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World's most expensive house up for sale

<p>A French chateau, once owned by a member of the Rothschild family and, later on, the King of Morocco, has gone up for sale with a £363 million (AU$699) price tag. </p> <p>Chateau d’Armainvilliers located at Seine-et-Marne, 48km east of the Eiffel Tower, is the world's most expensive home. </p> <p>Built upon the foundations of a 12th century castle, the sprawling mansion boasts 1,000 hectares of land, 100 rooms across 2,500 square metres of living space, a private lake, and plenty of sequoia trees - the largest trees in the world. </p> <p>Ignace Meuwissen, a self-acclaimed "real estate advisor to the global elite" described the property as a display of "opulence and grandeur".</p> <p>"It is the most expensive castle in France and perhaps in the world. The price of €425million is justified by the property itself but also by the 1,000 hectare land which offers numerous possibilities," he told Paris Match magazine. </p> <p>"An investor could build thousands of apartments there if he wanted."</p> <p>The chateau was first bought by the Rothschild banking empird in the late 19th century, before King Hassan II of Morocco bought it in the 1980s. </p> <p>He then made the chateau more fit for a king, adding a hammam spa, a beauty and hairdressing salon, and a fully-equipped medical and dental facility.</p> <p>The Moroccan King  also added a basement level, which has a network of tunnels, kitchens, cold rooms, storage spaces and staff quarters.</p> <p>The lucky owner will also find Moroccan mosaics and wall tiles decorating the home, and for any avid equestrians, the home also has a stable big enough for 50 horses. </p> <p>However, some luxury property agents have expressed their doubts on whether the property would sell with its nine-figure sum, with one saying it was an "unrealistic" price tag. </p> <p>"It doesn’t make sense, it’s absurd Properties of this type could sell for 20-25 million, or even 30 million if we really fall in love with them. I’m not even sure that Vaux-le-Vicomte (a Baroque French château), which has no marketing plans, would sell at this price," one agent told French real estate publication <em>Le Figaro Immobilier</em>.</p> <p>Others were unsure whether the changes made by the King in the 1980s would suit modern tastes. </p> <p><em>Images: Whisper Auctions</em></p>

Real Estate

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Why is gluten-free bread so expensive? A food supply chain expert explains

<p><em><a href="https://theconversation.com/profiles/flavio-macau-998456">Flavio Macau</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a></em></p> <p>Before the cost of living hit Australian families hard, a group of consumers were already paying top dollar for their staples. Whether it be gluten free, dairy free or lactose free, people with special dietary requirements are used to spending more at the supermarket checkout.</p> <p>A 2016 study from the University of Wollongong found that Australians were <a href="https://onlinelibrary.wiley.com/doi/10.1111/1747-0080.12171">paying up to 17% more for a gluten-free diet</a>.</p> <p>Current examples are easy to find. A <a href="https://www.coles.com.au/product/coles-white-bread-650g-4901345">white sandwich loaf at Coles</a> costs A$2.40 (or A$0.37 per 100g), whereas <a href="https://www.coles.com.au/product/coles-i'm-free-from-white-loaf-500g-3216673">the cheapest gluten-free option</a> costs $5.70 (or $1.14 per 100g). That’s over three times as much. Prices are closer comparing Coles Full Cream Milk at A$1.50 per litre with Coles Lactose Free Lite Milk at A$1.60, the exception that confirms the rule.</p> <p>So why are allergen-free products more expensive?</p> <h2>Is it the ingredients?</h2> <p>If manufacturers pay more for ingredients, this is usually reflected in the price of the final product. Regular and gluten-free bread share many common ingredients, but there is a substantial change where wheat flour is replaced by gluten-free flour. This ingredient may cost manufacturers around two times as much given the uniqueness of gluten-free grains, seeds, and nuts. These special ingredients are not as abundant or easy to process as wheat, and are also a bit more difficult to buy in very large scale.</p> <p>For a simple reference, compare <a href="https://www.coles.com.au/product/coles-white-plain-flour-1kg-5881232">regular</a> and <a href="https://www.coles.com.au/product/coles-i'm-free-from-plain-flour-gluten-free-500g-2478197">gluten-free flour</a> at Coles.</p> <p>Gluten, <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/jgh.13703">a complex mixture of hundreds of related but distinct proteins</a>, has unique properties. It is a binding agent that improves texture in recipes. Gluten-free bread therefore needs extra help to, literally, hold it together. Additional items such as thickeners, tapioca and maize starches are added to gluten-free recipes to improve viscosity and keep baked items in shape. That means a longer ingredient list and a slightly more complex manufacturing process.</p> <p>So, from an ingredient perspective, gluten-free bread costs more than regular bread. This applies for other allergen-free products as well. But with so many common ingredients, it is reasonable to say that this is not the main explanation.</p> <h2>Is it manufacturing and transporting?</h2> <p>A substantial part of price differences between regular and allergen-free foods comes from <a href="https://www.investopedia.com/terms/e/economiesofscale.asp">economies of scale</a>. Regular products are manufactured in very large quantities, while allergen-free products involve much smaller volumes.</p> <p>Bulk buying from large suppliers gets you bigger discounts. The more machines in a factory, the cheaper it is to run them. Larger outputs coming from the same place mean smaller costs for each individual product. Given that you have fixed costs to pay anyway, size is king.</p> <p>You pay the same amount for a grain mill regardless of whether you grind one kilo or one tonne of grains a day. Sure, you spend more on electricity or gas, but those are <a href="https://corporatefinanceinstitute.com/resources/accounting/fixed-and-variable-costs/">variable costs</a>.</p> <p>Then, there is the need for rigorous quality control. The United Nations Food and Agriculture Organization has a detailed <a href="https://www.fao.org/fao-who-codexalimentarius/sh-proxy/en/?lnk=1&amp;url=https%253A%252F%252Fworkspace.fao.org%252Fsites%252Fcodex%252FStandards%252FCXC%2B80-2020%252FCXC_080e.pdf">code of practice on food allergen management for food business operators</a>, covering harvesting, handling, storage, transportation, packaging, and more. The <a href="https://www.foodstandards.gov.au/food-standards-code">Australia New Zealand Food Standards Code</a> also sets specific standards.</p> <p>Deep cleaning machines, thoroughly checking that standards are met, and scrapping whole batches when they are not makes manufacturing allergen-free products more complex and expensive. The <a href="https://www.health.wa.gov.au/-/media/Files/Corporate/general-documents/food/PDF/DOHComplianceandEnforcementPolicyVersion3.pdf">implications for non-compliance</a> vary in severity, from a simple recall to a costly infringement notice, plus <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10574315/">reputational damage to consumer trust</a>.</p> <p>It is hard to exactly measure the impact of economies of scale and quality costs on the price of allergen-free products. Each manufacturer will have its own challenges and solutions. But it is reasonable to say a considerable chunk of the difference we see when comparing gluten-free bread with its regular counterpart comes from these factors.</p> <p>Transportation costs follow a similar rule. If it is easier and quicker to fill your trucks with regular products, while allergen-free products have a hard time making a full load, there are disadvantages in the latter.</p> <h2>Is it the marketing strategy?</h2> <p>The final consideration on allergen-free food prices has to do with competition and willingness to pay.</p> <p>A quick search on Coles’ website shows 276 results for “bread” once you remove the 42 items that are gluten-free. That means that there are many more brands and products competing for bread consumers than for gluten-free bread consumers. That’s over six to one! This means customers with dietary restrictions are at a disadvantage as they are beholden to the limited options on offer. As noted by the Australian Competition &amp; Consumer Commission, “<a href="https://www.accc.gov.au/business/competition-and-exemptions/competition-and-anti-competitive-behaviour">competition leads to lower prices and more choice for consumers</a>”.</p> <p>Also, fewer allergen-free products make it to the “own brand” list. Australians are <a href="https://www.news.com.au/finance/money/costs/coles-woolworths-ownbrand-products-booming-on-back-of-costofliving-crisis/news-story/d0be8b8d6e98c0a6477959cd83da17ad">relying more on these when facing the cost-of-living crisis</a>.</p> <p>There is also the <a href="https://online.hbs.edu/blog/post/willingness-to-pay">willingness to pay</a>, where consumers pay more for products deemed as having higher value. <a href="https://onlinelibrary.wiley.com/doi/full/10.1111/obr.13525">Research</a> shows that on average consumers are willing to pay 30% more for food products that they perceive to be healthier.</p> <p>Manufacturers and retailers more often than not will capitalise on that, increasing their profit margins for allergen-free products.</p> <h2>4 tips for saving money if you have allergies</h2> <p>People with dietary requirements looking to ease the cost of their weekly grocery shop should use the same strategies as every savvy consumer:</p> <ul> <li>research prices</li> <li>buy larger quantities where possible</li> <li>keep a keen eye on price reduction and items on sale</li> <li>consider replacing products tagged “allergen-free” with alternatives from other categories, such as going for rice instead of gluten-free pasta in a dish.</li> </ul> <p>In the long run, if more customers choose allergen-free products it could lead to more volume and competition, bringing prices down. <!-- 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/223648/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/flavio-macau-998456"><em>Flavio Macau</em></a><em>, Associate Dean - School of Business and Law, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan 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/why-is-gluten-free-bread-so-expensive-a-food-supply-chain-expert-explains-223648">original article</a>.</em></p>

Money & Banking

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Taking expensive medicines or ones unavailable in Australia? Importing may be the answer

