recycling at a return points. If not, they can go straight into your household recycling bin. Choose your recycling experience To return your containers, you can choose from four types of return points, depending on what suits you and what is nearby. There are Return and Earn machines - a self-service option where you return your containers one-at-a time. You’ll receive a receipt which is redeemable for cash at the partner redemption location or payment straight to your bank account by downloading the Return and Earn app. There are also Return and Earn Centres which are larger format indoor locations featuring multiple machines inside. <img src="https://oversixtydev.blob.core.windows.net/media/2023/01/Tomra1.png" alt="Return and Earn" width="741" height="423" /> For larger numbers, heading to your nearest automated depot is your best option. Here staff will take your bags of eligible containers and process them in their automated counting system called a singulator. Once counted, they’ll provide you with your cash refund. Even local businesses are taking part, with some corner stores, newsagents, fruit shops and some Surf Life Saving Clubs able to take your containers and give you your refund. To find your nearest return point, visit <a href="https://returnandearn.org.au/return-points/?utm_source=over-60&utm_medium=article&utm_content=native-article&utm_campaign=grey-partnership" target="_blank" rel="noopener">www.returnandearn.org.au</a>. Top tips for returning and earning When you’re ready to return your first collection of containers, here are some tips to make your experience even easier: <ul> <li>Download the Return and Earn app: use the app store available on your mobile phone. </li> <li>Sort your containers before you go: if you’re using a Return and Earn machine, sort your glass containers from your plastic bottles and cans as these are return using separate chutes on the machine. If you’re using an automated depot or an over-the-counter return point, there’s no need to sort. </li> <li>Check if your containers are eligible: Use the Return and Earn app to check if your containers are eligible for a refund. And make sure they’re uncrushed, with the barcode visible and keep the lid on.</li> <li>Plan your trip: make sure to check opening times of your nearest return point via the Return and Earn app or website. You can even optimise your trip by checking the busiest and quietest times to visit.</li> </ul> With these tips under your belt, you can make the most of your Return and Earn experience and reap the benefits for your wallet and for the environment. <iframe title="YouTube video player" src="https://www.youtube.com/embed/OYDROMQIDbU" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe> For more information, visit <a href="https://returnandearn.org.au/?utm_source=over-60&utm_medium=article&utm_content=native-article&utm_campaign=grey-partnership" target="_blank" rel="noopener">Return and Earn.</a> All images: supplied This is a sponsored article produced in partnership with <a href="https://returnandearn.org.au/?utm_source=over-60&utm_medium=article&utm_content=native-article&utm_campaign=grey-partnership" target="_blank" rel="noopener">Return and Earn</a>.

Retirement Income

Chokepoint Capitalism: why we’ll all lose unless we stop Amazon, Spotify and other platforms squeezing cash from creators

