Financial Services Online News Headlines

Fri, 04 Jul: The discovery of asbestos-contaminated mulch in a Sydney park led to the cancellation of a festival, resulting in significant financial losses for a hospitality business. Despite these setbacks, the company's claim for coverage under its business interruption (BI) policy was rejected. - read more

Fri, 04 Jul: The onset of the new fiscal year in Australia brings anticipation and ambiguity for financial advisers, primarily due to forthcoming Division 296 changes. Scheduled for implementation on 1 July 2025, this legislation will impose an extra 15% tax on earnings from superannuation balances exceeding $3 million. Despite the planned timeline, the legislation remains unenacted as the new Parliament has yet to convene post-election. - read more

Fri, 04 Jul: The Australian Securities and Investments Commission (ASIC) is intensifying its scrutiny over superannuation trustees due to the failure of Falcon Capital's First Guardian Master Fund and Keystone Asset Management's Shield Master Fund. This scrutiny expands beyond financial advisers, encompassing the entire investment chain, including lead generators, financial advisers, superannuation platforms, and research houses listing these funds as investable. - read more

Fri, 04 Jul: In a concerning revelation, Australian retiree Christine Hirchfield shares her ordeal with an unsolicited solar installation that turned into a financial nightmare. Despite her initial enthusiasm for cheaper energy bills and a greener home, the project remains incomplete more than a year later. Consumer groups are now advocating for a nationwide prohibition on deceptive sales practices that target vulnerable consumers like Ms Hirchfield. - read more

Fri, 04 Jul: Sydney's housing market is grappling with what experts describe as a 'persistent undersupply,' largely driven by the city’s chronic housing shortage. Mark Litwin, Head of Investment Sales (NSW) at Knight Frank, highlights that population growth, bolstered by a resurgence in overseas migration, has consistently outpaced the completion of new dwellings. This trend has persisted for much of the past decade, leading to significant market imbalances. - read more

Thu, 03 Jul: Australian online retail sales experienced a modest rise in May, as consumers continued to invest in fashion, games, and toys. According to the latest figures from the National Australia Bank, there was a 0.7% increase in online sales for the month, compared to a 1.1% growth in April. Over the past year, Australians have spent approximately $63 billion on online retail purchases. - read more

Thu, 03 Jul: The Australian superannuation sector is gearing up for substantial changes in its advisory services as regulatory expectations and the lessons from the Hayne royal commission loom large. As super funds aim to expand their advisory capabilities, they face potential pitfalls reminiscent of past missteps, notably conflicts of interest and inefficient fee structures. These challenges come as super funds are under pressure to enhance their advice delivery to curb member drift to retail platforms, which have recently seen significant inflows. - read more

Thu, 03 Jul: Amazon founder Jeff Bezos recently divested more than 3.3 million shares of Amazon, in a transaction valued at approximately $1.1 billion. This sale was disclosed in a financial filing and is part of a pre-arranged trading plan that Bezos initiated in March. As per the arrangement, Bezos has the option to sell up to 25 million shares through to May 2026. - read more

Thu, 03 Jul: In a groundbreaking decision by the NSW Personal Injury Commission, an insurer has been directed to cover the costs of dog walking services for a car crash victim. The commission ruled that these services classify as domestic assistance under the state’s Motor Accident Injuries Act. This case could pave the way for broader interpretations of 'attendant care services' for claimants. - read more

Thu, 03 Jul: The starting days of the new financial year bring significant changes for Australian workers, particularly those on minimum wage. As of Tuesday, the minimum wage will rise by 3.5 per cent, increasing hourly earnings to $24.95, or $948 weekly. This adjustment also affects award wages and comes as a response to rising living costs, outpacing current inflation rates. - read more

Thu, 03 Jul: The Australian Securities and Investments Commission (ASIC) has issued a new alert, urging consumers to safeguard their superannuation from aggressive sales tactics aimed at enticing them to switch into complex and high-risk funds. This alert comes as a protective measure by ASIC, designed to prevent the mismanagement of Australia’s lucrative superannuation pool, which is valued at trillions of dollars. - read more

Thu, 03 Jul: The US dollar has experienced an unprecedented decline, marking its worst first-half performance since 1973. Concerns surrounding President Donald Trump's tariff policies have intensified, leading to a substantial drop in the value of the world's primary reserve currency. Specifically, the dollar weakened by 10.7% against a basket of major trading partners' currencies in the first six months of the year, reminiscent of Nixon's era when the dollar was untethered from gold. - read more

Thu, 03 Jul: Extreme weather events in Australia have resulted in significant financial impacts for insurers, tallying $1.83 billion in losses during the first half of the year. This comes as insurance companies gear up for further claims linked to ongoing severe weather in New South Wales. - read more

