Categories
Australia

Northern Territory opposition calls for petroleum price inquiry, with prices per liter 30 cents higher than in other states

Pressure is growing on the Northern Territory government to take action on stubbornly high fuel prices, with calls for a fresh inquiry to quiz retailers on the reasons behind the rates.

Drivers in Darwin were paying around $1.95 a liter for petrol on Tuesday, despite the wholesale price sitting close to the average of interstate capitals of $1.59.

The average price per liter in New South Wales was $1.67, almost 30 cents a liter cheaper than the Northern Territory.

Opposition leader Lia Finocchiaro has called for a new parliamentary inquiry, which she said could potentially recommend a cap on profits or prices.

“Territories are paying [up to] 40 cents a liter more for their fuel compared to any other jurisdictions in the nation,” Ms Finocchiaro said.

“The power of an inquiry means that we can call fuel retailers and fuel companies to sit at the table and they have to explain to the public and the parliament why it is that territories are paying so much.”

Lia Finocchiaro talking to Ben Hosking in front of a sign reading 'Drive Down Fuel Prices'
Opposition leader Lia Finocchiaro (left) says retailers should explain their prices to parliament.(ABC News: Matt Garrick)

Petrol prices this year rose higher in the Northern Territory than in any other jurisdiction, according to the latest official data.

“Automotive fuel” was up by 6.2 per cent, well above the capital city average of 4.2 per cent.

The Northern Territory opposition is also proposing legislation that would force retailers to publish their profit margins.

In a statement, Chief Minister Natasha Fyles said the government “stood ready to take further action” if apparent profit margins remained high “without a reasonable explanation”.

Ms Fyles said she had written to the Australian Competition and Consumer Commission (ACCC) and to fuel companies on the issue but did not say what she had told, or asked, them.

‘There would be higher’ at similar prices in Sydney or Melbourne

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Categories
US

Biden signs documents of US support for Sweden, Finland to join NATO

WASHINGTON, Aug 9 (Reuters) – US President Joe Biden on Tuesday signed documents endorsing Finland and Sweden’s accession to NATO, the most significant expansion of the military alliance since the 1990s as it responds to Russia’s invasion of Ukraine.

Biden signed the US “instrument of ratification” welcoming the two countries, the final step for their endorsement by the United States.

“It was and is a watershed moment I believe in the alliance and for the greater security and stability not only of Europe and the United States but of the world,” he said of their entry into the post World War Two alliance.

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The US Senate backed the expansion by an overwhelming 95-1 last week, a rare display of bipartisan unity in a bitterly divided Washington. Both Democratic and Republican Senators strongly approved membership for the two Nordic countries, describing them as important allies whose modern militaries already worked closely with NATO. read more

The vote was a sharp contrast with some rhetoric in Washington during the administration of former Republican President Donald Trump, who pursued an “America First” foreign policy and criticized NATO allies who failed to reach defense spending targets.

Sweden and Finland applied for NATO membership in response to Russia’s Feb. 24 invasion of Ukraine. Moscow has repeatedly warned both countries against joining the alliance.

Putin is getting “exactly what he did not want,” with the two countries entering the alliance, Biden said.

NATO’s 30 allies signed the accession protocol for Sweden and Finland last month, allowing them to join the nuclear-armed alliance once all member states ratify the decision. read more

The accession must be ratified by the parliaments of all 30 North Atlantic Treaty Organization members before Finland and Sweden can be protected by Article Five, the defense clause stating that an attack on one ally is an attack on all.

Ratification could take up to a year, although the accession has already been approved by a few countries including Canada, Germany and Italy.

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Reporting by Patricia Zengerle and Jeff Mason Editing by Mark Heinrich and Grant McCool

Our Standards: The Thomson Reuters Trust Principles.

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Categories
Business

5 things to watch on the ASX 200 on Wednesday 10 August 2022

Business woman watching stocks and trends while thinking

Image Source: Getty Images

On Tuesday, the S&P/ASX 200 Index (ASX: XJO) had a volatile day but eventually closed it with a small gain. The benchmark index rose 0.1% to 7,029.8 points.

Will the market be able to build on this on Wednesday? Here are five things to watch:

ASX 200 expected to tumble

The Australian share market looks set to have a difficult day on Wednesday following a poor night of trade in the United States. According to the latest SPI futures, the ASX 200 is expected to open the day 40 points or 0.6% lower this morning. On Wall Street, the Dow Jones fell 0.2%, the S&P 500 dropped 0.4%, and the Nasdaq sank 1%.