In 2020, the independent authors and small publishers whose audiobooks reach their readers via Audible’s <a href="https://www.acx.com/">ACX platform</a> smelled a rat. Audiobooks were booming, but sales of their own books – produced at great expense and well-reviewed – were plummeting. Some of their royalty statements reported negative sales, as readers returned more books than they bought. This was hard to make sense of, because Audible only reported net sales, refusing to reveal the sales and refunds that made them up. Perth-based writer <a href="https://www.susanmaywriter.net/single-post/audiblegate-the-incredible-story-of-missing-sales">Susan May</a> wondered whether those returns might be the reason for her dwindling net sales. She pressed Audible to tell her how many of her sales were being negated by returns, but the company stonewalled. Then, in October 2020, a glitch caused three weeks of returns data to be reported in a single day, and authors discovered that hundreds (and even thousands) of their sales had been wiped out by returns. Suddenly, the scam came into focus: the Amazon-owned Audible had been offering an extraordinarily generous returns policy, encouraging subscribers to return books they’d had on their devices for months, even if they had listened to them the whole way through, even if they had loved them – no questions asked. Encouraged by the policy, some subscribers had been treating the service like a library – returning books for fresh credits they could swap for new ones. Few would have realised that Audible clawed back the royalties from the book’s authors every time a book was returned. Good for Amazon, bad for authors It was good for Amazon – it helped Audible gain and hold onto subscribers – but bad for the authors and the performers who created the audiobooks, who barely got paid. Understanding Amazon’s motivation helps us understand a phenomenon we call <a href="https://scribepublications.com.au/books-authors/books/chokepoint-capitalism-9781761380075">chokepoint capitalism</a>, a modern plague on creative industries and many other industries too. Orthodox economics tells us not to worry about corporations dominating markets because that will attract competitors, who will put things back in balance. But many of today’s big corporations and billionaire investors have perfected ways to make those supposedly-temporary advantages permanent. Warren Buffett salivates over businesses with “<a href="https://markets.businessinsider.com/news/stocks/warren-buffett-moat-etf-simple-explanation-for-how-he-invests-and-its-easy-to-replicate-2017-10-1005613232">wide, sustainable moats</a>”. Peter Thiel scoffs that “<a href="https://www.wsj.com/articles/peter-thiel-competition-is-for-losers-1410535536">competition is for losers</a>”. Business schools teach students ways to lock in customers and suppliers and eliminate competition, so they can shake down the people who make what they supply and buy what they sell. Locking in customers and creators Amazon is the poster child for chokepoint capitalism. It boasts of its “<a href="https://feedvisor.com/resources/amazon-trends/amazon-flywheel-explained/">flywheel</a>” – a self-described “<a href="https://fourweekmba.com/amazon-flywheel/">virtuous cycle</a>” where its lower cost leads to lower prices and a better customer experience, which leads to more traffic, which leads to more sellers, and a better selection – which further propels the flywheel. <hr /> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=379&fit=crop&dpr=1 600w, https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=379&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=379&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=477&fit=crop&dpr=1 754w, https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=477&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/494907/original/file-20221111-21-lnbmh1.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=477&fit=crop&dpr=3 2262w" alt="" /></a><figcaption></figcaption></figure> <hr /> But the way the cycle works isn’t virtuous – it’s vicious and anti-competitive. Amazon openly admits to doing everything it can to lock in its customers. That’s why Audible encourages book returns: its generous offer only applies to ongoing subscribers. Audible wants the money from monthly subscribers and wants the fact that they are subscribed to prevent them from shopping elsewhere. Paying the people who actually made the product it sells a fair share of earnings isn’t Amazon’s priority. Because Amazon founder Jeff Bezos’ famous maxim is “<a href="https://www.marketplacepulse.com/articles/the-cost-of-your-margin-is-my-opportunity">your margin is my opportunity</a>”, the executive who figured out how to make authors foot the bill for retaining subscribers probably got a bonus. Another way Audible locks customers in is by ensuring the books it sells are protected by <a href="https://www.fortinet.com/resources/cyberglossary/digital-rights-management-drm">digital rights management</a> (DRM) which means they are encrypted, and can only be read by software with the decryption key. Amazon claims DRM stops listeners from stealing from creators by pirating their books. But tools to strip away those locks are freely available online, and it’s easy for readers who can’t or won’t pay for books to find illegal versions. While DRM doesn’t prevent infringement, it does prevent competition. Startups that want to challenge Audible’s dominance – including those that would pay fairly – have to persuade potential customers to give up their Audible titles or to inconveniently maintain separate libraries. In this way, laws that were intended to protect against infringement of copyright have become tools to protect against infringement of corporate dominance. Once customers are locked in, suppliers (authors and publishers) are locked in too. It’s incredibly difficult to reach audiobook buyers unless you’re on Audible. When the suppliers are locked in, they can be shaken down for an ever-greater share of what the buyers hand over. <hr /> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=377&fit=crop&dpr=1 600w, https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=377&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=377&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=474&fit=crop&dpr=1 754w, https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=474&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/494908/original/file-20221111-16-pua9cp.