Travelling on the M1 these holidays? Allow extra time for these road works

File image: M1 Motorway.Significant roadworks have begun between the Tuggerah and Doyalson interchanges and at the Weakleys Drive and John Renshaw Drive intersection, which can become potential congestion points for holiday traffic.
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“There are 12 kilometres of roadworks on the M1 between Tuggerah and Doyalson this holiday season with reduced speed zones” Parliamentary Secretary Scot MacDonald said.

Mr McDonald has warnedSydney, Central Coast and Hunter motorists to allow extra travel time for the M1 over the Summer holidaysto allow for roadwork upgrades.

“We anticipate these will cause delays for holidays motorists travelling in both directions.

“Motorists who haven’t used the M1 for some time may be caught out”.

Read more: Holiday opening hours for essential services in Newcastle and the Hunter

Roads and Maritime Services is expecting an increase of holiday traffic at the M1 service centres at Warnervale and will deploy traffic controllers to manage vehicles entering the centres during the holiday period to minimise delays on the motorway.

Work on the M1 between Tuggerah and Doyalson will stop during the busy Christmas period to ensure motorists reach their holiday destinations safely. No construction work will be carried out from Friday, December 22, to Wednesday, January 3.

A reduced speed limit of80 km/hwill remain in place for the safety of motorists.

The Beresfield Driver Reviver will finish operating on Monday, January 1,after 30 years of service to allow work to start on the upgrade.

The M1 upgrades make up the $391.6 million M1 Productivity Package funded by the Australian and NSW governments.

[email protected]: ASX to open slightly lower

The information of stocks that lost in prices are displayed on an electronic board inside the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia, on Friday, July 24, 2015. The Australian dollar slumped last week as a gauge of Chinese manufacturing unexpectedly contracted, aggravating the impact of declines in copper and iron ore prices. Photographer: Brendon Thorne/Bloomberg MARKETS. 7 JUNE 2011. AFR PIC BY PETER BRAIG. STOCK EXCHANGE, SYDNEY, STOCKS. GENERIC PIC. ASX. STOCKMARKET. MARKET.
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Stock information is displayed on an electronic board inside the Australian Securities Exchange, operated by ASX Ltd., in Sydney, Australia, on Friday, July 24, 2015. The Australian dollar slumped last week as a gauge of Chinese manufacturing unexpectedly contracted, aggravating the impact of declines in copper and iron ore prices. Photographer: Brendon Thorne/Bloomberg

It was certainly positive to see the ASX 200 convincingly hold and close above the 10 November high and year-to-date highs and while Aussie SPI futures indicate that the ASX 200 will open just a touch weaker (our call sits at 6069), the trend in the index is higher and any pullbacks into 6055/50 should be supported today.

1. Japan and China: Keep an eye on the Nikkei 225 and China too. The Nikkei 225 is called to open a touch weaker at 22,856, but there is a ceiling open the market at 23,000 and a close through here would be significant, so hold tight and wait for any closing move through here as it could indicate higher levels are on the cards. China requires attention as the government release its economic blueprint for 2018 today and the talk is looking quite positive for risk. The view is they place less emphasis on debt reduction and that debt levels will be tolerated in a bid for higher growth, notably, given creeping concerns about a softer property market and trade threats.

This could be a highlight of the session ahead.

2. ASX: With the ASX 200 at a nine-year high, we looked at valuations yesterday and one conversation I had with clients is the sort of index levels we can expect in the index in 2018. Of course, for a trader making longer-term predictions is often a negative exercise as it just creates a bias and a view that so many fall in love with and refuse to alter even if price or ‘the trade’ is going against them. The market is not wrong if you are making a loss and it’s the trader’s job to admit that and move onto another idea where their capital is put to better use. So we need to consider that while we have seen earnings growth in 2017, however, with the 7% gain in the ASX 200 (13% total return) YTD, the ASX 200 commands a forward earnings multiple of 16.6x. There have really only been two brief occasions in the past decade that investors have been happy to buy the market above here, so the question for equity investors is where does the growth come from? Materials, banks, healthcare? Without a belief that we can see earning re-ratings then it’s very hard to see the index push through 6150 to 6200 anytime soon.

We also need to consider the macro backdrop, as this has an important role in determining if the market is happy to pay a lofty premium (relative to the long-run average) for the index and if investors felt equities had to wear a higher risk premium then perhaps 15.5x earnings would be a more fair multiple, which would result in the index close to 5700 to 5800. Of course, the central backdrop to this investment case is near-record implied volatility, not just in the ASX 200 or S&P 500, but in interest rate, Treasuries and FX markets too.

