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"Dignified retirement": Aussies set for $21k cash boost

<p>The average Australian is set to receive a $21,000 cash boost following a change to superannuation contributions. </p> <p>From July the superannuation guarantee increased from 11 to 11.5 per cent, meaning that the compulsory superannuation payments made by employers have risen. </p> <p>This means that an average worker earning around $72,000 would pocket an extra $21,000 at retirement as a result of the permanent increase, according to an analysis by the Treasury Department. </p> <p>“Wages growth and tax cuts are putting cash in people’s pockets now, and our increase to the super guarantee will put cash in people’s pockets for the future,” Treasurer Jim Chalmers said.</p> <p>“This will make a meaningful difference for millions of Australians who deserve a dignified retirement.</p> <p>“The superannuation guarantee has increased three times under our government.”</p> <p>The government has been progressively increasing the super guarantee rate until it hits 12 per cent, which will come into effect from July 2025. </p> <p>The concessional super contributions cap - the amount that you can invest into your super each year without copping extra tax and includes employer payments - also increased on July 1, up from $27,500 to $30,000 per year.</p> <p>In addition to this, the after-tax super or non-concessional super contributions cap has also been increased from $110,000 to $120,000.</p> <p><em>Image: Shutterstock</em></p>

Retirement Income

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Tastes from our past can spark memories, trigger pain or boost wellbeing. Here’s how to embrace food nostalgia

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/megan-lee-490875">Megan Lee</a>, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a>; <a href="https://theconversation.com/profiles/doug-angus-1542552">Doug Angus</a>, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a>, and <a href="https://theconversation.com/profiles/kate-simpson-1542551">Kate Simpson</a>, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a></em></p> <p>Have you ever tried to bring back fond memories by eating or drinking something unique to that time and place?</p> <p>It could be a Pina Colada that recalls an island holiday? Or a steaming bowl of pho just like the one you had in Vietnam? Perhaps eating a favourite dish reminds you of a lost loved one – like the sticky date pudding Nanna used to make?</p> <p>If you have, you have tapped into <a href="https://www.tandfonline.com/doi/full/10.1080/02699931.2022.2142525">food-evoked nostalgia</a>.</p> <p>As researchers, we are exploring how eating and drinking certain things from your past may be important for your mood and mental health.</p> <h2>Bittersweet longing</h2> <p>First named in 1688 by Swiss medical student, <a href="https://www.jstor.org/stable/44437799">Johannes Hoffer</a>, <a href="https://compass.onlinelibrary.wiley.com/doi/10.1111/spc3.12070">nostalgia</a> is that bittersweet, sentimental longing for the past. It is experienced <a href="https://journals.sagepub.com/doi/10.1111/j.1467-8721.2008.00595.x">universally</a> across different cultures and lifespans from childhood into older age.</p> <p>But nostalgia does not just involve positive or happy memories – we can also experience nostalgia for <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2F0022-3514.91.5.975">sad and unhappy moments</a> in our lives.</p> <p>In the <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Femo0000817">short and long term</a>, nostalgia can positively impact our health by improving <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Fa0025167">mood</a> and <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Femo0000817">wellbeing</a>, fostering <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Fa0017597">social connection</a> and increasing quality of life. It can also trigger feelings of <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Femo0000817">loneliness or meaninglessness</a>.</p> <p>We can use nostalgia to <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Fa0025167">turn around a negative mood</a> or enhance our sense of <a href="https://psycnet.apa.org/doiLanding?doi=10.1037%2Femo0000817">self, meaning and positivity</a>.</p> <p>Research suggests nostalgia alters activity in the <a href="https://academic.oup.com/scan/article/17/12/1131/6585517">brain regions associated with reward processing</a> – the same areas involved when we seek and receive things we like. This could explain the <a href="https://www.sciencedirect.com/science/article/abs/pii/S2352250X22002445?via%3Dihub">positive feelings</a> it can bring.</p> <p>Nostalgia can also increase feelings of loneliness and sadness, particularly if the memories highlight dissatisfaction, grieving, loss, or wistful feelings for the past. This is likely due to activation of <a href="https://www.sciencedirect.com/science/article/pii/S2352250X22002445?casa_token=V31ORDWcsx4AAAAA:Vef9hiwUz9506f5PYGsXH-JxCcnsptQnVPNaAGares2xTU5JbKSHakwGpLxSRO2dNckrdFGubA">brain areas</a> such as the amygdala, responsible for processing emotions and the prefrontal cortex that helps us integrate feelings and memories and regulate emotion.</p> <h2>How to get back there</h2> <p>There are several ways we can <a href="https://psycnet.apa.org/fulltext/2006-20034-013.html">trigger</a> or tap into nostalgia.</p> <p>Conversations with family and friends who have shared experiences, unique objects like photos, and smells can <a href="https://www.sciencedirect.com/science/article/abs/pii/S2352250X23000076">transport us back</a> to old times or places. So can a favourite song or old TV show, reunions with former classmates, even social media <a href="https://www.theverge.com/2015/3/24/8284703/facebook-on-this-day-nostalgia-recap">posts and anniversaries</a>.</p> <p>What we eat and drink can trigger <a href="https://www.emerald.com/insight/content/doi/10.1108/QMR-06-2012-0027/full/html">food-evoked nostalgia</a>. For instance, when we think of something as “<a href="https://theconversation.com/health-check-why-do-we-crave-comfort-food-in-winter-118776">comfort food</a>”, there are likely elements of nostalgia at play.</p> <p>Foods you found comforting as a child can evoke memories of being cared for and nurtured by loved ones. The form of these foods and the stories we tell about them may have been handed down through generations.</p> <p>Food-evoked nostalgia can be very powerful because it engages multiple senses: taste, smell, texture, sight and sound. The sense of <a href="https://www.tandfonline.com/doi/full/10.1080/09658211.2013.876048?casa_token=wqShWbRXJaYAAAAA%3AqJabgHtEbPtEQp7qHnl7wOb527bpGxzIJ_JwQX8eAyq1IrM_HQFIng8ELAMyuoFoeZyiX1zeJTPf">smell</a> is closely linked to the limbic system in the brain responsible for emotion and memory making food-related memories particularly vivid and emotionally charged.</p> <p>But, food-evoked nostalgia can also give rise to <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/hpja.873">negative memories</a>, such as of being forced to eat a certain vegetable you disliked as a child, or a food eaten during a sad moment like a loved ones funeral. Understanding why these foods <a href="https://www.tandfonline.com/doi/full/10.1080/02699931.2022.2142525?casa_token=16kAPHUQTukAAAAA%3A9IDvre8yUT8UsuiR_ltsG-3qgE2sdkIFgcrdH3T5EYbVEP9JZwPcsbmsPLT6Kch5EFFs9RPsMTNn">evoke negative memories</a> could help us process and overcome some of our adult food aversions. Encountering these foods in a positive light may help us reframe the memory associated with them.</p> <h2>What people told us about food and nostalgia</h2> <p>Recently <a href="https://onlinelibrary.wiley.com/doi/full/10.1002/hpja.873">we interviewed eight Australians</a> and asked them about their experiences with food-evoked nostalgia and the influence on their mood. We wanted to find out whether they experienced food-evoked nostalgia and if so, what foods triggered pleasant and unpleasant memories and feelings for them.</p> <p>They reported they could use foods that were linked to times in their past to manipulate and influence their mood. Common foods they described as particularly nostalgia triggering were homemade meals, foods from school camp, cultural and ethnic foods, childhood favourites, comfort foods, special treats and snacks they were allowed as children, and holiday or celebration foods. One participant commented:</p> <blockquote> <p>I guess part of this nostalgia is maybe […] The healing qualities that food has in mental wellbeing. I think food heals for us.</p> </blockquote> <p>Another explained</p> <blockquote> <p>I feel really happy, and I guess fortunate to have these kinds of foods that I can turn to, and they have these memories, and I love the feeling of nostalgia and reminiscing and things that remind me of good times.</p> </blockquote> <p>Understanding food-evoked nostalgia is valuable because it provides us with an insight into how our sensory experiences and emotions intertwine with our memories and identity. While we know a lot about how food triggers nostalgic memories, there is still much to learn about the specific brain areas involved and the differences in food-evoked nostalgia in different cultures.</p> <p>In the future we may be able to use the science behind food-evoked nostalgia to help people experiencing dementia to tap into lost memories or in psychological therapy to help people reframe negative experiences.</p> <p>So, if you are ever feeling a little down and want to improve your mood, consider turning to one of your favourite comfort foods that remind you of home, your loved ones or a holiday long ago. Transporting yourself back to those times could help turn things around.<!-- 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/232826/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><a href="https://theconversation.com/profiles/megan-lee-490875">Megan Lee</a>, Senior Teaching Fellow, Psychology, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a>; <a href="https://theconversation.com/profiles/doug-angus-1542552">Doug Angus</a>, Assistant Professor of Psychology, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a>, and <a href="https://theconversation.com/profiles/kate-simpson-1542551">Kate Simpson</a>, Sessional academic, <a href="https://theconversation.com/institutions/bond-university-863">Bond University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>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/tastes-from-our-past-can-spark-memories-trigger-pain-or-boost-wellbeing-heres-how-to-embrace-food-nostalgia-232826">original article</a>.</em></p> </div>

