The Good Retirement: Living the high life on a low budget
But come retirement time, many Australians find their nest egg isn't big enough to go luxury cruising or laze on a tropical island.
So how can you find enjoyment and fulfilment from retirement without spending a fortune?
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News.com.au
39 minutes ago
- News.com.au
Opportunities grow for Aussie homebuyers
After two years of uneven momentum across Australia's property market, we're now seeing a significant rebalancing that is presenting new opportunities for buyers. The latest data shows that the hottest markets are starting to lose steam as affordability constraints bite, while weaker markets are beginning to strengthen as the value on offer becomes clearer and more enticing, and interest rate cuts enable more buyers to get finance and enter the market. Price growth is moderating in what have been the hottest markets over the past two years – Queensland, South Australia and Western Australia. Buyers in Brisbane, Adelaide and Perth are still active, but competition is not as fierce. Price growth remains positive but it's slowing. Over the past three months, home values in these cities have risen by 1.6 per cent, 1.3 per cent and 1.6 per cent, respectively, compared to 3.9 per cent, 4.3 per cent and 6.1 per cent over the same three-month period last year. Regional parts of Queensland and Western Australia are following suit. Strong markets that have experienced double-digit annual price growth, like Mackay, Gladstone, Townsville and Toowoomba in Queensland, as well as Geraldton and Bunbury in Western Australia, are starting to show signs of moderation as buyers hit their affordability limits. Slower price growth means FOMO (fear of missing out) will fade and buyers will be in a stronger position to negotiate a sale, or secure a property at auction without intense bidding pressure. They will also have a better chance of keeping their savings growing at a similar pace to home values so they have enough for the deposit when they find the right home. At the other end of the spectrum, prices are starting to rise again in the markets that have lagged over the past two years, namely Victoria and Tasmania. Home values in Melbourne and Hobart have risen by 1.2 per cent and 0.9 per cent, respectively, over the past three months compared to a 0.2 per cent fall in Melbourne and a 0.3 per cent gain in Hobart at the same time last year. Regional towns in Victoria are also following the trend. Home values in Geelong, Ballarat and Warrnambool have fallen over the past year but are now flattening or rising slightly – often the first sign of a bottoming market. In Tasmania, regional markets like Launceston and Devonport have recorded very little price growth over the past year and offer great value buying today. The opportunity for buyers in these markets is to purchase a home or investment property early in the new growth cycle to catch as much of the upside as they can. NSW and the ACT have sat in the middle of the national market over the past year. Sydney home values are up by just 1.1 per cent over 12 months, regional NSW is up 3.3 per cent and Canberra is down 0.7 per cent. Whether you're hunting for value in a previously hot market or planning to buy in a stable or recovering one, now is a great time to act – before the expected rate cuts later potentially accelerate property price growth.
