A tiny two-bedroom house is expected to sell for over $8 million after being owned by the same family for 53 years.

The 850sqm of land and the small house on it in Cabarita, Sydney, is expected to fetch over $8 million when it goes to auction on May 20.

The home at 9 Collingwood Avenue was last bought by the Waller Family in 1969 for $17,000.

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Now the property's value has skyrocketed, thanks largely to its location in one of Sydney's most sought-after suburbs right on France Bay.

"Located in one of Cabarita's most prestigious neighbourhoods with elite private schools, cafes, restaurants and direct transport to the CBD at your doorstep, this property promises the ultimate Inner West lifestyle," the listing states.

The home is listed with real estate company Horwood Nolan.

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The company's founder and managing director Ben Horwood said waterfront properties like it are very rare to find in today's market.

"It's a rare opportunity, inner-west waterfronts are typically built up with waterfront apartments, there are very few standalones in the inner west," he told 9News.com.au.

"It's got good proximity to private schools, the rest of the inner west and Sydney, it makes this place an exceedingly convenient place to live for families."

Horwood also said interest in the property has been good, with most families looking to knock it down and "build their dream waterfront home."

A property of similar size two doors down from 9 Collingwood Avenue sold for $8.2 million in July 2022.

The family who has owned the home for the last 50 years are selling as they decided it was time to move on, according to Horwood.

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Aged care workers are in for a major pay boost in the upcoming federal budget with salary increases of up to $10,000 per year to cover the rising cost of living pressures.

Under an $11.3 billion package, nurses and aged care workers will receive the most significant pay pocket increase in the federal budget on May 9.

From January 1, aged care workers will receive an extra $7000 in their pay packet and nurses will be paid an additional $10,000 a year.

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A full breakdown of the changes can be found below.

Aged Care Minister Anika Wells said 250,000 aged care workers including registered nurses and other employees will receive the increase.

It is estimated this pay boost will bring 10,000 more workers to the aged care sector.

"This is a seismic shift," Wells said.

"We say that the workforce crisis is the biggest crisis facing aged care and you have heard me say that we will pull in everything to address that.

"It is an $11.3 billion lever that we pulled to lift wages for aged care workers."

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Treasurer Jim Chalmers said this funding is the pay rise aged care workers "need and deserve".

"Aged care workers deserve more than our thanks to get our people through some difficult years in recent times," he said.

"The care economy is more than pressure on the budget, it is an opportunity for the economy more broadly."

Chalmers said the care economy – including aged care – is going to become a "bigger and bigger" part of the economy in the future.

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Wells said the pay increase for aged care workers is the biggest since the Federation of Australia.

"For us, as a Labor government, that helps right a wrong where the care economy has long been undervalued in this country," Wells said.

Wells said employers will be legally obliged to pay 15 per cent above the award for workers and the public pressure will ensure workers on an enterprise agreement will also be paid accordingly.

She added the $11.3 billion package is on top of the cost to any provider paying their employees the extra 15 per cent.

The package goes towards funding leave liabilities and super. 

Salary increases for aged care workers:

• A registered nurse on a level 2.3 award wage will receive an extra $196 a week which equates to more than $10,000 a year.
• An enrolled nurse on a level two award wage will receive an extra $145 a week which adds up to more than $7500 a year.
• A level three assistant in nursing will receive an additional $136 a week adding up to more than $7100 a year.
• A level 4 aged care worker or level 3.1 home care worker will receive an extra $141 a week which equates to more than $7300 a year.
• A recreational activity officer on a level 3 aged care award will receive an extra $139 – more than $7200 a year.
• A head chef on a level 4 aged care award will receive an additional $141 a week – more than $7300 a year.
• A staff member at an aged care facility with a Certificate III will be paid $1082 a week.

READ MORE: What we know so far about the May 9 federal budget

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Popular weight loss and nutrition business Jenny Craig is closing operations in the United States after 40 years, local media reports.

The company's operations in Australia are independent of the US and will continue, a Jenny Craig spokesperson told 9News.com.au.

"Here in Australia and New Zealand we currently continue to operate and support our clients," they said.

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"As always, our priority is to continue providing the best possible service."

In an email sent to US employees on Tuesday (Wednesday AEDT), the company said it will close "due to its inability to secure additional financing," reports NBC.

The company has about 1000 casual and corporate workers in the US.

Jenny Craig has been searching for a buyer as it ran out of money, Bloomberg Law reported last month.

Two current Jenny Craig corporate employees said they were concerned the company will file for bankruptcy by the end of this week.

Founded in 1983, Jenny Craig's weight loss programs designed by chefs and nutritionists grew to become a successful global brand, including in Australia, where former Spice Girls star Mel B was a brand ambassador.

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Celebrities, including actors Kirstie Alley, Jason Alexander and singer-songwriter Mariah Carey, were recruited to promote the company.

But Jenny Craig – which operates largely on face-to-face customer interactions – has been impacted by a growth in online competitors and the popularity of weight-loss drugs such as Wegovy, Rybelsus and Ozempic.

Last week amid reports about potential job cuts, a Jenny Craig spokesperson said that the company was "currently transitioning from a brick-and-mortar retail business to a customer-friendly, e-commerce driven model."

The spokesperson said they would provide more details in coming weeks.