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=474&fit=crop&dpr=3 2262w" alt="" /></a><figcaption></figcaption></figure> <hr /> How a few big buyers can control whole markets The problem isn’t with middlemen as such: book shops, record labels, book and music publishers, agents and myriad others provide valuable services that help keep creative wheels turning. The problem arises when these middlemen grow powerful enough to bend markets into hourglass shapes, with audiences at one end, masses of creators at the other, and themselves operating as a chokepoint in the middle. Since everyone has to go through them, they’re able to control the terms on which creative goods and services are exchanged - and extract more than their fair share of value. The corporations who create these chokepoints are trying to “monopsonise” their markets. “Monopsony” isn’t a pretty word, but it’s one we are going to have to get familiar with to understand why so many of us are feeling squeezed. <a href="https://www.wallstreetmojo.com/monopoly">Monopoly</a> (or near-monopoly) is where there is only one big seller, leaving buyers with few other places to turn. <a href="https://www.wallstreetmojo.com/monopsony/">Monopsony</a> is where there is only one big buyer, leaving sellers with few other places to turn. In our book, we quote William Deresiewicz, a former professor of English at Yale University, who points out in his book <a href="https://www.chicagoreview.org/william-deresiewicz-the-death-of-the-artist/">The Death of the Artist</a> that “if you can only sell your product to a single entity, it’s not your customer; it’s your boss”. Increasingly, it is how the creative industries are structured. There’s Audible for audiobooks, Amazon for physical and digital versions, YouTube for video, Google and Facebook for online news advertising, the <a href="https://www.liveabout.com/big-three-record-labels-2460743">Big Three record labels</a> (who own the big three music publishers) for recorded music, <a href="https://pluralistic.net/2022/09/12/streaming-doesnt-pay/">Spotify</a> for streaming, Live Nation for live music and ticketing – and that’s just the start. But as corporate concentration increases across the board, monopsony is becoming a problem for the rest of us. For a glimpse into what happens to labour markets when buyers become too powerful, just think about how monopsonistic supermarkets bully food manufacturers and farmers. <figure class="align-right "><img src="https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=45&auto=format&w=237&fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=45&auto=format&w=600&h=966&fit=crop&dpr=1 600w, https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=30&auto=format&w=600&h=966&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=15&auto=format&w=600&h=966&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=45&auto=format&w=754&h=1214&fit=crop&dpr=1 754w, https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=30&auto=format&w=754&h=1214&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/494912/original/file-20221112-11-u879gw.png?ixlib=rb-1.1.0&q=15&auto=format&w=754&h=1214&fit=crop&dpr=3 2262w" alt="" /><figcaption><a class="source" href="https://scribepublications.com.au/books-authors/books/chokepoint-capitalism-9781761380075">Scribe Publications</a></figcaption></figure> A fairer deal for consumers and creators The good news is that we don’t have to put up with it. <a href="https://scribepublications.com.au/books-authors/books/chokepoint-capitalism-9781761380075">Chokepoint Capitalism</a> isn’t one of those “Chapter 11 books” – ten chapters about how terrible everything is, plus a conclusion with some vague suggestions about what can be done. The whole second half is devoted to detailed proposals for widening these chokepoints out – such as transparency rights, among others. Audible’s sly trick only finally came to light because of the glitch that let authors see the scope of returns. That glitch enabled writers, led by Susan May, to organise a campaign that eventually forced Audible to reform some of its more egregious practices. But we need more light in dark corners. And we need reforms to contract law to level the playing field in negotiations, interoperability rights to prevent lock-in to platforms, copyrights being better secured to creators rather than publishers, and minimum wages for creative work. These and the other things we suggest would do much to empower artists and get them paid. And they would provide inspiration for the increasing rest of us who are supplying our goods or our labour to increasingly powerful corporations that can’t seem to keep their hands out of our pockets. <hr /> Chokepoint Capitalism: how big tech and big content captured creative labour markets, and how we’ll win them back is published on <a href="https://scribepublications.com.au/books-authors/books/chokepoint-capitalism-9781761380075">Tuesday November 15</a> by Scribe.<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/194069/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /> Writen by Rebecca Giblin and Cory Doctorow. Republished with permission from <a href="https://theconversation.com/chokepoint-capitalism-why-well-all-lose-unless-we-stop-amazon-spotify-and-other-platforms-squeezing-cash-from-creators-194069" target="_blank" rel="noopener">The Conversation</a>. Image: Getty Images

