BREAKING NEWS Huge $400 payout for Aussies - what you need to know
In a move to help boost local manufacturers, the Allan Government announced the $400 cashback scheme, which will be available from July 1.
The $400 payout would be on top of the pre-existing rebate, worth up to $1,000, for households which upgrade or replace old hot water systems with solar systems.
The government claimed the initiative would help shield Australian manufacturers from cheap imports and help Victorians by lowering their power bills.
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Daily Mail
3 hours ago
- Daily Mail
Australia's 'biggest brown-noser' politician named on protest sculpture - as Albanese government signs AUKUS deal with the UK
A provocative piece of street art has taken aim at federal Defence Minister Richard Marles, labelling him 'Australia's biggest brown–noser'. The crude installation, spotted outside his Geelong electorate office on Saturday, featured a large sculpted nose smeared with what appeared to be fake faeces. There was also a pile of 'faeces' resting on a sign which said: 'This memorial erected by The New Radicals in honour of Australia's biggest brown-noser Richard Marles.' It was chained to a nearby post in the city's CBD before disappearing by 5pm, and images of the artwork were shared on social media by the activist group. Australians praised the artwork as 'incredible', with one user on X quipping: 'The drips on the ground are what makes it.' The New Radicals have previously claimed responsibility for similar stunts in the same location, including a mock submarine called 'HMAS Richard'. The submarine are understood to have been a reference to those promised to Australia in the AUKUS trilateral defence agreement between Australia, the UK and the United States. Meanwhile, the latest piece of art coincided with Marles' formal signing of a historic bilateral security pact with the UK on Saturday. The deal, dubbed the 'Geelong Treaty', was signed in the city to represent a 50-year co-operation arrangement between the two allies under the AUKUS banner. Marles described the agreement as a transformational moment for the nation's defence and industry: 'In doing this, AUKUS will see 20,000 jobs in Australia.' 'It will see, in building submarines in this country, the biggest industrial endeavour in our nation's history, bigger even than the Snowy Hydro scheme. 'In military terms, what it will deliver is the biggest leap in Australia's military capability, really, since the formation of the navy back in 1913.' The announcement followed the annual AUKMIN talks in Sydney, with Marles and UK Defence Secretary John Healey celebrating the deal with a beer at a Geelong brewery. It came just days after the Albanese Government transferred a further $800million to the United States under the AUKUS program, despite the agreement being under a review ordered by US President Donald Trump. 'There is a schedule of payments to be made, we have an agreement with the United States as well as with the United Kingdom,' Prime Minister Anthony Albanese told ABC's Afternoon Briefing on Wednesday. 'It is about increasing their industrial capacity, and as part of that, we have Australians on the ground, learning the skills so that when it comes to the SSN–AUKUS—the submarines being built here in Australia, we have those skills.' The AUKUS deal includes Australia acquiring eight nuclear–powered submarines expected to cost between $268billion and $368billion over the next three decades. Despite internal unrest, with several local Labor branches voting to oppose the deal over the previous months across the country, the government has remained firm in its support for AUKUS. The timing of the expected conclusion of the US review into AUKUS remains unclear. It is being led by Elbridge Colby, who has publicly expressed scepticism about the pact and warned it could leave American sailors exposed and under-resourced. Daily Mail Australia has contacted Marles' office for comment on the artwork.
