Welcome to June - the month where you’ll see a lot of personal finance tips, as the end of the financial year approaches. However, that’s not the case for most of the world - only about 10% of the world’s economies finish their financial year on 30 June, with most (according to the International Monetary Fund, about 150) nations sticking to the more ‘traditional’ calendar ending 31 December.

Tax returns around summer holidays? Nah. I like our current system.

New data shows that property prices in Sydney and Melbourne fell in May. However, small increases were still recorded elsewhere in the country.

The slowdown was recorded in the same month the Government announced major changes to tax rules for property investors.

The figures come from property research firm Cotality, which tracks housing prices and sales across the country.

Here's what to know.

According to Cotality, Sydney home values fell by 0.9% in May, while Melbourne's fell by 0.8%.

Quick note: These are monthly changes. If we look at the annual changes, house prices are still up overall in Sydney and Melbourne. In Sydney, house prices are up 2.2% annually, and in Melbourne, 0.7%.

But back to monthly figures: Elsewhere, prices continued to rise. Perth and Darwin recorded the strongest monthly growth at 1.5% each, followed by Brisbane and Hobart (0.9%) and Adelaide (0.5%).

Sydney remains the most expensive city for homebuyers, with a median home value of $1.28 million.

Cotality research director Tim Lawless said that while there were still some increases in May, “most markets [are] losing momentum as demand-side headwinds intensify.”

So, why is there less demand?

Experts say there are two possible answers:

Rising interest rates

At the start of May, the Reserve Bank of Australia increased the cash rate to 4.35% – its third hike in a row. Higher interest rates increase mortgage repayments and reduce how much buyers can borrow, which can put downward pressure on home prices.

Housing Minister Clare O'Neil told ABC's Insiders these elevated interest rates are the main reason that prices have softened.

However, others have argued that the Government’s proposed housing tax changes have something to do with it.

The changes

In May, the Government also unveiled its federal budget for the next financial year. In it, it proposed changes to the capital gains tax (which applies when you sell a home) and negative gearing rules (which applies if you’re an investor renting out the property).

Under the plan, the current 50% capital gains tax discount would be replaced with a system linked to inflation. With negative gearing, the Government proposed scaling back the tax advantages you get access to if you’re a property investor. (If you’re confused, that’s because it is quite complex! To learn more you can listen to our podcast on the changes on Spotify here, Apple here or YouTube here.)

One economist, Chris Read from Morgan Stanley, estimated the changes could reduce house prices by as much as 10% over time – a decline that would be among the largest housing market corrections Australia has seen in decades.

However, the Government disputes that forecast. O'Neil said the tax changes would reduce house prices by about 2%.

A final note: The changes have not come into effect yet, or even passed Parliament. So whilst some are saying the proposal could already have influenced decisions by prospective investors, the full impact won’t be evident yet.

Reporting by Lachlan Keller.

3 things to consider when investing globally

1. Don’t just stick to Aussie stocks – backing local companies is safe, but home bias can limit diversification and growth opportunities.

2. Decide how to invest - direct international shares, global ETFs, or managed funds, and compare costs, complexity and diversification.

3. Be aware of extra costs for international trades, including brokerage and currency conversion.

^{Transparency: This is a sponsored section of the newsletter. It’s the best way we can keep this newsletter free for you. Disclaimer: Information is general in nature. Investing carries risk. To find out more, you can visit commsec.com.au}

On Friday, two members of KPMG Australia’s senior leadership team stepped down after the firm acknowledged it had mistreated a whistleblower.

The whistleblower alleged the company misused confidential client information and misled a Senate inquiry. Their allegations were first aired in the Senate in March.

KPMG said it will “undertake an external review of our underlying speak-up culture”.

Here’s what you need to know.

In March, O’Neill gave a speech in the Senate in which she quoted from a letter by an anonymous whistleblower at KPMG, using her parliamentary privilege to air their allegations without risking a lawsuit.

The whistleblower’s letter said they had already tried to raise their concerns internally at KPMG, and then with ASIC, before finally coming to O’Neill.

They alleged that employees at KPMG took confidential documents from the construction company Lendlease and used them to help the accounting firm win more clients, including Westpac.

The Lendlease example was one of several the whistleblower detailed, where KPMG staff allegedly behaved unethically to win contracts with major companies.

The whistleblower additionally alleged KPMG leadership had lied to a previous Senate inquiry.

They also alleged they had faced “adverse action” at work due to raising these concerns, which, if true, could be deemed illegal under the Fair Work Act.

KPMG Australia released a statement last Friday, noting that its treatment of the whistleblower and its investigation into the whistleblower's allegations fell short.

As a result, CEO Andrew Yates and National Managing Partner for Audit and Assurance Julian McPherson resigned.

Chairman Martin Sheppard said the firm “apologise[s] unreservedly to the whistleblower.”

An investigation into the company’s culture has been launched, in addition to an existing inquiry into the allegations and whistleblowing.

In a statement on Friday, KPMG Australia CEO Andrew Yates said: “I have been committed to a speak-up culture in our firm, it is clear that in this case we have let ourselves down and I take accountability.”

The joint committee is in the midst of an inquiry into ASIC.

In March, the committee announced they would “consider the evidence” shared by O’Neill around alleged misconduct at KPMG.

On Friday, the committee discussed the Lendlease allegations.

The Sydney Morning Herald reported on Monday that Lendlease is reviewing its contract with KPMG.

Reporting by Emily Donohoe.

Not all ETFs aim for the same thing

Some Exchange Traded Funds (ETFs) focus on income, investing in companies that pay regular dividends. Others chase growth, targeting industries or regions expected to expand over time – like technology or emerging markets.

Many investors choose to mix both approaches depending on their goals, time horizon, and stage of life - whether building wealth, generating income or balancing the two.

Because at the end of the day, the goal isn’t just chasing the hottest investment – it’s choosing something that actually fits your long-term plan.

^{Information is general in nature. Investing carries risk. Consider the offer and Pocket T&Cs, and other fees and charges at commsec.com.au before deciding.}

Ever wondered what’s on the Macca’s menu overseas?

Well, the fast-food giant has launched a new "Menu Heist", basically importing popular items from around the world.

Australians can now try Japanese chicken burgers and nuggets, Canadian bagels, and a U.S. dipping sauce.

The odd one out? A "Philly Cheese Stack" burger borrowed from McDonald's UK – not the U.S, where Philadelphia actually is.

Bold move from the UK, which still has half the world's artefacts in a London museum.

Reporting by Lachlan Keller.