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The Advertiser
2 hours ago
- Business
- The Advertiser
Japan PM laments 'harsh' upper house election result
Japan's ruling coalition is certain to lose control of the upper house after an election, public broadcaster NHK reports, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms. While the ballot does not directly determine whether Ishiba's administration will fall, it heaps political pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito were certain to fall short of the 50 seats needed to secure the 248-seat upper chamber in an election where half the seats were up for grabs, NHK said early on Monday, with six seats still to call. That comes on top of its worst showing in 15 years in October's lower house election, a vote which has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking late on Sunday evening after exit polls closed, Ishiba told NHK he "solemnly" accepted the "harsh result". "We are engaged in extremely critical tariff negotiations with the United States ... we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realizing our national interests," he later told TV Tokyo. Asked whether he intended to stay on as prime minister and party leader, he said "that's right". Japan, the world's fourth largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party was set to finish second, vote counts showed. The populist nationalist Sanseito party, birthed on YouTube a few years ago, announced its arrival in mainstream politics with its "Japanese First" campaign and warnings about a "silent invasion" of foreigners winning broader support. It was set to add at least 13 seats to one elected previously. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls suggested, as rising consumer prices - particularly a jump in the cost of rice - have sowed frustration at the government's response. "The LDP was largely playing defence in this election, being on the wrong side of a key voter issue," said David Boling, a director at consulting firm Eurasia Group. "Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home." The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Any concessions the LDP must now strike with opposition parties to pass policy will only further elevate those nerves, analysts say. "The ruling party will have to compromise in order to gain the co-operation of the opposition, and the budget will continue to expand," said Yu Uchiyama, a politics professor at the University of Tokyo. "Overseas investors' evaluation of the Japan economy will also be quite harsh." Sanseito, which first emerged during the COVID-19 pandemic questioning vaccinations and decrying global elites, is among those advocating fiscal expansion. But it is its tough talk on immigration that has grabbed attention, dragging once-fringe political rhetoric into the mainstream. Japan, the world's oldest society, registered a record-high number of foreign-born residents last year of about 3.8 million. That is still just 3 per cent of the total population, a much smaller fraction than in the United States and many European countries, but comes amid a tourism boom that has made foreigners far more visible across the country. Japan's ruling coalition is certain to lose control of the upper house after an election, public broadcaster NHK reports, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms. While the ballot does not directly determine whether Ishiba's administration will fall, it heaps political pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito were certain to fall short of the 50 seats needed to secure the 248-seat upper chamber in an election where half the seats were up for grabs, NHK said early on Monday, with six seats still to call. That comes on top of its worst showing in 15 years in October's lower house election, a vote which has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking late on Sunday evening after exit polls closed, Ishiba told NHK he "solemnly" accepted the "harsh result". "We are engaged in extremely critical tariff negotiations with the United States ... we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realizing our national interests," he later told TV Tokyo. Asked whether he intended to stay on as prime minister and party leader, he said "that's right". Japan, the world's fourth largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party was set to finish second, vote counts showed. The populist nationalist Sanseito party, birthed on YouTube a few years ago, announced its arrival in mainstream politics with its "Japanese First" campaign and warnings about a "silent invasion" of foreigners winning broader support. It was set to add at least 13 seats to one elected previously. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls suggested, as rising consumer prices - particularly a jump in the cost of rice - have sowed frustration at the government's response. "The LDP was largely playing defence in this election, being on the wrong side of a key voter issue," said David Boling, a director at consulting firm Eurasia Group. "Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home." The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Any concessions the LDP must now strike with opposition parties to pass policy will only further elevate those nerves, analysts say. "The ruling party will have to compromise in order to gain the co-operation of the opposition, and the budget will continue to expand," said Yu Uchiyama, a politics professor at the University of Tokyo. "Overseas investors' evaluation of the Japan economy will also be quite harsh." Sanseito, which first emerged during the COVID-19 pandemic questioning vaccinations and decrying global elites, is among those advocating fiscal expansion. But it is its tough talk on immigration that has grabbed attention, dragging once-fringe political rhetoric into the mainstream. Japan, the world's oldest society, registered a record-high number of foreign-born residents last year of about 3.8 million. That is still just 3 per cent of the total population, a much smaller fraction than in the United States and many European countries, but comes amid a tourism boom that has made foreigners far more visible across the country. Japan's ruling coalition is certain to lose control of the upper house after an election, public broadcaster NHK reports, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms. While the ballot does not directly determine whether Ishiba's administration will fall, it heaps political pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito were certain to fall short of the 50 seats needed to secure the 248-seat upper chamber in an election where half the seats were up for grabs, NHK said early on Monday, with six seats still to call. That comes on top of its worst showing in 15 years in October's lower house election, a vote which has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking late on Sunday evening after exit polls closed, Ishiba told NHK he "solemnly" accepted the "harsh result". "We are engaged in extremely critical tariff negotiations with the United States ... we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realizing our national interests," he later told TV Tokyo. Asked whether he intended to stay on as prime minister and party leader, he said "that's right". Japan, the world's fourth largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party was set to finish second, vote counts showed. The populist nationalist Sanseito party, birthed on YouTube a few years ago, announced its arrival in mainstream politics with its "Japanese First" campaign and warnings about a "silent invasion" of foreigners winning broader support. It was set to add at least 13 seats to one elected previously. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls suggested, as rising consumer prices - particularly a jump in the cost of rice - have sowed frustration at the government's response. "The LDP was largely playing defence in this election, being on the wrong side of a key voter issue," said David Boling, a director at consulting firm Eurasia Group. "Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home." The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Any concessions the LDP must now strike with opposition parties to pass policy will only further elevate those nerves, analysts say. "The ruling party will have to compromise in order to gain the co-operation of the opposition, and the budget will continue to expand," said Yu Uchiyama, a politics professor at the University of Tokyo. "Overseas investors' evaluation of the Japan economy will also be quite harsh." Sanseito, which first emerged during the COVID-19 pandemic questioning vaccinations and decrying global elites, is among those advocating fiscal expansion. But it is its tough talk on immigration that has grabbed attention, dragging once-fringe political rhetoric into the mainstream. Japan, the world's oldest society, registered a record-high number of foreign-born residents last year of about 3.8 million. That is still just 3 per cent of the total population, a much smaller fraction than in the United States and many European countries, but comes amid a tourism boom that has made foreigners far more visible across the country. Japan's ruling coalition is certain to lose control of the upper house after an election, public broadcaster NHK reports, an outcome that further weakens Prime Minister Shigeru Ishiba's grip on power as a tariff deadline with the United States looms. While the ballot does not directly determine whether Ishiba's administration will fall, it heaps political pressure on the embattled leader who also lost control of the more powerful lower house in October. Ishiba's Liberal Democratic Party (LDP) and coalition partner Komeito were certain to fall short of the 50 seats needed to secure the 248-seat upper chamber in an election where half the seats were up for grabs, NHK said early on Monday, with six seats still to call. That comes on top of its worst showing in 15 years in October's lower house election, a vote which has left Ishiba's administration vulnerable to no-confidence motions and calls from within his own party for leadership change. Speaking late on Sunday evening after exit polls closed, Ishiba told NHK he "solemnly" accepted the "harsh result". "We are engaged in extremely critical tariff negotiations with the United States ... we must never ruin these negotiations. It is only natural to devote our complete dedication and energy to realizing our national interests," he later told TV Tokyo. Asked whether he intended to stay on as prime minister and party leader, he said "that's right". Japan, the world's fourth largest economy, faces a deadline of August 1 to strike a trade deal with the United States or face punishing tariffs in its largest export market. The main opposition Constitutional Democratic Party was set to finish second, vote counts showed. The populist nationalist Sanseito party, birthed on YouTube a few years ago, announced its arrival in mainstream politics with its "Japanese First" campaign and warnings about a "silent invasion" of foreigners winning broader support. It was set to add at least 13 seats to one elected previously. Opposition parties advocating for tax cuts and welfare spending have struck a chord with voters, the exit polls suggested, as rising consumer prices - particularly a jump in the cost of rice - have sowed frustration at the government's response. "The LDP was largely playing defence in this election, being on the wrong side of a key voter issue," said David Boling, a director at consulting firm Eurasia Group. "Polls show that most households want a cut to the consumption tax to address inflation, something that the LDP opposes. Opposition parties seized on it and hammered that message home." The LDP has been urging for fiscal restraint, with one eye on a very jittery government bond market, as investors worry about Japan's ability to refinance the world's largest debt pile. Any concessions the LDP must now strike with opposition parties to pass policy will only further elevate those nerves, analysts say. "The ruling party will have to compromise in order to gain the co-operation of the opposition, and the budget will continue to expand," said Yu Uchiyama, a politics professor at the University of Tokyo. "Overseas investors' evaluation of the Japan economy will also be quite harsh." Sanseito, which first emerged during the COVID-19 pandemic questioning vaccinations and decrying global elites, is among those advocating fiscal expansion. But it is its tough talk on immigration that has grabbed attention, dragging once-fringe political rhetoric into the mainstream. Japan, the world's oldest society, registered a record-high number of foreign-born residents last year of about 3.8 million. That is still just 3 per cent of the total population, a much smaller fraction than in the United States and many European countries, but comes amid a tourism boom that has made foreigners far more visible across the country.
The Advertiser
2 hours ago
- Sport
- The Advertiser
Scheffler's magisterial march to British Open triumph
Scottie Scheffler has turned the 153rd British Open golf championship into a magisterial procession, winning his fourth major title by four shots after a final-round masterclass at Royal Portrush. The American had confessed at the start of the week, amid some rather startling soul-searching at a news conference, how winning golf championships didn't give him a lasting feeling of fulfilment. So it's to be hoped that even the world's top golfer may find more than fleeting satisfaction from this consummate display which again showcased the 29-year-old as a supreme generational talent. "It's a pretty special feeling. It was a tough week. I battled hard all weekend and, fortunately, I'm standing here holding the trophy," said Scheffler. "It's pretty fun. I mean, I grew up waking up early to watch this tournament on TV, just hoping and dreaming I'd get the chance to come and play this championship. And it's pretty cool to be sitting here with the trophy. It's hard to put into words." Scheffler, starting off four shots ahead, effectively sucked all the drama out of an eagerly anticipated final day as his lordly control on the Dunluce links ensured no-one else could even land a blow on him. From the moment he put his glorious approach from 143 yards to within 16 inches of the hole at the first for a tap-in birdie in lovely, unthreatening conditions