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Nobel economics prize: insights into financial contagion changed how central banks react during a crisis

<p><em>This year’s <a href="https://www.nobelprize.org/prizes/economic-sciences/2022/prize-announcement/" target="_blank" rel="noopener">Nobel prize in economics</a>, known as the Sveriges Riksbank Prize in Economic Sciences, has gone to Douglas Diamond, Philip Dybvig and former Federal Reserve Chair Ben Bernanke for their work on banks and how they relate to financial crises.</em></p> <p><em>To explain the work and why it matters, we talked to Elena Carletti, a Professor of Finance at Bocconi University in Milan.</em></p> <p><strong>Why have Diamond, Bernanke and Dybvig been awarded the prize?</strong></p> <p>The works by <a href="https://www.nobelprize.org/uploads/2022/10/popular-economicsciencesprize2022.pdf" target="_blank" rel="noopener">Diamond and Dybvig</a> essentially explained why banks exist and the role they play in the economy by channelling savings from individuals into productive investments. Essentially, banks play two roles. On the one hand, they monitor borrowers within the economy. On the other, they provide liquidity to individuals, who don’t know what they will need to buy in future, and this can make them averse to depositing money in case it’s not available when they need it. Banks smooth out this aversion by providing us with the assurance that we will be able to take out our money when it’s required.</p> <p>The problem is that by providing this assurance, banks are also vulnerable to crises even at times when their finances are healthy. This occurs when individual depositors worry that many other depositors are removing their money from the bank. This then gives them an incentive to remove money themselves, which can lead to a panic that causes a bank run.</p> <p>Ben Bernanke fed into this by looking at bank behaviour during the great depression of the 1930s, and showed that bank runs during the depression was the decisive factor in making the crisis longer and deeper than it otherwise would have been.</p> <p><strong>The observations behind the Nobel win seem fairly straightforward compared to previous years. Why are they so important?</strong></p> <p>It’s the idea that banks that are otherwise financially sound can nevertheless be vulnerable because of panicking depositors. Or, in cases such as during the global financial crisis of 2007-09, it can be a combination of the two, where there is a problem with a bank’s fundamentals but it is exacerbated by panic.</p> <p>Having recognised the intrinsic vulnerability of healthy banks, it was then possible to start thinking about policies to alleviate that risk, such as depositor insurance and reassuring everyone that the central bank will step in as the lender of last resort.</p> <p>In a bank run caused by liquidity (panic) rather than insolvency, an announcement from the government or central bank is likely to be enough to solve the problem on its own – often without the need for any deposit insurance even being paid out. On the other hand, in a banking crisis caused by insolvency, that’s when you need to pump in money to rescue the institution.</p> <p><strong>What was the consensus about bank runs before Diamond and Dybvig began publishing their work?</strong></p> <p>There had been a lot of bank runs in the past and it was understood that financial crises were linked to them – particularly before the US Federal Reserve was founded in 1913. It was understood that bank runs made financial crises longer by exacerbating them. But the mechanism causing the bank runs wasn’t well understood.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=405&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/489027/original/file-20221010-11-on0vn4.jpeg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=509&amp;fit=crop&amp;dpr=3 2262w" alt="Police controlling an angry crowd during a Paris bank in 1904" /></a><figcaption><span class="caption">A bank run in Paris in 1904.</span> <span class="attribution"><a class="source" href="https://www.shutterstock.com/image-illustration/paris-police-hold-back-crowd-making-242294071" target="_blank" rel="noopener">Everett Collection</a></span></figcaption></figure> <p><strong>How easy is it to tell what kind of bank run you are dealing with?</strong></p> <p>It’s not always easy. For example, in 2008 in Ireland it was thought to be a classic example of bank runs caused by liquidity fears. The state stepped up to give a blanket guarantee to creditors, but it then became apparent that the banks were really insolvent and the government had to inject enormous amounts of money into them, which led to a sovereign debt crisis.</p> <p>Speaking of sovereign debt crises, the work by Diamond and Dybvig also underpins the literature on financial contagion, which is based on a <a href="https://www.jstor.org/stable/10.1086/262109" target="_blank" rel="noopener">2000 paper</a> by Franklin Allen and Douglas Gale. I worked with Allen and Gale for many years, and all our papers have been based on the work of Diamond, and Diamond and Dybvig.</p> <p>In a similar way to how state reassurances can defuse a bank run caused by liquidity problems, we saw how the then European Central Bank President Mario Draghi was able to defuse the run on government bonds in the eurozone crisis in 2011 by saying that the bank would do “<a href="https://qz.com/1038954/whatever-it-takes-five-years-ago-today-mario-draghi-saved-the-euro-with-a-momentous-speech/" target="_blank" rel="noopener">whatever it takes</a>” to preserve the euro.</p> <figure><iframe src="https://www.youtube.com/embed/tB2CM2ngpQg?wmode=transparent&amp;start=0" width="440" height="260" frameborder="0" allowfullscreen="allowfullscreen"></iframe></figure> <p><strong>The prize announcement has attracted plenty of people on social media saying we shouldn’t be celebrating Bernanke when he was so involved in the quantitative easing (QE) that has helped to cause today’s global financial problems – what’s your view?</strong></p> <p>I would say that without QE our problems would today be much worse, but also that the prize recognises his achievements as an academic and not as chair of the Fed. Also, Bernanke was only one of the numerous central bankers who resorted to QE after 2008.</p> <p>And it is not only the central bank actions that make banks stable. It’s also worth pointing out that the changes to the rules around the amount of capital that banks have to hold after 2008 have made the financial system much better protected against bank runs than it was beforehand.</p> <p><strong>Should such rules have been introduced when the academics first explained the risks around bank runs and contagion?</strong></p> <p>The literature had certainly hinted at these risks, but regulation-wise, we had to wait until after the global financial crisis to see <a href="https://www.ecb.europa.eu/pub/pdf/fsr/art/ecb.fsrart201405_03.en.pdf" target="_blank" rel="noopener">reforms such as</a> macro-prudential regulation and more stringent micro-prudential regulation. This shows that regulators were underestimating the risk of financial crises, perhaps also pushed by the banking lobbies that had been traditionally very powerful and managed to convince regulators that risks were well managed.</p> <p><strong>If retail banks become less important in future because of blockchain technology or central bank digital currencies, do you think the threat of financial panic will reduce?</strong></p> <p>If we are heading for a situation where depositors put their money into central banks rather than retail banks, that would diminish the role of retail banking, but I think we are far from that. Central bank digital currencies can be designed in such a way that retail banks are still necessary. But either way, the insights from Diamond and Dybvig about liquidity panics are still relevant because they apply to any context where coordination failures among investors are important, such as sovereign debt crises, currency attacks and so on.<img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/192208/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /></p> <p><em>Written by Elena Carletti. Republished with permission of <a href="https://theconversation.com/nobel-economics-prize-insights-into-financial-contagion-changed-how-central-banks-react-during-a-crisis-192208" target="_blank" rel="noopener">The Conversation</a>.</em></p> <p><em>Image: The Nobel Foundation</em></p>

Money & Banking

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Hero dad coward-punched while trying to rescue car crash victim

<p dir="ltr">A 63-year-old father is fighting for his life after being coward-punched in the head while helping a teen in a car accident. </p> <p dir="ltr">Rob Seddon rushed to help a 17-year-old who crashed his Toyota Corolla into a caravan outside his home on Skyhawk Ave in Hamlyn Terrace on the Central Coast around 10pm on Saturday. </p> <p dir="ltr">Along with other neighbours, Mr Seddon assisted the teen before they were ambushed by a group of males who attacked them. </p> <p dir="ltr">Mr Seddon was allegedly hit from the back on the head which caused him to fall backwards, hit his head and lose consciousness. </p> <p dir="ltr">He was flown to John Hunter Hospital in a critical condition where he underwent brain surgery and remains in intensive care in a coma.</p> <p dir="ltr">Mr Seddon’s 21-year-old son was also allegedly attacked and suffered a broken nose.</p> <p dir="ltr">“I could hear the sheer horrible noises from this guy that was being hurt, I had tears in my eyes, I knew it was bad,” neighbour Diane Gardner told Nine News.</p> <p dir="ltr">“It was absolutely horrible. You could hear his pain and he wanted help.”</p> <p dir="ltr">Police are asking anyone with information about the alleged attackers to come forward. </p> <p dir="ltr">The 17-year-old driver who crashed into Mr Seddon’s caravan was breathalysed at the scene and returned a positive blood-alcohol reading.</p> <p dir="ltr">He was then charged with negligent driving and drink-driving on P-plates.</p> <p dir="ltr"><em>Images: Nine News</em></p>

Caring

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Woolies worker seriously stabbed while stacking shelves

