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Beyond the spin, beyond the handouts, here’s how to get a handle on what’s really happening on budget night

<div class="theconversation-article-body"><a href="https://theconversation.com/profiles/peter-martin-682709">Peter Martin</a>, <em><a href="https://theconversation.com/institutions/crawford-school-of-public-policy-australian-national-university-3292">Crawford School of Public Policy, Australian National University</a></em></p> <p>Three weeks from now, some of us will be presented with a <a href="https://budget.gov.au/">mountain</a> of budget papers, and just about all of us will get to hear about them on radio, TV or news websites on budget night.</p> <p>The quickest way to find out what the budget is really doing will be to listen to the treasurer’s speech, or to peruse online the aptly-named “<a href="https://treasury.infoservices.com.au/page/budget2023">glossy</a>” – a document that last year was titled “<a href="https://archive.budget.gov.au/2023-24/overview/download/budget_overview.pdf">Stronger foundations for a better future</a>”.</p> <figure class="align-right zoomable"><a href="https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=1000&fit=clip"><img src="https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&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/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=600&h=848&fit=crop&dpr=1 600w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=30&auto=format&w=600&h=848&fit=crop&dpr=2 1200w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=15&auto=format&w=600&h=848&fit=crop&dpr=3 1800w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=45&auto=format&w=754&h=1066&fit=crop&dpr=1 754w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=30&auto=format&w=754&h=1066&fit=crop&dpr=2 1508w, https://images.theconversation.com/files/589444/original/file-20240422-23-vkinrm.png?ixlib=rb-4.1.0&q=15&auto=format&w=754&h=1066&fit=crop&dpr=3 2262w" alt="Cover of 2023 budget glossy" /></a><figcaption><span class="caption">Glossies are used to make each budget attractive.</span> <span class="attribution"><a class="source" href="https://archive.budget.gov.au/2023-24/overview/download/budget_overview.pdf">Commonwealth Treasury</a></span></figcaption></figure> <p>But they will tell you exactly what the government wants you to hear, exactly as it wants you to hear it.</p> <p>If you are looking instead for the truth – what the government is actually trying to achieve and what it is holding itself and its officials to, I would suggest something else, tucked away on about page <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">87</a> of the main budget document.</p> <p>It is required by the <a href="https://www.legislation.gov.au/C2004A05333/latest/text">Charter of Budget Honesty Act</a> introduced in 1998 by Peter Costello, the treasurer under Prime Minister John Howard.</p> <p>On taking office in 1996, Costello set up a <a href="https://webarchive.nla.gov.au/awa/20101119021633/http://www.finance.gov.au/archive/archive-of-publications/ncoa/execsum.htm">National Commission of Audit</a> to examine the finances he had inherited from the Hawke and Keating governments, presumably with an eye to discovering they had been mismanaged.</p> <p>But the members of the commission weren’t much interested in that. Instead, they decided to deal with something more fundamental.</p> <h2>Budget as you wish, but explain your strategy</h2> <p>Governments were perfectly entitled to manage money in whatever way they wanted, and they were perfectly entitled to spend more money than they raised (which they usually do, it’s called a <a href="https://www.investopedia.com/terms/d/deficit.asp">budget deficit</a>).</p> <p>What the commission wanted was for governments to make clear what they were doing, and to spell out the strategy behind it.</p> <p>Only part of it was about being upfront with the public. The commission also wanted governments to be upfront with themselves – to actually develop frameworks for what they were doing, rather than doing whatever they felt like.</p> <p>The commission recommended a <a href="https://webarchive.nla.gov.au/awa/20101119021633/http://www.finance.gov.au/archive/archive-of-publications/ncoa/execsum.htm">Charter of Budget Honesty</a>, which among other things requires officials to prepare independent assessments of the finances before each election, requires budget updates six months after each budget, and requires <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook45p/TaxExpenditures">tax expenditures</a> (tax breaks) to be accounted for like other expenditures.</p> <p>And it requires the publication and regular updating of a <a href="https://cdn.theconversation.com/static_files/files/3227/CBH_Fiscal_strategy.pdf">fiscal strategy statement</a>.</p> <h2>Where treasurers hold themselves accountable</h2> <p>The <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">fiscal strategy</a> can be thought of as an exam question set by the student who is being examined – something along the lines of “this is what you say you want your budget to achieve, please set out the means by which you plan to achieve it”.</p> <p>It turns out to have been exceptionally effective in getting governments to organise their thoughts, make budgets at least try to achieve something, and let the rest of us know what they are trying to achieve.</p> <p>Every few years, treasurers change the strategy, as is their right. Treasurer Jim Chalmers says he’ll change it again this budget, to de-emphasise the fight against inflation and to more greatly emphasise the need to <a href="https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/transcripts/press-conference-washington-dc-0">support economic growth</a>.</p> <p>His statement will tell us what’s behind his actions in a way the glossy words in his brochure and speech might not.</p> <h2>The strategy that has signposted 26 years</h2> <p>Previous statements have signposted all the important turns in what the budget is trying to do.</p> <p>The first, in <a href="https://images.theconversation.com/files/589686/original/file-20240423-16-rncqg3.PNG">1998</a>, committed Costello and Howard to achieving a budget surplus on average over the economic cycle and whenever “growth prospects remain sound”.</p> <p>Making that commitment more difficult was another “not to introduce new taxes or raise existing taxes over the term of this parliament”.</p> <p>Two years later, after the government had won an election promising a new goods and services tax, that commitment was <a href="https://images.theconversation.com/files/589692/original/file-20240423-18-q843xn.PNG">changed</a> to “no increase in the overall tax burden from its 1996-97 level”, a condition met by calling the GST a state tax.</p> <h2>Hockey and Morrison wound back spending</h2> <p>The Labor budgets from 2008 <a href="https://images.theconversation.com/files/589702/original/file-20240423-18-mikx6f.PNG">loosened</a> the tax target to the <em>average</em> share of GDP below the reference year, which they changed to the higher-tax year of 2007-08.</p> <p>The first Coalition budget under Treasurer Joe Hockey in 2014 changed the target from tax to spending, pledging to bring down the ratio of <a href="https://images.theconversation.com/files/589705/original/file-20240423-16-9spkdy.PNG">payments to GDP</a>, and pledging a surplus of 1% of GDP by 2023-24.</p> <p>Any new spending would be more than offset by cuts elsewhere, and if the budget did receive a burst of unexpected revenue it would be “banked” rather than spent.</p> <p>In 2018 Treasurer Scott Morrison reintroduced tax as a target, that he spelled out precisely. Tax was not to increase beyond <a href="https://images.theconversation.com/files/589706/original/file-20240423-16-b7gj5d.PNG">23.9%</a> of GDP.</p> <h2>During COVID, Frydenberg spent big</h2> <p>In 2020, in the face of a COVID-induced recession and soaring unemployment, Finance Minister Mathias Cormann and Treasurer Josh Frydenberg pushed the old strategy to one side.</p> <p>They would spend big now to keep the economy afloat so they wouldn’t have to spend more bailing it out later, and they wouldn’t return to their old concern about the deficit until the unemployment rate was “<a href="https://cdn.theconversation.com/static_files/files/3228/fs2020.pdf">comfortably below 6%</a>”.</p> <p>So well did they succeed that in 2021 Frydenberg made the momentous decision to keep going, abandoning the promise to return to worrying about the deficit when unemployment fell below 6%.</p> <p>Instead he promised to keep spending big until unemployment was “<a href="https://images.theconversation.com/files/589709/original/file-20240423-16-9pmpaf.PNG">back to pre-crisis levels or lower</a>”.</p> <p>The decision propelled unemployment down to a 50-year low of <a href="https://www.datawrapper.de/_/wPfXO/">3.5%</a>.</p> <p>Along with high iron ore prices, that one change of strategy has probably helped deliver Chalmers two consecutive budget surpluses – the one he announced last year for 2022-23, and the one he is set to announce this year for 2023-24. More of us have been in jobs <a href="https://www.finance.gov.au/publications/commonwealth-monthly-financial-statements/2024/mfs-january">paying tax</a>, and fewer have been out of jobs <a href="https://theconversation.com/half-a-million-more-australians-on-welfare-not-unless-you-double-count-227342">on benefits</a>.</p> <p>It’s a powerful demonstration of the real-world difference budget decisions can make, and the way in which the <a href="https://cdn.theconversation.com/static_files/files/3225/8787.pdf">fiscal strategy</a> tells the story.<!-- 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/228387/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/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></em></p> <p><em>Image credits: Getty 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/beyond-the-spin-beyond-the-handouts-heres-how-to-get-a-handle-on-whats-really-happening-on-budget-night-228387">original article</a>.</em></p> </div>

Money & Banking

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What to expect from the federal budget