at the storied Northern Ireland course, this most brilliant of front-runners made it feel like a Sunday afternoon seaside stroll. That four-shot gap was never relinquished as a really tight battle unfolded for second place, with a dozen players, who all ended within four shots of each other, contending for that accolade until fellow American Harris English's five-under 66 won the day. But Scheffler was in a world of his own out front. How good is he when he holds a 54-hole lead? Well, he won the PGA by five earlier this year, last year's Masters by four and the 2022 Masters by three. In the game's annals, no-one else has ever won each of their first four major titles by three or more. His mastery, at 17 under for the Championships (267 - 68, 64, 67, 68) made it a one-man show. Chris Gotterup, the surprise American winner of the Scottish Open seven days earlier, completed his amazing week on his 26th birthday with a 67 to finish third on 12 under, while Wyndham Clark's final 65, Matt Fitzpatrick's 69 and Li Haotong's 70 as Scheffler's final-day playing partner got them to tied-fourth on 11 under. Even Rory McIlroy, cheered on by his fabulous armada of fans, simply ran out of magic, trying to conjure up some cheers just to try to rattle the stoic figure in the group behind as he finished with a 69 for joint-seventh, alongside defending champion Xander Schauffele (68) and Bob MacIntyre (67). There was just one blip amid Scheffler's majestic progress. After birdieing three of the first five holes to move seven clear, he found a fairway bunker at the eighth hole and "got a little too greedy", leaving the ball in the sand as he tried to blast out. It led to a double-bogey six and his first dropped shot in 33 holes. "It was kind of a silly mistake, but I feel like one of my greatest strengths is being able to reset," Scheffler reflected. "Teddy (caddie Ted Scott) snapped me back in, and we did a good job bouncing back." Indeed, at the next, he hit his approach to five foot for birdie, before sinking another at the long 12th. From there it was simply cruise control as he eased to victory with six straight pars, not looking stressed in the slightest. He's moved into a different league to his rivals, even the best of his chasers agreed. As McIlroy put it: "You could argue there's only maybe two or three players in the history of the game that have been on the sort of run Scottie's been on here for the last 24 to 36 months. Incredibly impressive." Schauffele even mentioned the T-word. "I think people are shy to say it, but he's doing Tiger-like stuff," said the deposed champ. The ultimate compliment. Scottie Scheffler has turned the 153rd British Open golf championship into a magisterial procession, winning his fourth major title by four shots after a final-round masterclass at Royal Portrush. The American had confessed at the start of the week, amid some rather startling soul-searching at a news conference, how winning golf championships didn't give him a lasting feeling of fulfilment. So it's to be hoped that even the world's top golfer may find more than fleeting satisfaction from this consummate display which again showcased the 29-year-old as a supreme generational talent. "It's a pretty special feeling. It was a tough week. I battled hard all weekend and, fortunately, I'm standing here holding the trophy," said Scheffler. "It's pretty fun. I mean, I grew up waking up early to watch this tournament on TV, just hoping and dreaming I'd get the chance to come and play this championship. And it's pretty cool to be sitting here with the trophy. It's hard to put into words." Scheffler, starting off four shots ahead, effectively sucked all the drama out of an eagerly anticipated final day as his lordly control on the Dunluce links ensured no-one else could even land a blow on him. From the moment he put his glorious approach from 143 yards to within 16 inches of the hole at the first for a tap-in birdie in lovely, unthreatening conditions at the storied Northern Ireland course, this most brilliant of front-runners made it feel like a Sunday afternoon seaside stroll. That four-shot gap was never relinquished as a really tight battle unfolded for second place, with a dozen players, who all ended within four shots of each other, contending for that accolade until fellow American Harris English's five-under 66 won the day. But Scheffler was in a world of his own out front. How good is he when he holds a 54-hole lead? Well, he won the PGA by five earlier this year, last year's Masters by four and the 2022 Masters by three. In the game's annals, no-one else has ever won each of their first four major titles by three or more. His mastery, at 17 under for the Championships (267 - 68, 64, 67, 68) made it a one-man show. Chris Gotterup, the surprise American winner of the Scottish Open seven days earlier, completed his amazing week on his 26th birthday with a 67 to finish third on 12 under, while Wyndham Clark's final 65, Matt Fitzpatrick's 69 and Li Haotong's 70 as Scheffler's final-day playing partner got them to tied-fourth on 11 under. Even Rory McIlroy, cheered on by his fabulous armada of fans, simply ran out of magic, trying to conjure up some cheers just to try to rattle the stoic figure in the group behind as he finished with a 69 for joint-seventh, alongside defending champion Xander Schauffele (68) and Bob MacIntyre (67). There was just one blip amid Scheffler's majestic progress. After birdieing three of the first five holes to move seven clear, he found a fairway bunker at the eighth hole and "got a little too greedy", leaving the ball in the sand as he tried to blast out. It led to a double-bogey six and his first dropped shot in 33 holes. "It was kind of a silly mistake, but I feel like one of my greatest strengths is being able to reset," Scheffler reflected. "Teddy (caddie Ted Scott) snapped me back in, and we did a good job bouncing back." Indeed, at the next, he hit his approach to five foot for birdie, before sinking another at the long 12th. From there it was simply cruise control as he eased to victory with six straight pars, not looking stressed in the slightest. He's moved into a different league to his rivals, even the best of his chasers agreed. As McIlroy put it: "You could argue there's only maybe two or three players in the history of the game that have been on the sort of run Scottie's been on here for the last 24 to 36 months. Incredibly impressive." Schauffele even mentioned the T-word. "I think people are shy to say it, but he's doing Tiger-like stuff," said the deposed champ. The ultimate compliment. Scottie Scheffler has turned the 153rd British Open golf championship into a magisterial procession, winning his fourth major title by four shots after a final-round masterclass at Royal Portrush. The American had confessed at the start of the week, amid some rather startling soul-searching at a news conference, how winning golf championships didn't give him a lasting feeling of fulfilment. So it's to be hoped that even the world's top golfer may find more than fleeting satisfaction from this consummate display which again showcased the 29-year-old as a supreme generational talent. "It's a pretty special feeling. It was a tough week. I battled hard all weekend and, fortunately, I'm