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Anthony Albanese's new $925 million pledge

Anthony Albanese has pledged $925 million to help victims of domestic violence flee dangerous situations, in the wake of the recent increase of violence against women. The Prime Minister established the Leaving Violence Program on Wednesday, which will invest $925m over a five year period to help women escape violence at home. Albanese convened an urgent national cabinet meeting after declaring violence against women a “national emergency” following the killings of 27 women across Australia this year. Following the crisis talks, the Prime Minister announced the permanent establishment of the government’s Leaving Violence Payment to assist people experiencing violence with the financial costs of leaving a violent situation. “Those eligible will be able to access up to $5000 in financial support along with referral services, risk assessments, and safety planning. This commitment builds on measures put in place by our government to help address financial barriers to escaping violence,” Mr Albanese said. Australia will also introduce legislation that will ban the creation and distribution of deep fake pornography and the sharing of sexually explicit material using technology such as artificial intelligence. Communications Minister Michelle Rowland said governments around the world were grappling with how to keep online spaces safe. "I think the other important point to note is that as a society, we do need to do more and this is a role not only for government, not only for regulators and civil society, but also for the platforms themselves," she said. "And part of this is putting the emphasis on the platforms to enforce their existing terms of service and where they are not doing that, to examine what are the measures governments can take." The government will also bring forward legislation in early August to outlaw the release of private information online with an intent to cause harm, known as doxxing. Albanese added that violence against women was a "national crisis", saying, "It's an issue for all of us to work together in the national interest to deal with what is a scourge of violence against women that is having a real impact out there, with one every four days a woman losing their life at the hand of a domestic or former domestic partner," he said. Longer-term priorities include strengthening accountability and consequences for perpetrators, including early intervention with high-risk perpetrators and serial offenders, and better support for victim and survivors. Image credits: Getty Images

Legal

A brief history of the mortgage, from its roots in ancient Rome to the English ‘dead pledge’ and its rebirth in America