<p><em><a href="https://theconversation.com/profiles/jacinta-l-johnson-1441348">Jacinta L. Johnson</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/kirsten-staff-1494356">Kirsten Staff</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p>The cost-of-living crisis may be driving some Australians to look for cheaper medicines, especially if those medicines are not subsidised or people don’t have a Medicare card. Options can include buying their medicines from overseas, in a process called “<a href="https://www.tga.gov.au/products/unapproved-therapeutic-goods/personal-importation-scheme">personal importation</a>”.</p> <p>Others also use this option to import medicine that is not available in Australia.</p> <p>Here’s what’s involved and what you need to know about the health and legal risks.</p> <h2>Cost-of-living crisis bites</h2> <p>Many Australians, particularly those with long-term illnesses, are finding it increasingly hard to afford health care.</p> <p>The <a href="https://www.abs.gov.au/statistics/health/health-services/patient-experiences/latest-release#barriers-to-health-service-use">Australian Bureau of Statistics</a> reports the proportion of people who delayed or did not see a GP due to cost doubled in 2022-23 (7%) compared with 2021-22 (3.5%).</p> <p>A <a href="https://australianhealthcareindex.com.au/wp-content/uploads/2022/11/Australian-Healthcare-Index-Report-Nov-22.pdf">survey</a> published in 2022 of over 11,000 people found more than one in five went without a prescription medicine due to the cost.</p> <p>For those with a Medicare card it’s usually best (and cheapest) to get medicines locally, especially if you also have a concession card. However, for some high-cost medicines, personal importation may be cheaper. That’s when an individual arranges for medicine to be sent to them directly from an overseas supplier.</p> <p>A 2023 study found <a href="https://www.publish.csiro.au/AH/AH23143?jid=AHv47n6&amp;xhtml=5AA1F839-38C8-45E8-A458-79DCDB7597FB">1.8%</a> of Australians aged 45 or older had imported prescription medicines in the past 12 months. That indicates potentially hundreds of thousands of Australians are importing prescription medicines each year.</p> <p>Almost half of the survey respondents indicated they would consider importing medicines to save money.</p> <h2>What’s involved?</h2> <p>Australia’s drug regulator, the Therapeutic Goods Administration (TGA), allows individuals to import up to three months’ supply of medicines for their own personal use (or use by a close family member) under the <a href="https://www.tga.gov.au/products/unapproved-therapeutic-goods/personal-importation-scheme">personal importation scheme</a>.</p> <p>This often involves ordering a medicine through an overseas website.</p> <p>If the medicine would require a prescription in Australia, you must also have a legally valid prescription to import it.</p> <p>Selling or supplying these medicines to others outside your immediate family is strictly prohibited.</p> <h2>How could this help?</h2> <p>For some high-cost medicines, personal importation may be cheaper than having the medicine dispensed in Australia. This is most likely for medicines not subsidised by the <a href="https://www.pbs.gov.au/info/about-the-pbs">Pharmaceutical Benefits Scheme</a> (the PBS). People who do not hold a Medicare card may also find it cheaper to import certain medicines as they do not have access to PBS-subsidised medicines.</p> <p>For example, for people with a specific type of leukaemia, treatment with sorafenib is not covered by the PBS. For these patients it could be up to about ten times more expensive to have their treatment dispensed in Australia as it is to import. That’s because there is a cheaper generic version available overseas.</p> <p>Personal importation may also allow you to access medicines that are available overseas but are not marketed in Australia.</p> <h2>What are the risks?</h2> <p>All medicines carry risks, and medicine sold online can pose additional dangers. The TGA does not regulate medicines sold overseas, so the safety and quality of such medicines can be uncertain; they may not be produced to <a href="https://www.tga.gov.au/what-tga-regulates">Australian standards</a>.</p> <p>While similar regulatory agencies exist in other countries, when ordering medicines from overseas websites it can be difficult to determine if the product you are buying has been assessed to ensure it is safe and will do what it says it will do.</p> <p>The medicines purchased could be counterfeit or “fake”. Products bought through unverified or overseas websites may have undisclosed ingredients, contain a dose that differs from that on the label, or lack the active ingredient entirely.</p> <p><a href="https://www.tga.gov.au/importing-therapeutic-goods">Not all medicines</a> can be legally imported through the personal importation scheme. Certain medicines are never allowed to be imported into Australia, and others can only be imported by a medical professional on behalf of a patient.</p> <p>So if you attempt to import a restricted medicine, the Australian Border Force <a href="https://www.abf.gov.au/entering-and-leaving-australia/can-you-bring-it-in/categories/medicines-and-substances">may seize it</a>. Not only would you lose your medicine, but you could also receive a fine or face <a href="https://www.tga.gov.au/news/blog/can-i-import-medicine-personal-use#:%7E:text=If%20you%20try%20to%20import,a%20fine%20or%20jail%20time.">jail time</a>.</p> <p>As with any purchase from an overseas business, there is also a risk you may lose your money and you might not be protected by Australian consumer laws.</p> <p>If you do choose to import medicines by buying them from an overseas website, you should also consider what could happen if delivery is delayed and you don’t get your medicine in time.</p> <h2>Where can I get more advice?</h2> <p>If you are thinking about importing medicines you should first discuss this with a health professional, such as your GP or pharmacist.</p> <p>They can help you determine if personal importation is permitted for the medicine you need. You can also discuss if this is the best option for you.</p> <p>If you are having difficulty covering the cost of your medicines your doctor or pharmacist can also explore other potential alternatives to ensure you are receiving the most cost-effective treatment available in Australia.</p> <h2>Where do I go online?</h2> <p>If you then decide to import, here are some reputable sites to help navigate the global online medicines market:</p> <ul> <li> <p><a href="https://everyone.org/">everyone.org</a> helps people everywhere in the world access the latest medicines not available in their own countries</p> </li> <li> <p><a href="https://buysaferx.pharmacy/">Alliance for Safe Online Pharmacies</a> is a not-for-profit organisation that collates information on how to find safe online pharmacies based in different regions of the world</p> </li> <li> <p><a href="https://www.pharmacychecker.com/accredited-online-pharmacies/">PharmacyChecker</a> has also collated a list of trusted online pharmacies that ship medicines internationally.</p> </li> </ul> <p>Australian government websites about importing medicines include those from <a href="https://www.tga.gov.au/news/blog/can-i-import-medicine-personal-use">the TGA</a> and on what to consider when buying medicines online from <a href="https://www.healthdirect.gov.au/buying-medicines-online#overseas">overseas</a>.<!-- 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/219394/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/jacinta-l-johnson-1441348"><em>Jacinta L. Johnson</em></a><em>, Senior Lecturer in Pharmacy Practice, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a> and <a href="https://theconversation.com/profiles/kirsten-staff-1494356">Kirsten Staff</a>, Senior Lecturer in Pharmacy, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</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/taking-expensive-medicines-or-ones-unavailable-in-australia-importing-may-be-the-answer-219394">original article</a>.</em></p>

Caring

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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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Australia’s most expensive number plate breaks record

<p dir="ltr">Australia’s most rare licence plate has broken records in the days before it is set to be auctioned off, with the single-digit number plate expected to sell for over $10 million. </p> <p dir="ltr">Heritage number plates are in high demand amongst collectors, with the first plates coming out of each state only branded with a single number. </p> <p dir="ltr">The first ever NSW heritage plate, which was first made for the state's first police commissioner, is being auctioned off for the first time in over a century, with the plate simply reading “1” attracting nation-wide attention. </p> <p dir="ltr">The plate was last year <a href="https://www.lloydsonline.com.au/LotDetails.aspx?smode=0&amp;aid=47033&amp;lid=4617672&amp;_ga=2.27604924.1274045232.1705885942-1957527670.1705885942">listed</a> on Lloyds Auctions, where bidding soared to over $10 million within the first 72 hours on the site. </p> <p dir="ltr">Lloyds described the plates as “the holy grail must-have for any blue-chip passion investor or the no. 1 gift for that person who has ‘everything’.”</p> <p dir="ltr">Lloyds Auctions chief operations officer Lee Hames called the plate a “unicorn” and said the public auction listing was “truly a once-in-a-lifetime opportunity”.</p> <p dir="ltr">“Generally, rare heritage plates such as these are usually passed down through generations within families,” Hames said.</p> <p dir="ltr">After being made for the police commissioner in 1910, the number 1 plate was then handed over to Sir Fredrick Stewart, the founding chairman of Australian National Airways, who held onto the plates until his death. </p> <p dir="ltr">The extraordinary value comes from the rarity of the plates, with only nine single digit number plates available in each state and territory.</p> <p dir="ltr">“These are as rare as hens’ teeth and the perfect addition to any rare classic or prestige vehicle,” Mr Hames continued.</p> <p dir="ltr">“In fact, you could potentially say that the number plate will be most likely worth MORE than the car you put it on.”</p> <p dir="ltr">At its current bidding levels, NSW 1 will be the most expensive number plate ever to sell in Australia.</p> <p dir="ltr" style="line-height: 1.38; margin-top: 0pt; margin-bottom: 18pt;"><em>Image credits: Lloyds Auctions</em><span id="docs-internal-guid-345c72a0-7fff-c7dd-0126-edd3a30b52a7"></span></p>

Money & Banking

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#GirlMaths: a seemingly innocent and fun way to justify expenses that can have serious financial consequences

<p><em><a href="https://theconversation.com/profiles/janneke-blijlevens-150258">Janneke Blijlevens</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a></em></p> <p>These shoes are perfect, made for me! I have to get them! But really, I should be paying off my car loan instead. I can’t justify this purchase. Or can I …?</p> <p>We all know this feeling, this tension between what you really want to do and what you really should, or shouldn’t, do. What you are experiencing is <a href="https://www.britannica.com/biography/Leon-Festinger/Cognitive-dissonance">cognitive dissonance</a>.</p> <p>It’s a psychological discomfort we feel when our behaviours and our values or beliefs do not match. Not to worry, we can make that discomfort simply disappear with a good dose of #GirlMaths!</p> <h2>So what is #GirlMaths?</h2> <p>GirlMaths recently became a viral phenomenon on TikTok after New Zealand FVHZM radio hosts Fletch, Vaughan and Hayley used #GirlMaths to justify one host’s mother’s expensive dress purchase as basically free because the dress was going to be worn at least four times.</p> <p><iframe id="tc-infographic-904" class="tc-infographic" style="border: none;" src="https://cdn.theconversation.com/infographics/904/f0b5e215a804bb450e609c397b96c7fcbf46172f/site/index.html" width="100%" height="400px" frameborder="0"></iframe></p> <p>Since then, influencers have added to the #GirlMaths trend with gems such as “If I buy it for $100, wear it, and then resell it for $80 then I basically wore it for free”, “If I pay with cash, it means it’s free”, and “If I just returned something, then purchase something new for the same amount of money, then it’s free”.</p> <p>The reason #GirlMaths resonates so well with everyone and allows it to go viral is that we are very familiar with this type of thinking. The mental gymnastics of #GirlMaths needed to justify cost-per-wear or cash-is-free is a perfect display of behavioural biases and heuristics, such as confirmation bias and denomination bias, being applied to everyday consumption decisions.</p> <h2>The psychology of decision-making</h2> <p>Behavioural biases and heuristics are shortcuts in our thinking that help us make decisions quicker and easier, and are great for reducing the cognitive dissonance we sometimes experience.</p> <p>Our brain has a lot of decisions to make in a day and simply doesn’t have the power to scrutinise every little detail of every <a href="https://theconversation.com/what-shall-we-have-for-dinner-choice-overload-is-a-real-problem-but-these-tips-will-make-your-life-easier-193317">decision</a>. These shortcuts in our thinking may facilitate the decision making process, but they don’t always mean we make the most optimal decisions.</p> <p>Confirmation bias is a bias where you justify your decisions by considering only the evidence that supports what you want and ignore the evidence that would mean you’d have to make a different decision. Cost-per-wear does sound quite financially savvy. It is just like bulk-buying pantry essentials, right?</p> <p>The issue is you are ignoring the facts such as: 1) your disposable income does not match this expense in light of your utility bills, 2) you could rewear a cheaper dress all the same, and 3) by spending money on a fancy dress, you lose the opportunity to spend the money on other better investments for wealth accumulation, or to pay off your car loan.</p> <h2>The financial and social costs</h2> <p>But it’s all a bit of innocent fun, right? Surely people won’t take #GirlMaths that seriously? We beg to differ.</p> <p>First, the term is unnecessarily gendered. Gendered language operates to reinforce societal expectations with a particular gender and can promote stereotypes, biases and binary categories.</p> <p>In this case, the term “girl maths” reinforces problematic stereotypes that equate women with consumption, frivolity and extravagant spending. When stereotypes are reinforced within our own social circles, we are more likely to <a href="https://journals.sagepub.com/doi/abs/10.1177/0146167299025007004?casa_token=dOhnQVtFwPsAAAAA:XSBdix5AB6bDfGjNgfbX9OIjstw4KE071GP0l60mAxvHJMaEwkyPERqHXf3z9PhctWJUl6h7TgTHg_U">internalise these as part of our identity</a>.</p> <p>By representing women in a less favourable way, the term operates to both demean and discriminate on a gendered basis. This is heightened by the use of “girl” as opposed to “woman”, which implies someone is childlike or lacking in knowledge or experience. It also begs the question what “boy maths” - set up as something opposing and different - might connote.</p> <p>Second, the #GirlMaths trend reminds us of the power of “<a href="https://theconversation.com/fintok-and-finfluencers-are-on-the-rise-3-tips-to-assess-if-their-advice-has-value-161406">finfluencers</a>” – social media content creators amassing huge online followings by sharing advice on anything from budgeting to buying a house, to investing.</p> <p>These online gurus appeal to Gen Z and millennials, simplifying complex financial concepts into digestible nuggets, much like #GirlMaths simplifies purchases based on cost-per-wear or cash-as-free.</p> <p>Just as regulators such as <a href="https://moneysmart.gov.au/other-ways-to-borrow/buy-now-pay-later-services">ASIC</a> repeatedly warn us of the dangers of buy-now-pay-later services, we must caution the #GirlMaths trend as a dangerous cocktail for young women who are susceptible to the “advice” of finfluencers.</p> <p>The trend resembles BNPL by breaking down expenses into smaller, more palatable portions, making purchases seem justifiable and affordable at the moment.</p> <p>Denomination bias describes this tendency to spend more money when it is denominated in small amounts rather than large amounts. We find it much easier to spend $50 four times than $200 all at once.</p> <p>However, the convenience of these shortcuts in our thinking can obscure the hidden financial risks. You may overlook the bigger picture of your financial health, and spend more than what you can afford. That’s why a large number of BNPL users find themselves ending up in a <a href="https://www.choice.com.au/money/credit-cards-and-loans/personal-loans/articles/bnpl-submission-to-treasury">modern debt trap</a>.</p> <h2>The perils of #GirlMaths</h2> <p>The danger of #GirlMaths to young women lies in the cocktail of feeling oddly familiar and reinforced in this biased thinking, the problematic stereotypes that shape identities, and the power of finfluencers, who wield increasing influence over the financial choices and decision-making of young women.</p> <p>While the term may initially come across as innocent fun, it’s crucial not to underestimate its potential harms. Instead, let’s champion the use of inclusive language in finance that doesn’t perpetuate gender biases.</p> <p>And if you’re a staunch supporter of #GirlMaths, we strongly urge you to take into account the possible adverse financial consequences of these quick-fix spending habits.<!-- 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/211903/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/janneke-blijlevens-150258">Janneke Blijlevens</a>, Senior Lecturer in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>; <a href="https://theconversation.com/profiles/angel-zhong-1204643">Angel Zhong</a>, Associate Professor of Finance, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>, and <a href="https://theconversation.com/profiles/lauren-gurrieri-5402">Lauren Gurrieri</a>, Associate Professor in Marketing, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT 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/girlmaths-a-seemingly-innocent-and-fun-way-to-justify-expenses-that-can-have-serious-financial-consequences-211903">original article</a>.</em></p>