So while being long Bitcoin (and the numerous other cryptos) has been easily the retail trader’s trade of 2017, selling volatility has been the institutional trade of the year and this has kept markets supported on any pullbacks as more and more cash made their way off the sidelines. This has been largely backed by global corporations themselves, who have been the biggest buyers of stocks over the years and we can see corporate buy-backs have had a huge role in suppressing volatility too. So as long as implied volatility stays low then investors will be happy paying a lofty multiple for these future cash flows and earnings.

3. The year ahead: I stand by the call that there is a good chance we see a repeat of January 2017, where the S&P 500 continued on its bullish trend from the get-go and just because it was a new calendar year nothing changed. That should, in theory, materialise this year too, with inspiring global growth still a dominant theme, back by earnings growth and central bank forward guidance, which makes life so much more predictable. Inflation and importantly inflation expectations is therefore key and if we are to see a sustained pick-up in volatility, which will promote an unwind of a sizeable short volatility structure, that in turn increases cash levels within portfolios and causes traders to ramp up expectations of tighter policy from the Fed, ECB and BoJ then it has to come from inflation expectations moving higher. Central banks have created the conditions by which we live today, so they will ultimately be the driver of moves in credit, equities and fixed income. The question is of course, whether the market is guided to tighter financial conditions by the central bankers themselves, or they front run the idea of more aggressive tightening and try to get ahead of the curve?

One could say this is now actually happening in Europe right now where we just have to look at the interest market. So despite the ECB being openly dovish, with its QE and liquidity forever message, the market is starting to question this. We can see the spread or difference between December 2018 and 2019 Euribor futures contracts now at the widest in a year and about to break higher through 29bp, which would be key. This requires close attention, especially if one trade the DAX or EUR.

4. Green light for tax plan: Back to the here and now and tax reform has been the central focus of late, but is discounted into equity markets here. We are hearing the vote is unsurprisingly passing through the House, followed by a vote in the Senate tomorrow. The market has heard the change of heart from the likes of Senators Collins and Corker and Marco Rubio has seen conditions change to vote for the plan, so we have come to a conclusion here.

5. Wall Street: So with tax priced in and in the absence of any new triggers, US equities have been modestly offered, with the S&P 500 currently -0.2%, driven by weakness in tech, REITs and utilities. That said, there have been some decent moves in bond markets and a steeper Treasury curve has been in play, where we can see small selling in the UK- and German 10-year, while the US-10 year Treasury has pushed up a sizeable 7bp into 2.46% and breaking out of the recent consolidation range. US banks have not warmed to this traditional driver, but we have seen an impact in FX, with USD/JPY the main beneficiary, with a move back into ??113 which should support the Nikkei 225. We can actually see EUR/USD not responding at all to higher US bond yields and has focused quite intently at the interesting workings taking place in the interest rate markets (Euribor) which I mentioned earlier. EUR/USD has gained of 0.5% on the day is in play and a test of last Thursdays high of $1.1862 takes the pair into $1.1900 perhaps $1.2000 in the early parts of January.

6. Aussie dollar: AUD/USD is unchanged on the day and the three-day consolidation continues here, with a pronounced ‘doji’ candle in play that needs to be reconciled and it will make interesting viewing as to the direction of the ensuing move.

7. Commodities: In commodity markets, we can see buying in US and Brent crude (+0.4%), while gold is largely unchanged, as is copper and spot iron ore closed -0.3%, with a touch of weakness in iron ore futures too. Nothing here that will greatly inspire, although the ASX 200 materials space was hot yesterday and put in good points, so one suspects weakness will be bought today, although traders should keep an eye on any headlines around the China economic blueprint.

8. Market watch:

SPI futures down 5 points or 0.1% to 6072

AUD flat at 76.60 US cents

On Wall St: Dow -0.1%, S&P 500 -0.2%, Nasdaq -0.4%

In New York, BHP -1.1% Rio -0.8%

In Europe: Stoxx 50 -0.8%, FTSE +0.1%, CAC -0.7%, DAX -0.7%

Spot gold -0.1% to $US1260.92 an ounce

Brent crude +0.5% to $US63.70 a barrel

US oil +0.5% to $US57.47 a barrel

Iron ore slips 22 US cents to $US73.93 a tonne

Dalian iron ore -0.4% to 531 yuan

LME aluminium +1.2% to $US2099 a tonne

LME copper +0.5% to $US6942 a tonne

10-year bond yield: US 2.46%, Germany 0.37%, Australia 2.57%

This column was produced in commercial partnership between Fairfax Media and IG

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Government delivers NRL clubs another win

30Jul2015. Sydney:?????? Boao Forum for Asia Annual Conference 2015Day 1 – Session 3 – Moderator The Hon. Stuart Ayres MP, Minister for Trade, Tourism and Major Events, Minister for Sport, NSW Government. Photo Michele Mossop/Boao Forum.A new community and high-performance centre will be developed by the South Sydney Rabbitohs in Maroubra, part-funded by a $50 million outlay from the state government to NRL clubs.
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Sports Minister Stuart Ayres revealed on Tuesday the government would increase funds available to NRL clubs for “centres of excellence” from $40 million to $50 million.