<p>There's just three weeks left until Treasurer Jim Chalmers unveils the federal budget.</p> <p>With the cost of living crisis still a major issue across the country, we can expect to see some policies aimed at alleviating the pressure. </p> <p>Some policies, have already been announced and here are a few others that we can expect to hear from Chalmers on May 14. </p> <p>Stage 3 cuts announced in January, will form a key part of this year's budget, which will direct more benefit towards low- and middle-income earners – although Australians on high salaries will still receive a tax cut.</p> <p>The decision was made to alleviate the cost-of-living pressures and partly address the bracket creep. The cuts lower the threshold for the lowest two brackets (so they pay less tax on that income), and raise the threshold for the highest two brackets (so they need to earn more to be taxed at a higher rate). </p> <p>This means that someone with average income of around $73,000 will get $1504, but how much you actually receive will depend on your income. </p> <p>The new version of the stage 3 cuts will come into effect on July 1.</p> <p>Superannuation will be paid on government-funded parental leave, with the change due to kick in for parents with babies born after July 1, 2025.</p> <p>They will receive a 12 per cent superannuation on top of their government-funded parental leave, with around 180,000 families expected to benefit from it. </p> <p>The figures will be included in the May 14 budget. </p> <p>Although nothing has been officially announced,  there will likely be HECS-HELP debt relief for current and former students. </p> <p>"I think there's a range of areas where we need to do much better with the younger generation, and HECS is one of them," Prime Minister Anthony Albanese said on radio on April 18.</p> <p>"We've received a review of that... and what that has said is that the system can be made simpler and be made fairer.</p> <p>"We're examining the recommendations and we'll be making announcements pretty soon on that. We, of course, have a budget coming up."</p> <p>There have also been some hints from the government that energy bill relief will continue in this year's budget. </p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," Albanese said, citing the existing policy that gives eligible families up to $500 off their power bills and eligible small businesses up to $650.</p> <p>"Our government understands that for small business – as for Australian families – energy bills remain a source of financial pressure," he said.</p> <p>"That's why the energy bill relief package I negotiated with the states and territories delivered up to $650 in savings for around 1 million small businesses, along with 5 million families.</p> <p>"And as we put together next month's budget, small businesses and families will again be front and centre in our thinking."</p> <p>Energy bills are also set to go down, or remain stable for the most part from July 1. </p> <p><em>Image: Getty</em></p>

Money & Banking

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Stay or go? Most older Australians want to retire where they are, but renters don’t always get a choice

<p><em><a href="https://theconversation.com/profiles/christopher-phelps-378137">Christopher Phelps</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</a></em></p> <p>As Australia’s population gets older, more people are confronted with a choice: retire where they are or seek new horizons elsewhere.</p> <p>Choosing to grow old in your existing home or neighbourhood is known as “ageing in place”. It enables older people to stay connected to their community and maintain familiarity with their surroundings.</p> <p>For many, the decision to “age in place” will be tied to their connection to the family home. But for many, secure and affordable housing is increasingly <a href="https://theconversation.com/ageing-in-a-housing-crisis-growing-numbers-of-older-australians-are-facing-a-bleak-future-209237">beyond reach</a>. This choice may then be impeded by a lack of suitable accommodation in their current or desired neighbourhoods.</p> <p>Our recently published <a href="https://doi.org/10.1177/01640275231209683">study</a> asks what motivates older homeowners and renters to age in place or relocate, and what factors disrupt these preferences. It suggests older renters are often not given a fair choice.</p> <h2>Most older Australians want to age in place</h2> <p>Having the option to age in place enables older people to retain autonomy over their lifestyles and identity, promoting emotional wellbeing.</p> <p>Using 20 years of data from the government-funded Household, Income and Labour Dynamics in Australia (HILDA) survey, we tracked the preferences of Australians aged 55 and over.</p> <p>Encouragingly, most older Australians are already where they want to be.</p> <p>Two-thirds (67%) of respondents strongly preferred to stay in their current neighbourhood, and an additional one-fifth (19%) had a moderate preference to stay.</p> <p>Only 6% showed a moderate or strong desire to leave. Ageing in place is then the natural choice for a vast majority of older Australians.</p> <p><iframe id="s3LTM" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/s3LTM/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>Our study highlights several motivations for people to stay put as they retire.</p> <p>For homeowners, family ties matter. Owners with children residing nearby were around one and a half times more likely to have a higher preference to stay.</p> <p>Older owners might then have a reason to call on their substantial <a href="https://theconversation.com/the-housing-wealth-gap-between-older-and-younger-australians-has-widened-alarmingly-in-the-past-30-years-heres-why-197027">housing wealth</a> and keep their children nearby via the <a href="https://360info.org/how-to-help-the-young-buy-a-home/">“bank of mum and dad”</a>.</p> <p>For renters, how long they stay is important. Those renting their home for 10 years or more were 1.7 times more likely to have a higher preference to stay than short-term renters.</p> <h2>Renters face the most disruption</h2> <p>The survey enabled us to follow where older people lived a year after they provided their preferences. This helped us gauge how often they turned their desires into reality.</p> <p>The chart below indicates that private renters face greater obstacles to ageing in place.</p> <p>Around one in 10 private renters that desired to age in place were disrupted – they wanted to stay in their neighbourhood but didn’t. This suggests they moved out of their neighbourhood involuntarily.</p> <p>Only 2% of homeowners and social renters experienced the same disruption. However, for those in these tenures that did not desire to age in place, involuntary immobility was a greater concern. Only 15% of those that wanted to leave succeeded, leaving the vast majority “stuck in place”.</p> <p><iframe id="IlliV" class="tc-infographic-datawrapper" style="border: none;" src="https://datawrapper.dwcdn.net/IlliV/1/" width="100%" height="400px" frameborder="0"></iframe></p> <p>The private rental market is the least secure of tenures, and so private tenants are often exposed to involuntary moves. Australia’s private rental system is lightly regulated compared to many other countries, creating tenure insecurity concerns.</p> <p>On the other hand, social renters were particularly susceptible to involuntary immobility. Social housing is scarce in Australia and subject to <a href="https://theconversation.com/its-soul-destroying-how-people-on-a-housing-wait-list-of-175-000-describe-their-years-of-waiting-210705">lengthy waiting lists</a>. A neighbourhood move often requires transferring to the less affordable and less secure private rental housing.</p> <p>Even after considering financial status, social renters were four times as likely to be stuck as compared to private renters. Social tenants are strongly deterred from moving in the current system.</p> <h2>How can we support older Australians’ preferences?</h2> <p>Our study exposes some barriers in the housing system that hinder people from being able to age in place, or move when they want to. Clearly, older renters enjoy fewer protections against disruptions to their preferences to age in place than older owners.</p> <p>For private renters, tenure insecurity in the <a href="https://theconversation.com/insecure-renting-ages-you-faster-than-owning-a-home-unemployment-or-obesity-better-housing-policy-can-change-this-216364">private rental sector</a> is a key reform priority. This can be achieved through stronger regulation that improves tenants’ rights. For example, more states could adopt <a href="https://theconversation.com/how-5-key-tenancy-reforms-are-affecting-renters-and-landlords-around-australia-187779?utm_source=twitter&amp;utm_medium=bylinetwitterbutton">recent regulatory rental reforms</a> that support the rights of pet owners and protect against no-grounds evictions.</p> <p>Large numbers of older private renters also face severe <a href="https://www.oldertenants.org.au/publications/ageing-in-a-housing-crisis-older-peoples-housing-insecurity-homelessness-in-australia">rental stress</a>, which may force them to move from their preferred neighbourhood. <a href="https://theconversation.com/1-billion-per-year-or-less-could-halve-rental-housing-stress-146397">Commonwealth rent assistance reform</a> would alleviate some of this stress through an increase in rates and better targeting.</p> <p>An increase in the supply of social housing would play an important role in improving both tenure security and housing affordability. Older social renters enjoy fewer obstacles to ageing in place than older private renters.</p> <p>However, if social renters want to move into the private rental market to relocate, they face difficulty securing accommodation. This will likely discourage moves as it would require sacrificing the tenure security offered by social housing. However, policy initiatives that improve the <a href="https://www.ahuri.edu.au/sites/default/files/migration/documents/PES-358-Lessons-from-public-housing-urban-renewal-evaluation.pdf">quality of the public housing stock</a> can reduce feelings of being stuck.</p> <p>As <a href="https://www.aihw.gov.au/reports/australias-welfare/home-ownership-and-housing-tenure">homeownership rates decline</a> both among young people and those nearing retirement, we can expect the population of older renters to grow.</p> <p>Overall, our findings support a strong case for policy reform in the rental sectors to address the needs and preferences of older renters.<!-- 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/218024/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/christopher-phelps-378137"><em>Christopher Phelps</em></a><em>, Research Fellow, School of Accounting, Economics and Finance, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>; <a href="https://theconversation.com/profiles/rachel-ong-viforj-113482">Rachel Ong ViforJ</a>, ARC Future Fellow &amp; Professor of Economics, <a href="https://theconversation.com/institutions/curtin-university-873">Curtin University</a>, and <a href="https://theconversation.com/profiles/william-clark-1488932">William Clark</a>, Research Professor of Geography, <a href="https://theconversation.com/institutions/university-of-california-los-angeles-1301">University of California, Los Angeles</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/stay-or-go-most-older-australians-want-to-retire-where-they-are-but-renters-dont-always-get-a-choice-218024">original article</a>.</em></p>

Retirement Income

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Your passport to salon-quality haircare on a budget