<p dir="ltr">A Woolworths worker who was allegedly randomly stabbed with a 40cm has opened up about the terrifying ordeal.</p> <p dir="ltr">Donna Grocott was stacking shelves in the pet aisle at Woolworths in Ellenbrook Central in northeast Perth when she was allegedly stabbed in the back of her hip by Cassandra Hickling on August 16.</p> <p dir="ltr">The 44-year-old worker was rushed to hospital with the 40cm knife still lodged in her back and required seven staples after it was removed.</p> <p dir="ltr">She also suffered injuries to her fingers but says she is lucky to be alive after the knife failed to puncture any major organs.</p> <p dir="ltr">“I feel very fortunate that my injuries were not worse,” Ms Grocott said.</p> <p dir="ltr">“I’d like to thank the people who helped me at the store and the emergency responders and the hospital staff for taking care of me.”</p> <p dir="ltr">Hickling, 35, was arrested at her home and charged with attempted murder. She remains behind bars awaiting her court appearance at the end of the month.</p> <p dir="ltr">Midland Police Detective Sergeant Tania Mackenzie confirmed the women did not know each other and that Hickling purchased the knife from a different shop.</p> <p dir="ltr">“(It is) something I’ve never heard of happening before in my career,” she said.</p> <p dir="ltr">“It was just someone going about their day-to-day work, stacking shelves in the shopping centre.</p> <p dir="ltr">“There’s been no one else in the aisle and she’s been approached by the suspect who has (allegedly) stabbed her with a filleting knife.”</p> <p dir="ltr">Woolworths is offering counselling to staff.</p> <p dir="ltr"><em>Images: 7News/Facebook</em></p>

Caring

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Local council accidentally crushes woman's car and belongings

<p dir="ltr">A NSW grandmother is still awaiting compensation three months after the local council admitted to accidentally seizing and crushing her car.</p> <p dir="ltr">Wendy Tucker said she is upset at how heartless the council has been when it came to offering help, fixing its mistake, and being clear about what happened to her 1997 Toyota Camry and personal belongings, while critics described the incident as embarrassing and evidence of incompetence on the Central Coast Council’s behalf.</p> <p dir="ltr">Mrs Tucker told<span> </span><em>A Current Affair,<span> </span></em>"I just thought the council would have been more forthcoming.</p> <p dir="ltr">"It was my only car, and it had things in it - personal belongings, emotional things - you get attached to your vehicles regardless of how good or bad they are."</p> <p dir="ltr">Mrs Tucker said that three months ago, she rang the police and council rangers, fearing her car, which was parked near her daughter’s home, had been stolen. The 61-year-old high school science lab assistant claims she was told by the council that the car had been towed, and to expect a letter in the mail that would outline the next steps she should take.</p> <p dir="ltr">Unfortunately, the next day she received a call from the council informing her that the car had been accidentally crushed. The warning letter from the council arrived a few days later.</p> <p dir="ltr">Mrs Tucker said, "I thought they were exaggerating but apparently it had been crushed completely.”</p> <p dir="ltr">Former Central Coast councilor Greg Best said “heads should roll” after the incident. "Surely they should have just sat down with Mrs Tucker over a cup of tea and said 'sorry, here's what we're going to do'.</p> <p dir="ltr">"This council wracked up the largest financial debt and financial loss of any council in Australia and it has now gone to an all time high in its incompetence and embarrassment."</p> <p dir="ltr">The Council confirmed the car was left in a street at Point Clare for roughly eight weeks during NSW’s COVID-19 lockdown, and that it towed the vehicle following complaints from nearby homeowners. While this is within the council’s power, it is required to contact the registered owner and give warning that the car had been impounded.</p> <p dir="ltr">The Central Coast Council<span> </span><a rel="noopener" href="https://9now.nine.com.au/a-current-affair/aussie-grandmothers-car-crushed-by-nsw-council-without-warning/b04415f6-ce57-42aa-a2ca-c263a61073f8" target="_blank">provided two statements</a><span> </span>to<span> </span><em>A Current Affair,<span> </span></em>and later offerred an apology to Mrs Tucker. Their most recent statement says, amongst other things, that the “Council apologies to the car owner that adequate notice wasn't provided by letter to the registered address, and despite Council undertaking the process lawfully within the legislation, compensation is assured to the car's owner.”</p> <p dir="ltr"><em>Image: Channel 9</em></p>

Legal

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Driving along Central Otago highway

<p><em>Justine and Chris Tyerman continue their ‘age-inappropriate’ road trip in a mini campervan, revisiting places in Central Otago Justine last travelled as a child...</em></p> <p><span>Driving along magnificent stretches of Central Otago highway without a care in the world, the sun streaming down from a clear, blue, autumn sky, we encountered some extraordinarily-friendly gestures from the occupants of other bright green and purple rental vehicles approaching or passing us on the open road — waves, thumbs-ups and beaming smiles. We reciprocated, being careful to arrange our fingers in a non-offensive configuration, of course. We had such enthusiastic responses it inspired us to be even more inventive so I held up a “Kia Ora” sign, assuming most of them were visitors to Aotearoa.</span></p> <p><span>After many such greetings over the next few hours, we decided to call this phenomenon the “JRW”, the JUCY Recognition Wave, brand recognition and brand bonding on a grand scale.<br />I also detected expressions of surprise and/or amusement on the faces of the invariably young occupants of the other vehicles as they glimpsed a couple of oldies travelling in a mini-camper. Did they think we were cool... or crazy? And did we care? Not two hoots! We were like a couple of teenagers on their first roadie as we meandered our way from Wanaka to the Catlins, revisiting places in Central Otago last travelled as a child.</span></p> <p><span>In those days, the narrow, winding Cromwell Gorge road was just another obstacle to endure on our long car trips from Dunedin to our little crib in Arrowtown. But the old road is long gone now, submerged by Lake Dunstan — and the new road is straighter and much higher up the side of the gorge wall, closer to the craggy, weathered mountain tops that used to tower above us.</span></p> <p><span>Fifteen minutes from Cromwell, the curved rim of the Clyde Dam loomed into view, the 103m-high concrete gravity structure that holds back the 26 sq km hydro-power storage reservoir of Lake Dunstan. Shortly after the completion of the Clyde Dam in 1993, we had a guided tour of the power station including a walk-through of the dimly-lit, vibrating interior corridor of the dam wall. I doubt I would do that now having researched the history of the dam construction in PM Robert Muldoon’s “Think Big” era, the discovery of fault lines above the one million cubic metres of concrete and steel dam and the safety compromises made back then.</span></p> <p><span>Clyde has transformed itself into a seriously-classy village since the days we used to drive through the sleepy settlement stopping for a cuppa beside the river. Now the start and end point of the immensely-popular 152km Otago Central Rail Trail, Clyde has a great range of accommodation and eateries including Olivers, an upmarket craft brewery, bar, bakery-café, and gourmet restaurant with boutique accommodation, located in the old stone, gold rush-era general store.</span></p> <p><span>Six or seven minutes further on is Alexandra whose claim to fame in my teenage years was the October Blossom Festival. I seldom managed to get there because I was always in Dunedin, buried in my books, studying for end-of-year exams.</span></p> <p><span>Alexandra reached its heyday during the late 1800s when huge gold dredges worked the mighty Clutha River/Mata-Au. The most successful dredge was the “Dunedin”, which extracted around 528kg of gold. Today Alexandra is known for its pinot noir vineyards and apricots, peaches, cherries and apples.</span></p> <p><span>In mid-winter, we used to go ice skating on nearby Manorburn Dam, the largest natural ice skating area in the Southern Hemisphere. The dam has been a popular place to skate and play ice hockey and the game of “curling” since the late 1880s. Parts of the dam still freeze over but most people now go to the artificial rink in town.</span></p> <p><span>They sure knew how to build beautiful bridges in the old days. The graceful stone towers of the historic bridge over the Clutha River/Mata-Au, built from 1879 to 1882, still stand strong and proud in New Zealand’s swiftest river. The vivid turquoise of the Clutha against the bright gold of the autumn poplars and willows on the riverbank, with the deeply-weathered rocks on the hillsides above, is stunning. The replacement bridge, built in 1958, looked so utilitarian and ordinary by comparison.</span></p> <p><span>We stopped for morning tea beside the river, soaking up the warm autumn sun. The little kitchen with its gas cooker, fridge and sink tucked into the back of the JUCY Cabana was incredibly convenient when we wanted to take a break in a beautiful spot.</span></p> <p><span>Near the bridge, van-loads of excited cyclists were setting off to do the Roxburgh Gorge Trail, a 34km ride along the Clutha River from Alexandra to Lake Roxburgh Dam with a boat link in the middle. Combining fascinating goldmining era history, stunning scenery and wildlife, this is definitely top of my must-do list. A remote wilderness experience with no road access, the trail passes through what’s described as New Zealand’s “Grand Canyon” with rocky bluffs 350m high on both sides of the river.</span></p> <p><span>I’ve always regarded Roxburgh as the heart of Central Otago, “well-suited to the making of Westerns”, my father used to say whenever we drove over the wild, barren landscape scattered with jagged, grey-brown rocks. Roxburgh’s hot, dry summers and cold winters are ideal for growing apricots, apples, pears, raspberries and strawberries. We used to stop to pick sturmer apples at a friend’s orchard there.</span></p> <p><span>Roxburgh is near the site of the earliest of the large hydroelectric projects in the South Island. Opened in 1956, the concrete gravity structure dams the Clutha River/Mata-Au, 9km to the north of the town of Roxburgh creating a lake 30km long.</span></p> <p><span>The land flattens out towards Raes Junction so we took a detour just before Lawrence, opting for the Tuapeka West Road to Balclutha. What an incredible contrast. Suddenly we were surrounded by rolling green pastures populated with well-fed sheep and cows and barely a rock or weed in sight.  A huge dairy factory stood in the middle of nowhere.</span></p> <p><span>At Balclutha, we headed towards Kaka Point and the much-anticipated start of our Catlins adventure, all new territory for us. I stood there gazing at the silvery sea and white sands of Molyneux Bay on New Zealand’s south-east coast. It all seemed far too easy to have left the snow-capped mountains of Wanaka in the morning, traversed the wild and arid heart of Central Otago and the verdant pastures of Tuapeka, and arrived at the seaside by lunchtime. That’s one of a myriad of things I love about our Aotearoa backyard. The contrasts are huge but the distances are not... </span></p> <p><span><em>Next story: The Catlins</em></span></p> <p><em>Read the first of Justine’s road trip stories <a rel="noopener" href="https://www.oversixty.co.nz/travel/international-travel/exploring-our-own-backyard" target="_blank">here</a>.</em><span><br /></span></p> <p><span><strong>Factbox:</strong><br />• Pick up a JUCY campervan, 4WD, people-mover or car from <a rel="noopener noreferrer" href="http://www.jucy.com/" target="_blank" data-auth="NotApplicable">JUCY</a> Rentals at Queenstown Airport. We’ve tried them all but this time we had a two-berth JUCY Cabana mini campervan with a double bed and a little kitchen, which gave us the freedom to camp out whenever we felt like it. The Cabana is not self-contained so we stayed at camping grounds and met some awesome people along the way. We liked the ease and manoeuvrability of the basic little campervan and the freedom of not being tied to an itinerary or pre-booked accommodation.</span></p>

