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ABC News
3 days ago
- Business
- ABC News
Australia's fashion industry faces tariff hit but experts say it's been in decline for decades
When Dale McCarthy couldn't find skilled workers to produce her brand's swimwear, she had to take her manufacturing offshore. "You actually need five different types of machinery, and someone who is an expert at using that machinery, to make our swimwear," she says. The founder of Bondi Born turned to China and Vietnam to manufacture many of her brand's pieces. "It was an emotional decision for me, but I think from a business point of view, it made absolute sense to go offshore. "The quality is as good or better and the apparel costs were a third making [them] in Vietnam [compared] to Australia." As the implementation of Trump administration's "reciprocal" tariffs looms, Australian fashion brands manufacturing overseas in some of the countries targeted by the steepest tariffs face tough decisions. Bondi Born is just one of the many brands now having to pivot their manufacturing plans and target markets. Moving production home isn't an easy fix — experts say Australia's local fashion manufacturing industry has been in a decline for more than three decades, with the current trade war exacerbating an existing problem. "We're at a really challenging place because there's a real demand for locally made fashion, but there's very little in the way of actual manufacturing capability," Harriette Richards, senior lecturer in fashion and textiles at RMIT University, tells The Business. Fashion is one of the Australian exporting industries operating under the cloud of tariff uncertainty. Despite the 90-day pause between China and the US, swimwear brand founder Ms McCarthy says it has not made daily processes any easier. "[It's been] terribly stressful, because it's been so up and down … [we think] 'quick, take everything down off the website, shift that … what are we going to do next season?' "It's really challenging." The Sydney-based founder has taken down Chinese-made products from Bondi Born's international site and has started to think about new manufacturers. "We've now identified a Portuguese-based swimwear maker who can do the level of complexity and technical swimwear that we do, so for next season we're going to be using them." She says she is going to bring some of the manufacturing back to Australia, but that means removing "the more complex designs". Just 3 per cent of the clothing produced by local brands and designers is made in Australia. Dr Richards says this is mainly manufactured here by an older workforce, with an average age of 57. She says at RMIT, many of the students coming through the programs want to be designers and product developers, rather than taking up manufacturing jobs like sewing and stitching, which aren't seen to be "fun or exciting". A lack of funding from the state and federal government to prioritise the next generation coming through is something Dr Richards also says is contributing to the problem. "We've seen just a long-term sidelining of fashion as a significant contributor to the national economy and a really important space and economy where women are the primary contributors to the development of fashion." During the past five years, Dr Richards says the fashion industry has seen just $2 million in federal funding, despite the fact it contributes 1.5 per cent of Australia's gross domestic product and pays $15 billion in annual wages. She believes this is because "women are the primary contributors to the development of fashion". "Women are seen, really as consumers of fashion, not so much as innovators, as entrepreneurs, as those skilled workers. "It's really seen a neglect of this industry and an overlooking of it … it's not thought of as a cultural industry. This 30-year decline in local manufacturing has now seen the industry's peak body partner with one of Australia's most popular and well-known brands to spark change. The Australian Fashion Council (AFC) and RM Williams have launched a national strategy to bring garment manufacturing back onshore. "What we would like to end up with is a strategic plan and vision for our sector to ensure we have a thriving local manufacturing sector for those products," AFC's chief executive Jaana Quaintance-James tells The Business. "Now more than ever it seems to be needed in terms of Trump's tariffs uncertainty … it's the latest example of why we need local manufacturing capabilities in Australia," she says. It involves six consultation sessions, before a final report is delivered in late 2025, exploring how to invest locally in technology, skills and machinery. In the broader manufacturing sector women make up 28 per cent of the workforce, but in fashion manufacturing, they make up 53 per cent, Ms Quintance-James says, describing it as "important work and skilled work". But she emphasises it's not about bringing all manufacturing home. "We shouldn't compete on $2 products, this is about investment pieces — that when you buy something, you know where it comes from in Australia, you look after that product for a long time." Investment pieces from Australia, made by skilled workers on an Australian wage, often means higher costs for consumers, which Dr Richards says isn't necessarily a bad thing. "I think that our concern about [increasing prices] reflects a larger distortion in terms of our relationship with fashion." She says this is because of the rapid expansion of fast fashion. "There's a perception that fashion is low cost, it's affordable and that we can buy a lot of it and that it can be disposable, and I think we've really got away from the mode of production. The RM Williams brand knows firsthand how difficult it is to manufacture at home. "We are quite proud that we have Australian manufacturing in Adelaide … but what we do know is it's rare. "We wanted to bring forward an opportunity to just really share from an industry perspective, share what we've got but also share in the challenges," says chief operating officer Tara Moses. She says the industry has been stagnant for years. "Something as simple as machinery, we have old machinery that has been around for 30, 40, 50 years. "We need to upgrade those machines, and in order to upgrade those machines we need to have a skill set of people to buy those machines, to maintain those machines. Ms Moses says when individuals work for RM Williams, they can develop skills, including through a boot-making apprenticeship. "It's a nationally certified program [that we built] two years ago. "It gives people an ability to come in and have a career in boot making which didn't exist a couple of years ago." RM Williams also works with skilled professionals who are nearing retirement and brings them into the workshop to train the next generation. "We do not want to lose that skill, so we're bringing that skill back into the workshop.
