| Navigating the Challenges of Bond Income Distributions Mon, 05 May: As global bond yields experience a resurgence, many income-seeking investors face diminishing returns from cash distributions. According to a recent analysis by investment researcher Zenith, a noticeable discrepancy has emerged between the average yields of bond fund portfolios and their actual income distributions. - read more
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| Disparities in Apra Levy Impact Smaller Super Funds Mon, 05 May: Smaller superannuation funds face potential disadvantage due to the upcoming changes to the APRA levy, according to leading accounting bodies in Australia. These changes, outlined for the Financial Institutions Levies for the financial year 2025–26, indicate a significant reduction in charges for larger funds, while smaller funds continue to incur higher proportional costs. - read more
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| Westpac Records Slight Profit Drop Amid Geopolitical Risk Concerns Mon, 05 May: In a cautious signal to the market, Westpac has recorded a marginal decline in its half-year profit, posting a $3.45 billion result, down by one per cent compared to previous figures. This financial outcome marks the first under the direction of their new CEO, Anthony Miller, who commenced his role in December last year. Westpac has flagged geopolitical unpredictability as a significant ongoing risk, reflecting a challenging environment for the financial sector. - read more
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| Insurers Under Scrutiny for Response to Alfred Flood Claims Mon, 05 May: In a recent development, Queensland MP David Lee has raised concerns about how insurance companies are addressing claims following the devastating floods caused by Ex-Tropical Cyclone Alfred. Businesses in Hervey Bay, a region heavily impacted by the floods, report facing significant hurdles in having their damage claims recognized. - read more
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| AFCA Rules Against Engine Theft Coverage in Motor Policy Dispute Sun, 04 May: An applicant's attempt to claim insurance coverage after the theft of an engine designated for his 1993 Nissan Skyline has been denied. Despite holding a comprehensive motor policy with IAG, the insured's claim was rejected after multiple engines were stolen in a brazen ram-raid at his vehicle repairer's workshop in November 2023, prompting an appeal to the Australian Financial Complaints Authority (AFCA). - read more
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| Warren Buffett Announces Retirement, Nominates Greg Abel as Successor Sun, 04 May: Warren Buffett, the illustrious figure renowned as the 'Oracle of Omaha,' has declared his plan to retire from his leadership role at Berkshire Hathaway by the year's end. The 94-year-old investment mogul recommended Greg Abel as the next chief executive officer, indicating that the board of directors is likely to support this transition. Abel, already a prominent figure within the company, joined its energy division back in 1992 and has been part of the board since 2018. - read more
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| Aware Super Commences International Search for New CIO Sun, 04 May: Aware Super has unveiled its succession strategy as Chief Investment Officer (CIO) Damian Graham prepares to step down. The organization, Australia's third largest super fund, aims to appoint a new CIO by the end of this year. - read more
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| US Federal Reserve Rate Decision Grips Australian Investors Sun, 04 May: The upcoming interest rate decision by the US Federal Reserve is creating significant anticipation among Australian investors. As the announcement is set for Thursday, the market is particularly keen on understanding the future direction beyond the expected maintenance of the current cash rate, which Federal Reserve Chair Jerome Powell has previously indicated for May. - read more
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| Court Imposes $11 Million Penalty on Advice Firm for Breaching Remuneration Rules Fri, 02 May: The Federal Court has imposed a substantial $11 million penalty on a financial advice firm after discovering the firm breached conflicted remuneration regulations. The case revealed that DOD Bookkeeping, formerly Equiti Financial Services, engaged in practices that involved providing standardized advice that improperly favored in-house property investments. - read more
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| ACCC Strengthens Position Against Broker Commissions Fri, 02 May: In a recent submission to the professional code of practice review, the Australian Competition and Consumer Commission (ACCC) has reiterated its position against broker commissions. Echoing findings from its 2020 Northern Australia Insurance Inquiry, the ACCC advocates for extending the ban on conflicted remuneration to include brokers. - read more
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| Australian Teens Confident in Money Management Skills: NAB Survey Fri, 02 May: Recent data from National Australia Bank (NAB) highlights an unexpected trend: Australian teenagers are exhibiting remarkable confidence in their financial management abilities. Among the surveyed high-school students, over 70% feel assured in their capacity to open a bank account, and 65% are confident in tracking their expenses effectively. - read more
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| Link Wealth Launches High School Financial Literacy Program Thu, 01 May: In an innovative move to tackle the shortage of financial advisers and the widening financial literacy gap, Link Wealth has introduced a new educational initiative called ‘Beyond Schools’. This program targets students in Years 10 to 12, equipping them with essential financial knowledge and skills that are crucial in adulthood. - read more
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| Cbus Unveils New CIO and Targets 50% In-House Investment Management Thu, 01 May: In a significant strategic shift, Cbus, one of Australia's prominent construction industry funds, has announced a leadership change with the appointment of Leigh Gavin as the new Chief Investment Officer (CIO). This decision accompanies the fund's ambitious goal to increase its in-house investment management to 50% over the next three years. - read more
