| Student Debt Reduction Laws Still Months Away: What Aussies Need to Know Fri, 30 May: Millions of Australians will see no immediate relief from their student debt as the promised reduction by the Labor government remains months away from implementation. Despite plans to reduce HECS, VET, and apprenticeship loans by 20 per cent, an increase in student debt due to annual indexation is slated for Sunday. This will be addressed once the new legislature is introduced when parliament convenes in late July. - read more
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| AMP Faces Legal Battle Over Alleged Superannuation Fee Overcharges Fri, 30 May: Australian financial services company AMP Limited is currently embroiled in a class action lawsuit in the Federal Court over allegations of excessive superannuation fees. The legal proceedings, led by law firms Slater and Gordon and Maurice Blackburn, claim that AMP trustees systematically overcharged superannuation account holders between 2008 and 2020, particularly those with high-fee products such as MySuper accounts, cash, and term deposits. - read more
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| ASX Gains Amid Temporary Pause on Trump Tariff Policies Fri, 30 May: The Australian Securities Exchange (ASX) experienced an uptick on Thursday following a US court decision impacting former President Donald Trump's tariff policies. This development ignited a rally in energy and information technology sectors, resulting in the ASX 200 index climbing by 12.9 points, or 0.15%, to close at 8,409.80. Simultaneously, the All Ordinaries mirrored this performance, concluding 12.90 points higher at 8,637.80. - read more
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| Super Contributions Rise Amidst Guarantee Increase Fri, 30 May: The Australian superannuation landscape has seen a modest uplift in total contributions, bolstered by an increase in the superannuation guarantee to 11.5% starting July last year. However, this positive movement was contrasted by a slight decrease in assets by 0.8% for the first quarter, settling at $4.1 trillion. - read more
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| Westpac Under Fire from Finance Sector Union Over Major Job Cuts Fri, 30 May: Westpac is facing scrutiny from the Finance Sector Union (FSU) as the bank plans to cut over 1500 jobs. This potential redundancy marks Westpac's most significant in the past decade, prompting the union to seek urgent clarification. The FSU also demands a halt to the proposed cuts, highlighting lack of consultation in the decision-making process. - read more
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| Footballer's Injury Claim Denied by AFCA Due to Policy Limitations Fri, 30 May: A female football player has faced disappointment after her claim for physiotherapy expenses was denied by her insurer, AIG Australia. The athlete's claim was linked to a disorder in her right ankle, identified as osteochondritis dissecans after doctors conducted an X-ray. - read more
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| NSW Premier Urges Speedy Action on Flood Claims as Industry Expands Support Fri, 30 May: The New South Wales Premier, Chris Minns, is urging insurance companies to expedite the processing of flood claims as the number of affected policyholders grows. In response to the ongoing natural disaster, the insurance industry has opened a second hub to provide assistance. - read more
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| Insurer Ordered to Refund GAP Premium After Unfair Sale Wed, 28 May: A significant decision has been made as an insurer, Eric Insurance, is required to refund a consumer for a Guaranteed Asset Protection (GAP) policy deemed unfairly sold 13 years ago. The policy stemmed from a $31,000 vehicle loan, and the consumer argued that misleading practices influenced this purchase. - read more
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| Australians Seek Financial Guidance Amid Rising Cost Pressures Wed, 28 May: Colonial First State (CFS) has released new findings underscoring the financial strain Australians are facing due to prolonged elevated living costs. A survey involving 2,250 respondents highlighted that many individuals are having to forsake long-term financial aspirations to address immediate financial pressures. - read more
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| Younger Aussies Anticipate Extended Work Lives into Their 70s Wed, 28 May: New insights from People2People reveal that younger Australians are gearing up for longer careers, expecting to remain in the workforce well into their seventies. This trend starkly contrasts with previous generations, such as Baby Boomers, who managed to retire with more confidence in their financial security. - read more
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| The Australian Suburbs Offering Cheaper Mortgages Than Rent Wed, 28 May: New research highlights that young Australians might find it more economical to service a mortgage than pay rent in over a thousand housing and unit markets across the nation. Conducted by Ubank, the study reveals a significant disparity, as rent prices have skyrocketed 39% over five years, reaching a median of $659 weekly, compared to a median mortgage repayment of $922. - read more
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| Acenda Extends Premium Relief to Customers Affected by NSW Floods Wed, 28 May: In response to the severe flooding in New South Wales, Acenda has rolled out a suite of supportive measures for its customers. The life insurer's initiatives aim to mitigate the financial burden faced by affected individuals and families during this challenging period. - read more
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| AMP Faces Class Action Over Alleged Superannuation Overcharges Wed, 28 May: A major class action targeting AMP has commenced, alleging that the financial service provider overcharged 2.5 million Australians on their superannuation accounts over a span of 12 years. Spearheaded by legal firms Slater and Gordon and Maurice Blackburn Lawyers, this lawsuit claims that AMP trustees imposed excessive administration and investment fees on various superannuation products, including MySuper accounts and cash and term deposits. - read more
