Inflation in check but many basics more expensive
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News.com.au
12 hours ago
- News.com.au
Why the Bank of Mum and Dad is now a necessity
Parental wealth is fast becoming the secret weapon of first-home buyers, with family help now the difference between getting a home loan approved or being locked out for good. With house prices and required incomes surging beyond what most young Australians can save alone, property insiders say the 'Bank of Mum and Dad' is no longer a bonus, it's a necessity. Canstar research director Sally Tindall said the divide between those with family backing and those without was widening at speed. 'First-home buyers today aren't just up against high prices, they're up against time,' Ms Tindall said. 'Those with family support can move quickly. Those without it are constantly playing catch-up.' Ms Tindall added that many parents were now treating housing help as an investment in their kids' future. 'For some families, it's not just a gift, it's a strategic decision,' she said. 'They want to give their children a head start, knowing how hard it is to build equity from scratch.' Prominent Melbourne buyers' advocate Cate Bakos said she had seen adult children move back in with parents to aggressively save, while others were leaning on their families for emotional resilience as much as money. 'There's often an unspoken pressure,' Ms Bakos said. 'Some buyers don't want to ask for help, but they feel like it's their only option.' 'We're working with families as a unit now — it's no longer just about the buyer.' Ms Bakos said in many cases, parents were attending inspections and auctions, acting as sounding boards and unofficial advisers. Zippy Financial principal broker Louisa Sanghera said one of the most common trends was partial deposits, where parents might match whatever their children could save. 'We see parents say, 'If you save $50,000, we'll match it', it becomes a partnership,' Ms Sanghera said. 'That kind of leverage can mean the difference between winning an auction or walking away.' Ms Sanghera added that buyers were often borrowing at the absolute edge of their serviceability range, so any reduction in upfront cost was hugely helpful. 'We're not just talking about first-home buyers in their 20s,' she said. 'Some clients are in their mid-30s or even 40s, and they're still needing help. 'That's how hard it's become to enter the market.'
ABC News
13 hours ago
- ABC News
Tasmanian Liberals rule out sale of state-owned assets amid talk of early election
Tasmania's Liberal government has scrapped its controversial plan to explore the privatisation of some publicly owned companies, as it gears up for a very early election. Labor, members of the crossbench and the Greens passed a motion of no-confidence in Premier Jeremy Rockliff on Thursday afternoon. One of the reasons for the motion was the government's hopes to sell of some state-owned companies to pay down Tasmania's growing debt. With an election now on the horizon, Mr Rockliff has walked away from those plans. "There will be no privatisation under the Tasmanian Liberal government," Mr Rockliff said in a statement on Saturday. The government had commissioned independent economist Saul Eslake to assess which government business enterprises might be worth selling off. Mr Eslake had already ruled out a number, including Port Arthur and TasRacing, with the government taking his advice on board. It had also ruled out selling Hydro Tasmania and Spirit of Tasmania operator TT-Line. Mr Eslake was due to hand down a further report on June 30. But Mr Rockliff said that process was now over, and accused Labor Leader Dean Winter of using a "scare campaign" around privatisation to force an early election. "It's clear Mr Winter is incapable of having a mature conversation," Mr Rockliff said. "Given this, we are ceasing that process now. "It is over. "There will be no privatisation of any government-owned business under our Liberal government. "None." In a statement Mr Winter accused Mr Rockliff of being "pathetic". "How could you ever believe him? He was talking up his privatisation plan on Thursday then pretending he didn't believe in it on Friday. "This is an act of a desperate man who will do anything to cling to power. Tasmanians will never trust him not to sell our assets. "He's broken the budget, he'll privatise our assets and our Spirits of Tasmania are still on the wrong side of the world. "This is yet another example why Tasmania needs change." Years before he was Labor leader, Mr Winter spoke in favour of having conversations about privatisation, describing them as healthy to have. Mr Rockliff said the government would also be implementing all of Mr Eslake's recommendations from the Independent Review into the State's Finances. The exception was those that related to new or increased taxes and reducing infrastructure spending.
ABC News
14 hours ago
- ABC News
With a 'direct ear' to the treasurer, have police outranked paramedics as the SA government's top priority?