ABC News
an hour ago
- ABC News
AI is a double-edged sword when it comes to tax returns. Here's what Australians should know
As tax time approaches, Australians have been warned that artificial intelligence (AI) could backfire if overused. Experts say that using AI for taxes is convenient, but it also carries risks, especially when relying heavily on the technology. Should you use AI to calculate your tax return? It depends on your circumstances and the AI tools you use. Here is what to know. There are two types of AI tools that people generally use: free basic tools like ChatGPT, and bespoke tax-specific AI tools. "A lot of people, when they hear AI now, they think of something like ChatGPT, something where you type in a question or you paste in a document and it gives you some answers," Shaanan Cohney, a senior lecturer in cybersecurity at the University of Melbourne, said. "Traditionally, in the field of tax preparation, AI is much more under the surface and not something that you might even be aware you're using," Dr Cohney said during an ABC interview. Professor Stan Karanasios from the University of Queensland Business School told the ABC that in Australia, various AI-powered applications were available to help individuals with their tax returns. "These tools are marketed as assisting with tasks such as expense classification and may even connect to users' bank account data to streamline data collection." "They frequently promote themselves as tools to maximise tax refunds," Professor Karanasios said. In essence, AI can handle tedious tasks like data entry for the general public, while financial professionals are using AI to enhance their services. "For example, an Australian taxpayer might use a chatbot to clarify what work-from-home expenses are deductible, getting instant answers without waiting on hold for the tax office," Dr Walayat Hussain, an Associate Professor from the Faculty of Law and Business at the Australian Catholic University, said. "By automating repetitive data processing and research, AI allows accountants to spend more time on complex advisory work and reviewing the results for accuracy," he told the ABC. Professor Jennie Granger, from the Business School of UNSW, said that for people with simple financial affairs, AI could make tax time easier and faster. She added that AI "has an impressive ability to analyse issues, apply the law and respond in straightforward language". The Australian Taxation Office has admitted it uses AI when calculating Australians' tax bills, saying it helps staff to "quickly process large volumes of complex data to identify insights and risks". However, Individuals with limited tax knowledge or more complex financial circumstances have been urged to exercise caution when using AI for their tax returns. "Tax returns are serious accountability documents that taxpayers are obliged to accurately complete based on evidence," said Associate Professor David Morrison from the School of Law at the University of Queensland. "It is important to note that when using AI for information gathering and suggesting, AI simply 'scrapes' information when it has no deep insight, and that in turn might be misleading to rely upon," he said. One of the other issues is the accuracy and relevance of the information AI provides, with the risk of using generalised advice that doesn't apply to everyone. "It is only as good as your own understanding of what data is in your statements," said Professor Granger from UNSW. "So, it would be wise to use this type of tool to complement your analysis, not replace it." She said, like Google, AI "does not remove the need for you to exercise your own judgement, including a good dose of scepticism". AI tools such as ChatGPT can also give outdated or irrelevant answers, sometimes for the incorrect financial year or even for the wrong country. This could cause trouble for taxpayers. Professor Karanasios from the University of Queensland emphasised the importance of being mindful of the current limitations of AI tools. "Some may offer faster processing, help maximise returns, or assist more broadly with financial management," he said. "But they are also prone to errors. "At the end of the day, the responsibility for lodging a tax return lies with the individual. AI is not the one submitting the return." Stay informed and cautious. While AI tools can offer valuable support, especially for record keeping and simple deductions, they are not a substitute for professional judgement. Ronnie Das, an Associate Professor from the University of Western Australia Business School, urged taxpayers to take care before adopting any advice provided by AI. "AI is fine for general advice, [such as] clarifying doubts and interpreting a complex tax law," he told the ABC. Dr Shaanan Cohney from the University of Melbourne agreed, adding that he "is using it [AI] as an exploratory tool to help understand scenarios potentially better". "AI right now is a powerful tool for learning," Dr Cohney said. "It is not yet the right tool for most people to rely on when in high-risk scenarios where thousands or potentially even hundreds of thousands of dollars are on the line." Disclaimer: this article is not intended as tax return advice.