International Travel

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Central Coast's changing face attracts Sydney downsizers - would you retire here?

<p><strong>In Australia, NSW's Central Coast region’s natural beauty, improved transport access and shift to high-quality new housing are helping to attract downsizers from Sydney.</strong></p> <p>Downsizing.com.au spoke to a local agent to understand more about the region’s growing appeal.</p> <p><strong>Attractive lifestyle and transport access</strong></p> <p>Michelle Tucker, a Central Coast-based McGrath agent, says there are several drivers enticing downsizers to ‘The Coast’ (as locals prefer to call the region).</p> <p>Ms Tucker said the picturesque Brisbane Waters and the region’s magnificent beaches are key attractors. “The lifestyle of the Central Coast has always been an attractive proposition for downsizers,” Ms Tucker said. </p> <p>Ms Tucker also says transport access is also about to improve, with the <a href="https://northconnex.com.au/">North Connex roadway project</a> close to completion. This project is expected to make the trip from the Central Coast to the centre of Sydney some 30 minutes faster. </p> <p>“Downsizers want to stay connected to the city’s amenities, and this is particularly so for those originating from Sydney,” Ms Tucker explains. </p> <p>“They want everything at their fingertips. They still want to go to shows in Sydney and meet their friend for lunch. They don’t want to give up their Sydney lifestyle.”</p> <p>In addition, Central Coast residents have the choice of two major airports, Sydney’s Kingsford Smith and Newcastle Airport at Williamtown. It is also possible to take a train from Gosford to Central Station in 70 minutes.  </p> <p><strong>Relative value for money</strong></p> <p>Ms Tucker says the downsizer market on the Central Coast is split between locals and those moving from Sydney. </p> <p>“We recently sold a beautifully appointed penthouse with sweeping views of Brisbane Waters to downsizers from Killara, a northern Sydney suburb, for $1.6 million,” she says.  </p> <p>“To find an apartment like this on the North Shore with sweeping water views of say Middle Harbour or Sydney Harbour, you could expect to double and even triple the price.</p> <p>“Not only has this couple bought into a fantastic lifestyle but downsizing to the Central Coast leaves money in the bank.”</p> <p>However, Ms Tucker said that the Central Coast hasn’t always offered the housing product matching the region’s lifestyle delights. </p> <p>“It’s only in the last few years we’ve seen an increase in brand new luxury apartments come onto the market,” she said.</p> <p><strong>Changing face of Gosford</strong></p> <p>With more residential towers in various stages of development in Gosford and Point Frederick, the local restaurant, café and bar scene is improving with a bullet.</p> <p>“You come out of your apartment, and you’re on the waterfront, go to a restaurant or café in town. Gosford is starting to happen, and there are places to go,” Ms Tucker says.</p> <p>In addition, both of the region's major hospitals are <a href="http://www.gwhr.health.nsw.gov.au/">currently undergoing a major redevelopment.</a> </p> <p><strong>Properties on the Central Coast</strong></p> <p>Ms Tucker is currently marketing the luxury <a href="https://www.downsizing.com.au/property/sale/47280/ravello-luxury-apartments">Ravello</a> residential apartment project, being developed by veteran media industry figure John Singleton at Point Frederick.</p> <p>Located on the former site of the iconic Monti’s Ashore fish and chip shop, Ravello includes 40 apartments and has largely uninterrupted views over Brisbane Water.</p> <p>The project will be completed in 2021 and includes one, two and three-bedroom apartments, and three penthouses. </p> <p>There is only a limited number of one-bedroom apartments available from $460,000, while two-bedroom apartments begin at $830,000. </p> <p>“Central Coast downsizers love large apartments with big terraces as they still want space for the Christmas lunch and in this respect, developments such as Ravello tick these boxes,” Ms Tucker says.</p> <p>Another new Central Coast project currently on offer is Retire Australia’s <a href="https://www.downsizing.com.au/property/sale/44418/expect-a-lifestyle-thats-second-to-none">Rise at Wood Glen</a> project at Erina. </p> <p>The Rise at Wood Glen will comprise 58 purpose-built two and three-bedroom independent living apartments against a backdrop of award-winning gardens and bushland views in the existing Wood Glen retirement living community.</p> <p>Independent living apartments in Stage 1 range from $650,000 to $1,050,000.</p> <p>The Central Coast also continues to offer more affordable property in existing retirement villages and land lease communities.</p> <p><em>Republished with permission of </em><a href="https://www.downsizing.com.au/news/664/Central-Coasts-changing-face-attracts-Sydney-downsizers"><em>Downsizing.com.au.</em></a></p>

Retirement Life

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Why Sweden's central bank dumped Australian bonds