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Victorian Premier Daniel Andrews has doubled down on criticism of the Reserve Bank of Australia (RBA), telling reporters he is not sure that the bank's decision to hike interest rates is actually forcing down inflation.

Andrews has instead said the move is "smashing families", having forced financially stable families into struggle.

"I'm not sure that these rate rises are beating inflation, but they're certainly smashing families," he told reporters this morning.

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"There are people now who are under significant financial pressure – who never thought that would be.

"Such is the shock of these interest rate hikes.

"People who never thought they would need to go to a foodbank are now doing that."

Andrews said the RBA had "many other tools they can use" instead to try to bring down inflation, and the RBA had gone back on promises.

"Everyone was told so definitively that interest rates would not go up," he said.

But Andrews conceded that the RBA Governor Philip Lowe had "a very difficult job to do", adding that he knew him and respected him.

The central bank on Tuesday lifted the official cash rate target by 25 basis points from 3.6 per cent to 3.85 per cent.

Yesterday the premier told media his government had borrowed so much money because it had been falsely assured about interest rates.

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He said state governments were told during a 2020 national cabinet meeting they should "go and borrow" to avoid a 25 per cent unemployment rate.

Andrews said his government was told "interest rates won't be going up" and wouldn't have borrowed as much as it did at the time if told differently.

RBA Governor Philip Lowe said on Tuesday the cost of living in Australia was "still too high", saying it would take "a couple of years" for inflation to hit the RBA's target range of 2 to 3 per cent.

Currently, the annual rate of inflation in Australia is 7 per cent.

READ MORE: Aged care workers given historic pay boost in upcoming federal budget

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The Indonesian government is pondering a potential "tourist tax" on visitors to Bali as the number of arrivals continues to swell.

Tourists would pay up to $150 to enter the popular holiday destination, the Australian Financial Review has reported.

Tourism Minister Sandiaga Uno told media this week that the proposal was under discussion by the government and President Joko Widodo.

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Bali Tourism Board chairman Ida Bagus Agung Partha Adnyana said the tax would stop Bali being seen as a "cheap" destination.

But critics of the proposal say what's needed is better enforcement of existing laws in order to keep rule-breaking tourists under control.

International visitors on tourist visas aren't allowed to try to make money in Indonesia, but some act as impromptu tour guides or motorbike renters to their co-nationals, according to Indonesian Hotel General Manager Association vice-chairman Komang Artana.

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The proposal comes as Indonesia continues to crack down on poorly behaved tourists.

As of mid-April, the Indonesian government had deported 93 foreigners from Bali, mostly due to visa or permit violations.

Russians formed the biggest contingent, with 24 visitors sent home, followed by Nigeria with seven, and then the US and Australia with six.

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The AFR has reported that the number of deportees for 2023 so far has by now risen to 101, still with just six Australians among them.

Visitor numbers to Bali have also been swelled by people fleeing the ongoing war in Europe.

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From curious wombats to inquisitive eagles, there are "signs of hope" in the aftermath of Australia's bushfire emergency.

The search for a fisherman who was swept off the rocks at a popular fishing spot on the New South Wales South Coast has been suspended for today but will resume in the morning.

NSW Marine rescue has spent the day searching up and down the coast in an effort to find the man, who is believed to be in his 70s.

Emergency services went to the Kiama blowhole, about half an hour south of Wollongong, after the man "failed to resurface" at about 6.45pm yesterday.

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"Marine Rescue NSW vessels Shellharbour 30 and Port Kembla 31 have been stood down for the day as part of the multi-agency search for a missing fisherman off Kiama," Marine Rescue NSW said in a statement.

"Both vessels conducted parallel line tracking off the coast of Kiama from 8:30am until 3pm today."

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Emergency services worked together to search for the man last night, with a helicopter also scanning the coast.

The search will resume at 8am on Thursday morning.

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Corrdon Esera fired his AR-15 at a car, killing teen driver Misiona Talafu Petelo.

Working Australians have experienced the highest yearly jump in the cost of living on record, according to new data from the Australian Bureau of Statistics.

Living Cost Indexes figures released today show all households saw increases in annual living costs in the March 2023 quarter.

Increases ranged from 7.1 to 9.6 per cent, all higher than the 7.0 per cent annual increase in the Consumer Price Index (CPI).

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"Living costs for employee households recorded the largest annual rise of all household types, at 9.6 per cent; the largest increase since this series started in 1999," Michelle Marquardt, ABS head of prices statistics, said.

"The last time the CPI recorded an annual increase of 9.6 per cent was in 1986."

The Living Cost Indexes include the impact of mortgage interest charges, but the CPI does not as it includes the cost of building a new dwelling instead, Marquardt added.

"As a result, living costs for all household types rose more than the CPI," she said.

These figures come a day after the Reserve Bank of Australia raised interest rates to 3.85 per cent, a move that shocked many.

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Today Victorian Premier Daniel Andrews criticised the RBA and accused the board of "smashing families".

"I want to assure you the board is very focused on understanding these pressures on family budgets," RBA boss Philip Lowe said.

"(We) talk about them a lot at our meetings and we do take them into account in our decisions."

A parliamentary committee passed on its verdict on the cost of living crisis today too, with an interim report confirming wages are not growing fast enough to keep up with inflation as the cost of energy, housing and groceries rise.

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The tribunal also found Alwyn O’Connor likely took $22,000 in missing funds.