ABC News
6 days ago
- Business
- ABC News
Here's what you need to know about credit card reward points
Movie tickets, department store wares and flights are just some of the things people 'pay' for using credit card reward points. Perhaps you've seen someone relishing their business class upgrade, partly 'paid' for with points, on social media. But, Angel Zhong — a professor of finance at RMIT University in Naarm/Melbourne — says points also come with risks. If credit card point programs are a mystery to you, here's what you need to know. Credit card rewards schemes, including point programs, vary from lender to lender, but the basic principles of each have a lot in common. Professor Zhong says, "it really depends on the specific terms and conditions, but usually you get points for every dollar that you spend." Reward points can then be spent on perks and benefits which differs between credit cards and institutions, but can include gift cards, retail purchases and discounted travel offers. These type of credit cards may "also offer exclusive perks", such as "access to airport lounges, travel insurance and concierge services". The government's MoneySmart site says credit card reward programs "sound good" because "you could earn points you can use to buy movie tickets or flights" just by spending on the card. Toni Eager is a senior marketing lecturer at the Australian National University in Canberra, on the land of the Ngunnawal and Ngambri people. She says rewards schemes, including points are "a way of keeping customers". "People might like certain reward schemes more than others, or it's something that keeps people using the card that they already have rather than going out and looking for cheaper interest rates." Dr Eager says consumers need to be financially literate to get good value from reward points schemes, which reward spending. "Whether it encourages people to overspend or changes their spending habits comes down to financial literacy." Consumer group Choice says credit cards are not for everyone. "Unless you're a big spender, credit cards with rewards schemes are mostly a gimmick, and they nearly always charge hefty annual fees and high interest rates." These costs can "easily nullify the rewards". Professor Zhong also says to be mindful that "you pay for what you get." Credit cards with extra perks will also have higher fees and interest rates. "It makes them more costly if you don't pay your balances in full or on time." She also warns that banks and lenders can change their loyalty programs including the value of points, and points can also expire. "Read the terms and conditions carefully, especially when it comes to the changing value of your points." Prfoessor Zhong says, "point hackers" are people who regularly open and cancel credit cards. The practice is known as "credit card churning". "You open multiple credit cards to take advantage of the bonuses, and then you close them and repeat the process again with new cards." She says many lenders waive the first annual fee for these types of credit cards, which can also come with bonus offers (additional points or cashback for example) and a zero per cent balance transfer fee for a set period. The card can then be cancelled before the annual fee for the second year is charged. Initial bonuses usually come with conditions, such as "spending a certain amount in the first three months". Professor Zhong says credit card churning can lower your credit score, and "frequent credit card application and cancellation might be a bit of a red flag" if you're applying for a mortgage. Doing this with different credit cards simultaneously increases the risk you miss a repayment, or you fail to make full use of the rewards, she says. MoneySmart recommends looking for a low interest rate and features you'll use in a credit card. If you're considering a credit card with a reward scheme, "check if the benefits you get are worth the higher cost". Professor Zhong says to "choose a card that aligns with your spending habits so that you can maximise the points [and] maintain a healthy financial lifestyle".
Tatler Asia
6 days ago
- Business
- Tatler Asia
Bitcoin and the cryptocurrency problem: how to manage it effectively?