Money & Banking

“Goodbye Little Darlin’”: Johnny Cash fan snaps up singer’s former home

After just two months on the market, the sprawling ranch Johnny Cash built in the hills of California has been snagged by a generous local fan. <a href="https://www.oversixty.com.au/property/real-estate/walk-the-rooms-inside-the-house-that-johnny-cash-built" target="_blank" rel="noopener">With an asking price of $US 1.795 million</a> ($AU 2.77 million), the home’s new owner paid an extra $55,000 ($AU 84,000) for the keys to the six-acre ranch. The Ring of Fire singer reportedly built the ‘60s style compound in Ventura, California, in 1961 as an escape from Los Angeles and a place where he and his wife, Vivian, could raise their two daughters. Unlike other celebrity neighbours, it seems that Cash was on friendly terms with the locals, with residents from the nearby village of Casitas Springs recalling Cash setting up speakers on the hillside outside his home and playing concerts for the people living below, per <a href="https://www.realtor.com/news/celebrity-real-estate/johnny-cash-fan-buys-the-singers-former-ranch-in-ventura/" target="_blank" rel="noopener">realtor.com</a>. In 1966, the couple divorced, with Cash marrying June Carter two years later and relocating to Nashville. Vivian later offloaded the five-bedroom home in the 1970s. Even after all these years, the property still features details from when Cash called it home, including a wall-mounted timetable and painted ceilings “imbued with glitter”, according to <a href="https://www.realtor.com/realestateandhomes-detail/8736-Nye-Rd_Ventura_CA_93001_M13740-10847" target="_blank" rel="noopener">the listing</a>. His wood-panelled studio has also been preserved. Built with high windows, the studio was designed so the six-foot singer could look out without others being able to see in. The panelled walls, wagon wheel chandeliers and curved brick fireplace in the living room also add to the rustic feel of the home’s interior. Outside, you’ll find cypresses and oak trees, a large pool and spa, and a hillside barbecue area where Cash taught his daughters to shoot - with spent shells still being found there sometimes. With the property being zoned for livestock and plenty of fields ready for planting, it’ll be up to the new owner to decide on the fate of the iconic home. Images: Realtor.com / Getty Images

Real Estate

Stranded opera singer busks to earn cash after cancelled flights

After her flight home was cancelled, one Jestar passenger said she was forced to busk for money until she could get home. Edit Pali had travelled to a remote resort in Phuket with her husband Tibor to celebrate her 50th birthday when a cancelled flight saw their stay extend for another five days. Having spent a large portion of their savings on their trip, the couple were faced with the problem of paying for their additional days in the resort. Ms Pali told <a href="https://9now.nine.com.au/a-current-affair/stranded-aussie-jetstar-passengers-speak-out/04c064ba-f60c-43dd-8ba8-640595f8ddc9" target="_blank" rel="noopener">A Current Affair</a> that the airline had offered them $30 for meals and $150 for accommodation each day in compensation - but the money failed to arrive. “I’m a tough chook but I cried, I really cried,” she said. Taking advantage of her skills as an opera singer, Ms Pali decided to sing for her supper at breakfast, lunch and dinner while they waited for the funds to come through. "We're just average people, we don't make a lot of money, so for us to go away to Thailand for a week to a luxury resort, that was a big enough chunk into our savings,” she added. A Jetstar spokesperson said they were aware of Ms Pali’s situation and were doing “everything we can”. But Ms Pali isn’t the only person affected by a cancelled flight, as six out of 11 of Jetstar’s 787 planes were grounded earlier this month. At least 4,000 passengers travelling on popular winter routes, including to Bali, Thailand, and Japan, have been affected by delays and cancellations, with the airline blaming lightning, bird strikes and parts shortages. "Our teams work around the clock to get passengers on their way as soon as possible and we provide a range of support, including help to cover accommodation and meals costs as well as other reasonable expenses," the airline said. In a statement, Jetstar said Ms Pali and her husband were due to have their expense claim paid by September 27. Image: A Current Affair