Money & Banking

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Eggs are so expensive right now. What else can I use?

<p><em><a href="https://theconversation.com/profiles/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</a></em></p> <p>The price of eggs <a href="https://www.abc.net.au/news/2023-06-14/egg-shortage-high-prices-blamed-on-shift-from-cage-to-free-range/102474282">is rising</a>. So many of us may be looking for cheaper alternatives.</p> <p>First, the bad news. Nothing can replace a boiled, poached or fried egg.</p> <p>Now, the good news. Lots of other ingredients can make foods puff and rise, give your meal a rich taste, or hold together ingredients.</p> <p>So try using some of these egg substitutes and save the real eggs for your breakfast.</p> <h2>Why are eggs so popular?</h2> <p>Eggs are incredibly <a href="https://www.foodstandards.gov.au/science/monitoringnutrients/afcd/pages/default.aspx">nutritious</a>. They’re a <a href="https://www.mdpi.com/2072-6643/11/3/684">rich source</a> of protein, vitamins A and D, pigments called carotenoids, and minerals.</p> <p>Eggs are also versatile. We use them to make a range of savoury and sweet foods, sauces and drinks, not to mention breakfast.</p> <p>Their popularity and versatility lies in the unique characteristics of the two main parts of the egg – the white and yolk. Each contribute <a href="https://www.amazon.com.au/Food-Cooking-Harold-McGee/dp/0684800012">different properties</a> in cooking.</p> <p><a href="https://www.mdpi.com/2072-6643/11/3/684">Egg yolk</a> is about 55% water, 27% fats, 16% protein (with small amounts of carbohydrate). <a href="https://www.mdpi.com/2072-6643/11/3/684">Egg white</a> is about 10% protein and 90% water, with only traces of fat and carbohydrates. Different types of protein in egg white contribute to them foaming when whisked.</p> <h2>Eggs are versatile</h2> <p>Eggs have a <a href="https://www.sciencedirect.com/science/article/pii/S0268005X2200131X?casa_token=1yXlEb1uvwQAAAAA:s3h5KCozwn-hjIn6kLOEoW45An255V6Z0G8TcJAQgTejfLEwV7nKqkS6VPWXiNkNxR4m5Mr2lHc">different role</a> in different types of cooking.</p> <p><strong>1. Eggs are a raising agent</strong></p> <p>Beaten or whisked eggs act as a raising agent by creating pockets of air in foods, which expand with cooking, making the foods puff and rise. This gives baked products like cakes, biscuits and muffins volume and an airy feel.</p> <p>Using just the egg white leads to a remarkably light and delicate foam, as we see in meringues. In mousse and souffles the whites and the yolk are beaten separately, then mixed together. This leads to a light, airy and smooth texture.</p> <p><strong>2. Eggs hold together other ingredients</strong></p> <p>Eggs combine ingredients and hold them together during cooking. This gives foods – such as vegetable or meat patties – their structure.</p> <p><strong>3. Eggs bind other liquids</strong></p> <p>The liquid from eggs binds other liquids from other ingredients in the recipe into a soft, moist and tender mass. We see this in scrambled eggs, omelettes and egg custard.</p> <p><strong>4. Eggs act as emulsifiers</strong></p> <p>The egg yolk contains different proteins (livetin, phosvitin) and lipoproteins (lecithin). These act as emulsifiers, allowing fat and water to mix together in foods such as mayonnaise and hollandaise sauce.</p> <p><strong>5. Eggs boost flavour</strong></p> <p>The fat in egg yolks helps carry and release the flavour of some fat-soluble components of food. These foods <a href="https://www.sciencedirect.com/science/article/pii/S0924224401000796">may taste differently</a> without the eggs. Eggs also contribute to foods feeling soft in the mouth.</p> <p>As eggs have different roles in cooking, you may need different egg substitutes depending on the outcome you want. Here are some cheaper (and vegan) options.</p> <h2>Aquafaba</h2> <p>Aquafaba is the liquid drained from cans of bean – typically from chickpeas as it has the most neutral flavour. This is the all-round winner, especially as most of us probably throw it away without realising what a gem it is.</p> <p>Aquafaba is <a href="https://www.sciencedirect.com/science/article/pii/S0924224421001424?casa_token=P45Z4G2SFdsAAAAA:DRy8adcAU_QHl96LONyWOEhUXvrExVZsJ18xKvc8OiPYeVKHSOkGOKefiixXFPY9UhdscEaHF70">versatile</a>. You can whip it up like egg whites to form a foam that can be used to make meringue (even pavlova), gelato, in baked goods, and for binding ingredients in patties. It also contains emulsifiers and can be used to make mayonnaise.</p> <p>You’ll need different quantities of aquafaba depending on the recipe. Generally, though, you use about two to three tablespoons of aquafaba to replace the volume of fluid from an egg.</p> <p>On the downside, aquafaba can taste a bit beany. So it is best to use it with stronger flavours to overcome this.</p> <p>Nutritionally, <a href="https://www.sciencedirect.com/science/article/abs/pii/S0924224421001424?via%3Dihub">aquafaba</a> has small amounts of carbohydrate (about 2.6g/100 millilitre), and negligible levels of protein (about 1.3g/100 millilitre).</p> <p>You can also freeze aquafaba.</p> <h2>Vinegar and baking soda</h2> <p>Mixing a teaspoon of baking soda with a tablespoon of vinegar can replace an egg in most baked goods. This produces carbon dioxide, which is trapped into air pockets, and makes foods rise.</p> <p>This is a very cheap option, however its success may be limited by how heavy the rest of the ingredients are. This combination also has very little nutritional value.</p> <h2>Commercial egg replacements</h2> <p>These are available at most supermarkets, are very cheap compared with eggs, have a long shelf life, and are easy to use, with instructions on the packaging.</p> <p>Typically, they contain different starches from potato, tapioca and pea protein (which act as leavening agents and form foams), along with raising agents. They are recommended for use in baked goods. However they have very little nutritional value compared to an egg.</p> <h2>Flaxseed meal and chia seeds</h2> <p>Use either a tablespoon of flaxseed meal, or chia seeds, added to about three tablespoons of water. Allow the mixture to sit for a few minutes to form a gel.</p> <p>The gels can be used in baked goods, however this option isn’t as cheap as the others, and has a slight nutty taste.</p> <p>Both these seeds provide nutritional value. They are both rich in the plant-based omega-3 fatty acid called alpha-linolenic acid. We <a href="https://academic.oup.com/ajcn/article/59/6/1304/4715808">can convert</a> this fatty acid into healthy omega-3 fatty acids, but at a slow rate. These seeds also provide fibre, polyphenols and antioxidants.</p> <h2>Tofu</h2> <p>Tofu, which is made from soybeans, is widely available and fairly cheap. It has the most “eggy” appearance and so makes it ideal as a substitute for scrambled eggs and in quiche. However, you will need to use silken tofu and puree it.</p> <p>Tofu is highly nutritious and provides protein, fat, calcium, polyphenols and anti-oxidants.</p> <p>You could also use soy flour. Add one tablespoon to three tablespoons of water, then use immediately in baking and for binding ingredients together. However, soy flour does not contain calcium, which tofu does.</p> <h2>Mashed fruit</h2> <p>Mashed bananas or applesauce are also used as egg substitutes. These mainly act to bind and hold moisture in the food and help carry the flavours.</p> <p>You also get the nutritional value of the fruit. Due to the natural sugar that in fruit, this will sweeten your baked goods so you will need to drop the sugar by about a tablespoon (or more) for each piece of fruit you add.<!-- 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/207837/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/evangeline-mantzioris-153250">Evangeline Mantzioris</a>, Program Director of Nutrition and Food Sciences, Accredited Practising Dietitian, <a href="https://theconversation.com/institutions/university-of-south-australia-1180">University of South Australia</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/eggs-are-so-expensive-right-now-what-else-can-i-use-207837">original article</a>.</em></p>

Food & Wine

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Cafe owner responds to extortionate avocado drama