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| Trump Blames Biden for First Economic Contraction in Three Years Thu, 01 May: The U.S. economy has experienced a contraction for the first time in three years, with gross domestic product (GDP) figures showing a 0.3% decline in the last quarter. This negative growth follows a previous 2.4% expansion in the fourth quarter. Current U.S. President Donald Trump attributes this downturn to the policies of former President Joe Biden, criticizing Biden's economic strategy during Trump's first 100 days back in office. - read more
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| Partial Settlement Reached in Homeowner's 'Slow Leak' Insurance Dispute Thu, 01 May: A recent ruling by the Australian Financial Complaints Authority (AFCA) has determined that Auto & General Services must cover a portion of a homeowner's insurance claim related to long-term water damage caused by a leaking pipe. The decision comes after a protracted dispute regarding the coverage of damages arising from a leak that reportedly developed over 12 months, spanning both before and during the insurance policy period. - read more
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| US Market Overvaluation Spurs Investor Caution Wed, 30 Apr: The United States equity market has demonstrated extraordinary performance, achieving an annual return of around 14-15% over the last decade. This remarkable outperformance has contributed to the US accounting for approximately 65% of the MSCI All Country World Index, which evaluates the markets of 23 developed and 24 emerging economies. Nonetheless, this performance raises valuation concerns, driving investors to explore markets with more reasonable valuations, according to Eric Marais, an investment specialist at Orbis Investment Management. - read more
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| Corporate Outcry Over Proposed $3M Super Tax Wed, 30 Apr: Recently, prominent figures in the Australian finance sector have voiced strong opposition to a proposed tax on unrealised capital gains for superannuation balances exceeding $3 million. Business leaders such as Geoff Wilson AO of Wilson Asset Management, former QSuper chair Karl Morris, CSL chairman Brian McNamee, and Andrew Pridham, CEO of Moelis, have criticised the proposal under Division 296, labelling it as a flawed strategy. - read more
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| Strategic Analytics Appointment Boosts La Trobe's Growth Ambitions Wed, 30 Apr: La Trobe Financial is intensifying its focus on strategic growth with the appointment of Himanshu Yadav as the new Head of Strategic Analytics and Projects. This move aligns with the company's ambitious goal of reaching $30 billion in assets under management, marking a significant milestone in its expansion strategy. - read more
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| AFCA Supports Insurer's Decision in Ex-Spouse Death Dispute Wed, 30 Apr: In an intriguing case involving travel insurance and familial ties, a woman's claim for travel costs upon the death of her ex-husband has been rejected. While she returned abruptly from her vacation to support her family, Nib Travel Services (Australia) deemed her claim outside of coverage parameters. - read more
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| New Water Restoration Standard Revolutionises Claims Handling in Australia Wed, 30 Apr: A recently introduced Australian standard is set to transform the landscape of water damage restoration, enhancing consistency and quality in claims handling while bolstering consumer protection. This development, according to industry professional Jeremy Stamkos, Managing Director of RIC Solutions and chair of the Standards Australia committee, positions the sector at the forefront of global best practices. - read more
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| JANA Appointed to Guide $655 Million Indigenous Investment Strategy Tue, 29 Apr: Aboriginal Investment NT (AINT), a trailblazing Indigenous Australian-led investment initiative, has enlisted JANA—a prominent Australian asset consultancy—to aid in the stewardship of its substantial $655 million Commercial Investment Portfolio (CIP). The initiative is composed of two distinct funds: the Community Ready Fund and the Future Fund, each aiming to drive economic and social empowerment across the Northern Territory. - read more
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| Class Expands Integration with Major Share Registries Tue, 29 Apr: Class, a leading accounting software provider, has announced the integration of Automic’s data stream, resulting in comprehensive access to data from major share registries. This move enhances existing connections with BoardRoom, Computershare, and MUFG Pension & Market Services, and gives Class users access to the share registry data of 97% of Australian Securities Exchange (ASX)-listed companies. - read more
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| ASIC Highlights Superannuation Trustees' Shortcomings in Death Benefit Management Tue, 29 Apr: In an insightful report, the Australian Securities and Investments Commission (ASIC) has scrutinised the practices of ten superannuation trustees in handling death benefit claims. The findings, outlined in Report 806, reveal both commendable practices and notable shortcomings that have led to financial and emotional distress among beneficiaries. This comprehensive examination sheds light on the inconsistencies and inefficiencies that plague the current claims process, ultimately urging trustees to improve their service delivery. - read more
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| Melbourne Man Loses $20k in Costly Email Scam Tue, 29 Apr: A Melbourne resident, Brett D’Souza, has encountered a significant financial setback after losing $20,000 through an email interception scam. The funds, earmarked for legal fees, vanished following four bank transfers purportedly initiated under legitimate premises. Yet, only two weeks after the transactions, he discovered he had been a victim of fraud. - read more
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| Rising Insurance Premiums Intensify Australia's Cost-of-Living Crisis Tue, 29 Apr: Insurance expenses across Australia have surged by $30 billion over the past decade, as highlighted by the Climate Council, with premiums escalating more than double the inflation rate during this period. This escalation comes alongside insurance companies reporting annual losses averaging $4.5 billion over the last five years due to weather-related calamities, marking a 67% increase from past years, primarily driven by flood-related claims. - read more
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