Live updates: Australian share market set to rise as Wall Street gains, RBA to release card surcharge review outcome
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News.com.au
43 minutes ago
- News.com.au
‘Punching above our weight': Booming sector helping to lift Aussie economy
Australia's economy is getting a surprising boost from the wellness sector, which has quietly grown to one of the nation's leading sectors. According to a new report by Global Wellness Institute, Australia ranks seventh in the world when it comes to spending on their healthcare. In total this added $194.4bn in 2023, up 10.9 per cent year on year or around $7,402 per person. Wellness now makes up seven per cent of Australia's GDP, placing it behind the construction sector. Currently the construction industry accounts for around 9 per cent of GDP and employs more than 1.3 million people. Anytime Fitness managing director Simon Thompson says the results show the wellness economy is doing its share of the heavy lifting when it comes to Australia's economy. 'When you consider our population, Australia is punching above its weight and has pioneered many wellness communities that support healthy lifestyles, vibrant social connections, and sustainable living in its growing housing markets,' Mr Thompson said. Mr Thompson said the push was coming from younger Aussies. 'Gyms, instead of pubs and clubs, are now often the number one choice for weekend outings, and even dates,' he said. 'Gen Z now spends seven times the amount of money on getting fit than Gen X.' According to the report, Australia's overall wellness growth is coming across a number of sub-sectors. Wellness tourism has swelled by 32.9 per cent between 2019 to 2023 while thermal/mineral springs are up 21.5 per cent. Wellness real estate, mental wellness and physical activity round out the top five sectors. The report comes as prime minister Anthony Albanese separately spruiks the benefit to Australia reviving its building and manufacturing sectors. During a doorstop in the electorate of Bonner in Brisbane the prime minster and Energy Minister Chris Bowen talked up the home battery incentive and solar panel uptake. 'It's good for everyone because what it does is take pressure off the grid during peak times, and that's why this is such good public policy, good for households … of course, good right throughout Australia,' Mr Albanese says. According to the ministers, 28,000 Australian homes have installed a home battery under the government's policy. But Mr Albanese wants more Australians to take up the scheme and for the panels to be built in Australia. 'Chris (Bowen) was at the South Australian factory producing solar panels earlier this week, or at the end of last week, that's expanding by nine times,' Mr Albanese said. 'We also want to produce more things here. We have everything that goes into a battery. One of the progress we have is for battery manufacturing.' Mr Albanese went further calling for more large infrastructure projects such as trains and boats to be built in Australia. 'We want things made here and here in Queensland. I want more manufacturing, more jobs to be created here.'
Daily Telegraph
an hour ago
- Daily Telegraph
Expat snaps up Bellevue Hill home for $21m at hot auction
A grand Bellevue Hill estate has sold for more than $21m— $6m above the latest price guide — at an exciting private auction tonight. There were 19 registered for the four-bedroom circa 1930s deceased estate 'Fernlee' at 41 Drumalbyn Rd, bought in 1990 for $2.3m by two doctors, Katherine Tang Yiu, and her late husband Robert. The property, on an elevated 930sqm block, has magnificent harbour views and is in a dress-circle position. It was marketed by Laing + Simmons Double Bay's Steven Zoellner and had a $13m to $14.3m guide when Fernleigh first hit the market early last month. It was revised to $15m 10 days ago after two offers were received. The exact sale price was $21,076,000. MORE: Wild way Aussie scored home for just $4,000 MORE:Infamous Fadi Ibrahim 'masterpiece' for sale Prominent buyer's agent Simon Cohen represented the buyer, but he had no comment when contacted. Other sources said the buyer was an expat currently living overseas. There'd been speculation in other media that the buyer was media mogul Lachlan Murdoch, who lives nearby, but the sources said he wasn't the successful purchaser. When asked to explain why the home went so far above the buyer's guide, Zoellner said: 'This house is so unique, in a style that the buyers like something like … it has the elegance of an older-style home, with high ceilings, views and big rooms. 'There were 19 registered bidders, and it was super active. 'It was a private auction and only registered buyers could attend, and the room was completely full.' It's understood the property was bought in a company name. Auctioneer Jake Moore of Cooleys is understood to have had eight of the 19 who registered competing at rooms at Double Bay, with bidding opening at $16m and rising in $500,000 increments up to $20m. It was down to $1000k bids at the end, with four bidders over $20m and down to just two bidders above $21m. The underbidder was a Bellevue Hill resident. Katherine died at the age of 91 last July, but moved out six years ago and the house had been sitting empty. In an obituary, her beloved niece, Cho-Wai Cheung, wrote: 'I always marveled at her energy in handling a huge house and the expansive front and back yards. 'Aunty Katherine was gracious and resilient. She was a dedicated and loving wife, mother and grandmother. 'She had a good knowledge of the Chinese history and Chinese antiques. 'I was always fascinated by the historical background that she told me about the furniture and paintings in her house. 'Her mind was still so sharp!' The home was once owned by a man who received one of the highest awards that can be given by the Pope. It was purchased by Ulisse Pellegrini, managing director of the firm Pellegrini and Co, and his wife, May, in 1931 for an unknown amount. The respected firm, established in 1890 in Melbourne, provided religious supplies to Catholic churches and schools. Pellegrini died at Lewisham Hospital at the age of 56 in February 1950. According to his death notice in the Sydney Morning Herald: 'Mr Pellegrini was honoured with the Papal Knighthood of St Gregory in 1947 … Mr Pellegrini has been abroad on four occasions and in 1929 was received in private audience by the late Pope Pius Xi.'
The Australian
2 hours ago
- The Australian
StockTake: Redcastle Resources
Stockhead's Tylah Tully looks at the latest news from Redcastle Resources (ASX:RC1), who is fast tracking a pre-feasibility study at the Queen Alexandra gold project in Leonora. Redcastle released a scoping study released earlier this month which detailed the project as high-return, staged, open-pit concept. Watch the video to learn more. This video was developed in collaboration with Redcastle Resources, a Stockhead advertiser at the time of publishing. This video does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