<p dir="ltr">A Sydney cafe has responded after being slammed for their $10.90 side of avocado.</p> <p dir="ltr">Little Jack Horner, situated right in front of Coogee Beach, also charges $11.90 for halloumi and $9.90 for a side of bacon, all of which are meant to be shared.</p> <p dir="ltr">Cafe owner BJ McHatton spoke to <em>9Honey</em> about the avocado side dish that made waves.</p> <p dir="ltr">"The smashed avocado is portioned at almost one and a half avocados, as well as containing other ingredients to make it a dish, not just an avocado in a bowl," he said of the dish. </p> <p dir="ltr">"The price of avocados does fluctuate, two months ago we were paying double what we are today," he said, adding that the venue works with local providers who go to the market daily to provide them with quality produce.</p> <p dir="ltr">"Of course, this comes at a higher cost that allows us to have a quality offering for our customers.”</p> <p dir="ltr">He pointed out that this is the first price increase in 10 years, with "the hospitality industry as a whole all the way from the suppliers to the actual venues himself have seen prices explode over the last 12 months.”</p> <p dir="ltr">McHatton added that the cafe is in a prime location, with live music five nights a week, 160 indoor plants that are professionally cared for, and their efforts to support local teams, clubs, schools and charities all contribute to their prices.</p> <p dir="ltr">"Obviously, running a business of this size, and in this destination has a lot of associated expenses. All of this has to be taken into account when we set prices for our products.”</p> <p dir="ltr">Despite increased media coverage, McHatton says they haven’t received any backlash.</p> <p dir="ltr">"Obviously being on a few radio stations and covered by a few news stations it has generated some interest on those stories. However, after reading the comments, most of them are supportive. Most people genuinely seem to understand how hard running a business is the associated cost to come with running a business," he told <em>9Honey</em>. </p> <p dir="ltr">However, he expressed disappointment at the Google reviews that were allegedly left overnight by people who had never been to the cafe.</p> <p dir="ltr">"[It's] disappointing that people will go to the trouble of leaving a review having never actually experienced the venue. If anyone has ever been to our place, they know it's a lot more about an experience, which includes the food than just the food and the price," McHatton said.</p> <p dir="ltr">Other reviewers have dubbed the food “grossly overpriced”, with one reviewer revealing their Easter lunch of two breakfasts and fruit juice was almost $100. Another added that the prices were "pushing close to that of what you would expect for dinner," though they did say the food "was great".</p> <p><span id="docs-internal-guid-58292ee2-7fff-ec9e-cede-50a6da2915f7"></span></p> <p dir="ltr"><em>Image credit: Shutterstock</em></p>

Food & Wine

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"THE SENNA MADE IT": Multi-millionaire has McLaren craned up to Melbourne’s most expensive penthouse

<div class="post-action-bar-component-wrapper" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline;"> <div class="post-actions-component" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; visibility: visible;"> <div class="upper-row" style="box-sizing: border-box; margin: 8px 16px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; display: flex; justify-content: space-between; align-items: flex-end;"> <div class="right-box-container" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline; display: flex; justify-content: flex-end; color: #323338; font-family: Figtree, Roboto, Rubik, 'Noto Kufi Arabic', 'Noto Sans JP', sans-serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"> <div class="post-editor-container" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-size: 16px; vertical-align: baseline;"> </div> </div> </div> </div> </div> <div> <p dir="ltr">Multi-millionaire Adrian Portelli has had his McLaren Senna GTR craned 57 storeys off the ground and into the most expensive penthouse in Melbourne.</p> <p dir="ltr">The 34-year-old bought the $39 million penthouse in April, and announced his plans to use a crane to lift his luxury sports car into the penthouse so that he can display it in the living room.</p> <p dir="ltr">“It’s a car that we can’t register, and it’s just collecting dust, so I might as well have it somewhere where it’s safe,” he told <em>7NEWS </em>last month.</p> <p dir="ltr">On Wednesday a crowd had gathered to watch Portelli’s dreams come true.</p> <p dir="ltr">The multi-millionaire took to Instagram to share his success.</p> <p dir="ltr">“THE SENNA MADE IT! A first look at the McLaren Senna GTR 57 floors up 🔥” he captioned the post.</p> <p dir="ltr">“A huge thank you to everyone involved for making this absolutely surreal moment happen,” he added, tagging the construction and investment companies who helped him achieve this.</p> <p dir="ltr">“Forever grateful.”</p> <p dir="ltr">He shared a follow up post with a series of images from the move and how proud he was to be able to achieve his dream.</p> <p dir="ltr">“When I went to bed last night I just giggled. Young Portelli would be proud. The one nobody knew 10 years ago,” he captioned the post.</p> <p dir="ltr">“If I can motivate and inspire people to want to succeed, my job is done because I understand how hard and lonely it is on the pursuit of success,” he added.</p> <p dir="ltr">Portelli has said that he plans to use his Melbourne penthouse as a weekend getaway, and admitted that he had looked at a few other penthouses during his property search, but unfortunately they didn’t have “that ‘wow’ factor”.</p> <p dir="ltr">The penthouse is located atop the Sapphire by the Gardens tower in the Melbourne CBD, and was set to<a href="https://www.oversixty.com.au/property/real-estate/luxury-penthouse-could-set-records-with-eye-watering-price-tag" target="_blank" rel="noopener"> break records</a> for the most expensive penthouse back in March.</p> <p><em>Images: Instagram</em></p> </div>

Real Estate

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5 most expensive cities in the world

<p>Grab your credit card – you’ll need the extra funds if you want to visit these pricey cities.</p> <p><strong>1. Geneva, Switzerland</strong></p> <p>Get ready to pay at least $250 per night for a hotel and an incredible $33 for a club sandwich. Switzerland has a well-deserved reputation for being super expensive. Economists put the hefty price tags down to the fact that Switzerland pays some of the highest salaries in the world, meaning its citizens have heightened buying power.</p> <p>You’ll pay a premium for everything including transport, food, alcohol, shopping and even tasty Swiss chocolates.</p> <p><strong>2. Oslo, Norway</strong></p> <p>All of Scandinavia is known to be highly expensive, but the Norwegian capital takes the cake. In fact it’s held the top spot in the global UBS Prices and Earnings report on the world’s most expensive cities for the past decade.</p> <p>One night in Oslo will cost you an average of $561 for accommodation, cocktails, dinner for two with wine and a taxi. Even a bottle of water can cost up to $8, so it would be sensible to bring a refillable bottle of your own.</p> <p><strong>3. Singapore</strong></p> <p>The 2016 Worldwide Cost of Living Index ranked Singapore as the most expensive city in the world to live in and it’s not cheap for travellers either. You can still find some reasonably priced hotels and cheap street stalls for food, but overall prices are skyrocketing.</p> <p>Part of what makes Singapore so expensive is that its economy is booming while many others (like Australia, the US and Europe) are on the decline. It’s a trend that’s expected to continue, so Singapore won’t be appearing on the list of great value destinations anytime soon.</p> <p><strong>4. Dubai, UAE</strong></p> <p>A five-night holiday for two in Dubai will set you back almost $4,700, making it the world’s most expensive destination for tourists according to Hoppa, an airport transfer booking service. It also has the most expensive hotel rooms in the world, with an average price per night of more than $360.</p> <p>The city is known for its flashy hotels, huge shopping malls and high-end restaurants, built largely on the back of the country’s huge oil wealth.</p> <p><strong>5. New York, US</strong></p> <p>The Big Apple is easily the most expensive tourist destination in the USA and has been made even more so in recent months by a weak Australian dollar. A night out in the city that never sleeps will cost around $430 for accommodation, a meal, taxi fares and wine for two.</p> <p>Surveys have found that the average cost of a meal in New York is the most expensive of any major city in the US. The city is also known for its ‘tourist traps’, attractions that suck in naïve visitors but don’t offer value for money.</p> <p><em>Image credits: Getty Images</em></p>

International Travel

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The most expensive books in the world

<h2>The Tales of Beedle the Bard</h2> <p>JK Rowling’s first book since the conclusion of the Harry Potter series fetched a huge chunk of change. Published in December 2007, Beedle was the complete book of fairy tales that play a crucial role in the final instalment of the Harry Potter series. JK Rowling produced seven separate handwritten copies of Beedle, filled with illustrations she herself had drawn. These books were incredibly beautiful: leather-bound, with silver and moonstones decorating the cover. Rowling gave six of these ‘Moonstone Editions’ to friends and people who worked on the Harry Potter books, but one went up for auction on Amazon. One mega-fan paid US$3.98 million for it, and Rowling donated the proceeds to a children’s charity. While far from the most expensive book on this list, Beedle was the priciest book ever purchased that was written and published in the twenty-first century.</p> <h2>Traité des Arbres Fruitiers</h2> <p>The title of this eighteenth-century French handbook translates to Treatise of Fruit Trees. The book was written by botanist Henri Louis Duhamel du Monceau and contained five separate volumes filled with detailed illustrations. This manuscript went for €3.4 million (about AU$5.2 million) at a 2006 auction. Yes, someone spent over five million dollars for a book about fruit trees.</p> <h2>The Gutenberg Bible</h2> <p>This was the first-ever edition of the ‘Good Book’ to be produced using moveable-type print, with Johannes Gutenberg’s printing press (hence the name). Despite being mass-produced, the Gutenberg Bible is still incredibly rare and valuable, as its AU$8.4 million price tag makes clear. Only 48 copies of the original 1450s-printed batch remain today. The buyer of this copy was Maruzen Co. Ltd., a major Japanese bookseller. At the time, 1987, it set the record for the most expensive book ever purchased.</p> <h2>The First Folio</h2> <p>This collection of William Shakespeare’s plays is widely considered one of the most significant treasures in literary history. Formally titled Mr William Shakespeare’s Comedies, Histories &amp; Tragedies, the folio contains all but four of the Bard’s dramatic works. Of the 750 copies originally published seven years after his death in 1623, only 228 remain. Paul Allen, the co-founder of Microsoft, snatched one up at Christie’s, an auction house in New York City, in 2001. It cost him a cool AU$9.6 million.</p> <h2>The Canterbury Tales</h2> <p>This enduring collection of stories from the middle ages by fourteenth-century poet Geoffrey Chaucer fetched a hefty sum of money in 1998 – AU$11.67 million, to be exact. The 17,000 lines of The Canterbury Tales tell the story of a motley crew of pilgrims who engage in a storytelling contest while on their way to visit a holy shrine. Only 12 original copies still exist today. One ended up in the hands of London book dealers, who purchased it for GP£4.6 million (AU$8.1 million). In 1998, that amount was equal to about US$5.5 million. If you do the math (there are 24 separate tales), that’s approximately US$230,000 per tale.</p> <h2>Birds of America</h2> <p>Between 1827 and 1838, naturalist John James Audubon published a series of exquisite prints depicting hundreds of different North American bird species. Together, the 435 illustrations form the complete first edition of Birds of America, of which there are only 119 remaining copies. Another reason for the bird book’s massive value is the fact that six of the bird species depicted are now extinct. In 2010, the most expensive copy of Birds of America went for US$11.5 million at Sotheby’s Auction House in London. Two other copies of the book also raked in big money in the twentieth century: an US$8.8 million copy in 2000 and a US$7.9 million copy in 2012.</p> <h2>The Gospel of Henry the Lion</h2> <p>Only just beating out the birds in this list of expensive books is a lion… Henry the Lion, to be exact. Henry the Lion was the Duke of Saxony from 1142 to 1180 (Saxony, in case you were wondering, is a German state). He commissioned the production of a gospel book for display on the altar of Brunswick Cathedral. The text was a masterpiece, 266 pages long with 50 Romanesque illustrations depicting scenes from all four gospels. The book ended up back in the hands of the German government around 800 years later when it was purchased at a 1983 London auction for US$11.7 million. Today, the complete manuscript has a home in Wolfenbüttel, Germany’s Herzog August Library. To ensure its safety, it is only put on display once every two years!</p> <h2>Rothschild Prayer Boo</h2> <p>These are some pricey prayers: this Flemish collection of Christian texts, psalms, and images cost its buyer US$13.4 million. It was compiled in the early 1500s and features the works of a myriad of Flemish scholars, which fill 254 separate pages. In 1999, Australian businessman Kerry Stokes purchased it from Christie’s in New York. Stokes loaned it to the National Library of Australia in Canberra, where it remains today.</p> <h2>Bay Psalm Book</h2> <p>Religious texts continue to fill this list of expensive books, with the Bay Psalm Book continuing the trend. This one stands out from its fellows, though, because of its distinction as the first book ever printed in the British colonies that would become America. In 1640, 20 years after the Pilgrims landed on Plymouth Rock, the Bay Psalm Book emerged from printers in Cambridge, Massachusetts. There are approximately eleven copies still intact today, mostly in the possession of libraries and universities. One copy, though, has belonged to American businessman David Rubenstein since 2013, when he bought it at a Sotheby’s auction for US$14.2 million.</p> <h2>St Cuthbert Gospel</h2> <p>This pocket-sized version of the Gospel of John is one of the earliest surviving examples of Western bookbinding. Created in the eighth century, it spent years in the coffin of its namesake, St Cuthbert, before becoming the property of an English Jesuit school. In the years leading up to its 2012 purchase, it was on loan to the British Library. The book measures only 14 centimetres by nine centimetres inches. It may be small, but its price tag sure isn’t; the British Library raised over GB£9.5 million (AUD16.6 million) to buy it for good at an auction.</p> <h2>The Magna Carta</h2> <p>The Magna Carta, the thirteenth-century charter that laid the foundation for the future of the law as we know it, is one of the most famous texts in history. Naturally, it earns a high spot on this list. The text was one of the earliest to lay out the concept of basic human rights and limit the powers of a king. Today, only seventeen copies predating 1300 survive. One sold for a whopping AU$33.1 million at a 2007 auction. The identity of the buyer is most likely David Rubenstein, who is also the lucky (or perhaps just wealthy) owner of the Bay Psalm Book. His reasoning for spending so much money? He thought it ‘very important’ that there be a copy of the Magna Carta in the United States. It’s widely believed that the document helped inspire the Declaration of Independence.</p> <h2>The Codex Leicester</h2> <p>You might know this author’s name: Leonardo da Vinci. You might know the buyer’s name as well: Bill Gates. The current record for the most expensive book of all time belongs to this 72-page notebook filled with the Renaissance genius’s notes and theories. In the early 1700s, the Codex was purchased by the Earl of Leicester, hence its name. In 1980, an art collector bought it from the Leicester estate, and none other than Bill Gates bought it from the collector in 1994. The Codex set Gates back a cool US$30.8 million. Gates decided to share his purchase with the world, and did it in the most Bill Gates way possible: he scanned the pages of the book and turned them into a Windows 95 screensaver.</p> <p><strong>This article originally appeared on <a href="https://www.readersdigest.com.au/culture/the-most-expensive-books-in-the-world?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