standing here holding the trophy," said Scheffler. "It's pretty fun. I mean, I grew up waking up early to watch this tournament on TV, just hoping and dreaming I'd get the chance to come and play this championship. And it's pretty cool to be sitting here with the trophy. It's hard to put into words." Scheffler, starting off four shots ahead, effectively sucked all the drama out of an eagerly anticipated final day as his lordly control on the Dunluce links ensured no-one else could even land a blow on him. From the moment he put his glorious approach from 143 yards to within 16 inches of the hole at the first for a tap-in birdie in lovely, unthreatening conditions at the storied Northern Ireland course, this most brilliant of front-runners made it feel like a Sunday afternoon seaside stroll. That four-shot gap was never relinquished as a really tight battle unfolded for second place, with a dozen players, who all ended within four shots of each other, contending for that accolade until fellow American Harris English's five-under 66 won the day. But Scheffler was in a world of his own out front. How good is he when he holds a 54-hole lead? Well, he won the PGA by five earlier this year, last year's Masters by four and the 2022 Masters by three. In the game's annals, no-one else has ever won each of their first four major titles by three or more. His mastery, at 17 under for the Championships (267 - 68, 64, 67, 68) made it a one-man show. Chris Gotterup, the surprise American winner of the Scottish Open seven days earlier, completed his amazing week on his 26th birthday with a 67 to finish third on 12 under, while Wyndham Clark's final 65, Matt Fitzpatrick's 69 and Li Haotong's 70 as Scheffler's final-day playing partner got them to tied-fourth on 11 under. Even Rory McIlroy, cheered on by his fabulous armada of fans, simply ran out of magic, trying to conjure up some cheers just to try to rattle the stoic figure in the group behind as he finished with a 69 for joint-seventh, alongside defending champion Xander Schauffele (68) and Bob MacIntyre (67). There was just one blip amid Scheffler's majestic progress. After birdieing three of the first five holes to move seven clear, he found a fairway bunker at the eighth hole and "got a little too greedy", leaving the ball in the sand as he tried to blast out. It led to a double-bogey six and his first dropped shot in 33 holes. "It was kind of a silly mistake, but I feel like one of my greatest strengths is being able to reset," Scheffler reflected. "Teddy (caddie Ted Scott) snapped me back in, and we did a good job bouncing back." Indeed, at the next, he hit his approach to five foot for birdie, before sinking another at the long 12th. From there it was simply cruise control as he eased to victory with six straight pars, not looking stressed in the slightest. He's moved into a different league to his rivals, even the best of his chasers agreed. As McIlroy put it: "You could argue there's only maybe two or three players in the history of the game that have been on the sort of run Scottie's been on here for the last 24 to 36 months. Incredibly impressive." Schauffele even mentioned the T-word. "I think people are shy to say it, but he's doing Tiger-like stuff," said the deposed champ. The ultimate compliment. Scottie Scheffler has turned the 153rd British Open golf championship into a magisterial procession, winning his fourth major title by four shots after a final-round masterclass at Royal Portrush. The American had confessed at the start of the week, amid some rather startling soul-searching at a news conference, how winning golf championships didn't give him a lasting feeling of fulfilment. So it's to be hoped that even the world's top golfer may find more than fleeting satisfaction from this consummate display which again showcased the 29-year-old as a supreme generational talent. "It's a pretty special feeling. It was a tough week. I battled hard all weekend and, fortunately, I'm standing here holding the trophy," said Scheffler. "It's pretty fun. I mean, I grew up waking up early to watch this tournament on TV, just hoping and dreaming I'd get the chance to come and play this championship. And it's pretty cool to be sitting here with the trophy. It's hard to put into words." Scheffler, starting off four shots ahead, effectively sucked all the drama out of an eagerly anticipated final day as his lordly control on the Dunluce links ensured no-one else could even land a blow on him. From the moment he put his glorious approach from 143 yards to within 16 inches of the hole at the first for a tap-in birdie in lovely, unthreatening conditions at the storied Northern Ireland course, this most brilliant of front-runners made it feel like a Sunday afternoon seaside stroll. That four-shot gap was never relinquished as a really tight battle unfolded for second place, with a dozen players, who all ended within four shots of each other, contending for that accolade until fellow American Harris English's five-under 66 won the day. But Scheffler was in a world of his own out front. How good is he when he holds a 54-hole lead? Well, he won the PGA by five earlier this year, last year's Masters by four and the 2022 Masters by three. In the game's annals, no-one else has ever won each of their first four major titles by three or more. His mastery, at 17 under for the Championships (267 - 68, 64, 67, 68) made it a one-man show. Chris Gotterup, the surprise American winner of the Scottish Open seven days earlier, completed his amazing week on his 26th birthday with a 67 to finish third on 12 under, while Wyndham Clark's final 65, Matt Fitzpatrick's 69 and Li Haotong's 70 as Scheffler's final-day playing partner got them to tied-fourth on 11 under. Even Rory McIlroy, cheered on by his fabulous armada of fans, simply ran out of magic, trying to conjure up some cheers just to try to rattle the stoic figure in the group behind as he finished with a 69 for joint-seventh, alongside defending champion Xander Schauffele (68) and Bob MacIntyre (67). There was just one blip amid Scheffler's majestic progress. After birdieing three of the first five holes to move seven clear, he found a fairway bunker at the eighth hole and "got a little too greedy", leaving the ball in the sand as he tried to blast out. It led to a double-bogey six and his first dropped shot in 33 holes. "It was kind of a silly mistake, but I feel like one of my greatest strengths is being able to reset," Scheffler reflected. "Teddy (caddie Ted Scott) snapped me back in, and we did a good job bouncing back." Indeed, at the next, he hit his approach to five foot for birdie, before sinking another at the long 12th. From there it was simply cruise control as he eased to victory with six straight pars, not looking stressed in the slightest. He's moved into a different league to his rivals, even the best of his chasers agreed. As McIlroy put it: "You could argue there's only maybe two or three players in the history of the game that have been on the sort of run Scottie's been on here for the last 24 to 36 months. Incredibly impressive." Schauffele even mentioned the T-word. "I think people are shy to say it, but he's doing Tiger-like stuff," said the deposed champ. The ultimate compliment.
