Financial Leigh

09/10/2026

The Great Surcharge Shuffle 💳

So Australia has finally banned card surcharges. But who's actually saving money?

Here's how it unfolded.

The RBA pushed ahead with banning surcharges, with the Government's backing, and capped some of the fees banks can charge.

The banks still charge businesses to process payments, and some have already announced changes to credit card fees, pricing and rewards.

The ATO then decided it wouldn't absorb the processing costs either, announcing it would stop accepting credit card payments altogether.

Small businesses can no longer pass on card surcharges directly, so they either absorb the costs or build them into their prices.

And the consumer?

Well, the surcharge might have disappeared, but the cost of processing payments hasn't. You could end up paying much the same, just in a different way.

The Government estimates the changes will eliminate $1.6 billion in annual surcharges and save businesses $910 million in fees.

But how much of that will actually flow through to consumers?

With inflation, housing affordability and the cost of living already squeezing Australians, you have to wonder how much all this work, consultation and policy change will actually move the needle.

*UPDATE, 9 OCTOBER:* Following backlash from small businesses, the Government has now stepped in to keep ATO credit card payments available until 30 June 2027 while longer-term arrangements are reviewed.



What do you think? Was the surcharge ban worth all the fuss?

24/09/2026

THE PRESSURE IS BUILDING 📈

First-home buyer mortgage demand fell 20.1% year-on-year in August, the largest annual decline since 2022.

At the same time, HIA reported new-home sales fell 19.3% over the three months to August compared with the previous three months, which matters because today’s sales are a leading indicator of future home construction.

Then there’s construction. CreditorWatch recorded 868 first-time construction insolvencies in August, up from roughly 300 per month through much of the previous year. The spike was concentrated in residential building, although that figure covers construction businesses broadly, not 868 individual home builders.

And the $3 billion stamp duty figure? EY estimates that if national house prices fall 2% in 2026, state and territory stamp duty revenue could be around $3 billion lower in FY27. So that figure is a forecast scenario, not $3 billion that has already disappeared.

Then there’s interest rates. All four major banks now expect the RBA to raise rates at next week’s meeting, with ANZ also forecasting another increase in November, which would mean two more rate rises before the end of the year.

None of this means one Budget caused every one of these numbers. Interest rates, affordability, confidence and broader economic conditions are all playing a role.

But three months on, the picture isn’t looking great, and there could be more pressure to come.

15/09/2026

The Mega Mansion Strategy... 🏰

Buy two trophy homes. Knock down the fence. Amalgamate the blocks. Build one completely NECESSARY mega mansion.

If it qualifies as your main residence, the capital growth is exempt from Capital Gains Tax.

Want to spend a few years floating around Europe on a yacht?

Rent it out, use the six-year rule and continue treating it as your main residence for CGT purposes.

PropTrack puts Australian property’s long-term average growth at around 6.9% per annum.

On a $100 million home, that’s $6.9 million in growth in one year... tax-free.

And yes, I have the receipts. 🧾

- Malcolm Turnbull bought next door in Point Piper, NSW.

- White Fox founders Daniel and Georgia Contos bought next door in Vaucluse, NSW.

- Menulog founder Leon Kamenev assembled four waterfront properties in Vaucluse, NSW.

- Harry Triguboff bought next door and created a 5,200sqm waterfront estate in Vaucluse, NSW.

Each time, the strategy was essentially the same: combine neighbouring properties to create a much rarer, and potentially much more valuable, property on completion.

Disclaimer: Not financial or tax advice. Consult your accountant & local council before removing any fences.

03/09/2026

One of Australia’s youngest billionaires has just moved to Dubai. ✈️

Is he an outlier, or is this part of something bigger?

Yes, this video is satire. But the numbers behind it are interesting.

Earn $1 million in Australia and you’re handing over around $440,000 in income tax and Medicare levy. 💸

In the UAE, personal income tax is 0%.

So are wealthy people fleeing Australia?

Not exactly. Australia is still gaining millionaires overall. But look at the direction:

2023: +5,200 net millionaires
2024: +2,500
2025: +1,000

Meanwhile, the UAE attracted around +9,800 in 2025.

Australia’s net millionaire inflow fell around 81% in two years, with 2025 reportedly its lowest on record.

And globally, around 165,000 millionaires are forecast to relocate internationally in 2026.

So why should the average Aussie care? 🇦🇺

ABS data shows the bottom 60% of households broadly receive more than they contribute, while the top 40% contribute more than they receive.

That doesn’t mean high earners shouldn’t pay more. But it is a balancing act.

You want your highest income earners paying the big tax bills.

You just don’t want to make it more attractive for them to leave.