Books

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When hosting mega-events like FIFA, cities market themselves at the expense of the most vulnerable

<p>Few events capture the attention of the globe like the Men’s FIFA World Cup — in 2018, the event boasted a viewership of <a href="https://www.fifa.com/tournaments/mens/worldcup/2018russia/media-releases/more-than-half-the-world-watched-record-breaking-2018-world-cup">3.5 billion people</a>. Yet, despite the enormous popularity of the World Cup, <a href="https://www.aljazeera.com/sports/2022/11/17/do-host-countries-make-money-from-the-world-cup">host cities and countries invariably lose money</a> on the event itself, with FIFA capturing most of the profits despite its non-profit status.</p> <p>The calculus of host cities is based on the hope that successfully hosting a World Cup (or Olympics) will significantly enhance a city’s urban brand and ultimately lead to long-term increases in tourism and foreign direct investment.</p> <p>In other words, the argument is that a successful stint as a host city will identify that city as “<a href="https://www.jstor.org/stable/40643231">world-class</a>” and change its economic fortunes. This justification, at least from an economic point of view, relies on <a href="https://doi.org/10.1080/02614360500504628">some pretty fuzzy math and long-term forecasting that rarely gets audited</a>.</p> <p>I attended the 2010 World Cup in South Africa to study how various communities attempted to have their voices heard and needs met through the planning process for that event. I continue to research how hosting large-scale events intersect with other trends in global and local urbanization.</p> <p><strong>Urban branding</strong></p> <p>This mission of improving one’s urban brand to attract tourist and foreign investment leads cities to focus their attention to the perceived needs. Or, more precisely, the perceived desires of potential tourists and investors, as opposed to the needs and desires of the people who already live, work and play in these cities.</p> <p>This shift in focus is part of larger trends of cities becoming <a href="https://doi.org/10.1080/04353684.1989.11879583">increasingly entrepreneurial in our globalized world</a>.</p> <p>And to this end, host cities pursue a fairly predictable path to demonstrate their world-classness. As Streetnet International, a South Africa-based international organization of street vendors, put it in their World Class Cities For All campaign:</p> <blockquote> <p>“It has become a boringly predictable reality that, when a country prepares to host a high-profile international event, <a href="https://streetnet.org.za/document/world-class-cities-for-all/">the country and its local government authorities prepare to create ‘World Class Cities’ of a particular type</a>, i.e. ‘World Class Cities’ which will attract foreign investment; have modern up-to-date infrastructure; have no visible signs of urban decay; have smooth traffic flows; have no visible poor people or social problems.”</p> </blockquote> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=402&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/497721/original/file-20221128-4871-ip7vgt.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=506&amp;fit=crop&amp;dpr=3 2262w" alt="overhead view of a building site in the desert" /></a><figcaption><span class="caption">In Doha, several stadiums were built to host the FIFA World Cup.</span> <span class="attribution"><span class="source">(AP Photo/Vadim Ghirda)</span></span></figcaption></figure> <p><strong>Increased policing, decreased social investment</strong></p> <p>There are common themes to how cities approach their hosting duties and branding pursuits. However, the particular interventions that each city makes to create this type of world- class city are unique to their particular context.</p> <p>Unfailingly, cities significantly increase policing, both in the sheer numbers of police, military and surveillance measures as well as the powers afforded to the police and military. These powers are used to police undesirable activities and individuals — those activities and people deemed incommensurate with the desired world-class brand.</p> <p>Youth, the unhoused or precariously housed, street vendors and racialized individuals <a href="https://doi.org/10.1080/17430437.2010.520938">experience the brunt of these increases</a>.</p> <p>In South Africa in 2010, FIFA courts were established to exact “<a href="https://www.nytimes.com/2010/06/21/sports/soccer/21iht-wcsoccer.html">swift and severe justice</a>” for crimes committed against tourists and journalists during the 2010 World Cup. In Qatar, there has been <a href="https://www.thestar.com/politics/2022/11/24/lgbtq-and-other-rights-issues-at-world-cup-a-huge-blemish-on-fifa-hall-of-famer.html">targeted policing of LGBTQ+ people and allies</a>.</p> <p>Additionally, the quest for this type of world-class-city brand also leads to uneven investment and under-investment as cities are forced to make choices about how to invest their municipal budgets.</p> <p>Tourist areas <a href="https://www.jstor.org/stable/25765282">see significant infrastructure investments while those off the tourist map are often ignored</a>. This is intensified by <a href="https://doi.org/10.1177/0196859905275971">television coverage of these places and events</a>.</p> <p>In Durban, South Africa, this meant significant investment along the waterfront and the construction of a shiny new soccer stadium (across the street from an existing rugby stadium) while other parts of the city, off the beaten path of journalists and tourists, continued to lack even basic infrastructure.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;rect=0%2C0%2C1920%2C1080&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;rect=0%2C0%2C1920%2C1080&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=338&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/497776/original/file-20221128-14-4gf988.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=424&amp;fit=crop&amp;dpr=3 2262w" alt="armed police on horseback watch over a crowd." /></a><figcaption><span class="caption">In this image from video, Qatari police stand by on horseback as other security officials try to control a crowd at a FIFA Fan Zone on Nov. 19, 2022. Authorities turned away thousands of fans from a concert celebrating the World Cup beginning the next day.</span> <span class="attribution"><span class="source">(AP Photo/Srdjan Nedeljkovic)</span></span></figcaption></figure> <p><strong>Exposes the cracks</strong></p> <p>The current approach to hosting a World Cup puts unique and focused pressures on urban systems and infrastructure. In the process, it exposes the already existing cracks in the system and exacerbates existing inequalities.</p> <p>The World Cup did not create the labour system and working conditions of temporary migrant workers in Doha. However, both the magnitude and speed of construction to meet hosting needs undoubtedly ramped up the exploitation of the system, leading to <a href="https://www.theguardian.com/global-development/2021/feb/23/revealed-migrant-worker-deaths-qatar-fifa-world-cup-2022">thousands of worker deaths</a>.</p> <p>We need to reframe how a world-class city is defined to one that is more liveable, sustainable and just. This will inspire future host cities to pursue this status in a manner that does not increase policing and exacerbate inequalities.<!-- 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/195069/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>Writen by David Roberts. Republished with permission from <a href="https://theconversation.com/when-hosting-mega-events-like-fifa-cities-market-themselves-at-the-expense-of-the-most-vulnerable-195069" target="_blank" rel="noopener">The Conversation</a>.</em></p> <p><em>Image: Getty Images</em></p>

Real Estate

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Five expensive (but avoidable) financial mistakes

<p>The road to financial freedom can have many potholes but knowing how to avoid them is simple if you know what to do. Here’s some tips on what to look out for. </p> <p>When it comes to your retirement, planning is crucial. The first step, however, is understanding how to make the most of your financial position by avoiding the mistakes many people make when it comes to planning for the future. </p> <p>Here’s a few tips from wealth management firm BT Financial Group on how to avoid the speed bumps you may find along your financial journey. </p> <p><strong>Too little too late</strong> <br />The government has deliberately set up the superannuation system to favour those who start early and stay on track. Those who leave it to the last minute often do so at their own peril. Start as soon as possible and map out your road to financial freedom.</p> <p><strong>Pay unnecessary taxes</strong> <br />There are many simple, legal ways to make sure you’re not paying more tax than you need. Check with your financial planner or accountant if you’re making the most of the tax incentives offered by the government.</p> <p><strong>Fall for investment fads</strong> <br />This probably poses the greatest single danger to your prosperity. Technology stocks in the late 1990s and speculative miners in the late 2000s were very tempting when they were rising fast. Your best weapon against this temptation is to develop a disciplined investment plan and stick with it.</p> <p><strong>It won’t happen to me</strong> <br />Wealth management is just as much about protecting your assets as it is about building wealth. Make sure you have a “Plan B” to pay off your house and look after your family if you were to die or be permanently unable to work. Your ability to earn money is actually your most valuable asset, so it’s vital to protect that asset with income protection insurance.</p> <p><strong>Fail to plan</strong> <br />As the old adage goes, “if you fail to plan, you plan to fail”. If you can articulate your goals and visualise what achieving those goals looks like, you are well on your way to achieving them. Write down your three most important goals and keep them in a safe place to review at least once a year.</p>

Money & Banking

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Climate change: the fairest way to tax carbon is to make air travel more expensive

