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Video games provide valuable money skills Your article on the relationship between video games and financial literacy skills, focusing on young players (The Buzz, August), immediately got my attention and made me want to share my own experience. The connection between solid financial aptitude and video games is not a new phenomena. Before I hit kindergarten I was lucky enough to have been gifted an original Nintendo and, let me tell you, Mario needing 100 coins to gain an extra life was my life. The Zelda series, and collecting rupees to purchase items, further developed an understanding of money. My modest collection of games was the result of saving up to buy them with whatever money a child could put together and scoping out good deals. To some (including many…

MATT CAMPBELL Contributor My dad is a painter – not the artist kind, the walls-andwindows kind. I wasn’t allowed to follow in his footsteps; he insisted I use my brain, not a brush. I was a terrible painter, anyway! He regretted worrying about money when I was a kid, lamenting lost opportunities because of a fear of failure. He told me to back myself, take risks and know my worth – essentially, he gave me the push I didn’t know I needed. Read Matt’s story about the EV boom on page 44. NICOLA FIELD Contributor My father was a great lover of fine wines. He was more than happy for Mum to stack the grocery trolley with ‘no-frills’ dupes, but there was no way he was going to give up…

AMAN RAMRAKHA OUTLOOK More than a billion people have been lifted out of poverty because of globalisation since 1990, according to the World Bank. The income of the poorest 40% of the world’s population has increased by 50%. Trade has also shaped the global economy and has helped promote positive socioeconomic outcomes. Globalisation highlights one of the basic theories of economics: comparative advantage, which suggests that countries focus on industries where they have the highest skill and the lowest opportunity cost. All the same, concerns about globalisation have bubbled away. An International Monetary Fund (IMF) paper published in 2023 charts three phases of the deglobalisation movement in recent times. The first occurred around 2015 and gave rise to Brexit, with a trade war between the US and China in 2018-19…

CALENDAR OF EVENTS Wednesday, September 4 GDP growth rate Thursday, September 5 Balance of trade Thursday, September 12 Westpac consumer confidence NAB business confidence Thursday, September 19 Unemployment rate Tuesday, September 24 RBA interest rate decision How helping the kids can end in tears for the Bank of Mum and Dad Everyone and their dog knows that buying a home in Australia is no easy feat. The reality is that as property prices have outpaced wages in recent decades, it’s become harder for those trying to get their foot in the door to put together a deposit. So, where do would-be buyers turn for help? In many cases, they turn to parents or family members – a group that’s now collectively referred to as BOMAD (the Bank of Mum and…

Current legislation must be repealed to outlaw virtualonly annual general meetings (AGMs) for companies listed on the ASX. The gold standard is a fully hybrid AGM, providing the 7.7 million Australians who are retail shareholders with access to company boards and management at least once a year. The Federal government is considering legislative changes to the method of conducting company AGMs. At Wilson Asset Management, we advocate for reform that promotes a fully hybrid format and bans virtual-only AGMs. We encourage all other listed companies to adopt the hybrid format, which is the fair and equitable approach. Initially enabled by temporary amendments to the Corporations Act in 2020 during the Covid pandemic, fully hybrid AGMs have since been embraced by our investment team, our 130,000 retail shareholders and eight listed…

MARK CHAPMAN TAX TIP If you’re going through a divorce, tax is probably not front of mind. But if, as part of the settlement, assets (such as property or shares) are transferred between spouses, you really should consider the tax aspects. In most cases, a CGT rollover will apply and have the effect of disregarding any capital gain or loss arising on the transfer of the asset. The receiving spouse is effectively treated as if they had always owned the asset and will be liable to CGT on the full capital gain when they ultimately dispose of it. A similar exemption applies to stamp duty. The giving spouse has no further tax implications and is deemed, in effect, to have never owned the asset. This rollover is automatic. You cannot…

BOOK OF THE MONTH IOOF TO INSIGNIA FINANCIAL by Engel Schmidl (Allen & Unwin, RRP $45) Founded as the Independent Order of Odd Fellows, the IOOF friendly society provided Australians with the social and financial services that governments did not offer. Funeral funds, medical insurance and sickness and injury allowances from IOOF ensured working families were able to withstand life’s misfortunes. This is the story of how the IOOF, now called Insignia, grew into a financial powerhouse. Drawing on interviews with past and present company leaders and employees, the book traces the growth and maturing of the financial services industry in post-war Australia. We have two copies to give away. In 25 words or less, tell us why you would like to win this book. Enter online at moneymag.com.au/win or…

MORE MONEY STORIES ON P44-58 $214m The total possible savings on offer to savvy international money transfer customers each year. Source: ACCC Competition cuts transfer costs Australians sending money to friends and family overseas are missing out on hundreds of millions of dollars in potential savings despite improvements in the international money transfer market. In 2019, the Australian Competition and Consumer Commission (ACCC) released the findings of an inquiry which noted that pricing complexity and a lack of transparency made it hard for consumers to confidently compare providers and transfer options. But five years on, the ACCC says prices have dropped and competition has increased as more fintech players entered the market, forcing the major banks, which have been the incumbents, to improve their game. Gina Cass-Gottlieb, the ACCC’s chair, says…

After years in the works, ANZ’s acquisition of Suncorp Bank has reached its final chapter. At least, for now. At the beginning of August the acquisition officially ent through, meaning that roughly 1.2 million Suncorp customers and 3000 staff were absorbed into the ANZ Group. ANZ also inherits Suncorp’s mortgage book, which, according to the latest data from the Australian Prudential egulation Authority, is worth oughly $53 billion. That catapults ANZ ahead of NAB as the nation’s third largest lender behind Commonwealth Bank and Westpac. “This strategically important acquisition boosts our presence in Queensland, adds scale to our retail and commercial businesses, and means we can compete more effectively across the Australian market,” says Shayne Elliott, ANZ chief executive. Initially, Suncorp customers are unlikely to notice any major changes. ANZ…