The Advertiser
2 hours ago
- Sport
- The Advertiser
Gallant Knights fall short of unlikely Warriors upset to round out dramatic week
They had a week from hell, but Newcastle's display against the Warriors on Sunday was a performance to be proud of. They may have lost 20-15 - and only at the death after the Warriors scored on full-time - but what mattered was the fight Newcastle showed. To even be in the contest, after a dozen players fell ill less than 48 hours before kick-off, was an amazing effort. But to be just seconds away from claiming an inspiring victory, the Knights should head to Canberra next week full of confidence they can match it with the best sides. "Really proud of the playing group, considering what they've been through in the last 48 hours," Newcastle coach Adam O'Brien said. "We had 12 of them in bed over the last 24 hours, and for them to turn up today and put in that type of effort, I couldn't be any prouder of them." The match, which Newcastle led 12-6 at half-time, 14-12 midway through the second half and then 15-14 after Jack Cogger's 75th-minute field goal, came after several days of critical publicity for the club. Reports emerged early last week that Knights management were weighing up O'Brien's future - reports which are yet to be denied - and that skipper Kalyn Ponga was exploring his options for a potential off-season departure. After just six wins in 2025, the club was put in the spotlight with just about everything analysed - on-field performances, junior development, recruitment, you name it. But the team that took to the field at McDonald Jones Stadium, a side missing Ponga, attacking ace Fletcher Sharpe and forwards Dylan Lucas, Adam Elliott and Brodie Jones, produced a gallant display that left all the talk in the background. O'Brien, who is undoubtedly under-pressure given the Knights have lost 12 of 18 games, hopes it might go some way silencing Newcastle's critics, but most of all he hopes it was a showing that gave the fans some belief. Belief that the players are committed to the cause, whether placed 14th or elsewhere. "They're not just playing for me, they're playing for our club, for our town," O'Brien said. "They've done that all year. These boys haven't rolled over or turned it up once. "The narrative out there that we're a basket-case or whatever, is really unfair. "The injury-toll was understated from you guys [the media]. It's huge, it has been all year. "They haven't lost their fight, they haven't lost their competitive spirit, their resilience - they've got that in spades. "When you put that in a footy team, you can add some other stuff, but that's a key ingredient that you've got to have for a footy team. "I reckon the town would be proud of them." It was only a lucky bounce of the ball from a charge-down that allowed the Warriors to steal victory with a Leka Halasima try as the full-time siren sounded. The Knights had looked set to cause an unlikely upset, leading on three separate occasions in the second half. But the fourth-placed Warriors never went away. They twice drew level, and then missed a penalty kick and two field-goal attempts in a frantic final five minutes. "I'd love nothing more than for our staff, these players first and foremost, but all those people that turn up and chant that New-cas-tle chant, I would have loved for them to win tonight," O'Brien said. "Because the smiles on all their faces would have capped off a pretty shitty week." Newcastle scored three tries in the opening 40 minutes to lead 12-6 at the break, after initially trailing 6-0. Fletcher Hunt (21st minute), Dane Gagai (25th) and Greg Marzhew (30th) all crossed in the space of nine minutes midway through the first half. But O'Brien admitted Newcastle "bombed two or three" try-scoring opportunities, which ultimately "proved costly". They were also let down by their goal-kicking, but all three tries were scored close to the sideline. After missing two conversion attempts, Jackson Hastings handed the kicking tee to Dane Gagai, but he was off the mark from out wide as well. Some questionable refereeing decisions didn't help Newcastle's cause either. "There was some stuff there that was hard to take," O'Brien said. After Warriors playmaker Tanah Boyd's second attempt at a one-pointer was charged down, Halasima ran more than 30 metres to score the match-winner, barging past several Knights defenders on the right edge. It was a heart-sinking moment for the Knights faithful among the 21,117-strong crowd, but a thrilling end to an entertaining match. The loss has all but killed off Newcastle's faint finals hopes. They are now eight points, or four wins, outside the top eight with six games left to play, and a bye. The Warriors improved their season record to 12 wins and five losses, but remained fourth. The Knights head to Canberra next weekend to face the ladder-leading Raiders. Having lost to the competition front-runners 22-18 less than a month ago, after Sunday's performance - if they recover well from the virus outbreak - there is reason to believe Newcastle are capable of a boilover in the nation's capital. They had a week from hell, but Newcastle's display against the Warriors on Sunday was a performance to be proud of. They may have lost 20-15 - and only at the death after the Warriors scored on full-time - but what mattered was the fight Newcastle showed. To even be in the contest, after a dozen players fell ill less than 48 hours before kick-off, was an amazing effort. But to be just seconds away from claiming an inspiring victory, the Knights should head to Canberra next week full of confidence they can match it with the best sides. "Really proud of the playing group, considering what they've been through in the last 48 hours," Newcastle coach Adam O'Brien said. "We had 12 of them in bed over the last 24 hours, and for them to turn up today and put in that type of effort, I couldn't be any prouder of them." The match, which Newcastle led 12-6 at half-time, 14-12 midway through the second half and then 15-14 after Jack Cogger's 75th-minute field goal, came after several days of critical publicity for the club. Reports emerged early last week that Knights management were weighing up O'Brien's future - reports which are yet to be denied - and that skipper Kalyn Ponga was exploring his options for a potential off-season departure. After just six wins in 2025, the club was put in the spotlight with just about everything analysed - on-field performances, junior development, recruitment, you name it. But the team that took to the field at McDonald Jones Stadium, a side missing Ponga, attacking ace Fletcher Sharpe and forwards Dylan Lucas, Adam Elliott and