Mind

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Aussie carers to receive a hefty cash boost

<p>Australian carers are set for a hefty financial increase in addition to their ongoing support payments from July 1st. </p> <p><a href="https://www.servicesaustralia.gov.au/carer-supplement" target="_blank" rel="noopener">Services Australia</a> confirmed that those receiving the Centrelink Carer Supplement will see a $600 cash boost automatically hit their bank accounts between July 3rd and August 2nd. </p> <p>Carers will receive the $600 annual supplement for each of the carer payments they receive.</p> <p>That includes the Carer Payment, which provides income support for over 300,000 Australians who, “because of the demands of their caring role, are unable to support themselves through substantial paid employment.”</p> <p>The payment will also supplement recipients of the Carer Allowance, which can be received in addition to income support payments, and is received by over 640,000 carers who “provide daily care and attention at home for a person with a disability, severe medical condition or who is frail and aged”.</p> <p>Those receiving the Department of Veterans’ Affairs Partner Service Pension and Carer Allowance, and the Department of Veterans’ Affairs Carer Service Pension will also be eligible for the cash boost. </p> <p>“How much you get depends on the percentage of care you provide,” Services Australia said.</p> <p>“You’ll get a Carer Supplement for each eligible payment you get. For example, if you get a Carer Payment and a Carer Allowance, you’ll get two Carer Supplements.”</p> <p>“This payment doesn’t add to your taxable income,” Services Australia said.</p> <p><em>Image credits: Shutterstock</em></p>

Money & Banking

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Exercise, therapy and diet can all improve life during cancer treatment and boost survival. Here’s how

