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Speaker 1: She's on the Money. She's on the Money. Hello, and

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Speaker 1: welcome to She's on the Money, the podcast for millennials

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Speaker 1: who want financial freedom. And you're probably very very surprised

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Speaker 1: that this little episode has popped up in your feet today.

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Speaker 1: It is a budget Extravaganza exclusive special bonus Hippity hopperty

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Speaker 1: Epity episode.

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Speaker 2: Yeah, episode. I love that. I love that. It's also Wednesday,

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Speaker 2: the twelfth of May, which for those of you who

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Speaker 2: are is excited about the budget. To me, it's like

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Speaker 2: New Year's Day but for the budget.

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Speaker 1: Yeah, so it's party time, right, so you know that

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Speaker 1: the second Wednesday of every May is a party. You're

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Speaker 1: hungover because you've been celebrating the budget. And no doubt

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Speaker 1: everybody that's listening to this has just woken up and

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Speaker 1: they're like, oh my god, what did I do last night?

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Speaker 2: That's right, the budget.

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Speaker 1: I learned about finance.

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Speaker 2: Not person has said that, not even I have said that, Tony.

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Speaker 2: But that's okay. I'm glad we're excited about it, because,

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Speaker 2: to be honest, Tony, what happened last night?

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Speaker 1: The budget? Yeah?

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Speaker 2: But like I took the team out for dinner and

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Speaker 2: we watched the budget on a laptop at Pancake Parlor. Yeah,

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Speaker 2: because we're really classy. And for those of you who

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Speaker 2: don't know and haven't listened to that Friday Drinks episode, Tony,

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Speaker 2: why's the Pancake Parlor special to us?

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Speaker 1: Because I, for a little while voiced their campaigns. I

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Speaker 1: was the official VEO.

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Speaker 2: She do the singing of the Pancake Parlor ads. Anyway,

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Speaker 2: you guys are not here to hear about Tony's escapades

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Speaker 2: being the Pancake Parlor voice. What you are here to

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Speaker 2: listen to is about how last night Treasurer Josh Friedenberg

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Speaker 2: told Australians how the Morrison government plans to spend taxpayers

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Speaker 2: money for the next four years. And while that doesn't

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Speaker 2: sound super sexy, it does mean a lot for us.

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Speaker 2: And to be honest, it is something that we should

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Speaker 2: as young people be interested in. And I think that

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Speaker 2: it's very hard and Tony, you and I were having

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Speaker 2: this conversation literally before we hit Recard about why it's

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Speaker 2: important because I watched the budget and when you and

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Speaker 2: I talk about it, and you know the first Home

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Speaker 2: super Savior scheme. Ye, the next question I always have is, well,

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Speaker 2: what does that mean? Great? It's gone from thirty thousand

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Speaker 2: dollars to fifty thousand dollars. What does that mean, how

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Speaker 2: does that work.

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Speaker 1: And how does that fit into my life? What does

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Speaker 1: that change for me?

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Speaker 2: Yeah? And what does that change for our community? And

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Speaker 2: how can we help them fully understand this? And so

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Speaker 2: that's what this episode is about. We're not going to

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Speaker 2: touch on absolutely everything that happened in the budget because

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Speaker 2: that would be incredibly dry, but we've pulled some main

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Speaker 2: points out that we really think are going to benefit

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Speaker 2: our community and we want to contextualize them and explain

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Speaker 2: them to you so that you know, one we get it,

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Speaker 2: but two we can just be like, yeah, tonight over dinner,

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Speaker 2: we're going to be the most intellectual people, because you'd

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Speaker 2: be like, so in the budget, do you watch it

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Speaker 2: last night? And they'll be like no, You'll be like, yeah, okay,

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Speaker 2: well I'll just.

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Speaker 1: Love for bottle on this, So are you ready? I

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Speaker 1: think it's also about including people into a side of

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Speaker 1: the government and socially into something that they might not

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Speaker 1: ever think that they fit into or that they were

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Speaker 1: educated enough to actually chat about. Because I know personally,

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Speaker 1: for me, I mean, I'm twenty seven, it wasn't until

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Speaker 1: a few years ago and I started working in the arts,

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Speaker 1: that I was like, actually, I do need to know

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Speaker 1: what's going on in the budget because that's going to

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Speaker 1: affect whether I can work, and you know how much

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Speaker 1: money there's going to be for the arts, and you

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Speaker 1: know different types of industries that don't automatically get lots

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Speaker 1: of funding. So I think it's really important as well

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Speaker 1: for people listening that if you don't know much about

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Speaker 1: the budget, that's okay, but that's why we're here. We

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Speaker 1: don't want anyone to feel stupid. We don't want anybody

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Speaker 1: to feel left out. This is just one of those

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Speaker 1: things that as you get a bit older, it's important

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Speaker 1: to make sure that you were educated and you know

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Speaker 1: how things can affect you exactly.

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Speaker 2: And that's what you're going to get here, right, You're

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Speaker 2: going to get what the she's on the money team

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Speaker 2: thinks is important for you to understand out of the budget.

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Speaker 2: That does not mean it's the entire budget, and you know,

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Speaker 2: it's actually up to you to do a little bit

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Speaker 2: more research and look into if you've got a specific

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Speaker 2: area that you want to understand more deeply, google it.

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Speaker 2: To be honest, there are so many great news websites

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Speaker 2: out there. One of my favorite ones is actually the

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Speaker 2: Daily oz on Instagram, and they've done an entire series

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Speaker 2: covering all the topics that happened in the budget with

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Speaker 2: a here's why it's important, this is what's happened. And

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Speaker 2: I really liked it, and they literally posted it last

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Speaker 2: night as the budget was happening, and I was like, Wow,

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Speaker 2: these guys are wizards with content, So definitely go check

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Speaker 2: them out if you want some more information. But Tony,

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Speaker 2: why don't we get into this and maybe just bookend

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Speaker 2: it with let's talk about topic A, C, and D,

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Speaker 2: and we'll kind of have a heading and then maybe

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Speaker 2: a paragraph below where we talk. Is that Is that

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Speaker 2: going to work? I think? So? I think that'll work

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Speaker 2: all right.

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Speaker 1: So I feel like we should have a little bit

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Speaker 1: of a chit chat before we get to the pist resistance,

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Speaker 1: the thing that's on everybody's lips.

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Speaker 2: What is that? Because I'm confused because I thought the

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Speaker 2: entire budget was ever in everybody's lips.

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Speaker 1: Well, okay, I'm sorry, but.

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Speaker 2: I don't spoil it. Don't spoil it. We're waiting.

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Speaker 1: We're waiting the grand finale. But so we've obviously both

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Speaker 1: watched it. We know what's going on. Yeah, And we

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Speaker 1: thought we'd go through a few little bits and pieces

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Speaker 1: that kind of stuck that we thought would help our community,

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Speaker 1: that they might see.

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Speaker 2: We should genuinely understand because they are going to have

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Speaker 2: an impact on our lives and on our communities.

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Speaker 1: So first up, mental health, Yes, massive, huge, So there's

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Speaker 1: going to be a new four hundred and eighty seven

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Speaker 1: million dollar network of forty adult mental health centers.

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Speaker 2: Which is massive. And there's an additional two hundred and

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Speaker 2: seventy eight million in funding for Headspace, which is so good.

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Speaker 2: As everybody knows they are a great cause, and I

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Speaker 2: think that you know, them getting so much more funding

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Speaker 2: is just going to be so impactful for us and

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Speaker 2: excitingly enough. And I don't know if I should mention

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Speaker 2: here that there could be like a bit of a

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Speaker 2: trigger warning. We are going to be talking about suicide

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Speaker 2: and eating disorders just in this. I don't want anybody

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Speaker 2: to be, you know, blindsided by that. But when we're

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Speaker 2: talking about mental health, I would really like to have

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Speaker 2: the ability and the flexibility to be really frank about

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Speaker 2: these things because they impact our community. They're really important,

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Speaker 2: and I care a lot about them, but there's a

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Speaker 2: new National Suicide Prevention Office which is so special and

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Speaker 2: just steps in the right direction. Tony.

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Speaker 1: Yeah. And I think it's also a huge, like you

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Speaker 1: just said, step in the right direction, but that these

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Speaker 1: things are actually being considered massive bullet points in terms

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Speaker 1: of the budget, because many years ago, not that long

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Speaker 1: ago actually, that it would just be considered part of

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Speaker 1: the health part of the budget, whereas now it's its own.

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Speaker 2: But it's so much bigger. And as a financial advisor,

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Speaker 2: I see this in my office every single day, and

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Speaker 2: you know, maybe historically it wasn't the case. So when

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Speaker 2: it comes to insurance, and I'm always talking about the

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Speaker 2: inputs of having income protection and you know, TPD and

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Speaker 2: life insurance and trauma insurance and all of these things.

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Speaker 2: I've done a pod on it, so if you don't

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Speaker 2: know what I'm talking about, definitely go back and listen

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Speaker 2: to that. But mental health comes up nine times out

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Speaker 2: of ten with my clients because we are now seeking

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Speaker 2: information and we're seeking help far more often than we

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Speaker 2: were historically, and it's actually promoted that we do that.

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Speaker 2: So it's not to say that these mental health issues

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Speaker 2: didn't exist historically because they unequivocally did. But the thing

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Speaker 2: is we're now talking about them, we're now seeking more

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Speaker 2: help for them, and we're a better society because of it.

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Speaker 2: But because more people are seeking more help, we need

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Speaker 2: more funding. So it is so nice to hear that

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Speaker 2: the federal government has committed more than two billion dollars

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Speaker 2: in additional funding to prevent and treat mental illness, which

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Speaker 2: I think is so special.

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Speaker 1: Do you think that they've seen a real uptick in

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Speaker 1: I know that through COVID there was a big increase

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Speaker 1: in people accessing free mental health services. Do you think

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Speaker 1: that that probably inspired this change in attitude.

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Speaker 2: I absolutely think that that's what has happened, because it's

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Speaker 2: something that once you get help and once you start,

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Speaker 2: you know, seeing someone, it can be a massive step

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Speaker 2: to take. I wish I did that earlier. And so

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Speaker 2: many people reached out during COVID because they were in

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Speaker 2: crisis mode, and a lot of people don't seek mental

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Speaker 2: health support until they are in a crisis, which is,

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Speaker 2: you know, great that we have that resource, but we

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Speaker 2: should really be seeking mental health support before we reach

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Speaker 2: crisis stage. And so knowing that this is going towards

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Speaker 2: preventing mental health as well as looking after us is

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Speaker 2: just so helpful. I think it's so important to discuss

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Speaker 2: the impact that mental health has on us, has on

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Speaker 2: our ability to work, to produce money, to look after

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Speaker 2: our families, to interact with friends, to literally live our lives,

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Speaker 2: like if you are not mentally well, like nothing else

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Speaker 2: in your life is going to work. So I think

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Speaker 2: it's really really special that they're doing this. And to

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Speaker 2: dive a little bit deeper into that, that means that

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Speaker 2: a half a billion dollars so much money has been

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Speaker 2: set aside for new adult mental health centers, which we're

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Speaker 2: in dire need of, which is great. The federal government

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Speaker 2: really hopes that these centers, known as the head to

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Speaker 2: Health Network, is going to help adults with moderate to

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Speaker 2: severe mental illness, and we do need more support in

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Speaker 2: that space. And then they've also set aside two hundred

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Speaker 2: and seventy eight million dollars in funding for Headspace, and

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Speaker 2: that's a part of the push to really improve services

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Speaker 2: for young people with mental illness, which includes twenty six

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Speaker 2: point nine million dollars for supporting people with eating disorders,

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Speaker 2: which we don't speak enough about and so many people

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Speaker 2: experience and it's not something I've ever spoken about before,

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Speaker 2: but I've been through that, and I know what that

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Speaker 2: is like on an incredibly deeply level. It is something

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Speaker 2: that I struggled with four years, and to just know

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Speaker 2: that that is now being put as a priority is

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Speaker 2: just so important because when I was going through it,

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Speaker 2: I was in my teenage years, and the support I

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Speaker 2: genuinely don't think was there for my family. I was

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Speaker 2: kind of like, you know, and not to talk too

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Speaker 2: much about my own mental health, although I'm really happy too,

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Speaker 2: it's just not the point of this podcast. When I

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Speaker 2: was going through this, I did need to be hospitalized.