<p><strong>What’s happening?</strong></p> <p>Suddenly, at the level of central banks, Australia is regarded as an investment risk.</p> <p>On Wednesday Martin Flodén, the deputy governor of Sweden’s central bank, announced that because Australia and Canada were “<a href="https://www.riksbank.se/globalassets/media/tal/engelska/floden/2019/monetary-policy-in-a-changing-world.pdf">not known for good climate work</a>”.</p> <p>As a result the bank had sold its holdings of bonds issued by the Canadian province of Alberta and by the Australian states of Queensland and Western Australia.</p> <p><a href="https://images.theconversation.com/files/301897/original/file-20191115-47128-1s2eoc3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/301897/original/file-20191115-47128-1s2eoc3.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" alt="" /></a> <span class="caption"></span> <span class="attribution"><a href="https://www.riksbank.se/globalassets/media/tal/engelska/floden/2019/monetary-policy-in-a-changing-world.pdf" class="source">Martin Flodén, deputy governor Sveriges Riksbank Central Bank of Sweden</a></span></p> <p>Central banks normally make the news when they change their “cash rate” and households pay less (or more) on their mortgages.</p> <p>But central banks such as Australia’s Reserve Bank and the European Central Bank, the People’s Bank of China and the US Federal Reserve have broader responsibilities.</p> <p>They can see climate change affecting their ability to <a href="https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2018/climate-change-and-the-macro-economy-a-critical-review.pdf">manage their economies</a> and deliver <a href="https://www.rba.gov.au/publications/fsr/2019/oct/box-c-financial-stability-risks-from-climate-change.html">financial stability</a>.</p> <p><strong>There’s more to central banks than rates</strong></p> <p>As an example, the new managing director of the International Monetary Fund Kristalina Georgieva warned last month that the necessary transition away from fossil fuels would lead to significant amounts of “<a href="https://www.afr.com/policy/economy/central-banks-tune-in-to-climate-change-20191020-p532ev">stranded assets</a>”.</p> <p>Those assets will be coal mines and oil fields that become worthless, endangering the banks that have lent to develop them. More frequent floods, storms and fires will pose risks for insurance companies. Climate change will make these and other shocks more frequent and more severe.</p> <p>In a speech in March the deputy governor of Australia’s Reserve Bank <a href="https://www.rba.gov.au/speeches/2019/sp-dg-2019-03-12.html">Guy Debelle</a> said we needed to stop thinking of extreme events as cyclical.</p> <blockquote> <p><em>We need to think in terms of trend rather than cycles in the weather. Droughts have generally been regarded (at least economically) as cyclical events that recur every so often. In contrast, climate change is a trend change. The impact of a trend is ongoing, whereas a cycle is temporary.</em></p> </blockquote> <p>And he said the changes that will be imposed on us and the changes we will need might be abrupt.</p> <blockquote> <p><em>The transition path to a less carbon-intensive world is clearly quite different depending on whether it is managed as a gradual process or is abrupt. The trend changes aren’t likely to be smooth. There is likely to be volatility around the trend, with the potential for damaging outcomes from spikes above the trend.</em></p> </blockquote> <p>Australia’s central bank and others are going further then just responding to the impacts of climate change. They are doing their part to moderate it.</p> <p><strong>No more watching from the sidelines</strong></p> <p>Over thirty central banks (including Australia’s), and a number of financial supervisory agencies, have created a <a href="https://www.ngfs.net/en">Network for Greening the Financial System</a>.</p> <p>Its purpose is to enhance the role of the financial system in mobilising finance to support the transitions that will be needed. The US Federal Reserve has not joined yet but is <a href="https://www.bis.org/review/r191111a.pdf">considering how to participate</a>.</p> <p>One of its credos is that central banks should <a href="https://www.bis.org/review/r191111a.pdf">lead by example</a> in their own investments.</p> <p>They hold and manage over A$17 trillion. That makes them enormously large investors and a huge influence on global markets.</p> <p>As part of their traditional focus on the liquidity, safety and returns from assets, they are taking into account climate change in deciding how to invest.</p> <p>The are increasingly putting their money into “<a href="https://www.bis.org/publ/qtrpdf/r_qt1909f.pdf">green bonds</a>”, which are securities whose proceeds are used to finance projects that combat climate change or the depletion of biodiversity and natural resources.</p> <p>Over A$300 billion worth of green bonds were issued in 2018, with the total stock now over A$1 trillion.</p> <p><strong>Central banks are investing, and setting standards</strong></p> <p>While large, that is still less than 1% of the stock of conventional securities. It means green bonds are less liquid and have higher buying and selling costs.</p> <p>It also means smaller central banks lack the skills to deal with them.</p> <p>These problems have been addressed by the <a href="https://www.bis.org/">Bank for International Settlements</a>, a bank owned by 60 of the central banks.</p> <p>In September it launched a <a href="https://www.bis.org/press/p190926.htm">green bond fund</a> that will pool investments from 140 (mostly central bank) clients.</p> <p>Its products will initially be denominated in US dollars but will later also be available in euros. It will be supported by an advisory committee of the world’s top central bankers.</p> <p>It is alert to the risk of “<a href="https://en.wikipedia.org/wiki/Greenwashing">greenwashing</a>” and will only buy bonds that comply with the International Capital Market Association’s <a href="https://www.icmagroup.org/green-social-and-sustainability-bonds/green-bond-principles-gbp/">Green Bond Principles</a> or the Climate Bond Initiative’s <a href="https://www.climatebonds.net/standard">Climate Bond Standard</a>.</p> <p>Launching the fund in Basel, Switzerland, the bank’s head of banking Peter Zöllner said he was</p> <blockquote> <p><em>confident that, by aggregating the investment power of central banks, we can influence the behaviour of market participants and have some impact on how green investment standards develop</em></p> </blockquote> <p>It’s an important role. Traditionally focused on keeping the financial system safe, our central banks are increasingly turning to using their stewardship of the financial system to keep us, and our environment, safe.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;" src="https://counter.theconversation.com/content/126766/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: http://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/john-hawkins-746285">John Hawkins</a>, Assistant professor, <a href="http://theconversation.com/institutions/university-of-canberra-865">University of Canberra</a></em></p> <p><em>This article is republished from <a href="http://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/climate-change-why-swedens-central-bank-dumped-australian-bonds-126766">original article</a>.</em></p>

Money & Banking

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Shark attack: "I saw its teeth coming at me"

<p>A British doctor surfing at Avoca Beach on the Central Coast has narrowly avoided a fishy fate while surfing, by punching a shark that had tried to attack him.</p> <p>It sounds like a scene from <em>Jaws</em>, but 25-year-old Charlie Fry managed to narrowly avoid disaster by channelling his inner-Mick Fanning when the shark crossed his passed.</p> <p>The marine creature reportedly bit him on the arm and shoulder just after his missed a wave. He’d be surfing with his two mates at around 4pm on Monday.</p> <p><iframe src="https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2F7NewsMelbourne%2Fvideos%2F10156027682694301%2F&amp;show_text=0&amp;width=560" width="560" height="315" style="border: none; overflow: hidden;" scrolling="no" frameborder="0" allowtransparency="true" allowfullscreen="true"></iframe></p> <p>"I felt a smack on my right shoulder and when I turned around the shark breach and I saw its jaw and teeth coming at me,” he told <a href="http://www.dailytelegraph.com.au/" target="_blank"><span style="text-decoration: underline;"><em><strong>The Daily Telegraph</strong></em></span></a>.</p> <p>“I just punched it with my left hand and shouted out to my mates and paddled so hard back to shore.</p> <p>“It was terrifying but it only lasted five seconds. I’ll get to tell the story for the rest of my life.”</p> <p>Mr Fry has been working as a doctor at Gosford Hospital for about two months, although he reportedly isn’t in a rush to let mum back at home know about the attack.</p> <p>“Geez I don’t know if I can tell mum, she might kill me,” he said.</p> <p>“I’ve just got here and I’ve already been attacked.</p> <p>“People keep asking me what shark it was but I have no idea. All I know is that it was big and scary.”</p> <p>What are your thoughts? Have you ever had a close encounter in the surf?</p> <p><em><strong>Have you arranged your travel insurance yet? Save money with Over60 Travel Insurance. <span style="text-decoration: underline;"><a href="https://elevate.agatravelinsurance.com.au/oversixty?utm_source=over60&amp;utm_medium=content&amp;utm_content=link1&amp;utm_campaign=travel-insurance" target="_blank">To arrange a quote, click here.</a></span> Or for more information, call 1800 622 966.</strong></em></p>

Cruising

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The paradise you need to visit before it’s too late