In the same vein, Dr Pham Nguyen Anh Huy, Senior Lecturer in Finance and Co-founder of the Fintech-Crypto Centre at RMIT University, observed that a tightly managed sandbox for cryptocurrency trading could offer valuable insights and unlock the benefits of digital finance—provided it is carefully overseen with well-defined safeguards. 'By narrowing the scope and scale of activity within the sandbox, regulators are able to observe market behaviours, identify weaknesses, and shape informed policy responses—without placing the wider financial system at undue risk,' he said. He added that such a controlled setting allows both regulators and financial bodies to explore emerging technologies with access to real-time transactional data and user behaviour. This experiential knowledge could pave the way for more flexible, intelligent regulation—balancing investor security with the imperative to innovate. Above A controlled cryptocurrency trading sandbox pilot could support Ho Chi Minh City's goal of becoming an international financial centre (photo: Quynh Danh) First, the government needs to establish a clear legal and regulatory framework. For instance, it must clearly define what qualifies as a crypto asset, token or cryptocurrency. These definitions are essential to determine which regulations will apply within the sandbox environment and to ensure that all stakeholders are treated with consistency. 'The government must also introduce standards for licensed service providers and require that participants strictly follow established protocols for anti-money laundering (AML) and combating the financing of terrorism (CFT),' the expert advised. Following this, a sandbox environment could be introduced, enabling fintech firms to trial cryptocurrency-related products under close regulatory supervision. Participation criteria should be carefully designed, including clear timeframes for the pilot programme. Real-time monitoring tools will be vital for collecting data, analysing impact, and evaluating consumer outcomes and potential systemic risks. 'The government may permit one or two leading centralised cryptocurrency exchanges to operate within financial hubs. These platforms would be expected to comply with all relevant regulations and supply information necessary for regulatory oversight, such as reports on transactions over $5,000 and data required for tax purposes,' he suggested. Want to manage but not easy While the regulation of crypto asset and cryptocurrency transactions could yield significant benefits for the economy, experts agree that establishing an effective legal framework remains a complex undertaking—even for countries with well-developed financial systems. Associate Professor Nguyen Thanh Binh acknowledged the challenge, noting that crafting a comprehensive legal framework is far from straightforward. As the field evolves rapidly, regulators must remain adaptable. However, he believes that a majority of transactions and users can still be brought within regulatory scope, while allowing innovative activities room to grow. In his view, even though blockchain technology is decentralised, the majority of users still depend on centralised intermediaries—cryptocurrency exchanges—for buying and selling. These intermediaries manage large volumes of customer assets, making regulation essential. Proper oversight could prevent security incidents, reduce the risk of fraud, and mitigate financial crimes such as money laundering. Read more: Background of 5 Vietnamese billionaires set to remain on the USD billionaires list in 2025 Above Above Inside Russia's largest cryptocurrency mining farm—Bitriver (photo: Bloomberg) By focusing on centralised exchanges, authorities gain the ability to observe and manage the majority of crypto asset transactions with greater precision. Deputy Minister of Finance Nguyen Duc Chi also recognised the complexity of the issue, noting that crypto assets and cryptocurrencies pose challenges not only for Vietnam but for governments across the globe. Many nations remain in the research stage, each developing distinct legal strategies for overseeing crypto-related activities. Above Above Inside Russia's largest cryptocurrency mining farm—Bitriver (photo: Bloomberg) In Vietnam, both the Government and the Prime Minister have tasked ministries and relevant departments with designing a regulatory framework for the sector. 'This March, the Ministry of Finance will present a report to the Government recommending the issuance of a resolution that would allow for a pilot programme to develop and operate a cryptocurrency exchange. This will give Vietnamese institutional and individual investors a legitimate platform to trade, invest, and transact,' said the Deputy Minister. He added that the exchange would be supervised and operated by enterprises officially licensed by the State, ensuring that the legal rights of all participants are protected. Furthermore, the Ministry of Finance is collaborating with other agencies to draft rules that would permit domestic enterprises and organisations to issue crypto assets. This initiative is aimed at attracting capital for business and development, keeping Vietnam aligned with global trends in digital finance. Investors need protection Alongside efforts to shape clear regulations on exchange licensing, tax collection, anti-money laundering, and countering terrorist financing, Ms Gracy Chen, CEO of Bitget, maintains that any legal framework must strike a careful balance—supporting innovation in technology while ensuring investor protection. Above In addition to regulations on controlling cryptocurrency transactions, there should be regulations to protect investors participating in this market (photo: Bloomberg) Beyond establishing rules, regulators must also step up oversight of cryptocurrency exchanges and service providers to ensure they remain compliant with the law. Where breaches occur, decisive action is essential. Public education should also form part of this broader strategy. Investor understanding can be improved through awareness campaigns that explore both the risks and potential of crypto assets. Clear, credible information on the market must also be readily available. Dr Pham Nguyen Anh Huy noted that the Government should create targeted risk assessment and management plans tailored to this evolving space. Above Above In addition to regulations on controlling cryptocurrency transactions, there should be regulations to protect investors participating in this market (photo: Bloomberg) To mitigate risk, regulators may consider practical steps such as limiting transaction volumes or applying regional restrictions. Establishing a dedicated crisis management team for the crypto sector could also help ensure swift, effective responses should challenges arise. Given the pace of growth in the cryptocurrency sector, Mr Huy warned that prolonged delays in launching a testing framework may leave Vietnam lagging behind its peers. In addition, he pointed out that Vietnam is currently missing out on significant tax revenue from these digital transactions. Introducing a pilot programme could help establish the foundation for future taxation of cryptocurrency and related assets. NOW READ Space travel: a privilege ticket for 'million dollar wallets'? How billionaires are turning the NBA into a billion dollar industry From Bearbricks to fine wine and luxury watches: what do Asia's super rich love to collect?
