Calls for financial literacy lessons in all schools
There's a push for financial literacy lessons to be part of the national curriculum. Research has shown that managing money is a big worry for young people.
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News.com.au
2 days ago
- News.com.au
NSW Liberal leader Mark Speakman says AI Minister would free teachers, nurses from ‘mundane tasks'
NSW Opposition Leader Mark Speakman says an Australia-first Minister for Artificial Intelligence would free teachers and nurses from 'mundane tasks', as the Coalition twists the knife on Labor over AI and housing. The Liberal leader made his pitch for an AI-driven solution to NSW's productivity crisis during a scathing budget reply speech on Thursday. Mr Speakman said a Coalition government would establish a Minister for AI and an AI action plan, as well as low-interest 'AI for Biz' loans for small and medium-sized business looking to introduce 'responsible AI'. In an exclusive interview, Mr Speakman shed new light on the potential remit of the Australian-first minister, which he said would engage with the private sector to ensure the public service was 'using AI as much as possible'. 'It can relieve our teachers, our nurses, a whole lot of public sector workers of mundane tasks, improve productivity, and drive every tax dollar further,' he said. 'At a time when we've all got a cost-of-living crisis, we want to see our taxpayer dollars go as far as possible, and we think that (AI) is a great way to drive it. 'Every technological change has increased living standards and I want Australia and NSW to be leaders of that, not followers.' If established, the new ministry would be an Australian-first and joins only a small handful of countries that have similar AI-specific government roles, including Canada, France, the United Arab Emirates, and Taiwan. Asked about fears AI might take jobs, Mr Speakman recalled the anti-technology 19th century Luddites, who 'threw their shoes in machines'. 'Every time you've had major technological change in the history of humankind that's been a fear,' Mr Speakman said of job losses. 'Across the economy, it'll be impacted (by AI) but I think you'll end up with more jobs, not fewer. 'There'll be very different jobs and more productive jobs and ultimately higher living standards.' Mr Speakman said that there may be 'different jobs' with AI, but that it 'doesn't take them away', and that the AI Minister would be responsible for re-skilling. While increasingly commonplace, AI remains a controversial topic in many workplaces. Public Service Association Assistant General Secretary Troy Wright said AI had 'thus far failed because it lacks the empathy of a human' in public facing role trials. 'We need to think twice before we set AI loose in the public sector because we store a lot of the public's confidential and personal information and keeping that secure must be our number one priority,' he said. 'We do agree about the need to closely monitor the use of AI in the public sector and will be consulting with the Minns Government on their approach so the public can rest assured both that their personal information is safe and they have timely access to the frontline services they're entitled to.' Housing the 'biggest issue in town' It comes as the Coalition twists the knife on Labor following its third budget under Treasurer Daniel Mookhey, and less than two years out from the next state election. Mr Speakman has accused Labor of not doing enough on cost of living, and has pledged to reinstate the Full Active Kids Program, establish a 'fairer' payroll tax scheme for small businesses, as well as preventive health hubs, expanded telehealth, and prioritising emergency care. But, it was housing that Mr Speakman was the 'biggest issue in town'. He claimed the budget showed Labor would fall 137,000 homes short of the National Housing Accord target. 'Ultimately, the price of anything, whether you're a rent or buy, is a product of supply and demand,' he said. 'But, the government is failing to get the number of home completions we need to ramp up supply to make our homes affordable.' Mr Speakman called for government to address the 'biggest obstacles', namely taxes and charges on developers, as well as critical adjoining infrastructure. He said a Coalition government would reintroduce the First Homebuyers Choice Program and exempting stamp duty for eligible older Australians looking to downsize. It comes as NSW Premier Chris Minns remains mum on the state government's so-called 'Plan B' for housing close to the city after the failure of the Rosehill purchase. Members of the Australian Turf Club last month voted to reject a $5bn deal for the historic racecourse, which would have paved the way for 25,000 new homes. Asked about whether the Coalition had its own 'Plan B', Mr Speakman said to 'wait and see' and highlighted the party's own 2022 plan for Rosehill. The Labor government announced a range of housing measures in the 2025-26 budget, including that the state will go guarantor for developers on some 5000 homes.