The funds, which the government says come from previous cash allocations for NRL grand finals, are contingent on clubs raising equivalent money themselves or from third parties.

At Maroubra, Souths will use $8.7 million from the state government to build a 5,500 square metre facility at Heffron Park costing $25.7 million. The federal government will provide $10 million, Randwick Council $3 million, and Souths $4 million.

The club’s chief executive, Blake Solly, said the bulk of the centre would be open for public use and for Souths’ community programs. “The gym facility won’t be, but pretty much everything else will be,” said Mr Solly.

Such facilities included sporting fields, a classroom and meeting rooms. Souths plan to move into the area when their lease runs out at Redfern Oval in 2020, though the club said it would retain links with its “spiritual home”.

The government will also make grants to the Bulldogs ($2 million), Newcastle Knights ($10 million), the Roosters ($5.8 million) and the Cronulla Sharks ($8 million). The government said it would reserve for the Sea Eagles $10 million, and Wests Tigers $5.5 million, while those clubs developed proposals.

The funding for the Roosters is to be spent on headquarters and training facilities, the government said, while the Bulldogs’ facilities will be developed at Belmore. In a statement, the interim chief executive at the Sharks, Paul Eriksson, said the club’s centre of excellence would be a “sporting, community and education hub.”

The announcement of the funding allocation follows significant public controversy over stadium funding. The $40 million was promised in April 2016, when former premier Mike Baird said the government would refurbish ANZ Stadium at Olympic Park, but not build a new stadium at Moore Park.

Last month, NSW Premier Gladys Berejiklian over-turned that decision, and said the government would replace stadiums at Moore Park and Olympic Park at a cost of $2 billion.

Mr Ayres said the centres of excellence would “provide NRL clubs an opportunity to maintain a strong presence in traditional communities as the government prioritises capital investment into a targeted number of … venues”.

The opposition, which has previously promised $55 million for NRL centres of excellence, criticised the increase in the funding.

“This is even before we get to the additional $200 million needed for the indoor sports stadium they have promised,” said Labor’s sports spokeswoman, Lynda Volz.

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Revealed: minister failed to release gambling harm report despite advice

Former NSW deputy premier Troy Grant was advised in May last year to make public “as soon as possible” a landmark gambling harm report that recommends banning a controversial poker machine feature that was the subject of a Federal Court battle involving billionaire James Packer’s casino company Crown.
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But the NSW government sat on the report until October this year – almost two years after it was delivered – despite inquiries from its lead author, University of Sydney gambling researcher Professor Alex Blaszczynski, who “expressed frustration” at the delay.

The revelations are contained in emails and briefing notes released to Fairfax Media under government information access laws.

In October Gaming Minister Paul Toole finally released the report by the University of Sydney gambling treatment clinic, commissioned in 2013 at a cost of $263,000 and handed to the government in December 2015.

Among its recommendations is banning a controversial feature of poker machines known as “losses disguised as wins”, blamed by experts for fuelling addiction.

Losses disguised refers to when celebratory music and graphics are played when a player wins an amount, despite it being less than what was gambled.

The government sat on the report as Crown and poker machine manufacturer Aristocrat fought a Federal Court case in which it is alleged the feature is “misleading and deceptive”.

Crown and Aristocrat are defending allegations by a former poker machine addict, Shonica Guy, that a machine called Dolphin Treasure – 38 of which are installed at Crown’s Melbourne casino – is misleading, deceptive and in breach of consumer law. The parties are awaiting a verdict.

A May 2016 briefing note for Mr Grant, who at the time was deputy premier and gaming minister, recommends that he approve release of the report. It says the report “should be published as soon as possible to ensure that it is still current when it is released”.

“The research provides new and important information about the harms related to gambling products,” it says.

“This will be valuable to all gambling stakeholders in Australia. It will ensure that any new initiatives are informed by the latest evidence.”

An October 21 email from a senior Liquor and Gaming NSW official says the report and its recommendation were “sent to the deputy premier on 31 May, 2016, with a recommendation to release the report. However, the deputy premier has not yet advised on the release of the report.”

It notes the Herald had questioned the delay and that Professor Blaszczynski had “expressed frustration” and raised “concerns” including “the lack of updates or rationale provided by the government to date as to the significant delays in releasing this research report”.

