‘Not about being dishonest': D'Ambrosio says grid bill still unknown
D'Ambrosio was grilled at length about estimates that the transition plan would cost $20 billion, or more than four times the $4.3 billion set out by the government last month. She said the $20 billion figure – first reported by The Australian Financial Review – was wrong but could not say what the cost was or what the impact on energy bills would be.
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The Advertiser
3 hours ago
- The Advertiser
Entitled generation: what adult kids are doing to ensure an inheritance
With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs. Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them. But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money. And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs. Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely". "We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said. "The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing." Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well. "Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said. Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will. "There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said. "Some of those medical decisions might be things like how to prolong someone's life. "If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for." The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone. The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds. "Taking money from their bank accounts," he said. "Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name." The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house. "There's really strong links between elder abuse and ageism," he said. Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely". "It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating." With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs. Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them. But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money. And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs. Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely". "We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said. "The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing." Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well. "Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said. Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will. "There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said. "Some of those medical decisions might be things like how to prolong someone's life. "If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for." The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone. The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds. "Taking money from their bank accounts," he said. "Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name." The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house. "There's really strong links between elder abuse and ageism," he said. Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely". "It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating." With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs. Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them. But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money. And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs. Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely". "We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said. "The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing." Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well. "Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said. Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will. "There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said. "Some of those medical decisions might be things like how to prolong someone's life. "If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for." The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone. The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds. "Taking money from their bank accounts," he said. "Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name." The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house. "There's really strong links between elder abuse and ageism," he said. Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely". "It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating." With the cost of living soaring and home ownership out of reach for many of the younger generations, some are hell-bent on protecting an inheritance they believe should be theirs. Over a quarter of Australians are not sure if they will have enough money for their retirement, according to Finder and with the average cost of a house now $1.002 million across the nation, many are hoping an inheritance will save them. But there are concerns an entitled attitude can lead to elder abuse and The Senior has already reported on "Inheritance Impatience", when family members pressure a person for early access to their money. And as the cost of health care for pensioners is set to rise on November 1 and an entry deposit into aged care soared up to $750,000 on July 1, some beneficiaries are trying to cut down their parents' costs. Council on the Ageing (COTA) NSW CEO Gohar Yazdabadi told The Senior the Government's changes to aged care mean that retirees will need to tap into more of their "savings, super and assets" so they can age "safely". "We're seeing more instances of 'inheritance protection', where family members stop older people from spending money on care, so there's more left to inherit, which is clearly a form of elder abuse," she said. "The idea that inheritance is a right, rather than a possibility, is shifting the dynamics of ageing." Ms Yazdabadi said the rise in inheritance impatience is making families forget or not care that retirees need their money to live and age well. "Older people are finding themselves in the difficult situation of having to navigate these expectations along with managing their own financial needs." she said. Eastern Community Legal Centre Managing Lawyer in Elder Abuse Paul Were said the chances of elder abuse can increase when choosing someone to make your medical decisions if you are incapacitated - and they are also in the will. "There's a chance that they might go and make bad decisions, potentially cheaper decisions, so they can try and retain their inheritance," he said. "Some of those medical decisions might be things like how to prolong someone's life. "If that person is also a beneficiary in the will ... they actually may benefit from the death of the person they're supposed to be caring for." The Victorian lawyer said it is hard to know if someone you love and trust might make a decision in their favour to speed up their inheritance, and if retirees are unsure who to appoint, they always have the option to not name anyone. The lawyer said the clients he usually sees are retirees who have discovered their adult children have been mishandling their funds. "Taking money from their bank accounts," he said. "Perhaps they're forcing them to sign documents against their wishes, or transferring their property into their own name." The lawyer also said adding to the problem is when older Australians are being blamed for the housing crisis and the younger generation "develop a sense of entitlement" because they think they also deserve a house. "There's really strong links between elder abuse and ageism," he said. Mr Were did say that despite the risks, many parents feel a sense of "pride" knowing they will be able to gift an inheritance to their family members, which he thinks is "lovely". "It's just the crossover when there's this expectation of that happening ... which is what often leads adult children to take advantage of their parents when they are deteriorating."