<p>There is no sleeping in in the city of Leon. Even for those nestled, as I am, behind the sheltering walls of a converted convent – walls thicker than anything built in the intervening three centuries – 7am is wake-up time. That is when a loud siren sounds across the town, rousing any sleepyheads and reminding them that it is time to get up and go to work. A second siren sounds at midday, announcing f lunchtime.</p> <p>It is an odd ritual, redolent of life on a plantation. A local tells me the practice used to be common across Nicaragua. Back when workers were too poor to afford clocks or watches, it ensured everyone got to work on time. Today, the only place it is still practised is in Leon, which seems slightly odd, given that this is Nicaragua's foremost student city. Perhaps it is the only way they can get students to show up for their morning lectures.</p> <p>I have never come across a city-wide wake-up call anywhere else in the world, but then, Nicaragua is different. Central America's poorest country has a lost-in-time feeling, with a laidback pace that has disappeared from most corners of the globe. The country does not feature on many must-visit lists, but it is hoping to change that, aiming to reinvent itself as tourist destination. Given its magnificent natural attractions, from soaring volcanoes and massive lakes to dense jungles and wonderfully preserved colonial cities, it should be an easy sell.</p> <p style="text-align: center;"><img width="498" height="245" src="https://oversixtydev.blob.core.windows.net/media/36376/image__498x245.jpg" alt="Image_ (261)"/></p> <p>Unfortunately, Nicaragua also has one hell of an image problem. The last time the world paid it any attention, the country was mired in a decade-long civil war, which began when the Sandinistas overthrew the corrupt dictator Anastasio Somoza. Counter-revolutionary forces known as the Contras, backed by the Reagan administration in the US, fought the Sandinista regime led by president Daniel Ortega. The conflict came to a peaceful end with the 1990 election, when the Sandinistas were defeated by the UNO coalition, led by Violeta Barrios de Chamorro.</p> <p>That was 25 years ago. Today's Nicaragua is a tranquil, welcoming place. Although  half the population lives below the poverty line, this is one of the safest countries in Central America, and warm smiles greet me everywhere I go.</p> <p>The small-town charm of Leon, where I start my travels, belies its status as Nicaragua's second largest city. Low-slung houses line the narrow streets – in earthquake-prone Nicaragua, high-rise has never really taken off – painted parrot-bright in pink and blue, green and yellow. Horse-drawn carts jostle for space with cars, and farmers sit by the side of the road selling pineapples and mangoes, melons and apples.</p> <p>Leon's handful of tourist attractions includes a collection of contemporary Latin American art and the Galería de Heroes y Martires, honouring Sandinista martyrs. Its biggest attraction – literally – is the cathedral. For a small fee, you can climb on the roof and admire the best view in town; however, the most intriguing  thing about the cathedral is why such a small town needed such an overblown edifice. I ask my guide how Leon ended up with such a grand place of worship. "They mixed up the plans," he tells me with a shrug. "This one was meant to be built in Peru."</p> <p style="text-align: center;"><img width="498" height="245" src="https://oversixtydev.blob.core.windows.net/media/36377/image__498x245.jpg" alt="Image_ (262)"/></p> <p>I spend most of my time in Leon wandering the streets, admiring the (sometimes crumbling) colonial houses and churches and the colourful murals that festoon many walls, or sitting in squares watching the dramas of daily life unfold. In the evenings, I join the locals in restaurants where wooden shutters are folded back to allow in the balmy air, feasting on indio viejo (shredded meat with onions, garlic, sweet pepper and tomato) and gallo pinto, rice fried with onion and sweet pepper, served with red beans.</p> <p>One lazy afternoon, wandering through shadow-filled back streets, I come across something surprising: a bustling French bakery, crowded with backpackers who look fresh from a Benetton ad, chowing down on cheap but filling baguettes while tapping in to the free Wi-Fi.  And that's when I realise what really makes Nicaragua different. Nobody else has discovered it.</p> <p>So far, I have occasionally crossed paths with other travellers: a table of Dutch tourists in a restaurant one day, a young German couple buying handicrafts from a street stall on another. However, they are few and far between. Unlike other Latin American cities, Leon does not have rows of cafes and hostels where backpackers congregate. There is not even a McDonalds.</p> <p>It would be wrong to say Nicaragua is like nowhere I've ever been. But it's like nowhere I have been for the past 15 years. That is about how long it has been since I was in a destination where I felt I had beaten the crowds. There are plenty of other countries where tourist numbers are low – Azerbaijan, say, or Ethiopia – but they are not necessarily countries where you can easily wander around on your own. Nicaragua is.</p> <p>Not that I'm doing it all on my lonesome. Like most visitors, I have organised a car and driver to take me between destinations. My guide gives me an introductory tour in each new place that we visit. Then I strike off on my own.</p> <p style="text-align: center;"><img width="498" height="245" src="https://oversixtydev.blob.core.windows.net/media/36378/image__498x245.jpg" alt="Image_ (263)"/></p> <p>I am delighted by how easy everything is. The roads are surprisingly good: the long-distance highways are in superb condition, although in some more remote locations, dirt roads make for a jarring trip. In the cities, boutique hotels are springing up in old convents or mansions built around leafy courtyard gardens. Nicaragua even has its own five-star resort, Mukul, which has attracted celebrity guests such as Michael Douglas and Matt Damon.</p> <p>Celebrities aren't the only ones in on the secret.  I run into Japanese travellers at coffee plantations and at the country's premier distillery, Flor de Cana, where I also discover the joys of 18-year-old rum. I meet Americans hiking up volcanoes and trekking through jungles, and Britons kayaking on lakes. If I had made it to San Juan del Sur – the country's premier surf spot – I'm told, I would have seen travellers in their dozens.</p> <p>I skip the surfing, concentrating instead on the country's magnificent lakes and forests. Standing on the shore of Lake Managua as waves roll in towards me, I feel as if I am on the edge of an ocean. Lake Managua may be impressive, but it is dwarfed by the massive Lake Nicaragua, which is about the same size as Puerto Rico. It is home to about  400 islands, including Ometepe, surmounted by twin volcanoes.</p> <p>Volcanoes are a Nicaraguan speciality. The country has 19 of them, nine of which are active. At Masaya Volcano National Park, we are swathed in sulphur fumes as we stand on the rim of the crater known as the Mouth of Hell. Mombacho volcano, by contrast, is covered in a lovely cloud forest, where we spot monkeys and tiny orchids.</p> <p>My favourite thing about Nicaragua, however, is the people. Despite the decades of turbulence, despite the poverty, they are optimistic and resourceful. In a street market in Leon, where vendors display their goods on the footpath,  I find a man selling banknotes from the revolutionary era. The notes illustrate the massive inflation that racked the war-torn country: a note originally issued at 20,000 cordobas has been overprinted, its new value: 500,000 cordobas.</p> <p>Seeing my interest, the vendor starts telling me war stories. Like every other Nicaraguan I meet, he is fiercely political. Everyone seems happy to share their opinion, particularly about the president: none other than Ortega, the revolutionary Sandinista leader who was voted back into power in 2006.</p> <p>No one approves of his changing the constitution to allow himself to stand for re-election; however, among the people I speak to, Ortega seems to have at least as many supporters as detractors. Even his detractors admit that some of his policies have been good for the country, particularly in making education accessible to all.</p> <p>Nicaraguans find the funny side in everything, including politics. My guide tells me that one of the candidates in the last presidential election was a corrupt former minister – wanted internationally on money laundering charges – who was surprised when he failed to garner any votes. He rolls his eyes. "We're slow," he says, "But we're not that slow."</p> <p>Have you ever been to Nicaragua?</p> <p><em>Written by Ute Junker. First appeared on <strong><a href="http://www.stuff.co.nz/" target="_blank"><span style="text-decoration: underline;">Stuff.co.nz</span>.</a></strong></em></p>

International Travel

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Cruise passengers avoiding tours to see the real Cuba

<p>While still basking in the glow of the enthusiastic welcome they received from hundreds of Cubans at the dock in Havana, some Adonia passengers began to wonder if two days of guided tours gave them an accurate picture of the harsh realities of everyday life on the communist-led island.</p> <p>"I didn't feel any oppression at all. No military presence. But I did feel the guided tours were a little staged, as you would expect," said Indiana restaurateur Diana Twyman, one of more than 600 passengers on the maiden voyage of Carnival's Fathom brand of "social impact" travel. "There is so much desperation just below the surface."</p> <p>That desperation is tied largely to economic hardship in a nation where even doctors may make no more than $35 a month. Since the relatively small but luxurious liner Adonia left Port of Miami on Sunday afternoon, at least 18 Cubans in small boats have made it to shore in the Florida Keys. More than 3500 Cubans have been spotted or interdicted at sea since October 1, according to the US Coast Guard.</p> <p><img width="500" height="333" src="https://oversixtydev.blob.core.windows.net/media/29135/image__500x333.jpg" alt="cuba cruise (1)" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>To get a peek into the sense of despair that drives many Cubans to risk their lives at sea, adventurous Adonia passengers had to break away from the tours.</p> <p>They walked Old Havana streets where crumbling buildings are still inhabited, hired taxi drivers to take them to places well off the tourist paths, and fought through language barriers to learn how Cubans resolve problems with invention instead of money.</p> <p>"We bailed out of a museum tour, found a taxi driver with a 1949 Ford and told him to take us to a local bar," Rick Meares, a businessman from Jupiter, Florida, said as he sat on Adonia's sun deck as the vessel headed for Cienfuegos, the next port on the weeklong cruise.</p> <p>Even without fluent Spanish, Meares said, he and his wife Susan "got by and we learned a lot."</p> <p>The model for Fathom's participatory travelling was previewed last month on a trip to the Dominican Republic, where passengers spent several days in one port volunteering to work on community projects such as planting trees.</p> <p>The Cuba cruise is different. There are no cooperative service projects here. There were two days in Havana, and still to come is a six-hour stop Thursday in Cienfuegos and an eight-hour visit to Santiago de Cuba on Friday. The Adonia returns to Port of Miami on Sunday morning.</p> <p>Fathom brand President Tara Russell acknowledged that the maiden voyage has exposed kinks that need to be smoothed out. Complaints that surfaced Monday about authoritarian tour guides - employed by the state-run Havanatur agency - and about poor planning on excursions to the Tropicana nightclub are being addressed, Russell said.</p> <p>But ensuring that travellers can get an understanding of how most Cubans live will be a challenge, Carnival officials acknowledge. Travellers "hunger for travel that goes deep, and want to make a meaningful difference in the world," Russell said on the first day of the weeklong trip.</p> <p>"We've been doing that in the Dominican Republic. In Cuba it's just beginning."</p> <p><img width="500" height="333" src="https://oversixtydev.blob.core.windows.net/media/29134/image__500x333.jpg" alt="cuba cruise" style="display: block; margin-left: auto; margin-right: auto;"/></p> <p>During tours, Adonia passengers reported that some guides seemed to go off script, giving candid answers to questions about incomes, education, health care and the dual currency system in which most people are paid in Cuban pesos, and not the dollar-equivalent money that tourists can spend.</p> <p>But many travellers longed for more. "I wanted to go to a market where Cubans shop, or see a school," said Susan Meares.</p> <p>Twyman said the economic desperation she sensed just below the surface in Cuba was brought home to her even before she began to explore Havana. As the Adonia pulled into the harbour Monday morning, she said she watched as a boy, about 10 years old and wearing a red shirt, raced along the Malecon, waving and shouting as he kept pace with the liner.</p> <p>That sight, said Twyman, symbolised the pent up desire for change she felt in later talking to Cubans on the ground. "What this ship and other ships to come are doing is letting the genie out of the bottle," she said.</p> <p>"That boy in the red shirt was excited", Twyman said. "Change is coming. And he knew his life was about to change too."</p> <p><em>Written by Mike Clary. First appeared on <a href="http://Stuff.co.nz" target="_blank"><strong><span style="text-decoration: underline;">Stuff.co.nz</span></strong></a>.</em></p> <p><strong>Related links:</strong></p> <p><a href="/travel/cruising/2016/06/cruising-around-south-coast-of-cuba/"><span style="text-decoration: underline;"><em><strong>Cruising around Cuba’s southern coast</strong></em></span></a></p> <p><a href="/travel/travel-tips/2016/04/cuba-travel-industry-change/"><span style="text-decoration: underline;"><em><strong>Cuba's travel industry on the cusp of change</strong></em></span></a></p> <p><a href="/travel/international/2015/08/visit-cuba-now/"><span style="text-decoration: underline;"><em><strong>5 reasons to visit Cuba now (before it changes for good)</strong></em></span></a></p>

Cruising

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10 breathtaking images of Central Australia

