Oceania – Page 61 – Michmutters
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Business

Economy: Winners of rising interest rates revealed

Homeowners and renters are bracing for more bad news with interest rates tipped to rise again, but there are some people who are benefiting more than others.

Household budgets are being stretched to their limits after inflation hit a massive 6.1 per cent and cost of living pressures, including the prices of groceries and fuel, continue to mount.

But financial experts say some parts of the community are enjoying economic success during this difficult time.

So who are the winners of rising interest rates?

Financial planner and Edith Cowan University lecturer Damon Brown told NCA NewsWire there were two big winners — withdraw and people who locked in fixed rates before the cycle changed.

“Retires who are invested in cash have been doing it tough for the past five years because interest rates on their cash have been very low and below what Centrelink deems them to be earning,” he said.

“For the older people Centrelink deems them when it comes to their the age pension they can receive.

“So it’s called deeming, which is what the Centrelink assumes they can earn from their money, but they might not actually earn that money.

“An example might be my mother who invests all her money in cash. She’s been receiving one per cent interest rate for the last few years but Centrelink assumes that she earns a bit more than that. And so she’s receiving less Centrelink entitlement.”

Mr Brown said people who locked in fixed rates before the cycle changed, like him and his wife who secured a rate just under two per cent, were also doing well.

“We actually locked in for three years a year ago, so we’ve still got another two years to take the big difference,” he said.

Daniel Kiely, a senior research fellow at the Bankwest Curtin Economics Center, told NCA NewsWire rising interest rates were not necessarily a bad thing.

“If the increase in interest rates that we are seeing both in Australia and in other global jurisdictions flow through to the economy, and in turn lead to lower inflation, we will all be winners in the long-run.” he said.

“Lower inflation will make it more unlikely for a global recession to occur.”

In the shorter-term, Dr Kiely said savers would get higher returns on their savings accounts, but the speed at which this occurred would vary from bank to bank and depending on the type of savings account.

“Withdraw may benefit too, if savings supplement another source of income such as a pension,” he said.

“However, for savers and retirees to see the full benefit of such returns, inflation will need to come down substantially.”

Dr Kiely said there was a double edge sword for potential homeowner investors.

“Higher interest rates may stem house price increases and help those saving for a home,” he said.

“But, higher interest rates will also reduce borrowing capacity for many wishing to enter the housing market.”

LCI Lending partner Domenic Romeo said there were still more losers than winners.

“However, the people who have savings in a term-deposit or savings account will benefit from higher interest income rates,” he said.

“Some property investors may find themselves in a better position to purchase a property, due to the softening property prices too.”

In this month’s Finder RBA Cash Rate Survey, 26 experts and economists agreed the cash rate would change on Tuesday, with 23 of them predicting another increase of 50 basis points.

That would bring the cash rate to 1.85 per cent in August.

“A 50 basis point rate increase will see the average Aussie homeowner forking out an additional $610 per month compared to what they were paying four months ago,” Finder’s head of consumer research Graham Cooke said.

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Business

Inflation: NYC shop Duane Reade locks up Spam in antitheft cases

It’s the nation’s crises in a can.

Inflation and crime have gotten so bad in New York that even cheap meat like Spam has to be locked up, the New York Post reports.

At Duane Reade’s store in the Port Authority bus station, the shelf-stable product — only $US3.99 ($5.70) a can — is now being stocked in plastic, antitheft cases.

“I’ve never seen that before!” one cashier laughed while using a magnet to remove a can of Spam from its cage from him.

The cashier was among the employees, tourists and store regulars stunned that the iconic blue-and-yellow cans are now being kept under lock-and-key — some even poking fun at the sight as “a sort of Jeff Koons homage,” per one viral tweet.

Jenny Kenny, 43, who was visiting from Kentucky, was aware of the ongoing crime waves hitting cities like New York and San Francisco, but still couldn’t believe the sight of “so many things in boxes.”

“Some of these things are pretty ridiculous,” she said.

As prices and crime skyrocket, New York City stores have taken to locking up staples like toothpaste and soap to prevent crooks from stealing and then hawking the products on the sidewalk or online marketplaces like Amazon and eBay.

Yet some shoppers were confused why Spam, along with $US1.89 cans ($2.70) of StarKist tuna, was enclosed under plastic, while pricier foodstuffs like $US5.49 cans ($7.86) of Amy’s soup sat unencumbered.