The average interest rate for a new U.S. <a href="https://www.cbsnews.com/news/home-loan-mortgage-interest-rate-7-percent-highest-since-2001/">30-year fixed-rate mortgage topped 7% in late October 2022</a> for the first time in more than two decades. It’s a sharp increase from one year earlier, when <a href="https://www.valuepenguin.com/mortgages/historical-mortgage-rates">lenders were charging homebuyers only 3.09%</a> for the same kind of loan. Several factors, including <a href="https://www.nerdwallet.com/article/mortgages/fed-mortgage-rates">inflation rates and the general economic outlook</a>, influence mortgage rates. A primary driver of the ongoing upward spiral is the <a href="https://abc7chicago.com/fed-interest-rate-decision-today-hike-federal-reserve-meeting-november/12408055/">Federal Reserve’s series of interest rate hikes</a> intended to tame inflation. Its decision to increase the benchmark rate by <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20221102a.htm">0.75 percentage points on Nov. 2, 2022</a>, to as much as 4% will propel the cost of mortgage borrowing even higher. Even if you have had mortgage debt for years, you might be unfamiliar with the history of these loans – a subject I cover <a href="https://scholar.google.com/citations?user=KVv47noAAAAJ&hl=en&oi=ao">in my mortgage financing course</a> for undergraduate business students at Mississippi State University. The term dates back to <a href="https://www.english-heritage.org.uk/learn/story-of-england/medieval/">medieval England</a>. But the roots of these legal contracts, in which land is pledged for a debt and will become the property of the lender if the loan is not repaid, go back thousands of years. <h2>Ancient roots</h2> Historians trace the <a href="https://www.kingjamesbibleonline.org/Nehemiah-5-3/">origins of mortgage contracts</a> to the reign of King Artaxerxes of Persia, who ruled modern-day Iran in the fifth century B.C. The Roman Empire formalized and documented the legal process of pledging collateral for a loan. Often using the <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&version=NIV">forum and temples as their base of operations</a>, mensarii, which is derived from the word mensa or “bank” in Latin, would set up loans and charge <a href="https://www.biblegateway.com/passage/?search=John%202%3A13-16&version=NIV">borrowers interest</a>. These government-appointed public bankers required the borrower to put up collateral, whether real estate or personal property, and their agreement regarding the use of the collateral would be handled in one of three ways. First, the <a href="https://www.merriam-webster.com/dictionary/fiducia">Fiducia</a>, Latin for “trust” or “confidence,” required the transfer of both ownership and possession to lenders until the debt was repaid in full. Ironically, this arrangement involved no trust at all. Second, the <a href="https://www.merriam-webster.com/dictionary/pignus">Pignus</a>, Latin for “pawn,” allowed borrowers to retain ownership while <a href="https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=1684&context=penn_law_review">sacrificing possession and use</a> until they repaid their debts. Finally, the <a href="https://legaldictionary.lawin.org/hypotheca/">Hypotheca</a>, Latin for “pledge,” let borrowers retain both ownership and possession while repaying debts. <h2>The living-versus-dead pledge</h2> <a href="https://www.britannica.com/biography/Claudius-Roman-emperor">Emperor Claudius</a> brought Roman law and customs to Britain in A.D. 43. Over the next <a href="https://www.english-heritage.org.uk/learn/story-of-england/romans/">four centuries of Roman rule</a> and the <a href="https://www.english-heritage.org.uk/learn/story-of-england/early-medieval/">subsequent 600 years known as the Dark Ages</a>, the British adopted another Latin term for a pledge of security or collateral for loans: <a href="https://worldofdictionary.com/dict/latin-english/meaning/vadium">Vadium</a>. If given as collateral for a loan, real estate could be offered as “<a href="https://www.merriam-webster.com/dictionary/vadium%20vivum">Vivum Vadium</a>.” The literal translation of this term is “living pledge.” Land would be temporarily pledged to the lender who used it to generate income to pay off the debt. Once the lender had collected enough income to cover the debt and some interest, the land would revert back to the borrower. With the alternative, the “<a href="https://www.merriam-webster.com/dictionary/mortuum%20vadium">Mortuum Vadium</a>” or “dead pledge,” land was pledged to the lender until the borrower could fully repay the debt. It was, essentially, an interest-only loan with full principal payment from the borrower required at a future date. When the lender demanded repayment, the borrower had to pay off the loan or lose the land. Lenders would keep proceeds from the land, be it income from farming, selling timber or renting the property for housing. In effect, the land was <a href="https://www.jstor.org/stable/pdf/1321129.pdf">dead to the debtor</a> during the term of the loan because it provided no benefit to the borrower. Following <a href="https://www.royal.uk/william-the-conqueror">William the Conqueror’s victory</a> at the Battle of Hastings in 1066, the English language was heavily influenced by <a href="https://blocs.mesvilaweb.cat/subirats/the-norman-conquest-the-influence-of-french-on-the-english-language-loans-and-calques/">Norman French</a> – William’s language. That is how the Latin term “Mortuum Vadium” morphed into “Mort Gage,” Norman French for “dead” and “pledge.” “<a href="https://www.etymonline.com/word/mortgage">Mortgage</a>,” a <a href="https://ia600201.us.archive.org/1/items/cu31924021674399/cu31924021674399.pdf">mashup of the two words</a>, then entered the English vocabulary. <h2>Establishing rights of borrowers</h2> Unlike today’s mortgages, which are usually due within 15 or 30 years, English loans in the 11th-16th centuries were unpredictable. <a href="https://www.jstor.org/stable/pdf/1323192.pdf">Lenders could demand repayment</a> at any time. If borrowers couldn’t comply, lenders could seek a court order, and the land would be forfeited by the borrower to the lender. Unhappy borrowers could <a href="https://www.law.cornell.edu/wex/chancery">petition the king</a> regarding their predicament. He could refer the case to the lord chancellor, who could <a href="https://www.britannica.com/topic/Chancery-Division">rule as he saw fit</a>. <a href="https://www.britannica.com/biography/Francis-Bacon-Viscount-Saint-Alban">Sir Francis Bacon</a>, England’s lord chancellor from 1618 to 1621, <a href="https://www.jstor.org/stable/752041">established</a> the <a href="https://www.law.cornell.edu/wex/equity_of_redemption">Equitable Right of Redemption</a>. This new right allowed borrowers to pay off debts, even after default. The official end of the period to redeem the property was called <a href="https://www.law.cornell.edu/wex/foreclosure">foreclosure</a>, which is derived from an Old French word that means “<a href="https://www.etymonline.com/word/foreclose">to shut out</a>.” Today, foreclosure is a legal process in which lenders to take possession of property used as collateral for a loan. <h2>Early US housing history</h2> The <a href="https://www.loc.gov/classroom-materials/united-states-history-primary-source-timeline/colonial-settlement-1600-1763/overview/">English colonization</a> of what’s now <a href="https://themayflowersociety.org/history/the-mayflower-compact/">the United States</a> didn’t immediately transplant mortgages across the pond. But eventually, U.S. financial institutions were offering mortgages. <a href="https://www.huduser.gov/publications/pdf/us_evolution.pdf">Before 1930, they were small</a> – generally amounting to at most half of a home’s market value. These loans were generally short-term, maturing in under 10 years, with payments due only twice a year. Borrowers either paid nothing toward the principal at all or made a few such payments before maturity. Borrowers would have to refinance loans if they couldn’t pay them off. <h2>Rescuing the housing market</h2> Once America fell into the <a href="https://www.history.com/topics/great-depression">Great Depression</a>, the <a href="https://www.stlouisfed.org/news-releases/2008/05/02/does-the-great-depression-hold-the-answers-for-the-current-mortgage-distress">banking system collapsed</a>. With most homeowners unable to pay off or refinance their mortgages, the <a href="https://www.federalreservehistory.org/essays/great-depression">housing market crumbled</a>. The number of <a href="https://www.encyclopedia.com/education/news-and-education-magazines/housing-1929-1941">foreclosures grew to over 1,000 per day by 1933</a>, and housing prices fell precipitously. The <a href="https://www.fhfaoig.gov/Content/Files/History%20of%20the%20Government%20Sponsored%20Enterprises.pdf">federal government responded by establishing</a> new agencies to stabilize the housing market. They included the <a href="https://www.hud.gov/program_offices/housing/fhahistory">Federal Housing Administration</a>. It provides <a href="https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/">mortgage insurance</a> – borrowers pay a small fee to protect lenders in the case of default. Another new agency, the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">Home Owners’ Loan Corp.</a>, established in 1933, bought defaulted short-term, semiannual, interest-only mortgages and transformed them into new long-term loans lasting 15 years. Payments were monthly and self-amortizing – covering both principal and interest. They were also fixed-rate, remaining steady for the life of the mortgage. Initially they skewed more heavily toward interest and later defrayed more principal. The corporation made new loans for three years, tending to them until it <a href="https://content.time.com/time/subscriber/article/0,33009,858135,00.html">closed in 1951</a>. It pioneered long-term mortgages in the U.S. In 1938 Congress established the Federal National Mortgage Association, better known as <a href="https://www.fanniemae.com/about-us/who-we-are/history">Fannie Mae</a>. This <a href="https://www.financial-dictionary.info/terms/government-sponsored-enterprise/">government-sponsored enterprise</a> made fixed-rate long-term mortgage loans viable <a href="https://www.investopedia.com/terms/s/securitization.asp">through a process called securitization</a> – selling debt to investors and using the proceeds to purchase these long-term mortgage loans from banks. This process reduced risks for banks and encouraged long-term mortgage lending. <h2>Fixed- versus adjustable-rate mortgages</h2> After World War II, Congress authorized the Federal Housing Administration to insure <a href="https://www.govinfo.gov/content/pkg/CPRT-108HPRT92629/html/CPRT-108HPRT92629.htm">30-year loans on new construction</a> and, a few years later, purchases of existing homes. But then, the <a href="https://files.stlouisfed.org/files/htdocs/publications/review/69/09/Historical_Sep1969.pdf">credit crunch of 1966</a> and the years of high inflation that followed made adjustable-rate mortgages more popular. Known as ARMs, these mortgages have stable rates for only a few years. Typically, the initial rate is significantly lower than it would be for 15- or 30-year fixed-rate mortgages. Once that initial period ends, <a href="https://www.investopedia.com/terms/a/arm.asp">interest rates on ARMs</a> get adjusted up or down annually – along with monthly payments to lenders. Unlike the rest of the world, where ARMs prevail, Americans still prefer the <a href="https://sf.freddiemac.com/articles/insights/why-americas-homebuyers-communities-rely-on-the-30-year-fixed-rate-mortgage">30-year fixed-rate mortgage</a>. About <a href="https://data.census.gov/cedsci/table?q=DP04&t=Housing">61% of American homeowners</a> have mortgages today – with <a href="https://doi.org/10.1080/15214842.2020.1757357">fixed rates the dominant type</a>. But as interest rates rise, demand for <a href="https://www.corelogic.com/intelligence/interest-rates-are-up-but-arm-backed-home-purchases-are-way-up/">ARMs is growing</a> again. If the Federal Reserve fails to slow inflation and interest rates continue to climb, unfortunately for some ARM borrowers, the term “dead pledge” may live up to its name. Image credits: Getty Images This article originally appeared on <a href="https://theconversation.com/a-brief-history-of-the-mortgage-from-its-roots-in-ancient-rome-to-the-english-dead-pledge-and-its-rebirth-in-america-193005" target="_blank" rel="noopener">The Conversation</a>.