Oil prices soften

Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a poor day after oil prices softened overnight. According to Bloomberg, the WTI crude oil price is down 0.2% to US$90.52 a barrel and the Brent crude oil price has fallen 0.35% to US$96.30 a barrel. This was driven by optimism that Iran may increase its crude exports.

CBA results

the Commonwealth Bank of Australia (ASX: CBA) share price will be one to watch this morning when the banking giant releases its full-year results. According to a note out of Goldman Sachs, following the bank’s update on one-offs earlier this week, its analysts are now forecasting cash earnings of $9,509 million for FY 2022. This will be a 9.9% increase on the prior corresponding period. The broker expects this to underpin a full year fully franked dividend of 380 cents per share.

Gold price rises

gold miners Evolution Mining Ltd. (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) could have a decent day after the gold price traded higher overnight. According to CNBC, the spot gold price is up 0.3% to US$1,810.90 an ounce. Traders were buying gold after the US dollar softened.

Computershare results and guidance

the Computershare Limited (ASX: CPU) share price could be on the move on Wednesday after the stock transfer company released its full year results following yesterday’s close. For the 12 months ended June 30, Computershare reported a 12.2% increase in management revenue to $2.6 billion and a 10.6% lift in management earnings per share (EPS) to 58.03 cents. Looking ahead, the company is guiding massive management EPS growth of 55% in FY 2023.

Categories
Technology

Patch Wednesday fixes two-year-old Dogwalk vulnerability – Security

Microsoft has fixed a remote code execution vulnerability in its MSDT diagnostics tool for Windows, first reported to the company two years ago and rediscovered in May this year.

The fix is ​​part of this month’s Patch Wednesday, and was named Dogwalk by security researchers.

Although researcher Imre Rad reported the bug to Microsoft in January 2020, and despite the vulnerability raising its head again this year, the software giant initially declined to fix the issue.

Now, however, Microsoft has had a change of heart, accordingly to the company’s security researcher Johnathan Norman.

After the Dogwalk vulnerability resurfaced in May this year, and exploitation attempts were recorded by Microsoft, the company issued workaround guidance for users.

August Patch Wednesday handles a record 141 vulnerabilities in different Microsoft products.

Among these is an information leak bug that affects Exchange Server, given the Common Vulnerabilities and Exposures index of CVE-2022-30134.

Attackers exploiting the bug can read emails, Microsoft warned.

Simply patching isn’t enough to handle the above vulnerability above, and others affecting Exchange Server.

Microsoft said administrators need to enable the Windows Extended Protection feature on Exchange Servers to fully handle the vulnerabilities.

Categories
Sports

Cronulla Sharks, Wests Tigers, Wade Graham, Benji Marshall, coaching

Sharks captain Wade Graham plans to head down the path of rugby league coaching — and he’s sent Benji Marshall a cheeky message.

Almost a month after Marshall was announced as Wests Tigers’ head coach from 2025, Graham has revealed he’s working through his coaching accreditation with the 37-year-old.

Graham doesn’t have an NRL contract beyond this season and, although he’s in talks with Cronulla to sign a new deal, the 31-year-old is readying himself for life after football.

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“I’m doing my (coaching) accreditation now with Benji Marshall. He’s already got a job. I might get him to hook me up and try to be one of his assistants (at the Tigers) over the years,” Graham said with to laugh.

“It’s certainly an option. I do enjoy that part of the game.”

Graham has played 270 NRL games with the Panthers and Sharks.

He was a member of the Cronulla side that defeated Melbourne in the 2016 grand final.

The utility has also represented New South Wales and Australia.

“I don’t sense that I’ve lost my love for the game or my passion for the game, so it would be crazy as a 32-, 33-, 34-year-old to, in my opinion, go and try something completely different (after my playing days),” Graham said.

“This is what I know, so I’d just stick at it and hopefully be able to give the game back something after all these years of service.”

Stream the NRL premiership 2022 live and free on 9Now.

Why Sheens has faith in Benji the coach

A rejuvenated Sharks outfit is gunning for the club’s second NRL title.

In his first season as a head coach, Craig Fitzgibbon has Cronulla sitting in third ahead of round 22.

