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Young and low-income workers win in nest egg boost

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Industry Super Australia Chief Executive Bernie Dean

Young and low-income workers win in nest egg boost

Young and low-income workers are the big winners in super boost

More than 6.7 million Australians will benefit from a boost to their nest egg from July as the super rate increases to 10%, with young workers and low to middle-income earners the big winners.

From July 1 an extra $233 a year will flow into the super accounts of the average worker.

This super boost may be small, but it will make a big difference at retirement – with a 30-year-old on the median wage expected to have an extra $19,000 at retirement, a couple will have an extra $38,000.

In total Australians will get an extra $1.5 billion paid in super in the next 12 months.

Half of the extra super payments – about $784 million will go to those under 40 – and more people in their 20s will get a super boost than any other age bracket (see tables below). The extra contributions will help young workers recoup the savings they lost after they were encouraged to raid their super to support themselves through the Coronavirus downturn.

Industry Super Australia analysis of tax file data shows that more women than men will receive the July 1 super boost – 3.41 million women compared with 3.36 million men.

Around 63 per cent of those who will benefit from the SG increase are on wages less than $70,000 – many of these 4.3 million workers are in line for a five-figure boost to their retirement savings – which will improve their quality of life at retirement dramatically.

The super rate is legislated to rise from 9.5% to 12% by 2025 by annual 0.5% increases. At the Budget this year the government re-committed to its election pledge to stick to the legislated schedule. This commitment to 12% super will deliver an extra $85,000 to the typical workers’ retirement savings.

The increase to 12% will also:

· Add $170,000 to the retirement nest egg of the average 30-year-old couple;
· Save $33 billion in Age Pension costs over coming decades;
· Inoculate retirees from future adverse changes to the Age Pension;
· Add $12 billion to Australia’s GDP, create 10,000 jobs and increase real wages, according to research from independent consultants ACIL Allen.
The Superannuation Guarantee is a critical response to the ageing population and improves retirement incomes of working people in a fiscally sustainable manner. Although still maturing, annual superannuation retirement benefit payments are already double age pension expenditures.

Comments attributable to Industry Super Australia Chief Executive Bernie Dean:

“Even though the increases are only small now, they’ll add up to make huge positive difference for millions of Australians when they retire.”

“These increases will give women more financial independence and that means a better shot at a dignified life in retirement, not one marked by poverty.”

“Young people will be the big winners from these increases and help those that raided their super last year, during the downturn, make up some of the lost ground.”

“This is the first of a number of increases the government has promised and locked in law for the coming few years.”

Young and low-income workers win in nest egg boost Young and low-income workers win in nest egg boost Young and low-income workers win in nest egg boost

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BYRON BUSINESSES RALLY BEHIND LOCAL BUYING CAMPAIGN AS TOURIST TRADE SLUMPS

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BYRON BUSINESSES RALLY BEHIND LOCAL BUYING CAMPAIGN AS TOURIST TRADE SLUMPS
BYRON BUSINESSES RALLY BEHIND LOCAL BUYING CAMPAIGN AS TOURIST TRADE SLUMPS

BYRON BUSINESSES RALLY BEHIND LOCAL BUYING CAMPAIGN AS TOURIST TRADE SLUMPS

By Margaret Dekker

A group of Byron Bay traders met last Friday to discuss a slump in trade in the iconic tourist town due to plummeting tourist numbers and foot traffic.

Katie Munro from clothing label Arnhem told The Northern Rivers Times talk is rife among traders about concerns over in-store sales falling across an array of businesses in the community.  In her conversations with other local businesses there are reports of revenue dropping by as much as 60 percent.

“People were buying last year, but with fear and the ongoing uncertainty about the virus, this year buying habits have shifted to what is essential,” Katie Munro said.

“And there’s no one in town,” she said.

The irony of the situation, Katie says, is while Byron Shire property prices are booming and millions of dollars are being injected into real estate, the big spending is not being replicated in local tills.

And despite mounting requests from shop tenants, commercial landlords are firmly refusing rent relief on Byron Bay shopfronts which can average around $2,000 a week on the premium strips.

In a united effort to stem the engulfing tide, Byron Bay retailers and restaurateurs have begun a new ‘Love for Locals’ campaign, rewarding shoppers from the Shire with experiences and store discounts, and special offers and deals between traders.  ‘Love for Locals’ is being pitched at old and new ‘Byronians’ in an effort to “get the town going again.”

“.. Conversations have started around buying local, not giving our dollar to big multinational companies .. We can make an impact if we stop and consider every little spending decision we make,” Katie Munro said.

With news late last week of virus fragments detected in Byron Bay wastewater, and a new alert over a COVID-19 positive person landing in Ballina from Sydney on July 14, the mood has shifted again with Byron Bay last weekend likened to ‘a Ghost Town.’