Real Estate

Albanese announces $100 million in military aid for Ukraine, pledging support for ‘as long as it takes’

Australia has given Ukraine another $A100 million in military aid, and Anthony Albanese has pledged Australia will continue support for the embattled country “for as long as it takes for Ukraine to emerge victorious”. Albanese inspected devastated areas in and around the capital Kyiv, going to the towns of Bucha, Irpin, and Hostomel, and met President Volodymyr Zelenskyy during a visit that winds up his trip to Europe. But he did not say when Australia might reopen its embassy in the war-torn country. He has indicated Australia wants to do so as soon as possible, depending on security advice. Albanese, who travelled by train from Poland into Ukraine, met with Zelenskyy for two hours on Sunday, and they held a joint news conference. The latest military aid brings to about $388 million Australia’s total military assistance to Ukraine. Australia is the largest non-NATO contributor to Ukraine’s defence. The new package includes: <ul> <li> miliitary aid worth $99.5 million including 14 armoured personnel carriers, 20 Bushmaster protected mobility vehicles and other equipment supplied by Australia’s defence industry, plus a contribution to NATO’s Ukraine assistance fund </li> <li> $8.7 million to help upgrade border management equipment, improve cyber security and enhance border operations </li> <li> duty free access for Ukrainian imports to Australia, complementing similar trade measures taken by other countries </li> <li> Australian intervention at the International Court of Justice to support Ukraine’s case against Russia </li> <li> financial sanctions and travel bans on 16 more Russian ministers and oligarchs </li> <li> prohibition of imports of Russian gold to Australia – again in line with partner countries. </li> </ul> “Russia’s brutal invasion is a gross violation of international law,” said Albanese. “I saw first-hand the devastation and trauma it has inflicted on the people of Ukraine.” “My visit to Kyiv and recent visits by other world leaders sends a clear message that democratic nations like Australia will stand side-by-side with the Ukrainian people in their time of need. "President Zelenskyy’s leadership has rallied the Ukrainian people to defend their country and inspired the world to support humanity and freedom. The road ahead is hard but I am confident Ukraine will prevail.” The prime minister described Ukraine as fighting for the international rule of law. “We saw residential buildings that have been the subject of brutal assault from missiles and other weapons,” he said. “Clearly civilian areas have been targeted by Russian forces as part of this illegal and amoral war.” This article originally appeared on <a href="https://theconversation.com/albanese-announces-100-million-in-military-aid-for-ukraine-pledging-support-for-as-long-as-it-takes-186291" target="_blank" rel="noopener">The Conversation</a>. Images: Twitter