News.com.au
3 days ago
- News.com.au
These are the five dumbest things smart people waste money on
Over the years, I've seen some very smart people make some very questionable money decisions. People with high incomes, strong careers, decent financial literacy, but a blind spot the size of Bondi when it comes to what they actually spend their money on. I'm not here to tell you not to enjoy your money. But if you want to build real wealth – long-term, life-changing wealth – there are a few things worth cutting back on. Here are five of the most common (and frankly, dumbest) money drains I've seen otherwise clever people fall for. 1. The subscription trap No one needs six streaming services, three cloud storage apps, four meditation apps, and a digital magazine you forgot existed. But if you've ever gone through your credit card statement line by line, there's a good chance you're paying for all of them – and more. Subscriptions are sneaky. They're small enough not to raise alarm bells individually, but they add up fast. It's the ultimate 'death by a thousand cuts' scenario. Do yourself a favour. Print out your last statement, grab a highlighter, and start cancelling anything you haven't used in a month. You don't need to sacrifice your Netflix time – just don't pay for the stuff you forgot you signed up to during lockdown. 2. Buying cars that outpace your net worth I've said this before, and I'll say it again: the Kia does the same job as the Range Rover. Spending $1,000 a month on a car lease might give you that 'new car smell' and a few extra compliments in the carpark, but over time it costs you something far more valuable. Compounding returns. Let's do the maths. Put that same $1000 a month into a share portfolio returning 7 per cent a year and you'd have over $1 million after 28 years. And that's conservative. The ASX 200 has averaged closer to 10 per cent over the last decade. At that rate, you hit seven figures in 23 years, not 28. So the next time you're tempted by a luxury car ad, ask yourself if you'd rather have leather seats or a million-dollar investment portfolio. 3. Personalised everything It's nice to have a custom suit or your initials on a handbag. But when you're monogramming everything from luggage to linen, or buying personalised drink bottles, golf towels, laptop cases and gym bags, it's probably time to take a step back. I've seen people spend hundreds on designer shirts just to get their initials stitched on the cuff. Then there's the personalised number plates, engraved chopping boards, custom doormats, and even Bluetooth speakers with their name on them. It all adds up. Personalisation doesn't improve the function of the thing you've bought, it only makes it more expensive. And in most cases, no one else cares. If you're looking to impress, or worse, keep up with the neighbours, your money could be doing more elsewhere. 4. Over-accessorising your baby This one's controversial, but it needs to be said. Some of the prams I've seen recently cost more than my first car, and definitely more than my second. We're talking carbon fibre frames, off-road suspension, adjustable shocks, and storage space that wouldn't look out of place in a tradesman's ute. And it doesn't stop at the stroller. Yeezy onesies. Baby Air Jordans that cost more than adult runners. Cashmere beanies. Designer nappy bags with the logo front and centre, because nothing says 'chic' like carrying a week's worth of wipes and banana mash in a $2000 tote. Sure, it's an exciting time, and it's fun to spoil your newborn. But it's also very easy to confuse 'first child' with 'first red carpet appearance.' The truth is, your baby doesn't care. They'll drool on the Gucci bib just like they would the $5 one from Kmart. And they grow out of it in minutes, then most of it ends up in a storage tub. If you're feeling the urge to splurge, open a Raiz or micro-investment account instead. Put in a few hundred dollars every time you skip the high-end baby gear, and hand it over to your kid on their 21st birthday. They'll be far more grateful for a house deposit than they ever were for the titanium drink holder, and the mini Gucci loafers. 