Lovely to pop in here and say hello - today, I thought I’d take you through the significant digital currency developments in the U.S. (and why they might change the way we engage with cryptocurrencies here in Australia!) and a quick rundown on the HECS changes that are currently passing through federal parliament.

Answer: This week, Labor is delivering on its election promise to cut 20% off all HECS debts. If you've got student debt, here's what you need to know.

The Higher Education Contribution Scheme (HECS) is Australia's student loan system. When you study at university, the government lends you money to cover your course fees, and you pay it back through the tax system once you're earning enough.

In the lead-up to the election earlier this year, Labor promised to cut 20% off HECS debts if it was re-elected. In practice, that means if you owe $30,000, that becomes $24,000. If you owe $50,000, it drops to $40,000. As part of the pledge, Labor said the discount would be backdated to pre-indexation, which took effect on 1 June.

Every year on 1 June, your HECS debt gets "indexed" - meaning it increases to keep up with economic changes. This year, debts increased by 3.2%. However, the 20% discount will be applied to your debt balance as of 1 June, before the indexation adjustment.

Let’s play that out on an example of $30,000 HECS debt. On 1 June, it would have risen by $960 (3.2%). However, your HECS debt will now be $24,000 (if the bill passes parliament), because Labor will apply a 20% discount to your debt before the indexation on 1 June.

The legislation needs to pass Parliament when it sits from 22 July. While the Coalition hasn't fully committed to supporting it, Shadow Education Minister Jonathon Duniam said they won't "stand in the way."

For the roughly three million Australians with student debt, this represents real money back in your pocket - particularly helpful for younger Australians, with around 70% of HECS debtors being 35 or younger.

Nope. The Australian Taxation Office will automatically apply the discount to everyone's account once the legislation is passed. You don't need to apply, call a hotline, or fill out forms.

Last week, something big happened that will change how we move and use money in the future. The GENIUS Act creates America's first federal framework for stablecoins - and it's about to change how we all engage with digital currencies. Let me explain.

A digital currency is a type of currency that exists solely in digital form. Instead of carrying cash or using a bank card, you can send digital currencies - like cryptocurrencies - instantly to anyone in the world using just your phone.

But here's the thing: most digital currencies are volatile. Take Bitcoin, for example - it could be worth $100,000 one day and $80,000 the next. That's not very useful if you're trying to pay for your groceries or send money to your mum overseas. That's where stablecoins come in.

Stablecoins are digital currencies designed to maintain a stable value, always equivalent to that of regular money. So one digital dollar always equals one real dollar.

Here's how they work: Imagine if TDA created a cryptocurrency called TDACoin. For every coin we create, we would put one real dollar in a vault (called a 'reserve'). That’s money that needs to sit there, and which we can’t invest in risky assets. When you (the person buying TDACoin from us) want to cash out your TDACoins, we would give you real dollars from our vault. A

It means that when the value of a real dollar goes up or down, so does the value of TDACoin - the coin is 'pegged' against the dollar. Because of this feature, TDACoin would be classified as a 'stablecoin'.

Why does the U.S. Government believe stablecoins are important? Three big reasons: 

The stablecoin market is now worth about $AU365 billion globally - roughly half the size of Australia's entire annual government budget.

This is where things get scary. Until last week, there were no rules about what companies actually had to keep in their reserves (vaults).

Some companies were responsible - they kept real dollars for every digital dollar. But others? They might put your money into risky investments or lend it out. If those investments went south, you lost everything. It's like if your bank gambled with your savings account.

This happened. In 2022, a popular stablecoin called TerraUSD collapsed because real dollars did not back it, and people lost billions.

The GENIUS Act (yes, that's really what they called it) just created the first proper rules for digital dollars in America. That promise to hold one stable asset (like a dollar) for every digital coin now has to be proven. 

For every digital dollar a company creates, they must hold exactly one real dollar in safe assets like bank deposits or government bonds. No risky investments allowed. Every month, companies must publish exactly what they have in their vaults, verified by independent accountants.

This law passed with huge support – 68 votes out of 98 in the Senate, backed by both Republicans and Democrats working together. Why such broad support? Because both sides realised digital currencies aren't going away, and it's better to have rules that protect people than let it be the wild west.

President Trump signed it as part of "Crypto Week" – essentially a week where the United States aimed to become a global leader in digital currency regulation.

The move to regulate crypto has increased confidence in the entire digital currency space. That friend with Bitcoin? They've had a pretty good week.

We don’t know exactly what will happen here because of the GENIUS Act. It’s likely that more Australian banks will likely start offering these services, meaning you could send digital dollars through your regular banking app. Last week, the Reserve Bank of Australia announced projects investigating whether stablecoins could become permanent features of our economic system.

For those transferring money to the U.S., cross-border payments could become cheaper and faster using stablecoins rather than mainstream payment services.

Ultimately, we're witnessing the foundations of an entire new way of dealing with money - what many think is the beginning of the end of the wild crypto rollercoaster. This seems to be a positive step forward for everyone.

“Pay us what you owe us”: That was the simple phrase worn on t-shirts by the WNBA All-Stars as they warmed up on-court in Indianapolis over the weekend.

The All-Star game is an annual exhibition match where the best players in the league come together and play a game against each other. For the players, it was the perfect forum for a symbolic protest against the WNBA as they continue to negotiate a new players’ agreement.

Currently, WNBA players receive 9.3% of the league's total revenue. For their male NBA counterparts, the rate is 50%. WNBA players want to see that percentage increase, especially as the league continues to grow rapidly in popularity.

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