“To put Spam in a cage is stupid — and kind of insulting to the customers that would buy it,” said shopper Dennis Snow, 46.

Snow said he doesn’t think Spam is being stolen to “sell it for crack,” but rather because the homeless in the area are looking for a quick and easy meal.

“Someone is stealing this because they need it,” agreed Delia Kemph, a 28-year-old teacher.

Employees at the store said thefts have been surging over the past two-plus years, with one estimating a minimum of four shoplifters every evening shift.

“I don’t think they stop anything,” Iggy, 21, a store clerk, said of the antitheft cases. “It’s security theatre. If you really needed it, you would stomp on it.”

The employee’s complaints were prescient — at around 7pm on Thursday, a man in a black tank top and gray sweatpants had an employee unlock the glass case for a $US38 ($54.40) electric razor, and then bolted with the appliance past a yellow-shirted security guard and out the door.

With inflation out of control — the consumer price index spiked 9.1 per cent in June compared to a year ago, even as President Joe Biden this week refused to acknowledge the nation is in a recession despite the economy contracting two quarters in a row — emboldened thieves have found a ready market for discounted stolen goods among recession-weary consumers.

Petty theft complaints for the New York Police Department’s Midtown South Precinct, which includes the Port Authority bus terminal, have shot up 52 per cent — to 1,771, through July 24 — compared to the same period last year.

Hormel CEO Jim Snee told analysts last month that prices for their legacy product were set to increase in late July to cover increased transportation, packaging and meat costs.

A spokeswoman for Walgreens, which owns Duane Reade, refused to say why Spam was locked down at this particular location, and that installing antitheft devices is done “in response to theft data.”

Liz Tawfik, 57, a home health attendant, complained that the added security measures are hampering the once-smooth shopping experience — and annoying customers like herself.

“If you’re gonna catch a train you wanna grab something quick, it’s not quick anymore,” she said. “You might as well have someone take your order at the door and get what you want.”

Not all drug stores have put Spam under lockdown.

Two other Duane Reades and a pharmacy in the Times Square area, along with two other stores in Central Harlem, sold their cans of Spam, cage-free.

Dariel Cepin, 23, an employee at a West 44th Street Duane Reade, said, “Here, we lock up ice cream.”

This article originally appeared on NY Post and was reproduced with permission

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Categories
Entertainment

‘Lost control’: Sticky Fingers storms off mid-concert in Melbourne

Controversial Australian band Sticky Fingers frontman Dylan Frost admitted he “lost control” when the lead singer sensationally stormed off in the middle of a concert last night in Melbourne.

The band was seven songs into its set when Frost appeared to become upset onstage. Video footage captured by a concertgoer and uploaded to social media shows Frost striking the microphone and throwing his guitar to the ground.

The rest of the band – Paddy Cornwall, Seamus Coyle, Beaker Best and Freddy Crabs – then followed him offstage.

According to the Herald Sun, a faulty microphone may have triggered the tantrum during the song “Not Yet Done”. Boos could be heard from the crowd.

Another 10 minutes passed before it was announced that the show had been cancelled.

On Sunday afternoon, Frost posted a statement to Facebook apologizing to fans.

“I’m really sorry for last night in Melbourne,” he said.

“I’ve been working hard on myself and will continue to prioritize my health, but I still let a lot of you down.

“I want to apologize to the fans and my band, our crew and venue staff.

“The tour has been amazing so far and we wanted to end it big, but I just didn’t have it last night and I lost control. We’re working on a new date to make it up to everyone or refunds for those who want them and we will let you know plans soon.”

The Saturday night Festival Hall gig was the last performance of Sticky Fingers’ Australian tour. The band had played on Friday night in Melbourne without drama. It’s expected the band will still perform in New Zealand next month.

An audience member told the Herald Sun, “The atmosphere at the gig initially was great. But then we only got three songs in and Frosty cracked the s**ts, stormed off and cancelled.”

Other concertgoers took to Facebook to express their annoyance.

for the Herald Suna fan named Jordan Patrick wrote on social media, “Unbelievable, I’ve been waiting for tonight for years, was so excited and absolutely devastated they ditched the show like that.

“So disrespectful to the fans who have stuck by them and waited to see them after such a long time.”

