Financial Services Online News Headlines

Tue, 02 Sep: The Australian stock market experienced significant turbulence following remarks by U.S. President Donald Trump regarding domestic inflation. In his statements, Trump asserted that inflation was 'way down,' which precipitated a notable sell-off in Australian equities, with investors seeking refuge in safer assets like gold and silver. - read more

Tue, 02 Sep: In a significant legal development, the Australian Securities and Investments Commission (ASIC) has initiated civil proceedings against Equity Trustees Superannuation Limited. The action, lodged in the Federal Court, focuses on alleged due diligence lapses concerning the inclusion of the Shield Master Fund on Equity Trustees' investment platform. This case poses a critical test for the current consumer protection frameworks within Australian superannuation, as highlighted by Super Consumers Australia's (SCA) CEO, Xavier O’Halloran. - read more

Tue, 02 Sep: The Labor government's newly expanded low deposit homebuyer scheme is projected to significantly impact the housing market by next year. A recent analysis by Lateral Economics suggests that this initiative could propel house and apartment prices to rise by as much as $90,000 within a year. - read more

Tue, 02 Sep: New South Wales (NSW) is undertaking a detailed review of its Compulsory Third Party (CTP) insurance scheme as well as its lifetime care and support system. The Standing Committee on Law and Justice of the state's upper house has initiated this examination as part of their routine practice conducted every parliamentary term. The last thorough assessment took place in 2022. - read more

Mon, 01 Sep: Many Australians believe that achieving millionaire status is an unattainable dream, reserved only for those with high salaries or financial expertise. However, recent insights suggest that accumulating significant wealth through investing is within reach for anyone willing to adopt a consistent strategy. By investing modest amounts regularly, even as little as a few dollars each day, individuals can effectively build their wealth over time. - read more

Mon, 01 Sep: The fourth iteration of the Your Future Your Super (YFYS) performance test has flagged issues within Australia's superannuation sector, highlighting the need for reform. Seven trustee-directed products (TDPs), all part of platform-based systems or wraps, did not meet the test's standards. None of the 52 MySuper products or 374 non-platform TDPs failed. This pattern emphasises the effectiveness of MySuper products in meeting the test's criteria, but it also raises concerns about the applicability and fairness of the performance benchmarks. - read more

Mon, 01 Sep: The Reserve Bank of Australia (RBA) has revised its productivity growth assumptions after years of holding out against such adjustments. Notably, this change has not led to increased inflation forecasts nor the anticipation of stricter monetary policies. The RBA's new approach suggests that lower productivity growth will dampen both supply and demand, primarily due to a decrease in income growth. - read more

Mon, 01 Sep: A recent decision by the Australian Financial Complaints Authority (AFCA) has ruled against a homeowner seeking an $18,000 refund from Allianz. The homeowner claimed that the insurer failed to adequately inform her about substantial increases in her optional flood cover premiums. Initially, her monthly payments surged from $369 to $1277 in August 2022, a change she only noticed in March of the following year through her bank statements. - read more

Thu, 28 Aug: Australian real wages have hit a challenging plateau, currently trailing 6.1% below their mid-2022 'covid-bubble' heights. The Reserve Bank of Australia's (RBA) recent Statement of Monetary Policy provides little solace, projecting that real wages will stay 5.5% beneath their peak by the close of 2027. This comes amidst SEEK's latest advertised salaries index, which paints a picture of slowing wage growth. - read more

Thu, 28 Aug: The Australian Securities and Investments Commission (ASIC) has launched civil penalty proceedings in the Federal Court against Equity Trustees Superannuation Limited. The regulator alleges that the company neglected its due diligence obligations concerning the inclusion of the Shield Master Fund in its investment offerings, potentially compromising the retirement savings of thousands of Australians. - read more

Thu, 28 Aug: The latest inflation figures from the Australian Bureau of Statistics have disrupted expectations for a rate cut by the Reserve Bank of Australia (RBA) in September. July's monthly CPI inflation escalated to an annual rate of 2.8%, rising significantly from June's 1.9% and outstripping forecasts from multiple market analysts. This unexpected inflationary surge is mainly attributed to a dramatic 13.0% hike in electricity prices and robust travel costs. - read more

Thu, 28 Aug: Insurance premiums for group life policies with long-term benefits have surged between 15% to 25% on average in the first half of the year, according to a mid-year market update from Marsh Australia. While the steepest increases affected those with adverse claims experiences, short-term rates and premiums for permanent disabilities remained relatively steady. The sector has also become more selective, with insurers adopting stricter underwriting standards, particularly eschewing high-risk industries. - read more

