[Peter Sutton]

It’s a US lottery which means very different things to Australia. In Australia tax is not paid on lottery winnings. In the US it is. A winner would lose 38% US Federal Income Tax and State Tax.

One essential difference is that big wins like this are paid over thirty instalments in 29 years. One is paid upfront, then each year after. The payments are increased by about 5% per year to allow for inflation.

There is a cash option about half of the quoted amount. That half a billion is soon whittked down to about $150 Million. That some is not insignificant but a long way from the half a billion.

Different tax rules apply throughout the world. A win in Spain sees tax at 20%. In Italy about 22%. The US is taxed at 38% on wins above $1500. It’s made up of Federal Tax of 30% plus a state tax of 8%.

In Australia The Lottery Office buys the tickets and the state they buy in charges the 8%.

Many lotteries internationally do not permit overseas buyers.

A lot more complicated than first appears.

There are a range of lotteries available now. The odds though for the huge jackpots are in the hundreds of millions.

A little known but true statistic is that 60% of lottery winners are broke again within 5 years.

People buy the Lamborghini or Ferrari but don’t allow for the tens of thousands of dollars for insurance and servicing. They buy the penthouse or boat but don’t anticipate the harbour fees or body corporates.

Money is both a blessing and a curse.

[Peter Sutton]

I once read results of a University research study examining wealth. Those receiving under $100,000 considered it wealthy. Those at $100,000 considered $250,000 as high. Those at that level thought rich was $500,000. Those individuals considered rich as $1,000,000 plus.

I remember a profile of Michael Edgely from the 1980’s. He stated, “ You are not rich until you have $100Million.

The reality is that the overwhelming majority are not rich. The median income ( halfway point- half earn above and half below) is $52338 according to ABS at 2022.

It’s interesting to note the figures.

Yet,we must also remember wealth inequality is growing within Australia. Extreme examples, but let’s consider Qantas. The Chairman Richard Goyder received a $100,000 pay rise.All directors also received increases in fees. At a time they are imposing a wage freeze.

Many of our cohort are existing on Jobseeker. A number of reasons including medical conditions, inaccessibility to the Disability Pension, and delayed access to the age pension 67.

We cannot discuss income, without looking at the other side of the coin.

[Peter Sutton]

I have now had my sixth COVID vaccination, I also have a flu shot every year and I am vaccinated for Shingles, Tetanus and other illnesses. I always have the injections in the same arm. That’s my personal preference.

I think there should be more research. Anything which will give medicine a boost in dealing with diseases should be examined.

I have been a volunteer for many studies over the years, all of which have strict ethical standards and parameters.

Having been involved, I trust research.

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