Financial Services Online News Headlines

Fri, 13 Jun: In a candid revelation, Australian consumer Shyneka Long has urged her peers to reconsider their use of the 'buy now, pay later' app Afterpay. Her eye-opening discovery of having spent a staggering $19,000 on the platform over two years has sparked significant discussion. - read more

Fri, 13 Jun: A significant enhancement to superannuation accounts awaits Australians as they gear up for a vital change. This development will have a considerable influence on retirement accounts, surpassing the expectations of many. Commencing July 1, alterations to the Superannuation Guarantee will obligate employers to elevate their contributions to 12 per cent of an employee’s ordinary time earnings, up from the existing 11.5 per cent. - read more

Fri, 13 Jun: The Australian commercial real estate debt market is garnering attention from international investors, with the Canada Pension Plan Investment Board (CPP Investments) making significant inroads. In partnership with Nuveen, a global asset manager, a substantial investment strategy targeting Australian real estate debt has closed its second round. The total commitment exceeded $650 million, with CPP Investments contributing $300 million through their CPPIB Credit Investments Inc. - read more

Thu, 12 Jun: A recent ruling by the Australian Financial Complaints Authority (AFCA) supported Auto & General's decision to deny a motor policyholder's claim after a crash. The decision stemmed from the policyholder's failure to disclose a driving-related good behaviour bond, despite his claims of a learning disability affecting his understanding of the policy's inquiries. - read more

Thu, 12 Jun: The Australian Securities and Investments Commission (ASIC) has issued warnings to 18 social media influencers actively promoting high-risk financial products without the necessary licence. The move is part of a broader initiative to curb unlicensed financial advice in the online sphere, where influencers often lure young audiences with glamorous lifestyles while dispensing questionable investment tips. ASIC has identified these so-called 'finfluencers' as operating in breech of the Corporations Act by promoting complex financial products like derivatives without proper authorisation. - read more

Thu, 12 Jun: Australia's economic landscape recently revealed a surprising trend: households are reducing their spending despite an uptick in incomes. According to the first-quarter national accounts released by the Australian Bureau of Statistics (ABS), real per capita home consumption has declined annually for seven consecutive quarters, with a 2.4% fall from its previous peak. - read more

Thu, 12 Jun: Mark Bouris, the Executive Chairman of Yellow Brick Road Home Loans and a well-known figure in Australian finance, has raised concerns for young Australians amidst ongoing debates over recent superannuation tax changes proposed by the Labor government. He has stated that the proposed changes, which are set to be implemented in July, could put significant financial pressure on future generations. - read more

Thu, 12 Jun: The Australian Bureau of Statistics revealed that as of the first quarter of 2025, the national housing stock value has soared to a staggering $11.366 trillion. This equates to an impressive $1,002,500 per dwelling, positioning the country's housing value at 4.14 times its GDP. Such wealth assessment has placed Australian households among the globe's wealthiest, despite home values offering little financial relief to homeowners who merely need somewhere to reside. - read more

Thu, 12 Jun: In a recent decision, the Australian Financial Complaints Authority (AFCA) directed insurer QBE to honour an arson claim for a restaurant, despite the owner's failure to disclose prior criminal convictions during the policy's inception. The restaurant, which operates from a leased location, suffered extensive damage due to an arson attack on August 2 of last year, halting its business operations. While the arsonist was apprehended, QBE initially denied the claim, citing non-disclosure of the director's criminal history. - read more

Wed, 11 Jun: The Australian Securities and Investments Commission (ASIC) has responded to stakeholder feedback by initiating a two-year trial of a fast-track process for Initial Public Offerings (IPOs). This initiative aims to address the decline in Australian IPOs and the number of public companies by making the IPO process more efficient. - read more

Wed, 11 Jun: Recent findings from EY's Global Wealth Research report highlight a significant opportunity for financial advisers in Australia as a large-scale intergenerational wealth transfer looms. With only 35% of Australians planning to retain their inherited assets in their existing forms, there is a noticeable shift towards diversification, with 51% intending to spread their investments across various asset classes. This trend opens the door for advisers to engage deeply with new inheritors, ensuring client retention across generations. - read more

Wed, 11 Jun: Superannuation funds in Australia appear poised to conclude the financial year with positive returns despite the global economic uncertainties spurred by shifting US tariff policies. This optimistic forecast comes from the latest analysis by SuperRatings, a leading superannuation research and ratings organization. - read more

Wed, 11 Jun: The Reserve Bank of Australia (RBA) is widely expected to cut the official cash rate (OCR) at its upcoming July meeting. According to Westpac, the probability of this decision has reached an overwhelming 97% in financial markets. - read more