Sydney Morning Herald
4 hours ago
- Sydney Morning Herald
This couple spent $500 trying to buy their dream home. They never stood a chance
Clutching a bright yellow bidding panel, amid a crowd of onlookers stretched across a concrete driveway, Rebecca Borkman was quietly hopeful she was about to secure her dream home. Advertised at just $700,000, the two-bedroom townhouse in the Sydney suburb of Bankstown was within the budget of Borkman and her partner, Byron Tolley, with $150,000 to spare. The couple were so serious about the home that they had shelled out more than $500 to obtain pest, building and strata reports in preparation, and discussed bidding tactics. But it soon became clear they never stood a chance. What Borkman, 33, didn't know when she arrived at the auction was that the reserve price for the property was $850,000, more than 20 per cent above the advertised guide. The sale had lured 18 registered bidders, and the townhouse sold for $896,000. 'As soon as that auction started, we were wondering why we even bothered showing up or getting excited,' Borkman said. 'If they let us know that the reserve was anywhere even around $800,000, we wouldn't have put so much time and money into it. But they [the agent] were firm on the $700,000 guide.' Scenes like this are repeated at weekend auctions across the country. In response to an online survey, almost 5600 people told this masthead's Bidding Blind investigation that they had spent money and time investigating properties that they would later discover they could not afford. A separate data analysis of more than 36,000 auction listings reveals that more often than not Sydneysiders and Melburnians are being misled by advertised price guides. That means Australians are forking out thousands of dollars on multiple pest and building inspections, contract reviews and strata reports during extended property hunts, only for the homes they had fallen in love with to sell hundreds of thousands of dollars above the guide. Several Victorian buyers said they had recently paid for a building inspection on homes advertised within their budget. Then, even though auction bidding surpassed the top end of the sale guide – sometimes by hundreds of thousands of dollars – the home was passed in because it didn't meet the vendor's reserve. 'Agents often argue that it's the buyers and auctions that drive up the price, but conversations with the agent often indicate early on that the buyer wants a much higher rate than advertised,' said one of these prospective buyers. Another buyer looking in Sydney's inner west, a hotspot for underquoting complaints, said it felt like they were being constantly scammed. 'We are often lied to about vendor expectations and then spend money on building reports, contract reviews by lawyers ... We recently had an experience where the auction guide was $1.7 million and the reserve was closer to $2.2 million.' Following the Bidding Blind investigation, the Victorian and NSW governments are facing pressure from industry groups, consumers and opposition parties to stem the tide of wasted cash by overhauling underquoting laws. Victoria's peak real estate lobby group announced it would support the mandatory pre-auction disclosure of reserve prices by sellers, a significant policy shift for a group long resistant to such a proposal. Key real estate industry leaders in NSW have also backed that model, with both state governments promising to seek advice or continue consultation on potential solutions. Another idea to stem the cost of inaccurate price guides is to require vendors to provide prospective purchasers with free building and pest inspections before auction, as is the case in the ACT. 'There will still be buyers who will want to get their own independent report, but this removes the cost and the double up for a large portion of buyers, and it would directly remove the financial harm of underquoting,' said Consumer Policy Research Centre chief executive Erin Turner. In NSW, agents are required to provide prospective purchasers with a contract of sale and disclose issues such as whether the property has been subject to recent flooding, has any external combustible cladding or has been the scene of a murder or manslaughter in the past five years. In Victoria, sellers are legally required to provide a 'section 32 vendor's statement', which details information about any easements, zonings, strata scheme management and fees and whether a property is in a bushfire-prone area. However, buyers in both states are encouraged to seek their own building inspections, which usually cost between $300 and $1000 depending on the size of the property and whether a pest inspection is included. Contract reviews, also recommended, will generally cost $200 or $300. And in NSW, buyers have to pay a fee to access strata reports. 