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Grim Warning for Aussie Homeowners: Rate Relief Still Distant

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Grim Warning for Aussie Homeowners: Rate Relief Still Distant

 

By Robert Heyward

Australian homeowners facing mortgage stress may have a longer wait for relief, with a leading industry forecaster warning that interest rate cuts could still be many months away. Oxford Economics Australia predicts the Reserve Bank of Australia (RBA) won’t begin cutting rates until the second quarter of 2025, far beyond the late 2024 cut expected by other forecasters, including the Commonwealth Bank.

“Given the RBA’s hawkish rhetoric, we don’t see rate cuts coming until Q2 2025,” said Sean Langcake, head of macroeconomic forecasting at Oxford Economics Australia, ahead of the firm’s biannual economic outlook. Langcake points to “strong cross currents” in the economy as the reason for the delayed cut, with policymakers navigating a “challenging” environment.

He noted that the labour market’s resilience is testing the RBA’s cautious approach to curbing inflation, while a significant easing of fiscal policy is providing a boost to the economy, potentially complicating efforts to keep inflation in check.

Despite the RBA’s efforts to lower inflation to its target range of 2-3 per cent, Langcake expects headline inflation to remain high at the end of 2024. However, he warned that subsidies for utilities, which have contributed to disinflation, may cause the RBA to overlook the headline data.

RBA’s Tightening Cycle and Homeowner Struggles

The RBA implemented an aggressive rate tightening from May 2022 to combat rising inflation, lifting the benchmark cash rate from 0.1 per cent to 4.35 per cent by November 2023. Although the rate has been on hold since then, RBA Governor Michele Bullock has emphasised that any future cuts will require significant changes in inflation trends.

“We’ve seen from overseas experience how bumpy inflation can be on the way down,” Bullock said after the Board’s August meeting. “What we can say is that a near-term reduction in the cash rate doesn’t align with the board’s current thinking.”

The series of rate hikes has placed immense pressure on homeowners, many of whom are struggling to keep up with increased mortgage payments. According to RateCity, monthly repayments on a $500,000, 30-year mortgage have risen to $3,105 as of June 2024, compared to $1,989 in March 2022—an increase of $1,116 per month.

Worryingly, the value of home loans in arrears (30 to 89 days behind on payments) has surged, rising to $14.9 billion by June 2024, up from $5.9 billion in March 2022, according to APRA data. Laine Gordon, money editor at RateCity, acknowledged the growing financial strain on some Australian households: “Despite record high levels of savings, some families are dipping into their savings to keep up with rising cost-of-living pressures.”

However, Gordon emphasised that non-performing loans still represent a relatively small portion of overall credit, accounting for just 1.03 per cent of all outstanding loans in the June 2024 quarter, up slightly from 0.91 per cent pre-COVID.

Australia’s Inflation Battle

Australia’s inflation fight contrasts with that of other major economies, such as the United States, where the Federal Reserve is widely expected to cut interest rates in the near future. The Commonwealth Bank still expects the RBA to begin easing rates in late 2024, although it acknowledges there is a risk that rate cuts could be delayed until early 2025.

“We remain of the view that softer economic data, a further deceleration in inflation, and the easing of monetary policy by many other central banks will see the RBA begin to cut interest rates later in 2024,” the Commonwealth Bank’s latest report states, though it notes a possible start date in early 2025.

As homeowners continue to grapple with rising costs, the outlook for interest rate relief remains uncertain, leaving many Australian households bracing for prolonged financial pressure in the months to come.

 

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Gardening

How to Harvest and Dry Herbs for Optimal Flavour and Use

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How to Harvest and Dry Herbs for Optimal Flavour and Use

 

By Liam Jennings

Herbs have long been valued for their culinary, medicinal, and aromatic qualities. Growing your own herbs at home offers a fresh supply of these versatile plants, but to make the most of your harvest, it’s essential to know when and how to pick and preserve them. Whether you’re growing basil, rosemary, thyme, or parsley, understanding the best practices for harvesting and drying herbs will help you maintain their rich flavours and potent properties throughout the year.

The Best Time to Harvest Herbs

Timing is crucial when it comes to harvesting herbs. To get the most flavour and potency, you’ll want to harvest at the right moment in their growth cycle.

  1. Morning Harvests: The best time to harvest herbs is in the early morning, after the dew has evaporated but before the sun’s heat intensifies. At this time, essential oils—the compounds responsible for the aroma and flavour of herbs—are at their peak.
  2. Pre-Flowering Stage: For most herbs, the optimal time to harvest is just before they flower. As herbs flower, they start diverting energy from leaf production to seed production, which can reduce the concentration of essential oils in the leaves. Keep an eye on your plants, and when you see buds beginning to form, it’s time to start harvesting.
  3. Leaf-by-Leaf or Entire Plant: Depending on the herb and your needs, you can harvest individual leaves or entire sprigs. For perennial herbs like thyme or rosemary, you can harvest sprigs throughout the growing season. For annuals like basil or cilantro, you may want to gather the entire plant before the first frost.

