Financial Services Online News Headlines

Fri, 18 Jul: In a market swayed by trade tensions and geopolitical uncertainties, investors are encouraged to remain cautious of inflated valuations. The mid-year outlook from Schroders warns against ignoring these issues, despite the market's surprising resilience to economic pressures. - read more

Fri, 18 Jul: AustralianSuper, one of Australia's largest superannuation funds, is facing significant backlash from its members after reversing a previous decision to divest from coal mining. Despite previous commitments to achieve net zero emissions, AustralianSuper has invested approximately $395 million in Whitehaven Coal. This move comes after a 2020 decision to divest from the company, and has stirred considerable discontent among members who are committed to sustainable investments. - read more

Fri, 18 Jul: New Zealand has undergone a dramatic shift in its housing market. During the COVID-19 pandemic, the country experienced one of the globe's most significant housing price surges, with median home values hitting 11.2 times the median household income, as reported by Demographia. However, this boom has swiftly turned into one of the most substantial housing price declines worldwide, significantly enhancing housing affordability across New Zealand. - read more

Fri, 18 Jul: Amid shifting financial attitudes, Generation Z in Australia is increasingly abandoning credit cards in favour of buy now, pay later (BNPL) platforms like Afterpay, Klarna, and Zip. This demographic perceives credit cards as financially perilous, partly due to the high interest rates and potential for debt accumulation. A Queenslander, Nat, shared her story of accruing thousands in credit card debt to finance a university laptop, which led to anxiety over her financial future. - read more

Fri, 18 Jul: A recent ruling by the Australian Financial Complaints Authority (AFCA) has favoured a policyholder in a dispute with insurer Auto & General over storm damage. The case involved a collapsed ceiling, initially attributed to a storm by the insurer before an about-face led them to deny the claim. The AFCA decision marks a significant instance where consumer protection mechanisms have countered an insurer's attempt to deny coverage. - read more

Thu, 17 Jul: In light of substantial criticism and penalties faced by some industry superannuation funds regarding delays in processing death benefits, a major representative group is advocating for legislative reform to digitalise binding death benefit nominations. The Super Members Council (SMC) has formally requested the government expedite changes to streamline this process. - read more

Thu, 17 Jul: The Australian Securities and Investments Commission (ASIC) has taken enforcement action against two financial planning licensees for permitting unregistered advisers to provide personal financial advice. This regulatory action involved Sky Money Pty Ltd and Smart Financial Capital Pty Ltd, who were each required to pay infringement notice penalties amounting to $31,300 in early July 2025. - read more

Thu, 17 Jul: In an impressive financial year milestone, Industry Fund Services (IFS) reported recovering over $226 million in unpaid superannuation for the 2024-25 fiscal period. This achievement contributes to their accumulated recovery total surpassing $2 billion. This development runs parallel with the proposed legislation of the Payday Super scheme set to commence on 1 July 2026, highlighting ongoing efforts to enhance superannuation compliance across the nation. - read more

Thu, 17 Jul: Australia's strong labour market showed signs of cooling in June, with the latest figures from the Australian Bureau of Statistics revealing an increase in the unemployment rate to 4.3 per cent, up from 4.1 per cent in May. This slowdown in employment growth, with only a modest increase of 2000 jobs, adds to the pressure on the Reserve Bank to consider future interest rate cuts. - read more

Thu, 17 Jul: The landscape of home insurance policies in Australia stands on the brink of transformation as an increasing number of homes, apartment complexes, and small businesses are projected to integrate solar panels and battery systems by 2050. According to a report from the actuarial consultancy Finity, these homes will evolve into independent power stations, generating and storing their own electricity, marking a pivotal shift in home energy management. - read more

Wed, 16 Jul: In a notable shift, the financial advising sector reported an increase of 120 advisers for the financial year 2025-2026, signaling a significant end-of-financial-year (EOFY) development. This comes after a challenging period of five weeks marked by a net decline of 359 advisers. The recent gain, though modest at 17 advisers for the week, marks a positive turn following these consecutive losses. - read more

Wed, 16 Jul: The Super Members Council (SMC) has called on the Federal Government to formalize a 1 July 2026 commencement date for the proposed payday superannuation legislation. This call comes amid alarming new data from the Australian Taxation Office (ATO) revealing that overdue superannuation bills have surged to $5.7 billion. - read more