<p dir="ltr">There’s nothing quite like the feeling of walking out of the hairdressers to proudly show off your new cut or colour, and your hair is the softest it's ever felt. </p> <p dir="ltr">While this post-salon feeling is second to none, it's hard to recreate at home to avoid spending big bucks at your hairdressers more than you need to. </p> <p dir="ltr">And then begins the seemingly endless journey to find a shampoo and conditioner that works for your unique hair type without breaking the bank. Trawling down the aisles of supermarkets and chemists in search of these elusive products can often raise more questions than answers. </p> <p dir="ltr">What ingredients should you be steering clear of? What brands are better than others? What problem area should you be targeting? Does more expensive actually mean better?</p> <p dir="ltr">And so on and so forth, forever. </p> <p dir="ltr">Until, an unsung hero swoops in to save the day. </p> <p dir="ltr">After absolutely perfecting affordable makeup, Revlon have made their foray into haircare, with Revlon Professional having the answer for everyone’s individual hair care needs while keeping the prices low.   </p> <p dir="ltr">Revlon Professional have a shampoo, conditioner and hair mask to cover everyone, with their systems covering everything from hydration and volume to colour protection, restoration, curly hair maintenance and more. </p> <p dir="ltr">I tried out the Revlon Professional RE/START Hydration system over two weeks while on holiday to really put it to the test.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C1X1n6AI9FP/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C1X1n6AI9FP/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by Revlon Professional Australia (@revlonprofessionalaustralia)</a></p> </div> </blockquote> <p dir="ltr">While I was testing out the three-step system, I was exposing my hair to chlorine pools, salty ocean water and relentless humidity. On top of this, my poor hair has suffered years of abuse (at my own hands), and has been bleached several times, draining my hair of any natural moisture.</p> <p dir="ltr">I have tried dozens of ultra hydration products to make my hair look marginally better than a hay bale, and have yet to find my holy grail solution. </p> <p dir="ltr">I was expecting the Revlon Professional range to do what every other product does: give me maybe 12 hours of softness before my hair goes back to looking like a tumbleweed.</p> <p dir="ltr">Obviously my years of trying every product on the market has made me jaded, because the  RE/START Hydration system was so much more than I ever expected. </p> <p dir="ltr">Over two weeks of trying out the products, I used the shampoo, conditioner and mask about four times. After the first time of using them, I was completely shocked at how hydrated my hair stayed until it was next time for a wash. </p> <p dir="ltr">Unlike other products on the market, the RE/START Hydration system keeps your hair hydrated for days, all while looking clean, healthy, shiny and untangled, without weighing your hair down. </p> <p dir="ltr">At last, I have finally found my holy grail products and I will sing their praises from the rooftops. </p> <p dir="ltr">Whatever your hair concerns may be, Revlon Professional has the answer for you, all while keeping your wallet in mind. </p> <p dir="ltr">But don’t just take my word for it. The Revlon Professional ranges are available at <a href="https://www.adorebeauty.com.au/b/revlon-professional.html?p=2">Adore Beauty</a>, <a href="https://www.ozhairandbeauty.com/brands/revlon-professional">Oz Hair &amp; Beauty</a> and Revlon’s <a href="https://www.revlonprofessional.com/">official website</a> for you to find your own holy grail products, and have salon fresh hair all year round. </p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Beauty & Style

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Airline selling international flights for under $400

<p>Looking to jet off to Europe without breaking the bank? Well, now might be your chance! Budget airline Scoot has just unveiled an irresistible March sale, offering one-way flights to various European and other international destinations for less than $400. With more than 60 destinations on offer, travellers from Sydney, Melbourne and Perth are in for a treat.</p> <p>Scoot, known for its affordable fares and quality service, is the low-fare subsidiary of Singapore Airlines. The airline kicked off its one-week sale on Tuesday March 19, much to the delight of eager globetrotters. From Greece to Japan, and from Singapore to Indonesia, there's a plethora of destinations waiting to be explored.</p> <p>Among the highlights of this enticing offer are flights to Singapore starting from a mere $198, Athens from $355, Osaka from $315, and Denpasar from just $189. With such competitive pricing, it's no wonder travellers are scrambling to secure their seats.</p> <p>However, with great deals often come limited availability. While Scoot has not disclosed the exact number of seats up for grabs, travel experts advise acting fast. Graham Turner, from Flight Centre, <a href="https://7news.com.au/news/scoot-launches-march-sale-with-flights-to-europe-from-395-c-14009924" target="_blank" rel="noopener">cautioned 7News</a> that while the deals are fantastic, they're likely to be snapped up quickly. "There won't be a lot," he warned, while stressing the importance of doing thorough research before making a booking.</p> <p>It's essential for travellers to note that the fares advertised are all one-way and do not include additional charges such as taxes, checked baggage, WiFi, in-flight entertainment, food or flight changes. Despite these add-ons, the base fares remain incredibly competitive, making Scoot's March sale an attractive option for those seeking budget-friendly travel options.</p> <p>If you've been dreaming of am international getaway, now is the time to turn those dreams into reality. But don't delay – Scoot's March sale is set to run only until Monday night March 25, giving travellers just a limited window of opportunity to snag these incredible deals.</p> <p>So, whether you're yearning to wander through the historic streets of Athens, indulge in sushi delights in Osaka, or relax on the pristine beaches of Denpasar, Scoot's March sale has something for every traveller's taste and budget. Don't miss out on this chance to explore Europe without breaking the bank!</p> <p><em>Image: Scoot</em></p>

Travel Tips

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World's oldest woman turns 117

<p>One of the world's oldest living person has turned 117. </p> <p>Maria Branyas Morera born on March 4, 1907 in San Francisco, lived through the 1918 pandemic, the two World Wars, Spain’s civil war and fully recovered after contracting Covid just days before her 113th birthday. </p> <p>She was one of the world's oldest Covid survivor's in 2020 and is now the 12th oldest verified person in history. </p> <p>Maria, who moved to Catalonia, Spain when she was eight, proudly announced her age on X, formerly known as Twitter in a post that read:  “Good morning, world. Today I turn 117 years old. I’ve come this far.”</p> <p>Maria, who has lived in a nursing home for the past 23 years, is healthier than ever aside from hearing difficulties and mobility issues, and scientists are studying her to find out the secrets to a long life. </p> <p>“She remembers with impressive clarity events from when she was only four years old, and she does not present any cardiovascular disease, common in elderly people," Scientist Manel Esteller told Spanish outlet <em>ABC</em>.</p> <p>“It is clear that there is a genetic component because there are several members of her family who are over 90 years old.”</p> <p>Scientists and Maria are working together to gain further insights into living longer, and researchers hope that studying Maria’s genes will help with the development of drugs which could combat diseases associated with ageing.</p> <p>Maria had three children with her husband  a Catalan doctor named Joan Moret.</p> <p>Her husband passed away 1976, and Maria also outlived her only son, August who tragically passed away in a tractor accident when he was 86. </p> <p>Maria now has two daughters, 11 grandchildren and 11 great-grandchildren.</p> <p>The oldest person ever established was a Frenchwoman named Jeanne Calment, who lived to the age of 122 years and 164 days.</p> <p><em>Image: news.com.au/ Guiness Book of Records</em></p>

Family & Pets

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Why Ita Buttrose chose to leave the ABC

<p>In her last week as the head of the ABC, Ita Buttrose has broken her silence on why she chose to step down from the role. </p> <p>Speaking with <em>Stellar</em> magazine ahead of International Women's Day, the 82-year-old journalist has clarified that her decision to leave the public broadcaster had “nothing to do with current events.”</p> <p>After serving her five-year term, reports have swirled that her departure is related to the December sacking of presenter Antoinette Lattouf, who was let go after she shared a social media post about the Israel Gaza war, in which she condemned the treatment of Palestinian civilians.</p> <p>Following the controversial sacking, more than 100 of ABC's union staff slammed managing director David Anderson triggering a vote of no confidence. </p> <p>Ms Buttrose supported Mr Anderson through the ordeal, declaring it’s “abhorrent and incorrect” that he showed a lack of support for independent journalists amid Ms Lattouf’s axing.</p> <p>Due to the chaos at the ABC, many speculated that Buttrose's departure was to escape the turmoil, but she has since refuted the claims. </p> <p>“I did notify the government and the minister Michelle Rowland in August last year that I was not going to seek another term,” Ms Buttrose told <em>Stellar</em>.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C366msrI_qc/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C366msrI_qc/?utm_source=ig_embed&utm_campaign=loading" target="_blank" rel="noopener">A post shared by Stellar (@stellarmag)</a></p> </div> </blockquote> <p>“Five years is quite a long time to serve the ABC. I know some chairs have gone on and done a second term, but I’m conscious that I’m a woman of a certain age. And despite [US president] Joe Biden thinking he should run another term – I don’t think he should – sometimes you need to examine yourself and say, ‘Well, I am a person of a certain age and everything’s fine, and cognitively I’m good’ but still, weigh it up. Another five years. What would it be like?" </p> <p>“You have to know in yourself when you need to step aside. I felt that. It had nothing to do with any current events.”</p> <p>Ms Buttrose went on to defend questions surrounding outside influence on the national broadcaster.</p> <p>“The role of independence of the national broadcaster is paramount to what we do. It’s enshrined in legislation,” she said.</p> <p>“The ABC and I have never been influenced by outside lobbyists, people passionate about their particular cause as politicians, commercial interests, you name it." </p> <p>“The ABC has never caved in. I’ve never caved in. Neither has the managing director nor the board.”</p> <p><em>Image credits: Getty Images</em></p>

Retirement Life

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As Scott Morrison leaves parliament, where does he rank among Australian prime ministers?