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Speaker 2: It was very serious, but I was in limbo. I

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Speaker 2: wasn't an adult, but I also wasn't a child, so

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Speaker 2: I ended up in a different facility that wasn't actually

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Speaker 2: catered towards, you know, the teenager that I was. I

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Speaker 2: ended up in a child facility. I actually ended up

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Speaker 2: on a pediatric ward, and you know, I actually needed

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Speaker 2: to be surrounded by you know, people my age going

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Speaker 2: through something similar, when in actual fact, I was surrounded

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Speaker 2: by young kids, and you know, like, it's not the worst.

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Speaker 2: I'm so grateful that I ended up getting the help

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Speaker 2: that I needed and the support that my family was

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Speaker 2: afforded at that time. But knowing that there's more support

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Speaker 2: going into eating disorders for me personally is really special.

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Speaker 1: I think as well, Like you said, you were shoved

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Speaker 1: into a ward that wasn't really specifically for what you needed.

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Speaker 1: You're talking like not having nurses that are qualified in

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Speaker 1: what you need and also not prepared to deal with

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Speaker 1: what you're going through. You know, So not only is

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Speaker 1: that taking a toll on your mental health because you're

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Speaker 1: not being supported and your family and friends, but also

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Speaker 1: the people that are working in these situations helping people

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Speaker 1: through things that they haven't been trained to deal with.

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Speaker 1: That is incredibly difficult. And I think that you've hit

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Speaker 1: the nail on the head because the fact that we're

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Speaker 1: putting money into specialized parts of mental health rather than

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Speaker 1: being like, oh, one size fits all kind of health

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Speaker 1: and respect case it's not the case, Like mental health

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Speaker 1: is so much more than just mental health, and to

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Speaker 1: know it's being broken down is really great.

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Speaker 2: And I want people to just be you know, it

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Speaker 2: sounds entitled from my perspective. I just want people to

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Speaker 2: be grateful for the opportunity that we have to live

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Speaker 2: in such a beautiful country that affords us so many

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Speaker 2: luxuries and securities and can you imagine other countries around

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Speaker 2: the world putting so much money into mental health? Like

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Speaker 2: we are so special.

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Speaker 1: Yeah, we're very lucky.

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Speaker 2: The additional thing on the mental health thing is also

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Speaker 2: the suicide prevention, which is massive, Tony. They are allocating

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Speaker 2: two hundred and ninety eight million dollars for suicide prevention

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Speaker 2: and the main new initiative there is one hundred and

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Speaker 2: fifty eight points six million dollars for aftercare plans, which

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Speaker 2: hopes to ensure every person discharged from hospital following a

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Speaker 2: suicide attempt is actually properly cared for in the months

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Speaker 2: after they attempt suicide. How great is that?

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Speaker 1: I think reading these things just doesn't seem like something

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Speaker 1: that would ever be prioritized by our government. And it's

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Speaker 1: just really really exciting that these things are being taken

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Speaker 1: into consideration.

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Speaker 2: Yeah, so let's stop talking about mental health, and you know,

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Speaker 2: it's been really special. But what is the next interesting

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Speaker 2: topic that we should touch on in this budget rap chat?

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Speaker 1: Okay, Well, like you said, any change is good change,

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Speaker 1: and now I want to chat about the environment.

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Speaker 2: Kind of like from little things that big things grow

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Speaker 2: and it's like about like trees and stuff. So that

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Speaker 2: works for the environment.

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Speaker 1: Right, Oh my god, I'm better at this job.

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Speaker 2: I thought, Yeah, welcome, But the environment's really important to us,

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Speaker 2: and it's important to the She's on the money team

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Speaker 2: and you know, arguably our community, so it's really important

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Speaker 2: for us to cover this topic, Tony. What are the headliners?

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Speaker 1: So I think that people were shocked that there wasn't

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Speaker 1: more going into the environment than there is, but still

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Speaker 1: small change, good change. The federal government is planning on

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Speaker 1: putting one point two billion dollars towards low emissions technology

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Speaker 1: and a new National Recovery Resilience Agency to improve Australia's

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Speaker 1: response to natural disasters, which obviously is a reflection after

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Speaker 1: the fires and flooding we've experienced over the last couple

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Speaker 1: of years. So that's really really exciting that the like

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Speaker 1: we were talking about with the mental health stuff, prevention

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Speaker 1: is better than cure, so that they can talk about,

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Speaker 1: you know, in advance, like all right, if we do

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Speaker 1: have another national natural disaster, that there's actually things in

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Speaker 1: place beforehand that can help people like farmers or you know,

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Speaker 1: all of those things. And I'm sure that that includes

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Speaker 1: aspects of mental health being put into that as well.

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Speaker 2: Yeah. Absolutely, so. I think that this one was an

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Speaker 2: interesting one because when we talk about the overarching topic

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Speaker 2: of environment, I was actually really disappointed with the outcomes

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Speaker 2: because there was not that much for renewables, and I

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Speaker 2: felt like that was a bit of a kick in

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Speaker 2: the guts, given we're trying to move towards being more sustainable.

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Speaker 2: But I can kind of see how this has eventuated.

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Speaker 2: Right again, Let's remember it's a budget and we had

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Speaker 2: a set amount of money to allocate. Given we've just

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Speaker 2: gone through COVID nineteen and gone through the bush fires,

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Speaker 2: which so many people tend to forget happened because COVID

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Speaker 2: was same straight away and it came straight away. I

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Speaker 2: think given we've been through all of that, it kind

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Speaker 2: of makes sense for the government to have allocated it

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Speaker 2: to the immediate needs of our people having suffered bushfire

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Speaker 2: disaster and making sure that you know, we're sustainable moving forward,

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Speaker 2: and that you know we are okay coming out of COVID.

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Speaker 2: So it's a bit disappointing to have seen that, you know,

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Speaker 2: there's not much for renewables because there was actually no

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Speaker 2: new funding for renewables in the federal budget except for

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Speaker 2: one thing, which was thirty million dollars for a battery

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Speaker 2: and microgrid project which is going on in the Northern Territory,

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Speaker 2: which is great, fantastic. I'm glad that's happening. But I

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Speaker 2: think with this a lot of people are up in

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Speaker 2: arms because they're oh my god, there wasn't enough contributed

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Speaker 2: to renewables. I get it. I was really looking forward

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Speaker 2: to that as well, and when I actually heard it

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Speaker 2: for the first time, I was say, oh my gosh,

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Speaker 2: this is so disappointing. But then looking at it going

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Speaker 2: they had a budget, they had to allocate it, and

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Speaker 2: what I think they've done here is put their people first.

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Speaker 2: I think that's really important to preface as well, and

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Speaker 2: remember that they're trying to make decisions that are best

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Speaker 2: for us, even though renewables is important, Like I think

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Speaker 2: how people are arguably more important in this here and now,

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Speaker 2: having through truly two national disasters.

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Speaker 1: And they needed to prioritize the exact same way that

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Speaker 1: we as individuals need to prioritize our own budgets, and

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Speaker 1: we need to say, Okay, this is affecting us right now,

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Speaker 1: what can we do and yeah, whilst it is a

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Speaker 1: bit of a letdown, I think that most people would

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Speaker 1: be able to see the reasoning behind that. Yeah.

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Speaker 2: Absolutely, And I think it's important to have these conversations

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Speaker 2: as well, because I would assume that, you know, a

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Speaker 2: lot of people don't see it the way that we

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Speaker 2: do and go, Okay, why would they have done xyz.

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Speaker 2: And I'm taking a bit of a stab in the

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Speaker 2: dark here. I'm assuming those people who are up in

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Speaker 2: arms about it probably didn't suffer dramatically from the bushfires.

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Speaker 1: It's a good point.

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Speaker 2: I don't know if it's the right point to make,

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Speaker 2: but we're making it here.

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Speaker 1: And now let's move on to women who we love.

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Speaker 2: I do love women.

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Speaker 1: We're women, we love women.

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Speaker 2: I love women, women all around. Oh my god, let's

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Speaker 2: talk about us.

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Speaker 1: So an incredible statistic actually coming out of the federal

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Speaker 1: budget that one point one billion dollars is going to

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Speaker 1: go into the frontline work and the frontline of domestic

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Speaker 1: violence services and financial support for women experiencing domestic or

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Speaker 1: family violence.

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Speaker 2: Yes, and I love this because it's just something that

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Speaker 2: we get behind that she's on the money all the time,

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Speaker 2: we talk about it. We try to give you as

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Speaker 2: many financial resources as possible if you're experiencing domestic or

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Speaker 2: financial abuse or violence. And a new scheme which is

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Speaker 2: going to be trialed, is trialing up to five thousand

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Speaker 2: dollars in financial support for women experiencing domestic or family violence,

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Speaker 2: which honestly could be the key for a lot of

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Speaker 2: people to be able to escape a situation they otherwise

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Speaker 2: would have been able to. And I think that that

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Speaker 2: is so cool, like so flipping cool that our government

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Speaker 2: is now trying to support us in a way that

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Speaker 2: we haven't been supported historically. And please don't get me wrong,

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Speaker 2: they absolutely have been doing a lot historically to try

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Speaker 2: and work out how to best support us, and a

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Speaker 2: lot of banks have been doing this as well, where

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Speaker 2: they give grants of you know, a thousand dollars or

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Speaker 2: two thousand dollars if you're experiencing disadvantage to help you

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Speaker 2: out in this situation. But to know that our government

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Speaker 2: is now stepping in and going, do you know what,

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Speaker 2: We're going to try all this see how it goes.

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Speaker 2: And I low key have no doubt that this trial

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Speaker 2: is going to go well.

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Speaker 1: Yeah, I think it's just like you said, very powerful

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Speaker 1: to give people that beacon of hope and that light

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Speaker 1: to be like, you know what, you actually can reach

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Speaker 1: out for help because it is actually available, and like

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Speaker 1: we said earlier about the mental health chat, this might

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Speaker 1: be a bit triggering for you. There's lots of places

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Speaker 1: that you can contact, like safe Steps.

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Speaker 2: Yeah, and we'll put a whole heap of them in

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Speaker 2: the show notes for you. If you're experiencing this, that's

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Speaker 2: absolutely something that we want you to be able to

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Speaker 2: seek help for. And to be honest, if you're too

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Speaker 2: overwhelmed and don't know how to do it, please dm us.

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Speaker 2: We have this happen sadly too often where people damn

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Speaker 2: us and they're like, hey, this is the situation, what

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Speaker 2: do I do? We are happy to be that friend

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Speaker 2: that helps you on your way and make sure that

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Speaker 2: you get connected with the people that you need to

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Speaker 2: be connected with, because I don't want anyone in our

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Speaker 2: community feeling like they don't know who to reach out

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Speaker 2: to or what the first step to take is. And

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Speaker 2: sometimes it's really hard to talk to a friend about

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Speaker 2: We are that friend my friends, So slide into our

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Speaker 2: DMS if you need anything. Literally, but more on domestic

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Speaker 2: violence services more than two hundred million dollars in additional

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Speaker 2: funding has been put aside for frontline domestic violent services,

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Speaker 2: which you mentioned before. But of that, twenty six million

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Speaker 2: dollars is also in the year's federal budget for Indigenous

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Speaker 2: Australians experiencing family violence. And so something that I think

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Speaker 2: is really special here is that they've carved out a

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Speaker 2: specific amount, whereas more often than not it's just for

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Speaker 2: all Australians when in reality their experience is often very

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Speaker 2: different to that of you or I, and you and

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Speaker 2: I can't relate to that. But what I want to

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Speaker 2: know is that they are well supported and have the

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Speaker 2: tools and resources available to them, because more often than

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Speaker 2: not they get left at the sidelines when that is

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Speaker 2: not what should happen at all.

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Speaker 1: Ever, everyone has the right to feel safe and reach

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Speaker 1: out for support, and like we said, there's going to

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Speaker 1: be there's lots and lots of good resources out there

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Speaker 1: if you're experiencing any hardship.