How to Harvest Herbs Properly

Proper harvesting techniques not only preserve the quality of the herbs but also ensure that your plants remain healthy and productive.

  1. Use Sharp Scissors or Pruning Shears: Always use sharp, clean scissors or pruning shears to cut herbs. This will ensure a clean cut and reduce the risk of damaging the plant or introducing disease.
  2. Don’t Strip Too Much: When harvesting perennial herbs, avoid taking more than one-third of the plant at a time. This will allow the plant to continue growing and producing more leaves throughout the season.
  3. Focus on New Growth: Harvest from the top of the plant, where the youngest and most flavourful leaves are located. This will encourage the plant to produce more branches and leaves, promoting bushier growth.

Drying Herbs: The Best Methods

Once you’ve harvested your herbs, the next step is to preserve them through drying. Drying herbs allows you to enjoy their flavours year-round, even after the growing season has ended. There are several methods to dry herbs, each with its own advantages.

1. Air Drying Herbs

Air drying is one of the simplest and most traditional methods for drying herbs. It works best for herbs with low moisture content, such as rosemary, thyme, oregano, and sage.

  • Step 1: Gather the herbs into small bunches. Tie the stems together with string or twine, ensuring the bunches are not too thick to prevent Mold formation.
  • Step 2: Hang the bunches upside down in a warm, dry, and well-ventilated area. Keep them out of direct sunlight, as too much heat can cause the essential oils to evaporate.
  • Step 3: Allow the herbs to dry for about 1 to 2 weeks. You’ll know they’re ready when the leaves crumble easily between your fingers.
  • Step 4: Strip the leaves from the stems and store them in airtight containers away from light and heat.

2. Oven Drying Herbs

If you’re short on time or live in a humid climate, drying herbs in the oven is a faster method. This method is especially good for herbs like basil, parsley, and mint, which have higher moisture content.

  • Step 1: Preheat your oven to the lowest possible temperature (ideally between 32°C and 45°C).
  • Step 2: Spread the herb leaves in a single layer on a baking sheet lined with parchment paper. Be sure the leaves are not overlapping.
  • Step 3: Place the tray in the oven with the door slightly open to allow moisture to escape.
  • Step 4: Check the herbs every 10 to 15 minutes to ensure they’re drying evenly. Most herbs will take between 1 to 2 hours to dry completely.
  • Step 5: Remove the leaves when they crumble easily, let them cool, and store in an airtight container.

3. Dehydrator Drying

Using a food dehydrator is a more controlled way to dry herbs, and it’s ideal for those who regularly preserve large batches of herbs. A dehydrator allows for consistent airflow and temperature, which can help preserve the flavour and colour of your herbs.

  • Step 1: Arrange the herb leaves in a single layer on the dehydrator trays.
  • Step 2: Set the dehydrator to its lowest temperature setting (around 35°C to 45°C for delicate herbs, and up to 125°F for sturdier herbs).
  • Step 3: Check the herbs after 1 to 4 hours. The drying time will vary depending on the moisture content of the herb and the efficiency of the dehydrator.
  • Step 4: Once dried, store the herbs in airtight containers to retain their flavour.

Storing Dried Herbs

Proper storage is crucial to maintaining the potency of your dried herbs. After drying, herbs should be stored in airtight containers like glass jars or metal tins. Keep them in a cool, dark place, away from sunlight and heat, as exposure to light and moisture can degrade their flavour over time. Ideally, use dried herbs within a year for the best flavour, though some herbs may last longer.

Using Dried Herbs in the Kitchen

Once dried, herbs become a versatile addition to your kitchen pantry. Use them to season soups, stews, meats, or vegetable dishes. As a general rule, dried herbs are more concentrated in flavour than fresh herbs, so you’ll need about one-third the amount of dried herbs when substituting them for fresh ones in recipes.

Conclusion

Harvesting and drying herbs is a rewarding process that allows you to enjoy the fresh flavours of your garden year-round. By knowing when and how to harvest your herbs and selecting the right drying method, you can preserve their essence and flavour, ensuring that your kitchen remains stocked with homegrown goodness even in the off-season.

 

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2025 Smart #5 Electric SUV Revealed: The Future of Outdoor Adventure

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2025 Smart #5 Electric SUV
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2025 Smart #5 Electric SUV Revealed: The Future of Outdoor Adventure

 

By Jeff Gibbs

The all-new 2025 Smart #5 electric SUV is set to revolutionise the way people experience the outdoors, combining cutting-edge electric technology with features designed for adventure. Created through a collaboration between Mercedes-Benz and Geely (Volvo’s parent company), the “hashtag five” is poised to change weekend getaways with a unique blend of off-road capability, luxury, and tech.

Power and Range At the heart of the Smart #5 is a massive 100kWh battery, offering an impressive range of more than 700 kilometres on a single charge. But this vehicle isn’t just about getting from point A to point B — it’s equipped to power outdoor adventures. The Smart #5 can run a variety of appliances, including a fridge, movie projector, and a high-fidelity stereo, making it an ideal companion for camping trips and outdoor escapes.

