Too many boats, not enough berths. Why marinas are hot property
Demand is rapidly outpacing supply on Sydney Harbour, which has the highest concentration of yachts during summer, but is largely locked out from further development.
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Yahoo
30 minutes ago
- Yahoo
Terrifying super reality facing 4.3 million Aussies: 'Underprepared'
Millions of Australians are facing a bleak retirement, as they don't have enough savings to support a comfortable life. New data from Finder has found that many will be forced to work well into their 60s and 70s to build up their nest eggs before they can finally enjoy their twilight years. The consumer group discovered 20 per cent, equivalent to 4.3 million people, said their superannuation won't fully fund their retirement dreams. A further 20 per cent said they'll only be able to get by later in life if they cut back on their spending now. Some Aussies could have an even shakier financial future in retirement if they haven't paid off their mortgage or they are renting, which can be at the whim of price hikes. Finance expert Ben Nash told Yahoo Finance there are two main things you can do now to ensure you have the biggest nest egg possible. RELATED Top 10 superannuation funds revealed as Aussies receive 'double-digit' returns Major warning after Aussie receives random $350 payment in her bank account Aussie 'appalled' by $4,000 ATO tax bill after common deductions rejected How can I grow my superannuation balance now? Nash said a quick health check on your account should be your first port of call. "Make sure your super is in a good fund with good investments," he said. "You want the money to be working hard for you, and not just for your super company. "There are a lot of great super funds out there these days that can be far cheaper, better options for the majority of people... you don't need a self-managed super fund (SMSF) to get great performance."You can log in to your superannuation account to see where your money is invested and some funds have financial advisors who can guide you into an arrangement that suits your age and risk appetite. myGov also has a handy tool that allows you to compare your super fund with others in the market, which can give you a broad look at how your money might perform. Nash added that if you're worried about being behind on your super balance, you can make additional contributions with your spare cash. Say you had $60,000 in your super right now, and contributed just $10 per week to your account. Over 20 years, you would have contributed $10,400. But thanks to compound interest, your super account would have been boosted by $319,091, based on a 9 per cent rate of return and monthly compounding. The Pivot Wealth founder said you should chat to a financial advisor to see if additional super contributions to your employer's would be a good idea for your circumstances. How much super do I need for a comfortable retirement? This figure can differ depending on who you ask, but the Association of Superannuation Funds of Australia (AFSA) suggested it's $595,000 for singles, and $690,000 for couples. The Association said if you live a modest life as a single person, you'd need around $33,386 per year. That goes up to $52,383 if you want a comfortable retirement. For couples, a modest retirement would require $48,184 per year, while comfortable twilight years would need $73,875 per year. According to data from the Australian Taxation Office (ATO), the average Aussie has just $172,835 in their super account at the moment. The median, which can be a much better snapshot because it takes out the highest and lowest performers, super account balance was $60,037. Pascale Helyar-Moray, Finder's superannuation literacy expert, said it's worth doing everything you can while you're working to ensure your nest egg will get you through retirement. She said if you don't, it could be a dire future ahead for many. 'More and more people are worried that retirement will arrive before the money does, leaving them underprepared," she said. 'Super earnings below $30,000 are taxed at a maximum of just 15 per cent, which means salary sacrificing into super could help grow your wealth while also lowering your tax. 'You won't be able to access your super until retirement, so it's wise to ease into it – $100 a month may not sound like much, but it can make a real impact over time.' Some who don't have enough in their super might be forced to apply for the Age Pension to get by. However, Helyar-Moray said you shouldn't bank on this as your ticket to financial freedom. "The Age Pension isn't guaranteed – your assets could disqualify you from receiving it," she said.
Sky News AU
33 minutes ago
- Sky News AU
PBS prescriptions to be reduced to $25
The new parliament is returning for its second week today, and Labor is trying to keep attention on the cost of living help. The government will table a bill this week to reduce the price of scripts on the Pharmaceutical Benefits Scheme (PBS) from $31.60 to $25. The change in script prices is forecast to save Australians $200 million a year.
West Australian
33 minutes ago
- West Australian
Australian news and politics live: Independent MP Chaney to introduce Bill to ban AI child sexual abuse apps
Scroll down for the latest news and updates. Independent MP Kate Chaney will today introduce a bill to outlaw technology that assists in the creation of child sexual abuse material. Under the bill it would be an offence to posess AI tools designed for the sole purpose of creating child sexual abuse material. 'This is a clear gap in our Criminal Code that I think we need to be able to respond quickly on so we can make sure we're keeping kids safe,' she said on ABC. 'Currently, possession of these images is illegal, but it's not illegal to possess these particular types of AI tools that are designed for the sole purpose of creating child sexual abuse material. 'So, it means that perpetrators can generate the material using images of real children, delete the images, and then recreate them whenever they want and avoid detection. 'This bill is focused on making it illegal to download these tools that are designed to create this material.' Ms Chaney said action was needed now. 'The challenge that we have is that we're creating a lot of reports and consultations, and the technology is moving so fast, so I think there's a need for urgent action on this. 'We need to be able to plug the gaps as we go, while addressing the broad issues about how we're going to encourage take-up of AI for its productivity benefits but creating appropriate guardrails so that people can have faith in it.'. Australians will pay no more than $25 for selected medicines for the first time in more than 20 years under a proposal to be brought before parliament. It will be the second cap on medicines on the Pharmaceutical Benefits Scheme (PBS) introduced by the Albanese government in three years, after it cut the maximum price of PBS prescriptions from $42.50 to $30. 'The size of your bank balance shouldn't determine the quality of your health care,' Prime Minister Anthony Albanese said. 'My government will continue to deliver cost-of-living relief for all Australians.' PBS medicines would be capped at $7.70 for pensioners and concession card holders until 2030. The bill's introduction is largely a formality, with its passage through the lower house all but assured thanks to Labor's massive 94-seat majority in the 150-seat House of Representatives. Read the story West is best again in economic circles but big gains made on the other side of the Nullarbor have surprised economists and left eastern states languishing. A boost in housing construction has propelled South Australia to second position, above Queensland and Victoria, in CommSec's latest State of the States report released on Monday. Western Australia remains the nation's top performer for the fourth straight quarter with strong returns on retail spending and business investment, but an upheaval could be on the horizon. 'We are seeing Western Australia lose a little bit of momentum,' CommSec chief economist Ryan Felsman told AAP. 'It's been growing at a breakneck speed the last two or three years, and the reason for that is population growth has been the highest for some time.' Read the story A plan to boost the number of fully bulk-billing general practice clinics is likely to fall dramatically short of forecasts, a healthcare directory operator warns. Labor's $7.9 billion plan to expand the Bulk Billing Incentive Program to include non-concession patients projected the number of fully bulk-billing GP clinics to rise to 4800. But healthcare directory operator Cleanbill estimates the number of entirely bulk-billing clinics will rise by just 740 to 2081 because incentive payments will not cover consultation costs for certain clinics. Federal Health Minister Mark Butler slammed the report as inaccurate and fundamentally flawed. 'This is a headline-grabbing phone poll conducted by a private company whose own website says their data is not 'reliable, accurate, complete or suitable',' Mr Butler said in a statement. 'For the first time, Labor will expand bulk-billing incentives to all Australians and create an additional new incentive payment for practices that bulk bill every patient.'