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Speaker 2: Yeah, and something else I just want to touch on, Tony.

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Speaker 2: It really relates to women, and I think it's really

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Speaker 2: important is the four hundred and fifty dollars Supernuation Guarantee

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Speaker 2: threshold removal, which sounds like a mouthful, but essentially what

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Speaker 2: that means is up until now, if you earned under

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Speaker 2: four hundred and fifty dollars a month, you didn't get

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Speaker 2: paid any super at all, which is so scary. Which

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Speaker 2: is so scary, but also it means that so many

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Speaker 2: women are you know, maybe going back a couple of

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Speaker 2: days a week while they're being mums, or they're unable

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Speaker 2: to work, or they're experiencing disadvantage so they just work

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Speaker 2: once or twice a month to you know, keep mentally stimulated.

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Speaker 2: So that's actually being removed, which means that every dollar

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Speaker 2: that women earn is now going to also earn them superannuation,

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Speaker 2: which is really special. And Tony, that movie is actually

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Speaker 2: going to see more than two hundred thousand women in

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Speaker 2: Australia benefited. How good is that.

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Speaker 1: It's just you just don't think that those things exist

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Speaker 1: and that it's going to affect that many people.

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Speaker 2: But two hundred thousand people are now going to be

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Speaker 2: paid to branuation because of our budget this year. That

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Speaker 2: is so powerful, Tony.

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Speaker 1: And because they're being seen, you know, the federal government

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Speaker 1: have actually said like, look, this affects this many women

437
00:20:11,080 --> 00:20:14,160
Speaker 1: across our nation exact we can actually make a difference.

438
00:20:14,359 --> 00:20:17,040
Speaker 2: You know, we don't need to gender it. Budget isn't gendered.

439
00:20:17,040 --> 00:20:18,840
Speaker 2: But at the end of the day, we are women

440
00:20:18,960 --> 00:20:22,959
Speaker 2: and we obviously as a whole experience significant disadvantage when

441
00:20:23,000 --> 00:20:25,920
Speaker 2: it comes to finances, like the gender pay gap still exists.

442
00:20:26,240 --> 00:20:29,080
Speaker 2: But these are nice steps towards making sure we can

443
00:20:29,119 --> 00:20:32,120
Speaker 2: be more financially stable. And then the second thing when

444
00:20:32,119 --> 00:20:35,800
Speaker 2: we're talking about women, Tony, it's actually childcare. And you

445
00:20:35,800 --> 00:20:39,240
Speaker 2: know it's not because just women use childcare. But from

446
00:20:39,280 --> 00:20:41,600
Speaker 2: the first of July twenty twenty two, the government is

447
00:20:41,640 --> 00:20:43,560
Speaker 2: going to be removing the ten thousand, five hundred and

448
00:20:43,600 --> 00:20:47,040
Speaker 2: sixty dollars cap on the childcare subsidy, which benefits eighteen

449
00:20:47,080 --> 00:20:49,879
Speaker 2: thousand families, not two hundred thousand, but like still eighteen

450
00:20:49,880 --> 00:20:52,840
Speaker 2: thousand families, a lot of families. But wait, wait for

451
00:20:52,840 --> 00:20:56,040
Speaker 2: the numbers that are okay for sing later. This subsidy

452
00:20:56,080 --> 00:20:58,000
Speaker 2: is also going to increase for families who have more

453
00:20:58,040 --> 00:21:00,800
Speaker 2: than one kid under the age of five in childcare

454
00:21:00,880 --> 00:21:03,520
Speaker 2: by thirty percent, which is good up to a maximum

455
00:21:03,560 --> 00:21:07,320
Speaker 2: of ninety five percent. But this childcare change is actually

456
00:21:07,320 --> 00:21:11,920
Speaker 2: aimed at boosting workforce participation and women's economic security, which

457
00:21:12,000 --> 00:21:14,879
Speaker 2: means that forty thousand more women are going to be

458
00:21:14,920 --> 00:21:18,280
Speaker 2: able to work in extra day a week. How good

459
00:21:18,359 --> 00:21:21,960
Speaker 2: is that? An extra day a week of work for women,

460
00:21:22,200 --> 00:21:25,080
Speaker 2: regardless of the financial security that's going to provide for

461
00:21:25,119 --> 00:21:27,560
Speaker 2: them and their families. Another day a week for them

462
00:21:27,560 --> 00:21:30,200
Speaker 2: to contribute to their careers or their jobs, or their

463
00:21:30,280 --> 00:21:34,159
Speaker 2: financial security and their future security in their jobs. That's wild.

464
00:21:34,280 --> 00:21:36,400
Speaker 1: I love that, and also their mental health and their

465
00:21:36,400 --> 00:21:39,960
Speaker 1: own identities exactly. We've talked to lots of new mums

466
00:21:40,000 --> 00:21:41,920
Speaker 1: that have said, oh, you know, like working that one

467
00:21:42,000 --> 00:21:44,040
Speaker 1: day a week just makes so much difference. It makes

468
00:21:44,040 --> 00:21:46,919
Speaker 1: me feel like me and I gain so much from

469
00:21:47,000 --> 00:21:49,600
Speaker 1: that one day, even though it might not be actually financially,

470
00:21:49,640 --> 00:21:50,680
Speaker 1: but mentally you just.

471
00:21:50,640 --> 00:21:51,320
Speaker 2: Feel so good.

472
00:21:51,359 --> 00:21:53,199
Speaker 1: And the thought that that one day is going to

473
00:21:53,200 --> 00:21:55,400
Speaker 1: now turn into two for so many people is.

474
00:21:55,359 --> 00:21:58,320
Speaker 2: More women in the workforce more often. You'll love to

475
00:21:58,320 --> 00:22:00,639
Speaker 2: see it. Oh, yes, come at me anyway, that's my

476
00:22:00,800 --> 00:22:02,480
Speaker 2: side rant on your topic of women.

477
00:22:12,080 --> 00:22:14,720
Speaker 1: So we can move now into the thirteen billion dollar

478
00:22:14,760 --> 00:22:16,200
Speaker 1: boost into the ndis.

479
00:22:16,359 --> 00:22:18,920
Speaker 2: Yes, that is so special as well.

480
00:22:19,160 --> 00:22:21,640
Speaker 1: And a statistic that really shocked me. Well, I guess

481
00:22:21,640 --> 00:22:24,440
Speaker 1: not really shocked me, but knocks me over a little bit.

482
00:22:25,119 --> 00:22:27,960
Speaker 1: Is that the NDIS is accessed currently by roughly four

483
00:22:28,040 --> 00:22:32,080
Speaker 1: hundred and fifty thousand Australians. Yes, and we're talking about

484
00:22:32,200 --> 00:22:36,560
Speaker 1: thirteen billion dollars extra going into help all these people,

485
00:22:36,720 --> 00:22:40,040
Speaker 1: like the mass amounts of people are that are accessing it,

486
00:22:40,280 --> 00:22:42,439
Speaker 1: and it's actually set to grow to one hundred and

487
00:22:42,440 --> 00:22:44,840
Speaker 1: twenty two billion dollars over the next four years.

488
00:22:44,920 --> 00:22:47,760
Speaker 2: Yes, which is crazy numbers. But at the end of

489
00:22:47,760 --> 00:22:50,760
Speaker 2: the day, I think I really get really frustrated when

490
00:22:50,760 --> 00:22:53,560
Speaker 2: people say, oh, it's going to cost taxpayers x amount.

491
00:22:54,040 --> 00:22:56,639
Speaker 2: Can we stop using this language because it's not going

492
00:22:56,680 --> 00:22:59,680
Speaker 2: to cost you more. You're actually just going to continue

493
00:22:59,720 --> 00:23:02,720
Speaker 2: to pay tax. If you said to me, hey, vitorrel, like,

494
00:23:02,720 --> 00:23:05,400
Speaker 2: how do you want your tax distributed? I obviously want

495
00:23:05,400 --> 00:23:08,280
Speaker 2: the NDIS, support it, and I'm grateful that that's what

496
00:23:08,320 --> 00:23:11,200
Speaker 2: it's being allocated to. Could we just say, hey, taxpayers,

497
00:23:11,200 --> 00:23:13,760
Speaker 2: money is going to be allocated to this special cause

498
00:23:13,840 --> 00:23:16,160
Speaker 2: or you know this outcome which is so much more

499
00:23:16,200 --> 00:23:19,440
Speaker 2: powerful than it's going to cost taxpayers xyz. It's such

500
00:23:19,440 --> 00:23:22,520
Speaker 2: an entitled way of talking about money like we are

501
00:23:22,640 --> 00:23:24,520
Speaker 2: and I've said this a million times, and I even

502
00:23:24,560 --> 00:23:28,520
Speaker 2: said it already on this specific podcast episode. We are

503
00:23:28,920 --> 00:23:31,560
Speaker 2: so lucky to live in a country that cares so

504
00:23:31,680 --> 00:23:34,440
Speaker 2: much about us. That is a privilege that is denied

505
00:23:34,480 --> 00:23:37,760
Speaker 2: to so many people around the world. And I genuinely

506
00:23:37,840 --> 00:23:40,600
Speaker 2: am so grateful to live here. And I just hope

507
00:23:40,600 --> 00:23:43,000
Speaker 2: that you know, obviously I want to change the financial

508
00:23:43,000 --> 00:23:45,560
Speaker 2: lives of heaps of people, but I also want to

509
00:23:45,600 --> 00:23:48,560
Speaker 2: be able to change the mindset of entitlement and what

510
00:23:48,600 --> 00:23:52,159
Speaker 2: that actually means, and change this mindset of paying tax

511
00:23:52,320 --> 00:23:54,320
Speaker 2: as being a bad thing to being something that we're

512
00:23:54,359 --> 00:23:56,639
Speaker 2: grateful for. And I've said this so many times, like

513
00:23:56,640 --> 00:23:58,760
Speaker 2: the more tax you pay, the more money you're inning,

514
00:23:58,840 --> 00:24:01,040
Speaker 2: the better it is. Like, how great is it? Let's

515
00:24:01,040 --> 00:24:03,840
Speaker 2: stop going, Oh, I can't believe I had to pay tax? Really,

516
00:24:03,920 --> 00:24:05,800
Speaker 2: you can't believe you had to pay tax. Have you

517
00:24:05,880 --> 00:24:08,200
Speaker 2: not been paying it for like the last ten years

518
00:24:08,240 --> 00:24:10,800
Speaker 2: that you've been working? Have your parents not paid tax?

519
00:24:10,880 --> 00:24:12,560
Speaker 2: Like where did you get this idea that you weren't

520
00:24:12,560 --> 00:24:13,760
Speaker 2: going to pay tax this year?

521
00:24:14,160 --> 00:24:17,240
Speaker 1: Yeah, that you're just very surprised that that's what a shock?

522
00:24:17,400 --> 00:24:19,840
Speaker 2: I had to pay tax? Oh wow, I didn't even know.

523
00:24:20,680 --> 00:24:22,959
Speaker 2: So I think that maybe that's coming from my place,

524
00:24:23,359 --> 00:24:25,040
Speaker 2: you know, a bit of a place of entitlement where

525
00:24:25,040 --> 00:24:27,199
Speaker 2: I can afford to pay tax and I absolutely get it.

526
00:24:27,320 --> 00:24:29,320
Speaker 2: But I think that, you know, we are so lucky

527
00:24:29,359 --> 00:24:31,240
Speaker 2: to live in a country that is so well supported.

528
00:24:31,240 --> 00:24:32,920
Speaker 2: Like if we get sick, we go to a hospital

529
00:24:33,080 --> 00:24:35,960
Speaker 2: that is free, we get the services for free. And

530
00:24:36,040 --> 00:24:38,000
Speaker 2: you know, if we compare to what is the greatest

531
00:24:38,040 --> 00:24:41,240
Speaker 2: country of all America, that's not the case. They could

532
00:24:41,280 --> 00:24:44,280
Speaker 2: go to hospital and it'd be hundreds of thousands of

533
00:24:44,320 --> 00:24:46,399
Speaker 2: dollars if they end up with an illness that they

534
00:24:46,400 --> 00:24:50,000
Speaker 2: didn't foresee coming. Like it is insane to think that

535
00:24:50,080 --> 00:24:53,560
Speaker 2: we can just freely get access to healthcare and benefits

536
00:24:53,680 --> 00:24:54,800
Speaker 2: that we genuinely need.