An October 31 email between bureaucrats shows an adviser in Mr Grant’s office had flagged the report would be released but was “awaiting necessary authorisations”.

A response on November 3 states: “FYI – I have been informed today that Dr Blaszczynski has inquired with Leanne Perry in my unit as to who he can speak to in order to arrange a meeting with the deputy premier to discuss this issue.”

Mr Grant, who is Police Minister, was dumped as Nationals leader and deputy premier in a reshuffle in late November and replaced as gaming minister by Mr Toole in January this year.

A spokesman for Mr Toole said the report “made a number of legislative, regulatory and policy recommendations which needed be to clarified and further considered by Liquor & Gaming NSW”.

“It was important the government gave due regard to these issues as part of an extensive process of evaluation,” he said.

“There was also a need to draft a formal government response document and for both the report and response document to be considered by cabinet. Once this had all occurred, the report was released without delay.”

The government has said a ban on losses disguised as wins will be considered as part of a broader review of prohibited features on poker machines in NSW, with the timeframe yet to be determined.

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The schools that aced English and maths methods in VCE

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Which VCE subjects does your school excel at? Do students tend to achieve outstanding study scores in English, maths, humanities or science units?

You can find out with The Age’s online interactive, which features the names of the top performing VCE students – those who received study scores of 40 or more in an individual subject. iFrameResize({checkOrigin:false},’#vce-honour-roll’); var frame = document.getElementById(“vce-honour-roll”);

You can either search the results by student name or by school. The maximum study score a student can receive is 50, and achieving a score of 40 or above places a student in the top 10 per cent in the state.

Of the 50,884 students who completed their VCE studies, about one in three (14,797) achieved a study score of 40 or above in at least one subject. However, not every high achiever can be found in the interactive – about 10 per cent of year 12s declined to have their scores published. English mastery

St Kevin’s College begins preparing students for the VCE English exam when they are just 12.

In year 7, they start sitting English exams and spend one period a week reading in the library. By year 12, they are completing one essay every fortnight in preparation for the gruelling three-hour test.

It’s an approach that has paid off.

Almost half of its year 12 class received an outstanding study score in VCE English.

Its students achieved 116 study scores of 40 or above in VCE English, the highest number in the state.

St Kevin’s director of studies Gary Jones, who also teaches VCE English, said the Toorak independent school placed a lot of emphasis on the subject.

“It’s an important skill for life, whether you are analysing texts or writing or communicating” he said. Maths wizards

Tim Falloon is among those who achieved stellar study scores, netting 49 in maths methods, 42 in specialist maths, 45 in biology and 44 in English. “I was not expecting to do that well,” he said.

The Camberwell Grammar School student credits his strong marks in maths to his supportive teachers and family members, as well as the fact he spent some time over the previous summer independently working through his Year 12 textbooks.

Camberwell Grammar teacher Dayan Ramalingam with high-achieving students (L-R) Kevin Wang, Felix Wang and Tim Falloon. Photo: Daniel Pockett

He estimates he had already completed a quarter of the Methods textbook and half the Specialist course by the time the school year started, which gave him more time to focus on practice exams.

Tim was also fortunate enough to attend a school that was one of the state’s strongest per capita performers in maths subjects this year. Victorian Curriculum and Assessment Authority data shows Camberwell Grammar School received 38 study scores of 40 above in maths methods and 15 in specialist maths.

Camberwell Grammar School’s head of senior curriculum Dayan Ramalingam??? said the school placed a strong emphasis on the core subjects of maths and English.

“There is a culture that regards maths as a fun and engaging subject, and students approach maths problems as puzzles to be solved,” he said.

“We don’t have to make kids do maths, they do it because it is fun.” Specialist subject standouts

Other schools have celebrated strong years in less widely-taught subjects. About one in four scores above 40 in Australian history were achieved by students at Sacre Coeur, while Haileybury Girls College students made up almost one third of high achievers in sociology.

East Doncaster Secondary College students excelled at classical studies (which covers Greek and Roman literature), Firbank Grammar School achieved strong marks in history and Melbourne Grammar School was the ideal place to ace philosophy.

At Mazenod College in Mulgrave, 23 students got a score of 40 or above in religion and society. But this group was not made up of Year 12s – most students who took the subject were Year 11s, with about 14 per cent achieving a 40-plus score.

Mazenod’s religious education coordinator, Kyle Hoad, said Year 11s were encouraged to take the class so they understood Catholic traditions and how religion and society interacted.

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One thing same-sex couples need to know about marriage

Jo Briscoe and her partner Bo are “extremely excited” they can finally get married after the recent passing of the same-sex marriage bill by Parliament.
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The couple, from Thornbury in Melbourne, have been together for two years and had thought about going overseas to marry, but were hoping it would be possible to do it here.

