Commerce:

Money:

Security features on banknotes:

-            Polymer

o   Certain feel

o   Will return to shape after scrunched

o   Durable (won’t break down in water)

-            Top to bottom window

o   Integral part of note not additional

o   Check features in the window can’t be easily wiped off

-            3d image

o   Tilt banknote to see 3D image with colourful border

o   Will appear raised or recessed

-            Flying bird

o   Tilt banknote to see bird move its wings

o   Change colour on the top to bottom window

-            Colourful bird

o   Tilt banknote to see colours change in a bird

-            Reversing number

o   Tilt the banknote to see a number change within the building

o   The number alternately appears forwards, disappears then backwards

-            Rolling colour effect

o   Tilt banknote to see rolling colour effect

o   On one side it is a prominent patch near the top

o   On other side it is within a bird

-            Images in small window

o   Image in a small clear window

o   Embossed and has a light and dark effect

o   Integral part of note not additional

-            intaglio print

o   distinctive texture of the dark printing

o   slightly raised print

-            background print

o   multicoloured, multi-directional fine-line patterns appear of each side of the note

o   should be very sharp

o   check for irregularities

§  e.g. less defined patterns, thicker/thinner lines or colour differences

-            microprint

o   tiny clearly defined text in multiple locations on the note

-            fluorescent ink

o   a bird, the serial number and year of print fluoresce under UV light

Legal Tender:

Definition: Legal tender is a form of payment (certain notes or coins) that the legal system recognizes that could be used to legally discharge dept.

-            not all forms of money are legal tender

o   e.g. if you paid $500 in 5c coins the person can refuse and you would still owe money

Government has laid down the law that people who are owed money must accept:

-            5c, 10c, 20c, and 50c coins up to $5

-            $1 up to $10

-            $2 up to $20

-            Notes up to any amount

If you gave someone $4.90 worth of 5c coins and they refused they wouldn’t be able to claim that you were unwilling to pay the debt.

Australian Money:

-            Coins

-            Banknotes

-            Bank deposits

Coins and banknotes are known as currency.

Metal Coins:

-            Minted at the commonwealth mint in Canberra, Perth ad Melbourne

-            Distributed through banks

-            Coins are used for smaller values in our currency

-            Used often so must be made from a durable or hard-wearing material (e.g. metal)

Notes:

-            Printed in Melbourne

-            Distributed by the government bank (the reserve bank) to other banks who then give them over the counter to customers.

-            Used for larger values of money

-            Lighter than coins so it makes it easier to carry around a large sum of money in note form.

Bank Deposits:

-            Individual or businesses usually have funds in the bank.

-            They can withdraw the funds to pay their depts and buy goods and services

-            Money may be in savings account or be a fixed deposit or a current (cheque) account in a trading bank.

-            If currency in your account you can write a cheque

-            Cheques themselves are not money

o   E.g. if no funds in account cheque is worthless

Counterfeit Money:

-            Early money was not perfectly round and made from gold or silver

o   Easy to shave or clip the edges to get precious metal before passing them of again

-            Milled edge (raised edge on coin face) stopped this practice

-            Coins today are made from a combination (or alloy) or copper, nickel or other light metals

-            They are known as token coins because the worth of the coin is more than the amount that was used to make it

-            Counterfeiting paper money if difficult

-            It requires high quality paper and inks

-            The most famous banknote forger in NSW was Gregory Robert Beeforth

o   He escaped from Cessnock Gaol in 1994 (held for various fraud charges)

o   Recaptured in Liverpool motel with $100 000 in his possession in $50 and $100 counterfeit notes

-            Since 1992 Australia has developed a new series of notes printed on polymer (plastic) to attempt to combat counterfeiting

-            Polymer notes are:

o   Harder to counterfeit

o   More durable

o   Cleaner

o   Hygienic

o   Can be recycled

-            Other countries with polymer notes:

o   Brazil

o   Canada

o    Papa new guinea

o   Romania

o   Bangladesh

o   United Kingdom

o   New Zealand

o   Mexico

o   Saudi Arabia

Cashless society:

-            Covid-19 has accelerated our shift into a cashless society

-            Switched to payments that have no human contact (e.g. tap and go)

-            Reserve bank research depicts rapid shift away from cash payment in the last decade

o   Consumer payments made with cash had fallen to 27% last year from 69% in 2007

-            Trends towards payment method including in app purchases, tap cards, smartphones and buy now pay later.