ABC News
6 days ago
- Sport
- ABC News
Netball's dress debate mirrored in Ireland's camogie skort fight
The protest from Ireland's camogie players refusing to wear "uncomfortable" uniforms that conformed to tradition mirrors the discussion about whether netballers in Australia should still be mandated to wear dresses. After years of discontent and backlash from players, the Camogie's ruling body last Thursday ended the obligation to wear skorts (a skirt with built-in shorts underneath), which critics said had deterred girls from taking up the sport. The Camogie Association made the change after Dublin and Kilkenny players turned up at their provincial Leinster semifinal in shorts. After the referee threatened to abandon the game, the players changed into skorts. However, the protest galvanised public solidarity with their cause. This echoes a discussion point in recent years around the netball dress here in Australia, as some leaders have been calling for change, citing the uniform as uncomfortable and restrictive. Bess Schnioffsky, a researcher at RMIT University, whose thesis looks at femininity in Australia netball, said the tight-fitting, very short nature of the netball dress often left players pulling down their uniform. "A lot of netball moves involving putting your hands over your head, so if you're constantly worrying about pulling down your dress then you're not playing the game to the fullest of your ability," Dr Schnioffsky said. Dr Schnioffsky said there's an interesting tension at the moment in netball at the higher levels, with some players loving the traditional dress and others finding it outdated. "(Some) players are like 'Why are we still playing in a dress in 2025, this makes no sense' and other players are like 'No, I love playing in a dress, it's part of the game and I love that I can be feminine and sporty'," Dr Schnioffsky said. When the option was given at the Team Girls Cup, the sport's official pre-season tournament, most players still opted for the dress despite some choosing a shorts or leggings and singlet combination. GWS co-captain Jo Harten told ABC Sport last year that behind the scenes, she's been pushing for a more inclusive uniform policy at club level. "I think, the broader options we can have as a uniform, the more people it will attract, because it doesn't have to be one body type playing this sport," Harten, who has played netball at the top level for close to 20 years, said. "We should be looking at people of all different sizes, ethnicities, styles of hair, because essentially, that is what makes a global game and the more we can be inclusive, the better." A state of the game review in 2020 found that a lack of flexibility in uniforms was proving to be a barrier to girls taking up the sport. A 2021 national study by Victoria University found 58 per cent of girls do not want to wear skirts while playing sport outside of school, and 65 per cent do not want to wear skirts during school sport. Following this, Netball Australia revealed changes to their uniform policy in late 2022, which would allow players and umpires to choose between a dress, singlet, bodysuit, short-sleeved or long-sleeved shirt, skirt, shorts and long pants. These changes were implemented for the first time during the Super Netball pre-season Team Girls Cup by three teams. However, once the main season commenced, all teams returned to the netball dress. The discussion around netball uniforms has been simmering for years. Former Diamonds world champion Ash Brazill, in 2023, said that when she started playing netball, she didn't know where she belonged, partly because of the attire. "You know, I didn't have the blonde ponytail with the ribbon in their hair and I would have preferred to wear shorts than a dress," Brazill told The Age in 2023. "And going into footy and hearing [people] asking girls 'why did they stop playing netball', and a lot of it was not feeling like they belonged." Similarly, Dr Schnioffsky said if she was choosing a sport to play as a girl today, she'd likely opt for football over netball, given the comfort of the kit. "That was the part of the game that I really had to grapple with, how I felt in a dress," Schnioffsky said. "Because I didn't like it and I was very conscious of how my body looked in the dress and how I was being perceived in the dress. Whereas if I was growing up now I think I would have played footy. "Because even though the uniform is still somewhat restrictive in terms of the short shorts, there's a greater diversity of bodies at that higher level who are modelling how it looks to fit in a footy jumper versus how, if you look at the elite professional netball bodies, that diversity isn't there."
