One thing Aussie motorists should do
With the price of Brent crude oil hitting a three-month high over the weekend as the Israel-Iran conflict escalates, surpassing $US80 a barrel, motorists are being urged to fill up.
'We will start to see the prices increase, but they are nowhere near as high as other economies have predicted,' NRMA spokesman Peter Khoury said. Aussie motorists are being told that now is a good time to fuel up. NewsWire / John Gass Credit: News Corp Australia
Mr Khoury said while the price of petrol was going up, it was not as much as some motorists feared, with on average drivers likely to pay 8 cents more a litre when fuelling up their car.
'Our regional benchmark – Malaysian Tapis – closed at $77 a barrel and we do expect it to go higher when the markets open tonight,' Mr Khoury said.
'But to put it in perspective, when we saw those really horrible record high prices back when Russia invaded Ukraine, Tapis was trading at $133 a barrel.'
Australia motorists' fuel costs are based on Malaysian Tapis crude oil prices.
While Tapis crude oil prices are influenced by the same factors as US brent crude oil prices, they do not necessarily trade at the same price.
The price of Brent crude oil spiked to $US80 a barrel over the weekend after the US attacked and 'completely obliterated' three nuclear sites in Iran.
Traders were worried about two major potential escalations in the conflict, with either the closure of the Strait of Hormuz or an all-out regional war negatively impacting the price of oil. Cutting off the Strait of Hormuz could increase fuel prices. NewsWire / Luis Enrique Ascui Credit: News Corp Australia
Cutting off the Strait of Hormuz could send the price of oil above $US100 a barrel, as the 32km mile stretch is the primary route of exports from Saudi Arabia, Iraq, the UAE, and Kuwait.
But the passage that feeds the world with about 30 per cent of its oil supply is still open, at least for now, pending a final decision by Iran's Supreme Council after Iran's parliament voted to close it.
Mr Khoury said it was important that Australians educated themselves before they filled up, with motorists in Sydney facing the bottom of the cycle, while Perth prices are set to fall on Tuesday.
'The reason I say that is because there is always a spread of prices,' he said.
'People are really surprised. We've had people say I thought the prices would be sky high and they are not.'
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He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. 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National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE. Mainstream media has been describing - even counting down - to the "Great Wealth Transfer", but just how many Australians will be impacted by it? The concept relates to Baby Boomers passing down their wealth to their offspring, in what is believed to be around a whopping $3.5 trillion in shares, property, cash and other assets by 2050, according to the Australian Government's Productivity Commission. But what many people don't realise is not everyone will be gifted an inheritance and if they are, it will probably be a lot lower than they think - but experts say there are good reasons why. "An inheritance is still a rare event," Terry Rawnsley said KPMG Urban Economist. "They don't have a sense of the relativities across the rest of society." Read more from The Senior: Mr Rawnsley told The Senior that Baby Boomers are "running down their wealth" in later years, leaving less money to leave their family. "The average inheritance - it's only about $125,000," he said. "The top most wealthiest families, they're the ones having the big ticket inheritances, while everyone else is having a more modest one." Mr Rawnsley said the danger of publicising a so-called Great Wealth Transfer can lead people to believe "a big inheritance is coming through" because it is still not talked about amongst friends or even family. The urban economist said the Great Wealth Transfer as a whole did involve a lot of money being distributed but when looking at an individual, the amount is "not that dramatic". He also said wealthy people with the most amount to give will likely to give it to their children who are also typically rich - so there won't be a great equalising wealth event - just a changing of the guard. Mr Rawnsley said Baby Boomers are living longer and are using their savings to pay for living expenses or aged care, ending up with not "much at all" - which is then typically needed to be shared by more than one person. "If you think about the quintessential million-dollar house in the middle ring suburbs [12-25 km from a CBD], even that's getting chopped up between two or three kids, which brings that average down," he said. Mr Rawnsley said many Aussies are also unaware of the cost involved with aged care and it's "just not on their radar". "When older people do end up in aged care, it might be a pretty quick transaction," he said. "So it might be, 'Grandma's going pretty well. Oh, she's had a fall. She's now kind of in need of that more intensive care. We need to get her into a home. Oh, wow, it's three-quarters of a million dollar surety." Mr Rawnsley recommends parents and children talk earlier about expenses later in life, including the "fairly hefty amounts to secure an aged care bed". From January 1 2025 aged care providers can now charge a whopping $750,000 a room in their facility for new residents - up from $550,000 - without needing approval from the Independent Health and Aged Care Pricing Authority (IHACPA), according to the Department of Health, Disability and Ageing. The staggering amount is a deposit, or Refundable Accommodation Deposit (RAD), that people pay when entering a nursing home and when they leave, they or their family is refunded the balance that was not used. Even though not every aged home will charge the new amount, RADs are generally very steep. National Seniors Australia CEO, Chris Grice, agrees many of the Generation X cohort set to inherit from their parents would be shocked to know just how much aged care costs have increased. "That deposit enables you to secure a spot," he said. "And in a lot of cases, people have got to sell the home in order to raise that money." Mr Grice said many people don't know they usually have to sell their family home to go into aged care and said it is not fair after years of sacrifice. "You made choices. You decided to not go on a holiday, or not drink or not smoke," he said. "Or 'I'm going to put money in Super or I'm going to do whatever in order to set myself up for retirement and set my family up'." The CEO doesn't think the Government should see everyone's sacrifice as something they "can get their hands on". Mr Grice said the cost of health care across the board will also be going up on November 1, especially for in-home care services. "The structure insofar as how much you will have to pay out of your own pocket, whether you are a pensioner, part pensioner, or self-funded retiree, is going to dramatically increase," he said. Mr Grice said inheritance is also a "myth" because not everyone will get one, as not every parent has something to pass down. The media talking about the Great Wealth Transfer can normalise inheritance, leading people to believe it is a "given" rather than a privilege not everyone gets, which has the potential to lead to financial elder abuse. "The narrative is not helpful in terms of creating a generational divide," he said. Share your thoughts in the comments below, or send a Letter to the Editor by CLICKING HERE.
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