<p>Despite the fact that poorer people generally <a href="https://doi.org/10.1017/sus.2020.12">have lower emissions</a>, taxes on the carbon dioxide (CO₂) our activities emit tend to affect people on low incomes <a href="https://iopscience.iop.org/article/10.1088/1748-9326/ac2cb1">more</a> than richer people. Having less money means you can ill afford a switch to an untaxed alternative, like an electric car, or pay for carbon-saving measures like home insulation. You are also more likely to struggle to use less of an essential good like petrol or gas for heating, even if the price goes up.</p> <p>Carbon taxes on energy that people use in their homes – for heating, cooking or watching TV – charge consumers for the emissions per kilowatt-hour (kWh) of electricity, gas or oil used. Economists would say that these kinds of carbon taxes are <a href="https://doi.org/10.1088/1748-9326/ac2cb1">regressive</a>, because using energy to heat and power your home is a necessity and poorer people will use a much higher share of their income to pay for these things – and the taxes – than richer people.</p> <p>While total emissions have been <a href="https://www.nature.com/articles/s41558-019-0419-7">falling</a> in several rich countries over the last few years, emissions from cars and other means of transport are <a href="https://doi.org/10.1088/1748-9326/abee4e">growing</a>. The rise in air travel emissions has been especially rapid: a roughly <a href="https://doi.org/10.1016/j.atmosenv.2020.117834">sevenfold increase</a> between 1960 and 2018 globally. </p> <p>What’s more, the fuels for heating and powering homes or driving cars are taxed, but the fuel airlines use is exempt due to <a href="https://theconversation.com/how-a-1940s-treaty-set-airlines-on-a-path-to-high-emissions-and-low-regulation-148818">an international agreement</a> from 1944.</p> <p>And although Europeans generally <a href="https://www.sciencedirect.com/science/article/pii/S095937801831238X?via%3Dihub">disapprove</a> of carbon taxes, <a href="https://www.tandfonline.com/doi/full/10.1080/09669582.2022.2115050">our study</a> has revealed one type which could prove popular. In the first analysis of its kind to consider the effect on different income bands, we found that carbon taxes on air travel – what we describe as luxury emissions – nearly always affect the rich more.</p> <h2>Tax burdens from air travel</h2> <p>Our research examined how the burden from four different taxes on air travel would fall across income groups in the UK. It shows that all of these taxes are progressive: they burden richer people more than poorer people as a proportion of income. This is because people on higher incomes are <a href="https://doi.org/10.1016/j.tbs.2021.05.008">much more likely to fly</a>, and fly more often.</p> <p>Air travel taxes that apply to passengers could be levied on the emissions of each passenger per flight. People could also be taxed according to the distance they travel, or their seat class. An aeroplane’s economy class occupies the least space per person, while business- and first-class passengers take up more room and so are responsible for more emissions than the average passenger. </p> <p>A person could also be taxed for the number of flights they take. A <a href="https://afreeride.org/">frequent flyer levy</a> would exempt the first return flight a person takes in a year, but would tax subsequent flights at an increasing rate. We found that taxes that take both flight emissions and the number of flights per passenger into account distribute the tax burden fairest.</p> <p>The reason for this is that frequent air travel (all flights after the first return flight) is even more unequally distributed in society: the top 10% of emitters are responsible for 60.8% of flight emissions but for 83.7% of emissions from frequent flights.</p> <p>Who else except the wealthy is likely to be affected by taxes on air travel? We found that, in the UK, university graduates, employed people, young and middle-aged adults, residents of London, as well as first- and second-generation migrants are also more likely to fly than their counterparts, regardless of income. </p> <p>Our results showed that recent migrants with friends and family abroad are relatively likely to fly often, even when on a low income. So allowances or extra support for recent migrants could make the design of such taxes fairer.</p> <p>Overall, taxes on air travel are far more socially just than taxes on necessities such as home energy use and could curb luxury emissions in a way that nurtures broad support for more sweeping decarbonisation measures such as those designed to limit car travel, like <a href="https://www.nature.com/articles/s41560-022-01057-y">expanding bus and cycling lanes</a>.</p> <p>So why do politicians and others claim, as former UK treasury minister Robert Jenrick did in 2019, that air travel taxes <a href="https://www.thesun.co.uk/news/8128492/labour-holiday-tax-family-break/">disproportionately hit the poor</a>? It’s possible that they underestimate how little people in low-income groups actually fly, perhaps due to their typically middle- and upper-class backgrounds. </p> <p>A less charitable interpretation is that they have ulterior motives for opposing such taxes. Social scientists claim that exaggerating or misrepresenting the social justice consequences of environmental policy is one of the most common <a href="https://theconversation.com/climate-denial-hasnt-gone-away-heres-how-to-spot-arguments-for-delaying-climate-action-141991">arguments </a>used to stall vital action on climate change.</p> <p><em>Image credits: Getty Images </em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/climate-change-the-fairest-way-to-tax-carbon-is-to-make-air-travel-more-expensive-191632" target="_blank" rel="noopener">The Conversation</a>.</em></p>

Travel Tips

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15 simple fashion upgrades that make you look expensive

<p><strong>Tiny tweaks, big results</strong></p> <p>If you’ve ever wished that you could be one of those people who always looks on-trend and incredibly put together, we’ve got some news for you: you can – and you can do it on a budget. And thank goodness for that, because life is expensive enough as it is without having to overhaul your entire wardrobe every season!</p> <p>The key to looking like you spent a fortune without bankrupting yourself is to shop smart. By knowing some clever style tricks, mixing the right pieces, and investing in a few well-made staples, you can completely transform and elevate your look.</p> <p><strong>Opt for better fabrics</strong></p> <p>You don’t need to plunk down all your spare cash on designer labels – as long as your fabrics are mostly natural and high quality. Nailing the perfect business-casual look, going-out ensemble, or weekend wear comes down to using better fabrics in chic ways, says Ashley Michelle Miller, a celebrity wardrobe stylist who works with everyone from major talk-show hosts to regular women in need of wardrobe refreshing.</p> <p>“It’s all about organic and true fabrics,” she explains. “Cashmere is the way to go, and while those fabrics need a little more love and care with handwashing and dry-cleaning, they can make all the difference and last so much longer than synthetic versions.”</p> <p><strong>Wear dark denim</strong></p> <p>Whether you’re into trendy cut-off hems, boyfriend fits, or slim and tapered ankles, stylists say that a sophisticated dark wash can take you from a runway-worthy day to a night out with friends. The key is choosing the right size and a high-quality dark wash that won’t soon fade.</p> <p><strong>Stock your closet with one great blazer</strong></p> <p>“It’s time to take inventory of your life,” says Miller. “Where do you spend most of your time? That’s where you need to invest your wardrobe budget, in items that make you look your best.”</p> <p>She suggests finely tailored basics like a black blazer with expensive-seeming details.  “Details matter, so a flattering cut with higher-end buttons and fabrics are ways to set you apart.”</p> <p><strong>Mix textures and patterns</strong></p> <p>“Mastering the art of mixing textures and patterns is one of the keys to looking expensive on any budget,” says Bernadette Vajda, an internationally acclaimed model and professional image consultant.</p> <p>“Pair natural silk with other rich fabrics in the same colour scheme like denim or cashmere. Wearing the same colour scheme in different textures will elevate any look.”</p> <p><strong>Splurge on a strong black coat</strong></p> <p>“Invest in classic, high-quality outerwear in timeless black or camel colourways,” shares Vajda. “It will last you decades. Classic styles never expire and will carry you through every decade – warm.”</p> <p><strong>Accentuate your shape</strong></p> <p>“People tend to gravitate toward black or oversized garments to disguise their insecurities,” explains Vajda. “But the key to looking chic is making sure your clothes fit your curves. Don’t hide them or try to cover them up or even try to camouflage. Wear clothes that you’re comfortable in that accentuate your body properly.”</p> <p><strong>Choose undergarments you feel confident in</strong></p> <p>It turns out that the most important layers when making an outfit seem expensive are the bottom and top ones. Underpinnings and coats both pave the way to the most put-together looks.</p> <p>Vajda tells her clients to invest in good, trustworthy shapewear they’ll feel comfortable wearing beneath their favourite pants, dresses and skirts. The goal is to present a smooth silhouette and highlight your body’s natural shape.</p> <p><strong>Buy a well-fitting bra</strong></p> <p>Both Miller and Vajda agree that a supportive bra is necessary for any outfit to deliver an expensive-seeming appearance. If you’re bulging, wearing the wrong size, or not investing in the right cup style for your assets, even the best cashmere can look cheap.</p> <p><strong>Add a colourful dress to your wardrobe</strong></p> <p>That little black dress you already have is great, and Miller suggests making it look expensive with the right shoes, jewellery and beauty routine. But it’s equally important to have a colourful dress in your wardrobe, too.</p> <p>“If evening engagements are a regular thing, you need a little coloured dress – an upgraded riff on everyone’s favourite LBD,” she says. “Getting a solid-coloured dress in a shade that complements your skin tone is a power move. You’ll stand out from the rest and look radiant.”</p> <p><strong>Buy great-quality shoes</strong></p> <p>“Always spend a little more money on quality shoes, as your feet take you everywhere,” explains Vajda. “Do not cheap out on shoes. They are the ‘sole’ of your entire look.” Puns aside, she suggests investing in real leather and handmade shoes that offer trend-forward styling in a last-for-years shape.</p> <p><strong>Care for your shoes properly</strong></p> <p>Take care of the shoes you invest in by cleaning, polishing and hydrating their materials each season so they can keep you walking tall in your most treasured outfits for years to come. Try a protector spray for leather, suede and fabric shoes of all kinds. Stylists suggest using it on your favourite bags, as well.</p> <p><strong>Accessorise with an authentic bag</strong></p> <p>Both stylists stress that bags constructed from high-quality natural materials like leather and canvas are immediate style statements that shouldn’t be squandered. Vajda won’t let her clients sport knock-offs, either. “A good handbag is worth a thousand words, so don’t buy fake,” she says.</p> <p>“Save toward a quality bag that will go from day to night.” And quality doesn’t mean logos. Instead, focus on the way the bag is constructed and if you’ll be able to wear it throughout the day and with a variety of looks.</p> <p><strong>Don't neglect your hair</strong></p> <p>If your hairstyle is on-trend, don’t forget to rock it as a part of your look. You can play up your style with accessories like clips, hats and hair ties, but unforgettable shine and tamed fly-aways are the hallmarks of good hair in any era.</p> <p><strong>Elevate even the simplest basics with details</strong></p> <p>Think there’s no way to make run-of-the-mill weekend sweatshirts look more expensive? Think again. Finer details like specialty linings, prints and unique stitching can make all the difference.</p> <p><strong>Focus on radiant skin and understated makeup</strong></p> <p>Don’t forget to play up your natural features and highlight glowing, radiant skin. “Natural beauty is always in style, and you’ll look expensive just showcasing a well-rested version of your own skin,” says Vajda. “Wear makeup that shows off your own beauty, and don’t go overboard with trends.”</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://www.readersdigest.com.au/culture/15-simple-fashion-upgrades-that-make-you-look-expensive?pages=1" target="_blank" rel="noopener">Reader's Digest</a>.  </em></p>

Beauty & Style

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Have we seen the last of $2 petrol for a while?