Travel Trouble

5 million Aussies set to receive biggest cash boost in 30 years

Millions of struggling Australians will cop a much-needed cash boost this week, as Centrelink payments are set to increase to match the rising cost of living. The increased amount is set to be the biggest in 30 years and will benefit pensioners, disability support pensioners, carers' payments and those on Jobseeker and Rent Assist. Having been announced earlier in September, the increase will see the Aged Pension rise to $1025.50 for singles and $1547.60 for couples, while Job Seeker will rise to $677.20. Single parents are set to receive an extra $35.20, bringing their total up to $927.40, while Jobseeker recipients aged over 22 and without children will get an extra $25.70 per fortnight, bringing their total to $677. Treasurer Jim Chalmers said: “This indexation will be particularly big this month, because inflation is particularly challenging.” Image: Getty

Money & Banking

Cash is not king when it comes to super

Record low interest rates are shrinking financial returns for conservative fund members. Regardless of whether your nest egg is self-managed or in a retail or industry super fund, if it’s mainly been sitting in cash you’ve missed out on healthy returns delivered by diversification. Five years ago, seven per cent term deposits were offered. But this is no longer the case. Many experts expect slim cash returns for a long time. Recently, deposits pay only two-and-a-half per cent. The fast-growing self-managed superannuation sector seems to be hit the hardest by the cash crash as members usually make their own investment decisions. Those who don’t use SMSFs should also check that cash does not dominate their savings. Most will already have a diverse range on investments through their fund’s default investment options. In Australia, we have almost 550 million SMSFs with more than one million members. According to official figures, they hold about 28 per cent of their money in cash. Typical retail and industry super funds hold 14 per cent of their money in cash. International shares, which is a top-performing asset class over the last five years, represents less than one per cent of SMSF assets compared with 22 per cent for other funds. Barbara Smith, CEO of Oasis Wealth and author of new book Keep it Super Simple, says that cash returns were nice for those who locked money in term deposits five years ago. But record low interest rates today mean now is not the time to do it again. “Our experience is sometimes people get scared and just leave it sitting in cash,” she says. “Now that rates have fallen, people are being a little proactive.” She says that people need to do their research and “always keep yourself close to your money.” Online share trading websites such as CommSec have more information than they’ve had before, Smith says. “The worst thing people do is invest in things they don’t understand. Once they do that you can start to see the money drizzle away. Take it slowly and gradually invest.” Andrea Slattery, CEO of the SMSE Association, says that the claim that SMSFs invest mainly in cash is incorrect. She says they get a lot of international exposure via investing in Aussie companies with big offshore earnings, like BHP Billiton, Rio Tinto and Westfield. “SMSFs are more flexible and leading the market in moving into new investments,” she says. “In the main, people are more engaged, they trust their specialist adviser and are more comfortable with the decisions that have been made. “You can’t actually do everything yourself – there are a couple of compulsory advisers you need – one’s an auditor and one’s an actuary. You manage it through professional advice directly to you,” Slattery says. Image: Getty Images

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Bold idea sees hotel offer thousands in cash back if it rains