Travel:

Planning options:

3 main factors:

-            Personal

o   Personal reasons to visit

o   Culture, history, natural beauty or familial ties to a destination

o   May depend on what they want to do on their trip

§  E.g. relaxing, being active could influence where to go

-            Political

o   Could change overnight but must be accounted for

o   A countries political stand

§  E.g. political instability/unrest

§  Terrorism threats

·        E.g. 2019 Hong Kong riots

·        2024 Vienna – Talyor Swift concert cancelled due to a planned terrorism attack

·        2016 July, Germany – shooting in mall

·        2017 – bombing and shooting terrorist attack

-            Financial

o   One’s financial situation

§  Impact destination, type of accommodation, length of the stay and the activities they go on

o   Some people take out loans whereas other save up

Sources of Information:

Where can you find information on a destination?

1.        Media

o   TV shows

o   YouTube

o   Newspaper

o   Radio

o   Social media

2.        Travel Agent

o   Specialized

o   Possible personal experience

3.        Magazines

o   Travel Brochures

o   Maps

4.        Travel apps/websites

o   Smart traveller.com

o   Trivago

o   Expedia

o   Lonely Planet

o   Booking.com

o   ‘Man in seat 61’

o   Trip advisor

o   Viator

5.        Word of Mouth (WOM)

o   Family

o   Friends

o   Colleagues

Online travel apps:

-            Tripadvisor

o   Flights, accommodations and activities

-            XE (exchange rate)

o   Quick east and reliable, exchange rate conversions

-            Wotif

o   Online travel agent

-            Sky scanner

o   Flight deals on many airlines

o   Seat guru

§  Advisors on best seat

Travel risks and insurance:

-            Travel insurance protects against the cost of difficulties experienced while travelling

o   E.g. Medical bills, loss of luggage, missed flights/connections

o   Can cover issues such as Theft, loss of personal belongings

-            Examples of Travel insurance companies:

o   CoverMore

o   I-Cover

o   Travel Direct

o   NRMA

Factors to think of when looking for Travel insurance:

1.        Understand your situation --- Tailor you individual policy ot cover

o   Destination

o   Duration of trip

o   Activities undertaken

o   Particular Items covered

§  E.g. snowboarding, skydiving

·        Policy more expensive due to danger

2.        Cost --- Age and Preexisting medical conditions are taken into account

3.        Compare policies to get the BEST value

o   E.g. Basics --- Basics + Extras

4.        Varying the excess on a claim will keep premium down (premium = price)

5.        Frequent travellers can purchase annual policy to cover ALL travel

o   More expensive

6.        Some traveller are already insured via their credit card.

o   If traveller spends $500+ on their card for the trip insurance in included

Travel warnings/advice:

-            The political situation and stability of a country must be taken into account

-            Department of Foreign affairs and trade (DFAT) provide warnings

-            Warnings include:

o   Advice regarding riots, protests and civil unrest

o   Advice for those working overseas

o   Advice travelling safely alone

o   Advice regarding health and disease exposure

-            Smart Traveller Website advice on returning home

o    Return home as soon as possible

o   Ensure passport data is up to date

o   Visit local embassy or consulate

-            Travel warning by DFAT for Hong Kong

o   Exercise a high degree of caution

o   Avoid protest and large areas

o   Take care of belongings

o   Avoid raw or under-cooked food

o   Illegal to carry sleeping tablets or other medication without prescription

o   High pollution and humidity levels

Western Sydney Airport activities:

-            Allows connectivity

-            More jobs

o   More income

o   Increased standard of living

-            Close to warehouse Western Sydney is a freight hub for eBay, amazon etc. (online purchases)

-            New metro

-            Made due to Kingsford smith airport being at capacity

-            Economy booster for Western Sydney area

Types of tourism:

Cultural tourism

-            Visit a place because of its cultural or historical significance

o   Egypt

Ecotourism

-            Nature based forms of tourism

-            Appreciation of nature and cultural traditions

o   Uluru, Kangaroo Island

Recreational tourism

-            Done for leisure purposes

o   Maldives

Mass tourism

-            Large amount of people visit a particular place throughout the year

o   Venice

Sports tourism

-            Visit because of anything of sporting significance in the area

o   France (Olympics)

Religious tourism

-            Visit places of religious significance

o   Thailand, Jerusalem

Health tourism

-            Travel to improve health

-            Personal or medical reason

o   India, USA

Adventure tourism

-            Travel for thrill

-            Involves risk

-            Niche highly specialised market

o   Amazon

Business tourism

-            For work, e.g. conferences

-            Doctors, Dentists, Engineers, etc.

o   New York

Culinary tourism

-            Food in the area

-            Learning to cook certain food

o   Japan, Paris

Voluntourism

-            Involves doing community or environmental work

o   India, Sri Lanka, Thailand

Medical Tourism:

-            Go to a foreign country to undertake medical treatment

-            People from developed countries go to developing countries

Why?

-            Cheaper

-            Insurance cheaper

-            Medical service may be illegal in their country

-            Developing countries have a lower socio-economic

Case Study: Turkey

• Expertise in liver, kidney and pancreas transplants, robotic surgery, bone marrow transplants, cardiology and cardiovascular surgery

• Low costs + high quality

• Convenience (accommodation and transportation services managed by the hospitals)

• Minimum wait times

• Well trained doctors and teams

• Why is it cheaper?

  • Lower labour costs

  • Lower facility costs

  • Higher efficiency

  • Less malpractice liability

  • Less third party payment

  • Financially strong hospitals

Exchange Rates:

-            Value of one currency in terms of another currency

Travel Documents – Passport, Visa:

Passport:

-            A legal document issued by the Australian Government to Australian citizens

-            Grants permission for people to travel between countries

Adult Passport:

-            Cost: $398

-            Valid for 10 years

Children passport (+ people over 75 years)

-            Cost: $201

-            Valid for 5 years

When returning to Australia you must have:

1.        Valid Passport (at least 6 months left on the life of the passport)

2.        Incoming passenger card

a.        Truthfully declaring all items requested

b.       Must be signed and presented at immigrations

The role of Border Force is:

1.        Preventing prohibited imports and exports

o   Illegal drugs, animals, plants, certain foods

2.        Check footwear for foreign soil

o   Could bring in disease

o   E.g. Foot and Mouth disease from Indonesia

Biometric Passport:

-            Is an E-passport

-            Issued by the Australian government

-            Only type of passport since October 2005

-            Microchip embedded in the centre pages

o   Has all personal detail that appear on photo page of passport

o   Digitised photo embedded

Advantages:

-            Secure

o   Encrypted – reduces risk of fraud

-            Easily scanned

-            Includes vaccination details

-            Allows the use of e-gates

Disadvantages:

-            Some passports are rejected at the e-gate

-            Water could damage or ruin the chip

Impacts of Covid-19 on passport services:

-            Harder for Australians overseas to apply for passports

-            Must practice social distancing and good hygiene

Change name on passport:

-            Name on passport = name on full Australian birth certificate

-            Can change if register new name on your most recent passport

Replacement Passport:

-            Is a passport one can get if they need a new one more than 2 years before their old one expires and current one hasn’t been lost

-            Cost less than normal passports

Difference between Replacement and renewal passport:

-            Replacement either free or has a reduced fee

-            Only valid for however long the one it is replacing has left

-            Renewal is standard fee

-            Lasts full ten or five years

How to make urgent passport application:

-            Need a compelling reason for urgent travel

o   E.g. Death or illness of family member

-            Must be able to prove the issue

-            Make appointment at nearest passport office

-            6 weeks for passport to arrive

-            Must pay additional fee

6 significant features of Australian Passport:

1.        Raised map of Australia on bottom left-hand side

2.        Chip embedded in passport centre

3.        Indigenous artwork

4.        Paper made from polycarbonate and is laser engraved not printed with ink

5.        Australian coat of arms

6.        Hologram of kangaroo moving across the photo

Visa:

-            A document which allows a person to enter a country for a specified time period

Australians need a visa to enter:

-            Canada

-            Turkey

-            China

-            Egypt

-            USA (waiver – allows to go in and out of a country for 2 years if tourist)

Types of visa:

-            Tourist Visas

o   Australian can get into most countries for up to 90 days with some exceptions

§  E.g. China – 30 days

-            Work Visas

o   Gives someone permission to work and earn money in a foreign country

o   Very expensive

o   Must ensure that no one else can do the job before-hand

o   Specific types of job

§  E.g. business (though not always)

-            Student Visas

o   Allows you to study in a foreign country for a specific date range

o   $1600 for application

o   Length of the course

Applying for tourist entry into the USA:

-            Must get tourist waiver (not visa)

-            Cost – US $28 for 2 years

-            No criminal record

1.        Confirm that your passport meets the program requirements

2.        Complete the ESTA online

3.        Pay the fees

Travel Itinerary:

-            An itinerary is a detailed travel plan including exact time and dates; airline and flights; accommodation and its address; activities planned and their specific requirements.

Factors influences travel decisions:

-            Locations

-            Time

-            Price

-            Availability

-            Reliability

-            Security

-            Comfort

-            Interests

Travel Problems:

Organisations that can aid with travel problems:

1.        Australia consular officials

o   Issue emergency travel documents

o   Aid in:

§  Accidents

§  Serious illnesses

§  Death

Arrange for next of kin to be notified

o   Limited financial assistance (repayable)

o   Provide list of local doctors and lawyers

o   Assistance if arrested

§  Tell next of kin

§  Conduct prison visits

§  Ensure same treatment as the country’s citizen

o   Aid I emergencies, e.g. natural disaster

o   Provide latest travel advice

o   Witness and certify signatures

2.        Airlines

o   Replace lost/stolen airline tickets (with proof of loss and identification)

o   Follow up on lost luggage (possibly give compensation money)

o   Provide information on countries of destination

3.        Financial institutions

o   Assist is conversion of money

o   Cancel lost credit cards or travellers cheques

§  Issue replacements on them

o   Provide online credit facilities for ease of access to funds

Type of travel problems:

1.        Travel documentation

§  Must carry Australian passport

§  If lost or stolen must be reported to the local police and nearest Australian embassy

§  Will be replaced but will cost time and money

§  Visas and health documentations must also be replaced

§  Australian embassy can sometimes help, other times foreign government offices or agencies need to step in.

2.        Financial Problems

§  Money can be carried as travellers’ cheques, cash and or plastic cards

§  If they are stolen of lost tourist should report matter to hotel, local police and service provider

§  Service provider is usually a bank or other financial institution (e.g. visa)

§  They have phone line for reporting missing cheques or plastic cards, that can be replaced if provider is sure they will be kept safe

3.        Connections while travelling

§  Allow 3 hours minimum between connecting services to ensure enough time to collect luggage, even if delayed

4.        Accommodation

§  Accommodation cannot be guaranteed until you get there

§  Have a back up place to possibly stay

§  Travel books and brochures can help in finding suitable accommodation

5.        Lost luggage

§  Possible solution is to keep small bag with you at all times

§  Insurance covering lost luggage is important, as replacements can be bought with insurance money

6.        Language and culture differences

§  Learn basic etiquette of the place you are visiting

§  Have short list of instructions or sign language so you can communicate

§  Bring a map with accommodation location and location of other venues for taxi drivers

7.        Weather conditions

§  Check weather conditions of the country before you visit

§  Ensure you bring appropriate clothing

8.        Medical matters

§  Ensure all vaccinations are up to date and appropriate for the countries being visited

§  Contact GP or travel for information and vaccinations

9.        Safety and political unrest

§  Check department of foreign affairs before leaving for whether the country is safe at the time

§  If caught in an unsafe area make your way to the nearest Australian  embassy