<p>It’s one of the most beguiling parts of the world to explore, but most people only really only get to see it from the one perspective. But that’s just part of the story.</p> <p>As you can see in the gallery above, a bird’s eye view of Central Australia is just as fascinating and allows you to get a view of the country you’ve never seen before.</p> <p>The photographs form part of an exhibition from photographer Joshua Smith called Ngura, which means, ‘my country’ or ‘homeland’ in Pitjantjatjara language.</p> <p>Smith explains, “My good mate and pilot Joe and I set out from northwest NSW and flew inland with the idea of capturing Australia’s unique landscape that helps define our national identity and what separates us from the rest of the world.”</p> <p>To see more of Smith’s work, <a href="http://www.joshuajs.com/" target="_blank"><strong><span style="text-decoration: underline;">click here</span></strong></a>.</p> <p><strong>Related links:</strong></p> <p><a href="/travel/international/2016/08/breathtaking-images-of-flock-of-budgies/"><span style="text-decoration: underline;"><em><strong>Breathtaking images of flock of budgies</strong></em></span></a></p> <p><a href="/travel/international/2016/08/5-more-things-to-do-in-the-red-centre/"><span style="text-decoration: underline;"><em><strong>5 more things to do in the Red Centre</strong></em></span></a></p> <p><a href="/travel/international/2016/06/5-amazing-attractions-to-experience-in-alice-springs/"><span style="text-decoration: underline;"><em><strong>5 amazing attractions to experience in Alice Springs</strong></em></span></a></p>

International Travel

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The Land of the Strays where 900 dogs roam free

<p>There’s nothing quite as heartbreaking as a walk through an animal shelter, past abandoned, sometimes frightened dogs with the appearance of prisoners in cells. </p> <p>But as you see in the gallery above, not all strays are consigned to this fate.</p> <p>Home to over 900 rescued pooches, Territorio de Zaguates (Land of the Strays) is a volunteer-run animal shelter located in the rolling hills of Cosa Rica.</p> <p>The Land of the Strays lets neutered canines roam free around the spectacular property and play with visitors, heading back home to comfortable beds at bedtime.</p> <p>Each dog is given a name and unique breed, with no preference given regarding mixes and purebreds. If you’re looking to adopt you can schedule a walking hike on the property and even any of the dogs take a shining to you you’re welcome to adopt them.</p> <p>Doesn’t it look like an incredible place for dogs (and dog lovers)!</p> <p>For more information you can check out their <a href="https://www.facebook.com/Territorio-de-Zaguates-Oficial-1459982774272974/" target="_blank"><strong><span style="text-decoration: underline;">Facebook page here</span></strong></a>.</p> <p>Have you ever taken in a rescue dog? What’s your favourite breed of dog, and why? Please share your story in the comments section.</p> <p><em>Image credit: Facebook / Territorio de Zaguates Oficial</em></p> <p><strong>Related links:</strong></p> <p><a href="/news/news/2016/06/puppy-born-without-back-paws-gets-second-chance-at-life/"><span style="text-decoration: underline;"><em><strong>Puppy born without back paws gets second chance at life</strong></em></span></a></p> <p><a href="/lifestyle/family-pets/2016/06/how-to-cope-with-a-jealous-pet-when-grandkids-come-along/"><span style="text-decoration: underline;"><strong><em>How to cope with a jealous pet when grandkids come along</em></strong></span></a></p> <p><a href="/news/news/2016/06/queen-elizabeth-and-her-corgis-help-ptsd-sufferer/"><em><span style="text-decoration: underline;"><strong>Queen Elizabeth and her corgis help PTSD sufferer</strong></span></em></a></p>

International Travel

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Cruising around Cuba’s southern coast

<p>Tomorrow is tomorrow, says the Cuban sailor Gines Chavez Perez.</p> <p>Thank God, I think, for tonight has outstayed its welcome. Our boat is a cork tossed about on the swell somewhere out in the great Gulf of Cazones​ that separates Cuba's coast from the Canarreos Archipelago scattered to its south.</p> <p>Beneath us lies a chasm 2000 metres deep. The night is so black it has struck us blind: there is no moon, no stars by which to sail; not even the ocean's waves are betrayed by their foamy tips.</p> <p>"Don't worry," says Perez, his face turned into the wind. "We sail using everything – sails, power! Tomorrow is tomorrow. We won't get lost."</p> <p>We'd arrived in Cienfuegos​ just this afternoon, on the bus from Havana. On the way to the marina we'd passed rows of low-slung bungalows made over in benign shades of pastel and now advertised as holiday homestays.</p> <p>This is where Cuban dictator Fulgencio Batista's cronies were said to have lived during his regime: officers, politicians, the American mafia. The marina itself – an opulent, historic construction – had operated as a casino in those days. Then came Fidel Castro and his revolution.</p> <p>After dinner we'd struck out, leaving behind Cienfuegos​ and the jubilant late-night fiesta bubbling on its foreshore. Cruise ships and flashy yachts and catamarans were moored there, bobbing dinghies and doll-sized yachts whose bows barely poked above the water's surface and whose weathered bulwarks told a seafarer's tale.</p> <p>This great bowl of a harbour once protected the inhabitants of Cienfuegos from hurricanes and pirates; in later years, it dispatched shiploads of Cuban shrimp and sugar destined for the few countries willing to trade with the communist, pariah state.</p> <p>Today, it brims with interlopers: more vessels have passed through this port in the past two years alone that in the preceding two decades.</p> <p>Cuba is slowly reforming; it has opened its doors to the world and welcomed it in.</p> <p><img width="499" height="285" src="https://oversixtydev.blob.core.windows.net/media/23215/cuba-1_499x285.jpg" alt="Cuba 1"/></p> <p><strong>Fish for the taking</strong></p> <p>The journey to paradise lasts six hours. In the morning I awake to find outside my cabin window a rocky isle lodged in a bath of clear water that stretches all the way to the horizon.</p> <p>Last night's rabid seas have given way to calm: the reef shifts beneath the water's surface and though the sky is streaked grey there's no breeze on the air.</p> <p>A fishing vessel is moored just off this craggy outcrop: while I was sleeping, Perez and our boat's captain, Miguel Fiallo Granda, boarded it to trade Havana rum in exchange for fresh fish.</p> <p>But there's fish for the taking out here in this great big swimming pool of an ocean. Though the hangman bird casts his sinister shadow upon the sea – foretelling, so Cuban fishermen say, a poor haul – we can see for ourselves a plentitude of flying fish leaping from the depths and Perez' line pulling taught behind us as we glide westward.</p> <p>The white shoreline of Cayo Largo del Sur soon comes into view, and it stays by our side all morning; but now we strike southwards and anchor just out of sight of land. Perez pulls on a wetsuit. The water is cold, he says: 26 degrees, around five less than the summer average. In winter, the ocean is a thermal layer cake, becoming progressively colder the deeper one goes.</p> <p>"I've measured 21 degrees at the bottom in winter," he says, recoiling at the memory.</p> <p>"In summer, it's 30, all the way down."</p> <p>Spear gun in hand, Perez plunges in. I hesitate on the boat's edge and brace myself for a cold baptism in the Caribbean Sea.</p> <p>The shock of fresh water on warm skin soon dissipates; now I'm sinking into a tepid underworld where coral forests sway lazily and fish flutter on the current.</p> <p>I try to track Perez through my goggles but he's too quick for me, darting into the shadows, diving to the chilly depths, jabbing at dark places with his spear gun.</p> <p>And then he pops to the surface, gun raised victoriously. Skewered on it are two fat, limp fish: dog snapper and hogfish, a feast for tonight's table.</p> <p>The stars come out early here above Canarreos Archipelago. Orion's belt gobbles up the sky and the moon casts soft light upon the 350 islets languishing upon these waters.</p> <p>Resorts are dotted sparingly about here, and they're indiscernible to us from our mooring. There are just eight of us on this catamaran – six travellers and two crew – and we might as well be all alone out here except for the mast lights betraying the handful of boats anchored in the bay.</p> <p>This paucity of visitors evokes a Robinson Crusoe mood next day when we anchor off a deserted isle and are taken ashore in Granda's dinghy.</p> <p>This blot of white sand and emerald scrub bears no name: it floats like a fragment of glory atop shallow, turquoise waters and can be circumnavigated by us, its only inhabitants, in a matter of minutes.</p> <p>Granda takes off again in the dinghy, waving us goodbye and instructing us to be ready for pick-up in a couple of hours' time. My companions and I build a sand mermaid and scour the beach for flotsam with which to decorate her: shells for a bikini, dried seaweed for hair, the tips of tropical succulents and a seagull's feather for a crown.</p> <p>We can see our catamaran, the Van Gogh, floating out there on the horizon, the water glittering like broken glass all around her. How long would it take to swim out to her, I think, and how would we spend our days if she drifted off without us?</p> <p>Late that afternoon, sun-warmed and salt-licked, we set course for Estopa Channel, a mangrove-lined waterway that comes as a surprise amid this apparently white-and-blue confection.</p> <p>Perez is back in the water again, probing the mangroves for tonight's dinner: Cubera snapper. Back on board, he beckons me to take the wheel. I cruise through the mangroves as the sun sets, aiming for the buoys lined up ahead where the ocean opens up, gold-skinned and brimming with more barracuda and mussels and mackerel and tuna than we could ever hope to eat.</p> <p>I had seen this seascape from aloft a few days earlier, when Granda hitched me to a harness and winched me all the way to the top of the mast: that heartbreaking view of a place so remote, so secretive it seemed to hover on the very edge of the world.</p> <p>The sensation was reinforced when I drank mojitos at Cayo Rico, kicked off from the boat and noticed that it appeared to be skating on a translucent slick of water that stretched off into infinity. This is where the world begins, it had seemed, and where it also ends.</p> <p><img width="499" height="284" src="https://oversixtydev.blob.core.windows.net/media/23216/cuba-2_499x284.jpg" alt="Cuba 2"/></p> <p><strong>Farewell to paradise</strong></p> <p>In the final few days, time spins urgently: even paradise has a use-by date. Granda turns the boat back towards Cienfuegos.</p> <p>En route, we anchor beside a submerged shipwreck and I drift above it, studying its rusted hull through my goggles, wondering at the purpose of its long-ago journey and the people who had been aboard when it sank.</p> <p>The white spine of Cayo Largo del Sur's shoreline stays by our side as we sail to Punta Del Este​, a familiar landmark guiding us home.</p> <p>On the last night out here, we take the dingy to a deserted island, light a bonfire, mix mojitos and watch the satellites orbiting earth.</p> <p>Tonight must never end, I say. Tomorrow is tomorrow, replies Perez.</p> <p>What an incredible story! Doesn’t Cuba sound like an idyllic place to visit? Have you ever visited Cuba, and how was the experience?</p> <p>Share your story in the comments.</p> <p><em>Written by Catherine Marshall. First appeared on <span style="text-decoration: underline;"><strong><a href="http://Stuff.co.nz" target="_blank">Stuff.co.nz.</a></strong></span></em></p> <p><strong>Related links:</strong></p> <p><a href="/travel/cruising/2016/05/5-things-you-must-do-to-avoid-seasickness-on-a-cruise/"><strong><em><span style="text-decoration: underline;">5 things you MUST do to avoid seasickness on a cruise</span></em></strong></a></p> <p><a href="/travel/cruising/2016/05/10-things-you-must-never-do-in-a-cruise-cabin/"><span style="text-decoration: underline;"><em><strong>10 things you must never do in a cruise cabin</strong></em></span></a></p> <p><a href="/travel/cruising/2016/05/po-ships-first-new-zealand-cruise/"><strong><em><span style="text-decoration: underline;">P&amp;O’s first cruise around New Zealand</span></em></strong></a></p>