<div class="theconversation-article-body"> <p><em><a href="https://theconversation.com/profiles/rob-newton-12124">Rob Newton</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a></em></p> <p>With so many high-profile people <a href="https://www.theguardian.com/uk-news/2024/mar/23/cancer-charities-princess-of-wales-speaking-about-diagnosis">diagnosed with cancer</a> we are confronted with the stark reality the disease can strike any of us at any time. There are also reports certain cancers are <a href="https://www.cancer.org/research/acs-research-news/facts-and-figures-2024.html">increasing among younger people</a> in their 30s and 40s.</p> <p>On the positive side, medical treatments for cancer are advancing very rapidly. Survival rates are <a href="https://acsjournals.onlinelibrary.wiley.com/doi/10.3322/caac.21763">improving greatly</a> and some cancers are now being managed more as <a href="https://www.cancer.org/cancer/survivorship/long-term-health-concerns/cancer-as-a-chronic-illness.html">long-term chronic diseases</a> rather than illnesses that will rapidly claim a patient’s life.</p> <p>The <a href="https://www.cancer.org/cancer/managing-cancer/treatment-types.html">mainstays of cancer treatment</a> remain surgery, chemotherapy, radiation therapy, immunotherapy, targeted therapy and hormone therapy. But there are other treatments and strategies – “adjunct” or supportive cancer care – that can have a powerful impact on a patient’s quality of life, survival and experience during cancer treatment.</p> <h2>Keep moving if you can</h2> <p>Physical exercise is now recognised as a <a href="https://www.exerciseismedicine.org/">medicine</a>. It can be tailored to the patient and their health issues to stimulate the body and build an internal environment where <a href="https://wchh.onlinelibrary.wiley.com/doi/full/10.1002/tre.884">cancer is less likely to flourish</a>. It does this in a number of ways.</p> <p>Exercise provides a strong stimulus to our immune system, increasing the number of cancer-fighting immune cells in our blood circulation and infusing these into the tumour tissue <a href="https://jitc.bmj.com/content/9/7/e001872">to identify and kill cancer cells</a>.</p> <p>Our skeletal muscles (those attached to bone for movement) release signalling molecules called <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7288608/">myokines</a>. The larger the muscle mass, the more myokines are released – even when a person is at rest. However, during and immediately after bouts of exercise, a further surge of myokines is secreted into the bloodstream. Myokines attach to immune cells, stimulating them to be better “hunter-killers”. Myokines also signal directly to cancer cells <a href="https://www.sciencedirect.com/science/article/pii/S2095254623001175">slowing their growth and causing cell death</a>.</p> <p>Exercise can also greatly <a href="https://wchh.onlinelibrary.wiley.com/doi/full/10.1002/tre.884">reduce the side effects of cancer treatment</a> such as fatigue, muscle and bone loss, and fat gain. And it reduces the risk of <a href="https://doi.org/10.2337/diacare.27.7.1812">developing other chronic diseases</a> such as heart disease and type 2 diabetes. Exercise can maintain or improve quality of life and mental health <a href="https://www.hindawi.com/journals/tbj/2022/9921575/">for patients with cancer</a>.</p> <p>Emerging research evidence indicates exercise might increase the effectiveness of mainstream treatments such as <a href="https://aacrjournals.org/cancerres/article/81/19/4889/670308/Effects-of-Exercise-on-Cancer-Treatment-Efficacy-A">chemotherapy</a> and <a href="https://www.nature.com/articles/s41391-020-0245-z">radiation therapy</a>. Exercise is certainly essential for preparing the patient for any surgery to increase cardio-respiratory fitness, reduce systemic inflammation, and increase muscle mass, strength and physical function, and then <a href="https://www.jsams.org/article/S1440-2440(18)31270-2/fulltext">rehabilitating them after surgery</a>.</p> <p>These mechanisms explain why cancer patients who are physically active have much <a href="https://journals.lww.com/acsm-msse/fulltext/2019/06000/physical_activity_in_cancer_prevention_and.20.aspx">better survival outcomes</a> with the relative risk of death from cancer <a href="https://journals.lww.com/acsm-msse/fulltext/2019/06000/physical_activity_in_cancer_prevention_and.20.aspx">reduced by as much as 40–50%</a>.</p> <h2>Mental health helps</h2> <p>The second “tool” which has a major role in cancer management is <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6016045/">psycho-oncology</a>. It involves the psychological, social, behavioural and emotional aspects of cancer for not only the patient but also their carers and family. The aim is to maintain or improve quality of life and mental health aspects such as emotional distress, anxiety, depression, sexual health, coping strategies, personal identity and relationships.</p> <p>Supporting quality of life and happiness is important on their own, but these barometers <a href="https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2024.1349880/full">can also impact</a> a patient’s physical health, response to exercise medicine, resilience to disease and to treatments.</p> <p>If a patient is highly distressed or anxious, their body can enter a flight or fight response. This creates an internal environment that is actually supportive of cancer progression <a href="https://www.cancer.gov/about-cancer/coping/feelings/stress-fact-sheet">through hormonal and inflammatory mechanisms</a>. So it’s essential their mental health is supported.</p> <h2>Putting the good things in: diet</h2> <p>A third therapy in the supportive cancer care toolbox is diet. A healthy diet <a href="https://www.cancer.org/cancer/survivorship/coping/nutrition/benefits.html">can support the body</a> to fight cancer and help it tolerate and recover from medical or surgical treatments.</p> <p>Inflammation provides a more fertile environment <a href="https://www.cancer.gov/news-events/cancer-currents-blog/2022/reducing-inflammation-to-treat-cancer">for cancer cells</a>. If a patient is overweight with excessive fat tissue then a diet to reduce fat which is also anti-inflammatory can be very helpful. This <a href="https://www.frontiersin.org/articles/10.3389/fnut.2021.709435/full">generally means</a> avoiding processed foods and eating predominantly fresh food, locally sourced and mostly plant based.</p> <p>Muscle loss is <a href="https://onlinelibrary.wiley.com/doi/10.1002/rco2.56">a side effect of all cancer treatments</a>. Resistance training exercise can help but people may need protein supplements or diet changes to make sure they get enough protein to build muscle. Older age and cancer treatments may reduce both the intake of protein and compromise absorption so <a href="https://www.sciencedirect.com/science/article/pii/S0261561421005422">supplementation may be indicated</a>.</p> <p>Depending on the cancer and treatment, some patients may require highly specialised diet therapy. Some cancers such as pancreatic, stomach, esophageal, and lung cancer can cause rapid and uncontrolled drops in body weight. This is called <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8233663/">cachexia and needs careful management</a>.</p> <p>Other cancers and treatments such as hormone therapy can cause rapid weight gain. This also needs careful monitoring and guidance so that, when a patient is clear of cancer, they are not left with higher risks of other health problems such as cardiovascular disease and metabolic syndrome (a cluster of conditions that boost your risk of heart disease, stroke and type 2 diabetes).</p> <h2>Working as a team</h2> <p>These are three of the most powerful tools in the supportive care toolbox for people with cancer. None of them are “cures” for cancer, alone or together. But they can work in tandem with medical treatments to greatly improve outcomes for patients.</p> <p>If you or someone you care about has cancer, national and state cancer councils and cancer-specific organisations can provide support.</p> <p>For exercise medicine support it is best to consult with an <a href="https://www.essa.org.au/Public/Public/Consumer_Information/What_is_an_Accredited_Exercise_Physiologist_.aspx">accredited exercise physiologist</a>, for diet therapy an <a href="https://dietitiansaustralia.org.au/working-dietetics/standards-and-scope/role-accredited-practising-dietitian">accredited practising dietitian</a> and mental health support with a <a href="https://psychology.org.au/psychology/about-psychology/what-is-psychology">registered psychologist</a>. Some of these services are supported through Medicare on referral from a general practitioner.</p> <hr /> <p><em>For free and confidential cancer support call the <a href="https://www.cancer.org.au/support-and-services/cancer-council-13-11-20">Cancer Council</a> on 13 11 20.<!-- 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/226720/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 --></em></p> <p><em><a href="https://theconversation.com/profiles/rob-newton-12124">Rob Newton</a>, Professor of Exercise Medicine, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>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/exercise-therapy-and-diet-can-all-improve-life-during-cancer-treatment-and-boost-survival-heres-how-226720">original article</a>.</em></p> </div>

Caring

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Millions of eligible Aussies about to receive financial boost

<p>Starting this Wednesday, millions of Australians relying on Centrelink benefits will see a welcome increase in their payments. With indexation kicking in, fortnightly boosts ranging from $14 to $30 will be allocated to eligible recipients, depending on their specific circumstances and the type of payment they receive.</p> <p>This adjustment will not only benefit current beneficiaries but also extend support to more individuals, with an additional 77,000 parents now qualifying for higher payment rates. The eligibility criteria for certain payments have been expanded, particularly for parents whose youngest child is under 14, a significant extension from the previous threshold of under eight.</p> <p>Income and assets limits tied to these payments will also experience an uptick in line with the indexation process, offering further relief to recipients. But how exactly will these increments manifest across different categories of payments?</p> <p>For single parents, the fortnightly payment will see a boost of $17.50, while partnered parents will witness an increase of $12.30 individually. Moreover, the income free area will rise to $1,345 for each person, an enhancement of $20 per fortnight.</p> <p>Jobseekers with children or those aged over 55 will receive an additional $14.40 fortnightly. Single JobSeeker recipients without children and individuals aged over 22 on ABSTUDY will enjoy a $13.50 increase per fortnight, with couples receiving an extra $12.30 each.</p> <p>Rent assistance, however, will see relatively modest increments, ranging from $2.27 to $3.40, depending on the recipient's family situation.</p> <p>For those on the age pension, disability support pension, and carer payment, the increase is more substantial, with singles receiving an extra $19.60 and couples combined receiving $29.40 each fortnight. This brings the maximum rate of the pension to $1116.30 for singles and $1682.80 for couples, including pension and energy supplements.</p> <p>Amanda Rishworth, the Social Services Minister, explains that indexation plays a crucial role in ensuring that welfare recipients can cope with inflation and the rising cost of living – and that addressing these pressures remains a top priority for the government.</p> <p>This increase in Centrelink payments comes at a critical time when many Australians are grappling with economic uncertainty due to various factors, including the ongoing pandemic. While these adjustments may seem modest to some, they can make a significant difference for those relying on welfare support to make ends meet.</p> <p>It's essential for eligible individuals to stay informed about these changes and ensure they receive the full benefits they're entitled to. For those who may be unsure about their eligibility or how to navigate the system, seeking assistance from Centrelink or relevant support services can provide valuable guidance.</p> <p>As the cost of living continues to evolve, initiatives like indexation serve as vital mechanisms for maintaining the welfare safety net and supporting vulnerable members of society. By keeping pace with economic realities, these adjustments strive to provide meaningful relief to those who need it most, contributing to a more equitable and inclusive society for all Australians.</p> <p><em>Image: Getty </em></p>

Money & Banking

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Millions of Aussies to get cash boost in weeks

