Taylor Swift's $300 million boost to Aussie economy

The Eras economic boom, Aussies are ditching cities for the regions, and new calls for the superannuation system to recognise Indigenous kinship structures. Here's what you've missed this week.

Australia in its spending era 

Taylor Swift may have departed our shores for the next leg of her Eras tour but the economic impact of her visit is still being felt.

Swift's seven concerts in Melbourne and Sydney helped generate more than $300 million for the Australian economy, according to NAB data. Spending in the Sydney CBD alone jumped 20% on the previous month.

"The cultural and economic impact of her seven, sold out, Melbourne and Sydney shows will last long in the collective memory, while businesses across both capital cities can be very thankful for the 'Taylor effect', which has helped spark a late-summer spending spree," says NAB executive Julie Rynski.

"There's no doubt businesses and consumers have had a difficult 12 months or so, but despite this, it's clear people are continuing to carefully evaluate and prioritise their spending on the things or experiences they truly value.

East coast motorists warned of petrol super cycle 

Motorists in Brisbane, Sydney and Melbourne should prepare for a petrol 'super-cycle', with fuel prices already soaring past $2.30 per litre for unleaded 91.

While each city typically operates according to its own fuel pricing cycle, the latest highs across greater Brisbane, Sydney and Melbourne suggest that the cycles could sync, warns Chris Ford from Compare the Market.

Motorists should fill up now before prices peak, he says.

"These high prices are the last thing motorists need as the cost-of-living crisis continues to bite, but the reality is that $2.30 per litre could become the norm for the next few weeks as Sydney, Brisbane and Melbourne enter the first fierce fuel cycle of 2024," says Mr Ford.

"While fuel pricing cycles are normal across the cities, motorists may be surprised to see the new price peak at $2.31 a litre in both Sydney and Brisbane.

"This tells us that more fuel stations could soon hike their prices and it'll become harder to fill up the tank for less than $2 a litre."

Petrol prices across Sydney vary by 55 cents a litre, or a saving of $27.50 when filling up a 50-litre tank, he says.

'Lucky' number plate fetches record price at auction 

Victoria's 'luckiest' number plate has fetched a record-breaking $230,000 at auction.

The 888-888 number plate went under the hammer at Donington Auctions' collector car and number plate auction after 30 years of private ownership.

The sale smashed the previous record for a Victorian custom numerical plate, set by 911-911 when it sold for $53,000 in 2022.

"The numeral '8' is considered a lucky number in Chinese culture, and that was certainly the case for the plates' elderly owner of three decades," says Donington Auctions' Cameron Sabine.

"Having an '8' within a registration plate sequence has become the digit of choice among number plate collectors, both for its luck and in the case of this particular plate, its symmetrical format."

Aussies ditching cities for the regions 

Urban dwellers are still ditching cities for regional areas, and the Sunshine Coast is the seachange destination of choice, according to the latest Regional Movers Index (RMI).

The RMI - a partnership between CBA and the Regional Australia Institute (RAI) - monitors trends around people moving to and from regional areas.

The most recently quarterly data shows relocations to regional areas are at their highest level since September 2022, up 4.6%.

"Regional Australia offers something more for many people, especially those from big cities," says RAI CEO Liz Ritchie.

"More space, more time, more affordability. This shift, away from capital city living, has been underway now for a decade. It was definitely super-charged by Covid, but this data proves the regions are still very desirable for a significant proportion of the population."

So which cities are people fleeing? Sydney accounted for two-thirds of all capital city outflows.

Call to improve superannuation standards for First Nations people 

Recognising the importance of Indigenous kinship structures and empowering financial counsellors to act on behalf of clients were among five priorities set down for the Indigenous Superannuation Working Group at this week's First Nations Super Summit.

The working group aims to improve superannuation standards for First Nations people.

"We've focused not just on identifying problems but really understanding what they are," says First Nations Foundation chairperson Ian Hamm

"Talking about Aboriginal people and finances is an almost undiscovered country for us."

Association of Superannuation Funds Australia chief executive Mary Delahunty told the conference the superannuation system had been designed in a way that meant outcomes weren't always fair.

"Super magnifies experiences in working life and serves that experience back up on a rather unappealing platter sometimes at the end of an individual's economic contribution to this nation," she says.

"That magnification can be genuinely unfair if the system doesn't replicate your working life."

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