Cruising

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Why you need to visit the spectacular Otago Central Rail Trail

<p><em><strong>Geoff Gabites, a young 64-year-old, discovered cycling in his 40s and quickly turned the sport into an occupation. <span style="text-decoration: underline;"><a href="http://www.adventuresouth.co.nz/" target="_blank">Adventure South</a></span> was established in 1992 and is now the leading cycle tour company in New Zealand. </strong></em></p> <p>Named after the old railway line, built back at the turn of the 20th century, the Otago Central Rail Trail is a must ride. That’s because the initial draw card still remains – stunning vast natural landscapes, beautiful skies, friendly locals and 150 kilometres of flat riding. The trip isn’t just about cycling, there are a number of small historic towns to explore along the way, a legacy of the railway heritage. There are also a number of new accommodation, coffee and dining options that have emerged to cater to the increasing number of tourist visiting. The support structure is now sophisticated with cycle hire of all shapes and forms, luggage transfers, accommodation booking websites and support shuttle options available, as well as guided options for the ultimate carefree experience.</p> <p><strong>The history </strong></p> <p>After government help to develop a walkway and cycleway on the line, the trail was finally opened in 2000. The core market at that time was young backpackers and independent riders. Accommodation, where it existed, was largely dormitory based, with many riders opting to camp along the route, often down by quiet flowing rivers and shady willows. The trail surface was rough as some of the ballast surface still remained and the food offerings along the trail usually consisted of the local pub fare. The coffee was Gregs or Nescafe – instant! Dining out options were extremely limited!</p> <p>Despite this, numbers gradually grew as the Otago Central Railway Trust. The backpacker network spread the news of the quiet locations, the huge skies and the landscapes made famous by Graeme Sydney paintings. By around 2004 there was a steady trickle of riders and the businesses set up to deal with the market were feeling happy with the niche market. But word soon spread northwards as well as outward, about the stunning landscapes and the shoulder to shoulder local interaction down at the pub. This was the genuine New Zealand and the backpacker market loved it!</p> <p>Enter the middle-aged Kiwi female and her friends. Around 2006, I visited a few of our accommodation locations we infrequently used on various tours in the area. Of these locations, all of them were keen to talk about their plans for next season to cater for the growing demand of these “middle aged baby boomers who were starting to turn up with their friends and having a hellava great time”. The word had spread northwards and the floodgates were about to open.</p> <p>By 2008, Adventure South were running guided trips on the Otago Central Rail Trail and by 2010, these had become weekly departures. My insight into this market came when I talked to one group of organiser and the conversation went something like this:</p> <p>“Hi Margaret, it’s great to finally meet you after our various emails.  Your group of 6six are already for their trip?  How is your cycle fitness – and where are your partners?”</p> <p>Margaret’s response was enlightening: “Hell, we’re not big cyclists, but we do get together every Saturday and ride about 20 kilometres – just as a social thing. Mary’s neighbour rode the Otago Central Rail Trail last summer and we saw her photos and she loved it, so here we are!”</p> <p>“And what about your husbands and partners…?”</p> <p>“Huh, they were always too busy to join us, had rugby to watch, work to do, and all sorts of excuses, so bugger them, we’re here to have a good time!”</p> <p>The guide’s code of ethics ensures what went on tour, stayed on tour.</p> <p>Interestingly enough, within two years, the trickle became a flood, and sure enough, the males were there believing it was all their idea. The casual Saturday cycle ride had now swelled to become a social phenomenon with lycra to the fore, training regimes the norm, and wide gel seats the norm.  The age bracket continued to grow and is now well into the 70s.</p> <p>It has become a favourite of the over60 set and I recommend everyone give it a go.</p> <p>Have you ridden the Otago Central Rail before? Share your experience with us in the comments below.</p> <p><em>To find more information about cycling in New Zealand, visit <a href="http://www.cyclejourneys.co.nz/" target="_blank"><strong><span style="text-decoration: underline;">Cycle Journeys site here.</span></strong></a> </em></p> <p><em>Image credits: Adventure South NZ  </em></p> <p><strong>Related links: </strong></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/travel/international/2016/02/a-look-inside-first-class-cabins/">Inside 8 first class cabins that will amaze you</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/travel/international/2016/02/most-photographed-locations-in-london/">London’s 8 most photographed locations</a></em></strong></span></p> <p><span style="text-decoration: underline;"><strong><em><a href="http://www.oversixty.co.nz/travel/international/2016/02/holiday-ideas-for-animal-lovers/">8 holiday ideas every animal lover needs to experience</a></em></strong></span></p>

Domestic Travel

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Cuba's travel industry on the cusp of change

