Section

Money & Cost of Living

How Australian households are affected by wages, housing costs, interest rates and inflation. Summaries updated every two hours.

The cost of living is the defining issue for Australian households. This section tracks the news that hits your hip pocket: RBA interest rate decisions, rent and mortgage movements, superannuation changes, grocery and energy prices, wage growth, tax reform and Centrelink updates. Each summary includes a 'Why it matters' line explaining exactly how the news affects workers, renters and families. If it changes what Australians earn, spend or save, you will find it here.

money7h ago

CDU Chair Jens Spahn Resigns Over Surrogacy Controversy

Jens Spahn resigns as chair of Germany's Christian Democrat (CDU) party after using a surrogate mother to become a parent, despite previously opposing surrogacy. Surrogacy is banned in Germany, and Spahn had refused to relax this policy during his tenure as health minister in 2020. He and his husband, Daniel Funke, opted for surrogacy in the US.

Why it matters: This resignation highlights the ongoing debate around surrogacy laws, which may influence future policy discussions in Germany.

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moneyyesterday

European Stocks Decline Amid Chip Sell-Off and Middle East Tensions

European stocks decline, with the Stoxx Europe 50 down approximately 1%. ASML and Infineon, both chip manufacturers, fall by 4.6%, while tech investor Prosus drops by 3.6%. These movements reflect ongoing tensions in the Middle East and a deepening sell-off in the chip sector.

Why it matters: Australian investors and tech sector workers may face financial uncertainty due to global market fluctuations.

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money2d ago

Using Digital Driving Licences for Car Rentals in Europe

A reader inquires about the safety of using a digital driving licence for car rentals in Europe. Experts advise that while digital licences are becoming more accepted, it's essential to check with the rental company beforehand to avoid complications. Traditional paper licences may still be required in some locations.

Why it matters: Australian travellers need to ensure they have the correct documentation to avoid rental issues and potential extra costs.

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Using Digital Driving Licences for Car Rentals in Europe

money2d ago

Rethinking Time: From Chronos to Kairos

Kelley Swain explores the concept of time, contrasting the relentless Chronos with the more intuitive Kairos. She suggests that a shift in perspective on time can alleviate the pressures associated with ageing and modern life. This reflection invites readers to reconsider their relationship with time amidst daily routines.

Why it matters: This perspective can help Australians cope with the stress of ageing and daily life, promoting a healthier mindset.

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money2d ago

World's First Community Sauna Powered by Food Waste Opens in London

A community sauna in London, powered by food waste from a nearby housing estate, is set to open, marking a world first in sustainable energy use. This innovative project is part of R-Urban Poplar, a 'living lab' where locals can explore sustainable food practices. It aims to promote environmental responsibility and community engagement.

Why it matters: This initiative demonstrates how communities can utilise waste to create sustainable resources, potentially inspiring similar projects in Australian urban areas.

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money2d ago

Bucharest's Illegal Rentals Pose Earthquake Risk to Tourists

Over 200 illegal holiday rentals in Bucharest are located in buildings at high seismic risk, potentially endangering tourists. Data from Re:Rise reveals these properties, listed on Airbnb and Booking.com, can accommodate over 1,000 visitors nightly. This raises concerns about safety in the event of a major earthquake.

Why it matters: Tourists staying in these rentals may face serious safety risks during an earthquake, impacting their wellbeing and travel experience.

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money2d ago

England Falls to Argentina in World Cup Semi-Final

England's football team fails to maintain their lead against Argentina in the World Cup semi-final, losing 2-1 after a passive second-half performance. Despite an early goal from Anthony Gordon, England's midfield struggled, and manager Thomas Tuchel's decisions were questioned as Argentina capitalised on their mistakes. Lionel Messi's influence proved decisive in the match's outcome.

Why it matters: This loss impacts England's fans and players, highlighting the pressure on the team and management in future international competitions.

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money4d ago

Rise in Mothers Seeking Help After Child Abuse Cases

A UK support group reports an increase in women seeking help after being sexually abused by their children. One mother, Lucy, shares her traumatic experience of being assaulted by her son, who received a community order after his conviction. She expresses feelings of isolation and ongoing suffering from the incident.

Why it matters: This issue highlights the need for better support services for parents facing such traumatic experiences, impacting their mental health and wellbeing.

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money4d ago

Interest Rates May Rise if Iran Conflict Escalates

Economists predict a fourth interest rate rise this year if the conflict between Donald Trump and Iran escalates, pushing oil prices above US$100 a barrel. Recent US missile strikes and a new maritime blockade have already increased oil prices significantly. A resolution within a week is crucial to mitigate further economic impacts.

Why it matters: Higher interest rates could increase mortgage repayments for homeowners and affect the cost of living for all Australians.

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money5d ago

The Anniversary by Andrea Bajani: A Predictable Family Drama

Andrea Bajani's novel, The Anniversary, explores a son's strained relationship with his controlling father and passive mother over two decades. After cutting off contact, he reflects on a decade of happiness, despite the book's themes feeling familiar and predictable. It has gained acclaim in Italy, winning a top literary prize and selling hundreds of thousands of copies.