<p><em><a href="https://theconversation.com/profiles/paul-strangio-1232">Paul Strangio</a>, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p>This week Scott Morrison, Australia’s 30th prime minister, will deliver his valedictory speech to the House of Representatives. As Morrison leaves parliament, it’s timely to ask where he is placed in the pantheon of Australia’s national leaders.</p> <p>Already there have been unflattering verdicts on Morrison’s prime-ministerial standing. For example, in her withering account of his leadership, veteran columnist and author <a href="https://scribepublications.com.au/books-authors/books/bulldozed-9781922585981">Niki Savva writes</a> that among detractors, “Morrison was regarded as the worst prime minister since Billy McMahon”. Moreover, according to Savva, following the August 2022 revelation of his commandeering of five ministries during the COVID pandemic, his reputation sunk still lower: “he was worse than McMahon. Worse even than Tony Abbott, who lasted a scant two years in the job”.</p> <h2>How can we rank prime ministerial performance?</h2> <p>How might we know how Morrison’s record stacks up against his prime-ministerial peers? One device for evaluating comparative leadership performance is expert rankings. Australia has had a slow take-up in this field, unlike the United States, where presidential rankings have a lineage stretching back three-quarters of a century and are a veritable scholarly cottage industry.</p> <p>In recent years, there have been forays into this territory in Australia, with three prime-ministerial rankings conducted by newspapers and two initiated by Monash University in 2010 and 2020. (I was the organiser of both of these Monash rankings.)</p> <p>These rankings have been largely consistent in their results. The experts, mostly political historians and political scientists, have judged the nation’s greatest prime minister to be its second world war leader, John Curtin. The other leaders in the top echelon are, in rough order, Bob Hawke, Ben Chifley, Alfred Deakin, Robert Menzies, Andrew Fisher, John Howard, Paul Keating and Gough Whitlam.</p> <p>At the other end of the scale, Billy McMahon, who is chiefly remembered for being defeated by Labor’s Whitlam at the December 1972 election, thereby bringing to a close the Liberal Party’s postwar ascendancy, has been consistently rated Australia’s prime-ministerial dunce. Even his biographer, Patrick Mullins, acknowledges that McMahon has become “a by-word for failure, silliness, ridicule”.</p> <p>However, in the most recent of the rankings, the Monash 2020 survey, McMahon had a close competitor for bottom place: Tony Abbott. Forty-four out of 66 respondents to that survey assessed Abbott’s prime ministership a failure. Other prime ministers to the rear of the field included Abbott’s contemporaries, Kevin Rudd and Malcolm Turnbull.</p> <p>Morrison was not included in the 2020 rankings because as the incumbent his prime ministership was incomplete, and so it was premature to evaluate his performance. Let us now, though, measure his record against the nine benchmarks that the experts were asked to consider in rating the nation’s leaders.</p> <h2>So how does Morrison shape up?</h2> <p>The first is “effectively managing cabinet”. To date, little has been disclosed about the integrity of cabinet processes under Morrison’s stewardship. Yet, whatever the merits of that management, his scandalous breach of the norms of cabinet government by <a href="https://theconversation.com/view-from-the-hill-the-bell-report-on-morrisons-multi-ministries-provides-a-bad-character-reference-195368">secretly assuming several ministries</a> will irretrievably stain his reputation in this regard.</p> <p>Next is “maintaining support of Coalition/party”. That Morrison avoided being deposed by his party, which was the fate of his immediate predecessors (Rudd, Julia Gillard, Abbott and Turnbull), counts in his favour. As the ABC docuseries Nemesis shows, however, his prime ministership was marked by serious frictions both within the Liberal Party and between the Liberal and National coalition partners.</p> <figure><iframe src="https://www.youtube.com/embed/gLXdXUwGrJs?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Demonstrating personal integrity”. This was not one of Morrison’s strong suits. As Savva makes searingly evident, and Nemesis also highlights, Morrison earned a reputation for being economical with the truth (including hiding his acquisition of colleagues’ ministries), for evading accountability and shifting blame (“I don’t hold a hose, mate”), and for corrupted processes under his watch (an example being the <a href="https://theconversation.com/more-sports-rort-questions-for-morrison-after-bridget-mckenzie-speaks-out-133160">shameless pork-barrelling</a> of the community sport infrastructure program in the lead-up to the 2019 election).</p> <p>“Leaving a significant policy legacy”. Here Morrison is partly damned by his own words. In office, he insisted he was not concerned about his legacy, equating the idea with a vanity project. Indeed, an obsession with the theatre of politics and a corresponding lack of substance caused his prime ministership to come to be seen as bereft of purpose.</p> <p>On the other hand, management of the COVID pandemic, however mixed, accords a significance to his time in office. AUKUS stands as the other major legacy of Morrison’s prime ministership, entrenched as it has been by his successor, Anthony Albanese. The agreement promises to influence Australia’s defence capability until the middle of this century and beyond, although only time will tell whether it enhances the nation’s security or is a dangerous white elephant.</p> <p>“Relationship with the electorate”. Morrison’s record here is mixed. In his favour, he won an election (something McMahon couldn’t claim). Yet, by the time of the 2022 election, according to the Australian Election Study, he was the least popular major party leader in the history of that survey, which dates back to the 1980s.</p> <p>His public toxicity was a primary factor in the Coalition’s defeat, one of his Liberal colleagues comparing the depth of public sentiment against the prime minister in 2022 to “having a 10,000-tonne boulder attached to your leg”.</p> <p>“Communication effectiveness”. Styling himself as a Cronulla Sharks-supporting “daggy dad” from the suburbs, at least initially Morrison’s communication mode seemed to be well received in the community. He was relentlessly on message during the 2019 election campaign.</p> <p>But the shine rapidly wore off his persona following that victory, with growing doubts about his authenticity. Rather than persuade, his habit was to hector, and rather than empathise, he exuded smugness. A series of notorious tin-eared statements, which especially alienated women voters, came to define his image. By the end he was known as the “bulldozer-in-chief”.</p> <figure><iframe src="https://www.youtube.com/embed/yamdw5VeNtA?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p>“Nurturing national unity”. An innovation of Morrison’s at the beginning of the pandemic was the national cabinet. Bringing together the prime minister and premiers, it worked effectively for a time, only for partisan interests over lockdowns to strain relations between Canberra and the states.</p> <p>Under pressure, Morrison also flirted with divisive culture-war politics, instances being his divisive Religious Discrimination Bill and his egregious handpicking of the anti-transgender Liberal candidate Katherine Deves to contest the 2022 election.</p> <p>“Defending and promoting Australia’s interests abroad”. The AUKUS pact has vehement critics, led by Morrison’s prime-ministerial peers Keating and Turnbull, who argue it jeopardises national sovereignty.</p> <p>There is no denying, however, that AUKUS was Morrison’s signature foreign policy enterprise. On the other hand, Australia’s reputation as a laggard on climate change under the Coalition hurt our international standing, not least among Pacific neighbours. The Morrison government’s belated commitment to a net zero carbon emissions by 2050 target was too little, too late. Bellicose rhetoric towards Beijing also led to a deterioration in relations with the nation’s major trading partner (as well as estranging Chinese-Australian voters).</p> <p>“Being able to manage turbulent times”. Here, again, Morrison’s record is at best mixed. In his favour is decisive early actions to ameliorate the COVID pandemic, headed by the JobKeeper program. As the pandemic progressed, however, his government was too often flat-footed, demonstrated by its dilatory approach to procuring vaccines. His response to natural disasters, most notably the 2019-20 Black Summer bushfires, was another shortcoming, exemplified by his secret holiday to Hawaii in the midst of the crisis. Arguably, his prime ministership was doomed from that moment.</p> <h2>And the verdict?</h2> <p>Prime-ministerial reputations can take time to settle. The passing of years fleshes out historical knowledge as well as providing greater perspective on performance in office. For example, the fate of AUKUS will quite possibly affect Morrison’s standing well into the future.</p> <p>Even allowing for this, it seems safe to forecast that Morrison will be rated among the least distinguished of Australian prime ministers. His government’s relatively successful early management of the COVID pandemic and the legacy of AUKUS might spare him from falling below McMahon and Abbott at the bottom of the prime-ministerial heap. But avoiding that ignominy will probably be a close-run thing.<!-- 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/223003/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/paul-strangio-1232">Paul Strangio</a>, Emeritus professor of politics, <a href="https://theconversation.com/institutions/monash-university-1065">Monash University</a></em></p> <p><em>Image credits: Getty 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/as-scott-morrison-leaves-parliament-where-does-he-rank-among-australian-prime-ministers-223003">original article</a>.</em></p>

Retirement Life

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Read this before choosing a retirement village