537
00:24:54,920 --> 00:24:56,680
Speaker 1: Yeah, so well said, And I think that lots of

538
00:24:56,680 --> 00:24:58,639
Speaker 1: people saying that don't think that they're ever going to

539
00:24:58,680 --> 00:25:01,600
Speaker 1: need to access these services that their taxes pay for.

540
00:25:01,640 --> 00:25:03,560
Speaker 1: And God forbid, you don't have to, but that's what

541
00:25:03,600 --> 00:25:04,120
Speaker 1: they're there for.

542
00:25:04,200 --> 00:25:06,080
Speaker 2: Let's change our mindsets and see it as a thing

543
00:25:06,119 --> 00:25:08,919
Speaker 2: that we're grateful for rather than a burden that we carry.

544
00:25:09,080 --> 00:25:11,080
Speaker 2: Because I guarantee, when you start meeting the people that

545
00:25:11,119 --> 00:25:13,600
Speaker 2: are engaging in these services, they're just so grateful to

546
00:25:13,600 --> 00:25:16,240
Speaker 2: have the support because they so desperately need it. And

547
00:25:16,520 --> 00:25:19,920
Speaker 2: you know you're helping someone that's never a bad.

548
00:25:19,760 --> 00:25:23,840
Speaker 1: Outcome, no never, And speaking of bad outcomes, maybe it's

549
00:25:23,840 --> 00:25:26,200
Speaker 1: a good outcome. Who knows? Here we are?

550
00:25:26,359 --> 00:25:27,320
Speaker 2: Bad outcome? No?

551
00:25:27,520 --> 00:25:28,000
Speaker 1: Here we are?

552
00:25:28,480 --> 00:25:29,159
Speaker 2: Where are we r?

553
00:25:29,160 --> 00:25:30,080
Speaker 1: At the grand Finale?

554
00:25:30,200 --> 00:25:32,360
Speaker 2: Oh? Okay, hold on, hold on, guys, I don't even

555
00:25:32,440 --> 00:25:34,960
Speaker 2: know what she's planned for grand Finale. I just have

556
00:25:35,040 --> 00:25:36,879
Speaker 2: a whole heap of notes in front of me to

557
00:25:36,920 --> 00:25:40,560
Speaker 2: prepare for whatever she might throw at me. So, Tony Lodge,

558
00:25:40,920 --> 00:25:43,320
Speaker 2: what is the grand finale? What are you most excited

559
00:25:43,320 --> 00:25:44,240
Speaker 2: about about the budget?

560
00:25:44,359 --> 00:25:47,560
Speaker 1: Okay? So everything that we've seen online, everything that people

561
00:25:47,600 --> 00:25:49,560
Speaker 1: have been talking about inside out shees on the money

562
00:25:49,560 --> 00:25:53,240
Speaker 1: community everywhere, first time super Saber.

563
00:25:53,720 --> 00:25:55,719
Speaker 2: Is that where we're going? Here we go? All right?

564
00:25:55,760 --> 00:25:57,359
Speaker 2: The first home scheme? All right?

565
00:25:57,440 --> 00:25:59,359
Speaker 1: So tell us about what it is for anybody that

566
00:25:59,359 --> 00:26:02,360
Speaker 1: doesn't know, give a little brief, little titbit of.

567
00:26:02,760 --> 00:26:08,000
Speaker 2: Titbit, titbit, tit bit. I don't know. I also don't mind.

568
00:26:08,160 --> 00:26:11,440
Speaker 2: I hope everyone's still listening to usaf on. I love

569
00:26:11,480 --> 00:26:13,840
Speaker 2: the beats between us. I hope everybody else loves them

570
00:26:13,880 --> 00:26:14,440
Speaker 2: as much aside.

571
00:26:14,480 --> 00:26:16,360
Speaker 1: All right, well now we're getting ow titbits out.

572
00:26:18,359 --> 00:26:21,280
Speaker 2: So the First Home Super Saviors Scheme or the FAH

573
00:26:21,320 --> 00:26:25,000
Speaker 2: double S was actually introduced by the Australian government in

574
00:26:25,000 --> 00:26:28,560
Speaker 2: the federal budget for twenty seventeen twenty eighteen to reduce

575
00:26:28,600 --> 00:26:31,880
Speaker 2: the pressure on housing affordability, which is very nice. Thank

576
00:26:31,880 --> 00:26:33,960
Speaker 2: you couple meant for appreciate that, and a lot of

577
00:26:33,960 --> 00:26:36,840
Speaker 2: our community has now used that. And the First Home

578
00:26:36,880 --> 00:26:40,720
Speaker 2: Super Savior scheme enables you to use your superannuation fund

579
00:26:40,960 --> 00:26:43,840
Speaker 2: to help you save for your first home. Sounds amazing, Yeah,

580
00:26:43,920 --> 00:26:47,280
Speaker 2: sounds amazing. And what you could do historically was contribute

581
00:26:47,359 --> 00:26:50,160
Speaker 2: up to thirty thousand dollars, so fifteen thousand dollars each

582
00:26:50,240 --> 00:26:54,000
Speaker 2: financial year into your superannuation fund to help you save

583
00:26:54,080 --> 00:26:57,399
Speaker 2: for your first home. And the benefit here was that

584
00:26:57,720 --> 00:27:00,800
Speaker 2: instead of being taxed at your marginal tax rate, so

585
00:27:00,920 --> 00:27:04,000
Speaker 2: for example, if you earn between thirty seven thousand and

586
00:27:04,200 --> 00:27:07,640
Speaker 2: ninety thousand dollars that's thirty two point five percent of

587
00:27:07,640 --> 00:27:10,560
Speaker 2: your income, you actually get to make use of the

588
00:27:10,680 --> 00:27:14,000
Speaker 2: tax rate inside your super fund, which is only fifteen percent,

589
00:27:14,560 --> 00:27:17,480
Speaker 2: so you get to pay less tax, which means that

590
00:27:17,560 --> 00:27:20,159
Speaker 2: you end up with more casholer to spend on your

591
00:27:20,200 --> 00:27:22,920
Speaker 2: future home. So it's kind of like the government going, oh,

592
00:27:22,920 --> 00:27:24,879
Speaker 2: we'll give you a bonus if you do it this way.

593
00:27:25,160 --> 00:27:27,040
Speaker 2: And for a lot of people it's a no brainer

594
00:27:27,119 --> 00:27:29,359
Speaker 2: because you can dump that money in and then take

595
00:27:29,400 --> 00:27:31,320
Speaker 2: it out for your first home.

596
00:27:31,119 --> 00:27:32,959
Speaker 1: And the government's doing all the work for you.

597
00:27:33,000 --> 00:27:34,800
Speaker 2: They're doing all the work for you, and all of

598
00:27:34,880 --> 00:27:37,280
Speaker 2: the super funds are actually really well equipped to make

599
00:27:37,320 --> 00:27:40,480
Speaker 2: sure this happens easily and well. I think one of

600
00:27:40,520 --> 00:27:43,200
Speaker 2: the only catches here is that it's hard to withdraw

601
00:27:43,320 --> 00:27:46,120
Speaker 2: if you decide not to purchase property because you will

602
00:27:46,119 --> 00:27:47,960
Speaker 2: have to pay additional tax. You don't just get to

603
00:27:48,000 --> 00:27:49,440
Speaker 2: put it in, pull it out, and then get it

604
00:27:49,480 --> 00:27:51,720
Speaker 2: at the fifteen percent, which would be a money win, right,

605
00:27:51,800 --> 00:27:54,800
Speaker 2: So I think that for us, that sounds good. That

606
00:27:54,840 --> 00:27:57,080
Speaker 2: sounds great. So the first Home super Savior scheme has

607
00:27:57,119 --> 00:27:59,280
Speaker 2: gone from being the thirty thousand dollars I just mentioned

608
00:27:59,520 --> 00:28:03,199
Speaker 2: up to fifty thousand dollars, which is more money, and

609
00:28:03,240 --> 00:28:05,399
Speaker 2: that is great. What does that mean, Tony?

610
00:28:05,800 --> 00:28:08,080
Speaker 1: That doesn't mean What does that mean? Tell me? Oh, okay,

611
00:28:08,280 --> 00:28:09,080
Speaker 1: I'm asking you.

612
00:28:09,160 --> 00:28:11,280
Speaker 2: So historically, if we did the maths on that And

613
00:28:11,280 --> 00:28:13,000
Speaker 2: when I say if, Tony, I mean I did the

614
00:28:13,000 --> 00:28:14,439
Speaker 2: maths on that you've wanted to share it.

615
00:28:14,440 --> 00:28:15,879
Speaker 1: I had to sit here while you did it, and

616
00:28:15,920 --> 00:28:19,000
Speaker 1: you said, does this make sense? I went, yes, Victoria.

617
00:28:18,880 --> 00:28:21,440
Speaker 2: Yes, Victoria Vine. Can we please get to the show.

618
00:28:21,480 --> 00:28:23,840
Speaker 2: But I really wanted to talk numbers because so many

619
00:28:23,840 --> 00:28:26,280
Speaker 2: people are like, great, well what does the fifty thousand

620
00:28:26,320 --> 00:28:29,160
Speaker 2: dollar thing mean for me? So historically, if you put

621
00:28:29,240 --> 00:28:32,840
Speaker 2: thirty thousand dollars into your superfund and you earned between

622
00:28:32,840 --> 00:28:34,920
Speaker 2: thirty seven and ninety thousand dollars, which is what a

623
00:28:34,960 --> 00:28:37,639
Speaker 2: majority of our community earned, So we're just going to

624
00:28:37,720 --> 00:28:40,320
Speaker 2: use that as the example. And your marginal tax rate

625
00:28:40,400 --> 00:28:44,400
Speaker 2: was thirty two five percent the net value of ten

626
00:28:44,440 --> 00:28:46,320
Speaker 2: thousand dollars, and let's just break it down to ten.

627
00:28:46,360 --> 00:28:49,360
Speaker 2: Even though I nos thirty infie me the net value

628
00:28:49,400 --> 00:28:52,000
Speaker 2: of ten thousand dollars. So Tony, if you earned ten grand, yep,

629
00:28:52,080 --> 00:28:54,960
Speaker 2: and then it was put into your bank account after tax,

630
00:28:55,040 --> 00:28:57,400
Speaker 2: that would be six seven hundred and fifty dollars for

631
00:28:57,480 --> 00:28:59,720
Speaker 2: you personally. Yes, that's what I take That's what you

632
00:28:59,800 --> 00:29:02,560
Speaker 2: did take home, So we're talking take home pay. But

633
00:29:02,680 --> 00:29:05,400
Speaker 2: if you instead decided to do a first home super

634
00:29:05,440 --> 00:29:08,360
Speaker 2: Saver scheme and contribute more money to your super and

635
00:29:08,440 --> 00:29:10,920
Speaker 2: you put that same ten thousand dollars into your super

636
00:29:10,960 --> 00:29:14,080
Speaker 2: fund instead of your personal bank account, the net value

637
00:29:14,120 --> 00:29:17,320
Speaker 2: of that ten thousand dollars is eight thousand, five hundred

638
00:29:17,360 --> 00:29:20,360
Speaker 2: dollars instead of the six thousand, seven hundred and fifty,

639
00:29:20,800 --> 00:29:22,840
Speaker 2: So that's more money. So that means that if you

640
00:29:22,960 --> 00:29:25,400
Speaker 2: put ten grand into your super to save your first

641
00:29:25,520 --> 00:29:28,360
Speaker 2: home instead of putting it into your bank account and

642
00:29:28,480 --> 00:29:30,560
Speaker 2: just saving for it in the way that everybody else would,

643
00:29:30,840 --> 00:29:33,760
Speaker 2: it means you have an additional seventeen hundred and fifty dollars,

644
00:29:34,320 --> 00:29:38,440
Speaker 2: which is an additional twenty one percent of your income.