Graham isn’t thinking more than a year ahead.

“We’ll go one year at a time. I’m comfortable with one year and then you never know,” he said.

“If I get to this stage next year and I’m still feeling good, we’ll see how we go.”

Graham’s checked history with head knocks could see him retire earlier than he once anticipated.

Roosters legends Jake Friend and Boyd Cordner retired prematurely in 2021 due to severe battles with concussion.

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Categories
Australia

Trillions of dollars at risk because central banks’ climate models not up to scratch | climate crisis

Trillions of dollars may be misallocated to deal with the wrong climate threats around the world because the models used by central banks and regulators aren’t fit for purpose, a leading Australian climate researcher says.

Prof Andy Pitman, director of the Australian Research Council’s Center of Excellence for Climate Extremes, said regulators were relying on models that are good at forecasting how average climates will change as the planet warms, but were less likely to be of use for predicting how extreme weather will imperil individual localities such as cities.

The concerns, detailed in a report in the journal Environmental Research: Climate, were underscored by the Australian Prudential Regulation Authority’s release on Monday of its corporate plan 2022-23. Apra plans to “continue to ensure regulated institutions are well-prepared for the risks and opportunities presented by climate change”.

But Pitman said regulators were still ill-equipped to assess the risks and to regulate the ability of banks and other institutions to cope with them.

“Without a shadow of a doubt, we’re overestimating the cost of climate change in some areas and grossly underestimating it in others,” Pitman said. “We need to take this issue seriously – not just access information flying around and think we can package it to do proper economic assessments.”

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“If you’re going to throw billions or trillions of dollars around, you need to ensure that you’re getting the right scientific advice on how to interpret the climate information,” he said. “I think that’s a no-brainer but [regulators] are not doing that.”

Pitman’s paper, and a separate one he co-authored for Nature Climate Change in 2021, examined the models being used by groups such as the Network for Greening the Financial System. The NGFS advises about 100 central banks and other regulators globally, including Australia’s Reserve Bank and Apra.

The climate models underpinning such advice, however, are based on general climate change, such as rising temperatures. In part because their resolution typically covers only 100km-by-100km regions, the models’ coarseness makes them unreliable for predicting how extreme weather events will change, Pitman said.

Without their own climate scientists, the RBA and Apra rely on scenarios generated by NGFS to understand how a heating planet will influence economic and financial stability.

The RBA referred queries to Apra, where a spokesperson said: “Apra’s focus is not on specifying individual climate risks for different regulated entities but rather on ensuring that entities are making lending, investing and underwriting decisions based on a full understanding of the relevant risks, including climate risks.”

“We do not evaluate risks on behalf of the entities that we regulate,” the spokesperson said.

Apra recently released the results of a self-assessment survey on members’ approach to those risks. It is also now completing its inaugural climate vulnerability assessment of the five major banks.

Pitman, who had contributed to the soon-to-be-released inquiry into the NSW floods earlier this year, said the standard approach must avoid being complacent about the possible changes that may not be well understood.

For instance, people should not build on flood plains even if the trend of future climates might result in some regions receiving fewer multi-day rain events but more short-term, intense ones.

Decisions needed to be “framed in a deep understanding of uncertainty and chosen very carefully to do no harm” and include greater investment in the science, Pitman said.

He said Apra’s corporate plan implied “we can do this well and we’ll continue to do it well, and I think that’s courageous”.

For instance, it was clear the flood-prone Hawkesbury River near Sydney would flood “again and again and again”, Pitman said.

“You don’t need climate projections to say there’s a vulnerability there,” he said. “Go and look for where there’s vulnerabilities in supply chains, or in the planning for those most at risk, and invest in those because you’re on very sure ground that those risks aren’t going away.”

Categories
US

Gabby Petito’s family seeks $50 million from Utah police department for inadequate response to Brian Laundrie’s abuse



CNN

The family of Gabby Petito has submitted a $50 million claim against the Moab, Utah, Police Department, arguing the 22-year-old may not have been killed last year by her fiancé if officers had recognized he was the “true primary aggressor” in a domestic dispute about two weeks before her death.

Petito’s parents are seeking $50 million in damages, claiming Moab officers were negligent in failing to investigate Brian Laundrie, 23, and his “self-evidently false claims” and the department was negligent in failing to train officers to investigate domestic violence incidents, according to their notice of claim sent to the department Monday, the first step in initiating a lawsuit against it.