“We knew pretty soon after we met that we were done, and this would be for life,” Briscoe says.

The couple are planning a wedding for this time next year.

Same-sex couples are expected to keep the wedding industry busy over the next year. But in the rush to get hitched, couples should not forget about the need for a will and an estate plan, or to have them updated.

For example, marriage generally revokes any previous will automatically. Anna Hacker, national manager of estate planning at Australian Unity Trustees, says the only time marriage doesn’t revoke a previous will is where it is made in “contemplation of marriage” – where you do the will knowing you are going to get married.

This applies to straight couples as well, but could particularly affect many same-sex couples in long-standing de facto relationships who have drawn up legal and financial agreements precisely because they couldn’t get married. Some of the paperwork may need to be redone in the event of a formal marriage, even if it’s to the same person.

Briscoe, 42, says she and Bo, 37, are aware of the financial and legal implications of marriage but she believes there is a bit of a “knowledge gap” in the community around some of the finer points.

New wills are top of the “to-do list” for the new year. Briscoe had one that was 20 years old, while Bo doesn’t have one.

Briscoe, who works as a production manager, owned a flat before she met Bo and had asked about updating her will to ensure her partner would inherit. Instead, they’ve sold the property and plan to buy a place together.

She and Bo have already put in place some legal protection for each other in recent months, combining finances and setting up binding nominations for their superannuation accounts.

Hacker says binding death nominations, which are separate to a will, usually last for three years before they have to be renewed. Some funds can be invalidated by marriage. De facto protection

Hacker says is also important for couples in de facto relationships to make a will and estate plan that includes a power of attorney.

Sometimes those in de facto relationships can be treated unfairly if one partner dies or is critically ill or injured in the absence of a will and estate plan, she says.

A partner in a de facto relationship may not be considered next of kin and not included on the death certificate or allowed to make medical decisions on behalf of their partner, she says.

That may lead to situations where friends of the couple are asked to sign affidavits stating that they believe the couple were de facto, or the surviving member of the relationship being required to make public details about the relationship that are private or personal.

Hacker says marriage automatically invokes these rights.

Briscoe says it’s a huge relief to know that marriage will simplify the next-of-kin rights for health care and end-of-life decisions.

“Obviously there’s a massive symbolic significance to the marriage, but it’s also the straightforwardness of the legal situation,” Briscoe says. DIY will kits

It can be tempting to save on legal fees and use a DIY will kit, such as those available from newsagencies or the internet. However, that could be a false economy.

Those with blended families, in particular, are likely to find paying a lawyer to draw up a will well worth the money.

“The courts are littered with examples of do-it-yourself wills that have gone wrong”, says Brian Hor, special counsel, superannuation and estate planning at Townsends Business and Corporate Lawyers.

“Unless you are a specialist estate planning lawyer,

there is a high probability you will get it wrong – and simply end up imposing unwarranted anxiety and frustration and legal expense upon your loved ones at the worst possible time for them.” Update will

Stephen Hardy, national manager of estate planning at Equity Trustees, says it is important not just to create a will, but to keep it up to date.

The consequences of putting the will in the bottom drawer and forgetting about it can mean more problems than not having a will at all.

For example, in the breakdown of a marriage in most states even when a divorce is finalised, it does not mean the will is necessarily revoked.

“If a will has not changed to acknowledge this, then there is the possibility of the former partner having a legal say in how the will is administered,” he says.

Hardy knows of cases where marriages have ended acrimoniously and the will has not been changed to reflect this bitter breakdown, with the estranged partner still being the executor and sole beneficiary of the will. Changes to family structure

Hardy says changes to the structure of a family, and changing dependants, will often require a will to be changed.

“The birth of new grandchildren, arrival of stepchildren or half-siblings could require a rewording of a will to ensure everyone is treated appropriately,” he says.

Hardy says, in his experience, it’s often when a will doesn’t get changed to reflect new family circumstances that there can be costly court cases where aggrieved parties feel they have been poorly treated.

Give particular thought about whom to make executor of the will. People often nominate their spouse or a trusted friend who is of roughly the same age, but consider if it will remain feasible as you get older.

Michael Tiyce, a lawyer and principal of Tiyce & Lawyers, says wills should be reviewed about every five years – earlier if there is a major change in family or financial circumstances. Binding agreements

Binding financial agreements, also known as prenuptial agreements, are more watertight than they used to be due to court decisions and prenups’ increasing popularity, Tiyce says.

Prenups can be drawn up during the course of a relationship, not just at the start.

Under the law, if a couple lives together for just two years their financial assets can be divided the same way as if they had been married for decades.