"Having the direct ear of the treasurer certainly is an advantage for me as a chief executive and it's my job to make sure I exploit that." One day after the South Australian government handed down a budget with law and order as its centrepiece, SA Police Commissioner Grant Stevens smiled as he summed up the fortuitous position he finds himself in, just nine months out from the next state election. "It's one of those few occasions where we have a senior cabinet minister as the minister for police," he told reporters. "I'm grateful for that level of focus that the government is putting on law and order and policing in South Australia." Mr Stevens was referring to Stephen Mullighan — a long-serving Labor cabinet minister who happens to not only be police minister, but treasurer too. Having a cabinet boss who is also in charge of government spending gives Mr Stevens a unique opportunity to wield influence, and the latest state budget could be seen as a case in point. Hundreds of millions of dollars for more police officers, firearms and infrastructure formed part of what Mr Mullighan described as "the largest boost to police funding in the state's history". As ABC News previously noted, there was no mistaking the budget message the government was trying to send, with photos of police officers splashed across the budget papers and projected onto screens around the budget lock-up room. But turn the clock back three years, and the government was keen to spruik a different kind of frontline worker, whose presence was keenly felt at the last state election, and whose absence from the latest budget front-page raises questions about the government's priorities going forward. "Labor will fix the ramping crisis." It was an election mandate that brought the party to government in March 2022, and which has since become an annoying itch for MPs forced to defend the government's progress. When the Malinauskas government handed down its first budget in June 2022, a photo of a nurse, paramedic and doctor graced the front-page — a nod to the $2.4 billion in health spending budgeted that year. But in 2025, ramping remains high. Ambulances spent 3,700 hours waiting outside emergency departments in April, a decrease on the month before but still much higher than the worst month under the previous government. Despite the government's latest budget tipping an additional $1.9 billion into the health system over the next five years — $1.7 billion of which is just to address increasing demand — health unions were not too pleased. "This budget is strong on crime but soft on health," Australian Nursing and Midwifery Federation CEO Elizabeth Dabars said. "We know that they've put additional investment into health, but the reality is that the demands in the system on nurses and midwives are far too great to endure." Paramedics were equally scathing. "It is inconceivable that we are nine months out from the next election, and the government that promised our community that it would fix the ramping crisis, has not budgeted for any additional ambulance resourcing, or to address ramping and response times," Ambulance Employees Association general secretary Paul Ekkelboom said. "The best this government can do is reframe the narrative away from ramping, and abandon on its commitments to the people of South Australia." But Premier Peter Malinauskas said health remained one of the government's top priorities, and budgeted spending on health eclipsed spending on police. "Let's take nurses for instance: We committed at the last election that we would employ an extra 300 nurses. We've smashed those numbers out of the park by the tune of many, many hundreds," he told ABC News Stateline. "Similarly with doctors, we said we'd employ an extra 100 doctors into our system over the life of our time in government. Last year alone, we increased it by over 300 over and above attrition." When questioned on his progress on "fixing the ramping crisis", Mr Malinauskas pointed to ambulance response times. "They're rolling up to triple-0 calls on time and that is the difference between life and death," he said. "We have made inroads (in fixing the ramping crisis), notwithstanding the fact that clearly, we still would like to see ramping improve. "As those new beds come online that we've invested in so heavily and quite dramatically — and there are hundreds coming online over the next couple of years — we hope it improves." So, if health is still a priority for the government, what has prompted it to deliver a budget so heavily focused on law and order — especially when overall crime rates have dropped across the state? According to Mr Malinauskas, SA Police has a "genuine need" for more resources. "They've seen demand grow not in crime in the traditional sense and how we might think of it, but more through the burden of increasing demands around domestic violence responses … also with call-outs to mental health cases," he said. "We've seen that demand grow and we've also got a growing population. "We haven't had that big uplift in police numbers in our state now for quite a long period of time." "Tough on crime" policies are considered politically popular, but Mr Malinauskas denied crime would become an election focus for his government. "I'd much rather have elections focused on other matters — education for instance, rather than crime — but that doesn't mean there isn't a need that we have a responsibility to address." But that is also the case for the health system, which continues to struggle through ambulance ramping and bed block. Without a "direct ear" to the treasurer, it is yet to be seen whether doctors, nurses and paramedics will receive the same level of attention from Labor in the months leading up to March 2026, as they did ahead of the last state election.