Other fans said they had flown to Melbourne specifically for the show.

Sticky Fingers was previously engulfed in scandal when Indigenous artist Thelma Plum Frost allegedly had in 2016 racially abused and threatened her. The accusation sparked a raft of boycotts.

Frost and the band denied the allegations but later issued a mea culpa around unspecified “unacceptable” behaviors and claimed that alcohol addiction and mental health issues were contributing factors.

Frost wrote in 2016 that he would seek therapy and rehabilitation and that he was “truly sorry to the people who have been affected by my behaviour” and that he hoped to “one day make amends for my actions”.

Frost isn’t the only band member to be embroiled in public spectacles. Bassist Cornwall had to issue an apology for 2019 rantings against ABC’s youth station, Triple J.

He initially said in an expletive-laden video posted to social media, “Triple J, f**k you and your f**king artist repertoire. We don’t f**king need you. We don’t want you because you play your f**king bullshit and you’re a bunch of f**king maggots.”

A year later, Cornwall apologized for his words. I have conceded that the relationship between Sticky Fingers and Triple J had fractured due to his actions.

He said in May 2020, “I was outta my head, not dealing with personal battles of my own, I’m sorry to the people I hurt at the station, as well as my own team.

“I ain’t the same derailed, angry person you saw last year. I’m not where I want to be yet but I’ve been doing a lot better, dealing with my demons. I hope sharing this helps find a resolve on the situation.”

In 2019, Frost and Cornwall were arrested for a violent punch-up between the pair at Marrickville Bowling Club in Sydney. It occurred after the band members had been drinking for six hours.

Cornwall was in 2021 sentenced to 18 months, to be served in the community.

News.com.au contacted Sticky Fingers’ management for comment.

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Business

Qantas nightmare: Australian traveller’s horror overseas flight saga

As I found myself stranded in Athens airport, surrounded by unsympathetic airline staff and forced to splash out an extra $2700 on new flights back home, I couldn’t help but feel this all could have been avoided.

Like thousands of other Aussies, I too had a nightmare experience flying with Qantas.

It’s amazing what can happen to a beloved national airline when it sacks 9000 staff, outsources thousands of jobs, moves customer service teams overseas and hands out millions in bonuses to executives.

My nightmare all started when I fell for the trap that is ‘frequent flyer flights’.

I applied for a credit card back in May (disastrous idea), splurged on a new laptop to secure 120,000 bonus Qantas points and booked my first overseas holiday in years.

There was a slight catch, my flights to Europe were from Adelaide – but given I had spent less than $1000 on taxes in addition to my points I thought I had scored a bargain.

I called up the Qantas helpline in a bid to see if they could help me book connecting flights from Sydney to Adelaide – mistake 1.

Instead of booking me a simple flight home from Adelaide to Sydney, they REPLACED my overseas return leg from Athens to Adelaide.

It wasn’t until a few days later that I noticed my overseas leg had vanished and been simply replaced with the domestic flight.

I spent over five hours that night on hold as I desperately tried to explain what had happened to call center workers who struggled to even speak to me let alone understand my complaint.

This is of course not their fault, they are doing the best they can in difficult circumstances. The blame lies with an airline that sacrificed quality, local customer service for cheaper labor.

Just one Qantas call center is located in Australia – and that Hobart team specifically services the airline’s premium clients (the big spenders).

I would wait two hours on hold, before finally getting onto someone – who would then spend 30 minutes attempting to understand my issue, only for them to hang up on me.

After over five hours I finally got onto someone who told me they could no longer get me on my original flight (Athens to Doha to Adelaide) as it was now full.

Qantas has since informed me that the domestic leg wasn’t ticketed correctly – which resulted in my overseas flight being cancelled.

With my trip approaching and still no return leg, I took matters into my own hands and booked another flight via Vietnam.

With so few options available I had to book the Vietnam to Sydney leg with a different airline – Jetstar.

I called up Qantas to make sure that I would be able to get a transit visa at the airport in Ho Chi Minh as I would need to check my bags in and out again during my short four-hour layover between flights.

A spokesperson told me there would be no problems getting a visa at the airport – mistake 2, blindly trusting Qantas again.

