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Here’s what you need to know today

• America bombed multiple Iranian nuclear sites over the weekend. America used B-2 Bombers and submarine-launched cruise missiles to hit the Fordow, Natanz, and Isfahan nuclear facilities. Fordow is Iran’s main nuclear facility, buried deep in a mountain, and only American ‘bunker-buster’ bombs were thought to be able to reach it. (CNN)
  
  

• A spokesman for Iran’s nuclear organisation told Iranian state media that the Fordow site experienced limited damage. Some of the videos emerging (such as this one) suggest there was a fair bit of damage but the full picture remains unclear at this stage.
  
  

• America’s attacks came one day after Iran’s foreign minister said there was “no room” for nuclear talks with America while Israel’s attacks continued, going on to say that America was “a partner in these crimes”. (Reuters)
  
  

• Back in Australia, productivity is the word of the moment for our political leaders. Federally, Treasurer Jim Chalmers has put tax reform on the agenda as part of a push to improve productivity. (SMH) In NSW, Treasurer Daniel Mookhey has acknowledged the need for reforms to speed up project delivery. (AFR) And in Victoria, the government has announced plans to cut payroll tax and reduce red tape in an effort to boost productivity. (Herald Sun)
  
  

• Australia’s temporary net migration – the difference between the number of people arriving from overseas and those who left - was 340,800 in 2024. This is down 36% from 530,620 in 2023. Overall, Australia’s total population grew by 1.7% in 2024 to 27.4 million people. (AFR)
  
  

• The South Australian government has laid out its conditions for its approval of the acquisition of Australian oil and gas giant Santos by the Abu Dhabi-backed XRG. The government would require Santos’ headquarters remain in Adelaide and to reach an agreement on large investments in projects across the state. (AFR)
  
  

• The French government announced it would invest €717m in Eutelsat, a European competitor to Elon Musk’s satellite-internet service Starlink. This investment will make the French government Eutelsat’s largest shareholder. (France 24)
  
  

• Finland’s parliament voted to withdraw from an international treaty against anti-personnel mines. The country shares a border with Russia and wants to sure up its defences. Russia is not a signatory to the anti-landmine agreement and since its invasion of Ukraine has deployed a large numbers of landmines, making Ukraine the most mined country on Earth. (Reuters | The Economist)
  
  

• The British lower house voted to legalise euthanasia (otherwise known as assisted dying) for terminally ill adults. The bill will now be voted on by the House of Lords before becoming a law. (Associated Press)

What the…?

OpenAI CEO Sam Altman shared something on a podcast that caught the business world’s attention: Meta is offering US$100 million sign-on bonuses to OpenAI employees who move across to Meta.

This shows just how hot the competition for AI talent is (and maybe how much some of those early OpenAI employees will have in employee stock options). (Reuters)

That’s not all the money Meta is throwing around as it tries to play catch up with AI. Tune in to today’s episode of Equity Mates Investing podcast as we break down these sign-on bonuses alongside Meta’s recent acquisition of ScaleAI. (Apple | Spotify)

Investing is a lifelong journey

Here’s what you can learn today.

Using the First Home Super Saver Scheme

Community Question: How can Australians best utilise the First Home Super Saver Scheme?

We put this question to Emily Ugarkovic, financial adviser at Northhaven Financial Management.

Saving for your first home can feel overwhelming. With Australia’s median house price nearing $1,000,000, securing a 20% deposit is a challenge for many. The First Home Super Saver Scheme (FHSSS) is one tool that can help by allowing first-home buyers to save for a deposit through their superannuation, taking advantage of tax benefits and potential investment growth.

Eligible individuals (those who have never owned property and want to buy their own home) can make voluntary contributions to their super fund and later withdraw these savings to purchase their first home. The key features include:

• Super contributions are taxed at 15% rather than your marginal tax rate which is likely to be 32% to 47% (including the Medicare levy).

• Superannuation investments may offer better returns compared to standard savings accounts.

• You can contribute up to $15,000 per year, up to a lifetime cap of $50,000. You can then withdraw up to $50,000 and the associated earnings to put towards your first home.

• If you’re a couple, you can both make use of these thresholds then combine the withdrawal proceeds to purchase a home together.

Where we often see this being effective is when help or an inheritance is received from relatives to purchase a first home. Take, for example, an individual who earns $100,000 per year, meaning they have a marginal tax rate of 32% (including Medicare Levy). If they were to receive $50,000 from family to help towards a property, they’d likely need to save up more before making the purchase. They could use the FHSSS to contribute the $50,000 to super over time while continuing to save outside of super, as follows:

• June 2025 (FY25): $15,000 contribution, resulting in a $2,550 tax saving

• July 2025 (FY26): $15,000 contribution, resulting in a $2,550 tax saving

• July 2026 (FY27): $15,000 contribution, resulting in a $2,550 tax saving

• July 2027 (FY28): $5,000 contribution, resulting in a $850 tax saving

In the space of two years and one month, you’ve paid $8,500 less in tax than you otherwise would have, adding to your savings for your home. These savings would be even greater if you were on a higher marginal tax rate. Add into this some investment returns and you could have over $10,000 extra towards your first home deposit.

Interested in speaking to Emily or another of our hand-picked financial advisers? Fill out the form on our website and we’ll put you in touch.

Today’s sponsor is Scouting Australia Podcast

How David and Alicia Built a $6.5 Million, 8 Property Portfolio in 5 Years

Join Sammy Gordon, Equity Mates’ regular property expert, as he sits down with long-time Australian Property Scout client and dedicated investor David, who - alongside his wife Alicia - built an 8-property portfolio worth $6.5 million in just 5 years.

From a self-confessed “super green, super naive” beginner to a confident, strategic investor, David shares the pivotal moments, mindset shifts, and sacrifices that fuelled their journey.

Discover how a chance podcast episode led to a game-changing connection, the lessons learned from early setbacks, and the power of surrounding yourself with the right team.

Tune in to this inspiring investor story on the Scouting Australia Podcast, available now on all your favourite platforms.

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