| Increasing Number of Qualified Financial Advisers Opt Out of Practice Fri, 11 Jul: Recent analysis from WealthData indicates a growing trend among financial advisers in Australia, where a significant portion of those who have successfully passed the financial adviser exam are opting not to practice. As of now, 5,096 individuals, representing 33.31% of active advisers, have chosen not to proceed into practice after passing the exam—up from 28.36% a year prior. - read more
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| Australians Increasingly Relying on Family Wealth for Financial Security Fri, 11 Jul: Recent research by leading comparison site Finder indicates that family wealth is becoming an essential financial fallback for many Australians. A survey involving 1,017 individuals revealed that 41% expect to receive an inheritance, with 10% of those viewing it as essential for achieving significant financial milestones like home ownership or retirement. - read more
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| MUFG and Microsoft Forge AI Partnership to Transform Superannuation Services Fri, 11 Jul: MUFG Pension and Market Services (MPMS), a leading player in Australia’s superannuation administration landscape, has announced a strategic partnership with Microsoft to integrate artificial intelligence (AI) into its operations. This five-year alliance aims to revolutionise how MPMS communicates with investors, reduces manual tasks, and implements straight-through processing. The collaboration is designed to benefit clients in the superannuation and listed companies sectors, enabling a streamlined and more efficient service. - read more
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| Melbourne's Housing Market: A Prime Opportunity For Buyers Fri, 11 Jul: The Reserve Bank of Australia (RBA) recently surprised many by maintaining the interest rate at 3.85%, against expectations of a cut. This decision is seen as a measure to continue moderating inflation, but it simultaneously delays potential spikes in the housing market, providing a favorable window for prospective homebuyers. In particular, Melbourne's current market presents significant value, offering a promising opportunity for those looking to enter the property market. - read more
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| Impact of Trump Tariffs on Global Insurance Industry Fri, 11 Jul: According to Swiss Re’s latest Sigma report, the growth of property and casualty premiums is moderating in both Australia and globally. This moderation is primarily driven by a slowdown in rate hikes. Additionally, the Trump administration's America First trade policy is putting further pressure on the insurance sector. - read more
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| Charlie Brooks Joins Atrium as Client Portfolio Manager Thu, 10 Jul: Fitzpatricks Financial Group's investment management arm, Atrium, has appointed Charlie Brooks as its new Client Portfolio Manager. His move to Atrium follows Platinum Asset Management's announcement of a merger with L1 Capital. - read more
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| Super Funds Outpace Government Reforms with Technological Advancements Thu, 10 Jul: In a significant move, superannuation fund CareSuper has partnered with technology provider FNZ, launching a Direct Investment Option (DIO) platform aimed at offering members more control over their superannuation. This development highlights the proactive stance of super funds and tech firms ahead of the government's Delivering Better Financial Outcomes (DBFO) initiative. - read more
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| ASX Takes a Hit Following Trump's Tariff Announcements Thu, 10 Jul: The Australian stock market faced significant declines on Wednesday as US President Donald Trump’s announcement of steep tariffs on copper and pharmaceuticals disrupted two critical sectors. The ASX 200 index dropped by 52.10 points or 0.61 per cent, closing at 8,538.60. Meanwhile, the All Ordinaries also saw a decline of 50.80 points, finishing at 8,777.80. Trading volumes were low, with seven out of eleven sectors posting losses, notably in property, mining, and consumer staples. - read more
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| Navigating Changes in Australia's Life Insurance Advice Landscape Thu, 10 Jul: The conversation on the shifting dynamics in Australia's life insurance advice sector featured Zurich Australia's head of adviser channel, Kieran Forde, and Hayes & Co director, Katherine Hayes. They engaged with editor Chris Dastoor to spotlight the current market conditions and future prospects for financial advisers in this domain. - read more
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| Improving EOFY Planning: The Call for ATO Portal Access for Advisers Wed, 09 Jul: In a recent discussion, James O'Reilly, Director and Financial Planner at Northeast Wealth, underscored the benefits that could come from granting financial advisers access to the Australian Taxation Office (ATO) portal. Speaking on The ifa Show, O'Reilly proposed that this access would significantly simplify the services financial advisers provide to clients, particularly at tax time and the end of the financial year (EOFY). - read more
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| Aware Super: Australians Could Lose Out by Switching to Cash During Market Downturns Wed, 09 Jul: A recent report by Aware Super highlights a critical financial misstep affecting many Australians: moving their superannuation to cash investments during market downturns. This behaviour could significantly diminish retirement savings, with the data suggesting that maintaining investment positions could have doubled their superannuation balances over time. - read more