Brodie Jones, produced a gallant display that left all the talk in the background. O'Brien, who is undoubtedly under-pressure given the Knights have lost 12 of 18 games, hopes it might go some way silencing Newcastle's critics, but most of all he hopes it was a showing that gave the fans some belief. Belief that the players are committed to the cause, whether placed 14th or elsewhere. "They're not just playing for me, they're playing for our club, for our town," O'Brien said. "They've done that all year. These boys haven't rolled over or turned it up once. "The narrative out there that we're a basket-case or whatever, is really unfair. "The injury-toll was understated from you guys [the media]. It's huge, it has been all year. "They haven't lost their fight, they haven't lost their competitive spirit, their resilience - they've got that in spades. "When you put that in a footy team, you can add some other stuff, but that's a key ingredient that you've got to have for a footy team. "I reckon the town would be proud of them." It was only a lucky bounce of the ball from a charge-down that allowed the Warriors to steal victory with a Leka Halasima try as the full-time siren sounded. The Knights had looked set to cause an unlikely upset, leading on three separate occasions in the second half. But the fourth-placed Warriors never went away. They twice drew level, and then missed a penalty kick and two field-goal attempts in a frantic final five minutes. "I'd love nothing more than for our staff, these players first and foremost, but all those people that turn up and chant that New-cas-tle chant, I would have loved for them to win tonight," O'Brien said. "Because the smiles on all their faces would have capped off a pretty shitty week." Newcastle scored three tries in the opening 40 minutes to lead 12-6 at the break, after initially trailing 6-0. Fletcher Hunt (21st minute), Dane Gagai (25th) and Greg Marzhew (30th) all crossed in the space of nine minutes midway through the first half. But O'Brien admitted Newcastle "bombed two or three" try-scoring opportunities, which ultimately "proved costly". They were also let down by their goal-kicking, but all three tries were scored close to the sideline. After missing two conversion attempts, Jackson Hastings handed the kicking tee to Dane Gagai, but he was off the mark from out wide as well. Some questionable refereeing decisions didn't help Newcastle's cause either. "There was some stuff there that was hard to take," O'Brien said. After Warriors playmaker Tanah Boyd's second attempt at a one-pointer was charged down, Halasima ran more than 30 metres to score the match-winner, barging past several Knights defenders on the right edge. It was a heart-sinking moment for the Knights faithful among the 21,117-strong crowd, but a thrilling end to an entertaining match. The loss has all but killed off Newcastle's faint finals hopes. They are now eight points, or four wins, outside the top eight with six games left to play, and a bye. The Warriors improved their season record to 12 wins and five losses, but remained fourth. The Knights head to Canberra next weekend to face the ladder-leading Raiders. Having lost to the competition front-runners 22-18 less than a month ago, after Sunday's performance - if they recover well from the virus outbreak - there is reason to believe Newcastle are capable of a boilover in the nation's capital. They had a week from hell, but Newcastle's display against the Warriors on Sunday was a performance to be proud of. They may have lost 20-15 - and only at the death after the Warriors scored on full-time - but what mattered was the fight Newcastle showed. To even be in the contest, after a dozen players fell ill less than 48 hours before kick-off, was an amazing effort. But to be just seconds away from claiming an inspiring victory, the Knights should head to Canberra next week full of confidence they can match it with the best sides. "Really proud of the playing group, considering what they've been through in the last 48 hours," Newcastle coach Adam O'Brien said. "We had 12 of them in bed over the last 24 hours, and for them to turn up today and put in that type of effort, I couldn't be any prouder of them." The match, which Newcastle led 12-6 at half-time, 14-12 midway through the second half and then 15-14 after Jack Cogger's 75th-minute field goal, came after several days of critical publicity for the club. Reports emerged early last week that Knights management were weighing up O'Brien's future - reports which are yet to be denied - and that skipper Kalyn Ponga was exploring his options for a potential off-season departure. After just six wins in 2025, the club was put in the spotlight with just about everything analysed - on-field performances, junior development, recruitment, you name it. But the team that took to the field at McDonald Jones Stadium, a side missing Ponga, attacking ace Fletcher Sharpe and forwards Dylan Lucas, Adam Elliott and Brodie Jones, produced a gallant display that left all the talk in the background. O'Brien, who is undoubtedly under-pressure given the Knights have lost 12 of 18 games, hopes it might go some way silencing Newcastle's critics, but most of all he hopes it was a showing that gave the fans some belief. Belief that the players are committed to the cause, whether placed 14th or elsewhere. "They're not just playing for me, they're playing for our club, for our town," O'Brien said. "They've done that all year. These boys haven't rolled over or turned it up once. "The narrative out there that we're a basket-case or whatever, is really unfair. "The injury-toll was understated from you guys [the media]. It's huge, it has been all year. "They haven't lost their fight, they haven't lost their competitive spirit, their resilience - they've got that in spades. "When you put that in a footy team, you can add some other stuff, but that's a key ingredient that you've got to have for a footy team. "I reckon the town would be proud of them." It was only a lucky bounce of the ball from a charge-down that allowed the Warriors to steal victory with a Leka Halasima try as the full-time siren sounded. The Knights had looked set to cause an unlikely upset, leading on three separate occasions in the second half. But the fourth-placed Warriors never went away. They twice drew level, and then missed a penalty kick and two field-goal attempts in a frantic final five minutes. "I'd love nothing more than for our staff, these players first and foremost, but all those people that turn up and chant that New-cas-tle chant, I would have loved for them to win tonight," O'Brien said. "Because the smiles on all their faces