645
00:29:38,720 --> 00:29:40,640
Speaker 2: That's a pretty good Like if we're going to compare

646
00:29:40,680 --> 00:29:44,120
Speaker 2: it to investment return, that is pretty good, right tona roddy.

647
00:29:43,920 --> 00:29:47,000
Speaker 1: And twenty one percent just sounds good as well. You're like, oh, yeah,

648
00:29:47,040 --> 00:29:48,280
Speaker 1: an extra twenty one percent.

649
00:29:48,120 --> 00:29:49,880
Speaker 2: Well, yeah, they're going to give you an extra twenty

650
00:29:49,920 --> 00:29:52,840
Speaker 2: one percent. Obviously if you earn more, that is going

651
00:29:52,920 --> 00:29:55,120
Speaker 2: to change in terms of what you would save. Yes,

652
00:29:55,200 --> 00:29:58,200
Speaker 2: So hypothetically, if you earned between ninety thousand and one

653
00:29:58,280 --> 00:30:01,400
Speaker 2: hundred and eighty thousand dollars, obviously because you then pay

654
00:30:01,480 --> 00:30:05,160
Speaker 2: thirty seven percent on tax instead of thirty two point five,

655
00:30:05,720 --> 00:30:08,240
Speaker 2: that saving would actually be twenty two hundred dollars, So

656
00:30:08,320 --> 00:30:12,120
Speaker 2: you'd actually have twenty six percent more money having used

657
00:30:12,520 --> 00:30:14,960
Speaker 2: the First Home Super Saver scheme. So if we actually

658
00:30:15,000 --> 00:30:18,280
Speaker 2: calculate that out, that thirty thousand dollars, if we'd put

659
00:30:18,280 --> 00:30:20,880
Speaker 2: it into our first Home Super Saver scheme, we would

660
00:30:20,880 --> 00:30:23,880
Speaker 2: have made five two hundred dollars, but now it's increased

661
00:30:23,920 --> 00:30:26,400
Speaker 2: to fifty thousand dollars. We're going to make eighty seven

662
00:30:26,560 --> 00:30:29,040
Speaker 2: hundred and fifty dollars by making use of this scheme

663
00:30:29,520 --> 00:30:32,000
Speaker 2: if we're buying first properties. And to me, that's a

664
00:30:32,080 --> 00:30:34,040
Speaker 2: lot of money that could go towards like part of

665
00:30:34,120 --> 00:30:36,760
Speaker 2: your stamp duty, it could go towards paying your solicitor.

666
00:30:36,840 --> 00:30:40,200
Speaker 2: It could literally cover so many things. And who says

667
00:30:40,280 --> 00:30:42,760
Speaker 2: no to free money when it comes to purchasing property,

668
00:30:42,920 --> 00:30:44,560
Speaker 2: right will?

669
00:30:44,600 --> 00:30:46,680
Speaker 1: You'd be crazy too, especially for the government.

670
00:30:46,960 --> 00:30:47,440
Speaker 2: Exactly.

671
00:30:47,960 --> 00:30:50,520
Speaker 1: So that's a lot of numbers, it's a lot of jargon,

672
00:30:50,600 --> 00:30:53,480
Speaker 1: that's a lot of using percent and those kinds of things.

673
00:30:53,680 --> 00:30:56,880
Speaker 1: So basically what it boils down to is is going to.

674
00:30:57,040 --> 00:31:00,400
Speaker 2: Have more money to save for your first home. So figu'ably,

675
00:31:00,440 --> 00:31:03,040
Speaker 2: if you put fifty thousand dollars into your first home

676
00:31:03,120 --> 00:31:05,880
Speaker 2: Super Saver, the difference between you putting it into super

677
00:31:05,960 --> 00:31:09,280
Speaker 2: and saving for it outside is eight thousand, seven hundred

678
00:31:09,280 --> 00:31:12,800
Speaker 2: and fifty dollars, which is which a massive, very exchanging. Yeah,

679
00:31:12,840 --> 00:31:16,200
Speaker 2: I know, jigs cute, we're cute together, which is eight thousand,

680
00:31:16,200 --> 00:31:18,320
Speaker 2: seven hundred and fifty dollars, which is obviously a massive

681
00:31:18,320 --> 00:31:21,479
Speaker 2: amount of money. But something I wanted to touch on, Tony,

682
00:31:21,600 --> 00:31:24,280
Speaker 2: touch it. Okay. So one of the things that we

683
00:31:24,400 --> 00:31:27,080
Speaker 2: were talking about in the office this morning and someone

684
00:31:27,160 --> 00:31:30,040
Speaker 2: passed comment on was like, well, most home deposits more

685
00:31:30,040 --> 00:31:33,000
Speaker 2: than fifty thousand dollars. Yeah, which is true. Absolutely, We're

686
00:31:33,040 --> 00:31:35,480
Speaker 2: not saying use that scheme to save for your house

687
00:31:35,520 --> 00:31:37,560
Speaker 2: deposit and that's all you're going to get. Like, you're

688
00:31:37,680 --> 00:31:40,080
Speaker 2: still going to be expected to have to save outside

689
00:31:40,120 --> 00:31:40,480
Speaker 2: of Super.

690
00:31:40,680 --> 00:31:42,880
Speaker 1: Yeah, it's not just that betor a deal. They don't

691
00:31:43,000 --> 00:31:45,280
Speaker 1: just pass you the check and go, here's your house deposit.

692
00:31:45,480 --> 00:31:48,520
Speaker 2: You've got two hundred grand here, go for It's not

693
00:31:48,680 --> 00:31:51,120
Speaker 2: going to happen that way, but the benefit here is

694
00:31:51,240 --> 00:31:53,800
Speaker 2: up to fifty thousand dollars. You can make extra money

695
00:31:53,840 --> 00:31:55,840
Speaker 2: on that. So let's see that is the value, because

696
00:31:55,880 --> 00:31:58,120
Speaker 2: a lot of the comments I've seen recently are like, well,

697
00:31:58,320 --> 00:31:59,680
Speaker 2: what house am I going to buy with a fifty

698
00:31:59,720 --> 00:32:01,880
Speaker 2: thous and all the deposit? Well, firstly, a lot of

699
00:32:01,960 --> 00:32:04,600
Speaker 2: houses they're just not near the Melbourne CBD or any

700
00:32:04,640 --> 00:32:08,360
Speaker 2: CBD in Australia. But then two, I get that, but

701
00:32:08,520 --> 00:32:11,240
Speaker 2: that is not saying that that's the only deposit you're saving.

702
00:32:11,320 --> 00:32:13,200
Speaker 2: This is just a part of your deposit, and you're

703
00:32:13,240 --> 00:32:15,200
Speaker 2: going to be saving in a bank account as well

704
00:32:15,600 --> 00:32:18,040
Speaker 2: to reach your goal. And I think that it's really

705
00:32:18,080 --> 00:32:21,080
Speaker 2: important to preface that because it's not the entire amount,

706
00:32:21,360 --> 00:32:23,920
Speaker 2: but we just calculated that you're going to be eighty

707
00:32:23,960 --> 00:32:26,120
Speaker 2: seven hundred and fifty dollars better off. I'll take it.

708
00:32:26,280 --> 00:32:28,160
Speaker 1: Yeah, if free money, I'll have yours and I'll have

709
00:32:28,240 --> 00:32:29,720
Speaker 1: sixteen grand playing exactly.

710
00:32:30,040 --> 00:32:33,320
Speaker 2: Thank you, Thank you. Unfortunately that's not true. OK, take

711
00:32:33,360 --> 00:32:37,000
Speaker 2: somebody else's. But if you could, like, I would definitely

712
00:32:37,240 --> 00:32:38,400
Speaker 2: think about sharing.

713
00:32:38,160 --> 00:32:39,120
Speaker 1: You with you. Thank you.

714
00:32:39,440 --> 00:32:41,959
Speaker 2: I appreciate that I would share with you. Another thing

715
00:32:42,040 --> 00:32:44,640
Speaker 2: I actually wanted to touch on there, which I had

716
00:32:44,680 --> 00:32:47,760
Speaker 2: a heated conversation about last night because obviously I get

717
00:32:47,920 --> 00:32:50,400
Speaker 2: really into the budget and what it means and so

718
00:32:50,600 --> 00:32:52,760
Speaker 2: what we Yeah, no, I bet you didn't see that coming.

719
00:32:53,000 --> 00:32:57,960
Speaker 2: I'm so surprised, shocking. So what the conversation was about was,

720
00:32:58,240 --> 00:33:00,760
Speaker 2: you know, this first time super safort scheme is increasing,

721
00:33:00,840 --> 00:33:03,320
Speaker 2: which obviously is going to increase the amount of fest

722
00:33:03,400 --> 00:33:05,760
Speaker 2: home buyers who are able to access the market quicker,

723
00:33:05,840 --> 00:33:08,120
Speaker 2: which is great. But they're like, Okay, but we actually

724
00:33:08,160 --> 00:33:11,160
Speaker 2: have a demand problem and a supply problem, and does

725
00:33:11,200 --> 00:33:12,920
Speaker 2: that not mean that the real estate market is going

726
00:33:12,960 --> 00:33:16,120
Speaker 2: to become more competitive? Yeah, it's like, I get that, absolutely,

727
00:33:16,400 --> 00:33:20,120
Speaker 2: but let's look at the flip side of this. And historically,

728
00:33:20,480 --> 00:33:23,240
Speaker 2: so one of the benefits of being sixty five years

729
00:33:23,280 --> 00:33:24,200
Speaker 2: old was that.

730
00:33:24,280 --> 00:33:25,560
Speaker 1: You part from the fact that you don't have to

731
00:33:25,640 --> 00:33:26,200
Speaker 1: work anymore.

732
00:33:26,280 --> 00:33:28,800
Speaker 2: Well, if you'd saved an invested properly, and if you

733
00:33:28,880 --> 00:33:30,560
Speaker 2: hadn't done that, maybe you were in a little bit

734
00:33:30,600 --> 00:33:32,320
Speaker 2: of a pickle. But one of the benefits of being

735
00:33:32,360 --> 00:33:35,080
Speaker 2: sixty five years old is you have access to the

736
00:33:35,200 --> 00:33:38,200
Speaker 2: downsizer scheme, which means you can sell your family home

737
00:33:38,600 --> 00:33:42,280
Speaker 2: and contribute three hundred thousand dollars to your superanuation if

738
00:33:42,320 --> 00:33:44,360
Speaker 2: you need to top it up. Really and obviously you

739
00:33:44,480 --> 00:33:47,480
Speaker 2: and I Tony can't contribute three hundred thousand dollars to SUPER.

740
00:33:47,480 --> 00:33:49,960
Speaker 2: They wouldn't let us do that. Fine, but that's a

741
00:33:50,120 --> 00:33:52,280
Speaker 2: massive benefit, and that's obviously going to be a really

742
00:33:52,320 --> 00:33:54,920
Speaker 2: great boost. But what they've done is they've reduced that

743
00:33:55,080 --> 00:33:58,400
Speaker 2: age to sixty years old instead of sixty five, which

744
00:33:58,480 --> 00:34:00,840
Speaker 2: means people get an additional five years before what we

745
00:34:00,960 --> 00:34:04,520
Speaker 2: call the preservation age or retirement age. And five years

746
00:34:04,600 --> 00:34:06,880
Speaker 2: is a long time if you're putting money into SUPER

747
00:34:07,040 --> 00:34:11,280
Speaker 2: to retire. Yeah, And because they've decreased that age to sixty,

748
00:34:11,760 --> 00:34:14,040
Speaker 2: I genuinely think that there will be an increase in

749
00:34:14,120 --> 00:34:16,880
Speaker 2: the amount of you know, people who are pre retirement

750
00:34:17,160 --> 00:34:20,400
Speaker 2: downsizing their homes, which hopefully will help us with the

751
00:34:20,480 --> 00:34:22,680
Speaker 2: demand problem that is going on, and we'll have an

752
00:34:22,800 --> 00:34:26,040
Speaker 2: increased supply. Therefore we'll be able to meet the changing

753
00:34:26,160 --> 00:34:28,920
Speaker 2: nature of people wanting to buy homes versus what is available,

754
00:34:29,160 --> 00:34:31,360
Speaker 2: because at the moment, the problem is that we just

755
00:34:31,480 --> 00:34:33,800
Speaker 2: don't have enough properties for the amount of people that

756
00:34:33,880 --> 00:34:36,399
Speaker 2: want to buy them. And that happens with population growth

757
00:34:36,480 --> 00:34:39,480
Speaker 2: because as you know, the population has grown. Therefore the

758
00:34:39,560 --> 00:34:42,759
Speaker 2: houses that were existing before aren't enough to meet the

759
00:34:42,840 --> 00:34:44,759
Speaker 2: current demand. And I think these two things are going

760
00:34:44,840 --> 00:34:47,440
Speaker 2: to work in conjunction with one another to meet that

761
00:34:47,560 --> 00:34:48,800
Speaker 2: supply and demand issue.