Tiyce says binding financial agreements appeal to those who are in their second or third marriage, especially where they are bringing assets into the marriage.

A binding financial agreement is triggered only if the union ends and specifies how the assets should be divided.

That is separate from the will, which comes into effect on the death of one of the partners or a power of attorney, which is invoked when one of the partners is incapacitated.

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Most Australians will still be in debt from Christmas next Easter

Far from being bathed with ethereal Christmas joy, it’s possible you’re in a festive frenzy of ham preparation, prawn plans (who doesn’t have a strategy by now to get crustaceans on the table?) and gift buying.
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It’s at this crucial five-days-to-go point that your designated “yule fuel” – how you originally intended to cover the cost of the celebration – could be exhausted, and then some. Considered consumption is most likely to give way to panic purchasing when it comes to the biggest expense – presents. That will account for $492 of the average $1178 spend this Christmas, according to a survey by comparison site Finder.

Eftpos Australia says it expects the seven days before Christmas to account for 27 per cent of all sales volume for December. Saturday will be the busiest day, as it’s generally the highest trade day of any week and this will be compounded with Christmas on a Monday (which hasn’t happened since 2006).

Well, my message is stop, take a deep breath and project forward ??? to your Christmas Freedom Date.

Long after the tree has been pulled down and the Christmas cracker crap thrown away, many Australian credit card holders will still be paying off their debt. So to give cause for credit pause, I asked Finder to extend its usual spending survey, exclusively for Fairfax Media, to determine the average date we’ll clear the last merry dollar.

It’s headed March 10, 2018. Almost Easter.

That’s an average of 2.3 months to pay off Christmas debt this year, according to the survey of 1278 Australians.

Only 28 per cent of those surveyed said they would pay off their Christmas debt immediately.

The average Christmas Freedom Date is also likely to be later than previous years. Although this is the first time Finder has isolated a date, we know that between 80 and 90 per cent of people with Christmas debt took only one to three months to repay it in 2014 to 2016, but the number has fallen to 69 per cent this year.

Instead, one in six people will take four to six months, up from about one in 10 previously. And those who take seven to 12 months have risen from virtually none to 12 per cent. Debt lag from holidays

A separate Finder survey has also found that nearly 4 million Australians (41 per cent) are likely to return from their holidays with a debt lag of a collective $7.5 billion. A full $180 million in interest will be paid on this debt over 2018.

The analysis shows that Australians accrued an average of $2705 on their credit cards while holidaying in 2016, taking, on average, just under six months to clear their debt.

Worse, one in 10 people with credit card debt took more than 12 months to pay it off.

“Australians have accrued $180 million in credit card interest from trips over the past year, 29 per cent more than the $140 million in 2015, with one in 38 travellers worried that they’ll never be able to pay off their trip,” Finder spokeswoman Bessie Hassan says.

Shopping sprees are apparently the biggest holiday blowout, with more than one in three respondents (35 per cent) splurging cash at the shops on their getaway. One in four (24 per cent) flashed the plastic for luxury accommodation.

Fancy restaurants are the indulgence of choice for one in five Australian travellers, while one in 10 splashes out on once in a lifetime events, such as a sporting match or concert.

So what can you do to stop this seemingly relentless Christmas holiday debt march? Some ideas:

1. Remember December 25 is one fleeting day – it doesn’t need to be a fleecing one.

2. Younger kids have no appreciation of cost. They’ll probably like a $10 present as much as a $100 gift, if it’s the right one.

3. Avoid presents becoming your escalating expense; if you’ve bought too much for one person, stockpile something for next year rather than panic purchasing to bring the other presents up to par.

4. If presents are on your Saturday to-do list, gift vouchers mean your loved ones will get better value in the post-Christmas sales. They’re not (entirely) a cop-out!

5. Santa photos are highway robbery. And there are usually plenty of free options (by enterprising stores and attractions that want to get you into their premises, of course).

6. Food that is to be shared should be shared prepared. It’s not too late to delegate some of the Christmas feast. Your guests would probably love the opportunity to show off their cooking prowess anyway.

7. Sure, treat yourself to a holiday indulgence or two – you’ve earned it. But not so much that your spending hangover will last beyond Easter. As Hassan says: “Nothing stops that holiday feeling quite like a debt you can’t repay.”

Nicole Pedersen-McKinnon is a commentator and educator who presents her Smart Money Start, fun financial literacy incursion, in high schools around Australia. Follow Nicole on Facebook at Nicole Pedersen-McKinnon Money.

