The World's ‘Miracle' Economy Loses Its Mojo
I'm Malcolm Scott, international economics enterprise editor in Sydney. Today, we're looking at Australia's fading economic strength and its upcoming federal election. Send us feedback and tips to ecodaily@bloomberg.net. And if you aren't yet signed up to receive this newsletter, you can do so here.
Australians are usually seen as a sunny bunch living in a land of relative prosperity.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
5 hours ago
- Bloomberg
What Australia's $2 Million Pensions Tax Means for Wealthy Savers
Many Australians are already subject to a 15% tax on their superannuation profits, but the wealthiest are facing another levy on top of that. This week on the podcast, Chris Bourke asks cross-asset reporter Richard Henderson to explain how the tax will work, who will be affected, and if Australia's super system is becoming a wealth accumulation vehicle for the rich. Read more on Australia's pension industry: Wall Street Wins More of Australia's $2.7 Trillion Pension Pot Listen and follow The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you get your podcasts. Terminal clients: Run {NSUB AUPOD } on your desktop to subscribe.
Yahoo
7 hours ago
- Yahoo
Half of Australia to buy ticket for $100m
Powerball has jackpotted to an astounding $100m on Thursday night, the biggest prize of the year, following a $70m Oz Lotto prize that went off last week Half of all Australian adults are expected to buy a ticket to the megadraw after more than 10 million people bought tickets to the last $100m prize in November last year. At the peak 6,415 tickets were sold in a single minute to the draw – at 5.47pm. The odds of winning the grand prize are slim, coming in at a margin of one in 134 million. Only six Australians have won a Powerball prize of $100m or more. The Lott spokesperson Anna Hobdell said winning the major prize could happen to 'anyone' and would start the 'next chapter' of their life. 'Australia's biggest lottery winner was an ordinary Adelaide man who scored $150m in 2024,' Ms Hobdell said. 'All our $100 million Powerball winners all had varied plans for their prizes, but there are some beautiful common themes – taking long-overdue holidays across Australia and the globe, heartfelt generosity toward loved ones and causes close to their hearts and a renewed sense of joy and purpose. 'The $100m club is growing, and maybe we'll welcome a new member this Thursday.' A previous winner, who split a $200m grand prize with another lucky Australian, said she moved to Hawthorne in Brisbane after winning but she continued to live her life as normally as possible. 'On a day-to-day basis, not a huge amount has changed. I still get up for the 6am gym session and the dog still needs to be walked and fed. The longer-term vision we have for our life is slowly coming together,' the winner said. 'We have purchased a place near the ocean on the coast and continue to create lifelong memories with our beautiful family and friends.' Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
8 hours ago
- Yahoo
Major crackdown as millions warned over following this financial advice: 'Real harm'
Australians are being warned to be wary of financial advice promoted on social media. The Australian Investments and Securities Commission (ASIC) has zeroed in on 18 financial social media influencers who have been dishing out potentially dodgy advice to their thousands of supporters Colloquially named "finfluencers", these people have racked up a massive online following from their guidance on how to become rich. But ASIC Commissioner Alan Kirkland said some of these people aren't even qualified to give financial advice. "It's important that consumers separate fun from fact when it comes to finfluencer content. Popularity doesn't equal credibility," he said. RELATED ATO warning as Australians follow 'outrageous' trend to boost tax returns Aussie teen's job paying $300 per hour without a uni degree Centrelink cash boost coming from July 1 for millions of Aussies "Check their credentials and whether they're licensed or authorised, before checking your money out." ASIC has been particularly concerned with the finfluencers claiming to be stock market trading experts. Some provide unauthorised advice that can promote "high-risk, complex investment products" that can cause "real consumer harm".They share images of themselves or other people enjoying lavish lifestyles, fast and expensive cars, and drowning in luxury goods as a result of jumping on these investment bandwagons. Aussies can be lured away from public social media accounts and encouraged to join these finfluencers' closed online communities, which can make it harder for ASIC to track what is being said in these forums. It's in these online groups that the finfluencers claim to give out their biggest, potentially harmful secrets. Under Australian law, if you're not licensed, you're not legally permitted to provide financial or investment advice. ASIC's warning notices to the more than dozen finfluencers in Australia was part of a global crackdown on the issue, with authorities from the UK, UAE, Italy, Hong Kong and Canada all taking coordinated actions against certain content creators. They were all suspected of unlawfully promoting high-risk financial products and providing unlicensed financial advice. Some of the actions included arrests, warning notices, website takedowns, educational schemes with authorised finfluencers, and consumer awareness programs to put unauthorised finfluencers on notice. This is the first major local suppression on dodgy finfluencers since 2022, where ASIC gave content creators strict guidelines on how to disseminate financial advice lawfully in Australia. Following that movement, ASIC noticed a big change. "We saw that many finfluencers changed what they were saying or became licensed or authorised representatives to comply with the law," Kirkland said. He added that Australian Financial Services licensees also started reaching out to finfluencers to make sure they improved their due diligence. CPA Australia issued a similar warning last month after seeing potentially misleading tax advice from content creators. In one instance, a finfluencer suggested you could claim expenses for your pet by telling the Australian Taxation Office (ATO) that it's a guard dog and you work from home. 'In many cases, the advice from these accounts is simply wrong. In other cases, the claims have an ounce of truth but would apply only to a very small group of workers,' CPA Australia's Jenny Wong said. 'Some finfluencers exaggerate the potential for certain claims to garner attention and likes. This is not serious advice. It should be ignored. 'Having a large following on TikTok doesn't automatically make someone an expert on a particular subject, especially one as complex as the Australian tax system.' She said you should speak to a licensed financial advisor about tax deductions and other claims when you lodge your tax return after July 1.