<p>Making the move from your own home into a retirement village is a huge decision. And with more than 2,000 villages around the country there’s a world of choice. These are some of the things you need to know before you make the move.</p> <p><strong>Get your priorities straight</strong></p> <p>Think about the kind of village you can see yourself living in. Make a list of features that you absolutely must have and a list of those that are desirable but not essential. Don’t be tempted to compromise on the first list because you could end up very unhappy in the long run.</p> <p>Do your research and find a village that meets your requirements. Don’t rush into somewhere that you aren’t completely sure about.</p> <p><strong>Money, money, money</strong></p> <p>Retirement villages aren’t cheap so you’ll need to be realistic about what it’s going to cost and how much you have to spend. It’s a good idea to see a professional financial adviser to get a complete picture of your financial situation, including things like selling your current home, super and any shares you own.</p> <p>You will have to sign a contract with the village before you move in, so get your financial adviser or a lawyer to go over it with you and make sure you understand all your obligations.</p> <p><strong>Location is key</strong></p> <p>As with any move, you need to think carefully about location. If the village is a long way from your current residence it can drastically alter your social life and connections with friends and family.</p> <p>You also need to think about proximity to public transport, shops, health services and community activities.</p> <p><strong>Choose your style</strong></p> <p>Retirement villages range from self-contained independent living to serviced accommodation and residential aged care. They also vary greatly in size from just a handful of units to villages with hundreds of residents. Larger villages tend to have more facilities, so if you’re an active person who loves to swim or play tennis then this could be the choice for you.</p> <p>However, extra facilities come with extra costs so if these aren’t important to you then you could find a cheaper option. You’ll also want to find out about communal dining options and social activities or groups within the village.</p> <p><strong>Get the help you need</strong></p> <p>As with accommodation styles, there is a wide range in the levels of assistance available. This can be as basic as having a cleaner come once a week right up to full nursing care. Some villages have the option to raise your level of care as you age or become unwell, which can be a better option than moving into a new village.</p> <p><strong>Stick to the rules</strong></p> <p>Can visitors stay the night? Can I have a pet? Is there a system for resolving disputes? You’ll want to be familiar with the rules and regulations of the village so read the fine print in your contract or ask questions before you commit.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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The one thing you must do before retirement

<p>When you think about planning for retirement, the standard advice is to take a thorough look at your superannuation and finances. Although money is undoubtedly an important aspect of retirement planning, making a plan for your emotion and physical wellbeing is just as crucial.</p> <p>New research from the UK has found that retirement can have a negative impact on your mental and physical health. The study, published by the Institute of Economic Affairs, looked at the impact of retirement on 7,000 people aged 50 to 70, and found that while retirement gives most people a small health booth, over the medium to long-term it causes a “drastic decline in health”.</p> <p>For both men and women, retirement decreases the likelihood of "very good” or "excellent" self-reported health by 40 per cent, increases risk for depression by 40 per cent, and diagnosis of a physical illness by 60 per cent. The study’s lead author, Gabriel Sahlgren, noted: "Work, especially paid work, gives many people a sense of purpose. Losing that may lead to declines in health."</p> <p>The lesson: Make a plan for your emotional and physical health.</p> <p>“Don't wait until you retire to decide how you're going to keep busy,” Dave Bernard, retirement blogger and author of Are You Just Existing and Calling it a Life?, told Prevention, adding, “And you need to look well beyond the first six months.”</p> <p>Just as it’s necessary to make sure your finances are in order before retirement, it’s crucial to ask yourself: What will my new sense of purpose in retirement be?</p> <p>“Many times, adults might not think about what it actually means to be retired, or they think about retirement in abstract terms,” says Angela Curl, an assistant professor in the University of Missouri School of Social Work.</p> <p>She says you need to make concrete plans for retirement. “If you want to volunteer when you are retired, ask yourself where and how often. Having specific plans and steps to follow will help you enter retirement more easily,” says Curl.</p> <p>Creating a plan of how you’ll spend your time when you retire will keep you mentally and physically strong, ensuring that you’ll be healthy enough to enjoy your well-deserved retirement.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Life

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"Lost everything": Retirees left homeless after houseboat destroyed

<p>Two grandparents from South Australia have lost everything after a tree fell on their houseboat during a wild storm. </p> <p>Pam, 77, and David, 82, moved into their two-bedroom houseboat on the Murray River when they first retired over 20 years ago, after finally living out their dream of living on the water. </p> <p>During a storm on February 13th, when their houseboat was moored about 700m from the Renmark boat ramp, their lives were changed forever when a tree fell through their roof. </p> <p>Their granddaughter Shenay Harris said it was a miracle the pair escaped with only minor injuries.</p> <p>“They’re both sitting in their armchairs next to each other. My nan was actually stuck. Her legs were pinned from all the rubble of the roof caving in, and my pop managed to be able to stand up and reach for the phone to call emergency services,” Harris told <a href="https://7news.com.au/news/south-australian-grandparents-lose-everything-after-tree-falls-on-houseboat-in-murray-river-during-storm--c-13615764" target="_blank" rel="noopener"><em>7News</em></a>.</p> <p>“Looking at the boat and where they were sitting and everything, we have no idea how they are still with us. It’s just absolutely amazing that they’re still here, and they’re OK.”</p> <p>Shenay said her grandparents were now feeling lost about their future, while also grieving the loss of their retirement home. </p> <p>“My pop, he’s absolutely shattered. He’s said to us ‘it’s all over now’ ... (we’re) trying to reassure him (that) ‘no, it’s just a new beginning’,” Harris said.</p> <p>“They’ve been on that boat for 23 years, so it’s been my whole childhood and life with them living on the boat."</p> <p>The houseboat was not insured at the time of the accident, leaving both of the retirees homeless, with no hope for a replacement boat or a payout to get them back on their feet. </p> <p>“They’ve literally just lost everything they’ve got, you know, no assets, nowhere to go, no money,” Shenay said.</p> <p>An <a href="https://www.gofundme.com/f/riverland-houseboat-tragedy-pamelas-joy?cdn-cache=0" target="_blank" rel="noopener">online fundraiser</a> has been set up to support the couple as they figure out the next stage of their life, so far raising $3,000.</p> <p>“They’re both pensioners, they’ve really got nothing to their name now, having lost the boat. So really just to get them back on their feet.”</p> <p><em>Image credits: GoFundMe / 7News</em></p>

Retirement Life

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Five tips for developing and managing your budget – even in tough economic times