ABC News
an hour ago
- ABC News
TGA concedes it failed to prevent growing number of blood toxicity cases attributed to Vitamin B6
Australia's medicines regulator has conceded its laws have failed to slow a growing number of blood toxicity cases attributed to a common over-the-counter vitamin. The Therapeutic Goods Administration (TGA) also admitted some associated effects — including irreversible nerve damage — are a bigger problem than the agency first realised. "The [legislation] changes from a few years ago, we've seen, were not sufficient to reduce the rate of the level of toxicity from B6," the department's chief medical advisor Professor Robyn Langham told 7.30. In its manufactured form Vitamin B6 — often labelled pyridoxine, pyridoxal, or pyridoxamine — is added to thousands of Australian products including foods, energy drinks, diet shakes and supplements. Overconsumption of the synthetic vitamin can cause life-altering issues including peripheral neuropathy, a nerve damage complication causing tingling, numbness, burning or weakness in limbs. "It's just shocking," said clinical pathologist Dr David Kanowski, who runs a clinic testing B6 blood samples from across Australia. "Sometimes we talk to doctors who think it's a clerical error because the toxicity results are so high, and we say, 'No it's real, you need to sort it out,'" he said. Dr Kanowski has noted a "massive" increase in the number of people coming forward for B6 blood tests; doubling since January to more than 10,000 each month. Looking at the data for May, he said 4.5 per cent, or 450 people, returned results showing they were "very likely" to develop a neuropathy. A quarter of the samples, or 2,500 people, would "possibly, but not probably" also be showing symptoms. "One big lot [of cases] was caused by magnesium supplements, and I think it was possibly added as filler," Dr Kanoski said. "I'm not sure the technical reasons why it was there." The TGA is responsible for approving the ingredients used in complementary medicines in Australia. B6 is registered in more than 1,500 over-the-counter supplements — from magnesium to multivitamins. Eighty per cent of them contain levels well above the recommended daily amount of 1.7mg. 7.30 asked Blackmores Group, one of Australia's biggest supplements manufacturers, why many of its products contain B6 in such high levels. The company declined an interview but said all its products "including those containing Vitamin B6, are developed in strict accordance with the regulatory requirements of the TGA". While its own interim report found "the benefits of supplemental intake of vitamin B6 to be negligible", the TGA now joins the list of organisations which could not or would not say why B6 is added to so many products. "I'm not really able to answer why the commercial decisions are made by the different sponsors," Professor Langham said. She was quick to defend the TGA's "regulatory frameworks" as "very robust". "They exist so that the safety of the Australian community is held right at the centre of everything that we do," she said. After months of pressure to act, the agency handed down several recommendations on Friday, based on the advice of a committee tasked to investigate the burgeoning B6 problem. It was critical of the complementary sector, describing product labelling as "inconsistent and confusing", and called for clearer information and the rescheduling of supplements containing more than 50 milligrams of the vitamin, which would move several products off shelves and behind counters. "That will give the Australian community more protection and a greater sense of safety," Professor Langham said. The TGA last tightened the rules around B6 in 2022, requiring supplement companies to put warnings on products with more than 10mg. But many sufferers and medical professionals say they didn't go far enough. And there are new concerns that the latest round of proposed changes won't prevent toxicity for people taking multiple supplements at once. "It could still easily be an overdose over a period of time, if you're taking three or four complementary medicines with lower dosages," community pharmacist Caroline Diamantis told 7.30. The complementary medicines sector argues that B6-related incidents are "extremely rare", according to Complementary Medicines Australia boss John O'Doherty, "based on a comparison of sales data with the TGA's public database". While that data shows more than 170 adverse events, the TGA's Professor Langham said it could not be used to make that case. "I think it's sufficient to say that our database of adverse events doesn't necessarily reflect the true incidence of what's happening in the community," she told 7.30. "It's also important to understand that because something is reported, it doesn't necessarily mean that there's a definite attribution of cause there." Ms Diamantis is also concerned the proposed implementation of the TGA's regulatory changes, February 2027, "is too far away". "Personally I feel like that's too long, because there's another year or more where people could still be experiencing side effects," she said. Professor Langham said the complexities of the changes means the process "is a long one". "We're going to have to look at reformulating their products, which will mean either transitioning them out of the market or reducing the dosage that's in there," she told 7.30. "And there's also another element of changes that the TGA is looking to make from a legal perspective to our legislation around some of the labelling and also around some of the lists of medicines, what we call our permissible ingredients list. "It's done so that things can be done carefully and properly, and so that Australians can feel confident, ultimately, that the correct decision is being made." The TGA will accept submissions on its "interim decision" until July 27 2025, which will be considered by a senior medical officer before a final decision is made. Watch 7.30, Mondays to Thursdays 7:30pm on ABC iview and ABC TV Do you know more about this story? Get in touch with 7.30 here.