Telegraph
7 hours ago
- Telegraph
The alternatives to Amex that offer better rewards
American Express (Amex) is synonymous with credit card spending but it's also known for its deals that offer generous cashback, points-based rewards and exclusive perks including priority access to gigs, film screenings and theatre shows. But while these rewards can be appealing, Amex isn't always the best option. While acceptance has improved over the last few years, Amex cards are still not accepted by all retailers. If your aim is to earn reward points or cashback, this will be hindered if some of your favourite places to spend don't accept your card. There can also be incredibly high repayment rates and fees – with the Amex Platinum card charging 691.7pc APR variable, along with £650 a year in annual fees. This means there are more eligibility criteria to fulfil than with other credit cards. For example, you'll usually need a good or excellent credit rating, and some cards will also have a minimum income requirement – in the case of Amex Platinum, you must earn at least £35,000 and have 'no history of bad debt'. With that in mind, Telegraph Money looks at some of the best alternatives to Amex, depending on what you value most from your card – whether it's cashback, rewards, low-cost borrowing or fee-free spending abroad. Best for rewards Some Amex credit cards enable you to earn Avios points that can be redeemed on British Airways flights and holidays. Others let you earn reward points to be spent at certain retailers such as Amazon and Boots, while several Amex cards give you access to pre-sale tickets and exclusive benefits for gigs and theatre visits. Here are some popular alternatives to these cards, depending on what's most useful to you: Virgin Atlantic Reward credit card: flight rewards The Virgin Atlantic Reward credit card gives you 0.75 Virgin Points for every £1 spent on everyday purchases and 1.5 Virgin Points for every £1 spent with Virgin Atlantic or Virgin Holidays. What's more, if you spend on your card within the first 90 days, you'll earn 3,000 bonus points. Points can be redeemed on Virgin Atlantic Flights, hotels and travel extras such as airport parking. The card has a representative APR of 26.9pc (variable). Alternatively, you can pay £160 a year to upgrade to the Reward+ version of the card and earn 18,000 bonus points when you make your first purchase in the first 90 days. You also earn 1.5 Virgin Points for every £1 spent on everyday purchases and three Points for every £1 spent with Virgin Atlantic or Virgin Holidays. Head for Points, a consumer website that pits the top credit cards against each other, notes this is 'exceptionally good'. According to the provider's website, Virgin Points 'never expire'. At the time of writing, you'd need to have earned 20,000 of them to buy a return economy flight from London Heathrow to New York's JFK airport in off-peak September. Barclaycard Avios credit card: flight rewards and exclusive events You can collect 1 Avios for every £1 spent on eligible purchases with the Barclaycard Avios card, plus 5,000 bonus Avios if you spend £1,000 in the first three months. There's a representative APR of 29.9pc. Alternatively, upgrade to the Plus version of the card for £20 a month and earn 1.5 Avios for every £1 spent, plus 25,000 Avios if you spend £3,000 in the first three months. You also benefit from discounted airport lounge access. However, the representative APR jumps to 80.1pc APR for this option. According to Barclaycard, you can get a peak economy return flight from London to Milan for 19,500 Avios plus £1. In addition, becoming a Barclaycard customer gives you the opportunity to take advantage of entertainment perks, including exclusive tickets to live performances and events.
Daily Mail
7 hours ago
- Daily Mail
I moved from China to Australia in my 20s unable to speak English and started working as a receptionist. I now own multiple properties and never worry about money: Here's my advice to Aussies
A migrant who moved from China in his twenties unable to speak English says Australians need to have at least $5million worth of investment properties to enjoy a comfortable retirement and avoid being stuck in the middle class. Alex Shang, the founder of AusPropertyStrategy, told Daily Mail Australia the biggest mistake someone could make was aspiring only to own their own home as an owner-occupier. 'If their goal is to live like an everyday Joe, then they don't need to buy investment properties - they just own a home and that's it,' he said. 'They may forever stay in the middle class who pays the most taxes compared to lower class or the rich. 'Once they buy a home, their borrowing capacity is used up and there is no way for them to buy another property, so basically they're stuck or they can choose to go for rent-vesting; they rent a place where they work and then use the money to invest in another city.' With house prices rising in Australia over the long term, pushing Sydney's mid-point value to $1.5million, properties with a backyard are regarded as a better way to build wealth for the future, as surging population growth makes residential land more valuable. 'An apartment for $700,000 to $800,000 is a viable option in Sydney - the price will not increase much meaning they have a place to call home but their wealth will not increase,' he said. 'For the same amount of money, $800,000 can still buy you a standalone house in Brisbane, Perth or Adelaide with good capital growth and good rental yield.' With house prices rising in Australia, over the longer-term, properties with a backyard are regarded as great way to build wealth for the future, as surging population growth makes residential land more valuable (pictured is Oran Park in Sydney's outer south west) Mr Shang moved to Sydney from the Chinese city of Shenyang at age 24 in 2005, after completing a Bachelor of Economics majoring in share trading. 