762
00:34:49,080 --> 00:34:52,640
Speaker 1: So ultimately, there's basically no downside, No, absolutely not. We're

763
00:34:52,680 --> 00:34:56,480
Speaker 1: giving people that was sixty five is now sixty the

764
00:34:56,560 --> 00:35:01,560
Speaker 1: opportunity to downsize, beef up their superannuation, their best life exactly.

765
00:35:01,840 --> 00:35:04,200
Speaker 2: And I've run the numbers on this as well, because

766
00:35:04,200 --> 00:35:05,360
Speaker 2: I think it's really important.

767
00:35:05,440 --> 00:35:06,600
Speaker 1: Like when did you find time?

768
00:35:07,400 --> 00:35:09,719
Speaker 2: I just really like numbers. Anyway, we have a number

769
00:35:09,719 --> 00:35:12,160
Speaker 2: of listeners who are actually in their sixties, which is

770
00:35:12,239 --> 00:35:14,200
Speaker 2: so fun because they DM me and like, hey, I

771
00:35:14,280 --> 00:35:16,400
Speaker 2: know I'm not like your quote target market, but like

772
00:35:16,480 --> 00:35:18,759
Speaker 2: I really appreciate it. And I'm like I'm sorry, Like

773
00:35:18,960 --> 00:35:21,360
Speaker 2: I know we've got this like perceived target market, but

774
00:35:21,400 --> 00:35:23,560
Speaker 2: if you resonate with our community, you are welcome. I

775
00:35:23,600 --> 00:35:25,640
Speaker 2: don't care who you are. All friends are on him Yeah,

776
00:35:25,719 --> 00:35:29,279
Speaker 2: we're all friends here. Anyway. I want to contextualize this

777
00:35:29,440 --> 00:35:32,040
Speaker 2: again because what does that really mean? So putting an

778
00:35:32,080 --> 00:35:34,680
Speaker 2: additional three hundred thousand dollars in super sounds great, but

779
00:35:34,880 --> 00:35:39,160
Speaker 2: bringing it forward five years, right, that's that's giving you

780
00:35:39,320 --> 00:35:42,960
Speaker 2: time for compound interests to actually work some of its magic. Obviously,

781
00:35:43,080 --> 00:35:45,560
Speaker 2: the longer it's in there, the more impact it's going

782
00:35:45,600 --> 00:35:47,840
Speaker 2: to have. But if you sold your family home and

783
00:35:47,920 --> 00:35:50,960
Speaker 2: put in another three hundred thousand dollars into bernuation at

784
00:35:51,000 --> 00:35:53,960
Speaker 2: the age of sixty and you're planning on a fire

785
00:35:54,080 --> 00:35:56,440
Speaker 2: at sixty five, you continue to work right like you

786
00:35:56,560 --> 00:35:58,640
Speaker 2: just dumped you three hundred grand in still you know,

787
00:35:58,840 --> 00:36:02,200
Speaker 2: let's disregard any other SUPER contributions. We're just talking about

788
00:36:02,239 --> 00:36:04,840
Speaker 2: that three hundred thousand dollars. If the average rate of

789
00:36:04,920 --> 00:36:06,839
Speaker 2: return is seven and a half percent, which we use

790
00:36:06,880 --> 00:36:09,000
Speaker 2: on the POD as usually an average because it's an

791
00:36:09,080 --> 00:36:12,239
Speaker 2: easy average, it's very normal. Sometimes it's higher, sometimes it's lower.

792
00:36:12,480 --> 00:36:14,759
Speaker 2: That's our average. But if it compounded it's seven and

793
00:36:14,800 --> 00:36:18,600
Speaker 2: a half percent, that three hundred thousand dollars over five

794
00:36:18,719 --> 00:36:21,400
Speaker 2: years is going to generate you approximately one hundred and

795
00:36:21,480 --> 00:36:25,200
Speaker 2: thirty six thousand dollars. So by making that decision, that's

796
00:36:25,239 --> 00:36:27,320
Speaker 2: how much more money you would have. So instead of

797
00:36:27,400 --> 00:36:30,080
Speaker 2: retiring with an additional three hundred thousand dollars in super,

798
00:36:30,200 --> 00:36:32,320
Speaker 2: you're going to retire with an additional four hundred and

799
00:36:32,400 --> 00:36:35,759
Speaker 2: thirty six thousand dollars in SUPER, and that is really

800
00:36:35,840 --> 00:36:39,000
Speaker 2: really powerful because so many people just go, oh my god,

801
00:36:39,040 --> 00:36:41,399
Speaker 2: I'm so stuck, like I need additional super and that's

802
00:36:41,400 --> 00:36:43,560
Speaker 2: actually going to help them when they actually need it,

803
00:36:43,719 --> 00:36:46,040
Speaker 2: not at the time that they're retiring, so that they

804
00:36:46,080 --> 00:36:48,839
Speaker 2: can access it, because so many people don't think about

805
00:36:48,880 --> 00:36:52,719
Speaker 2: retirement until it's arguably a little bit too late, and

806
00:36:52,920 --> 00:36:54,400
Speaker 2: so many of us are like, oh my gosh, like

807
00:36:54,480 --> 00:36:55,880
Speaker 2: what am I going to do? And so many of

808
00:36:56,000 --> 00:36:58,200
Speaker 2: us just don't consider it until it is too late,

809
00:36:58,239 --> 00:36:59,680
Speaker 2: and we're lucky that we've got shees on the money

810
00:36:59,680 --> 00:37:01,279
Speaker 2: and hope in the future this isn't going to be

811
00:37:01,360 --> 00:37:03,640
Speaker 2: a problem. But for so many people who didn't have

812
00:37:03,760 --> 00:37:06,680
Speaker 2: the tools and resources that didn't have it because superannuation

813
00:37:06,840 --> 00:37:10,319
Speaker 2: only got mandated, it only became compulsory in nineteen ninety two,

814
00:37:10,880 --> 00:37:13,400
Speaker 2: so people who were working before that they might have

815
00:37:13,440 --> 00:37:14,960
Speaker 2: had to but they might not have had SEP, but

816
00:37:15,200 --> 00:37:18,160
Speaker 2: probably not, and it wasn't a priority because like, that

817
00:37:18,320 --> 00:37:21,080
Speaker 2: wasn't what they were thinking. So for me, this is

818
00:37:21,280 --> 00:37:24,000
Speaker 2: massive because for those people who maybe hadn't been thinking

819
00:37:24,000 --> 00:37:26,040
Speaker 2: about retirement, did have their heads in the sand a

820
00:37:26,120 --> 00:37:28,279
Speaker 2: little bit at the age of sixty, now have this

821
00:37:28,520 --> 00:37:30,319
Speaker 2: chance to kind of, you know, produce a little bit

822
00:37:30,360 --> 00:37:33,239
Speaker 2: more income than they had before with a tool that

823
00:37:33,400 --> 00:37:35,359
Speaker 2: you know. Not everyone wants to sell their family home,

824
00:37:35,440 --> 00:37:37,560
Speaker 2: but it is a really good option if you're in

825
00:37:37,680 --> 00:37:40,480
Speaker 2: that position. But if you, at the age of sixty,

826
00:37:40,640 --> 00:37:43,120
Speaker 2: make that decision. And I'm talking about this one obviously,

827
00:37:43,280 --> 00:37:46,200
Speaker 2: maybe it's not you, maybe it's not related to you, Tony,

828
00:37:46,280 --> 00:37:48,200
Speaker 2: But how special is it to have more knowledge and

829
00:37:48,280 --> 00:37:50,680
Speaker 2: have more interest because our parents at that age, like,

830
00:37:50,760 --> 00:37:52,920
Speaker 2: we all know someone in this age bracket that this

831
00:37:53,160 --> 00:37:56,600
Speaker 2: information could benefit. Right, But also, I'm probably going to

832
00:37:56,680 --> 00:37:59,040
Speaker 2: work until I die. Not the point. But if you're

833
00:37:59,040 --> 00:38:01,440
Speaker 2: at sixty and you're like, yeah, I'm still young, fresh happening.

834
00:38:01,520 --> 00:38:03,440
Speaker 2: I don't really want to retire at the age of

835
00:38:03,800 --> 00:38:06,480
Speaker 2: sixty five, but like, I'd like the option if you're

836
00:38:06,480 --> 00:38:08,400
Speaker 2: going to say, all right, I'm going to work to seventy.

837
00:38:08,800 --> 00:38:11,920
Speaker 2: The power of compound interest means that three hundred thousand

838
00:38:11,960 --> 00:38:14,920
Speaker 2: dollars contribution will more than double and it will be

839
00:38:15,040 --> 00:38:18,279
Speaker 2: worth six hundred and thirty three thousand dollars to you

840
00:38:18,480 --> 00:38:22,320
Speaker 2: personally by contributing that additional three hundred grand into super

841
00:38:22,640 --> 00:38:25,680
Speaker 2: by making that decision, which means your money made three

842
00:38:25,800 --> 00:38:28,280
Speaker 2: hundred and thirty three thousand dollars over ten years.

843
00:38:28,880 --> 00:38:32,960
Speaker 1: What that is literally you being able to retire on

844
00:38:33,120 --> 00:38:34,640
Speaker 1: a boat in Spain.

845
00:38:34,840 --> 00:38:37,440
Speaker 2: Okay, that's not what it means, but it does mean

846
00:38:37,480 --> 00:38:40,439
Speaker 2: that we are far more financially secure than.

847
00:38:40,760 --> 00:38:42,560
Speaker 1: Yeah, financially secure.

848
00:38:42,800 --> 00:38:45,000
Speaker 2: Yeah, Tony is going to be on a bug in Spain.

849
00:38:45,440 --> 00:38:48,560
Speaker 2: But I think that that's really important to contextualize because

850
00:38:48,760 --> 00:38:51,200
Speaker 2: you know, that sounds great and you kind of say

851
00:38:51,280 --> 00:38:53,239
Speaker 2: it in passing and for a lot of us who

852
00:38:53,280 --> 00:38:55,520
Speaker 2: watch the budget would have been like great, like the

853
00:38:55,600 --> 00:38:58,440
Speaker 2: age has been dropped. But five years is so powerful

854
00:38:58,520 --> 00:39:00,800
Speaker 2: and that is massive, and that is an opportunity that

855
00:39:00,880 --> 00:39:03,520
Speaker 2: I think a fair few people will make. But then

856
00:39:03,560 --> 00:39:06,319
Speaker 2: it ultimately has this what domino effect, So then more

857
00:39:06,360 --> 00:39:08,040
Speaker 2: properties are going to be for sale, and then more

858
00:39:08,080 --> 00:39:10,600
Speaker 2: millennials are going to be able to purchase those properties.

859
00:39:10,680 --> 00:39:13,480
Speaker 2: And yeah, it's just really important to understand that everything

860
00:39:13,600 --> 00:39:16,880
Speaker 2: does have a domino effect and somehow everything interrelates.

861
00:39:17,400 --> 00:39:20,320
Speaker 1: So now that we've covered the first home super Savior

862
00:39:20,400 --> 00:39:23,719
Speaker 1: scheme and how that's going to affect people at both

863
00:39:23,840 --> 00:39:26,640
Speaker 1: ends of the spectrum getting into the property market and

864
00:39:26,920 --> 00:39:30,560
Speaker 1: also maybe downsizing and coming out of the property market

865
00:39:30,600 --> 00:39:31,919
Speaker 1: in the way that they've known it for the past

866
00:39:32,000 --> 00:39:35,680
Speaker 1: forty years. Yeah, here's an ex big one.