Design and Off-Road Capability Sized similarly to a Subaru Forester, the Smart #5 is designed for mild off-road tasks with all-wheel-drive traction and ample ground clearance. For those looking to push further into the wild, an optional off-road pack draws inspiration from the Land Rover Defender, featuring practical additions like a fold-down ladder, rooftop cargo tray, and external storage for muddy or wet gear.

Luxurious Interior and Advanced Technology Inside, the Smart #5 offers a premium experience with a digital dashboard and two high-resolution AMOLED displays. The SUV also boasts an augmented reality head-up display, giving drivers enhanced navigation and information at a glance. Powered by a water-cooled computer processor, the system can run movies and video games, turning the car into an entertainment hub for remote locations.

2025 Smart #5 Interior

2025 Smart #5 Interior

The vehicle’s heated seats come with a massage function and can fold flat to create a “king size” sleeping space — perfect for overnight stays, though likely not quite as large as a traditional mattress. Adding to the luxurious feel, the Sennheiser surround sound system provides immersive audio, while a cute electronic avatar acts as a digital assistant, similar to Amazon’s Alexa or Apple’s Siri.

Innovative Features for Outdoor Adventures One of the standout features is the built-in movie projector, which, combined with the climate-controlled cabin, offers a unique way to relax under the stars. The SUV’s robust electrical system also allows it to power various appliances, transforming campsites into high-tech getaways.

Launch and Market Plans Though pricing details have not been confirmed, industry expectations suggest the Smart #5 could approach the $100,000 mark, especially given its extensive features and capabilities. This places it above the smaller Smart #1 and Smart #3 models.

The brand’s decision to debut the model globally in Byron Bay, Australia, underscores its intent to bring the Smart #5 to the Australian market. After its initial release in China later this year, production for Australia is expected to begin in 2025, with journalists from Europe and Asia already traveling to see the model in person.

With its combination of eco-friendly electric power, innovative tech, and off-road capability, the 2025 Smart #5 promises to be a game-changer in the electric SUV market, catering to those who want to explore the outdoors without sacrificing comfort or modern conveniences.

 

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Urgent Action Needed: Community is Both the Challenge and Solution for People with Dementia

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Urgent Action Needed: Community is Both the Challenge and Solution for People with Dementia

 

Dementia Australia has issued a call for urgent action as new research released during Dementia Action Week reveals that the ongoing lack of understanding of dementia among Australians continues to fuel stigma and discrimination. The report, titled “‘People in the Community’ are the Challenge and the Solution: Towards a Dementia-Friendly Future,” highlights that while community support can be transformative, it is also the primary source of challenges faced by those living with dementia.

Key findings from the 2024 research show:

  • 71% of people with a loved one living with dementia reported their loved one was patronised by others.
  • 76% felt their family member or friend with dementia was treated as though they were not intelligent.
  • Two in three identified people in the community as the most frequent source of discrimination.
  • One in three reported that people avoided or excluded their loved one with dementia.

Additionally, other surveys by Dementia Australia show persistent misconceptions, with one in three Australians still believing that dementia is a normal part of aging—a belief that has grown slightly over the past decade. Alarmingly, 68% of respondents in both 2012 and 2024 indicated they know very little about dementia.

Bobby Redman, Chair of the Dementia Australia Advisory Committee and an individual living with dementia, expressed her frustration over the lack of progress in understanding and awareness. “It’s almost unbelievable that we still have to talk about this. Why do people treat us differently? What have we done to deserve this? All we are asking for is to be understood, respected, and supported—basic human rights,” Ms. Redman said.

She emphasised the need for communities to recognise dementia as a disability, despite its invisibility, and to provide the necessary support to reduce social isolation. “If councils, businesses, and organizations acknowledged this, we could feel less isolated and more included,” she added.

While some communities are making efforts to combat discrimination and foster inclusion, Ms. Redman stressed that much more must be done to create dementia-friendly environments across the country.

Professor Tanya Buchanan, CEO of Dementia Australia, noted that the research confirms “people in the community” are the primary source of discrimination toward those living with dementia. “The stigma surrounding a dementia diagnosis can discourage people from seeking healthcare, including early diagnosis, and it often leads to reduced social engagement, which in turn negatively affects the physical, cognitive, and emotional well-being of the individual.”

Professor Buchanan called for collective action, urging local, state, territory, and federal governments, as well as community groups, to raise awareness and understanding of dementia and take steps to make communities more inclusive.

The report serves as a stark reminder that greater education, understanding, and community-driven initiatives are essential to reducing the stigma and discrimination faced by those living with dementia.

“It is incredibly disappointing that Australians’ understanding of dementia has not shifted in a decade and profoundly concerning that more people now think dementia is a normal part of ageing than they did a decade ago. Dementia is not a normal part of ageing.

“We know that we can do better as there are great examples of dementia-friendly communities from around the country.

“And that’s why this Dementia Action Week (16-22 September) Dementia Australia is calling for urgent and sustained action by communities and governments at all levels to increase their awareness and understanding of dementia – and to become the solution.”

Head here to find out how you can join us to create a future where all people impacted by dementia are supported and welcomed in their communities, no matter where they live.

 

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