<p>Millions of Australians are set to receive more money when payments are indexed. </p> <p>On March 20, those on the age pension, disability support pension and carer payment will be pocketing extra money. </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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. </p> <p>The income and assets limits will also be increased in line with indexation in March.</p> <p>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. </p> <p>“Our number one priority is addressing inflation and cost of living pressures,” Rishworth said.</p> <p><em>Image: Getty</em></p> <p> </p>

Money & Banking

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Tax boost announced for 1.2 million people

<p>Low-income earners will receive a tax boost with the Medicare levy threshold set to rise. </p> <p>The income threshold at which taxpayers will have to pay a two per cent Medicare levy will increase by 7.1 per cent, in line with inflation. </p> <p>Currently single people who earn below $24,276 do not have to pay the levy. Under the changes, the two per cent levy only has to be paid by anyone earning over <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">$26,000</span></p> <p>The <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">Medicare levy </span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">threshold for seniors and pensioners will increase to $41,089, up from the initial benchmark of $38,365. </span></p> <p>For families, this threshold has increased to $43,486 up from the previous $40,939. </p> <p>Treasurer Jim Chalmers said that the increase was part of the broader measures taken to relieve the increase in cost-of-living. </p> <p>“This will ensure people on lower incomes continue to pay less or are exempt from the Medicare levy,”  he said on Tuesday. </p> <p>“It means 1.2 million Australians get to keep a bit more of what they earn.”</p> <p>The boost in the Medicare levy threshold was announced alongside changes to income tax cuts, with those earning under $150,000 set to receive greater benefits. </p> <p>“This is about doing what we responsibly can to ease some of the pressure being felt by Australians right around the country, but especially for people on lower incomes, young people, seniors and women,” Chalmers said.</p> <p>This comes just days after Medicare celebrated it's 40th anniversary, with an exhibition launched at Parliament House.</p> <p><em>Image: Getty</em></p>

Money & Banking

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Stage 3 stacks up: the rejigged tax cuts help fight bracket creep and boost middle and upper-middle households

<p><em><a href="https://theconversation.com/profiles/ben-phillips-98866">Ben Phillips</a>, <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a></em></p> <p>The winners and losers from the Albanese government’s <a href="https://treasury.gov.au/sites/default/files/2024-01/tax-cuts-government-fact-sheet.pdf">rejig</a> of this year’s Stage 3 tax cuts have already been well documented.</p> <p>From July 1 every taxpayer will get a tax cut. Most, the 11 million taxpayers earning up to A$146,486, will also pay less tax than they would have under the earlier version of Stage 3, some getting a tax cut <a href="https://theconversation.com/albanese-tax-plan-will-give-average-earner-1500-tax-cut-more-than-double-morrisons-stage-3-221875">twice as big</a>.</p> <p>A much smaller number, 1.8 million, will get a smaller tax cut than they would have under the original scheme, although their cuts will still be big. The highest earners will get cuts of $4,529 instead of $9,075.</p> <p>But many of us live in households where income is shared and many households don’t pay tax because the people in them don’t earn enough or are on benefits.</p> <p>The Australian National University’s <a href="https://csrm.cass.anu.edu.au/research/policymod">PolicyMod</a> model is able to work out the impacts at the household level, including the impact on households in which members are on benefits or don’t earn enough to pay tax.</p> <h2>More winners than losers in every broad income group</h2> <p>We’ve divided Australian households into five equal-size groups ranked by income, from lowest to lower-middle to middle to upper-middle to high.</p> <p>Our modelling finds that, just as is the case for individuals, many more households will be better off with the changes to Stage 3 than would have been better off with Stage 3 as it was, although the difference isn’t as extreme.</p> <p>Overall, 58% of households will be better off with the reworked Stage 3 than they would have under the original and 11% will be worse off.</p> <p>Importantly, there remain 31% who will be neither better off nor worse off, because they don’t pay personal income tax.</p> <hr /> <p><iframe id="0CWXE" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/0CWXE/4/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>But it is different for different types of households.</p> <p>In the lowest-earning fifth of households, far more are better off (13.5%) than worse off (0.2%) with the overwhelming bulk neither better nor worse off (86.3%).</p> <hr /> <p><iframe id="KC5zy" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/KC5zy/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>In the highest-earning fifth of households, while more than half are better off (54.4%), a very substantial proportion are worse off (42.3%).</p> <p>Very few (only 3.1%) are neither better nor worse off.</p> <hr /> <p><iframe id="WSkSL" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/WSkSL/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <h2>But high-earning households go backwards on average</h2> <p>In dollar terms, the top-earning fifth of households loses money while every group gains. That’s because although there are more winners than losers among the highest-earning fifth of households, the losers lose more money.</p> <p>The biggest dollar gains go to middle and upper-middle income households with middle-income households ahead, on average, by $988 per year and upper-middle income households by $1,102. The highest-income households are worse off by an average of $837 per year.</p> <p>As a percentage of income, middle-income households gain the most with a 1% increase in disposable income. Lowest income households gain very little, while the highest-income households go backwards by 0.3%.</p> <hr /> <p><iframe id="kAPmC" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/kAPmC/3/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <h2>The rejig does a better job of fighting bracket creep</h2> <p>And we’ve found something else.</p> <p>The original version of the Stage 3 tax cuts was advertised as a measure to overcome <a href="https://theconversation.com/the-2-main-arguments-against-redesigning-the-stage-3-tax-cuts-are-wrong-heres-why-221975">bracket creep</a>, which is what happens when a greater proportion of taxpayers’ income gets pushed into higher tax brackets as incomes climb.</p> <p>We have found it wouldn’t have done it for most of the income groups, leaving all but the highest-earning group paying more tax after the change in mid-2024 than it used to in 2018.</p> <p>The rejigged version of Stage 3 should compensate for bracket creep better, leaving the top two groups paying less than they did in 2018 and compensating the bottom three better than the original Stage 3.</p> <hr /> <p><iframe id="YG0cT" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/YG0cT/1/" width="100%" height="400px" frameborder="0"></iframe></p> <hr /> <p>Not too much should be made of the increase in tax rates in the lowest income group between 2018 ad 2024 because some of it reflects stronger income growth.</p> <p>We find that overall, the redesigned Stage 3 does a better job of offsetting bracket creep than the original. It is also better targeted to middle and upper-middle income households.</p> <p>Having said that, the average benefit in dollar terms isn’t big. At about $1,000 per year for middle and upper-middle income households and costing the budget about what the original Stage 3 tax cuts would have cost, its inflationary impact compared to the original looks modest.<!-- 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/221851/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><a href="https://theconversation.com/profiles/ben-phillips-98866"><em>Ben Phillips</em></a><em>, Associate Professor, Centre for Social Research and Methods, Director, Centre for Economic Policy Research (CEPR), <a href="https://theconversation.com/institutions/australian-national-university-877">Australian National University</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>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/stage-3-stacks-up-the-rejigged-tax-cuts-help-fight-bracket-creep-and-boost-middle-and-upper-middle-households-221851">original article</a>.</em></p>

Money & Banking

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

<p>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.</p> <p>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.</p> <p>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?</p> <p>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." </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>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!</p> <p>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.</p> <p>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.</p> <p>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.</p> <p><em>Image: Getty</em></p>

Money & Banking

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Five ways to take advantage of rising interest rates to boost your savings