5. Regular home makeovers Here's one I see all the time. Smart, financially stable people who suddenly decide their whole house needs a 'refresh.' It starts with a new throw cushion, and ends in a $40,000 repaint, new benchtops, bathroom fittings, rugs, stools, lighting, and a wildly expensive trip to a homewares store with too much rattan. All because someone got tired of the colour scheme. If you're planning to sell soon and a refresh adds value, fair enough. But if you're repainting the house because 'greige is out' and 'ocean mist is in,' maybe pause and reassess. That $40,000 could knock a serious chunk off your mortgage or fund a proper holiday you'll actually remember. You can get the same lift for far less. A new plant, a few second-hand finds, or even just changing up the art can scratch the same itch without gutting your bank balance. Spend $500 and move things around – you might be surprised how little it takes to make things feel new again. Of course, this is just the shortlist. I didn't even get to the oversized kids' birthday parties, and the $80,000 weddings with 200 guests you barely know. And then there's those two by $10 coffees everyday, that in one week you can recoup with a bag of beans, coffee grinder and an environmental cup. The point isn't to stop spending altogether. It's to spend with a bit more intention. Wealth isn't built by never spending; it's built by knowing where your money actually goes, and steering it towards things that grow, not just impress. Smart people should make smart money decisions. The rest is just packaging. Mark Waller is the Managing Director of One Click Life, a fintech platform dedicated to streamlining financial administration tasks for Australians. With over 20 years as a Certified Practising Accountant (CPA) and recently attaining Fellowship (FCPA) status, Mark has been instrumental in providing online services for tax returns, wills, mortgages, and insurance to a growing user base exceeding 170,000.
ABC News
5 days ago
- ABC News
Crackdown on SA childcare centres finds 'half not meeting standards'
A crackdown on childcare centres in South Australia found half were not meeting national quality standards, a parliamentary committee has heard. Giving evidence in the budget estimates committee on Monday, Education Minister Blair Boyer and his department heads said $7.11 million in additional funding had been given to the Education Standards Board over three years. The funding was the result of a recommendation from the Royal Commission into Early Childhood Education and Care, and has allowed the board to more than double the number of compliance officers from 18 to 39 full time equivalents. Acting chief executive of the Education Standards Board, Sean Heffernan, told the committee that before the funding increase, some services had gone for up to a decade without being assessed. "There has been such a big gap between assessment and rating visits so where there has been a service that hasn't been assessed or rated potentially between eight or 10 years," he said. "What we were finding though was a large number of services at that time, given the gap between the assessment ratings, 50 per cent of those were receiving a 'working towards'." There are four rating categories under national quality standards: "significant improvement required", "working towards national quality standard", "meeting national quality standard" and "exceeding national quality standard". Mr Heffernan said the number of services receiving a "working towards" rating had dropped since the initial crackdown. "What we have done is introduce a pre-assessment and rating visit, which is around three months before their assessment and rating actually commences, which then determines areas of compliance or areas that might need focus," he said. "What that has done is reduce that significantly down to 17 per cent." But Mr Heffernan said 17 per cent is still above the national average of nine per cent. The committee was also told there had been an increase in childcare staff being banned from practising. In the 2023-24 financial year, three staff were issued with prohibition notices and two entered into enforceable undertakings. In this financial year, five staff were issued with prohibition notices and nine entered into enforceable undertakings. Education Minister Blair Boyer said that increase was also because of the increase in assessments. "The number of visits to early childhood education and care services increased by 72 per cent on previous years," he said. "With 2024-25 seeing a further 23 per cent increase on top of 2023-24 through increased assessments and ratings and introducing some proactive monitoring." Shadow Education Minister Heidi Girolamo said the numbers were concerning and asked for more details about which childcare centres the action related to. "It's one thing to be able to go through and do these assessments," she said. "It's the next steps that are important to make sure these childcare centres are given enough support to make sure that they can make these improvements to make sure children are kept safe," she said. Mr Boyer told the committee the Office for Early Childhood Development has a "quality uplift program" to help raise standards at childcare centres.