Wed, 11 Jun: The insurance industry secured a net profit after tax of $1.11 billion in the March quarter, with major contributions from insurers at $990 million and reinsurers at $123 million, as revealed by the latest data from the Australian Prudential Regulation Authority. The insurance service result, a key indicator of underwriting success, reached $1.32 billion during this period, while investment returns added an impressive $1.18 billion. - read more

Tue, 10 Jun: Link Wealth, a holistic financial planning firm, has furthered its national growth strategy by acquiring Xponential Advisory, a boutique firm based in Queensland. This strategic move will enhance Link Wealth's presence on the Gold Coast, addressing the significant need for improved financial advice, knowledge, and literacy in various Queensland communities. - read more

Tue, 10 Jun: The recent introduction of a $3 million superannuation tax cap by the Australian government has sparked diverse reactions within the financial sector, mainly highlighted through the differing approaches of the Financial Services Council (FSC) and the Association of Superannuation Funds of Australia (ASFA). The new regime aims to address retirement savings but has ignited a debate over its fairness and future implications. - read more

Tue, 10 Jun: Australia's economic landscape faces significant challenges, with stagnating GDP growth and a lack of capital investment occupancy at the forefront. Amidst these difficulties, the Reserve Bank of Australia (RBA) is presented with room to further reduce interest rates, potentially even venturing below zero. However, such a move is expected to offer only temporary relief rather than addressing the core issues of the economy. - read more

Tue, 10 Jun: The Buy Now, Pay Later (BNPL) sector in Australia is on the brink of significant transformation as new regulatory measures come into effect, equating BNPL services with traditional credit products like credit cards. Effective from June 10, 2025, all key players in the BNPL market, including Afterpay, Zip, and Humm, along with low-cost credit contracts, will be required to operate under stringent regulatory standards established by the Albanese government. - read more

Tue, 10 Jun: The Australian Securities and Investments Commission (ASIC) has initiated legal proceedings against Choosi Pty Ltd, alleging deceptive practices in its insurance comparison service. The regulatory body charges that from July 2019 to June 2025, Choosi misrepresented its offerings, claiming to compare funeral and life insurance policies from multiple insurers while actually only comparing products from a single provider, Hannover Life Re of Australasia Ltd. - read more

Tue, 10 Jun: Recent figures from the Australian Prudential Regulation Authority reveal that individual disability income insurance (DII) recorded an underwriting profit of $231 million for the first quarter of 2025, continuing a five-quarter streak of profitability. This performance shows promising growth compared to the December 2023 quarter, which saw an $86 million loss. Although the latest profit is up from $138 million in the last quarter, it still falls short of the $419 million achieved a year before. - read more

Mon, 09 Jun: As living expenses continue to rise, a growing number of Australians are turning to additional employment to manage financial pressures. Recent data from the Australian Bureau of Statistics reveals that in the March quarter, approximately 963,100 Australians, or 6.5% of the workforce, held more than one job. Despite a slight decline from the previous quarter, where the figure stood at 999,500, this marks a significant increase compared to pre-Covid years, where the percentage hovered between 5 to 6%. - read more

Mon, 09 Jun: The Financial Services Council (FSC) has revealed projections indicating that changes to the superannuation tax laws could affect 500,000 Australians if no indexation is applied. Their data assesses the impact across different age groups, based on several potential scenarios, including adjustments in the tax threshold to $2 million. These scenarios include variations with and without indexation, as well as proposals from both the Labor and Greens parties. - read more

Mon, 09 Jun: This week, anticipation surrounds the release of updated consumer sentiment data as businesses and consumers feel the squeeze from ongoing global trade tensions. The ongoing tariff disputes initiated by former President Donald Trump have contributed significantly to economic unease, dampening hopes for recovery in 2025. - read more

Mon, 09 Jun: The Australian Financial Complaints Authority (AFCA) has ruled that a camper trailer owner will receive coverage for water and mould damage after the insurer could not demonstrate that the wear and tear exclusions applied under the policy. The case emerged after a storm in November 2023, which the claimant says caused severe wind to rip the cover off the camper, allowing water ingress and subsequent mould development. - read more

Fri, 06 Jun: Australia's financial sector is yet again under the spotlight as Westpac finds itself embroiled in another scandal involving irresponsible lending practices. The bank's RAMS home loans subsidiary faces serious allegations by the Australian Securities and Investments Commission (ASIC) regarding improper loan approvals. - read more