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| RBA Holds Rates Steady, Shocking Markets and Shifting Economic Expectations Wed, 09 Jul: The Reserve Bank of Australia (RBA) has decided to keep the official cash rate steady at 3.85%, taking many by surprise after expectations of a 25-basis-point cut had built up in financial circles. This unexpected move comes amid recent data indicating easing inflation and weaker than anticipated economic growth, conflicting with prior predictions of a cut. - read more
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| ASIC Challenges Federal Court's 'Fair Term' Ruling Wed, 09 Jul: The Australian Securities and Investments Commission (ASIC) is appealing a Federal Court decision regarding the wording of a 'pre-existing condition' clause in certain HCF Life insurance products. The court previously determined that while the wording had the potential to mislead consumers, it did not constitute an unfair contract term under the current laws set out in the ASIC Act 2001. - read more
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| Advice Firms Merge to Form National Financial Services Powerhouse Tue, 08 Jul: Coastal Advice Group (CAG) has announced a strategic merger with Calder Wealth Management (CWM), marking a significant expansion into a national presence with a team of over 100 professionals spanning New South Wales, Victoria, South Australia, and Western Australia. This merger follows CAG's recent partnership with US private equity firm Merchant Investment Management. - read more
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| MUFG and WrKr Secure AustralianSuper Mandate for Payday Superannuation Tue, 08 Jul: MUFG Retirement Solutions, in collaboration with digital workforce compliance firm WrKr Ltd, has successfully secured a pivotal mandate with AustralianSuper. This development marks a significant step ahead of the anticipated rollout of Payday Superannuation across Australia. - read more
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| RBA to Continue Interest Rate Cuts Amid High Unemployment Tue, 08 Jul: The Reserve Bank of Australia (RBA) is anticipated to maintain its trajectory of incremental interest rate reductions, according to insights from leading financial analysts at ANZ. Recent data from the ANZ-Indeed Australian Job Ads series revealed a rise from 114.8 in May to 116.9 in June, suggesting a potential rebound in job advertisements after previous declines. Despite a stable unemployment rate and hours-based underutilisation rate since mid-2024, the Australian labour market remains strained. - read more
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| ICA Advocates for Strata Law Reform in the ACT to Enhance Building Management Tue, 08 Jul: The Insurance Council of Australia (ICA) is urging the Australian Capital Territory (ACT) to adopt strata transparency regulations, aiming to enhance oversight of building repairs and maintenance by owners’ committees. This call was made during a parliamentary inquiry, where the ICA pushed for measures akin to recent legislative changes in New South Wales. - read more
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| Betashares Acquires Influential Financial Education Podcast Mon, 07 Jul: Betashares, a leading Australian exchange-traded fund (ETF) provider, has announced the acquisition of the renowned financial education and investing podcast group, Equity Mates Media. This strategic move aims to bolster financial literacy across the nation. By retaining its co-founders, Bryce Leske and Alec Renehan, Equity Mates will continue to operate independently while benefiting from Betashares' expansive resources. - read more
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| Lawsuit Targets AMP over Allegedly Excessive Superannuation Premiums Mon, 07 Jul: A significant legal action has been launched against AMP, with Shine Lawyers leading a class action suit that claims members of the financial services group's superannuation funds were subjected to 'unfairly charged excessive premiums' over a nearly five-year period. - read more
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| RBA Poised for Cash Rate Cut Amid Inflationary Trends Mon, 07 Jul: As the Reserve Bank of Australia (RBA) prepares for its forthcoming monetary policy announcement, economic analysts anticipate a further reduction in the official cash rate by 25 basis points. This prediction, supported by Finder’s RBA Cash Rate Survey, reveals that 88% of participating experts foresee a cut that would lower the interest rate to 3.6%, aligning the decision with the recent decline in both headline and core inflation to the central bank's target range of two to three percent. - read more
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| Tasmanian Government Insurance Proposal Faces Industry Backlash Mon, 07 Jul: The Tasmanian government's recent proposal to establish a state-run insurance entity has drawn significant criticism from key players in the insurance industry. The plan, spearheaded by Premier Jeremy Rockliff, aims to expand the Motor Accidents Insurance Board into a broader service named TasInsure, offering products including home and contents insurance, small business coverage, and more. The RACT, a major player in Tasmania's insurance sector, expressed considerable concern, labelling the initiative as a simplistic answer to complex problems. - read more
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| Asbestos Scare Leaves Hospitality Business Uninsured 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
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| Australian Financial Advisers Navigate Legislative Uncertainty 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
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| ASIC Investigates Super Fund Trustees Over Investment Scandal 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
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| Uncovering the Impact of Unsolicited Solar Sales on Consumers 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
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