'I couldn't speak a word of English when I came,' he said. 'I did well in written English and listening, reading but not speaking.' He began his career in Australia working as a receptionist for a real estate company, before getting Masters degrees in accounting and business administration. The 44-year-old property investor admitted his first few Sydney apartment purchases weren't successful, leading him to now focus solely on buying houses, based on the scarcity of available land. 'I lost money on those - in the latter days I sold everything because I lost a lot of money; I need to sit down and think about what I did wrong,' he said. 'I found out that if I were going to invest in houses from the same time as I bought the first apartment, I would have made a lot of money, a lot. 'I sold all of the apartments and started buying houses and from there I always made money, never lost a cent.' After a slow start with a $400,000 two-bedroom unit in Kogarah in 2011, which made only modest capital gains - he learned from his mistakes and went on to buy houses across Sydney, Brisbane, Perth, and Melbourne, having previously also bought units in Wolli Creek and Arncliffe. He has also written a Mandarin-language book for Chinese buyers - Australian Property Strategy - on how to grow a property portfolio in Australia. 'Land is scarce and apartments, like building on top of each other, they can increase the supply by many times easily; they can't increase the supply of land,' he said. The best time for someone to start would be in their twenties, based on the idea of first chasing houses that would get strong capital growth followed by buying properties with higher rental yields, or income as a proportion of the home's value, Mr Shang explained. 'In the first 10 years, they buy high capital growth properties; the second 10 years, they buy high rental yield properties and then when they reach retirement, they need to sell a few of their properties and pay off the debt,' he said. Mr Shang declined to say how much his portfolio was worth or how many properties he owned, as the director of a membership-based company offering 20-year mortgage investment strategies. 'There are a few things I don't talk to anyone: that includes how much money I have, how many properties I own and my family because I think that's my privacy,' he said. 'If I tell people how much I have, everyone will want a piece of it; the taxman will want a piece of it.' But he said he continues to live modesty, driving a $20,000 Toyota Corolla occasionally but mostly getting around on a motorbike. 'I like to keep low key; I don't wear expensive clothes; no luxury cars; I ride a motorbike actually and it's cheap to maintain,' he said. 'I invested in some properties and then I don't need to worry about money anymore. 'But I've bought and sold properties pretty much in each capital city in Australia.' His rule for sound investment is to look at markets with population growth and a diversified economy. 'It depends on how you define value: I never buy properties just because it's cheap - I need to see the future of it,' he said. 'If I don't see the future, I don't buy. For property to increase in price, there are a few fundamental factors you need to consider: one, is population growth and then you need to have a lot of job opportunities.' When it came to having an investment strategy, he said it wasn't about the number of investment properties someone had that made them rich. 'It's not the number of properties, it's how much they're worth,' he said. 'If you ask me today, I would say $5million to $7million but in investment properties, excluding their owner-occupied property.' Mr Shang argued a property portfolio worth more than $5million was more likely to generate passive income of $350,000 a year that would enable someone to either retire early or have an income stream to have a comfortable retirement. He argued that someone with a $5million investment portfolio could invest the rental income in an exchange trade fund (ETF) on the Australian share market, and earn seven per cent returns every year. 'But if you have five properties, worth $5million, then you're really rich,' he said. 'If you want to, depend on yourself, then you need to have a net worth of about $7million to live comfortably. 'Holding properties with positive cashflow and use the cash to invest in ETF is good, as long as the yield is more than the mortgage interest rate.' The banks typically lend an owner-occupier five times their salary before tax. But if an individual or a couple are buying investment properties, they can borrow six times their pay. While that's considered to be in the mortgage stress territory, income from renters means a borrower can more easily service the home loan. 'Usually, you get a little bit more borrowing capacity if you buy an investment property because the investment property will generate some rental income,' he said. 'That rental income is considered part of your personal income and if your personal income jumps, your borrowing capacity jumps.' Passive income from rental properties also means someone has a better chance of retiring early, and an investor can also claim rental losses on tax through negative gearing. 'On retirement, one can choose to own a few debt free houses to enjoy future capital growth and current cashflow,' he said. 'If there is no debt, it's great for a stress free life but bad for investment in terms of cash on cash return.'