would have capped off a pretty shitty week." Newcastle scored three tries in the opening 40 minutes to lead 12-6 at the break, after initially trailing 6-0. Fletcher Hunt (21st minute), Dane Gagai (25th) and Greg Marzhew (30th) all crossed in the space of nine minutes midway through the first half. But O'Brien admitted Newcastle "bombed two or three" try-scoring opportunities, which ultimately "proved costly". They were also let down by their goal-kicking, but all three tries were scored close to the sideline. After missing two conversion attempts, Jackson Hastings handed the kicking tee to Dane Gagai, but he was off the mark from out wide as well. Some questionable refereeing decisions didn't help Newcastle's cause either. "There was some stuff there that was hard to take," O'Brien said. After Warriors playmaker Tanah Boyd's second attempt at a one-pointer was charged down, Halasima ran more than 30 metres to score the match-winner, barging past several Knights defenders on the right edge. It was a heart-sinking moment for the Knights faithful among the 21,117-strong crowd, but a thrilling end to an entertaining match. The loss has all but killed off Newcastle's faint finals hopes. They are now eight points, or four wins, outside the top eight with six games left to play, and a bye. The Warriors improved their season record to 12 wins and five losses, but remained fourth. The Knights head to Canberra next weekend to face the ladder-leading Raiders. Having lost to the competition front-runners 22-18 less than a month ago, after Sunday's performance - if they recover well from the virus outbreak - there is reason to believe Newcastle are capable of a boilover in the nation's capital. They had a week from hell, but Newcastle's display against the Warriors on Sunday was a performance to be proud of. They may have lost 20-15 - and only at the death after the Warriors scored on full-time - but what mattered was the fight Newcastle showed. To even be in the contest, after a dozen players fell ill less than 48 hours before kick-off, was an amazing effort. But to be just seconds away from claiming an inspiring victory, the Knights should head to Canberra next week full of confidence they can match it with the best sides. "Really proud of the playing group, considering what they've been through in the last 48 hours," Newcastle coach Adam O'Brien said. "We had 12 of them in bed over the last 24 hours, and for them to turn up today and put in that type of effort, I couldn't be any prouder of them." The match, which Newcastle led 12-6 at half-time, 14-12 midway through the second half and then 15-14 after Jack Cogger's 75th-minute field goal, came after several days of critical publicity for the club. Reports emerged early last week that Knights management were weighing up O'Brien's future - reports which are yet to be denied - and that skipper Kalyn Ponga was exploring his options for a potential off-season departure. After just six wins in 2025, the club was put in the spotlight with just about everything analysed - on-field performances, junior development, recruitment, you name it. But the team that took to the field at McDonald Jones Stadium, a side missing Ponga, attacking ace Fletcher Sharpe and forwards Dylan Lucas, Adam Elliott and Brodie Jones, produced a gallant display that left all the talk in the background. O'Brien, who is undoubtedly under-pressure given the Knights have lost 12 of 18 games, hopes it might go some way silencing Newcastle's critics, but most of all he hopes it was a showing that gave the fans some belief. Belief that the players are committed to the cause, whether placed 14th or elsewhere. "They're not just playing for me, they're playing for our club, for our town," O'Brien said. "They've done that all year. These boys haven't rolled over or turned it up once. "The narrative out there that we're a basket-case or whatever, is really unfair. "The injury-toll was understated from you guys [the media]. It's huge, it has been all year. "They haven't lost their fight, they haven't lost their competitive spirit, their resilience - they've got that in spades. "When you put that in a footy team, you can add some other stuff, but that's a key ingredient that you've got to have for a footy team. "I reckon the town would be proud of them." It was only a lucky bounce of the ball from a charge-down that allowed the Warriors to steal victory with a Leka Halasima try as the full-time siren sounded. The Knights had looked set to cause an unlikely upset, leading on three separate occasions in the second half. But the fourth-placed Warriors never went away. They twice drew level, and then missed a penalty kick and two field-goal attempts in a frantic final five minutes. "I'd love nothing more than for our staff, these players first and foremost, but all those people that turn up and chant that New-cas-tle chant, I would have loved for them to win tonight," O'Brien said. "Because the smiles on all their faces would have capped off a pretty shitty week." Newcastle scored three tries in the opening 40 minutes to lead 12-6 at the break, after initially trailing 6-0. Fletcher Hunt (21st minute), Dane Gagai (25th) and Greg Marzhew (30th) all crossed in the space of nine minutes midway through the first half. But O'Brien admitted Newcastle "bombed two or three" try-scoring opportunities, which ultimately "proved costly". They were also let down by their goal-kicking, but all three tries were scored close to the sideline. After missing two conversion attempts, Jackson Hastings handed the kicking tee to Dane Gagai, but he was off the mark from out wide as well. Some questionable refereeing decisions didn't help Newcastle's cause either. "There was some stuff there that was hard to take," O'Brien said. After Warriors playmaker Tanah Boyd's second attempt at a one-pointer was charged down, Halasima ran more than 30 metres to score the match-winner, barging past several Knights defenders on the right edge. It was a heart-sinking moment for the Knights faithful among the 21,117-strong crowd, but a thrilling end to an entertaining match. The loss has all but killed off Newcastle's faint finals hopes. They are now eight points, or four wins, outside the top eight with six games left to play, and a bye. The Warriors improved their season record to 12 wins and five losses, but remained fourth. The Knights head to Canberra next weekend to face the ladder-leading Raiders. Having lost to the competition front-runners 22-18 less than a month ago, after Sunday's performance - if they recover well from the virus outbreak - there is reason to believe Newcastle are capable of a boilover in the nation's capital.