Why it matters: This novel highlights the impact of familial relationships on mental health, resonating with readers who may face similar issues in their own families.

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money6d ago

Venezuela's housing project in ruins after earthquakes spark outrage

The OPPE 25 housing project in Venezuela is left in ruins following two powerful earthquakes, exacerbating discontent with the government. Residents, like Gabriel González, express frustration over the government's inadequate response to the disaster, which has undermined support for the Chávez legacy. The situation highlights the ongoing struggles of the Bolivarian revolution amidst growing chaos.

Why it matters: The destruction of housing impacts thousands of residents, highlighting the urgent need for effective government disaster response.

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money6d ago

Zelenskyy condemns weapon storage in civilian areas after deadly strike

Ukrainian President Volodymyr Zelenskyy condemns the housing of weapons in civilian areas following a Russian strike that killed 10 people in a residential area near Kyiv. He emphasises the need to prevent such tragedies from recurring as the conflict enters its 1,600th day.

Why it matters: This incident highlights the ongoing risks to civilians in conflict zones, impacting families and communities in Ukraine.

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money11 July

The Sentinels: A Unique Take on WWI Super Soldiers

The Sentinels is an eight-part series that presents an alternate history of World War I, where the French army creates super soldiers through a secret serum. This adaptation of a French comic book combines steampunk elements with wartime drama, offering a fresh take on the genre. The show stands out for its confident worldbuilding and thrilling narrative.

Why it matters: This series introduces a new perspective on historical events, potentially engaging viewers looking for innovative storytelling in television.

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money10 July

Melbourne Suburbs See Double-Digit Rent Increases

Rents in several Melbourne suburbs have surged by double-digit percentages compared to last year, significantly impacting local households. Areas such as St Kilda and Richmond report some of the highest increases, straining budgets for renters. This trend continues to highlight the ongoing challenges in the housing market.

Why it matters: Rising rents affect renters' financial stability, making it harder for families to afford housing in Melbourne.

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Melbourne Suburbs See Double-Digit Rent Increases

money10 July

Farage Triggers Clacton Byelection Amid Controversies

Nigel Farage triggers a byelection in Clacton, presenting it as a challenge to the establishment. The candidate field includes notable figures like Laurence Fox and Count Binface, reflecting a diverse and unconventional political landscape. Farage faces scrutiny over financial controversies as he seeks voter support.

Why it matters: This byelection could influence future political dynamics and voter sentiment, impacting how Australians perceive political representation.

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money10 July

Argentina's Vulnerabilities Surface Ahead of Switzerland Clash

Argentina shows resilience but vulnerabilities are evident ahead of their clash with Switzerland. Despite Lionel Messi's brilliance, the team struggles with close calls against Cape Verde and Egypt, raising concerns about their defence. Coach Lionel Scaloni expresses deep emotion following their narrow victories, highlighting the team's journey in the World Cup.

Why it matters: Australian fans following the World Cup may be concerned about Argentina's performance, impacting their expectations for upcoming matches.

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money9 July

Parents' Phone Use Linked to Anxiety in Children, Study Finds

A study published in June 2026 reveals that parents' attachment to phone screens can increase anxiety and insecurity in children and teens. The phenomenon known as 'phubbing' leads to feelings of being devalued or dismissed when parents prioritise their devices over family interactions.

Why it matters: This issue affects children and teens who may experience increased anxiety due to their parents' screen habits, impacting their emotional well-being.

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money9 July

Sydney Suburbs See Rents Increase Over 20% in a Year

Rents in several Sydney suburbs have surged by over 20% in the past year, making sought-after areas increasingly unaffordable. This trend may force those considering a move to outer suburbs for cheaper housing to reconsider their options, as commuting costs and housing prices rise.

Why it matters: Rising rents impact renters and potential homebuyers, straining household budgets and limiting housing options.

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Sydney Suburbs See Rents Increase Over 20% in a Year

money8 July

Melbourne Rents Reach Record Highs Amid Property Shortage

Melbourne rents reach record highs due to a significant shortage of available properties, making it increasingly difficult for budget-conscious residents to find affordable housing. The rising costs are exacerbating the housing crisis in the city, particularly affecting low and middle-income earners. Many Melburnians are struggling to secure suitable homes amidst this challenging market.

Why it matters: Budget-conscious Melburnians, especially low and middle-income earners, face heightened financial strain as rental prices soar.

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Melbourne Rents Reach Record Highs Amid Property Shortage

money8 July

Sydney Rents Reach Record Highs Amid Landlord Dominance

Sydney rents have reached record highs, with significant increases following a brief period of stability earlier this year. Tenants are facing challenges as landlords continue to dominate the rental market, leading to concerns about housing affordability. The ongoing trend raises alarms for those seeking affordable housing options.