International Travel

France’s pledge to Ukrainian artists

In order to help struggling artists in Ukraine who have been impacted by the Russian invasion, the French government has announced a $1.5 million relief fund to help workers in the arts. According to a statement from the French Ministry of Culture, the initiative will also be available to “dissident” Russian artists fleeing the nation’s crackdown on free speech. “The emergency reception program will finance Ukrainian artists and cultural professionals and their families for a period of three months, via the Pause program, [consisting of] residencies within the network of public establishments of the ministry and through the Cité internationale des arts [an artist-in-residence building in Paris],” the ministry’s statement said. Two thirds of the funds will be dedicated to an emergency telephone service offered in both Russian and Ukrainian that will offer support to imperilled artists through networking with regional professionals and studio space opportunities. The remainder of the funds will be directed to help Ukrainian students to enrol at colleges and cultural organisations in France. Roselyne Bachelot-Narquin, the French minister of culture, said the ministry “wants Ukrainian artists to be supported so they can continue their creative work in France…This additional support will be in the form of research grants and funding for artistic projects, but also for organising exhibitions.” Russia’s unprompted attack on Ukraine began on February 24th, and has seen at least 2.6 million Ukrainians flee their war-torn home country. According to the French interior minister, Gèrald Darmanin, the French government has pledged to accept around 100,000 Ukrainian refugees. Image credits: Getty Images

Art

Australia ignores the global warming call

At the COP26 Climate Change Conference in Glasgow, Australia has ignored the call of experts, and refused to join an international pledge to reduce methane emissions. Methane is the second biggest contributor to global warming behind carbon dioxide, and is one of the most potent greenhouse gases. The European Union and US announced that they have teamed up with more than 100 other countries in a bid to reduce methane emissions by 30 per cent by 2030. "I think we could probably go beyond that," Mr Biden said during his address at the UN conference in Glasgow. "We just announced this package at the [UN] General Assembly back in September, at the time [it] was mentioned just nine countries had signed on." "Today, it's approaching a hundred countries that are signing on," he said. Australia was one of the few countries who refused to join the initiative. Other countries ignoring the call are China, Russia, India and Iran: some of the biggest methane emitters in the world. The US and EU believe that reducing methane emissions will be a powerful tool in the fight to tackle climate change, and the end goal of ensuring the world does not warm more than 1.5 degrees Celsius. "Methane is one of the gases we can cut fastest, doing that will immediately slow down climate change," European Commission President Ursula von der Leyen said. Australia's Energy Minister Angus Taylor, who has a degree in economics rather than science, defended the Australian government's decision to not join the movement. "Our focus is whole of economy, all gases," Mr Taylor said at the COP26 conference. "We've got a net-zero goal, we're not setting sector specific targets, and we aren't setting gas specific targets. "It's the entirety of gases that matters … that's our specific goal." Former Prime Minster Malcolm Turnbull said the government no joining the initiative was "a pity", and described Australia's position at COP26 as "disappointing". "We can't keep on pretending that this a problem [climate change] we can push out to the future, this is happening right now," he said in Glasgow. "We are living with the reality of global warming now, we need to stop burning coal and gas and [we have] got to reduce methane emissions." Image credits: Getty Images

News

Captain Sir Tom Moore makes a pledge to “help the lonely”