Three weeks of blissful travel – visiting my best mates in picturesque Switzerland, a romantic trip in Santorini – finished with me being stuck in Athens after Qantas’ advice was swiftly shot down.

Airline staff refused to let me on my flight as I had no visa – despite the assurances of Qantas it would be fine.

Ironically, the only option presented to me was to spend almost 2000 Euros to get back onto the Athens-Doha-Adelaide flight that I had originally booked months ago – only for Qantas to inexplicably cancel without telling me and then assure me there were no seats on the flight.

Turns out there were seats on the flight Qantas.

And while a seedy room above an Adelaide pub wasn’t exactly how I pictured closing out my trip – I was just glad to get home and be done with travelling.

Qantas’ statement:

“Unfortunately, it appears that the additional domestic flight was not ticketed correctly when it was added to your booking which led to the Qatar Airways booking being automatically canceled by their system.

“Our agent was unable to secure you another seat on that Qatar flight as there were no more reward seats available on the flight.

Our contact centers are not trained to provide visa advice, rather they should direct you to the relevant consulate, and we apologize that this process wasn’t followed.

“We are following up your experience with a full review to help prevent it happening again.”

Read related topics:qantas

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Business

KOBA: Man saves more than 50 per cent on car insurance

Cost of living pressures are continuing to hit many Australians hard, so when Liam Gayner realized he could slash his car insurance fees in half he jumped at the opportunity.

The father of one has two cars — the primary car, which his wife drives, and the less “flashy” secondary vehicle that he uses.

But because the family lives close to a train station in Perth, the secondary car only travels about 6000km per year and Mr Gayner realized he was paying a flat yearly rate for the vehicle that was costing too much.

Mr Gayner was previously paying $61.69 per month for his car insurance with CommInsure, but made the decision to go through all of the family’s finances to find ways to save some cash.

The 32-year-old realized by switching to pay-as-you-drive insurer KOBA, his fees would be slashed to just under $30 per month.

“I heard about KOBA because they were doing a crowdsource fundraiser,” he told NCA NewsWire.

“I had a look at the pricing structure and found for me it was a unique fit… I fall into their target audience, so I estimate that I’m going to drive about 6000km in a year.

“It ends up being just under $30, so it ends up being a bit over a 50 per cent saving.”

Mr Gayner recommends people do the “fairly boring thing” of reviewing all of their insurance, including life, house and health.

“I basically reviewed it all for my current situation because I think like most people, you set it up and then you forget about it,” he said.

“When I was sorting out my health insurance, it was back when I was at uni, I didn’t really care. I didn’t really understand it.

“Same with life insurance where it just gets chucked onto your superannuation and you’re not really aware that you’ve been docked that money the whole time for a policy that might not be relevant to you.

“For example, I’m an engineer by profession and there’s a couple of life insurance options out there that have special deals for your profession.”

Mr Gayner said for him the appeal of KOBA was that he could pay as he drove.

“I would have had to drive 25,000km a year to have the equivalent that I was paying on my previous account,” he said.

“We can decide that if we’re doing something on the weekend, or we’re going to go on a car trip, we take the wife’s car and leave my car at home.”

KOBA, which launched in November last year, has seen a 70 per cent surge in usage in the past month.

The company uses a small monitoring device that plugs into a user’s car and tracks their distance travelled.

It means that after paying a flat rate for parking insurance, they only pay for what they use.

“It might tell me I drove for nine minutes, 2.1km and it cost 11 cents in insurance. It’s that simple,” KOBA founder Andrew Wong said.

“In the current climate, it’s a great way for people to keep track of their insurance expenses because they can see the cost as it happens.”

Mr Wong said with many people still working hybrid weeks and using their cars less, traditional car insurance did not make sense.

“If you’re driving less and for shorter distances why should you be paying the same for car insurance as everybody else?” he said.

“We’re finding people are using their cars less since the pandemic. Some are still working from home a couple of days a week, others are taking advantage of borders reopening to fly overseas and see loved ones so their car is sitting there unused — and costing money.

“If you are driving 8000km or less a year it’s worth looking at switching over.”

The average car in Australia is driven just over 11,000km per year, according to the latest Australian Bureau of Statistics data.

Read related topics:Perth

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Sports

Live scores, updates, stats, video, stream, result, news, blog

Essendon has recorded an eighth straight win over North Melbourne, with a 48-point victory at Marvel Stadium.