Why it matters: Rising rents directly impact tenants, making it harder for households to find affordable accommodation in Sydney.

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Sydney Rents Reach Record Highs Amid Landlord Dominance

money8 July

Perth Renters Reach Affordability Ceiling Amid Rising Prices

Perth renters face an 'affordability ceiling' as rental prices reach record highs, despite rising at the slowest rate in Australia. Advocates warn that many tenants are struggling to cope with these escalating costs, indicating a potential crisis in housing affordability. The situation highlights the challenges faced by those on fixed incomes or lower wages.

Why it matters: This affects low-income renters in Perth, who may struggle to find affordable housing amidst rising costs.

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Perth Renters Reach Affordability Ceiling Amid Rising Prices

money8 July

ICE Detentions Devastate Los Angeles Families

Last summer, Los Angeles experienced a wave of ICE detentions, with armed agents arresting individuals in public spaces, including workplaces and stores. Families were torn apart as primary breadwinners, grandparents, and children were deported, leaving communities devastated. This ongoing situation highlights the significant impact on local families and their livelihoods.

Why it matters: The detentions disrupt the lives of families, affecting their financial stability and emotional well-being.

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money7 July

IOC Lifts Suspension, Allows Russia to Compete at LA 2028 Olympics

The International Olympic Committee has lifted the suspension on Russia, allowing its athletes to compete at the Los Angeles 2028 Olympics. Previously, only a few Russians could participate as neutral athletes in upcoming events, pending a vetting process regarding their stance on the Ukraine invasion. Decisions on the use of the Russian anthem and flag remain unresolved.

Why it matters: This decision impacts Australian athletes and sports organisations by potentially increasing competition levels and altering medal prospects in the upcoming Olympics.

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money7 July

Poll: 95% of Americans See Affordability Crisis Amid Economic Woes

A Harris Poll reveals that 95% of Americans perceive an affordability crisis, with 50% struggling to afford groceries and gas. Additionally, 57% believe the economy is worsening, reflecting concerns amid geopolitical tensions and upcoming midterm elections.

Why it matters: This crisis highlights the financial strain on American households, impacting their ability to meet basic needs like food and fuel.

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money7 July

Explosions Near Hotel During Macron's Visit to Syria

Two improvised explosive devices exploded near the Four Seasons hotel in Damascus, wounding at least 18 people during French President Emmanuel Macron's visit. The blasts occurred while Macron was meeting with Syrian President Ahmed al-Sharaa, but did not disrupt the visit. Syrian authorities are facing challenges in projecting stability following the incident.

Why it matters: This incident highlights ongoing security concerns in Syria, affecting perceptions of safety for international visitors and potential investments.

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money6 July

Parents Outraged Over Explicit Pages in Charity Hedgehogs

Parents are outraged after discovering that handmade paper hedgehogs, crafted from donated books for charity, contain pages from an explicit novel. The creations were given to children by an older man in local shops, prompting complaints to police. The incident has raised concerns about the appropriateness of materials used in charitable projects.

Why it matters: This incident affects local families, highlighting concerns about the appropriateness of materials used in children's charity projects.

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money5 July

Folarin Balogun eligible to play for US against Belgium after Fifa lifts ban

Fifa has lifted the one-game suspension for US striker Folarin Balogun, allowing him to play against Belgium in the World Cup last-16 match on Monday. Balogun, who has scored three goals in three starts, is crucial for the US as they aim for their first quarter-final appearance since 2002.

Why it matters: Balogun's availability strengthens the US team's chances, impacting fans and stakeholders invested in their World Cup success.

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money2 July

Couple Arrested After Proposal at Empire State Building Spire

Angela Nikolau and Ivan Beerkus were arrested after climbing to the spire of the Empire State Building for an apparent marriage proposal. Known as 'rooftoppers', they displayed a banner with a peace message. New York police are investigating and the couple faces charges including burglary and reckless endangerment.

Why it matters: This incident highlights safety concerns regarding public landmarks and the risks posed by similar stunts.

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money2 July

Côte d’Ivoire floods claim 59 lives amid severe rainy season

Floods in Côte d’Ivoire have resulted in 59 fatalities since May, with ongoing rescue efforts amid the rainy season. Ghana reports 13 deaths, while floods also impact Benin, Togo, and Nigeria, raising concerns about further casualties. Authorities warn that the situation may worsen as the rainy season continues until July.

Why it matters: These floods highlight the increasing risks of extreme weather, affecting communities and emergency services across West Africa.

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money1 July

Australia Faces Ninth Housing Downturn: Lessons from the Past

Property prices are currently declining, marking the ninth significant downturn in 30 years. Historical analysis of the previous eight downturns provides insights into potential future trends and indicators to monitor. Key signs include changes in interest rates and buyer sentiment, which could impact the housing market further.

Why it matters: Falling property prices affect homeowners and potential buyers, impacting household wealth and affordability.

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Australia Faces Ninth Housing Downturn: Lessons from the Past