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Money magazine helps you manage your finances by cutting through the jargon to deliver clear and precise information to help you save money and make the most of your investments. Each issue, you'll enjoy credible, well-researched reports and expert commentary from some of Australia's most respected financial writers.
In This Issue:
A time to celebrate
EDITOR’S WELCOME EDITOR’S NOTE A quarter of a century ago, a young(ish) buck named Paul Clitheroe parlayed his success with the TV show Money (three million regular viewers!) into print.
Money, the magazine you now hold in your hands, was born in July 1999. This month we celebrate our silver milestone with a personal piece by Paul on his own financial and life journey. After all, for 25 years he has dispensed Paul’s Verdict – we thought it was timely to turn the spotlight on him. It’s a beautiful appraisal of a life well lived, demonstrating the importance of understanding personal finance to prosper financially, emotionally and physically.
Our beloved Family Money columnist, Susan Hely, shares the hard-won money lessons she wants to have with her children (if only they listened).…
Letter of the month
Urgent need to improve financial literacy
I really am fond of Money magazine. It gives insightful news and views, interviews and strategies for achieving financial independence and making the right investment decisions. My favourite is the Ask Paul column.
As a father of three children, I agree with Michelle Baltazar that there is a dearth of financial literacy in Australia and (for the sake of our future generations) individual schools should invite experts in for short sessions to fill in the gaps.
I wish such a magazine could be placed in schools to educate children about saving and investing. Good money management will certainly help survival and bring less stress.
Munir
Under the influence
Loved the May issue with its generous focus on money psychology and the rise of financial…
'What's a new product, service or innovation that has impressed you?'
PHIL SLADE
Contributor
Chat GPT-4o’s new voice assistant. Where other companies like Google have been super careful not to make their AI bots sound human, Open AI has gone completely the other way, making GPT-4o flirt and sound emotional and completely likeable. Scary, but also massively impressive. Harks back to the movie Her, a sci-fi cautionary tale about the pitfalls of an AI that people will fall in love with. This is not sci-fi; it’s just been released.
Read Phil’s column on crypto’s emotional ride on page 48.
GEORGIA MADDEN
Contributor
In an effort to track my spending – in particular those little daily amounts that decimate my bank balance by the end of every month – I downloaded the Crunchr app. Designed as a receipt-tracking tool, it also lets…
Housing under the microscope
IVAN COLHOUN OUTLOOK In recent weeks, both sides of politics have proposed policy changes that, if implemented, would significantly impact immigration rates, population growth, international student numbers, housing construction and overall economic growth in coming years. At the heart of these decisions is the housing crisis.
In the 2024 Federal budget, the government signalled an increase in: funding for new housing construction; rental assistance; regulation to increase student accommodation and fee-free TAFE places for those studying trades; and it anticipates an easing in net overseas migration in the next financial year.
The Opposition went further, committing to cut the permanent migration intake by 25% for the next two years and to ban foreign investors and temporary residents from buying established housing for the next two years.
Are these policy decisions…
NEWS & VIEWS
CALENDAR OF EVENTS
Tuesday, July 2 RBA meeting minutes
Thursday, July 4 Balance of trade
Thursday, July 11 Westpac consumer confidence NAB business confidence
Friday, July 18 Unemployment rate
Buy now, pay later users to be given greater protection
Whether you want to call them innovators, disruptors or something else, there’s no doubt that buy now, pay later (BNPL) players have shaken up the payments landscape with their short-term, instalment-based finance, which particularly appeals to younger Australians.
But almost 10 years on from the founding of what is without a doubt Australia’s most well-known BNPL provider, Afterpay, the industry is finally being ushered under the credit umbrella.
In early June, the Federal government introduced legislation that will see BNPL services such as Afterpay, Klarna and Zip regulated as a form…
How coffee drinkers can help charities
The latest findings from TPG Telecom Foundation’s Philanthropy Pulse Survey paint a challenging picture for charities. Amid rising living costs, 39% of Australians have cut back on charitable donations to manage household bills. Alarmingly, donation cuts come before people cut back on coffee and the gym.
This trend puts significant pressure on charities, which are already struggling during the cost-ofliving crisis. Families facing disadvantage are often the first to feel the pinch and they need help more than ever. Infoxchange, one of the TPG Telecom Foundation’s charity partners, runs the Ask Izzy digital platform, a vital service connecting people with housing, meals and financial support. It expects the demand for assistance to continue growing.
What is also clear from the foundation’s research is that Australians love coffee, with 75% of…
Watch out for these super rip-offs
As more people retire, super scams are increasing. They tend to come in three varieties. Here’s what you need to know.
Phishing: Often a scammer will pretend to be from a financial services company such as a bank or super fund. They request your personal details, often through an email with a link. When you click on that link, they will be able to access your computer. They create a super account in your name with another fund, then transfer funds to this account before withdrawing the money.
Open an SMSF: A scammer may have created a trusting relationship with you. They encourage you to transfer your super into a self-managed fund or bank account run by them so they can make your money ‘grow’. They then withdraw your money.…
Airbnb hosts can get a nasty shock when they sell
MARK CHAPMAN TAX TIP One of the success stories of the sharing economy has been Airbnb, the organisation that matches private accommodation to potential renters. But letting part of your home through Airbnb (or Stayz, or any similar platform) can deliver a nasty, and little understood, sting in the tail when it comes to tax.
Broadly, if you own an investment property, you will pay capital gains tax (CGT) when you dispose of it based on the profit you make on sale.
This, in simple terms, is the difference between the amount you sold it for and the amount you paid for it. With property prices having risen rapidly in recent years, it is easy to make substantial profits on sale and equally easy to forget that the tax office…
NEWS & VIEWS
BOOK OF THE MONTH
PROPERTY INVESTING ROADMAP
by Damian Collins (Damian Collins, $32.95)
When it comes to this nation’s favourite investment – property – one of Australia’s most respected experts, Damian Collins, is best placed to explain how to reap the rewards. He guides readers through property-related choices, from how to buy your first rental property to strategies such as leveraging equity, property development and diversifying a portfolio through commercial property.
As the former president of the Real Estate Institute of Western Australia and a director of the Real Estate Institute of Australia, Collins has plenty of sound advice to offer.
Ten readers can win a copy.
In 25 words or less, share a tip that has helped you get into the property market. Enter online at moneymag.com.au/win or send…
MY MONEY
MORE MONEY STORIES ON P42-53
Households reluctant to seek help
As households continue to struggle with cost-of-living pressures, new research by ASIC’s Moneysmart reveals that nearly half (47%) of Australians with personal loans or other debts have struggled to make their repayments over the past year.
ASIC also found that a majority of people aren’t aware of the support that lenders are required to provide customers who are experiencing financial hardship. For example, lenders may be able to temporarily alter a customer’s loan repayments or set up a payment plan.
Even with that knowledge, 30% of Australians say they wouldn’t reach out for hardship support, citing concerns about the potential long-term cost of seeking help and impact on their credit score.
“It is concerning that people would rather sell their…
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