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Young women are most unlikely to do this simple financial check

It’s a truth universally acknowledged that the superannuation system is rigged against women.
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OK, not everyone puts it exactly like that. But it’s true there’s a disparity – the 2017 Household, Income and Labour Dynamics in Australia Survey found women retired with an average super balance of $230,907 and men with about twice this amount – and it’s generally accepted that the main reasons are structural.

We designed our system for retirement savings to be based on workforce participation and income. This has advantages but drawbacks too, chiefly that it perpetuates and amplifies the financial inequalities during our working lives.

Women take more career breaks to be caregivers to children or other relatives – work that has social and economic value but is not paid. Women are also more likely to work part-time – for the same reasons – and more likely to work in lower paid occupations. There’s also plenty of evidence women on average are still paid less to do the same job as men, though that is changing.

Some women beat the odds to achieve a decent retirement balance – working in a well-paying job, making additional voluntary contributions, or having a spouse to top it up. But the existence of outliers doesn’t mean the system is a level playing field.

It makes it all the more alarming to hear that young women are failing to do something simple that is wholly within their control and costs nothing, yet could boost their retirement balance by hundreds of thousands of dollars.

Almost half of young women, aged 18 to 29, do not know their superannuation risk profile, according to the latest MLC Wealth Sentiment Survey. That is, whether their super is invested in a conservative, moderate, growth or aggressive option.

The survey, which had more than 2000 respondents, found almost one in four Australians, or 23 per cent, don’t know their super risk profile, but men are much more likely to be across this detail across all age groups.

About 27 per cent of men aged 18 to 29 said they didn’t know their super risk profile – compared with 45 per cent of women the same age.

About 27 per cent of women aged 30 to 49 said they didn’t know their risk profile. Only one in seven men in the same age group were unaware.

For the 50-plus age group most people knew their risk profile, but men were still slightly more likely to know than women.

MLC general manager of customer experience Lara Bourguignon says the risk profile is one of the key factors that will determine how much money you have when you retire, but it’s often overlooked.

“As an example of the difference it could make, a woman aged 25 on $80,000 a year in a conservative risk profile until she’s 70 could improve her super balance by around $294,000 if she adjusted her profile according to her circumstances and life stage,” she says.

This is based on a woman working from 25 to 70, with no pay rises, with an initial superannuation balance of $20,000, moving her risk profile from aggressive to growth at age 40, to balanced at age 55 and then to conservative growth at age 65.

With superannuation and, indeed, any investment there is a relationship between risk and return: the higher the risk, the higher the expected returns. It’s important to understand that risk in the context of a superannuation fund is still reasonably safe – even in a so-called “aggressive” investment option, big super funds are highly regulated and not in the business of rampant speculation.

Young people can afford to take more risk with their superannuation because they will have decades to recover from any losses. Personal circumstances will vary but many experts suggest staying in a growth portfolio up to your early 40s and lowering the risk to reduce volatility as you head into middle age.

You get the best out of superannuation if you can make additional contributions and choose high-earning investment options early in life, because the magic of compound growth means you earn returns on your returns.

One surprising sign of hope is that the survey found for those people who do know their risk profile, young women were just as likely to choose a growth or aggressive portfolio than men the same age. However, men aged 30 to 49 were far more bullish than women the same age.

Ideally, everyone should make a conscious choice and revise it regularly.

Caitlin Fitzsimmons is the editor of Money. Facebook: @caitlinfitzsimmons.

This story Administrator ready to work first appeared on Nanjing Night Net.

Crumbling chateau has almost 10,000 owners, but nobody lives there

A historic, crumbling castle in France is in the curious position of having almost 10,000 owners. Yet no one actually lives there.
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A crowdfunding campaign has been launched to save the decaying La Mothe-Chandeniers from collapse or being snapped up by developers.

As of last week the campaign had raised???811,000 ($1.25 million) from 9900 contributors.

Each contributor has paid a minimum of ???50 to go towards restoring the building, and in return they have been offered shares in a company set up to run it.

The company organising the campaign, Dartagnans, says by making donators co-owners of the building, the project is the first of its kind in the world.

The co-owners will also have a say in how the building is restored, and will be among the first to visit the site in 2018 when it’s opened to the public.

Dartagnans founder Romain Delaume said the project was also about capturing imaginations across the world.

“The idea isn’t just about raising the money, but getting as many people as possible to participate in saving this magical, fairytale place,” Delaume told the Guardian. “The more the merrier.” Related: Forget Australian houses, buy a chateau for lessRelated: The Australian couple restoring a French chateauRelated: Restored French chateau reminiscent of the Disney Castle

La Mothe-Chandeniers is in France’s Poitou-Charentes region, about 320 kilometres south-west of Paris. The oldest parts of the castle were constructed in the early 13th century by its owners, the Bau??ay family.