<p>It's perhaps not the most recognised indicator of change but for me one of the most noticeable impacts of the changes under way in Cuba is lobsters.</p> <p>I'm not implying Cuba has telepathic crustaceans...simply that five years ago almost no restaurant seemed to know how to cook a lobster properly. Inevitably they'd be overcooked and chewy. Remarkably cheap, but chewy.</p> <p>However, the tide is now turning and with more Cubans able to set up private restaurants and Cubans returning home with extensive hospitality industry skills and with the prospect of better times ahead, lobster is worth eating, although inevitably the prices have also gone up.</p> <p>And that's the rub with Cuba ...a few years back when limitations on American tourists were even tighter than they are today and tourism numbers overall were lower, so too were prices.  Finding a hotel room was relatively easy and popular tourist sites such as the historic hearts of Havana and Trinidad were refreshingly free of crowds.</p> <p>But now the rush is on.  It seems everyone wants to get to Cuba before the inevitable influx of Americans (an estimated 10 million a year) arrives. At present the US Government still places restrictions on their citizens' ability to visit Cuba (they can't go independently as yet but there's an expanded range of approved special interest tours) but sometime that will change.</p> <p><img width="498" height="280" src="https://oversixtydev.blob.core.windows.net/media/18955/shutterstock_312697145_498x280.jpg" alt="cuba street"/></p> <p>In the meantime, it's everyone else who is heading to Cuba – keen to get there before the country changes too drastically. Cuba has no multinational franchises such as McDonalds, KFC or Starbucks. You can't buy Coca Cola and there are a few international standard hotels outside the beach resort areas such as Varadero. And, for the great majority of travellers, this is an essential part of its charm.</p> <p>The impact of this increase in numbers (about 17 per cent last year) is causing some problems, at least in the short term however, as I have experienced first-hand.</p> <p>Even before private citizens could offer bed and breakfast accommodation and operate private restaurants as they can now, Cuba's tourist infrastructure was starting to creak under the strain.</p> <p>This is still a Communist country and the volume and inefficiency of the bureaucracy can be overwhelming.   If you visit Cuba with a government-run agency there is a centralised system of booking hotel, transport and other services.  Over the last few years I've experienced this imploding under the strain with overbooking of hotel rooms, shortages of guides, incorrect bookings. It's a good thing that Cuba has such great and still reasonably cheap cocktails because I usually have to resort to several of these for medicinal purposes to keep a tour on the rails.</p> <p>In theory, now that there are private accommodation providers some of these problems should be relieved but now even these new businesses are sometimes struggling to keep up with demand, leading sometimes to overbooking and other problems.</p> <p>I've arrived in Baracoa, in Cuba's far eastern province, and been told on arrival that the hotel booked for my group has been changed (despite earlier assurances this would not happen) and to be given the news that the hotel we were now assigned to had no bus access so my group would have to climb nearly 100 steps in 35C heat to reach the lobby.</p> <p>Last year, having finally secured a booking in one of Trinidad's few heritage hotels I was told just days before we were due to fly from New Zealand that the hotel had been exclusively let out to American groups and was unavailable to others - even if was empty.  On occasions our Kiwi group was "bumped" from reserved tables at restaurants because they'd been given to Americans instead.</p> <p>I have also arrived, group in tow, to discover the government-run agency had run out of English-speaking guides and instead had assigned me an Italian speaking one.  It took three days of battling to sort this out.</p> <p>Doing this on the phone to the local office took on a Pythonesque quality. </p> <p>"I need an English-speaking guide."</p> <p>"You have one."</p> <p> "No, I don't. She speaks Italian."</p> <p> "No, she speaks English."</p> <p>She told me she has no English, only Italian, while weeping on my shoulder at the airport!"</p> <p>At which point the rep hung up and a few hours later sent the office "heavy" to sort me out</p> <p>In a possibly totally inadvertent piece of national stereotyping, an extremely well-built lady marched into the hotel lobby and announced "I am the German-speaking assistant manager...why do you want a new guide?"</p> <p>It's rather ironic that, considering the long running political stand-off and suspicion between the US and Cuba, it seems  some Cubans are now giving US citizens preferential treatment. But it's maybe also understandable:  after decades of shortages and almost no money, given the prospect of a higher standard of living, people are keen to cash in. And who can blame them after years of existing on very low wages with few of the consumer goods we take for granted.</p> <p>However, many Cubans I talked to last time are rather affronted that the rest of the world thinks they are going to let American culture swamp their own distinctive and treasured culture.</p> <p>"We want their money, yes," said one hotel operator "but we don't want everything that comes with it.</p> <p>Getting one without the other might not be easy, however. There are rumours that sites along the picturesque and still rather crumbling Havana Malecon (seafront promenade) have already been earmarked by companies like McDonald's.</p> <p>The upside of the increased interest in Cuba is that the quality and variety of food has improved significantly – and not just the lobster. There's some innovative cuisine developing along with much better service (waiting staff in government-run establishments get paid exactly the same whether they provide quality service or no service at all and sometimes it shows).</p> <p>Best of all, there's been an astonishing amount of restoration work being done to Cuba's superb architectural heritage, in some cases just in the nick of time as many historic buildings are literally falling down. Havana now boasts chic new cafes, restaurants and bed and breakfast accommodation in renovated houses.</p> <p>So, how do you tackle Cuba on the cusp of change? The most important thing is don't be panicked into visiting before you've planned properly, particularly in the high season (especially November to March, but July and August can also be busy). The Americans are not there en masse yet but Cuba's popularity is surging so make sure you research carefully before you book anything and then double and triple check that booking before you leave home, or  work through an operator who knows what they are doing.  Travelling off peak is another way to avoid problems.</p> <p>Despite the positive changes already evident in Cuba there are still challenges for travellers: there is still a relatively limited range of food and many other consumer goods are in short supply (I queued in a government department store for 30 minutes to get a new electrical plug for a client and there was only one plug in stock), hotels are not always well maintained and telecommunications can be very frustrating with cellphone coverage erratic and few places as yet have wifi.</p> <p>However, the plusses completely outweigh the negatives for all but the most fussy of travellers. Cuba oozes music and dance; the locals are still genuinely pleased to see you, the history and culture are fascinating and the architecture astonishing. Add to that a tropical climate, relatively cheap prices and a vibrant arts scene.</p> <p>And if things get fraught just keep in mind that Cubans have been dealing with economic hardship and restrictions for decades so you can manage for a few days. So, just cruise it like the Cubans do and order another cocktail.</p> <p><em>Written by Jill Worrall. First appeared on <strong><a href="http://Stuff.co.nz" target="_blank"><span style="text-decoration: underline;">Stuff.co.nz</span></a></strong>.</em></p> <p><strong><em>Have you arranged your travel insurance yet? Tailor your cover to your needs and save money by not paying for things you don’t need. <a href="https://elevate.agatravelinsurance.com.au/oversixty?utm_source=over60&amp;utm_medium=content&amp;utm_content=link1&amp;utm_campaign=travel-insurance" target="_blank"><span style="text-decoration: underline;">To arrange a quote, click here.</span></a> For more information about Over60 Travel Insurance, call 1800 622 966.</em></strong></p> <p><strong>Related links:</strong></p> <p><a href="/news/news/2016/01/10-best-value-travel-destinations-2016/"><span style="text-decoration: underline;"><em><strong>10 best-value travel destinations in 2016</strong></em></span></a></p> <p><a href="http://www.oversixty.co.nz/travel/international/2016/02/tripadvisor-top-10-beaches-2016/"><span style="text-decoration: underline;"><em><strong>TripAdvisor names top 10 beaches for 2016</strong></em></span></a></p> <p><a href="/travel/cruising/2016/01/16-locations-visited-by-ocean-cruises-2016/"><span style="text-decoration: underline;"><em><strong>16 best locations visited by ocean cruises in 2016</strong></em></span></a></p>

Travel Tips

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Car parks make way for cycleways in central Christchurch

<p>A plan to scrap about 100 kerbside car parks on a busy inner-city street for a cycleway has reignited debate about road-sharing.</p> <p>A proposed $3.5 million overhaul of St Asaph St by the Christchurch City Council would remove almost half of the 208 car parks for a separated cycleway.</p> <p>It would also close the eastbound contraflow lane on St Asaph St near CPIT, between Madras St and Ferry Rd.</p> <p>The plan was being developed under An Accessible City, the transport chapter of the Christchurch Central Recovery Plan.</p> <p>Business owners near St Asaph St believed the plan put pedestrians and cyclists ahead of motorists, at the expense of their businesses.</p> <p>The Central City Business Association said it was aware of "significant concerns" from retailers about the loss of car parks.</p> <p>Cafe Valentino, Arts The Printers, The Drawing Room, the Canterbury District Health Board and Hospitality New Zealand expressed concerns about fewer parking spaces.</p> <p>Nicky Arts, owner of Arts The Printers, said the changes would isolate businesses such as hers.</p> <p>The changes would mean motorists circling for parks on lower High St would need to take a five block detour to return, she said.</p> <p>"We're far enough from the CBD that people don't want to walk to us. Destination shops need easy access."</p> <p>High St had traditionally been a place for a small number of niche retailers, but they became unfeasible if they were difficult for motorists to access.</p> <p>"By making access so difficult, they're locking out a good proportion of our older people. I'd love to see a bicycle-friendly, pedestrian-friendly city that has a balance - that seems to be the word we've lost.".</p> <p>Last month, new research commissioned by the NZ Transport Agency found business owners often overestimated the value of car parks to their business.</p> <p>The report cited the installation of bus lanes on Papanui Rd in 2009 as an example of a negative outcome - the council proposed to scrap all car parks along the road, but opted for a compromise after opposition.</p> <p>"This ultimately created disjointed lanes and removed capacity at a number of intersections," the research found.</p> <p>Paul Burden, the council's acting transport and city streets unit manager, said compromises between stakeholders were necessary.</p> <p>"Compromise is part of the process of delivering improvements to the road network. In most cases, the council is able to still meet its objectives while satisfying the needs of stakeholders."</p> <p>Dr Glen Koorey, a transportation engineering lecturer at the University of Canterbury, said Christchurch's rebuild was an opportunity to provide equal access for all modes of transport.</p> <p>"It's something we haven't historically done well, [to] provide cycling access into the city . . . if we do want to encourage people to come back into the city on all modes, we have to make serious attempts like what we've done on Tuam St and what we're going to repeat on St Asaph St," he said.</p> <p>"If you've always had easy access driving somewhere and always had ready parking availability, then it's hard for some to change the status-quo."</p> <p>The CDHB submission said it was "generally supportive" of the cycleway, but asked the council "explore opportunities to retain additional on-street parking spaces", which hospital patients and visitors could use.</p> <p>Written by Charlie Mitchell. First appeared on <span style="text-decoration: underline;"><strong><a href="http://www.Stuff.co.nz" target="_blank">Stuff.co.nz</a></strong></span>.</p> <p><strong>Related links:</strong></p> <p><span style="text-decoration: underline;"><em><a href="/news/news/2015/12/image-personality-test/"><strong>What do you see when you look at this image?</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="/news/news/2015/12/over60-christmas-tree-gallery-part-4/"><strong>The Over60 Christmas tree gallery IV</strong></a></em></span></p> <p><span style="text-decoration: underline;"><em><a href="/news/news/2015/12/houses-with-amazing-christmas-lights/"><strong>7 houses with the most amazing Christmas lights</strong></a></em></span></p>

News