Additionally, Petito’s family claims her killing was caused by the wrongful acts or neglect of the police department and its officers.

Moab officers “failed to recognize the serious danger (Petito) was in and failed to investigate fully and properly,” Brian Stewart, an attorney for the family said Monday in a news conference, referencing the moment Moab police stopped Petito and Laundrie after a witness said he saw them involved in a domestic incident.

“They did not have the training that they needed to recognize the clear signs that were evident that morning: that Gabby was a victim and that she was in serious need of immediate help,” Stewart said.

A Moab city spokesperson declined to comment, saying, “The City does not comment on pending litigation.”

Petito, an aspiring travel influencer, vanished last summer on a cross-country road trip with Laundrie. As a nationwide search ensued, attention also turned to Laundrie, who returned home to Florida and vanished in a nature reserve.

Days into the search for Laundrie, Petito’s body was found in Grand Teton National Forest, and a coroner ruled she died by strangulation. Ella’s Laundrie’s body was found in mid-October in the nature reserve, along with a notebook in which she claimed responsibility for her death. A medical examiner determined he died of a self-inflicted gunshot wound.

The notice of claim against Moab police comes months after Petito’s mother and father, along with their respective spouses, sued Laundrie’s family, alleging his parents knew their son had killed Petito and were aware of “the whereabouts of her body.”

At the heart of Petito’s family’s claim is the traffic stop last August, which officers executed after being informed the witness “had seen Brian assault Gabby.”

Police pulled over their vehicle – a white Ford van – after it exceeded the speed limit, abruptly left its lane and struck a curb, according to a police report.

Footage recorded by police body cameras shows Moab police officers talking to Petito and Laundrie, who admitted to having a fight in which Petito said she struck her fiancé first. Officers noticed Petito had cuts on her face and her arm, and she “demonstrated how Brian had violently grabbed her face during their altercation,” telling police Laundrie “gets frustrated with me a lot.”

But Petito also “displayed the classic hallmarks of an abused partner,” the notice says, taking blame for the incident. The officers “did not press further,” the notice says.

According to the family’s claim, a photo taken at the time, which has not been made public, “shows a close-up view of Gabby’s face where blood is smeared on her cheek and left eye, revealing the violent nature of Brian’s attack.”

Laundry told police the couple had been under increasing stress. He has admitted to pushing Petito away from her when she tried to slap him and also to taking her phone from her, claiming he did not have one from her and was afraid that she would leave him. However, later in the interview, he took out his own phone and gave officers his number, the notice says.

Despite the cuts and Laundrie’s inconsistencies, one of the officers said Petito must be booked into jail since, under the domestic violence statutes of Utah, she was considered the primary aggressor and Laundrie the victim.

Both Petito and Laundrie objected, and the officers eventually agreed not to charge Petito as long as she and Laundrie agreed to spend the night apart.

“Roughly two weeks later, Brian brutally murdered Gabby,” the notice says, “leaving her body in the woods of Grand Teton National Forest.”

A review of the Moab Police Department’s handling of the incident by an independent investigator – a captain with the police department in Price, Utah, about 115 miles away – recommended the two officers who responded be placed on probation, saying they made “several unintentional mistakes ” – namely failing to cite anyone for domestic violence, though there appeared to be only sufficient evidence to charge Petito.

The investigative report, released in January, recommended new policies for the department, including additional domestic violence training and legal training for officers.

The city at the time did not address any potential discipline for the two officers but said it “intends to implement the report’s recommendations” on new policies for the police department, including additional domestic violence training and legal training for officers.

“Based on the report’s findings, the City of Moab believes our officers showed kindness, respect and empathy in their handling of this incident,” the city’s statement said.

Petito’s parents and stepparents did not comment on the litigation during Monday’s virtual news conference at the direction of their lawyers. But her mother de ella acknowledged the footage of the Moab incident was “very painful.”

“I wanted to jump through the screen, rescue her,” Nicole Schmidt said, encouraging victims of domestic violence to reach out for help.

Asked what the family wants the public to remember from Petito’s story, her father Joseph Petito, said people should learn there’s always a way out.

“Her legacy is to help people that don’t see a way out, and there are,” he said.