Wed, 16 Jul: In the Australian superannuation sector, recent analyses have highlighted ongoing deficiencies in meeting obligations under the Retirement Income Covenant (RIC). The CoreData/Conexus Financial Best Possible Retirement report indicates a modest rise in retirees' satisfaction levels since last year, yet overall levels remain below those reported two years ago. Industry funds lag behind, with retail funds showing slightly better performance. Regulatory authorities have intensified scrutiny over super funds, urging them to significantly enhance their strategies and support for retirees. - read more

Wed, 16 Jul: Recent admissions from the Treasury reveal Australia's precarious financial situation, with significant implications for the nation’s economic stability. A report from credit ratings firm S&P last month highlighted that the combined budget deficits of Australia’s state and federal governments total $52 billion. Furthermore, the country's net debt has already surpassed 60% of GDP, showcasing a challenging fiscal scenario. - read more

Wed, 16 Jul: In a growing industry concern, the Council of Australian Life Insurers has highlighted an alarming increase in mental health-related claims, which are now the leading cause of total and permanent disability (TPD) claims. The rise has driven insurers to reconsider their current practices and strategies to address this trend. - read more

Tue, 15 Jul: The Reserve Bank of Australia (RBA) has proposed eliminating surcharges on debit and credit card transactions, a move that impacts all major card providers such as Mastercard, Visa, and eftpos. As revealed in a newly released consultation paper, the RBA cites the $1.2 billion annual cost to consumers, highlighting inefficiencies and advocating for a unified approach to card payments. - read more

Tue, 15 Jul: Landlords in Australia have been advised by QBE Insurance Group to reassess their insurance coverage, following survey findings that indicate many could encounter financial hardships if their rental operations are interrupted. According to QBE's data, 38% of landlords might face financial challenges should their properties become uninhabitable or rental payments cease for a duration of two to six weeks. - read more

Tue, 15 Jul: The Future2 Foundation has opened nominations for its annual Make the Difference Grants, providing financial support to initiatives that enhance financial wellbeing across Australia. Financial services professionals have until August 21 to nominate local projects aimed at improving financial literacy, assisting those in poverty, supporting disadvantaged women, and benefiting regional and remote communities. - read more

Tue, 15 Jul: In a strategic move to bolster its influence in the financial advice sector, Padua Solutions has acquired the Wealth Data business owned by Colin Williams. This acquisition follows a successful round of capital raising, prominently supported by Acorn Capital, which has backed Padua as a cornerstone investor. - read more

Tue, 15 Jul: The Association of Superannuation Funds of Australia (ASFA) has voiced strong support for the swift enactment of the Delivering Better Financial Outcomes (DBFO) reforms. Four months subsequent to their introduction by the former financial services minister, ASFA's recent submission to the draft bill underscored the urgency for implementing these reforms. The association emphasized their commitment to the package's objectives while advocating for the proposed legislation to pass expediently. - read more

Tue, 15 Jul: Brisbane is currently at the forefront of a significant property price increase, with Cotality's daily dwelling values index reporting a 0.8% growth in just the last 28 days. Complementing this data, PropTrack's index reveals a staggering 89% rise in Brisbane's dwelling values since the onset of the Covid-19 pandemic in March 2020. - read more

Mon, 14 Jul: The latest report on professional services underscores the importance of five growth strategies for advice firms: people, acquisitions, succession planning, diversification, and leveraging technology and systems. One striking revelation is that a significant 58 per cent of these firms lack a formal succession plan, whether it be written or otherwise. - read more

Mon, 14 Jul: In a significant advancement for digital finance tools, AMP has reported a remarkable '13-fold increase' in member engagement driven by its digital advice offering. This surge aligns with AMP's latest updates, extending digital advice services to its new Lifetime feature, part of its strategy to streamline retirement planning for members. - read more

Mon, 14 Jul: The growing reliance on Buy Now, Pay Later (BNPL) services by younger Australians is drawing both concern and attention. According to P&N Bank, around 10% of their customers now utilize these post-pay services, with Gen Z being prominent users. This mirrors a broader trend highlighted by Finder, which reports that 57% of Gen Z and millennials used BNPL services in 2024—a notable 20% increase among Gen Z since 2020. - read more

Mon, 14 Jul: An Australian court recently ruled in favour of the City of Joondalup, rejecting a negligence claim lodged by an injured e-scooter rider. The Western Australia District Court found the city not liable for an accident involving insurance broker Kirstin Leibbrandt, who collided with a fence post while riding an e-scooter in the Perth suburb of Hillarys. - read more