But Katie Munro says there is also energy and optimism stirring as traders collaborate with other local businesses and begin embedding new behaviours with a focus on supporting local; to move from ‘struggling’ to surviving and thriving ‘during these strange times.’

“Conversations have started. There’s a movement, momentum among local traders, we can get through this again.” Katie Munro said.

 

 

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Risk of misinformation on the rise on social media

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Risk of misinformation on the rise on social media
Risk of misinformation on the rise on social media

Risk of misinformation on the rise

 
• One fifth of people act on what they see or hear on social media
• A quarter trust the information they find on social media
• Risk of misinformation on the rise as people disengage from traditional communication
 
Sydney, NSW – The power of social media to influence people’s behaviour is on the rise as other forms of communication become less effective.
This is a key finding from the latest Togetherness Index released today by strategic communication consultancy SenateSHJ.
 
Social media is playing a significant role in motivating people to change their behaviour, which amplifies the risk of misinformation as well as helping to connect people.
A third of those surveyed found communication on social media from sources other than friends and family effective. A quarter trusted this information while a fifth of people say they have changed their behaviour because of what they have found on social media.
 
Darren Behar, Managing Partner at SenateSHJ, said the proportions have held up despite warnings about the influence of social media and of misinformation found on these platforms.
 
He said: “At the same time the influence of business, government, local community leaders and even friends and family have slipped. It would seem we are less engaged with traditional sources of information, perhaps because of COVID-19 fatigue. People are turning to social media for information, and while they may find trusted sources, the risk of exposure to misinformation is heightened.”
 
Nationally, less than four in 10 Australians are engaging with government communication, slipping from almost 50% during the first half of the COVID-19 pandemic, and media now only influential with one in four according to the annual Togetherness Index.
 
Fewer than one in three respondents gave a lot or some thought to communication from community leaders, while 24% did so to communication from leaders of large businesses – also down on last year. Concerningly the most powerful influencers of our behaviour, family saw the most significant drop from 57 to 43%.
 
Jodie Wrigley, Head of Health and Social Change at SenateSHJ, said it is now more important than ever to ensure people can spot misinformation.
 
She said: “Eighteen months into this pandemic people are engaging less with communication from businesses and leaders in the community showing they are fatigued and potentially complacent. This is to be expected.
 
“It’s important to keep bringing the community together, to appeal in many ways to different sectors of the community and to do so in a variety of ways, including at the community level. We must also
make sure people who are turning to social media know where do go for trusted information, and how to pick up on misinformation.”
 
The Togetherness Index is based on a survey of 1,000 Australians. The original research explores what components of communication contribute to togetherness, or social cohesion, within the community.

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New Tweed Heads Office for The Northern Rivers Times

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The new Tweed Heads Office of The Northern Rivers Times

The Northern Rivers Times MARKING MILESTONE WITH NEW OFFICE IN TWEED HEADS

The Northern Rivers Times is celebrating its first-year milestone as a newspaper with a ‘bricks and mortar’ presence in the heart of Tweed Heads.

The new Tweed Heads office (pictured) is found at Office 5, 7-11 Wharf Street across the road and down from Twin Towns Services Club. The modern office with prominent signage is a one-stop shop for all Tweed editorial, advertisement, and classified needs.

Call in and say hello to Tansi at reception or discuss your advertising goals using The Northern Rivers Times’ broad regional reach, with one of the experienced sales team headed by Dianne Withers (formerly Northern Star), Diane Sharp and Annette Crompton. For any local story ideas or news tips, veteran news journalist Margaret Dekker is your go-to for coverage.

A dedicated Tweed office has always been a key goal of The Northern Rivers Times which, notably, unites readers across the renowned and diverse Northern Rivers region in one reliable, entertaining, and informative weekly hardcopy.

Director and co-founder of The Northern Rivers Times, Jeff Gibbs, said having an office in the Tweed region bucks the trend of ‘print decline’ and instead shows the paper’s commitment to the Tweed as an important, valuable, and thriving centre of which the Times is a growing part.

“Sharon and I always planned other offices in the northern rivers and that is still our plan, the Tweed office was very important to us due to the demand from the community in the Tweed. Having a presence and employing staff in Tweed is exciting and the girls have full control on how to manage their area”. “And in saying that, having Margaret as our journalist covering the Tweed only enforces our commitment to the community,” said Mr. Gibbs. “The Northern Rivers Times has always been planned as “The Newspaper” of the northern rivers, we employ staff in many capacities from right across the region and we will continue to expand, new offices are planned in various locations over the next 6-12 months”.

The new office is open 9am-4pm, Monday to Thursday, at Office 5 7-11 Wharf Street Tweed Heads or by appointment Ph. 07 5551 4161

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