Captain Sir Tom Moore has launched a new campaign to get people walking to help support those who feel “lonely and frightened” during lockdown. The veteran helped raise £33m for the NHS by walking 100 laps of his Bedfordshire garden before his 100th birthday. His efforts were rewarded by the Queen who knighted him, and he has also released an autobiography which is reportedly set to become a film. Capt Sir Tom said: "We are in a difficult situation but we'll get through it if we all join together." The challenge encourages people to log their walking on social media using the hashtag #WalkWithTom over the next week. He hopes to raise money for his foundation, which aims to combat loneliness and support those facing bereavement. The 100-year-old, who was born in Keighley, West Yorkshire, said he has "always been optimistic things will improve". He said the second England-wide lockdown would be difficult but "we will get through it". Capt Sir Tom said: "We've got to consider that during this next coming period there are going to be a lot of unhappy people who are lonely and frightened and we need to go out and help those people. "That's why we've got the Captain Tom Foundation." The initiative works with four charities, the mental health charity Mind, The Royal British Legion, Helen and Douglas House children’s hospice in Oxfordshire and Willen Hospice in Milton Keynes. Capt Sir Tom's daughter Hannah Ingram-Moore said the family had been "given an incredible gift of a voice and platform to do powerfully positive things with". She said they wanted to "remind people that we are British and we can get through this". "We would like everyone to walk together with Tom so we can help support those who are lonely," she added.

Caring

Andrew Twiggy and Nicola Forest pledge incredible $70 million to bushfire crisis

Billionaire Australian businessman Andrew “Twiggy” Forrest and his wife Nicole will be parting ways with $70 million as a bushfire recovery package. The Western Australian mining magnate will be spending $50 million on a “national blueprint” for fire and disaster to develop new approaches to fight the serious threat of bushfires. “We know that this is a matter of national resilience,” Mr Forrest told reporters in Perth. “This goes to a holistic assessment of where the nation is at and what we need to do to improve resilience.” Forrest will further provide an additional $10 million through the couple’s Minderoo Foundation to build a “volunteer army” which will be deployed through different regions that have been devastated by bushfires. They will also contribute a further $10 million for communities that are working in collaboration with the Australian Red Cross, the Salvation Army and other agencies on the forefront. The foundation has also established a Fire Fund and the Forrests say they will match every dollar donated with two dollars. “We are here representing a family and from our family to your families, your fire-affected families, the wildlife, the children who are devastated, the parents who have lost farms and properties and homes and dreams, we are here with our family to help support your family,” he said. Mr Forrest said they are “so proud to be Australians” and to see everyone rallying together “during this cataclysmic time”. The businessman hopes to raise $500 million through a global campaign to establish a long-term bushfire research project. “We are stepping up, as we did for the Black Saturday bushfires, to go out to the communities in South Australia, Victoria and New South Wales, find out what you need, what your families need, what your communities need and to help you, not rebuild to perhaps what you had, but to plan for what could be – what may be even better,” he said. “I would just like to say, on behalf of all of the Minderoo Foundation and all West Australians, that we weep along with Australia, along with you and, as a family and as a foundation, we would like to step up and help you. Thank you.” The federal government has committed at least $2 billion towards the bushfire recovery and further established a new national agency to co-ordinate efforts on the ground. This will be run by former Australian Federal Police commissioner Andrew Colvin. The NSW and Victorian governments have set up similar agencies at a state level. Prime Minister Scott Morrison said “tremendous generosity” has been expressed by many people all over the nation, from billionaires “down to boys and girls raising money in their local schools”. “Can I start by acknowledging the tremendous generosity of so many Australians, whether it is James Packer or Anthony Pratt, or Andrew Forrest, or whoever it happens to be,” he told reporters in Canberra. “The generosity of that response, I think, has been simply extraordinary. “It’s important that we work hard to best channel and co-ordinate that support that is coming through into the areas of greatest need.” Mr Colvin said they had spoken to Mr Forrest. “Very generous what he’s put together,” he said today. “He’s done this before. Last thing I’m gonna do is step in the way of that. I will make sure it’s best utilised.” Mr Forrest is seventh on Forbes’ ‘Australia’s 50 Richest People’ list with a net worth of $US8.8 billion ($A12.8 billion).