867
00:39:35,840 --> 00:39:37,640
Speaker 2: Oh gosh, I know where we're going with this, and

868
00:39:37,760 --> 00:39:40,520
Speaker 2: I feel like a Victoria rant is coming. I'm so sorry,

869
00:39:40,600 --> 00:39:41,760
Speaker 2: but I'm also not sorry.

870
00:39:42,600 --> 00:39:44,719
Speaker 1: So we've seen this a lot.

871
00:39:44,840 --> 00:39:46,759
Speaker 2: So we're not talking about the first home buy out

872
00:39:46,800 --> 00:39:49,840
Speaker 2: super savior scheme. We're actually talking about the new single

873
00:39:49,920 --> 00:39:52,360
Speaker 2: parent Family Home Guarantee, aren't we, Tony.

874
00:39:52,200 --> 00:39:54,400
Speaker 1: Yes, So up to ten thousand single parents will be

875
00:39:54,440 --> 00:39:57,440
Speaker 1: able to purchase a house with a two percent deposit.

876
00:39:57,880 --> 00:40:02,719
Speaker 2: Yeah, which sounds great in theory. In theory, I'm going

877
00:40:02,840 --> 00:40:05,000
Speaker 2: to throw out my opinion there and say I'm a

878
00:40:05,040 --> 00:40:06,840
Speaker 2: little bit negative on it. You're right, there are going

879
00:40:06,920 --> 00:40:09,160
Speaker 2: to be some people in our community that benefit massively

880
00:40:09,280 --> 00:40:11,600
Speaker 2: from this. So we're not disregarding this, but I do

881
00:40:11,880 --> 00:40:14,719
Speaker 2: think that this isn't as shiny as it looks if

882
00:40:14,760 --> 00:40:18,200
Speaker 2: we break it down. So, to summarize, the government's new

883
00:40:18,280 --> 00:40:22,280
Speaker 2: single parent Family Home Guarantee means that single parent families

884
00:40:22,320 --> 00:40:25,279
Speaker 2: of any gender could be eligible to purchase their own

885
00:40:25,360 --> 00:40:28,880
Speaker 2: homes up to city state value caps. So it's going

886
00:40:28,920 --> 00:40:31,239
Speaker 2: to depend on what state or territory you live in

887
00:40:31,520 --> 00:40:33,759
Speaker 2: with a two percent deposit, and it doesn't need to

888
00:40:33,800 --> 00:40:35,960
Speaker 2: be their first home. So it's not the first Home

889
00:40:36,000 --> 00:40:39,239
Speaker 2: Super Savior scheme. It's not first home, it's any home.

890
00:40:40,040 --> 00:40:42,600
Speaker 2: But at the same time, they've also said that there

891
00:40:42,600 --> 00:40:46,000
Speaker 2: are one hundred and twenty five thousand single parents, eighty

892
00:40:46,080 --> 00:40:50,239
Speaker 2: percent of which are female, and these people will all

893
00:40:50,280 --> 00:40:51,760
Speaker 2: be eligible for this scheme.

894
00:40:52,200 --> 00:40:54,800
Speaker 1: So there's one hundred and twenty five thousand people that would.

895
00:40:54,560 --> 00:40:59,480
Speaker 2: Be eligible for a scheme that has ten ten poul spots. Right, great, fantastic,

896
00:41:00,040 --> 00:41:03,840
Speaker 2: But what really stresses me is that they haven't considered

897
00:41:04,080 --> 00:41:08,040
Speaker 2: the financial implications of single parent families or the fact

898
00:41:08,120 --> 00:41:11,480
Speaker 2: that they usually have a very difficult financial reality. I

899
00:41:11,920 --> 00:41:14,319
Speaker 2: am a bit savage on this because I genuinely feel

900
00:41:14,400 --> 00:41:16,680
Speaker 2: like it's going to disadvantage more people than it's going

901
00:41:16,760 --> 00:41:19,480
Speaker 2: to advantage, and I think it's putting a lot of

902
00:41:19,560 --> 00:41:22,640
Speaker 2: pressure on the idea that buying a family home is

903
00:41:22,760 --> 00:41:24,719
Speaker 2: the be all and end all of success, and that

904
00:41:24,920 --> 00:41:28,400
Speaker 2: is not true if you're a single parent. Sometimes buying

905
00:41:28,440 --> 00:41:30,880
Speaker 2: a family home isn't actually in your best interest at all.

906
00:41:31,160 --> 00:41:33,719
Speaker 2: Sometimes investing, you know, in shares is going to be

907
00:41:33,800 --> 00:41:36,560
Speaker 2: the best option for you, because the financial commitment of

908
00:41:36,640 --> 00:41:38,600
Speaker 2: a mortgage means that if you don't have an additional

909
00:41:38,680 --> 00:41:41,200
Speaker 2: foregrande that month to meet mortgage payments, like you're in

910
00:41:41,320 --> 00:41:43,759
Speaker 2: financial distress. Whereas if you don't have four grand that

911
00:41:43,840 --> 00:41:45,840
Speaker 2: month to invest in shares, like you're right, we'll just

912
00:41:45,960 --> 00:41:48,560
Speaker 2: invest next month, like there's no flexibility in a mortgage,

913
00:41:48,600 --> 00:41:50,960
Speaker 2: and it's just a lot of responsibility. And what is

914
00:41:51,040 --> 00:41:54,400
Speaker 2: already a single income household And you know, we've just

915
00:41:54,440 --> 00:41:57,120
Speaker 2: gone through a pandemic where we've seen literally millions of

916
00:41:57,160 --> 00:41:59,799
Speaker 2: people lose their jobs and I've never thought that. They

917
00:42:00,120 --> 00:42:02,520
Speaker 2: never thought that they would lose their job, and everyone said, oh,

918
00:42:02,600 --> 00:42:05,720
Speaker 2: it ever happened to me. But now hundreds of thousands

919
00:42:05,760 --> 00:42:08,680
Speaker 2: of single parents have less income, and now they're being told, oh,

920
00:42:08,760 --> 00:42:10,800
Speaker 2: but you can buy a house with you know, two percent,

921
00:42:10,880 --> 00:42:13,479
Speaker 2: which is going to arguably excite a lot of people,

922
00:42:13,560 --> 00:42:15,880
Speaker 2: But then they've only announced ten thousand spots, which is

923
00:42:16,160 --> 00:42:19,000
Speaker 2: really disappointing. But at the same time, and now you

924
00:42:19,120 --> 00:42:21,400
Speaker 2: have more money that you've borrowed, and therefore, as much

925
00:42:21,440 --> 00:42:23,399
Speaker 2: as you only had a two percent deposit and interest

926
00:42:23,480 --> 00:42:25,440
Speaker 2: rates are great, you're still paying interest on money that.

927
00:42:25,480 --> 00:42:27,759
Speaker 1: You've borrowed and on almost of the entire loan.

928
00:42:28,320 --> 00:42:30,760
Speaker 2: Yeah, pretty much the entire loan. And that's a financial

929
00:42:30,800 --> 00:42:32,960
Speaker 2: impact in itself, because over the long term, you're going

930
00:42:33,000 --> 00:42:35,360
Speaker 2: to be paying more interest on more money that you know,

931
00:42:35,560 --> 00:42:38,319
Speaker 2: other people wouldn't have had to do. So we're backwards then.

932
00:42:38,760 --> 00:42:40,920
Speaker 2: And I just feel like it is great, and if

933
00:42:40,960 --> 00:42:43,840
Speaker 2: you're eligible, fantastic, But I really just don't think that

934
00:42:43,960 --> 00:42:47,319
Speaker 2: people have considered it, and the eligibility criteria is so slim,

935
00:42:47,400 --> 00:42:50,239
Speaker 2: and it's just so many people haven't considered it, and

936
00:42:50,680 --> 00:42:53,839
Speaker 2: I'm just really frustrated about it because also, let's think

937
00:42:53,880 --> 00:42:56,799
Speaker 2: about this more deeply, I don't think many banks are

938
00:42:56,800 --> 00:43:00,320
Speaker 2: actually going to be approving loans of this year, like

939
00:43:00,440 --> 00:43:02,160
Speaker 2: how many banks are willing to take it on. And

940
00:43:02,239 --> 00:43:04,640
Speaker 2: we're already hearing from our community and I'm speaking to

941
00:43:04,719 --> 00:43:07,560
Speaker 2: you every day, and some of you have said, well, Victoria,

942
00:43:07,640 --> 00:43:09,560
Speaker 2: I have a twenty percent deposit, but a bank won't

943
00:43:09,600 --> 00:43:11,200
Speaker 2: lend to me. And only last week we got a

944
00:43:11,280 --> 00:43:14,120
Speaker 2: DM from somebody who said that their broker said, hey, yeah,

945
00:43:14,239 --> 00:43:16,520
Speaker 2: actually come back when you've got a partner to buy

946
00:43:16,560 --> 00:43:19,520
Speaker 2: them out, which is absolutely foul. But but it comes

947
00:43:19,560 --> 00:43:22,399
Speaker 2: to the responsible lending laws, Like are we actually going

948
00:43:22,480 --> 00:43:24,000
Speaker 2: to do this? Like is that what we're going to do.

949
00:43:24,040 --> 00:43:25,720
Speaker 2: We're going to put you in a detrial mental position

950
00:43:25,800 --> 00:43:27,839
Speaker 2: because it makes everybody else feel better, and it makes

951
00:43:27,840 --> 00:43:31,439
Speaker 2: the government feel like they've outstretched this olive branch to say, hey, yeah,

952
00:43:31,560 --> 00:43:33,879
Speaker 2: more people are in more property, when in reality, it's

953
00:43:33,920 --> 00:43:36,759
Speaker 2: not putting their financial circumstances. First, how about you pay

954
00:43:36,800 --> 00:43:39,160
Speaker 2: for us to get some financial advice, Like, how about

955
00:43:39,160 --> 00:43:42,520
Speaker 2: you pay for us instead of giving us a massive discount.

956
00:43:42,760 --> 00:43:46,239
Speaker 2: Why don't you just pay financial advisors so that they

957
00:43:46,280 --> 00:43:49,279
Speaker 2: can put people in the best possible financial position for them.

958
00:43:49,520 --> 00:43:52,040
Speaker 2: That's going to be far more powerful. Pay my salary,

959
00:43:52,120 --> 00:43:53,920
Speaker 2: I'll go, do it? Do you know what I mean? Like, yes,

960
00:43:54,320 --> 00:43:56,839
Speaker 2: it's so frustrating because I see it and people go, yeah,

961
00:43:56,880 --> 00:43:59,200
Speaker 2: but Victoria really want to own a home and those

962
00:43:59,320 --> 00:44:03,240
Speaker 2: lucky enough to afford financial advice and actually personalized advice.

963
00:44:03,880 --> 00:44:06,520
Speaker 2: Some clients I've had who you know, they have great incomes,

964
00:44:06,520 --> 00:44:09,799
Speaker 2: they might be dual income earners, And I say, okay, cool,

965
00:44:09,840 --> 00:44:12,080
Speaker 2: but like, these are your goals, these are your values.

966
00:44:12,120 --> 00:44:13,680
Speaker 2: You said you also want to purchase a house in

967
00:44:13,760 --> 00:44:15,239
Speaker 2: the future, and one of My favorite things to do

968
00:44:15,400 --> 00:44:17,839
Speaker 2: is projections to clients, which you're probably not surprised about.

969
00:44:17,880 --> 00:44:19,440
Speaker 2: But what I get to do is plug into this

970
00:44:19,560 --> 00:44:22,000
Speaker 2: really fancy software all of your life events and what

971
00:44:22,080 --> 00:44:24,520
Speaker 2: your income is and what we expected to increase too,

972
00:44:24,680 --> 00:44:26,359
Speaker 2: and you know how much kids are going to cost,

973
00:44:26,400 --> 00:44:28,040
Speaker 2: and we can factor everything in and I can show

974
00:44:28,080 --> 00:44:30,760
Speaker 2: you what your financial life looks like in an outcome

975
00:44:30,840 --> 00:44:32,840
Speaker 2: to be like, Okay, cool, we'll reach your tirement with X.