<p>Average fuel prices in Australian capital cities remain well below the peaks seen in March and June. <a href="https://www.drive.com.au/news/fuel-prices-today/" target="_blank" rel="noopener">Recent data</a> reveal fuel is around 30-35 cents per litre lower than the highs of two months ago. As of last week, the average price of 95 octane unleaded across eight capitals stood at A$1.90 per litre.</p> <p>The question on the minds of many motorists and businesses relying on road transport to deliver goods and services is: have we seen the last of $2 petrol for a while?</p> <p>Given this year’s trends in international oil prices (<a href="https://theconversation.com/what-russias-war-means-for-australian-petrol-prices-2-10-a-litre-177719" target="_blank" rel="noopener">a key component</a> of Australia’s petrol prices), the answer would be: “It depends on the fuel excise”.</p> <h2>A fuel excise cut after Russia invades Ukraine</h2> <p>A <a href="https://www.accc.gov.au/consumers/petrol-diesel-lpg/about-fuel-prices#:%7E:text=On%2029%20March%202022%20the,per%20litre%20for%20automotive%20LPG." target="_blank" rel="noopener">fuel excise</a> is a tax on fuel levied by the Australian government.</p> <p>In March this year, as Russia’s invasion of Ukraine began to drive international oil prices up, the previous federal government <a href="https://budget.gov.au/2022-23/content/factsheets/download/factsheet_excise_offpublicroads.pdf" target="_blank" rel="noopener">announced</a> a 50% cut in fuel excise for six months. In other words, it would charge less tax on fuel until September (in an effort to soften the impact of soaring international oil prices on Australian consumers). After this decision, the cost of petrol reduced by 22 cents per litre.</p> <p>While the general trend is downwards in recent months, crude oil <a href="https://www.marketwatch.com/investing/future/brn00?countrycode=uk" target="_blank" rel="noopener">prices have ranged</a> between US$92 and US$123 per barrel – much higher than the norm in recent years.</p> <p>With Australia’s <a href="https://theconversation.com/high-petrol-prices-hurt-but-cutting-excise-would-harm-energy-security-178766" target="_blank" rel="noopener">halved fuel excise</a>, this price range translates to average 95 octane unleaded petrol prices across eight capitals of between A$1.90 and A$2.25 per litre.</p> <p>Globally, crude oil is <a href="https://tradingeconomics.com/commodity/crude-oil" target="_blank" rel="noopener">down about 25%</a> from the June high of US$123 per barrel. That’s in part due to growing fears a global economic slowdown would affect consumption, as central banks around the world raise interest rates to combat spiralling inflation.</p> <p>The potential revival of a <a href="https://finance.yahoo.com/news/oil-prices-plummet-iran-nuclear-200000751.html" target="_blank" rel="noopener">deal</a> between Iran and Western countries that could lead to more Iranian oil exports has also helped <a href="https://finance.yahoo.com/news/oil-prices-plummet-iran-nuclear-200000751.html" target="_blank" rel="noopener">drive oil prices</a> down. This is generally good news for petrol prices in Australia.</p> <h2>What next for the fuel excise in Australia?</h2> <p>However, a lot will depend on what the Australian government does about the fuel excise.</p> <p>It is uncertain whether the new government will extend the fuel excise cut brought in by their predecessors in March.</p> <p>The excise cut is set to expire in September, right in the middle of a cost-of-living crisis in Australia.</p> <p>In July, amid calls to extend the fuel excise, Treasurer Jim Chalmers said <a href="https://www.sbs.com.au/news/article/the-price-of-fuel-is-set-to-rise-heres-why-and-how-much-it-could-cost-you/w2v0xrwpm" target="_blank" rel="noopener">an extension is not an option</a>:</p> <blockquote> <p>We’ve tried to be upfront with people and say they shouldn’t expect that petrol price relief to continue forever.</p> </blockquote> <p>According to the federal budget, the six-month excise cut has resulted in a <a href="https://theconversation.com/josh-frydenbergs-budget-is-an-extraordinary-turnaround-but-leaves-a-40-billion-problem-180123" target="_blank" rel="noopener">A$3 billion hit</a> on the economy.</p> <p>Recent news reports indicated the prime minister was “examining” a fuel excise cut <a href="https://www.crikey.com.au/2022/08/24/pm-examining-fuel-excise-cut-extension/" target="_blank" rel="noopener">extension</a>, but remains adamant the cut is a temporary measure.</p> <p>If the cut is not extended, average petrol prices in Australia will almost certainly return to the above $2 territory by early October.</p> <p>However, the solution to Australians being held hostage to volatile global prices and geopolitical developments will not come from extending the fuel excise cut.</p> <p>The solution will come from reducing demand for oil-based fuels through policies promoting local energy generation and switching to low-emissions vehicles.</p> <h2>The longer-term outlook</h2> <p>Over the longer term, there is hope oil and petrol prices will not affect the pockets of Australian motorists and the Australian economy to the same extent as they have earlier this year.</p> <p>The new Australian government <a href="https://www.cnbc.com/2022/08/22/australian-bank-to-scrap-loans-for-new-diesel-and-gasoline-cars-.html" target="_blank" rel="noopener">has acknowledged</a> the country is “significantly behind the pack when it comes to electric vehicles.”</p> <p>Only 2% of cars sold in Australia are electric, <a href="https://www.iea.org/data-and-statistics/data-product/global-ev-outlook-2022" target="_blank" rel="noopener">five times lower</a> than the global average.</p> <p>The government recently released some detail on plans to set up a <a href="https://infrastructuremagazine.com.au/2022/08/22/australias-first-national-electric-vehicle-strategy/" target="_blank" rel="noopener">National Electric Vehicle Strategy</a>, with a discussion paper on the matter due to be released soon for consultation.</p> <p>At the heart of the strategy will be a plan to grow the Australian electric vehicle market, in a bid to improve uptake of electric vehicles and improve affordability and choice.</p> <p>Australia is <a href="https://theconversation.com/the-road-to-new-fuel-efficiency-rules-is-filled-with-potholes-heres-how-australia-can-avoid-them-188814" target="_blank" rel="noopener">the only OECD country</a> to not have, or be in the process of developing, mandatory fuel-efficiency standards for road transport vehicles.</p> <p>The new government <a href="https://www.cnbc.com/2022/08/19/australia-plans-fuel-efficiency-standards-to-boost-electric-car-supply.html" target="_blank" rel="noopener">will seek to introduce</a> vehicle fuel efficiency standards to help increase the supply of electric cars, improve affordability for motorists and drive down emissions.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/have-we-seen-the-last-of-2-petrol-for-a-while-189330" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

Travel Trouble

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Australia’s temporary visa system is unfair, expensive, impractical and inconsistent. Here’s how the new government could fix it

<p>The election of the Albanese Labor government brings an opportunity to end one of the most detrimental elements of Australian refugee law and policy in the past decade: the use of temporary visas. </p> <p>Temporary protection has been the only option available for asylum seekers who arrived by boat a decade ago and were recognised as refugees. Known as the “legacy caseload”, these people are caught in a system of law and policy that keeps them in a state of perpetual limbo. </p> <p>As the new government committed to end temporary protection, we have <a href="https://www.kaldorcentre.unsw.edu.au/news/new-kaldor-centre-policy-brief-proposes-reforms-australia%E2%80%99s-temporary-protection-system">just published a policy brief</a> with the Kaldor Centre for International Refugee Law outlining how this could be achieved.</p> <p>Our report sets out practical reforms that can be implemented relatively simply, within existing legislative provisions and with only minimal changes to policy and regulations.</p> <p>The 17 recommendations were produced in consultation with refugees and asylum seekers living on temporary protection visas and bridging visas. We also consulted civil society, including former and current temporary protection visa holders and legal groups working with refugees.</p> <p>The impact of temporary protection and the fast-track system on refugees and asylum seekers has left many <a href="https://onlinelibrary.wiley.com/doi/abs/10.1111/inm.12325">depressed and suicidal</a>. <a href="https://www.theguardian.com/commentisfree/2022/jun/29/the-new-government-gives-me-hope-that-the-cruel-limbo-of-temporary-protection-visas-might-end">Expectations</a> from those living on temporary visas and the wider refugee advocates are high and there is significant apprehension about the transition.</p> <p>The new government understands it will need to approach reforms carefully. Our recommendations are accompanied by a trauma-informed strategy to help reduce mental distress, deterioration and retraumatisation of asylum seekers, while also increasing community engagement.</p> <h2>The current system is damaging</h2> <p>Australia’s temporary protection system is <a href="https://www.kaldorcentre.unsw.edu.au/news/new-kaldor-centre-policy-brief-proposes-reforms-australia%E2%80%99s-temporary-protection-system">unfair, expensive, impractical and inconsistent</a> with our international human rights obligations.</p> <p>In 2014, the Coalition government reintroduced a Howard-era three-year Temporary Protection Visa (TPV) and a five-year Safe Haven Enterprise Visa (SHEV) for the more than 30,000 people who arrived by boat between August 13 2012 and January 1 2014. </p> <p>However, unlike the earlier Howard policy, the temporary visas this time provided no realistic prospect of applying for permanent protection. </p> <p>The number of people in this “legacy caseload” as <a href="https://www.homeaffairs.gov.au/research-and-stats/files/uma-legacy-caseload-may-2022.pdf">of May 2022</a> is 31,256. </p> <p>They come from many countries. The largest number are from Afghanistan, Iran, Pakistan and Sri Lanka. The majority – around 19,500 people – have been found to be refugees and have been granted TPV and SHEV. </p> <p>The 10,000 who have been refused a visa were assessed through a “fast-track” process that has <a href="https://theconversation.com/how-the-biloela-tamil-family-deportation-case-highlights-the-failures-of-our-refugee-system-123685">been neither fair nor fast</a>. </p> <p>People who have been refused have been living in the Australian community for ten years or more while awaiting the outcome of appeals. </p> <p>Some (<a href="https://theconversation.com/the-biloela-family-are-going-home-but-what-will-labor-do-with-thousands-of-other-asylum-seekers-in-limbo-in-australia-183621">such as the Nadeselingham family</a>) are working or have had children in Australia.</p> <p>There are also many asylum seekers from Afghanistan who have been refused visas but who cannot return due to the reemergence of the Taliban in August 2021. </p> <p>In other words, some of those refused visas may well be refugees or have other ties to the Australian community. However, the current legal system does not allow them to apply for other visas without going through cumbersome, expensive appeals and ministerial intervention processes. </p> <p>People who hold TPVs and SHEVs are allowed to work but not to reunite with family or travel freely overseas.</p> <p>Others live on precarious short-term bridging visas, some without the right to work. Many are without access to income support. In either situation, the uncertainty is damaging people’s mental health and well-being.</p> <h2>Key recommendations</h2> <p>The focus of the policy brief was to set out reforms either within the current legislative and policy framework, or with minimal changes. </p> <p>This means changes can occur within a relatively short time frame. </p> <p>Key recommendations include: </p> <ul> <li> <p>refugees on TPVs and SHEVs should be moved onto permanent visas known as Resolution of Status visas. People who have not yet been assessed or who have previously been refused protection should also be able to apply for a permanent visa that does not require another assessment of their protection claims</p> </li> <li> <p>restrictions on travel for TPV and SHEV holders should be removed, pending the grant of a permanent visa and includes specific recommendations in relation to travel documents. Travel is essential for re-establishing links to separated family</p> </li> <li> <p>family reunion, particularly partners and children, should be prioritised. Granting people permanent visas allows them to begin the process of family reunion through the family or humanitarian programs</p> </li> <li> <p>the government should establish a specialised team in the Department of Home Affairs to work closely with migration agents, lawyers and refugee communities. This group could identify other options for allowing reunification of close relatives and children who, under current law, may not fall within the definition of “member of a family unit”. Families have been separated for at least 10 years; many left children at home who have now reached ages where they will no longer be considered dependent.</p> </li> </ul> <p>In 2014, the new minister for immigration, citizenship and multicultural affairs Andrew Giles <a href="https://parlinfo.aph.gov.au/parlInfo/genpdf/chamber/hansardr/a275472e-b699-46e7-ac29-bcf2fb8ee942/0018/hansard_frag.pdf;fileType=application%2Fpdf">said, "</a>Labor has a longstanding policy of opposing TPVs, for good reason. They do not provide a sustainable solution for refugees. The uncertainty exacerbates real mental health issues and denies people the capacity to live full lives. As well as significant international law concerns with these provisions, they put people in limbo. There is no deterrence value here, even if you accept that to be a valid policy objective – they only place vulnerable people in a place of uncertainty."</p> <p>He now has significant power to put those words into action.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/australias-temporary-visa-system-is-unfair-expensive-impractical-and-inconsistent-heres-how-the-new-government-could-fix-it-185870" target="_blank" rel="noopener">The Conversation</a>. </em></p>