Money & Banking

Million dollar men: Elton John and Chris Hemsworth's huge bushfire pledges

Celebrities are putting their money where their mouth is when it comes to donating to bushfire relief that’s ravaging Australia. Elton John received a standing ovation at his concert as he pledged to donate $1 million for Australia’s bushfire relief efforts. “There are people out there who have lost their lives trying to save homes. There are people who have lost their lives and their homes,” he said <a rel="noopener" href="https://twitter.com/BrittA2211/status/1214516183023542272" target="_blank">to the crowd</a>. “And lastly there’s the plight of the animals. A loss of their habitat that frankly is on a biblical scale, and heart-breaking. Therefore, tonight I will be pledging one million dollars to support the bushfire relief fund.” <blockquote class="twitter-tweet" data-lang="en-gb"> Elton John just donated one million dollars to the bushfire relief <a href="https://t.co/Ld2i0t9n98">pic.twitter.com/Ld2i0t9n98</a> — Britt (@BrittA2211) <a href="https://twitter.com/BrittA2211/status/1214516183023542272?ref_src=twsrc%5Etfw">7 January 2020</a></blockquote> He matched Marvel star Chris Hemsworth donation of $1 million, as Hemsworth encouraged his 38.9 million followers on Instagram to dig deep and help in any way that they can. “We’re still in the thick of it here with plenty of challenging times ahead and still to come. So, what we need is your support and your donations,” the father of three said in a video. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-permalink="https://www.instagram.com/p/B7AG8XHp-wQ/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" rel="noopener" href="https://www.instagram.com/p/B7AG8XHp-wQ/?utm_source=ig_embed&utm_campaign=loading" target="_blank">A post shared by Chris Hemsworth (@chrishemsworth)</a> on Jan 6, 2020 at 6:34pm PST </div> </blockquote> Kylie Minogue made headlines for donating $500,000 to the bushfire relief and said that the devastation in Australia is “heartbreaking”. “As a family, we’ve donated $500,000 towards the immediate firefighting efforts and the ongoing support which will be required,” she wrote in an Instagram post. “Big or small, from near or far, any support will help those affected by the devastating bushfires.” <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/B6-EYf-gnCy/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <a style="color: #000; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none; word-wrap: break-word;" rel="noopener" href="https://www.instagram.com/p/B6-EYf-gnCy/?utm_source=ig_embed&utm_campaign=loading" target="_blank">Last year I had the incredible opportunity of visiting some of the many beautiful places in my homeland for the first time. Returning home to such devastation throughout much of the country is heartbreaking. As a family, we’ve donated $500,000 towards the immediate firefighting efforts and the ongoing support which will be required. Big or small, from near or far, any support will help those affected by the devastating bushfires. With love, The Minogue Family. @redcrossau @nswrfs @cfavic @sa_countryfireservice @wireswildliferescue #Australia</a> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A post shared by <a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px;" rel="noopener" href="https://www.instagram.com/kylieminogue/?utm_source=ig_embed&utm_campaign=loading" target="_blank"> Kylie Minogue</a> (@kylieminogue) on Jan 5, 2020 at 11:28pm PST </div> </blockquote> Nicole Kidman and Keith Urban were one of the first celebrities to donate to bushfire relief, as they donated $500,000 after spending Christmas in Sydney with their daughters. <blockquote style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" class="instagram-media" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/B66mowFpyI9/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="12"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"></div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"></div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"></div> </div> </div> <div style="padding: 19% 0;"></div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"></div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <a style="color: #000; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none; word-wrap: break-word;" rel="noopener" href="https://www.instagram.com/p/B66mowFpyI9/?utm_source=ig_embed&utm_campaign=loading" target="_blank">Our family’s support, thoughts and prayers are with everyone affected by the fires all over Australia. We are donating $500,000 to the Rural Fire Services who are all doing and giving so much right now.</a> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;">A post shared by <a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px;" rel="noopener" href="https://www.instagram.com/nicolekidman/?utm_source=ig_embed&utm_campaign=loading" target="_blank"> Nicole Kidman</a> (@nicolekidman) on Jan 4, 2020 at 3:10pm PST </div> </blockquote> Aussie favourite Pink also donated $500,000 “directly to the local fire services that are battling so hard on the frontlines.” The singer wrote she is “totally devastated watching what is happening in Australia right now with the horrific bushfires. My heart goes out to our friends and family in Oz”. However, the campaign that has caught the most attention is run by comedian Celeste Barber, as her campaign has currently raised $45 million for the Trustee for the NSW Rural Fire Service and Brigades Donation Fund. The fund is managed by a group of trustees, according to SBS, who have significant experience with the NSW RFS. "The purpose of the trust is to make available to brigades the ability to accept tax-deductible donations, both in person and online, with as little administrative burden as possible," its <a rel="noopener" href="https://www.rfs.nsw.gov.au/__data/assets/pdf_file/0004/95062/NSW-RFS-and-Brigade-Donations-Fund-DGR-Trustees-Annual-Report-2017-2018-....PDF" target="_blank">most recent annual report says</a>. "It was established and is operated solely for the purpose of supporting the volunteer-based fire and emergency service activities of the brigades." The NSW RFS said that they are focusing on the ongoing bush fire emergency before even thinking about spending the money. They said in a statement to SBS: "The NSW RFS is focused on the ongoing bush fire emergency that continues to affect communities across NSW. We are continuing work to slow the spread of fires, establish containment lines, conduct building impact assessments and return residents to their communities as soon as possible," a spokesperson said. "It's important that our members, who know what's best for their brigades and communities, have a say in the use of donated funds." "Once the bush fire emergency eases, the NSW RFS will work with senior volunteers and brigades to ensure donated funds are used for the greatest benefit of our members and their communities." OverSixty, its parent company and its owners are donating a total of $200,000 to the Vinnie’s Bushfire Appeal. We have also pledged an additional $100,000 of product to help all those affected by the bushfire crisis. We would love you to support too! Head to the <a href="https://donate.vinnies.org.au/appeals-nsw/vinnies-nsw-bushfire-appeal-nsw">Vinnie's website</a> to donate!