Thu, 28 Aug: The federal government's initiative to accelerate housing development by relaxing certain building regulations has raised alarm within the insurance sector. Housing Minister Clare O’Neil announced changes on social media, indicating a strategic pause on parts of the National Construction Code to expedite building approvals and encourage the construction of much-needed homes across Australia. This move comes in response to challenges in the approval process, which often delays construction. - read more

Wed, 27 Aug: The debate around integrating social media with financial advice continues to stir among industry professionals. However, Ben Nash, founder of Pivot Wealth, champions this blend as he harnesses platforms like Instagram and TikTok to educate and engage. With a following of 130,000, Nash uses social media to prepare potential clients for the advice process, offering them insights into his philosophies. - read more

Wed, 27 Aug: The ongoing postponement of the Division 296 legislation is escalating frustration within Australia's finance and superannuation sectors. Treasurer Jim Chalmers has indicated no immediate plans to reintroduce the bill, asserting on the ABC Insiders program that the necessary calculations for the tax would not commence until mid-2026. He emphasised that there's ample time to reintroduce the legislation and assured that concessional tax advantages for retirees remain unchanged. - read more

Wed, 27 Aug: A new federal scheme, designed to lower the demand for lenders’ mortgage insurance (LMI), may inadvertently escalate home prices and hinder lower-income earners' ability to purchase property, according to concerns raised by Australian insurers. The Home Guarantee Scheme, set to expand in October, offers first-time buyers the opportunity to bypass the usually required LMI if they have managed a deposit of just 5%. - read more

Wed, 27 Aug: RACQ Insurance has been instructed to bolster a payout to a customer following a ruling by the Australian Financial Complaints Authority (AFCA). The dispute arose after the insurer's handling of a house fire claim lodged by a woman in October 2023 was found lacking. The fire, initiated by scented candles, resulted in significant fire and smoke damage to her home. - read more

Tue, 26 Aug: This week commenced with a notable event on the Australian sharemarket as the ASX 200, despite an early surge reaching a new record intraday high of 9054 points, saw its gains reversed by declines in major banking stocks. By the close of the trading day, the benchmark index managed to eke out a gain of 5 points or 0.06%, settling at 8972.4, while the broader All Ordinaries index rose slightly by 0.12% to 9245 points. - read more

Tue, 26 Aug: The transfer of wealth across generations is presenting a significant opportunity for financial advisory practices to integrate a younger workforce. As substantial sums of money move to a new generation, the need for equipped young advisers is evident. Justin Gilmour of Integro Private Wealth highlights the potential of younger advisers in preparing the next generation to manage family wealth, underlining the importance of enhancing financial literacy among clients' children. - read more

Tue, 26 Aug: The Australian government, led by Treasurer Jim Chalmers, has indicated a willingness to make adjustments to the annual superannuation performance test, amidst growing concerns from the industry and independent experts. This move is intended to address fears that the current test discourages funds from pursuing investments deemed in their members' best financial interests. - read more

Tue, 26 Aug: The Australian federal government has announced an earlier implementation of its expanded program guaranteeing low-deposit loans for first-time home buyers, set for October. This program aims to eliminate the need for lenders' mortgage insurance (LMI) by allowing first-home purchasers with just a 5% deposit to enter the market. Previously planned for next year, the revamped policy also removes income caps and raises property price limits. - read more

Tue, 26 Aug: The Australian Securities and Investments Commission (ASIC) has spotlighted significant shortcomings in the direct sale of life insurance products, urging the industry to reassess its sales practices. The recent review unearthed ongoing issues with remuneration structures, indicating that some insurers still link commissions to sales targets, potentially fostering aggressive sales tactics. The study further revealed a troubling rise in claims disputes, with reported cases more than doubling since 2018, raising concerns about the transparency and trustworthiness of these policies. - read more

Mon, 25 Aug: In a bold entrepreneurial move, 20-year-old Naythen Lindsey took the plunge into business ownership by purchasing a Kwik Kopy franchise in Hornsby, Sydney. Lindsey's acquisition, which marked him as the youngest franchise owner in the Kwik Kopy Network, came after years of working with the brand, initially under the mentorship of his father, himself a franchise owner. Despite the challenges expected from his youthful age, Lindsey was compelled to prove himself, especially after the franchise's supportive response to his ambitions. - read more

Mon, 25 Aug: Sydney's Sofitel Wentworth played host to the illustrious 2025 Australian Wealth Management Awards on 22 August. The prestigious event celebrated the foremost professionals and innovators in the wealth management sector across the nation. With over 400 advisers, executives, and industry leaders in attendance, the awards highlighted significant achievements and encouraged networking amongst the elite of the field. - read more

Mon, 25 Aug: In Australia, approximately 60 per cent of superannuation fund members are enrolled in default MySuper options. While this might appear convenient, financial adviser Robert Rich from Unite Wealth rings an alarm bell about the often overlooked, damaging impact of elevated fees associated with these default options. - read more