Because if enough of the people writing the biggest cheques leave, the bill doesn’t disappear.

It gets passed down.

Obviously, moving overseas doesn’t automatically make someone a non-resident for Australian tax purposes. Tax residency and Australian-sourced income are more complicated than that. This is satire, not tax advice.

27/08/2026

❄️💰 Snowy Hydro 2.0

The numbers:

• March 2017: announcement: $2 billion, around four years to build.

• December 2017: feasibility study: $3.8 to $4.5 billion.

• December 2018: Final Investment Decision: $6.1 billion.

• August 2023: project reset: $12 billion & completion by 2028.

• October 2025: Cost reassessment released advising budget unachievable.

• March 2026: $11.1 billion already spent and only 73% complete.

• Today: A new cost assessment report is now 1 month overdue.

That means 92.5% of the $12 billion budget has already been spent while the project is only 73% complete.

If you simply extrapolate the spending so far: $11.1 billion ÷ 73% = $15.21 billion

So even if the remaining work costs no more per percentage point than what has already been completed, the project comes in at around $15.2 billion, roughly 7.6 times the original $2 billion estimate.

And the timeframe is under pressure too.

The Auditor-General found the project is behind schedule and there is currently no agreed baseline schedule for completion.

There is also a new detailed cost reassessment underway. It was launched in October 2025 and was originally expected to take up to nine months, but as of August 2026 it had still not been delivered to the Federal Government.

Chris Bowen has said it will be made public shortly after he receives it.

So we should soon get a much clearer picture of what Snowy 2.0 will actually cost and when it will actually be finished.

Let’s see what’s in store next. 🍿

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26/08/2026

Black Market 🚬🚬🚬🚬🚬🚬

Australia spent years making legal ci******es more expensive to discourage smoking.

The result?

The ABS estimates illicit sources accounted for 12% of to***co and ni****ne consumption in 2017 and around 80% in 2025

Meanwhile, the Government originally forecast $14.7 billion in to***co excise revenue for 2026-27. It now expects just $3.6 billion.

That’s an $11.1 billion downgrade.

And organised crime groups are estimated to be making $4.1 billion to $6.9 billion in profit from the illicit to***co trade.

So naturally, the solution is obvious...

Make the legal ones more expensive....problem solved.

***cotax

11/08/2026

FREE CHILDCARE? 👶

Australia already spends billions subsidising childcare, yet families are still paying thousands out of pocket just so both parents can work.

With birth rates falling and an ageing population, maybe free childcare isn’t as crazy as it sounds.

Maybe the bigger question is: can we afford not to?

05/08/2026

Made the news! Not behd, good size.

“It astounds me that the government are so short sighted on this."

04/08/2026

THE BREADWINNER TAX 🍞

In Australia, income splitting isn't allowed. You're taxed as an individual, no matter what your household looks like.

The result: a family where one person earns $300k pays around $107k in tax. A family next door earning $150k each pays around $80k. Same household income, $27k difference, purely because of who earned it.

The obvious fix is both parents working. But with kids, that triggers childcare costs, which can swallow most or all of the tax saving. And when you apply for the Child Care Subsidy to ease that? It's means tested on your entire household income.

That's the contradiction. When you're paying the government, you're two individuals. When the government's paying you, you're one household. Family Tax Benefit, Child Care Subsidy, the private health rebate, all assessed jointly. Your tax return, strictly solo.

Other countries do it differently. The US lets married couples file jointly and effectively split income across both tax brackets. France and Germany go further, adjusting tax based on household size.

Australia keeps it simple. Taxed as individuals. Means-tested as a household.



SHOULD AUSTRALIA ALLOW JOINTLY FILED TAX RETURNS FOR COUPLES?

20/07/2026

The Hokey Pokey Strategy, aka debt recycling. 🕺

In this example, the homeowner has:
• A $4 million home loan
• $4 million in available cash
• A 6% interest rate

That means $240,000 per year in interest.

Instead of investing the cash directly, the homeowner uses it to pay down the non-deductible home loan, redraws the money through a properly structured investment loan, then uses those funds to purchase income-producing shares.

The result?

The debt is still $4 million, but the interest may now be tax deductible. 🧾

And this strategy isn’t only for people casually finding $4 million behind the couch.

Whether your home loan is $400,000 or $4 million, if you have a home loan, available cash and you’re already planning to invest, debt recycling may allow you to progressively convert non-deductible home debt into tax-deductible investment debt.

You put the money in,
you take the money out,
you purchase the shares,
and turn the tax treatment around.

And that’s what it’s all about. 🪩

The loan structure, movement of funds and investment purpose all matter, so obtain appropriate tax and financial advice before implementing the strategy.