International Travel

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Electricity retailer tells customers to leave

<p dir="ltr">A small electricity retailer has told its customers to leave and find another company as they expect their prices to soar. </p> <p dir="ltr">Victorian energy supplier Electricityinabox expects its prices to increase by a whopping 95 per cent on July 1.</p> <p dir="ltr">CEO Morgan Duncan sent out a letter to all customers telling them that "only the lazy or crazy would stay" with the company. </p> <p dir="ltr">The letter begins with a straightforward statement telling customers “you need to find a new electricity provider today".</p> <p dir="ltr">"You need to be aware that smaller low price high value retailers are exiting this market. Four have already exited, some of them closed their doors," it continues.</p> <p dir="ltr">The company will continue to provide certain services but is expected to leave the electricity sector due to the increasing demand making it expensive. </p> <p dir="ltr">Energy companies ReAmped, LPE, Discover, Elysian and Future X have told customers to look elsewhere, while Momentum, Simply, Mojo, CovAU and Nectr have stopped accepting new customers.</p> <p dir="ltr">The news comes just a week after Australian Energy Market Operator (AEMO) called on Aussies to reduce their electricity consumption. </p> <p dir="ltr">Australian Energy Regulator (AER) and Australian Competition and Consumer Commission (ACCC) have warned retailers not to take advantage of the situation.</p> <p dir="ltr"><em>Image: Shutterstock</em></p>

Money & Banking

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The economics of ridiculously expensive art

<p>What would possess someone to buy Leonardo da Vinci’s Salvator Mundi for <a href="https://www.nytimes.com/2017/11/15/arts/design/leonardo-da-vinci-salvator-mundi-christies-auction.html">US$450 million</a>? You might think it’s an investment - after all it was previously sold <a href="https://news.artnet.com/market/timeline-salvator-mundi-went-45-to-450-million-59-years-1150661">for just US$10,000</a> in 2005. </p> <p>From an economic point of view, art can be an investment. Although the research shows art investing has mixed results. Art also has what economists refer to as “<a href="https://www.amazon.com/Beyond-Price-Economics-Institute-Political/dp/0521183006">psychic benefits</a>”. It is something to be enjoyed, experienced or flaunted, and this may be the key to the high price paid for Salvator Mundi. </p> <h2>Art as an investment</h2> <p>As an investment, art’s performance varies wildly, depending on a number of factors. For instance, artworks associated with movements that are currently fashionable will outperform other types of art.</p> <p><a href="https://theconversation.com/au/topics/contemporary-art-1519">Contemporary art</a> is <a href="http://www.artagencypartners.com/market-analysis/impressionist-and-modern-2/">currently outperforming</a> <a href="https://theconversation.com/au/topics/impressionism-29990">impressionist art</a>, for example. The strong demand for contemporary art coupled with limited supply has resulted in some previously overlooked artists, such as <a href="http://www.haring.com/">Keith Haring</a>, being embraced by collectors.</p> <p>But it is typically the works of leading artists that are in hot demand.</p> <p><a href="https://news.artnet.com/market/25-artists-account-nearly-50-percent-postwar-contemporary-auction-sales-1077026">Recent analysis</a> found that just 25 artists (including <a href="http://basquiat.com/">Jean-Michel Basquiat</a>, <a href="https://www.warhol.org/andy-warhols-life/">Andy Warhol</a> and <a href="https://www.gerhard-richter.com/en/">Gerhard Richter</a>) account for US$1.2 billion of the US$2.7 billion in worldwide art auction sales for contemporary art sold at auction this year.</p> <p>Only two women, <a href="http://www.artnet.com/artists/agnes-martin/">Agnes Martin</a> and <a href="http://yayoi-kusama.jp/">Yayoi Kusama</a>, made it onto the top 25 contemporary artists list. This is indicative of issues around <a href="https://theconversation.com/the-gender-pay-gap-is-wider-in-the-arts-than-in-other-industries-87080">gender representation in the arts</a> and the processes by which artists careers and reputations are established.</p> <p>Academic studies of art as an investment have mixed results. For instance, <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=563587">research</a> of the Canadian art market found that the returns are lower than investing in the stock market. However, the study identifies other benefits to having art in your portfolio, such as it being more diversified.</p> <p>But <a href="http://www.emeraldinsight.com/doi/abs/10.1108/10309610810891346">research</a> based on around 35,000 paintings by leading Australian artists show the financial returns average between 4% and 15%. Returns for paintings by leading Australian artists including <a href="http://www.australia.gov.au/about-australia/australian-story/brett-whiteley">Brett Whiteley</a> and <a href="http://www.artnet.com/artists/jeffrey-smart/biography">Jeffrey Smart</a> exceed stock market returns. The study also found that oil and watercolour paintings, as well as those sold by certain auction houses, had higher prices.</p> <p>So-called “masterpieces”, such as those by Leonardo da Vinci, actually <a href="https://www.deepdyve.com/lp/american-economic-association/art-as-an-investment-and-the-underperformance-of-masterpieces-p7UeNVweF6">perform worse</a> financially than the art market as a whole. </p> <p>However, because art also provides benefits through consumption (prestige, decoration etc.), it is different to shares and bonds. The returns may be lower, but art is still attractive to invest in.</p> <p>The Australian art market reflects what has happened in the global market for contemporary art. For instance the five highest priced Australian works sold in 2017 <a href="https://www.aasd.com.au/index.cfm/annual-auction-totals/">account for almost 10%</a> of the total value of all works sold. </p> <p>And while the recent sale of Earth Creation 1 by the late Indigenous artist Emily Kame Kngwarreye has not attracted the attention of the Leonardo sale, its <a href="http://thenewdaily.com.au/entertainment/arts/2017/11/17/emily-kame-kngwarreye-aboriginal-art-record-auction/">price of $A2.1 million</a> is nearly double what it sold for at auction a decade earlier.</p> <h2>Art for consumption</h2> <p>The aesthetic pleasure of art, a feeling of being challenged or inspired, is subjective and <a href="https://www.sciencedirect.com/science/article/pii/B9780444537768000040">difficult to measure</a>. But that doesn’t mean the consumption of art doesn’t add to its value. </p> <p><a href="https://www.amazon.co.uk/Beyond-Price-Economics-Institute-Political/dp/0521183006">Economists</a> use the terms “psychic returns” or “psychic benefits” to describe the benefits of consuming art. This is broken down into three main areas. </p> <p>One area is the satisfaction of supporting the arts and artists. This motivation is especially important for those who donate their collections to museums or otherwise support the arts. While this motivation is important it is not directly related to auction prices. </p> <p>Then there’s the psychic benefit comes from the “functional” (or decorative) benefits of art that is used to adorn spaces. This is generally the closest to the artists intention when they create the work in the first place. </p> <p>There’s also the prestige that comes from possessing art - especially as it is used to display good taste, wealth and power. For instance, entrances and foyers of offices often display large striking works of modern or contemporary art. </p> <p>This is what <a href="https://www.aeaweb.org/articles?id=10.1257/aer.99.4.1653">economists</a> call “conspicuous consumption”. As people become wealthier, their demand for high-end art increases. Indeed, art has a long tradition of being used as a statement of power, including by the church.</p> <p>What drives the art market, especially at the upper echelons, is a curious mix of investment and consumption, fuelled by a limited supply.</p> <p>The work of famous artists provides a signal of quality and assurance to the market and so their work is coveted by the rich and powerful. The uniqueness and rareness of these pieces not only spurs demand, but restricts supply, creating a perfect storm to drive prices up. </p> <p>Although, even this doesn’t entirely explain the high price paid for Leonardo’s Salvator Mundi. <a href="https://news.artnet.com/market/the-gray-market-salvator-mundi-sale-1117208">Analysis</a> of the sale suggests the market campaign by the auction house was significant in achieving such a high price.</p> <p>But aside from its trade value, art can have cultural value and social significance that do not neatly translate to market prices. So while Leonardo’s Salvator Mundisold for US$450 million, non-tradable masterpieces such as Michaelangelo’s ceiling of the Sistine Chapel aren’t worthless. They’re “<a href="https://www.amazon.com/Beyond-Price-Economics-Institute-Political/dp/0521183006">beyond price</a>”.</p> <p><em>Image credits: Getty Images</em></p> <p><em>This article originally appeared on <a href="https://theconversation.com/the-economics-of-ridiculously-expensive-art-87668" target="_blank" rel="noopener">The Conversation</a>. </em></p>

Art

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Inside the world’s most expensive Airbnb

<p dir="ltr">If you are in the market for the most luxurious holiday experience you could possibly imagine, then look no further than Casa Tau. </p> <p dir="ltr">The resort is located on the white sandy beaches of Mexico, and will set you back $20,750AUD per night, or $234,800 per week. </p> <p dir="ltr">The luxe villa has recently been revealed as the world’s most expensive Airbnb, with an extraordinary list of amenities to justify the hefty price tag. </p> <p dir="ltr">According to the <a href="https://www.airbnb.com.au/luxury/listing/30417501?source_impression_id=p3_1646011614_0Fvm46BCI%2BOjEwCp&amp;guests=11&amp;adults=11&amp;check_in=2022-06-26&amp;check_out=2022-07-03">online listing</a>, the resort boasts 12 bedrooms and 12 bathrooms across the main villa and two adjoining guest houses. </p> <p dir="ltr">On top of all the regular hotel luxuries such as coffee machines, full kitchen, smart TVs and many more, Casa Tau comes with a heated infinity pool, spa, a full serviced bar, a stone pizza oven and beach volleyball area. </p> <p dir="ltr">The extraordinary price of Casa Tau also includes 8 housekeeping staff, 2 chefs, 8 butlers and 2 concierges to make sure your every need is met during your stay. </p> <p dir="ltr">The villa has private beach access to the picturesque Mexican ocean and all the adjoining beach clubs and golf courses. </p> <p dir="ltr">Built in December 2018, the villa is on the exclusive Punta Mita 600-hectare peninsula on the southwest coast of Mexico, which is a popular holiday destination for many celebrities. </p> <p dir="ltr">With all these high-end finishes and opulent amenities, it’s no wonder this slice of paradise comes at such a steep cost. </p> <p dir="ltr"><em>Image credits: Airbnb</em></p>

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