Financial Services Online News Headlines

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

Tue, 24 Jun: The Life Code Compliance Committee has recently reprimanded a life insurance provider for issuing misleading rejection letters to policy applicants. These letters were deemed 'ambiguous and contradictory' and failed to clearly inform applicants of their review options after being denied coverage. - read more

Mon, 23 Jun: The escalating likelihood of the United States engaging militarily in the Israel-Iran conflict has raised alarm among investors, potentially leading to significant market volatility. This concern was highlighted by the global financial advisory firm, deVere Group, as tensions heighten in the Middle East. - read more

Mon, 23 Jun: The Australian Prudential Regulation Authority (APRA) faces increased scrutiny over its proposed involvement in appointing board members for significant financial institutions and superannuation boards. CPA Australia and CA-ANZ, leading accounting bodies, have requested details from APRA about whether it has historically participated in board appointment processes. - read more

Mon, 23 Jun: The recent US military attack on Iranian nuclear facilities has raised expectations of a significant oil price spike as global markets prepare to resume trading. Announced by former President Donald Trump, the attack marks an increased US involvement in the Middle East, which analysts believe could lead to heightened volatility across financial markets. - read more

Mon, 23 Jun: A recent ruling mandates that an insurer must fully honor a storm-related claim due to ambiguous policy wording regarding items in open areas. The Australian Financial Complaints Authority (AFCA) determined that the insurer's restriction on coverage for items in a patio area was unfounded, as the policy's phrasing was not clear. - read more

Mon, 23 Jun: Last year saw Australia's insured catastrophe losses plummet to just $500 million, marking the lowest level since 2004, according to Aon's latest Climate and Catastrophe Insight report. Notably, the Insurance Council of Australia reported no disasters for the year, a situation not seen since 1982. This comes in stark contrast to 2023, when disaster-related insured losses soared to over $3.6 billion. - read more

Sat, 21 Jun: A proposed amendment to Australia's superannuation tax policy has become a hot topic, particularly among affluent retirees. This contentious suggestion includes taxing unrealized capital gains for superannuation balances exceeding $3 million. The change has prompted robust debate among a group of older Australians enjoying a leisurely public holiday at a Sydney cafe, indicative of the broader contention surrounding this policy shift. - read more

Sat, 21 Jun: US President Donald Trump is once again contemplating the dismissal of Federal Reserve Chair Jerome Powell, whom he has criticized for not lowering interest rates. Trump expressed his dissatisfaction with Powell's decisions in a Truth Social post, suggesting he might change his mind about firing him. Despite acknowledging that his strong criticisms make Powell's task challenging, Trump remains focused on his agenda for reduced rates, especially with Powell's term set to end in May 2026. - read more

Sat, 21 Jun: The Climate Change Authority has released a concerning report highlighting that, without immediate intervention, extreme natural hazards could cost Australians approximately $8.7 billion annually by 2050. The report urges the federal government to spearhead a comprehensive and well-coordinated national adaptation agenda to mitigate these risks. - read more

Fri, 20 Jun: A recent analysis by the Australian Retirement Trust signals substantial financial improvement for young Australian workers, who are expected to be $125,000 richer in their retirement funds due to changes in superannuation contributions. Implemented over the past five years, these adjustments represent a positive shift for the future financial stability of Australia's workforce. - read more

Fri, 20 Jun: The Australian Prudential Regulation Authority (APRA) has released pivotal updates to the Prudential Practice Guide APG 223 and Reporting Standard ARS 223.0, focusing on how Authorised Deposit-taking Institutions (ADIs) should integrate Higher Education Loan Program (HELP) debt into home loan evaluations. The changes are aimed at enhancing regulatory clarity and acknowledging the individual circumstances of borrowers, including the nuances of their HELP debts, without compromising prudent lending practices. - read more

Fri, 20 Jun: An Australian travel policyholder has been denied a claim payout after his planned cruise in the Red Sea was cancelled due to conflict. The insurer, Southern Cross, invoked its policy's war and violence exclusion clause, as disturbances in the region were linked to military activities, rendering the claim invalid. - read more

Fri, 20 Jun: In the face of ongoing economic turmoil encompassing inflation, market volatility, and other financial stresses, a global survey from Natixis Investment Managers, conducted by CoreData Research, has highlighted a growing trend: investors are increasingly relying on their financial advisers. With 91 per cent of surveyed investors expressing trust in their financial advisers for investment decisions, this highlights an unmistakable shift amidst financial uncertainty. - read more