The Bombers led from start to finish with Jake Stringer the hero with a season-high five goals in the 17.12 (114) to 9.12 (66) win.

North Melbourne struggled to find avenues to goal on Sunday as the Bombers easily rebounded from defence.

The only sour note for Essendon’s win was a calf injury to Jye Caldwell, who was subbed out in the third term.

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QUARTER-BY-QUARTER MATCH REPORT

Both teams were forced to make crucial pre-game changes.

Bombers midfielder Dylan Shiel was a late withdrawal due to a hamstring injury, with Archie Perkins replacing him. Jye Menzie made her debut as the medi sub.

The Kangaroos were hit by Covid, with Jack Mahony and Lachie Young withdrawn and replaced by Kayne Turner and Phoenix Spicer.

The Bombers were on the board first through Jake Stringer after the forward found himself at the back of the pack.

Stringer competed in the air and landed quickly on his feet as the ball bounced toward goal.

Despite Aidan Bonar’s best efforts to knock the ball through, he slapped it onto Stringer’s boot.

After a quick score review, it was confirmed Essendon had the first for the day.

But the Roos had all the run for the next five minutes as Bailey Scott slotted his first and Nick Larkey missed a great chance to get himself on the scoreboard.

Stringer almost had his second with a snap from the goal square but it was ruled touched. A minute later, he found himself one-out with Roo Jaidyn Stephenson and he took full advantage.

Stringer converted his set shot from 40m to register his 300th career goal.

He added his third goal for the day from the resulting center clearance after a brilliant pick up by Matt Guelfi.

“If you leave Jake Stringer with a bit of space inside forward 50, he will make you pay every time,” commentator Jordan Lewis said.

“(Hugh) Greenwood is accountable at some point, but who picks him up from there?” Fox Footy’s Jonathan Brown questioned.

Cam Zurhaar had the immediate response for North Melbourne after Jack Ziebell drew a free kick.

Zurhaar took full advantage as the ball got to the back and the Roos closed the margin to five points.

Ben Rutten’s decision to shift James Stewart forward to taken advantage of the height difference with Bonar paid off when the swingman pulled down a big contested grab.

He calmly went back to slot his first for the year.

“There’s just too much space there. It was a really dangerous kick … but (North were) disorganized inside the defensive 50,” Lewis said.

Some great desperation from Nick Hind denied the Roos their third goal of the day as the Bombers enjoyed a 15-point buffer at the first change.

Stringer had a hand in Essendon’s sixth goal when he tried to crash through the contest and propelled the footy forward.

Stewart got on the end of it for his second for the day.

“He’s a raging bull at the moment. Like a front rower in rugby crashing through,” Brown praised.

“He’s the hottest player on the ground,” Lewis added.

Will Snelling paid a heavy price for his movement on the mark when called to stand, and was hit by a 50m penalty.

“The rules are rules. That’s a 50-meter penalty every time,” Brown said.

Kayne Turner made no mistake with the set shot as the margin closed to just eight points.

Harry Jones pushed the lead back out as North became “a little messy” with ball in hand, but it was a lapse in concentration that really hurt the Roos.

With Archie Perkins just out of range at 55m out, no one went to Mason Redman as he charged past the mark.

The handball was given and Redman easily slotted the goal on the run.

“You have to go and man him up – that’s just a lapse in concentration,” Lewis said.

“He was celebrating early … as soon as it left his boot, the finger was up,” Brown added, laughing.

Perkins blew a gold opportunity to cement their dominance as North Melbourne were struggling to find a way out of the defensive 50.

But when Sam Durham put the foot down and sped down the wing, Kyle Langford slotted the goal to push the Bombers out to a 30-point lead minutes out from half time.

Despite finding plenty of footy in the third, the Roos just couldn’t make it count on the scoreboard.

Phoenix Spicer and Nick Larkey couldn’t convert their chances but down the other end, the Bombers were able to hit targets.

Zach Merrett and Matt Guelfi added their first goals for the day as debutant Jye Menzies entered the game.

Jye Caldwell was subbed off with a calf injury and went straight down to the rooms, but the change did little to slow Essendon’s momentum.

When Peter Wright kicked his second goal for the night, he edged closer to his first-ever 50-goal season.

The big man now sits at 47 for the year in just his second season at the club.