'It's not unusual to get 30 or 40 people through a home … let's just say half of them [arranged inspections and other due diligence] – there's 15 grand down the toilet,' said buyers agent Paul Mulligan. Loading 'There are a lot of gutted buyers out there, and what ends up happening is even worse than the cost [because] they go out and then they buy a place out of frustration, and potentially overpay or buy a lemon. It's huge. It's a huge consumer cost, emotionally and financially.' Victorian buyers advocate David Morrell, who described underquoting as 'cheating', said the practice came with an 'opportunity cost' for prospective buyers who missed out on properties when they didn't obtain access to enough pre-approved finance due to misleading price guides. 'If the agent hadn't lied to you at the start, you'd be living in your favourite home,' Morrell said. As a former property manager at a real estate agency, Rebecca Borkman felt like she should have been in a better position than most to navigate the auction process when she was searching for a home in Sydney last year. But the human resources professional said her experience was so painful that she eventually refused to consider buying any property that was being auctioned. Borkman and her partner instead bought a home in Carlingford, in Sydney's north-west, through a private sale. 'If something came up for auction, we would immediately write it off the list, no matter how much it suited our needs, because it was so damaging to our bank account, to our self-esteem and to our emotional wellbeing,' she said. 'If even I, with that experience [of being a property manager] in my past, feel almost scammed, then what's someone who has no idea what they're getting themselves into meant to do?' Borkman said the reason they had fallen in love with the Bankstown townhouse, with its front and back garden and 297-square-metre block, was because it had been undervalued by the $700,000 auction guide. 'The minute that we showed up there and looked at the property, I thought, 'This is so far beyond anything else that we had seen within that price range' … as it turns out, we were looking at a property that was worth $900,000.'
The Age
4 hours ago
- The Age
Cost of state's renewable energy transmission plan predicted to double
Because the projects are in their early stages, the figure is an estimate, and VicGrid says it could be substantially higher or lower. A large portion of these costs will be recouped through consumer bills. The government estimates the transmission charge reflected on annual household energy bills will rise by $14 a year for households and $30 for small business from 2029 to 2050. However, D'Ambrosio will argue that other government modelling shows that the delivery of more renewable energy into the grid will lower wholesale energy costs over the same period and eventually reduce bills by $20 a household or $50 for small businesses. 'This plan will deliver cheaper and reliable power for our state, lowering energy bills for Victorian families and making sure our business and industry can continue to grow,' D'Ambrosio said. 'We're supporting the state's industrial sector to grow with a secure source of cheap renewable energy and creating 67,000 jobs that will be needed for the state's energy transition by 2040. Many of these will be in regional areas.' The four new transmission projects in the plan include a second line in Gippsland to serve offshore wind, a line between Sydenham and Tarrone, a line between Truganina and Deer Park, and a short line between Hazelwood and Yallourn. Responding to feedback, the Allan government has also altered some of its renewable energy zones from its draft vision, including making some bigger to allow projects to stack up financially. Two zones based around the Wimmera region have been combined into a large Western Renewable Energy Zone, with a footprint 68 per cent bigger than first proposed. A south-west zone has grown by 9.1 per cent, with a new section added and others removed. Brolga habitats and irrigation districts have also been removed from the Central North zone, halving its size. The draft transmission plan outlined renewable energy zones that made up 7 per cent of the state's total land area, which has increased to 7.9 per cent. The government estimates that by 2040, about 230,000 hectares, or less than 1 per cent of Victoria's land area, will host renewables infrastructure. VicGrid chief executive Alistair Parker said the plan aimed to minimise impacts on landholders, regional communities and key industries such as agriculture. 'VicGrid has worked hard to balance a range of factors as we make difficult decisions about where energy infrastructure is needed to deliver reliable and affordable power to Victorian homes, businesses and industry,' he said. The 15-year plan has been timed to coincide with the progressive closure of the state's coal-fired power stations. Yallourn is due to be closed by 2028 and Loy Yang A by 2035. Transmission projects have become a political issue in regional Victoria, with farmers and landowners protesting against the routes of key lines. Landowners who host new lines will receive payments of $8000 per kilometre every year for 25 years, and companies will provide other benefits and payments to those whose land is near or significantly affected by the projects.