The Advertiser
2 hours ago
- Business
- The Advertiser
Reverse mortgages an effective tool in your retirement strategy
Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
The Advertiser
2 hours ago
- Business
- The Advertiser
Labor's support towers over coalition in Newspoll
Support for Labor has crept up as backers of the coalition have retreated, according to the first Newspoll since Prime Minister Anthony Albanese's election win in May. The survey, published in The Australian, showed a 1.4 percentage point rise in Labor's primary vote since the election to 36 per cent while the coalition slipped from 31.8 per cent to 29 per cent. The Greens remained steady at 12 per cent, as did the independents and minor parties category on 15 per cent, while One Nation was up 1.6 percentage points to eight per cent. The 29 per cent primary vote number is the coalition's lowest reading in a Newspoll survey since November 1985. The combined Labor and coalition primary vote total - at 65 per cent - is also at its lowest level in Newspoll history. On a two-party-preferred basis, the Labor government has bolstered its lead of 55.2 per cent to 44.8 per cent on May 3 to 57 per cent to 43 per cent in the Newspoll. Mr Albanese's pre-election Newspoll net approval rating of minus 10 improved in the survey published on Monday to zero, with 47 per cent of voters satisfied with his performance and an equal number dissatisfied. The poll has new coalition leader Sussan Ley's net approval rating at minus seven, an upgrade from her predecessor Peter Dutton's minus 24 result, but 23 per cent of respondents indicated it was too early to judge her performance. The survey of 1264 voters was conducted online between July 14 and July 17. The 48th parliament has its official opening in Canberra on Tuesday. MPs and senators were welcomed by Governor-General Sam Mostyn at Government House on Sunday as part of formalities before the start of the new session. Labor will have an increased majority in the new term, holding 94 of the 150 seats in the House of Representatives after its election triumph on May 3. Support for Labor has crept up as backers of the coalition have retreated, according to the first Newspoll since Prime Minister Anthony Albanese's election win in May. The survey, published in The Australian, showed a 1.4 percentage point rise in Labor's primary vote since the election to 36 per cent while the coalition slipped from 31.8 per cent to 29 per cent. The Greens remained steady at 12 per cent, as did the independents and minor parties category on 15 per cent, while One Nation was up 1.6 percentage points to eight per cent. The 29 per cent primary vote number is the coalition's lowest reading in a Newspoll survey since November 1985. The combined Labor and coalition primary vote total - at 65 per cent - is also at its lowest level in Newspoll history. On a two-party-preferred basis, the Labor government has bolstered its lead of 55.2 per cent to 44.8 per cent on May 3 to 57 per cent to 43 per cent in the Newspoll. Mr Albanese's pre-election Newspoll net approval rating of minus 10 improved in the survey published on Monday to zero, with 47 per cent of voters satisfied with his performance and an equal number dissatisfied. The poll has new coalition leader Sussan Ley's net approval rating at minus seven, an upgrade from her predecessor Peter Dutton's minus 24 result, but 23 per cent of respondents indicated it was too early to judge her performance. The survey of 1264 voters was conducted online between July 14 and July 17. The 48th parliament has its official opening in Canberra on Tuesday. MPs and senators were welcomed by Governor-General Sam Mostyn at Government House on Sunday as part of formalities before the start of the new session. Labor will have an increased majority in the new term, holding 94 of the 150 seats in the House of Representatives after its election triumph on May 3. Support for Labor has crept up as backers of the coalition have retreated, according to the first Newspoll since Prime Minister Anthony Albanese's election win in May. The survey, published in The Australian, showed a 1.4 percentage point rise in Labor's primary vote since the election to 36 per cent while the coalition slipped from 31.8 per cent to 29 per cent. The Greens remained steady at 12 per cent, as did the independents and minor parties category on 15 per cent, while One Nation was up 1.6 percentage points to eight per cent. The 29 per cent primary vote number is the coalition's lowest reading in a Newspoll survey since November 1985. The combined Labor and coalition primary vote total - at 65 per cent - is also at its lowest level in Newspoll history. On a two-party-preferred basis, the Labor government has bolstered its lead of 55.2 per cent to 44.8 per cent on May 3 to 57 per cent to 43 per cent in the Newspoll. Mr Albanese's pre-election Newspoll net approval rating of minus 10 improved in the survey published on Monday to zero, with 47 per cent of voters satisfied with his performance and an equal number dissatisfied. The poll has new coalition leader Sussan Ley's net approval rating at minus seven, an upgrade from her predecessor Peter Dutton's minus 24 result, but 23 per cent of respondents indicated it was too early to judge her performance. The survey of 1264 voters was conducted online between July 14 and July 17. The 48th parliament has its official opening in Canberra on Tuesday. MPs and senators were welcomed by Governor-General Sam Mostyn at Government House on Sunday as part of formalities before the start of the new session. Labor will have an increased majority in the new term, holding 94 of the 150 seats in the House of Representatives after its election triumph on May 3. Support for Labor has crept up as backers of the coalition have retreated, according to the first Newspoll since Prime Minister Anthony Albanese's election win in May. The survey, published in The Australian, showed a 1.4 percentage point rise in Labor's primary vote since the election to 36 per cent while the coalition slipped from 31.8 per cent to 29 per cent. The Greens remained steady at 12 per cent, as did the independents and minor parties category on 15 per cent, while One Nation was up 1.6 percentage points to eight per cent. The 29 per cent primary vote number is the coalition's lowest reading in a Newspoll survey since November 1985. The combined Labor and coalition primary vote total - at 65 per cent - is also at its lowest level in Newspoll history. On a two-party-preferred basis, the Labor government has bolstered its lead of 55.2 per cent to 44.8 per cent on May 3 to 57 per cent to 43 per cent in the Newspoll. Mr Albanese's pre-election Newspoll net approval rating of minus 10 improved in the survey published on Monday to zero, with 47 per cent of voters satisfied with his performance and an equal number dissatisfied. The poll has new coalition leader Sussan Ley's net approval rating at minus seven, an upgrade from her predecessor Peter Dutton's minus 24 result, but 23 per cent of respondents indicated it was too early to judge her performance. The survey of 1264 voters was conducted online between July 14 and July 17. The 48th parliament has its official opening in Canberra on Tuesday. MPs and senators were welcomed by Governor-General Sam Mostyn at Government House on Sunday as part of formalities before the start of the new session. Labor will have an increased majority in the new term, holding 94 of the 150 seats in the House of Representatives after its election triumph on May 3.