<p><em><a href="https://theconversation.com/profiles/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a></em></p> <p>There’s nothing quite like a new year to prompt us to take stock of our lives, our health, our goals – and our finances. Many people will start a new year by contemplating how best to budget, plan and save. This is always a good set of aims, but it’s especially important in the inflation-prone and unpredictable economies we’re seeing <a href="https://www.statista.com/statistics/268225/countries-with-the-highest-inflation-rate/">all over Africa and the world</a>.</p> <p>Budgeting is especially key. It is the most effective method to <a href="https://www.thebalancemoney.com/how-to-make-a-budget-1289587">monitor income and expenditure</a>. <a href="https://www.uslendingcompany.com/blog/key-differences-in-writing-a-household-budget-vs-a-personal-budget/">Personal budgets</a> can help you to monitor your resources in pursuit of larger financial goals. Budgeting also offers <a href="https://www.acrwebsite.org/volumes/v46/acr_vol46_2411998.pdf">more opportunities</a> to save money, reduce your debts and live a comfortable life. It can even <a href="https://prucomm.ac.uk/assets/uploads/blog/2013/04/Personal-Budgets-review-of-evidence_FINAL-REPORT.pdf">improve your mental health</a>.</p> <p>But where should you start? What questions do you need to answer in creating a budget? Here are some tips that I’ve learned – not just as an economist, but as a research cost analyst and someone who keeps a budget too.</p> <h2>1. Understand the broader economic conditions</h2> <p>It is imperative that individuals keep themselves aware and up-to-date on the realities of their country’s economic landscape. You don’t have to be a professional economist, but keep an eye on new developments like free business registration, small business development funds and printing of new money notes. What is the current exchange rate? What’s the political landscape and what international factors, like the price of crude oil, are at play? You should also watch the inflation rate and have a sense of unemployment trends.</p> <p>This economic awareness will prepare you to draft your own budget and you’ll have a sense of when external factors mean it’s time to revisit your plans.</p> <h2>2. Review your income sources</h2> <p>The ability to earn income is critical to sustaining livelihoods. Having a definite source of income is the bedrock of budgeting.</p> <p>Some important questions you should ask about your income – and how you might budget with it – include:</p> <ul> <li>What is my current income?</li> <li>What do I use my income for?</li> <li>Am I able to save, given my current income?</li> <li>What proportion of my income do I save and what proportion do I spend?</li> <li>Do I have the capacity to earn more than this?</li> <li>How can I improve my income?</li> </ul> <p>Your answers can help you to identify gaps or untapped potential. Those with irregular or unpredictable income should factor in the element of time-gap in their income, for effective budgeting. Time gap is when they are not earning income. And everyone should make allowance in their budgets for uncertainties like health issues, social engagements, inflation, unemployment, recession and price shocks.</p> <h2>3. Appraise your expenses</h2> <p>Expenses can be broadly categorised into “variable” and “fixed”.</p> <p>Fixed expenses recur within a short period: housing, food, transport, medical costs, electricity, utilities, toiletries and clothing. Variable expenses are more long-term and irregular, such as investment in property or interest-yielding assets, and the purchase of machinery.</p> <p>The main essence of revising our expenses is to analyse and possibly improve our spending habits. In reviewing our expenses, we can consider issues such as:</p> <ul> <li>What is the proportion of consumption-savings ratio from my income? This is how much do I spend compared to how much I save.</li> <li>What are my regular expenses?</li> <li>What are my fixed, capital or investment expenses?</li> <li>What are my extraordinary expenses that need modification?</li> <li>Have there been emergency or extraordinary expenses?</li> </ul> <p>A careful response to the issues raised above offers an occasion to re-evaluate the pattern and direction of our expenses. For instance, overspending, unplanned or extraordinary expenses can be identified. This can lead to an optimal, efficient reallocation of available resources.</p> <h2>4. Stabilise your finances through savings</h2> <p>Savings have been <a href="https://klinglercpa.com/bedrock-principles-for-saving-money/">described</a> as a financial stabiliser, given their potential to cater for urgent needs and create opportunities for investments.</p> <p>Of course, savings have more value when they grow faster than the rate of inflation. Inflation erodes the value of savings. For instance, an amount of 300,000 naira (US$676) saved to purchase an autorickshaw today may be impossible in two months’ time with an inflation rate of 10% when the tricycle price rises to 330,000 naira (US$744). The reverse is the case when there is deflation.</p> <p>Therefore, it is advisable to improve the value of savings through investments in interest-yielding assets such as stocks, shares, bonds, microfinance and production.</p> <p>That’s not to say it’s always easy to save. Many income earners spend as they go, not seeing savings as part of their budgets. Harsh economic realities can also make it difficult – sometimes seemingly impossible – to save. But it’s not impossible: savings can be made in small amounts, through a daily, weekly or monthly contribution to collections, cooperative schemes or microfinance affiliations. For instance, a point of sale business in Nigeria can permit a daily contribution of 500 naira (US$1.13) over 25 work days, giving an average saving of 12,500 naira (US$28.18) per month.</p> <p>The Point-of-Sale business started in Nigeria in 2013 when the Central Bank of Nigeria introduced the agent banking system. A POS agent operates and processes transactions through a POS service provider. Providers of such services include banks, microfinance banks and fintech companies.</p> <h2>5. Run a flexible budget</h2> <p>Once your budget is created, remember that it’s not set in stone. It should be flexible if anything changes in your life. For instance, an amount saved to buy a car can be invested in a promising venture buying shares through public offerings or private placements in multinational organisations like Nestle or Unilever.</p> <p>Also, health emergencies or career advancement programmes can require taking some money out of our savings.</p> <p>In all, budgeting should be flexible enough to incorporate exigencies, especially when catering for the current situation will culminate into a greater good.<!-- 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/195590/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/oluwabunmi-adejumo-1370664">Oluwabunmi Adejumo</a>, Lecturer/Researcher, <a href="https://theconversation.com/institutions/obafemi-awolowo-university-2843">Obafemi Awolowo University</a></em></p> <p><em>Image credits: Getty 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/five-tips-for-developing-and-managing-your-budget-even-in-tough-economic-times-195590">original article</a>.</em></p>

Money & Banking

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Most expensive countries to retire in revealed

<p dir="ltr">Australia has become one of the most expensive countries in the world to spend your retirement, with experts sharing how much we need to retire comfortably. </p> <p dir="ltr">Australia is now regarded as the world's seventh most expensive place to retire, and is also a major target for scammers, given the country’s superannuation initiative. </p> <p dir="ltr">Swedish loan broking group Sambla calculated Australians need at least $640,911 to retire comfortably, with this hefty amount one of the biggest in the world. </p> <p dir="ltr">Australia's 4.1 per cent inflation rate is also higher than most of the rich world, which means a retiree would need $34,221 a year to survive, provided they aren't renting.</p> <p dir="ltr">Australia is also a target for scammers, having $3.6trillion in superannuation savings, or the fourth highest pool in the world.</p> <p dir="ltr">In comparison, Switzerland has been named the most expensive place in the world to retire, requiring $927,034 in retirement savings to grow old in the Alps, translating into annual costs of $46,632.</p> <p dir="ltr">Check out the entire top ten list of most expensive countries to retire below. </p> <p dir="ltr">10. France. $583,950 in retirement savings required</p> <p dir="ltr">9. Austria. $598,434 in retirement savings required</p> <p dir="ltr">8. Iceland. $607,558 in retirement savings required</p> <p dir="ltr">7. Australia. $640,911 in retirement savings required</p> <p dir="ltr">6. Canada. $665,752 in retirement savings required</p> <p dir="ltr">5. Liechtenstein. $772,984 in retirement savings required</p> <p dir="ltr">4. Singapore. $773,456 in retirement savings required</p> <p dir="ltr">3. Qatar. $791,029 in retirement savings required</p> <p dir="ltr">2. Monaco. $795,431 in retirement savings required</p> <p dir="ltr" role="presentation">1. Switzerland. $927,035 in retirement savings required</p> <p dir="ltr"><em>Image credits: Getty Images </em></p>

Retirement Life

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Monty Python star's candid financial admission

<p>Monty Python star Eric Idle has made a candid admission about the state of his finances, revealing why he still has to work at the age of 80. </p> <p>The comic legend admitted he receives only a fraction of the millions the Python team have made in the past because the finances are a “disaster”.</p> <p>In messages on X, formerly Twitter, Idle wrote: “I don’t know why people always assume we’re loaded”.</p> <p>“I have to work for my living. I never dreamed that at this age the income streams would tail off so disastrously."</p> <p>“I have been working and earning for Pythons since 1995. And now no more.”</p> <p>Idle also took aim at TV lawyer Holly Gilliam, the daughter of fellow Python member Terry Gilliam, who took over the Python brand in 2013 as part of HDG Projects Ltd. </p> <p>He said, “I guess if you put a Gilliam child in as your manager you should not be so surprised”.</p> <p>“One Gilliam is bad enough. Two can take out any company.”</p> <p>Daughter Lily Idle backed him, writing online, “I’m so proud of my dad for finally finally finally starting to share the truth.”</p> <p>The Pythons, who also included John Cleese, 84, Michael Palin, 80, and the late Terry Jones — made a fortune thanks to their iconic cult films, including <em>Life of Brian</em>, hit stage show <em>Spamalot</em>, which Idle co-wrote, and the original <em>Flying Circus</em> BBC TV series.</p> <p>They were back in the limelight in 2014 with <em>Monty Python Live (Mostly) — One Down, Five to Go</em>: a reference to former member Graham Chapman who died in 1989 aged just 48.</p> <p>It featured interpretations of some of their famous sketches, and reportedly earned the surviving members at least £2 million ($3.87m AUD) each.</p> <p><em>Image credits: Getty Images </em></p>

Retirement Income

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The cheapest places to travel in 2024

<p dir="ltr">With the cost of living continuing to rise, many people are looking for cost-friendly ways to travel the world in 2024. </p> <p dir="ltr">Some destinations are more economic than others, with these somewhat overlooked holiday hotspots showcasing the best of travelling without breaking the bank.</p> <p dir="ltr">If you’re looking for a new adventure this year, these corners of the globe are the cheapest places to travel in 2024.</p> <p dir="ltr"><strong>The Philippines</strong></p> <p dir="ltr">The underrated gem located only a few hours northeast of Australia is one of the cheapest destinations in Asia, it's a wonder why more tourists don’t visit. </p> <p dir="ltr">Not only is it home to over 7,500 picturesque islands, six UNESCO World Heritage Sites and an endless chain of pristine beaches, it's also very affordable with resort accommodation under $100 a night is not hard to find.</p> <p dir="ltr">On top of accommodation, day tours and activities (snorkelling, for example) will set you back around $30 to $40.</p> <p dir="ltr">Flights are also reasonable in cost, with return flights from Sydney to Manila coming in around $600 per person. </p> <p dir="ltr"><strong>Turkey</strong></p> <p dir="ltr">Travellers can get to Istanbul from Melbourne and back for approximately $1,300 per person, to visit some of the world’s most historical sites. </p> <p dir="ltr">Turkey is a paradise for those travelling on a budget, with mouthwatering meals can be found regularly for as little as $5, and even less for street food.</p> <p dir="ltr">To make it even better, striking accommodation in the historic Galata region can be as low as $50 a night. </p> <p dir="ltr"><strong>Hungary</strong></p> <p dir="ltr">Hungary is regularly dubbed one of Europe’s cheapest tourist destinations, with  accommodation, dining and entertainment costs significantly lower than the neighbouring countries.</p> <p dir="ltr">Expect to part with $60 to $100 a night for a pretty-as-a-picture hotel in the city centre, around $10 to $15 for meals in restaurants, and anywhere between $7 to $30 for activities. </p> <p dir="ltr">There are also tourist passes available that make these costs even cheaper. </p> <p dir="ltr"><strong>Albania</strong></p> <p dir="ltr">Located on the western part of the Balkan peninsula, this destination is often overlooked by tourists, making it an ideal budget-friendly destination. </p> <p dir="ltr">The stunning country is home to UNESCO World Heritage sites and turquoise beaches, all while keeping your budget in mind. </p> <p dir="ltr">Beachside accommodation can be found for as little as $70 a night, with prices comparable to Turkey for restaurant meals. </p> <p dir="ltr"><em>Image credits: Getty Images</em></p> <p> </p>