<p><em><a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a></em></p> <p>With the Bank of England base rate <a href="https://theconversation.com/how-the-bank-of-englands-interest-rate-hikes-are-filtering-through-to-your-finances-210344">currently the highest</a> it has been since early 2008, you may have a valuable opportunity to increase your earnings on pensions, investments and savings accounts. After all, when the central bank raises its main rate – the base rate, which is typically used as a benchmark for loans as well as savings accounts – it is trying to encourage people to spend less and save more.</p> <p>But UK banks and building societies have <a href="https://www.independent.co.uk/money/martin-lewis-savings-rates-mortgage-crisis-b2362955.html">recently been accused</a> of letting their savings rates lag the recent rapid rise in the base rate. UK regulator the Financial Conduct Authority has urged these financial firms to offer “<a href="https://www.fca.org.uk/news/press-releases/action-plan-cash-savings">fair and competitive</a>” savings rates in response to the increasing interest rates.</p> <p>Many financial institutions do offer accounts with <a href="https://www.theguardian.com/money/2023/jul/15/uk-savings-accounts-interest-nsi-building-societies-banks-deals">rates of 6% or more</a>. This is good news for avid savers – but only if you keep an eye on the market so you can switch from less competitive products. This is why it’s important to establish a regular savings habit, but many people are unsure about what that should involve.</p> <p>My colleagues and I have studied the <a href="https://dspace.stir.ac.uk/handle/1893/32240">correlation between people’s savings goals</a> (if they have any) and how they invest their money. We also looked at how seeking financial information advice, and being “good with numbers”, both influence this correlation.</p> <p>We analysed data from more than 40,000 individuals in 21,000 UK households from five waves of the Office for National Statistics Wealth and Assets Survey (WAS), conducted between 2006 and 2016. This data captures comprehensive economic wellbeing information and attitudes to financial planning.</p> <p>Our research shows the importance to your finances of setting multiple savings goals, keeping up with financial news, and seeking professional advice. Based on this, here are five research-based ways to make the most of your money.</p> <h2>1. Set specific savings goals</h2> <p>Establishing personal savings goals is one of the first steps most financial institutions and advisers will recommend to their customers, because it’s a good idea to <a href="https://www.investopedia.com/terms/c/compoundinterest.asp">save regularly</a>. Plus, our study shows that total financial assets increase in line with the number of savings goals you have, and that setting specific, rather than vague, goals leads to higher performance.</p> <p>Specific savings goals should have an end date, target figure, and even a meaningful name – for example, “£1,000 for 2024 trip to Asia” or “£250 for 2023 Christmas present fund”. This will create tangible reference points that encourage self-control and increase the pain you feel if you fail to meet your goal.</p> <h2>2. Seek professional financial advice</h2> <p>Rather than relying on friends, family and social media for financial advice, speak to an expert.</p> <p>Our research shows households that access professional financial advice were more likely to allocate a higher share of their wealth to stock portfolios than those that rely on friends, family and social media for financial advice. This result was consistent even across different wealth and income levels, with lower earners possibly using products like ISAs to make investments in stocks and shares. Other <a href="https://academic.oup.com/qje/article/134/3/1225/5435538">research shows</a> stock portfolios outperform most other types of investment in the long term.</p> <p>We also found that access to professional financial advice can substitute for setting goals, because your adviser should help you to determine the kinds of products to invest in (which is called asset allocation) for specific timelines and aims.</p> <h2>3. Brush up on your maths</h2> <p><a href="https://doi.org/10.1111/j.1475-5890.2007.00052.x">Several studies</a> show numerical skills affect how households gather and process information, <a href="https://psycnet.apa.org/doi/10.1037/a0013114">set goals</a>, perceive risks, and <a href="https://heinonline.org/HOL/P?h=hein.journals/fedred89&amp;i=791">decide to invest</a> in various financial assets. So, by brushing up on your basic numeracy and financial literacy skills – even with free online videos – you could boost your savings for the long term.</p> <p>Our study shows that individuals with high confidence in their numerical skills tend to have better financial planning habits – such as investing more in stocks and bonds than cash, which carries more risk but also the potential for greater returns. This trend is particularly evident among households with no savings goals, suggesting that numerical ability could compensate for failing to set such goals.</p> <h2>4. Adopt appropriate savings strategies</h2> <p>Diversified stock market portfolios generally outperform bonds and cash savings <a href="https://doi.org/10.1093/qje/qjz012">over longer periods</a>. However, stock markets can be volatile, so putting savings into less risky assets like bonds and cash is wise for savings goals of less than five years.</p> <p>In the longer term, investing across different global stock markets for more than five years can help counteract inflation. And you can access low-cost, diversified investment portfolios via financial products based on indices of stocks or other assets, such as exchange traded funds.</p> <h2>5. Set, monitor and adjust your plan</h2> <p>Free financial planning and budgeting apps can help you save money by tracking your spending and savings goals, and encouraging you to adhere to a budget.</p> <p>Most importantly, once you set savings goals and create a budget, don’t forget about them. Check regularly to see how your savings are building up and to monitor for any spending changes. A growing array of fintech tools can prompt and encourage this kind of long-term planning.</p> <p>Keeping an eye on savings rates is also important. As banks change rates or create new accounts, consider switching to get a better deal if you can do so without falling foul of account closure fees.</p> <p>It’s important to make sure your savings are working for you at any time, but its crucial in the current economy, when finances are tight but interest rates are rising.<!-- 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/208853/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><a href="https://theconversation.com/profiles/fredrick-kibon-changwony-234363">Fredrick Kibon Changwony</a>, Lecturer in Accounting &amp; Finance, <a href="https://theconversation.com/institutions/university-of-stirling-1697">University of Stirling</a></em></p> <p><em>Image credits: Shutterstock</em></p> <p><em>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/five-ways-to-take-advantage-of-rising-interest-rates-to-boost-your-savings-208853">original article</a>.</em></p>

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The happiness diet: 7 foods to boost your mood