News

Ash Barty's astonishing bushfire pledge

Many of Australia’s sporting heroes have pledged to donate to the Australian bushfire appeal over the past week, including Nick Kyrgios, Chris Lynn and Peter Siddle. But it was French Open champion Ash Barty that offered the most hefty donation of all. Barty will donate her entire prize money from next week’s Brisbane International to the Red Cross Fire Appeal. Which means she will ultimately be working for free. Barty will donate AU$360,000 if she ends up winning the tournament which takes place before the highly-anticipated Australian Open. Her competition is Maria Sharapova and world No. 3 Naomi Osaka, who took home the prize at last year’s Australian Open. Speaking in Brisbane on Sunday, Barty said she wanted to donate to the families who have been left with nothing after the bushfires. “Wildlife has been lost but it has also affected lives and homes so I have been sitting down and thinking with my team and family on ways we can help,” said Barty. “There have been really great initiatives from cricketers, tennis players, golfers, soccer players all over the country trying to help out. “We have come to the decision any of my prize money here in Brisbane will be donated to the (Australian) Red Cross to go towards the families and homes affected.” The selfless gesture comes right after Barty contributed $30,000 late last year to the RSPCA to help wildlife affected by the national disaster. “The first time I saw of it was flying home from the Fed Cup final (in November) from Perth back to the east coast,” said Barty. “We could see the smoke haze and some of the fires from the plane, so that really hit home with me.”

Money & Banking

Qantas pledges zero carbon emissions by 2050

Qantas has vowed to eliminate carbon emissions completely by 2050, becoming the second airline in the world to put forward such a pledge. Chief executive Alan Joyce said the airline is set to cap net emissions at their 2020 level and cut them gradually over the next 30 years. It will also invest $50 million over the next decade to “help develop a sustainable aviation fuel industry” in Australia and double the number of flights which offset carbon emissions by matching every dollar spent by customers who opt for the offsetting scheme when they book tickets. Joyce said the goal to be net carbon neutral by 2050 is “ambitious, but achievable”. “Concerns about emissions and climate change are real, but we can’t lose sight of the contribution that air travel makes to society and the economy,” Joyce said. “The industry has already come a long way in cutting its footprint and the solution from here isn’t to simply fly less but to make it more sustainable.” The airline also highlights its ongoing plan to obtain more fuel-efficient aircrafts such as Boeing 787 Dreamliners and A321neos. “We recognise that airlines have a responsibility to cut emissions and combat climate change. We’ve already made some good progress, especially by investing in newer aircraft that have a much smaller carbon footprint,” said Joyce. “We want to do more, and faster.” In adopting the net zero emissions goal, the Australian airline joins pan-European airline company IAG, which unveiled its <a href="https://www.iairgroup.com/en/sustainability/flightpath-net-zero">Flightpath net zero</a> plan in October. The announcement comes amid increasing scrutiny of the aviation industry’s carbon footprint. The industry contributes about 2 per cent of global carbon dioxide emissions.

International Travel

“Corporate hypocrites”: Harsh words from Alan Jones backfires as shoppers pledge loyalty to Coles

Controversial 2GB radio host Alan Jones has called for his listeners to boycott Coles after they’ve pulled advertising from his radio show. His harsh words were hoping to put a dent in Coles sales, but it appears that might have backfired. Jones said that Coles should look at its own “value system” before passing judgement. He then proceeded to call the company “corporate hypocrites” and accuse them of ripping off dairy farmers. “So I can tell my listeners to give Coles supermarkets, and their petrol stations a very wide berth .... We can both play the same game,” he said. “And good luck to you by the time I am finished,” he cautioned Coles. However, numerous critics of Jones have taken to social media to announce that they are shopping at Coles simply due to the opposition to Jones. “Sorry Woolworths but I can ONLY shop at Coles now. Nothing to do with you per se but it's my personal policy to ALWAYS do the exact opposite of anything Alan Jones suggests,” one man posted on Twitter. “Well I’ll now got out of my way to shop Coles since hearing this! Who does this old friggin’ dinosaur Alan Jones think he is?” someone quipped. “I will happily drive straight past my local Woolies and go an additional 5kms just to shop with you following your decision to withdraw from Alan Jones,” another Twitter user posted on Thursday. Many have followed suit, saying that they hope Coles holds its ground against Jones and his controversial comments. Despite Jones apologising for his remarks about New Zealand Prime Minister Jacinda Ardern, more than 80 advertisers pulled their money from the morning show. “I will shop at Coles while they do not advertise with 2GB. If they renege, there are many other options! I like to feel that the massive female workplace in Coles group are supported,” another person wrote. “I also will switch to Coles from now on even though it is a little out of my way to do so. Stay strong Coles,” a Twitter user added.