International Travel

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How do I handle it if my parent is refusing aged care? 4 things to consider

<p><em><a href="https://theconversation.com/profiles/lee-fay-low-98311">Lee-Fay Low</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>It’s a shock when we realise our parents aren’t managing well at home.</p> <p>Perhaps the house and garden are looking more chaotic, and Mum or Dad are relying more on snacks than nutritious meals. Maybe their grooming or hygiene has declined markedly, they are socially isolated or not doing the things they used to enjoy. They may be losing weight, have had a fall, aren’t managing their medications correctly, and are at risk of getting scammed.</p> <p>You’re worried and you want them to be safe and healthy. You’ve tried to talk to them about aged care but been met with swift refusal and an indignant declaration “I don’t need help – everything is fine!” Now what?</p> <p>Here are four things to consider.</p> <h2>1. Start with more help at home</h2> <p>Getting help and support at home can help keep Mum or Dad well and comfortable without them needing to move.</p> <p>Consider drawing up a roster of family and friends visiting to help with shopping, cleaning and outings. You can also use home aged care services – or a combination of both.</p> <p>Government subsidised home care services provide from one to 13 hours of care a week. You can get more help if you are a veteran or are able to pay privately. You can take advantage of things like rehabilitation, fall risk-reduction programs, personal alarms, stove automatic switch-offs and other technology aimed at increasing safety.</p> <p>Call <a href="https://www.myagedcare.gov.au/">My Aged Care</a> to discuss your options.</p> <h2>2. Be prepared for multiple conversations</h2> <p>Getting Mum or Dad to accept paid help can be tricky. Many families often have multiple conversations around aged care before a decision is made.</p> <p>Ideally, the older person feels supported rather than attacked during these conversations.</p> <p>Some families have a meeting, so everyone is coming together to help. In other families, certain family members or friends might be better placed to have these conversations – perhaps the daughter with the health background, or the auntie or GP who Mum trusts more to provide good advice.</p> <p>Mum or Dad’s main emotional support person should try to maintain their relationship. It’s OK to get someone else (like the GP, the hospital or an adult child) to play “bad cop”, while a different person (such as the older person’s spouse, or a different adult child) plays “good cop”.</p> <h2>3. Understand the options when help at home isn’t enough</h2> <p>If you have maximised home support and it’s not enough, or if the hospital won’t discharge Mum or Dad without extensive supports, then you may be <a href="https://academic.oup.com/gerontologist/article/60/8/1504/5863160">considering a nursing home</a> (also known as residential aged care in Australia).</p> <p>Every person has a legal right to <a href="https://humanrights.gov.au/our-work/9-your-right-choose-where-you-live">choose where we live</a> (unless they have lost capacity to make that decision).</p> <p>This means families can’t put Mum or Dad into residential aged care against their will. Every person also has the right to choose to take risks. People can choose to continue to live at home, even if it means they might not get help immediately if they fall, or eat poorly. We should respect Mum or Dad’s decisions, even if we disagree with them. Researchers call this “dignity of risk”.</p> <p>It’s important to understand Mum or Dad’s point of view. Listen to them. Try to figure out what they are feeling, and what they are worried might happen (which might not be rational).</p> <p>Try to understand what’s really important to their quality of life. Is it the dog, having privacy in their safe space, seeing grandchildren and friends, or something else?</p> <p>Older people are often understandably concerned about losing independence, losing control, and having strangers in their personal space.</p> <p>Sometimes families prioritise physical health over psychological wellbeing. But we need to consider both when considering nursing home admission.</p> <p><a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9826495/">Research</a> suggests going into a nursing home temporarily increases loneliness, risk of depression and anxiety, and sense of losing control.</p> <p>Mum and Dad should be involved in the decision-making process about where they live, and when they might move.</p> <p>Some families start looking “just in case” as it often takes some time to <a href="https://www.abc.net.au/everyday/questions-to-ask-when-choosing-an-aged-care-home-for-a-loved-one/10302590">find the right nursing home</a> and there can be a wait.</p> <p>After you have your top two or three choices, take Mum or Dad to visit them. If this is not possible, take pictures of the rooms, the public areas in the nursing home, the menu and the activities schedule.</p> <p>We should give Mum or Dad information about their options and risks so they can make informed (and hopefully better) decisions.</p> <p>For instance, if they visit a nursing home and the manager says they can go on outings whenever they want, this might dispel a belief they are “locked up”.</p> <p>Having one or two weeks “respite” in a home may let them try it out before making the big decision about staying permanently. And if they find the place unacceptable, they can try another nursing home instead.</p> <h2>4. Understand the options if a parent has lost capacity to make decisions</h2> <p>If Mum or Dad have lost capacity to choose where they live, family may be able to make that decision in their best interests.</p> <p>If it’s not clear whether a person has capacity to make a particular decision, a medical practitioner can assess for that capacity.</p> <p>Mum or Dad may have appointed an <a href="https://www.tag.nsw.gov.au/wills/appoint-enduring-guardian/what-enduring-guardian">enduring guardian</a> to make decisions about their health and lifestyle decisions when they are not able to.</p> <p>An enduring guardian can make the decision that the person should live in residential aged care, if the person no longer has the capacity to make that decision themselves.</p> <p>If Mum or Dad didn’t appoint an enduring guardian, and have lost capacity, then a court or tribunal can <a href="https://www.tag.nsw.gov.au/guardianship/information-about-guardianship">appoint</a> that person a private guardian (usually a family member, close friend or unpaid carer).</p> <p>If no such person is available to act as private guardian, a public official may be appointed as public guardian.</p> <h2>Deal with your own feelings</h2> <p>Families often feel <a href="https://link.springer.com/article/10.1007/s12144-023-04538-9">guilt and grief</a> during the decision-making and transition process.</p> <p>Families need to act in the best interest of Mum or Dad, but also balance other caring responsibilities, financial priorities and their own wellbeing.<!-- 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/221210/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/lee-fay-low-98311"><em>Lee-Fay Low</em></a><em>, Professor in Ageing and Health, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Getty 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-do-i-handle-it-if-my-parent-is-refusing-aged-care-4-things-to-consider-221210">original article</a>.</em></p>

Caring

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After a lifetime studying superannuation, here are 5 things I wish I knew earlier

