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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:
TIME TO FIGHT BACK
EDITOR'S WELCOME When we talk about saving money, we often share articles about how to invest, where to cut costs and how to improve money habits.
But a damning report on price gouging and unfair pricing practices released in February had the Money team's (collective) jaws on the floor. The report exposed one of the reasons why, despite all our best efforts, living standards continue to come down: we are getting ripped off every day.
Our reporter, Nicola Field, pored over the 80-page report for the backbone of our cover story on price gouging (page 34). Companies with large market share due to a lack of competition are using a plethora of methods to benefit themselves and their shareholders at the expense of the consumer. At every turn – whether…
Letter of the month
Learn about shares by playing the ASX game
Paul's response to Tamara about her teenagers’ interest in shares (Ask Paul, February) is insightful. Might I add that an excellent way for teenagers (or anyone, for that matter!) to learn about shares is the biannual ASX Sharemarket Game.
Her children could participate independently or ask a teacher to enrol them in the School Sharemarket Game, where whole groups/classes can compete for a grand prize.
I'm a secondary teacher myself and registered my Year 10 students for this last year. It was fun to see them compete against each other and learn about such an important life skill in the process.
Kimberley
Mission accomplished in building wealth
As an ex-army veteran, I enjoy a mission. My monthly mission with Money magazine is…
‘What is your pet overcharging peeve?’
HANNAH TATTERSALL
Contributing writer
It annoys me when retail stores have a sign saying something like: ‘Transactions less than $10 will incur a credit card fee’. As someone who pays for almost everything using my phone or smartwatch, it's annoying to be penalised for not having cash. We were all forced to use cards during the pandemic and many of us have kept up the habit. I feel it is unfair to be charged an extra 10c or 50c for buying something small. Retailers should factor this amount into the cost of their products rather than charging extra at the counter.
See Hannah's feature about the benefits of debt recycling on page 72.
PAUL CLITHEROE
Columnist
I hate being overcharged, but getting underpaid is even worse. I always recommend that…
Why the ASX is in big trouble
ALEX DUNNIN OUTLOOK A ustralia's largest super fund, AustralianSuper, sent shockwaves through the nation's company boards last year when it led the resistance that thwarted the buyout of Origin Energy by the consortium led by the Canadian private equity group Brookfield.
As dramatic as AustralianSuper's actions were, too many people have learned the wrong lessons from it. It's not that our super funds have become too powerful and need their wings clipped; the problem is with the ASX itself. It's too small, not diversified enough and has too few large investible, quality companies capable of satisfying Australia's cashed-up, biggest investors.
It means that policy proposals to require super funds that get involved with a takeover deal to seek permission, or impose on them some bizarre duty of care to other…
NEWS&VIEWS
CALENDAR OF EVENTS
Friday, April 5
Balance of trade
Tuesday, April 9
Westpac consumer confidence
Thursday, April 11
NAB business confidence
Thursday, April 18
Unemployment rate
Wednesday, April 24
Inflation rate
THE BUZZ
Home internet has come a long way in three decades. Gone are the days of having to disconnect to make a phone call and enduring the piercing sound of a dial-up tone and painful load times. Well, that last point might not be totally true.
While loading a website no longer requires the patience of a saint, laggy connections and buffering videos remain the bane of modern-day browsers.
But a new plan put forward by NBN Co might go some way to remedying these annoyances and meeting our appetite for speed and stability.
Under the proposal, more…
Financial lessons to last a lifetime
Learning about money is a lifelong journey. Parents and teachers consistently tell us they wish they had learnt more about personal finance at school when they hear about the Talk Money program run by Ecstra, an independent charitable foundation committed to building financial wellbeing.
Concerningly, financial literacy has declined, with the largest drop among 15- to 24-year-olds, according to the 2022 Household, Income and Labour Dynamics in Australia (HILDA) survey.
Providing financial education at school is a vital first step. Ecstra helps educators by providing classroom resources on budgeting, spending, needs versus wants plus the newer concepts of crypto, buy now, pay later and a nearly cashless economy.
Talk Money – the largest face-to-face national financial education program offered free to all schools – helps students of all ages to…
Keep ahead of the tricksters
If there's one thing you commit to memory this year, make it this list of four common scamming tricks.
1. Pretending to be from an authority, scammers rely on most of us being lawabiding citizens. So, they commonly pretend to be from large, familiar agencies, such as the tax office, a bank and utility companies.
2. They often couple this with a sense of urgency: they most definitely do not want you to have time to think clearly. Scammers often give you a limited time, perhaps threatening a fine or a late payment fee.
3. Then they engage your emotions. Once they have a dialogue with you, scammers will often use emotive language. Remember that no legitimate organisation ever does this.
4. They will promise something that's too good to…
Avoid the rush to prepare tax return
MARK CHAPMAN TAX TIP As we approach the end of the financial year, thoughts may be turning to preparing your tax return. You must be able to substantiate your deduction claims, which for many taxpayers can mean a mad scramble to find invoices/receipts. So now is a good time to start getting the paperwork together.
You must have written evidence to prove your claims if your total deductions exceed $300. The records you keep must prove the total amount, not just the amount over $300.
The $300 limit does not apply to claims for a car, meal allowance, award transport payments allowance and travel allowance expenses. There are special written evidence rules for these claims (such as the logbook for car allowances and the substantiation exemption for travel expenses less…
NEWS&VIEWS
BOOK OF THE MONTH
This practical guide offers realistic advice on how readers can improve their spending habits and take control of their financial wellbeing. With humour and relatable anecdotes, Emma Edwards unpacks how to disconnect from the noise of consumerism, what can lie behind emotional spending and how budgeting and cashflow management can improve not just people's money habits, but how ‘good with money’ they feel they are. In writing the book, the founder of The Broke Generation, which provides financial advice for ‘hot mess’ Millennials, aims to eliminate the feeling of shame surrounding debt and overspending.
To win one of five copies
In 25 words or less, share a moneysaving tip that reduces your household expenses. Enter online at moneymag.com.au/win or send entries to Money, Level 7, 55…
PODCAST OF THE MONTH
FRIENDS WITH MONEY
#139: TOP PERFORMING ETFS OF 2023
Guest: Cameron Gleeson
Hosted by: Tom Watson
Investors poured billions of dollars into exchange traded funds in 2023. In this podcast, Cameron Gleeson, senior investment strategist at Betashares, discusses ETF performance in 2023 and the trends emerging this year.
The number of investors using ETFs in Australia has risen from 15% to 20% over the past three years. New investors, in particular, find them appealing because they provide diversification and allow access to asset classes that are difficult to access directly. They were the first investment for 14% of first-timers in the past two years, according to the ASX.
SCAN THIS CODE TO ACCESS ALL OUR FRIENDS WITH MONEY PODCASTS…
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