Mon, 30 Jun: Australians have been cautioned to prepare for another cost of living spike as the effects of the previous crisis persist. Recent data shows a drop in the consumer price index to 2.1% for May from 2.4% in April. Similarly, the trimmed mean inflation rate decreased to 2.4%, the lowest since November 2021, raising hopes for further interest rate cuts. However, despite these promising signs, the cost of goods and services remains significantly higher than before the pandemic. - read more

Mon, 30 Jun: The gender superannuation gap in Australia is expected to shrink by about 25%, thanks to new reforms making superannuation payable on Commonwealth Paid Parental Leave (PPL). Starting 1 July, these changes promise an average boost of approximately $15,000 to the retirement savings of over 200,000 Australian mothers annually, marking a significant step towards reducing the gender disparity. - read more

Mon, 30 Jun: The Australian Securities and Investments Commission (ASIC) has deregistered auditor David Makowa, previously of DM Advisory Services, due to his role in the downfall of financial advice firm Brite Advisers. This decision follows Makowa's acceptance of a court-enforceable undertaking in which he agreed to surrender his auditor registration permanently, pledging never to re-apply. - read more

Mon, 30 Jun: ASX-listed life insurer ClearView has announced the appointment of Peter Tilocca as Head of Underwriting, coinciding with key updates to its underwriting standards and definitions. Tilocca's extensive two-decade career in Australian underwriting includes leadership roles at Zurich, Noble Oak, One Path Life, and RGA Australia. His new role with ClearView commenced on 30 June. - read more

Mon, 30 Jun: A recent case has seen a policyholder triumph over her insurer after the Australian Financial Complaints Authority (AFCA) ruled in her favour following a contentious dispute regarding home business operations. The controversy arose when the woman's theft claim was denied by her insurance provider, IAG, over allegations of fraudulent misrepresentation about the use of her rental property. - read more

Thu, 26 Jun: Institutional investors and wealth managers across the globe, including in Australia, are increasingly adopting active investment strategies to fortify portfolios amid persistent economic and market turmoil. This trend has been highlighted in the 2025 Global Investor Insights Survey by Schroders, which captured insights from over 1,000 global respondents managing assets worth over US$67 trillion. The survey revealed that 80% of these investors are somewhat or significantly more inclined to expand their active management strategies over the next year. - read more

Thu, 26 Jun: The Australian Financial Complaints Authority (AFCA) is addressing ongoing confusion relating to the classification of self-managed super funds (SMSFs) as either retail or wholesale investors. Shail Singh of AFCA highlighted that this issue has been a focal point in various discussions, including their March member forum. The central question revolves around when an SMSF is eligible to lodge complaints with AFCA, which hinges on its classification under the prevailing laws. - read more

Thu, 26 Jun: In the latest Western Australia budget, Treasurer Rita Saffioti proposed measures totalling $1.4 billion to tackle the ongoing issues in the state's housing market. Although aimed at assuaging the pressures of rapidly increasing housing prices and a significant shortfall in rental properties, the response has been viewed as insufficient by critics. - read more

Thu, 26 Jun: A motorist's claim that he crashed into a tree to avoid a possum has been denied by the Australian Financial Complaints Authority (AFCA), which supported the insurer's fraud decision. The incident involved the driver crashing his Jeep—insured for over $20,000—on a dimly-lit street, purportedly avoiding the rain-soaked motorway en route to the store. - read more

Tue, 24 Jun: The Australian Exchange Traded Fund (ETF) market is experiencing a significant upsurge, with total assets under management (AUM) projected to reach $300 billion by the end of this year. This growth reflects a broader trend where investors are moving away from active management to embrace more cost-effective investment strategies. Analysts expect this momentum to continue, with the market potentially reaching $1 trillion by 2030. - read more

Tue, 24 Jun: As the end of the financial year looms, Australians, particularly high-income earners, should pay close attention to their superannuation contributions. With the June 30 deadline approaching, it's crucial to understand the timing involved in super contributions. Despite advancements in electronic transfers, delays can occur, potentially impacting your contributions' credit to the current tax year. June signals a time for strategic financial planning, including taking advantage of superannuation strategies for tax efficiency. - read more

Tue, 24 Jun: Victoria's financial health is deteriorating, with its net debt projected to skyrocket from $22.3 billion in 2015 to $194 billion by 2028-29. This staggering growth is matched by an increase in net debt per capita, which was under $3,600 at the start of the Labor government in 2015, but is forecasted to reach $25,500 by 2028-29. - read more