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Here’s what you need to know today

• Happy new financial year to all those who celebrate. For the 2024 Financial Year, the ASX 200 was up 10.5% (before dividends) and that is despite a 14% fall between February and April.
  
  

• Nine Entertainment has bought the assets of Optus Sport, most notably the rights to broadcast the English Premier League. Those games will now be broadcast on Stan Sports when the EPL returns in August. (The Guardian)
  
  

• Star Entertainment is in trouble once again. Star had agreed to sell its stake in Queen’s Wharf casino and hotel complex to fellow investors, in a move that would free up cash to help the struggling casino operator. Now, those investors are walking away from the deal. Star has a likely rescue coming from American giant Bally’s Corporation, but until that deal gets shareholder and regulatory approval, the casino operator is once again on shaky ground. (AFR)
  
  

• Australia’s Climate Change and Energy Minister Chris Bowen has announced a review of Australia’s gas market. As part of this review the government has opened the door to a east coast gas reservation scheme (similar to what operates in Western Australia, where LNG projects must retain 15% of gas produced in the state for domestic consumption). (Capital Brief | AFR)
  
  

• Canada has announced it will scrap its Digital Services Tax, after US President Trump cut off trade negotiations over the proposed tax. The tax would have taxed large technology platforms up to 3% of revenue earned in Canada for certain digital services (like digital advertising). (NY Times)
  
  

• America’s Senate narrowly voted to advance President Trump’s Big Beautiful Bill. The 940-page bill would cut taxes, increase defence spending, cut Medicare and increase the deficit by more than $3 trillion over 10 years. Trump wants the bill passed before America’s Independence Day on 4 July. (CNBC)
  
  

• President Trump claimed he had found a group of “very wealthy people” to buy TikTok’s American operations. A law forcing TikTok-owner ByteDance to sell its American operations or be banned on national security grounds has been repeatedly delayed by Trump since taking office. Trump said he would reveal the group in two weeks. (Reuters)

What the…?

American fast-casual chain Chipotle is planning to open a new restaurant every 24 hours. How is it opening restaurants at such an astonishingly high rate? Using its AI-powered platform Ava-Cado.

According to the company, the biggest constraint in opening new stores is hiring staff. Ava-Cado is an AI-powered HR platform that the company now uses to hire staff, and it reports that it has cut the time to hire a new employee by 75%. (Fox Business)

Investing is a lifelong journey

Here’s what you can learn today.

Balancing mortgage repayments and Super contributions

Community Question: How can young Aussies effectively balance mortgage repayments against additional super contributions?

We put this question to Matt Ingram, financial adviser and partner at Northhaven Financial Management.

Making additional superannuation contributions gets plenty of attention, and for good reason. Instead of paying tax at your marginal rate (which can be as high as 45% plus a 2% Medicare levy), concessional contributions to super are taxed at just 15%, providing a significant tax advantage.

With Australians living longer, it’s also crucial to save for retirement, a period of your life that could last decades without employment income. However, like all financial decisions, additional super contributions come with an opportunity cost, particularly for those with a mortgage. Every extra dollar directed into super is a dollar not reducing your home loan.

For most Australians in their 20s, 30s, and even 40s, I almost always advocate prioritising mortgage reduction over additional super contributions. One key reason is access. Not long ago, the preservation age (the age at which you can access superannuation under a condition of release) was 55. Today, it’s 60, and it may increase further in the coming decades. While super contributions offer tax benefits, they also lock your funds away for the long term (which don’t get me wrong, is sometimes a good thing as well).

An alternative approach is directing surplus income into an offset account rather than superannuation. Money placed in an offset account reduces the interest payable on your mortgage, delivering a tax-free return equivalent to your home loan rate. This strategy not only helps pay off your mortgage faster but also provides flexibility as you retain access to the funds if needed.

Becoming mortgage-free is a major milestone on the path to financial freedom. Without a mortgage, cash flow is significantly improved, allowing for greater super contributions in the years leading up to retirement. This approach ensures you maintain financial flexibility while still working towards long-term wealth.

That said, financial decisions should be based on individual circumstances. A good financial adviser can help you evaluate the trade-offs and find the right balance between paying down your mortgage, growing your super, and achieving your personal financial goals.

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

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