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| Superannuation Titans Advocate for Streamlined Regulations Mon, 26 May: A significant meeting led by the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) brought together chief executives from leading superannuation funds, urging a much-needed simplification of current regulatory frameworks. This appeal aligns with ASIC's acknowledgment that the Financial Accountability Regime (FAR) has been instrumental in pinpointing responsible entities within super funds. - read more
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| Revived Interest in Financial Advising Sparks Positive Industry Shift Mon, 26 May: The financial advising sector in Australia is experiencing a resurgence of commitment from advisers, marking a significant shift in industry culture post-Hayne Royal Commission. According to findings from Adviser Ratings, nine out of ten advisers have expressed dedication to staying in the field, a notable increase from 74 percent in 2021. This trend was highlighted during a webinar as part of the lead-up to the 2025 Financial Advice Landscape report release. - read more
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| Australia's Economic Challenges: Capital Shallowing and Population Growth Mon, 26 May: Australia's economic landscape is confronting a significant challenge termed 'capital shallowing.' This occurs when the population grows at a rate surpassing that of investments in business, infrastructure, and housing, leading to reduced capital per worker and declining productivity. This phenomenon has become a central topic in discussions about Australia's sluggish economic growth over the past two decades. - read more
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| HESTA Service Disruption Sparks Adviser Outrage Mon, 26 May: HESTA, a major Australian industry superannuation fund with $93 billion under management, has recently faced criticism due to a six-week transition period affecting service operations. Starting on 19 April, the fund halted processing activities, including super contributions, insurance claims, withdrawals, and investment switches, as it switched administrative providers from MUFG to the newer Grow Inc. This has frustrated financial advisers who depend on real-time access to manage clients' super funds effectively. - read more
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| RBA Rate Cut Fuels Surge in Home Buyer Demand Mon, 26 May: In the wake of the recent federal election and expectations of a monetary policy shift from the Reserve Bank of Australia (RBA), there has been a noticeable uptick in home buyer activity. This enthusiasm is evidenced by a rebound in auction clearance rates in key markets, notably Sydney and Melbourne, as well as across combined capital cities. - read more
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| QBE Amplifies Cybersecurity Initiatives in Response to Rising Threats Mon, 26 May: In an era where cyber threats are intensifying and regulatory demands are escalating, insurance giant QBE is significantly enhancing its support for brokers and their clientele. This decisive action was highlighted at a recent cyber insights event held in Sydney. - read more
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| Rest Appoints New CIO Amid Leadership Transition Fri, 23 May: In a significant leadership update, Rest has appointed Michael Clancy, former CEO of Qantas Super, as its next Chief Investment Officer (CIO). Clancy assumes this role following the departure of Rest’s first-ever CIO, Andrew Lill, who resigned last October, leaving interim leadership with Kiran Singh and Simon Esposito acting as co-CIOs. - read more
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| Wealth Management Faces a Midlife Crisis: The Call for Self-Funded Retirees Fri, 23 May: During a recent gathering of the Stockbrokers and Investment Advisers Association held in Sydney, Arnie Selvarajah, co-chief executive of Bell Financial Group, highlighted an urgent need for transformation within Australia's wealth management sector. The focus of his address was the escalating demand for self-funded retirees as the country's pension system faces increasing strain. - read more
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| Managed Accounts in Superannuation Now Under Performance Review Fri, 23 May: The Australian Prudential Regulation Authority (APRA) has announced that managed accounts will now be included in the Your Future Your Super (YFYS) superannuation performance test. In its recent update, APRA clarified that separately managed accounts (SMAs) can be classified as Trustee Directed Products (TDPs), which subjects them to this performance scrutiny. This determination hinges on the specifics of how the product operates and its strategic asset allocation capabilities for beneficiaries. - read more
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| Markets Respond Cautiously to U.S. Tax Changes Amid Mixed Global Trends Fri, 23 May: Financial markets exhibited a measured response following the U.S. administration's introduction of new tax legislation, a development that is expected to significantly increase the national deficit. Despite initial positive momentum on Wall Street, much of the gains receded by the session's end. Similarly, European markets experienced mild selloffs, signaling uncertainty among investors. In Asia, a mixed response was seen, with Australia outperforming other regional markets, although with minor losses. - read more
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| Rising Life Insurance Coverage Highlights Persistent Knowledge Gap Fri, 23 May: New findings from NobleOak reveal an upward trend in life insurance coverage among Australians, alongside a persistent gap in understanding of fully underwritten policies. According to the NobleOak Life Insurance Pulse Report, 60% of Australians aged 30 to 60 now hold life insurance, a noticeable increase from 55% the previous year. - read more
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| Ombudsman's Decision Favors Claimants in Solar System Dispute Fri, 23 May: Homeowners grappling with damaged solar power systems are set to have a substantial portion of their repair costs reimbursed. This follows a significant ruling where an ombudsman overruled the insurer IAG's application of an electronic malfunction exclusion in the claim process. - read more
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