976
00:44:32,920 --> 00:44:34,320
Speaker 2: But if you didn't buy a house, this is what

977
00:44:34,400 --> 00:44:37,040
Speaker 2: would looks like now. I have had clients turn around

978
00:44:37,160 --> 00:44:39,440
Speaker 2: and say, hey, the you know how we said we

979
00:44:39,520 --> 00:44:41,000
Speaker 2: wanted to buy a house. Now we've gone through this

980
00:44:41,160 --> 00:44:43,320
Speaker 2: entire process, we actually don't think that's a priority for

981
00:44:43,440 --> 00:44:47,800
Speaker 2: us anymore. Like you deserve the choice, You deserve that option.

982
00:44:48,000 --> 00:44:50,480
Speaker 2: You deserve to be able to see the clarity around

983
00:44:50,520 --> 00:44:53,759
Speaker 2: your financial situation. Because I bet if I said, cool,

984
00:44:53,800 --> 00:44:55,520
Speaker 2: you'll get to your retirement. You might not own your

985
00:44:55,560 --> 00:44:57,640
Speaker 2: own home, but you will have a free cash flow

986
00:44:57,719 --> 00:44:59,400
Speaker 2: that comes in each and every single month, and you

987
00:44:59,400 --> 00:45:02,359
Speaker 2: will never have to worry about paying a bill versus, hey,

988
00:45:02,440 --> 00:45:05,160
Speaker 2: you're actually going to financially struggle each and every single

989
00:45:05,320 --> 00:45:07,239
Speaker 2: day you're going to own your own home, but it's

990
00:45:07,280 --> 00:45:08,840
Speaker 2: going to be a stretch and you're always going to

991
00:45:08,920 --> 00:45:12,120
Speaker 2: have to think about scrimping on everything. Like those two

992
00:45:12,320 --> 00:45:15,359
Speaker 2: situations are so different. But we have this value set

993
00:45:15,400 --> 00:45:17,600
Speaker 2: that's ingrained in us that makes us think that we

994
00:45:17,760 --> 00:45:20,200
Speaker 2: need to own property to be successful, and it is

995
00:45:20,320 --> 00:45:20,960
Speaker 2: not the truth.

996
00:45:21,160 --> 00:45:24,200
Speaker 1: And I feel like we're actively trying to change the

997
00:45:24,480 --> 00:45:28,120
Speaker 1: social landscape of the expectations that buying a house means

998
00:45:28,160 --> 00:45:30,680
Speaker 1: that you're successful because gone of the days when you

999
00:45:30,800 --> 00:45:32,600
Speaker 1: grow up, you get married, you buy a house, you

1000
00:45:32,680 --> 00:45:35,239
Speaker 1: have a baby. That's not what people's standards and not

1001
00:45:35,560 --> 00:45:38,080
Speaker 1: And you know, requirements of happiness in life are.

1002
00:45:38,400 --> 00:45:40,920
Speaker 2: And if it's yours, great, that's fantastic. But I kind

1003
00:45:40,920 --> 00:45:43,680
Speaker 2: of want to be able to redefine what success looks like.

1004
00:45:43,840 --> 00:45:46,840
Speaker 2: And for me, it's happiness, it's wealth creation, regardless of

1005
00:45:46,960 --> 00:45:49,920
Speaker 2: how that happens. It's freedom of choice. It's not just

1006
00:45:50,080 --> 00:45:51,880
Speaker 2: owning a house and being able to say this is

1007
00:45:51,920 --> 00:45:54,800
Speaker 2: my address and I own that address. What does it

1008
00:45:54,880 --> 00:45:57,440
Speaker 2: mean in the grand scheme of things, arguably not that much.

1009
00:45:57,480 --> 00:46:00,279
Speaker 2: And I know that that's again my entitlement showing a

1010
00:46:00,320 --> 00:46:03,319
Speaker 2: little bit because I am a homeowner. But with home

1011
00:46:03,360 --> 00:46:06,160
Speaker 2: ownership comes a lot of costs. And let's pretend for

1012
00:46:06,239 --> 00:46:08,200
Speaker 2: a hot second that I was a single parent. You know,

1013
00:46:08,280 --> 00:46:10,160
Speaker 2: I've owned my own home. I didn't get access to

1014
00:46:10,239 --> 00:46:12,759
Speaker 2: this great scheme. But like a couple of months ago

1015
00:46:12,960 --> 00:46:15,480
Speaker 2: before I moved house, in my old house, the skylights

1016
00:46:15,520 --> 00:46:18,240
Speaker 2: broke when we had that hailstorm. And I'm really grateful

1017
00:46:18,320 --> 00:46:21,040
Speaker 2: that I was renting because that fee was covered by

1018
00:46:21,120 --> 00:46:23,960
Speaker 2: my landlords. But the skylights in my house was like

1019
00:46:24,000 --> 00:46:26,040
Speaker 2: three or four thousand dollars to get fixed. And if

1020
00:46:26,040 --> 00:46:28,480
Speaker 2: you're a single parent, having lumped on your three or

1021
00:46:28,480 --> 00:46:30,439
Speaker 2: four thousand dollar costs that you have to fix because

1022
00:46:30,480 --> 00:46:33,959
Speaker 2: my roof was literally leaking because there were hailstones coming

1023
00:46:34,080 --> 00:46:36,680
Speaker 2: through it. Like I wouldn't have had that capacity as

1024
00:46:36,680 --> 00:46:39,439
Speaker 2: a single parent to go, oh whatever an unexpected cost

1025
00:46:39,480 --> 00:46:42,879
Speaker 2: to two extente or four thousand dollars. There's so much

1026
00:46:43,000 --> 00:46:46,520
Speaker 2: more to property ownership than just getting into the market

1027
00:46:46,640 --> 00:46:49,520
Speaker 2: and just getting that home deposit saved and then purchasing

1028
00:46:49,600 --> 00:46:52,479
Speaker 2: your house. It's not just the mortgage repayments. It's the rates,

1029
00:46:52,520 --> 00:46:55,879
Speaker 2: it's the water, it's the home maintenance, it's everything else.

1030
00:46:56,080 --> 00:46:58,560
Speaker 2: And then if you compare that to renting nine times

1031
00:46:58,640 --> 00:47:01,360
Speaker 2: out of ten, renting actually ends up being more equitable.

1032
00:47:01,840 --> 00:47:04,120
Speaker 2: Even if we compare it to the monthly mortgage repayments,

1033
00:47:04,160 --> 00:47:06,400
Speaker 2: which is what most financial advisors will do for you,

1034
00:47:06,680 --> 00:47:08,480
Speaker 2: They'll say, Okay, well cool. If you bought your own

1035
00:47:08,520 --> 00:47:10,640
Speaker 2: home and saved up, you know, your mortgage repayments would

1036
00:47:10,640 --> 00:47:12,440
Speaker 2: be one thousand dollars a month, Tony. But if you

1037
00:47:12,480 --> 00:47:14,919
Speaker 2: went and rented, oh, to be one one hundred dollars

1038
00:47:14,920 --> 00:47:16,440
Speaker 2: a month, and you'll be like, oh, owning my own

1039
00:47:16,480 --> 00:47:18,800
Speaker 2: home makes sense. But they didn't tell you about the

1040
00:47:18,840 --> 00:47:20,560
Speaker 2: maintenance costs. They didn't tell you about the rates, they

1041
00:47:20,560 --> 00:47:23,160
Speaker 2: didn't tell you about all of the other unexpected costs,

1042
00:47:23,520 --> 00:47:27,120
Speaker 2: all regular costs associated with home ownership that weren't taken

1043
00:47:27,160 --> 00:47:29,680
Speaker 2: into consideration. It's not just the mortgage repayment.

1044
00:47:30,600 --> 00:47:33,200
Speaker 1: Well on that rat on that victoria divine.

1045
00:47:33,280 --> 00:47:35,520
Speaker 2: Yeah, sorry, I feel like is a safe space to

1046
00:47:36,080 --> 00:47:38,440
Speaker 2: relate it. Wrap it. Okay, Well, I think we've hit

1047
00:47:38,520 --> 00:47:40,520
Speaker 2: some really good points, and I'm going to chuck a

1048
00:47:40,600 --> 00:47:43,359
Speaker 2: thread into the Facebook group once this drops, which will

1049
00:47:43,360 --> 00:47:46,439
Speaker 2: probably be very soon, and we can have a further

1050
00:47:46,520 --> 00:47:49,120
Speaker 2: conversation and discuss all of the main points and what's

1051
00:47:49,200 --> 00:47:51,400
Speaker 2: going on, the only thing I ask is that we

1052
00:47:51,719 --> 00:47:54,000
Speaker 2: remain kind about it. And you remember that it is

1053
00:47:54,040 --> 00:47:56,840
Speaker 2: a budget and it is you know, someone allocating it

1054
00:47:56,960 --> 00:47:59,040
Speaker 2: based on what they think our needs are. And if

1055
00:47:59,080 --> 00:48:01,600
Speaker 2: that hasn't met your needs then okay, that is okay.

1056
00:48:01,680 --> 00:48:03,520
Speaker 2: But we don't need to savage it like She's on

1057
00:48:03,560 --> 00:48:05,800
Speaker 2: the Money community as a community of kindness. It's not

1058
00:48:05,880 --> 00:48:08,160
Speaker 2: one of savaging it and ripping other people down and

1059
00:48:08,239 --> 00:48:10,640
Speaker 2: saying your priorities are not mine, because in She's on

1060
00:48:10,680 --> 00:48:14,760
Speaker 2: the Money, everybody's priorities are valid. Yes, So on that, Tony,

1061
00:48:14,880 --> 00:48:17,120
Speaker 2: I think it is time to wrap the show officially.

1062
00:48:17,239 --> 00:48:19,239
Speaker 2: But before we do that, we'd like to acknowledge and

1063
00:48:19,320 --> 00:48:22,080
Speaker 2: pay respect to Australia's Aboriginal and to Oros Strait Island

1064
00:48:22,120 --> 00:48:24,840
Speaker 2: to peoples. They're the traditional custodians of the lands, the

1065
00:48:24,880 --> 00:48:28,320
Speaker 2: waterways and the skies all across Australia. We thank you

1066
00:48:28,480 --> 00:48:30,319
Speaker 2: for sharing and for caring for the land on which

1067
00:48:30,320 --> 00:48:32,800
Speaker 2: we are able to learn. Together, we pay our respects

1068
00:48:32,840 --> 00:48:35,440
Speaker 2: to elders past and present, and we share our friendship

1069
00:48:35,520 --> 00:48:37,800
Speaker 2: and dulk kindness. Now, you need to remember that the

1070
00:48:37,840 --> 00:48:39,960
Speaker 2: advice shared on She's on the Money is general in

1071
00:48:40,080 --> 00:48:43,279
Speaker 2: nature and does not consider your individual circumstances. She's on

1072
00:48:43,360 --> 00:48:46,120
Speaker 2: the money exists purely for educational purposes and should not

1073
00:48:46,200 --> 00:48:49,040
Speaker 2: be relied upon to make an investment or a financial decision.

1074
00:48:49,320 --> 00:48:52,200
Speaker 2: And we promise I am an authorized representative of Australia

1075
00:48:52,239 --> 00:48:56,120
Speaker 2: Pacific Funds Management Proprietary Limited ABN three four one three

1076
00:48:56,160 --> 00:48:59,080
Speaker 2: two four six three two five seven AFSL three three

1077
00:48:59,239 --> 00:49:02,560
Speaker 2: nine one five one And as always, cheers to our

1078
00:49:02,640 --> 00:49:06,120
Speaker 2: mate Tony Lodge for whipping this episode together in record

1079
00:49:06,200 --> 00:49:08,319
Speaker 2: time to get it in your ears at a time

1080
00:49:08,360 --> 00:49:11,160
Speaker 2: that it is most relevant. Good, I've got to go,

1081
00:49:11,400 --> 00:49:13,239
Speaker 2: I've got to go to go. Cut this all right,

1082
00:49:13,320 --> 00:49:14,080
Speaker 2: see you lady guys