This week's top reads

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While the instinct to hoard toilet paper at the start of COVID was a surprise, stashing petrol due to the Middle East conflict is far more predictable. For many people, petrol is critical to get them to work, run machinery for their small business, get the kids to school, even do the grocery run.

However, it can be highly dangerous. If you’re planning on stashing fuel alongside the loo rolls, be warned: in the event of a fire, your home might not be insured if it’s not stored correctly. Instead, check out our tips to pay less at the pump and be mindful of how much you churn through.

Unfortunately, the war has kicked off predictions of a rate hike frenzy from economists, with all four big banks now forecasting a hike next Tuesday, followed by another in May. If this materialises, it would mean three consecutive hikes in as many meetings.

A hike on Tuesday is not a done deal but it’s worth using the weekend to review your mortgage. If you’re an owner-occupier paying more than 5.50 per cent, you should be tightening the screws on your lender.

And finally, some good news and Victorian readers may want to take a seat for this. Your electricity prices are set to go down from 1 July. Yes, down. It’s a word we’ve almost forgotten exists.

The Victorian regulator has proposed an average annual drop of $46 for those on a default electricity plan, which, if finalised, will be welcome relief. That said, for those who can shop around, you absolutely should, because, in some areas, you can potentially find savings that are more than $350. That’s a lot more loo paper.

It’s been a volatile week for petrol prices. Here’s how you cut costs at the bowser and avoid some of the sting.

Don’t just accept the April 1 increase. Check your renewal letter for the exact jump, then see how to outsmart the price hike.

If you like the thought of someone else doing the cooking, you’re probably also someone who enjoys trying out new restaurants, but the price of eating out these days can make this kind of treat cost-prohibitive. To extend the dream as far as possible, our colleague, Sarah, uses the Best Restaurants gift card with a clever strategy in play: she only buys the gift cards when they’re on sale, typically at 20 per cent off (!). She then goes in for maximum bang for buck, buying a $500 card, giving her $100 worth of eating out for free 🤌. If you don’t want to wait for these sales, new customers can currently get $25 off their first purchase of a gift card with the code TASTY25. 

How’s this for a stat? Last year, Australians submitted 111,373 complaints to the financial referee, an increase of 14 per cent. The Australian Financial Complaints Authority, or AFCA, helps everyday Australians take on financial behemoths by providing independent mediation. AFCA isn’t on your ‘side’ but is there to listen to what’s fair, with the power to make binding decisions. The outcome of these complaints? Not everyone got what they were after, but it did result in $643 million in refunds and compensation. You don’t need an expensive lawyer to get action. AFCA offers a direct path to mediation to help us little guys take on Goliath (when warranted, of course). 

It hasn’t exactly been smooth sailing for the government’s changes to the tax on super-sized superannuation balances, but this week the bill passed and the new rules are set to start on 1 July. What does this mean? Income earned from balances over $3 million will be taxed at 30 per cent, while earnings from balances over $10 million, will get taxed at 40 per cent, instead of the current 15 per cent, with two key changes – the taxable earnings will be on realised gains only, while the thresholds will rise with inflation over time. It’s a Robin Hood-style reform as some of this money will go to boosting the low-income super tax offset for those earning under $45k from July 2027, with the maximum offset rising from $500 to $810.