<p><strong>Mood boosting foods worth adding to your shopping trolley</strong></p> <p>For decades, our culture has focused on the connection between healthy eating and physiological wellness – most of all, related to weight. But out of a pandemic that made mental health a hot topic, you might also be gaining an awareness that the food you eat can seriously affect your mind.</p> <p>Research published in The British Medical Journal says diet plays a major role in how both our body and our brain are feeling. Poor nutrition can contribute to depression, anxiety, aggression (there’s a reason the word “hangry” exists!). But improving your diet, and knowing the right foods to eat, may help your mental health.</p> <p>Dietitian and certified intuitive eating counsellor Rachel Engelhart says certain foods can support your body’s processes that are responsible for positive moods and strong energy levels. Here’s Engelhart’s list of the greatest mood-boosting foods.</p> <p><strong>Fatty fish</strong></p> <p>Seafood like salmon, mackerel and canned tuna are rich in omega-3 fatty acids, which are ‘healthy fats’ with benefits throughout your body – from your heart to your eyes – and your brain.</p> <p>“Omega-3 fatty acids are anti-inflammatory and have the ability to cross into the brain, having a direct effect on mood-regulating molecules and neurotransmitters there,” says registered dietitian Kelsey Lorencz. Research has consistently linked low levels of omega-3s with mood disorders like depression and anxiety – and, according to a review published in Frontiers in Physiology, most of us don’t get enough omega-3 fats in our diet.</p> <p><strong>Yoghurt</strong></p> <p>According to Lorencz, “The bacteria in your gut can actually produce feel-good neurotransmitters like serotonin and dopamine.”</p> <p>Research has identified a particular bacterium that may have a strong impact on triggering these chemicals: a strain called Lactobacillus. One study published in the journal Nature found that feeding our gut with this good bacteria – found naturally in foods like yoghurt, kefir, and sauerkraut – doesn’t just keep the blues at bay, it can increase our resilience in the face of stress.</p> <p><strong>Bananas</strong></p> <p>Bananas aren’t just shaped like a smile – they’re a mood-boosting powerhouse. That’s in part because they’re also high in vitamin B6, one nutrient behind the production of the ‘happiness hormone’ serotonin. Bananas contain prebiotic fibre, which, along with that Lactobacillus, are essential for gut health that promotes a happy brain.</p> <p><strong>Cottage cheese</strong></p> <p>“The amino acid L-tyrosine is needed to make dopamine and norepinephrine, two neurotransmitters that affect our mood and can easily become depleted,” Lorencz says. She points to high sources like soy products, chicken, fish, nuts, seeds, avocados and bananas. But cottage cheese has a whopping amount of this amino acid, along with a few other mood-boosters in its arsenal. It’s high in protein, which is essential for our body to make and use its mood-promoting hormones, Engelhart says. (This protein is casein protein, which our body absorbs more slowly, sustaining energy levels, and may contribute to elevated moods, according to ongoing research.)</p> <p>Cottage cheese also contains selenium, a mineral that Nutrients research has suggested may be linked with lower rates of depression.</p> <p><strong>Nuts and seeds</strong></p> <p>Magnesium is a mineral that supports our body’s energy production – and not getting enough can lead to irritability, anxiety, sleeplessness and agitation, says Lorencz. Nuts like almonds, walnuts, cashews and seeds like pumpkin, chia and sesame are great sources of this vital nutrient, as well as tryptophan, an amino acid associated with good moods.</p> <p>Nuts and seeds can also be great vegetarian sources of those crucial omega-3 fatty acids.</p> <p><strong>Oysters</strong></p> <p>The ages-old wives’ tale about oysters as aphrodisiacs is still out for debate, but oysters can elevate one’s mood. They pack the highest zinc content of any food – a nutrient that’s linked with anxiety and depression when we’re deficient, says Lorencz – and contain tyrosine, an amino acid that helps our body produce the ‘feel good’ hormone dopamine.</p> <p>That’s great news for the shellfish-loving set. However, if you aren’t a fan of oysters, you can get this one-two mood-boosting punch from food like eggs, nuts and legumes.</p> <p><strong>Your favourite treat</strong></p> <p>“Having a varied diet is the best way to set your body up to produce the ‘feel good’ hormones that it needs,” Engelhart says, adding an important point: while this nutritious balance is important, so is treating yourself to food you enjoy. “So many of my clients are hard on themselves and rather judgmental around their food choices, and it negatively impacts their mood,” she says. “Sprinkling our day with a delicious coffee, a yummy dessert, or one of our favourite restaurant meals is also an important way to positively impact our mental health.”</p> <p>And if you want to be strategic about that treat, reach for some dark chocolate. Chocolate contains natural serotonin, and 2022 research found that dark chocolate has prebiotic effects in our gut, supporting stronger mental health.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://www.readersdigest.com.au/healthsmart/conditions/mental-health/the-happiness-diet-7-foods-to-boost-your-mood" target="_blank" rel="noopener">Reader's Digest</a>.</em></p>

Food & Wine

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Millions of Aussies set for a pension boost

<p>Millions of Australians are set to receive a generous cash increase when an imminent welfare payment indexation comes into effect. </p> <p>Those on age pension payments from Centrelink will see a boost to their payment from Tuesday. </p> <p>According to figures from the Department of Social Services, single pensioners will receive an increase of $32.70, taking their payments to $1096.70 a fortnight.</p> <p>Couples on the adult pension will have their fortnightly payments increase by $24.70 to $826.70.</p> <p>Those on Jobseeker will also receive a boost to their payments, as payments will increase by $56.10 a fortnight to $749.20 for single people aged 22 or more with no children, and by $57.30 a fortnight for those with children to $802.50.</p> <p>Single people aged 55 or over will also have payments increased to $802.50 after nine months.</p> <p>Partnered people on Jobseeker will get a $54.80 increase to $686 a fortnight. </p> <p>Centrelink recipients on rent assistance, youth allowance and Austudy payments will also receive a boost to their fortnightly payments. </p> <p>Despite the increases across many welfare recipient groups, the Australian Council of Social Services says the increases are not enough.</p> <p>ACOSS said people almost three quarters of people they had surveyed on income support were eating less or skipping meals as the ongoing cost of living criss worsens. </p> <p>Half of the respondents said the incoming increase would not help at all, prompting the ACOSS to call for income support to at least match the pension rate.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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How your favourite things can boost your financial wellbeing