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Categories
Business

Thousands of businesses impacted by Tyro EFTPOS outage urged to register to class action

Christine Hera-Singh found it difficult to keep her bakery along the Great Ocean Road afloat during Covid-19 lockdowns and border closures.

The mum-of-one had pinned her hopes on the Christmas rush in late 2020 and early 2021 and for a while, her South Australian-based business, Meningie Bakery, was flourishing.

But then in January last year, the bakery’s credit card terminals stopped working for two weeks straight.

“It hit dead around the Christmas break, we had customers walking out, they didn’t have cash, it was an absolute nightmare,” Ms Hera-Singh told news.com.au.

It turned out the company that she rented her EFTPOS machines from, Tyro, had experienced a national outage that lasted for a fortnight.

Overall, Ms Hera-Singh estimates she lost $60,000 from the two week outage.

Across the country, at least 11,000 companies were impacted — the majority of them small businesses like hers.

Now, 18 months since the malfunction, outraged merchants have fought back by launching a class action against Tyro.

According to a notice from the Federal Court, affected business owners now have three months to register their case if they hope to receive compensation in the event they win the lawsuit. The registrations opened last week at www.tyroclassaction.com.au and close on October 30.

Ms Hera-Singh said: “We were losing heaps of customers. We were left in this huge dilemma.

“I’m a small business owner, it’s hard.”

The baker explained how the Covid-19 outbreak meant that society had gone largely cashless, making it even harder to survive during those two weeks.

By way of compensation, she said Tyro waived the rent on her machines for a month — which wasn’t nearly enough.

Her terminals stopped working on January 7 and only came back online by January 21, a whole 14 days later.

Across Australia, outages were first reported from January 5 due to a glitch in the coding and it took until late that month for all machines to operate normally again.

In a statement to news.com.au, Tyro did not acknowledge the class action law suit but said it had introduced a compensation program to make up for the financial losses.

“Following the terminal connectivity incident experienced in January 2021, Tyro has conducted a remediation program whereby all impacted merchants have been contacted directly by Tyro and given the opportunity to claim any financial losses caused by the connectivity incident,” a spokesperson said.

Bannister Law started the class action in October last year and Court House Capital is funding the case.

According to Bannister Law, most affected businesses lost between $5,00 to $40,000 from the outage, but there were several outliers like Ms Hera-Singh’s bakery. Some businesses that had multiple machines lost as much as $100,000.

Charles Bannister, Principal at Bannister Law, told news.com.au should businesses fail to register in the next three months, they wouldn’t be entitled to any compensation if his firm won the court case.

“The outage occurred during a crucial period, being a time when everyone had come out of lockdowns and there was a general reluctance to accept cash,” he told news.com.au.

“That merchants were unable to use their EFTPOS machines for days or weeks was, for many merchants, catastrophic.

“There are approximately 11,000 businesses affected by this outage. If they do not register, they will not be entitled to receive a share of the proceeds of any funds received should the proceedings settle, subject to Court approval.”

Last week, a whopping 11,000 letters were sent out to the impacted business owners inviting them to register.

Another impacted business was Highett RSL, in Melbourne’s southeast, which estimated it lost around $10,000.

Gavin Williams, the pub’s general manager, said the timing couldn’t have been worse as Melbourne had just come out of their four month lockdown in the winter of 2020 and they needed to recoup their losses.

“There were obviously lockdowns and all that in Melbourne that was going on,” he told news.com.au.

“People wanted to use credit cards and EFTPOS cards, [but by then] all our signage was to use your cards.”

Before Covid he estimates that half of his customers used cash while the other half used cards but the pandemic changed that. Around 70 per cent of customers now use cards, making it harder for people to buy drinks when credit card machines were down.

I paid $49 per month for an EFTPOS terminal and this fee was waived for the month of January.

To date, that is the only compensation the business has received, he said.

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Categories
Sports

Brodie Grundy Melbourne meeting, Collingwood contract, Cameron Zurhaar Essendon, Dyson Heppell Gold Coast

Brodie Grundy’s link to the Dees has strengthened after three key Melbourne figures met with the Pies ruck.

Plus while Essendon remains in negotiations with its skipper, it’s flagged preliminary interest in a North forward.