ABC News
18-05-2025
- Lifestyle
- ABC News
Thrifted clothing booming at this year's Australian Fashion Week
Molly isn't allowing herself to buy any new clothes this year. She says it's part of her plan to become more intentional with her clothing consumption. "I've put myself on a total ban from buying clothes," she tells the ABC. "I looked in my wardrobe and saw all these pieces that I would wear once a year and it just seemed really wasteful to me." She's one of the many people who were at this year's Australian Fashion Week, prioritising sustainability in fashion choices. "The overconsumption is crazy … to me it just seems ridiculous and excessive when we have so many beautiful pieces in our cupboard," Molly says. The fashion industry is one of the largest contributors to global greenhouse gas emissions, with Australia ranking as one of the highest consumers of clothing per capita globally. Many Australians are now recognising this and changing their consumption patterns. Dr Harriette Richards, a senior lecturer in fashion and textiles at RMIT University, says she's seen a real rise in second-hand shopping in Australia and across the globe over the last five years. "It's becoming one of the largest markets globally," she says. For Risna and Priyanka, almost everything worn at Fashion Week was either second-hand or passed down from family members. "80 per cent of my wardrobe is from Depop or thrifted in some format," Priyanka says. Both women say they prefer to shop this way. "A lot of the older styles are trending again and also I feel quality-wise, thrifted things are still really good," Risna says. Priyanka agrees and added that thrifting is much more affordable. "Quality is going down, prices are increasing. So, for me, that's just not sustainable," she says. It isn't just consumers shopping second-hand. Local brands are also turning their attention to recycling. For just over a year, Marta Marcos has been running a sustainable clothing line called Mine Yours Theirs that re-purposes pre-loved items. "I'm very in love with doilies, that's what I focus on most and I turn them into pieces with blouses, cuffs or collars," she says. Ms Marcos says she also stitches the consumer's name into an item they buy. "It's made to be passed along because I stitch your name in the back and then you can sell it back to me," she says. "To create this community of people who wore the same piece and keep it alive." When she returned to the fashion world after a career in marketing, Ms Marcos says she knew she needed to do something different. "The fact that fast fashion exists is what made me create this brand and create it in this way," she says. "There's enough clothes out there to dress the next six generations … that's pretty wild isn't it? She manufactures out of a studio in Sydney's Surry Hills and sells at markets and pop-up stores. She says despite the competition with fast fashion, she is hopeful she can cut through. "It's very sad and very damaging to the planet and the industry," she adds. "I think people are starting to understand and governments are starting to understand. Brands are starting to understand. "Hopefully the way people produce and buy fashion is going to change." Dr Richards says sustainability is "fundamental" to the future of Australia's fashion industry. "I just think there's too much evidence now of how much environmental degradation the fashion industry produces in terms of waste, in terms of energy use, in terms of water use," she says. The 2018—19 financial year found that an estimated 800,000 tonnes of textile, leather and rubber waste was discarded, according to the Australian Bureau of Statistics, with a little less than 75 per cent sent directly to landfill. "The only way forward for the fashion industry is to take seriously the demands of sustainability and social ethics in terms of production ... and ensuring we have resources going into the future," Dr Richards says. She says despite the competition the second-hand market has with fast fashion, she feels hopeful the sustainable market will continue to grow. Jay Walton, founder of Re-Loved Apparel, is lobbying the government for a nationwide rollout of clothing recycling bins. "As an Indigenous-owned brand, we feel a deep connection to Country and a responsibility to protect it for future generations," he says. "The fashion industry's impact on the environment is undeniable, and it's time for us to take collective action. "By introducing accessible clothing recycling bins, we can divert textiles from landfills and give them a second life through upcycling and recycling initiatives." He says it's something everyone can be a part of. "Every single person wears garments, every single person either grows out of garments or they stay in them and they don't want them anymore," he adds. "Vinnies and places like that are overwhelmed, they cannot keep up with the demand and the volume. "Instead of just having a yellow and a red and a green bin, have whatever colour lid you want on top of it and that could go to recycling."