<p><em><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p>The cost of living crisis has left many people struggling to afford basic necessities such as food and heating for their homes. On the other hand, the top ten richest men in the world <a href="https://www.weforum.org/agenda/2022/04/economic-inequality-wealth-gap-pandemic/">doubled their wealth</a> during the COVID pandemic while 99% of people became worse off.</p> <p>While this is a comparison of two extremes, many people attempt to “keep up with the Joneses” – looking at what the people around them own and striving to afford the same things. Comparing material wealth and resources to those around you is even more common when others are better off. It’s hard not to wonder why someone else has a nicer car or better clothes.</p> <p>Lots of <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jasp.12631">research supports</a> this tendency, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">including our own</a>. For example, when we asked American people to watch a video about research on income inequality in their own country, unsurprisingly, it made them think about their own wealth and how it compares to those around them.</p> <p>And we found that it doesn’t matter how wealthy a person is. Relatively well-off people still tend to look upwards in this way. There is nearly always someone who has more money or owns a better car, a bigger house or the latest gadgets.</p> <p>But while money may not buy you happiness, <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">our research shows</a> that a favourite possession can actually help to make you feel happier when facing income inequality. Thinking about a single treasured possession – even something small like a favourite book gifted by a friend or a keepsake from a trip – can help prevent these feelings of deprivation and actually boost your wellbeing.</p> <p>We used the <a href="https://www.investopedia.com/terms/g/gini-index.asp">Gini coefficient</a> – a common measure of income inequality – to analyse more than 31,000 Instagram posts from 138 countries. We found that posts tend to convey less happiness in places with more income inequality (i.e., when the Gini coefficient of the location of the post increases).</p> <p>We focused on posts that were about favourite possessions (that used hashtags such as #favouritething, #favthing), comparing these with posts about favourite things in general, that is things that aren’t “owned”. The latter posts used hashtags such as #fashion or #favoritepeople.</p> <p>Posts that used hashtags about general consumption and favourite things that aren’t “owned”, such as music or friends, were typically less happy and posted in areas with more income inequality. But when we looked at posts that used hashtags about favourite possessions, such as #favouritething or #favthing, we found there was a weaker relationship with income inequality.</p> <p>So whether a post was happy or not wasn’t linked to the equality of the area it was posted in. These posts about favourite possessions were therefore less affected by income inequality.</p> <p>This means that encouraging people to think differently about things they already own could help some cope better with inequality. Rather than focusing on how much you own, which tends to exacerbate social comparison and undermine happiness, focus instead on your favourite possessions. Our research indicates that people who do this tend to make fewer material comparisons, and are happier as a result.</p> <h2>Simply remember your favourite things</h2> <p>A treasured possession doesn’t even have to be particularly expensive. From a memento purchased on a trip abroad, to your grandmother’s embroidered cushion, a football jersey that reminds you of your old school teammates, or even that tattered t-shirt of your favourite band, such items can feel priceless to their owners because they are unique and their value transcends any kind of price.</p> <p>In a separate multi-country study using an online questionnaire, we asked 1,370 participants from China, India, Pakistan, the UK, Spain, Russia, Chile and Mexico to describe either every item of clothing they had recently purchased, or a single favourite item of clothing. After participants described these things, we asked them about their wellbeing, as well as their perception of income inequality in their country.</p> <p>Those who thought about recent clothing purchases reported lower wellbeing when thinking about income inequality in their country. In comparison, those who talked about a single favourite piece of clothing were not as affected by the income inequality they perceived around them.</p> <p>Three more online experiments with over 2,000 participants <a href="https://journals.sagepub.com/doi/full/10.1177/00222437221141053">revealed that</a> when people are reminded of their favourite possessions they feel less affected by income inequality because they are making fewer material comparisons.</p> <p>In one of these studies, we found that merely describing a favourite possession made people less likely to compare their wealth to that of others. When people stopped making these comparisons they were happier – even those living in places with more income inequality.</p> <h2>#FavouriteThing</h2> <p>Our research shows the benefits of focusing on a few favourite things that we own, rather than thinking about the amount of possessions we have and what else we need to “keep up with the Joneses”.</p> <p>Hashtag trends like #ThrowbackThursday encourage people to post photos on certain themes. In a similar vein, encouraging more people to post photos of their favourite possessions using hashtags like #FavouriteThing could do a lot to help boost happiness during the cost of living crisis.</p> <p>Income inequality is rampant and the cost of living crisis has only made its effects worse. But we all possess something dear to us that can keep us from comparing ourselves to others and help protect our wellbeing in this difficult economic environment.<!-- 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/201997/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><a href="https://theconversation.com/profiles/jingshi-joyce-liu-1424398">Jingshi (Joyce) Liu</a>, Lecturer in Marketing, <a href="https://theconversation.com/institutions/city-university-of-london-1047">City, University of London</a>; <a href="https://theconversation.com/profiles/amy-dalton-1425283">Amy Dalton</a>, Associate Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a>, and <a href="https://theconversation.com/profiles/anirban-mukhopadhyay-1425284">Anirban Mukhopadhyay</a>, Lifestyle International Professor of Business and Chair Professor of Marketing, <a href="https://theconversation.com/institutions/hong-kong-university-of-science-and-technology-1153">Hong Kong University of Science and Technology</a></em></p> <p><em>Image credits: Getty </em><em>Images </em></p> <p><em>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/how-your-favourite-things-can-boost-your-financial-wellbeing-201997">original article</a>.</em></p>

Money & Banking

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Top 10 collagen boosting foods

<p>We all know how good collagen is for keeping our skin firm. Chances are good your day or night cream probably contain it as an ingredient and if you have regular facials, it’s most likely integrated into the treatment somehow. While our body is constantly creating new collagen, the rate at which this happens starts to slow right down as we get older. Fortunately, along with your topical products, certain foods can help naturally boost collagen in the skin.</p> <p>Here’s what to include on your plate to give your dermis a boost:</p> <p><strong>Fish</strong> – Packed with Omega-3, quality fish helps create stronger cells, which in turn support the structure of the skin.</p> <p><strong>Red fruit and veggies</strong> – Veggies like chilli, capsicum and beetroot and fruits like tomato contain lycopene, an antioxidant that acts as a natural sunblock, helping protect skin from UV rays while also boosting collagen.</p> <p><strong>Dark green veggies</strong> – Rich in vitamin C and high in antioxidants, veggies like kale, spinach and darker varieties of lettuce can help increase collagen production.</p> <p><strong>Orange veggies</strong> – Chowing down on carrots and sweet potato gives your body a hit of vitamin A, which restores and regenerates damaged collagen.</p> <p><strong>Berries</strong> – Low in sugar and delicious to boot, berries contain antioxidants which help eliminate free radicals and increase collagen levels.</p> <p><strong>Soy products</strong> – Whether it’s soy milk, cheese, yoghurt or even tofu, soy contains a hormone called genistein which helps boost collagen production and block enzymes that cause ageing.</p> <p><strong>White and green herbal teas</strong> – Sipping a cup of herbal tea can help support the structure of the skin and prevent collagen breakdown.</p> <p><strong>Citrus</strong> – Fruits like orange, lime and lemon not only contain high levels of vitamin C but they also have the ability to help convert amino acids to collagen.</p> <p><strong>Eggs</strong> – Protein rich foods in general are high in collagen, which can help boost the levels in your skin. Lean meat and nuts are also great for creating a healthy complexion.</p> <p><strong>Garlic</strong> – Not only useful for warding off cold and flu, garlic provides the body with sulfur that is necessary for collagen production.</p> <p><em>Image credit: Shutterstock</em></p>

Beauty & Style

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Fun ways to boost memory in seniors

<p dir="ltr">Memory issues can seriously deteriorate the quality of life for seniors. To reverse the typically progressive process of memory loss, many solutions have been put forward. These include creative leisure activities aimed to work on the senior’s brain while providing relaxation.</p> <p dir="ltr">To work on a senior’s memory, it’s optimal to have them work on a project, focusing and seeing the work being done. There are plenty of games and activities available to help memory.</p> <p dir="ltr"><strong>Paint by Numbers</strong></p> <p dir="ltr">Paint by Numbers is a creative art form that involves painting a pre-drawn sketch on a linen canvas with reference numbers. It helps stimulate the intellect and senses. They’re available in colour books as well, you can find them at your local Kmart and select supermarkets.</p> <p dir="ltr"><strong>Diamond painting</strong></p> <p dir="ltr">Diamond painting is a manual activity where the senior creates beautiful pictures using rhinestones to stick onto a self-adhesive canvas. It calls for concentration, reflection, memorisation, and patience from the practitioner, which is beneficial for working on memory.</p> <p dir="ltr"><strong>Scratch painting</strong></p> <p dir="ltr">Scratch painting is a fun activity that involves scratching a picture with a coin or stylus, like a lottery scratch-off. It requires interest and concentration from the individual, who will enjoy the final picture and benefit their memory.</p> <p dir="ltr"><strong>Music therapy</strong></p> <p dir="ltr">Music therapy is used to treat and alleviate disorders, such as relational, behavioural, and communication difficulties. It also has benefits for seniors with memory problems, as it allows them to mobilise concentration, emotions, and memory in a playful way.</p> <p><span id="docs-internal-guid-70e6c7d1-7fff-2c54-f0e3-9408829a216a"></span></p> <p dir="ltr"><em>Image credit: Shutterstock</em></p>

Mind

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Over-55s the only group to receive Centrelink payment boost