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KEY DEES TRIO MEET WITH PIES STAR

Not only is Melbourne interested in Brodie Grundy, the club has met with the star ruckman, according to Sportsday reporter Sam McClure.

the Herald Sun reported on Tuesday night that the Demons, as well as Geelong, had emerged as “potential new suitors” for Grundy, who’s now central to ample trade speculation despite being contracted to the Pies until the end of 2027 on a deal reportedly worth around $1 million per season.

Giants football boss Jason McCartney was seen meeting Grundy’s manager last month, while Port Adelaide has also been linked to the dual All-Australian.

Speaking on 3AW’s sports day on Tuesday night, McClure said the Dees had been proactive and met with Grundy “in recent days”.

“Simon Goodwin was definitely there, Alan Richardson was definitely there and Max Gawn was definitely there,” McClure told 3AW.

Jamie Elliot signs with Feet until 2025 | 00:37

“Clearly Melbourne are of the belief that Luke Jackson is going to Fremantle, so they are on the lookout early and are getting in early in the queue for a direct replacement.”

While Jackson appears increasingly likely to request a trade to Fremantle, the Demons are keen to continue with a two-ruck strategy — and pairing Gawn and Grundy would bring together two of the AFL’s premier ruckmen in the past decade.

Collingwood coach Craig McRae declared on Fox Footy’s AFL 360 last month he wanted Grundy at the club next season, but remained tight-lipped on whether he was up for trade.

Grundy, who hasn’t played an AFL game since Anzac Day due to a knee issue, had been nearing a return to the AFL before suffering a stress fracture in his ankle in a VFL match, ruling him out for the rest of the home and away season.

BOMBERS EYE OFF-CONTRACT ROO

Gun Kangaroos goalkicker Cameron Zurhaar has received “preliminary” interest from Essendon, SEN reports.

Zurhaar, who’s been one of the Kangaroos’ most important forward 50 players over the past four seasons, in May put off contract talks, with his manager Anthony McConville telling the Herald Sun the timing was “not right to have fruitful discussions”.

That call to park negotiations, though, came before North parted ways with senior coach David Noble. And Zurhaar has been in excellent form under caretaker coach Leigh Adams, booting 13 goals from his past four games — including four from 18 disposals and seven marks against Essendon in Round 20 — to take his season tally to a career-high 32.

Bombers inflict more misery on Kangaroos | 01:11

SEN reported the Bombers had “some interest” in Zurhaar, but the Roos also had hope he would re-sign with them after a senior coach is appointed.

The report also suggested the Bombers are looking to acquire a big-bodied midfielder during the AFL exchange period.

Zurhaar, 24, has blossomed at North since being selected as a rookie in 2016.

He’s been among the top two leading goalkickers at the club for the past four straight years, including topping the table in 2020 with 18 majors from 16 games.

HEPPELL GRILLED OVER FRESH SUNS LINK

Essendon skipper Dyson Heppell has been quizzed about his playing future amid reports of a juicy Gold Coast offer.

As Heppell weighs up a one-year offer to stay at Essendon, the Suns have reportedly upped their offer to the veteran defender and are prepared to offer him a two-year deal with the potential of a coaching future at the club post-playing career. .

While no formal deal had been tabled yet, SEN reported on Tuesday the Suns were preparing a four-year offer that would likely entail two seasons as a player then two as an assistant coach.

Suns succumb to Hawks hot streak | 02:07

Speaking to TV reporters on Tuesday, Heppell said his manager and the Bombers were “working through” negotiations, adding he was hopeful “something will be sorted soon.”

Asked if he was torn on his decision, Heppell told reporters: “We’re working through that at the moment. I’m really just honing in on trying to finish off the year well with the Dons and see how we go from there.”

Asked if a longer term deal would be more appealing, Heppell said: “Who knows at the moment? Everything will get sorted ASAP. I’m just trying to lead the club as best as I possibly can.”

As an unrestricted free agent, Heppell could walk to another club without a trade being made.

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Categories
Australia

The double face of interest rate rises

Brisbane landlord David Holt feels like he is caught between a rock and a hard place.
surging interest rates mean that when the fixed term of his interest-only mortgage ends in January, he will suddenly be losing money on the modest, two-bedroom unit he bought in Logan, south Brisbane for $150,000 in December, 2020.

When this happens, Holts says, he will be forced to increase the rent he is charging to cover his costs, which also include strata, maintenance and repairs.