<p><em><a href="https://theconversation.com/profiles/susan-thorp-214">Susan Thorp</a>, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p>Amassing the wealth needed to support retirement by regular saving is a monumental test of personal planning and discipline. Fortunately for most Australian workers, the superannuation system can help.</p> <p>Superannuation uses the carrot of tax incentives, and the sticks of compulsion and limited access, to make us save for retirement.</p> <p>There are benefits to paying timely attention to your super early in your working life to get the most from this publicly mandated form of financial self-discipline.</p> <p>I’ve been researching and thinking about superannuation for most of my career. Here’s what I wish I knew at the beginning of my working life.</p> <h2>1. Check you’re actually getting paid super</h2> <p>First, make sure you are getting your dues.</p> <p>If you are working, your employer must contribute <a href="https://www.ato.gov.au/businesses-and-organisations/super-for-employers/paying-super-contributions/how-much-super-to-pay">11% of your earnings</a> into your superannuation account. By July 2025 the rate will increase to 12%.</p> <p>This mandatory payment (the “<a href="https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/super-guarantee">superannuation guarantee</a>”) may look like yet another tax but it is an important part of your earnings (would you take an 11% pay cut?).</p> <p>It is worth checking on, and worth <a href="https://www.ato.gov.au/calculators-and-tools/super-report-unpaid-super-contributions-from-my-employer">reporting</a> if it is not being paid.</p> <p>The Australian Tax Office <a href="https://oia.pmc.gov.au/sites/default/files/posts/2023/05/Impact%20Analysis%20-%20Unpaid%20Superannuation%20Guarantee%20package.pdf">estimates</a> there is a gap between the superannuation employers should pay and what they do pay of around 5% (or $A3.3 billion) every year.</p> <p>Failing to pay is <a href="https://oia.pmc.gov.au/sites/default/files/posts/2023/05/Impact%20Analysis%20-%20Unpaid%20Superannuation%20Guarantee%20package.pdf">more common</a> among the accommodation, food service and construction industries, as well as small businesses.</p> <p>Don’t take your payslip at face value; cross-check your super account balance and the annual statement from your fund.</p> <h2>2. Have just one super account</h2> <p>Don’t make personal donations to the finance sector by having more than one superannuation account.</p> <p>Two super accounts mean you are donating unnecessary administration fees, possibly redundant insurance premiums and suffering two times the confusion to manage your accounts.</p> <p>The superannuation sector does not need your charity. If you have more than one super account, please consolidate them into just one today. You can do that <a href="https://moneysmart.gov.au/how-super-works/consolidating-super-funds">relatively easily</a>.</p> <h2>3. Be patient, and appreciate the power of compound interest</h2> <p>If you’re young now, retirement may feel a very distant problem not worth worrying about until later. But in a few decades you’re probably going to appreciate the way superannuation works.</p> <p>As a person closing in on retirement, I admit I had no idea in my 20s how much my future, and the futures of those close to me, would depend on my superannuation savings.</p> <p>Now I get it! <a href="https://www.nber.org/papers/w27459">Research</a> <a href="https://economics.mit.edu/sites/default/files/publications/pandp.20221022.pdf">shows</a> the strict rules preventing us from withdrawing superannuation earlier are definitely costly to some people in preventing them from spending on things they really need. For many, however, it stops them spending on things that, in retrospect, they would rate as less important.</p> <p>But each dollar we contribute in our 30s is worth around three times the dollars we contribute in our 50s. This is because of the advantages of time and <a href="https://moneysmart.gov.au/saving/compound-interest">compound interest</a> (which is where you earn interest not just on the money initially invested, but on the interest as well; it’s where you earn “interest on your interest”).</p> <p>For some, adding extra “voluntary” savings can build up retirement savings as a buffer against the periods of unemployment, disability or carer’s leave that most of us experience at some stage.</p> <h2>4. Count your blessings</h2> <p>If you are building superannuation savings, try to remember you’re among the lucky ones.</p> <p>The benefits of super aren’t available to those who can’t work much (or at all). They face a more precarious reliance on public safety nets, like the Age Pension.</p> <p>So aim to maintain your earning capacity, and pay particular attention to staying employable if you take breaks from work.</p> <p>What’s more, superannuation savings are invested by (usually) skilled professionals at rates of return hard for individual investors to achieve outside the system.</p> <p>Many larger superannuation funds offer members types of investments – such as infrastructure projects and commodities – that retail investors can’t access.</p> <p>The Australian Prudential Regulation Authority (APRA) also <a href="https://www.apra.gov.au/industries/superannuation">checks</a> on large funds’ investment strategies and performance.</p> <h2>5. Tough decisions lie ahead</h2> <p>The really hard work is ahead of you. The saving or “accumulation” phase of superannuation is mainly automatic for most workers. Even a series of non-decisions (defaults) will usually achieve a satisfactory outcome. A little intelligent activity will do even better.</p> <p>However, at retirement we face the challenge of making that accumulated wealth cover our needs and wants over an uncertain number of remaining years. We also face variable returns on investments, a likely need for aged care and, in many cases, declining cognitive capacity.</p> <p>It’s helpful to frame your early thinking about superannuation as a means to support these critical decades of consumption in later life.</p> <p>At any age, when we review our financial management and think about what we wish we had known in the past, we should be realistic. Careful and conscientious people still make mistakes, procrastinate and suffer from bad luck. So if your super isn’t where you had hoped it would be by now, don’t beat yourself up about it. <!-- 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/217922/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/susan-thorp-214">Susan Thorp</a>, Professor of Finance, <a href="https://theconversation.com/institutions/university-of-sydney-841">University of Sydney</a></em></p> <p><em>Image credits: Getty 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/after-a-lifetime-studying-superannuation-here-are-5-things-i-wish-i-knew-earlier-217922">original article</a>.</em></p>

Retirement Income

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Nick Kyrgios admits tennis career "may be over"

<p>Australian tennis star Nick Kyrgios is seriously considering retirement as he revealed that he is "at a crossroads" in his career. </p> <p>In a column written for <em>The Sydney Morning Herald, </em>the <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">28-year-old </span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> said that despite his desire to compete at the highest level, he might never make it back to playing professional tennis. </span></p> <p>He also said that he has enjoyed being away from the courts doing the media rounds.</p> <p>"I sat down with my agent, Stuart Duguid, a couple of days ago to talk about my future," he wrote.</p> <p>"The reality is, there is a part of me that knows my time in the sport may be over. And I'm OK with that.</p> <p>"It's a conversation that needed to be had. I'm at a crossroads in my career and have reached a point where life after tennis is a prospect that excites me."</p> <p>He also added that despite knowing he can still compete for titles, his body is letting him down, as he continues to recover from his <a href="https://www.oversixty.com.au/news/news/nick-kyrgios-pulls-out-of-australian-open-a-day-before-first-match" target="_blank" rel="noopener">knee injury</a> in January 2023.</p> <p>"I sit there and watch some of the players on tour and know within myself that this generation is not as strong as some of the players I have gone up against," he wrote. </p> <p>"I know I can be one of the best in the world and win major tournaments -- if my body lets me. The fire still burns, but it's not my everything."</p> <p>The <span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;">2022 Wimbledon finalist</span><span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> also confirmed that he won't be making himself available for this year's </span>Paris<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> Olympics, saying that the </span>treatment he got from the Australian Olympic Committee in the lead-up to the 2016 Rio Games was one of the key factors. </p> <p>"I was No. 13 at the time and had a genuine chance at winning a medal. For them to forbid me from representing my country for behavioural reasons is something that I just can't forget," he said.</p> <p>He added that his "mentality has changed", and despite still having the desire to play for his country, his decision is final. </p> <p>Kyrgios has barely been on court after withdrawing from last year's Australian Open, but he has been commentating on the tournament for Eurosport, adding that his future may be in the box, rather than on the court.</p> <p><em>Image: Getty</em></p>

Retirement Life

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Meet the grandmothers pushing boundaries with their New Year's resolutions

<p>Each year, millions of people around the world decide it is their year to try new things and push boundaries. </p> <p>For many, these New Year's resolutions include getting fit and eating healthy, travelling, or saving money for a big purchase. </p> <p>But for these Aussie seniors, they are pushing their resolutions even further, taking part in activities that will keep them young. </p> <p>For Gold Coast great-grandmother Hilda Wren, she knew she wanted to make a change after she had never been on a plane before. </p> <p>So, naturally, she decided to make her first trip in a plane one to remember, by jumping out of the aircraft and skydiving over the coast. </p> <p>"I've done sort of kickboxing, tennis, dancing, everything and I thought skydiving would be something different," Hilda told <a href="https://9now.nine.com.au/today/rise-of-granfluencers-and-why-more-aussies-over-60-are-living-their-best-life/741432b9-4e3d-4831-a1c0-1134d66ac949" target="_blank" rel="noopener"><em>Today</em></a>.</p> <p>"The grandkids think I'm absolutely marvellous."</p> <p>The 90-year-old admitted her first skydive was a little nerve-wracking, but after going up in the plane and jumping out another two times, she admitted it gets easier each time. </p> <p>"If anybody wants to do something different, do it while you can," she said.</p> <p>"I mean, I'm 90 now, and I'm glad I've done it three times - if I could do it again, I would."</p> <p>Melbourne pensioners Carmen and Ginger took up interesting resolutions last year, and this year have decided to try out pole dancing. </p> <p>"Take the opportunity to embrace whatever you want to embrace, more of what you love," Carmen said. </p> <p><em>Image credits: Today </em></p>

Retirement Life

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Boss slammed for demanding "insane" farewell gift contribution

<p>A boss in London has been slammed after asking his employees to chip in almost $100 each for an expensive farewell gift for a co-worker. </p> <p>In a TikTok, London-resident Ben Askins read out the anonymous submission from one of the employees who was fed up after his manager “forced” everyone in the team to contribute because it was "compulsory". </p> <p>“Hey, noticed you hadn’t paid into the leaving present for Josh yet. Can you send me the £50 (AU$95) today? I want to put the purchase in by the end of the day,” the boss said in the text.</p> <p>Shocked by the "insane" amount of money, the employee replied: “Can I ask why it is so expensive?</p> <p>“Money is a little tight right now and to be asked to put in so much feels like a lot.”</p> <p>However, the manager didn't take his employee's financial situation into consideration, and said: “Josh has led the company for three years now and I think it’s nice gesture to show our appreciation.” </p> <p>The employee hit back: “I appreciate that but he makes so much more money than me and for me to be asked to put in so much feels weird especially as I never really worked with him”.</p> <p>But, the manager insisted that the employee needed to make a contribution. </p> <p>“This is compulsory I am afraid, it is not fair for me to ask some people and not others. Besides it isn’t that much all things considered," he said, and the employee conceded. </p> <p>It is unclear what happened after, but the texts have gone viral with over 2.2 million views thanks to Askins' <a href="https://www.tiktok.com/@ben.askins/video/7307322849407028513" target="_blank" rel="noopener">video</a>.</p> <p>Askins, who’s a managing director and co-founder of a digital agency, weighed in on the ordeal. </p> <p>“I don’t like this at all. I don’t mind leaving presents as a concept, right? But companies should pay it,” he said.</p> <p>“Companies should take responsibility, set a budget and they should pay for themselves. If you want to get something small for your best mate at work, that’s totally different, that’s well within your right.</p> <p>“But this sort of compulsory, ‘everyone’s got to chip in’, I absolutely hate," he added. </p> <p>He also said that the manager's actions are "really poor" and asking for that amount "is just ridiculous, it’s an insane amount". </p> <p>“It might not be much money for him but it is clearly a lot for this person so it’s just not fair what he’s doing,” he concluded. </p> <p><em>Images: TikTok</em></p>

Retirement Life

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