Domestic Travel

Same-sex marriage backfire: Married couple's bold divorce pledge

A Sydney lawyer has offered his pro-bono support to a couple who pledged to divorce if Australia legislated same-sex marriage. Michael Tiyce from Sydney law firm Tiyce & Lawyers told news.com.au that he offered his services to Nick and Sarah Jensen “because, quite simply, they are going to need it". On Wednesday, the Australian Bureau of Statistics announced 62 per cent of Australians had voted Yes in the same-sex marriage postal survey. In 2015, the Jensen couple drew national controversy when they pledged to divorce if legislation changed so gay couples could marry. “My wife and I just celebrated our 10th wedding anniversary but later this year we may be getting a divorce,” Mr Jensen wrote in <a href="http://citynews.com.au/2015/gay-law-change-may-force-us-to-divorce/" target="_blank">Canberra City News</a>. “My wife and I, as a matter of conscience, refuse to recognise the government’s regulation of marriage if its definition includes the solemnisation of same sex couples.” Although the couple would be divorced by law, Nick said the couple would continue to be in a relationship. “After our divorce, we’ll continue to live together, hopefully for another 50 years. And, God willing, we’ll have more children. We’ll also continue to refer to each other as ‘husband’ and ‘wife’ and consider ourselves married by the Church and before God.” After Wednesday’s <a href="http://www.oversixty.com.au/news/news/2017/11/australia-same-sex-marriage-survey-result-announced/" target="_blank">result</a>, many are wondering if the couple are still willing to go through with their decision. However, Mr Tiyce said the couple’s divorce might prove to be a challenge as divorce is only acceptable under certain conditions. “The Family Law Act [states] the only ground for divorce is that the marriage has broken down irretrievably. That means that there is no reasonable chance that the parties will resume their marital relationship.” He also said that a couple need to separate for a continuous period of 12 months before filing for divorce. “As I understand the position taken by Nick and Sarah, they intend to divorce, but still remain together and have more children. That makes things a bit tricky as they will be unable to establish the consortium vitae has ended. “Continuing to present as husband and wife to the world would, in my opinion, make it impossible for them to establish that their relationship was at an end. “This is a situation known as ‘wedlock’ which is mostly experienced currently by gay couples who married overseas but cannot always divorce upon separation in Australia because their marriage post 2004 is not recognised here. “I understand that may be even more uncomfortable for Nick and Sarah hence my offer to help them out of the institution they support keeping closed to gays,” he said. “The application may be doomed to failure but it is worth giving it a burl.” After Nick's public divorce announcement, 100,000 people signed up to attend a Facebook event called 'Celebrating Nick and Sarah Jensen’s divorce’. Earlier this week, Nick said to Mail Online, “We just need to see the legislation and if it all goes that way. Then we know what situation we’re in and what we’re going to do.” Nick admitted he and his wife had not met the 12-month separation rule to apply for a divorce. “This is a minor problem, however, if a simple ‘annulment’ option was available in any legislation for conscientious objectors such as ourselves. If this wasn’t available then perhaps a larger legal challenge could be made,” he said. “Some have painted our act as simply a petty tantrum, a toddler’s reaction who doesn’t want to share and will simply take his toys home if he can’t win,” he said. “This decision is not due to any dislike of any people, same sex attracted or not, but simply around how we understand marriage as defined by God.” What do you think about this couple wanting to divorce following the same-sex marriage verdict? Share your thoughts with us in the comments below.

News

The moment that brought Karl Stefanovic to tears

When Lara Thomas stepped out onto the This Time Next Year stage and pledged that by this time next year, she’d have “amazing boobs”, she had the audience in fits of laughter and left host Karl Stefanovic blushing up a storm. However, when she revealed the heartbreaking reason behind her pledge, Karl was close to tears. Just two weeks before appearing on the show, Lara was diagnosed with stage two breast cancer. “I was just in the shower after I’d been in the pool with the kids and some friends, and I just found it,” she told <a href="http://honey.nine.com.au/2017/08/07/16/37/lara-was-diagnosed-with-breast-cancer-so-she-bought-herself-new-boobs" target="_blank">9Honey</a>. She wasted no time at all, visiting her doctor the next day and then heading to Sydney Breast Clinic the day after. When the bad news came, Lara’s first thought was, “Oh my God, I’m going to die”. “You think about your kids,” she told Karl. “That’s the hardest part. They know now – well my two-year-old is too young, but my seven-year-old, we haven’t used the ‘c’ word, but that is the hardest part.” One year later, Lara stepped through the second door with a new short crop, a tattoo with the word “stronger”, and the most exciting thing of all. After going through two surgeries and 14 rounds of chemo, Lara finally got what she wanted – new boobs, going from a small B cup to a D. “I didn’t get a tummy tuck, but to make my boobs look more natural, they take the fat from the top of your stomach and from the bottom of mine. It wasn’t a tummy tuck but it was a bit of lipo.” Lara hasn’t quite gotten the all-clear just yet, but the tumour has been cut out and she is still receiving treatment. “You live in fear of it coming back,” she said. Now, all Lara wants is for women in a similar situation to know they’re not alone. “If someone’s watching it and they’re at that same point, I hope that they can look at me and go, ‘Oh my God, I really hope that's me next year.’” “You do come out the other side. So hopefully someone can look at it and get some hope.”

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Anthony Albanese's new $925 million pledge

A brief history of the mortgage, from its roots in ancient Rome to the English ‘dead pledge’ and its rebirth in America