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ABC News
38 minutes ago
- ABC News
Productivity roundtable to discuss ways to turbocharge economy
Business leaders, community groups, politicians and economists will converge on Canberra next week for a roundtable to discuss ways to turbocharge the economy and lift sluggish productivity.
ABC News
3 hours ago
- ABC News
Australia and allies issue joint statement calling on Israel to let aid into Gaza
Australia and 23 other countries have urgently called on Israel to allow aid into Gaza as the humanitarian crisis reaches "unimaginable levels". A joint statement, signed by Foreign Minister Penny Wong, condemns the politicisation of aid, saying "urgent action is needed now to halt and reverse starvation" in the Palestinian enclave. "We call on the government of Israel to provide authorisation for all international NGO (nongovernmental organisations) aid shipments and to unblock essential humanitarian actors from operating," the statement read. "Immediate, permanent and concrete steps must be taken to facilitate safe, large-scale access for the UN, international NGOs and humanitarian partners. "All crossings and routes must be used to allow a flood of aid into Gaza, including food, nutrition supplies, shelter, fuel, clean water, medicine and medical equipment. "Lethal force must not be used at distribution sites, and civilians, humanitarians and medical workers must be protected." The statement was signed by allies including Britain, Canada, France, Japan and the European Union. It added that the countries remained grateful to the US, Qatar and Egypt for their efforts in "pushing for a ceasefire and pursuing peace." "We need a ceasefire that can end the war, for hostages to be released and aid to enter Gaza by land unhindered," the statement concluded. Late last week, the Israeli security cabinet voted in favour of a proposal put forward by Mr Netanyahu for the military to enter the population hub, in a move likely to displace hundreds of thousands of Palestinians. More than 60,000 people have been killed in the war so far, according to Palestinian authorities, including large numbers of women and children. Gaza's Health Ministry says 217 people have died of starvation, including 100 children. Israel disputes those figures but does not provide its own data to refute it, and the United Nations says the death toll is largely accurate, if not conservative. The war began after militant group Hamas carried out a cross-border attack on southern Israel on October 7, 2023, killing around 1,200 people and taking more than 250 hostages, according to Israeli authorities. The joint call to action also follows Australia's move to recognise a state of Palestine at the next United Nations meeting in September, with a condition that terror group Hamas play no role in its future governance. The Coalition has vowed to revoke recognition of a Palestinian state if elected in three years, as Prime Minister Anthony Albanese strengthened his criticism of Mr Netanyahu, labelling him "in denial" about the consequences of the war in Gaza.
News.com.au
3 hours ago
- News.com.au
‘Under pressure:' Young Aussies over-estimate the bank of mum and dad
Younger Australians are over-estimating their inheritance as cost-of-living and stagnant wages means they need more than older Australians will be able to give them. New data released by Colonial First State shows Australians aged between 18 and 29 expect to inherit a whopping $525,000 on average, when the family home and leftover super is factored in. These high expectations come as younger Australians look to the older generations to help secure their financial future. But a combination of rising aged care costs, changing government regulations in the space and the sheer longevity of older people means this optimism around how much they will inherit is 'misplaced.' CFS head of technical services Craig Day warned these high inheritance expectations will come 'under pressure'. 'When you think about what older Australians are staring down the barrel of including longevity and rising aged care cost, this ($525,000) expectation is going to come under a lot of pressure,' he told NewsWire. 'A lot of the assets that are earmarked to be paid out as an inheritance may in the future be needed elsewhere.' CFS says most older Australians intend to leave something behind, but many underestimate just how much they will have left. The family home, vehicles and any remaining superannuation top the list to be passed down to the kids, but investment portfolios and other property have largely been earmarked for retirement income. CFS chief executive of superannuation Kelly Power said young Australians also need the money. 'Young people are increasingly relying on the wealth of their parents or grandparents due to rising living costs, stagnant wage growth and housing pressures,' she said. 'At the same time, older generations are navigating the complexities of retirement planning. 'They want to support their families while ensuring their own financial security. Mr Day urged older and younger Australians to openly talk about their financial futures. 'It's important that young and old can discuss their expectations and plans openly. By having these conversations early, families can ensure that everyone is on the same page and can make informed decisions that align with their values and goals,' he said. 'It's why we're saying it's really important for families to have these conversations so they don't get to the point where it's oh bugger, I was expecting this much to pay off my mortgage before I started saving for my retirement but there's not much left.' Mr Day also said younger Australians should look at their retirement needs as early as possible, even though 'the realities of life' including cost of living pressures can make it harder to think long-term. 'It's never too early to start planning for retirement,' he said. 'The sooner you plan, the easier it becomes because you get the benefit of that compounding big snowball rolling and it helps you achieve your objectives sooner.'