By three quarter time, the Bombers had pushed the lead out to 33 points.

The final quarter simply belonged to the Bombers as they racked up their highest score in season 2022.

Essendon kicked four goals to two, including three straight to really blow the margin out.

By full time, it was Essendon 48-point winners with Jake Stringer kicking a season-high five goals.

THE 3-2-1…

3. DON’T DISCOVER WINNING RUN

Essendon’s defense was savaged early in 2022 when described as “witches hats”. But against the Roos on Sunday, it was the Bombers’ back line that kept them in the contest.

Without Dylan Shiel, who was a late withdrawal from the clash, the Bombers were belted in the center clearance count.

Despite not getting first hands on it and starting on the back foot, Essendon’s back six stood tall and continually turned defense into attack.

But three quarter time, seven of Essendon’s 13 goals came directly from defence.

“They don’t rush Essendon, they just built up the play and then go once they get forward of centre,” Fox Footy’s Jonathan Brown praised.

“They’ve scored three goals from defensive 50 today (to half time). They’ve moved the ball really well end to end.

“It’s been a real strength of theirs in the last seven weeks Essendon.”

While Brown said the transition strength was out of necessity due to the lost clearance count, he said he found the movement “sensational”.

By three quarter time, Essendon had scored 7.0 from defensive half compared to North’s 0.1.

Fox Footy’s Jordan Lewis praised Essendon’s taken ability to score from the back half without “a lot of risk”.

“They’ve been able to transition far too easily. They’ve got a good understanding of when to go quick and when to slow it down,” he praised.

2. THE BIG PROBLEM PLAGUING NORTH

Nick Larkey is North Melbourne’s most successful forward in 2022, with a team high 29 goals heading into Sunday’s clash at Marvel Stadium.

But the big forward just couldn’t get his hands on it against the Bombers with Fox Footy’s Jonathan Brown questioning who was to blame.

Too often Larkey was caught in a one on two, or the ball delivery wasn’t where he needed it to be.

“How many kicks do you see go to Larkey and they’ve gone to the top of his head?” Jordan Lewis questioned.

But Brown said the responsibility didn’t always lie solely with the kicker.

“I wonder if he’s getting out of the blocks too quickly? His timing of him (could be off), ”Brown replied.

By three quarter time, Larkey had just three disposals.

“He’s just maybe starting his lead a bit early. Get a bit desperate and want to get involved in the game,” Brown said.

“But you can rush the kicker and then the ball goes over your head too often.”

Statistics showed the Roos went to Larkey 13 times in the first three terms – compared to the next best Cam Zurhaar with just three targets.

“The amount of ball that go over his head, he’s got to ask himself the question – why is that happening?” Brown said.

“Don’t just put it on the kicker. He needs to understand where he’s positioned, how he’s contributing to that.”

Lewis agreed Larkey was getting caught too high up trying to get his hands on the footy early.

“I just reckon the North Melbourne forwards are getting too high, especially Larkey, He needs to be that deeper option.”

It should be noted opponent Brandon Zerk-Thatcher had a brilliant day, with a one-one-one diving spoil on Larkey the highlight of the contest.

Larkey finished his day with seven touches, four marks and 0.3 from his shots.

1. SENSATIONAL STRINGER BREAKS GAME APART

Jake Stringer essentially put North Melbourne away by quarter time.

The dangerous Bomber had three goals in the opening term, including two in the spare of two minutes.

But it was his ability to get to the footy and loom large that made him most dangerous.

With Dylan Shiel a late out, Stringer spent more time in the middle, opposed to Roo Hugh Greenwood.

But when he’d sneak forward, it was then up to Luke McDonald to make that transition.

And it was during that handover that Stringer took advantage.

“It’s hard when Stringer is up and about. We know he was at the end of last year – he’s got that look about him today,” Jonathan Brown praised.

“He just puts himself in really dangerous positions and makes the defender really jumpy.

“He’s been the hottest player when the ball has gone inside forward 50.”

Brown praised Stringer’s “really dynamic” approach to the footy against the Roos.

“He’s looked really dangerous form the get-go,” Brown said.

“He’s had that look today that he’ll break the game wide open.

“I’ve liked his energy, his enthusiasm for the contest.

“Six tackles as well shows where his mindset has been at today.”

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