It was seized twice by English fighters during the Middle Ages and has been passed through several descendants, including Baron Edgard Lejeune, who in 1870 reconstructed it in the Romantic style.

A fire caused damage to the building in the 1930s and since then a series of owners have been unable to restore it, allowing greenery to emerge from the stone windows, turrets and balconies.

It is not classified as a heritage-listed building.

This story Administrator ready to work first appeared on Nanjing Night Net.

Heavy industry the winner under new carbon trading proposal

A government proposal to allow international carbon credit trading has buoyed the Australian manufacturing industry, but may have little impact on cutting energy sector emissions.
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The manufacturing, smelting and energy sectors – some of the highest carbon-emitting industries in Australia – could look overseas to buy carbon credits to reduce their comparative emission levels without investing in higher-priced domestic carbon credits or lower-emissions technology under a proposal in the Turnbull government’s latest climate change policy review.

The Australian Industry Group has thrown its weight behind the proposal, saying it is a major advance for industrial emissions reductions policy.

“Ai Group has been arguing the merits of allowing international credits for several years,” its chief executive, Innes Willox, said.

Calling it a victory for common sense over ideology, Mr Willox said: “There is simply no reason to waste efforts on higher-cost domestic abatement options when credible, high-quality and less expensive alternatives are available abroad.”

The Australian Aluminium Council also supported the proposal for international credit trading.

“A tonne of CO??? is a tonne of CO???. It’s a global issue,” the council’s executive director, Miles Prosser, said.

He said this provided another emissions reduction option, which, combined with operational efficiency and low emissions technology, allowed for greater choice in slashing carbon dioxide output.

“We support the flexibility of going internationally for permits to reduce emissions at the lowest cost.” Power and policy

International credit trading could also support the government’s national energy guarantee (NEG), but damage future renewables investment.

“It could help energy retailers meet the emissions standards under the NEG, as it may be cheaper for them to buy these credits rather than supplement their energy mix with new wind or solar,” an industry source said.

One Australian energy retailer believed these credits weren’t needed for the electricity industry.

“While there’s a role for them in trade-exposed industries, in terms of energy we have the means and technology to reduce emissions by replacing coal with gas and renewables,” an energy insider said.

“It sends the wrong investment signals, if you want to encourage investment then international credits are the wrong way to go about it.”

Australian Energy Council chief executive Matthew Warren said the proposal supported the NEG as a process for energy reliability.

“Our perspective is that these permits can be used as a balancing mechanism,” Mr Warren said.

He said it would be a short-term response, and there remained the need for the replacement of old energy generation.

“We’re struggling to see how you can rebuild the grid without evolving the assets and then buy permits for 50 years. They can help, but they shouldn’t be the cure.”

Concerns have also been raised over their ability to actually play a role in reducing wholesale emissions.

“Given that the rules are still being negotiated for the use of international units, we’d be concerned about the efficacy of their use to meet our Paris Agreement commitments,” Market Forces analyst Daniel Gocher said.

“We’d prefer the government focused on the domestic market, particularly reducing land clearing. Permits can also act to delay more meaningful action, particularly in the electricity sector.”

Federal Environment and Energy Minister Josh Frydenberg said it would have no impact on the NEG, which operates through existing energy market mechanisms and there are “no subsidies or certificates involved in this guarantee and in this sense it does not involve a price or tax on carbon”. Australia’s credit industry

The policy may also be a double-edged sword for Australian carbon abatement companies, as it widens their potential reach beyond Australia’s smaller domestic market, but could also drive them out of business as buyers look overseas for cheaper credits.

“Pollution is going up, we won’t meet even our paltry Paris targets and the government’s only plan is to make things worse by allowing companies to buy dodgy permits from pig farms in China instead of cutting Australia’s emissions,” Greens climate change and energy spokesman Adam Bandt said.

Carbon Farmers of Australia director Louisa Kiely said the review was a mixed bag, which might put the fledgling carbon credit industry at risk.

“International prices for carbon credits are very cheap, and they may or may not be as rigorously verified as they are in Australia,” Ms Kiely said.

“The threat is that these cheaper credits could damage Australia’s highly-monitored and verified industry, and there’s the risk the market may be flooded with these cheaper carbon credits,” she said.

However, she noted there was also the potential for Australian companies to export their more-verified credits.

The policy would also impact indigenous groups that run native land management carbon businesses, such as those facilitated by the Kimberley Land Council.

Since 2014, four North Kimberley native title groups have run carbon farming operations, generating almost half a million Australian Carbon Credit Units through traditional land management and maintenance, providing these carbon offsets to companies such as Qantas.

This story Administrator ready to work first appeared on Nanjing Night Net.