<p>Older recipients of JobSeeker will receive a higher welfare payment as the federal budget is set to include an increase in payments for 227,000 Aussies.</p> <p>According to <em>7News</em>, the budget will include an increase in the base rate of the JobSeeker for people aged 55 and above.</p> <p>The change honours Treasurer Jim Chalmers’ promise that an increase “will be focused on the most vulnerable”.</p> <p>Finance Minister Katy Gallagher previously committed to a “significant improvement” in terms of the budget.</p> <p>When asked if the rate of JobSeeker would be lifted, Gallagher revealed the budget would contain “ongoing” investments to help people with cost-of-living pressures, in addition to one-off measures.</p> <p>“This budget will have a significant cost-of-living package and that cost-of-living package will be targeted to the most vulnerable Australians,” she said.</p> <p>About 227,000 Jobseeker recipients are 55 and over, which is the highest number of any age group and the group most likely to be unemployed long-term, meaning they are without a job for five years or more.</p> <p>The majority of people in this group are women.</p> <p>Senior sources reportedly told <em>7News</em> that the increase will be modest, not the $100-a-week advocates are hoping for but what the budget can afford.</p> <p>The change is unlikely to please Raise the Rate campaigners, who have called for the government to bring payments above the poverty line.</p> <p><em>7News </em>reported that the government will sell the moderate increase as a “responsible first step”, an increase that will help the most vulnerable of JobSeeker recipients and honours its election commitment to do what it can to help within the restraints of the budget.</p> <p>The pressure continues to pile up for the government to substantially increase income support payments above $49.50 a day for singles on JobSeeker and $40.20 a day for Youth Allowance.</p> <p>An open letter to the Prime Minister, which has been signed by more than 300 politicians, community advocates and prolific Aussies, called for an increase to be included in the budget to support those most in need.</p> <p>“Right now, the rate of JobSeeker is so low that people are being forced to choose between paying their rent or buying enough food and medicine,” the letter, coordinated by the Australian Council of Social Service, read.</p> <p>In 2022, the council’s research found six in 10 people on income support were eating less or reporting difficulty getting medicine or care due to their inadequate income. This increased to seven in 10 in March 2023.</p> <p>The budget plans to extend single-parenting payments and increase rental assistance - particularly for women.</p> <p>Around $120 billion in Morrison Government road and rail projects will be reviewed and money reprioritised, with hundreds of smaller projects likely to be stopped.</p> <p><em>Image credit: Getty</em></p>

Money & Banking

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“I thought you needed a morale boost”: Tom Gleeson’s rough review for The Project

<p>Tom Gleeson has built a name for himself with his particular brand of comedy - sarcastic and dry, it’s a rare sight to behold when a sincere moment breaks through. </p> <p>But that’s exactly what happened when the stand-up comedian and host of <em>Taskmaster Australia </em>stopped by The Project for a chat, surprising everyone when he seized an opportunity to sing his praises for the show’s new line-up. </p> <p>“It's no surprise that he [Tom] finds it very weird to be nice,” <em>The Project</em>’s official Twitter account wrote when sharing a clip of his segment, “and he tried it on us.”</p> <p>“I like making fun of comedians, that’s always a treat. But I can be nice as well,” Tom began, “but it’s off-putting. Would you like to see me be nice?” </p> <p>The panel were eager to accept the unexpected offer, with Tom then informing them, “it’s weird, I’m loving the new <em>Project</em>. It’s great! I love it.” </p> <p>When one remarked that it “still sounded mean”, Tom agreed that it didn’t sound right, and decided the next best thing was to compliment them all. </p> <p>“What’s not to like about this show?” he asked. “We’ve got Liz, you know, a legend of Australian sports. Sarah Harris who’s a natural on camera, I’ve always loved you since I saw you on <em>Studio 10</em>. We’ve got Waleed, an intellectual with - you know - political opinions that are hard to pin down. We’ve got Sam who’s the best comedian of his generation - I’ve seen his act, it’s amazing.” </p> <p>This time, the panel believed him, gushing over the nice words to a round of applause from the live studio audience. </p> <p>Tom again admitted that it was weird for him, and when he was asked if it was bad for his reputation to say such things, he said, “well, to be honest, I only said it ‘cause I’ve seen your ratings and I thought you needed a morale boost.” </p> <p>Thankfully, the hosts - and the audience - saw the funny side, bursting into laughter while Tom declared that it felt better to be “back to normal.” </p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">.<a href="https://twitter.com/nonstoptom?ref_src=twsrc%5Etfw">@NonStopTom</a> holds two of the meanest positions on TV, Hard Quizmaster and Taskmaster, so it's no surprise that he finds it very weird to be nice… and he tried it on us.<a href="https://twitter.com/hashtag/TheProjectTV?src=hash&amp;ref_src=twsrc%5Etfw">#TheProjectTV</a> <a href="https://t.co/5DL5FCj9vQ">pic.twitter.com/5DL5FCj9vQ</a></p> <p>— The Project (@theprojecttv) <a href="https://twitter.com/theprojecttv/status/1635923339544784897?ref_src=twsrc%5Etfw">March 15, 2023</a></p></blockquote> <p>However, the new ‘normal’ for <em>The Project </em>drives Tom’s joke a little too close to home. Over the course of a year, the talk show’s broadcast audience numbers have seen a sizeable drop - almost 100,000 down.</p> <p>While shows across multiple Australian networks have been hit with a viewership slump, <em>The Project</em>’s coincides with the departure of hosts Carrie Bickmore, Peter Helliar, and Lisa Wilkinson. </p> <p>It was only in 2023 that the show locked in the new line-up of Waleed Aly, Sarah Harris, Georgie Tunny, Michael Hing, Sam Taunton, and Hamish MacDonald. </p> <p>A panel that Tom Gleeson, at least, is a fan of. </p> <p><em>Images: Channel 10 </em></p>

TV

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Major boost to pension and allowance just days away

<p>The federal government has announced big changes to government allowance, with nearly 5 million Aussies set to benefit from an increase to their pension payments. Read more:</p> <p>Almost 5 million Aussies will receive a major increase to their pension payments as they are indexed to inflation.</p> <p>Recipients of the Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.</p> <p>The maximum fortnightly rate of the pension is set to increase to $1,064 for singles and $1,604 for couples,  including the pension and energy supplements.</p> <p>Single, childless JobSeeker and ABSTUDY recipients over 22 will receive an extra $24.70 per fortnight.</p> <p>Each half of a couple receiving payments will receive a $22.50 increase per fortnight.</p> <p>Single parents receiving the parenting payment will benefit from an extra $33.90 a fortnight.</p> <p>Single parents on the parenting payment will also receive an additional $33.90 per fortnight, with the rate increasing to $967.90, including the Pension Supplement, Energy Supplement, and Pharmaceutical Allowance.</p> <p>Single, childless recipients of the maximum rate Common Rent Assistance will see an increase of $5.60, receiving $157.20 per fortnight.</p> <p>People who receive the maximum rate and have one or two children will see an increase of $6.58 to $184.94 per fortnight, while those with three or more children will receive an increase of $7.42 to $208.74 per fortnight.</p> <p>According to the federal government, the indexation of social security payments will bring cost-of-living relief for 4.7 million people.</p> <p>Social Services Minister Amanda Rishworth said the government was supporting Australians most in need.</p> <p>"Australia's social security system exists to support our most vulnerable citizens, and we know they are feeling the pinch," she said.</p> <p>"Indexation is a pillar of our social security system and we want more money in the pockets of everyday Australians so they can better afford essentials.</p> <p>"The increase is an important part of the system and helps those doing it toughest.”</p> <p>The indexation of payments begins on March 20.</p> <p><em>Image credit: Getty</em></p>

Money & Banking

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