The two bedroom villa unit in Logan, which David Holt purchased for $150,000 in 2020.
The two bedroom villa unit in Logan, which David Holt purchased for $150,000 in 2020. (Supplied)

It’s something he says he has been trying his very best to avoid because he knows the impact it will have on his pensioner tenant.

Yvonne, who asked for her surname to be withheld, currently pays $290 per week to rent Holt’s unit in Woodridge – where she has lived for six years.

The 72-year-old told 9news.com.au her current rent represents 57 percent of her income, which includes the aged pension and rental assistance of $130 per fortnight.

Yvonne said when she did a recent search of nearby rental properties, it showed up just 3 out of 50 that she could “afford”, however these would also swallow up more than half of her income.

Anyone paying more than 30 percent of their income for housing meets the definition of being in rental stress.

Yvonne was, in short, facing down the barrel of homelessness, she said.

“If the owner increases the rent in January, it will essentially make me have to decide which bridge I am going to have to live under,” she said.

Yvonne, a former social worker who raised her children as a single mum, said she was barely scraping by as it was.

“It is difficult. I certainly don’t buy luxury items in terms of food and I’m forced to use a credit card to pay off bigger items, which will leave me in debt,” she said.

Yvonne said she was also very wary of predicted electricity price hikes.

“I focus on just keeping one light on at night and the TV. I only use the (heating) when I am absolutely freezing.”

Yvonne said the amount of rental assistance she received from the government had not changed in years.

David Holt said he felt a lot of sympathy for his pensioner tenant but would soon be forced to raise the rent to meet rising interest rate costs.
David Holt said he felt a lot of sympathy for his pensioner tenant but would soon be forced to raise the rent to meet rising interest rate costs. (Supplied)

“The pension is not enough to live on and there definitely needs to be an increase in rent assistance, given the circumstances,” she said.

Holt said he felt nothing but sympathy for Yvonne.

At 80 years old, Holt is not your typical landlord.

Holt said he was living on the aged pension himself, and had used the equity in his mortgage-free home to take out the interest-only loan to buy the unit.

The unit, he said, was an investment he hoped to pass on to his son, who has epilepsy and cannot work full time.

“I don’t make any income from the unit right now, but I hope that, in the fullness of time, rising rental income will provide a source of income for my son.”

Holt said he realized it was much easier for him to live on the aged pension, having paid off his home, than for others such as Yvonne, who also needed to pay rent.

“I genuinely feel for her. She shouldn’t be paying 57 percent of her income on rent, that’s ridiculous,” he said.

“I do care, I don’t want to see anyone wandering the streets or living in their car.

“I know that she won’t find anywhere cheaper, and that’s what gets me.

“It’s not like she has been living beyond her means in luxury. I don’t know where she could get a more affordable place.”

Holt, who is also a member of the body corporate committee for his unit complex, said he was aware of one tenant in the same building who had recently been evicted for not paying their rent.

That unit was almost immediately leased for $350 per week, he said.

Holt recently wrote a letter to Federal Treasurer Jim Chalmers, who is also his local MP, advising him of his situation.

A spokesperson for the treasurer replied, expressing sympathy but also warning there were likely to be rough times ahead.

“Sorry to hear about the tough times for your tenant and also for your family,” the spokesperson said.

“Unfortunately things are going to get tougher before they get better, but it will get better,” the spokesperson said.

Last week, Everybody’s Home, a national housing crisis campaign, released figures showing the cost of renting a two-bedroom unit in Brisbane had increased 15 percent over the last 12 months to August.

The average rent for a Brisbane two-bedroom unit is now $455 per week, compared to $395 in August 2021, the figures, sourced from three years’ worth of SQM Research rental data, shows.

“The plight of renters looks set to worsen as the knock-on effects of rising interest rates filter through to renters and combine with cost-of-living pressures,” Royal Melbourne Institute of Technology senior research fellow Dr Megan Nethercote, said.

“With almost half of renters on rental assistance already in rental stress, the risk of some renters falling into homelessness is real and high.”

She said rising costs would likely mean some renters would lose their homes as landlords sold the properties.

Nethercote said stronger national leadership was needed to direct how rental properties were built and operated.

“Renters deserve homes that are affordable, provide adequate security of tenure, are well-maintained and have appropriate provisions for tenant representation,” Dr Nethercote said.

She said meeting the needs of renters warranted “serious deliberation within a new national housing agenda”.