News Archives

Tue, 17 Jun: Investment in private credit is not a contemporary innovation; its roots trace back to ancient times. The evolution of direct lending, particularly in the UK, Europe, and the US, intensified across the 18th to the 20th centuries, serving as a crucial alternative during frequent banking crises. The current surge in private lending originated in the 1990s amidst burgeoning internet startups, and was further propelled by tighter banking regulations and historically low interest rates post the Global Financial Crisis. - read more

Tue, 17 Jun: The Australian Prudential Regulation Authority (APRA) has heightened cybersecurity demands on superannuation fund trustees, following recent alarming 'credential stuffing' attacks. These incidents underscored persistent weaknesses in the information security defenses of superannuation licensees, particularly concerning authentication measures. - read more

Tue, 17 Jun: Australia's superannuation concessions are increasingly in the spotlight as calls for reform grow louder. The call arises from concerns about the equity and sustainability of these financial breaks, which are projected to cost the federal budget approximately $60 billion in lost revenue by the fiscal year 2024-25. This figure is expected to continue its steep climb in the years that follow. - read more

Tue, 17 Jun: The Australian Financial Complaints Authority (AFCA) finds itself inadvertently entangled in sophisticated scamming operations. The Stockbrokers and Investment Advisers Association (SIAA) has identified a tactic whereby fraudsters use AFCA's complaint system to lend credibility to their scams by taking over victims' accounts and falsely lodging complaints. - read more

Tue, 17 Jun: Australia's political and defence leadership is expressing significant concern over escalating violence between Iran and Israel, highlighting potential threats to the global economy. The conflict began with Israel's unexpected strikes on Iranian military targets, followed by mutual retaliation, which has led to a dramatic rise in global oil prices. This development is seen by economic experts as a trigger for broader economic repercussions. - read more

Tue, 17 Jun: Australia's prominent life insurer, TAL, has partnered with the global insurtech firm, Cover Genius, to introduce an innovative 'digital-only', embedded life insurance product. This new solution aims to serve Australian workers such as part-time employees, contractors, and casual staff who often lack access to affordable insurance coverage. - read more

Tue, 17 Jun: Recent findings from a Consumer NZ survey highlight increasing skepticism towards insurers in New Zealand, as affordability remains a significant concern for many. The survey noted that insurance now ranks as the fourth-largest financial pressure among respondents, trailing housing, food, and household debt, marking an upward shift from sixth place last October. This change has negatively impacted the industry's reputation, with more individuals expressing distrust towards insurers. - read more

Mon, 16 Jun: The Australian Financial Complaints Authority (AFCA) has supported Open Insurance's decision to deny a refund to a customer who cancelled his motor policy after being informed that his new rooftop tent installation would breach policy guidelines. The policyholder was advised that any modifications, including a 'slip on camper/tent or camper conversion,' would void coverage, prompting him to cancel his insurance in March. - read more

Mon, 16 Jun: In a triumphant moment for Australian life insurer Acenda, the company secured top honours in four of the ten categories at the Australian Life Underwriting and Claims Association (ALUCA) Life Insurance Excellence Awards. Formerly known as MLC Life Insurance, Acenda emerged as a finalist in nine categories, ultimately winning the Leadership Award, Claims Team Award, Customer Service Team Award, and Partnership Impact Team Award. - read more

Mon, 16 Jun: The Sydney property market showed signs of revival as the latest auction results indicated a resurgence in buyer enthusiasm. Last weekend, the city recorded a preliminary auction clearance rate of 70.5%, marking a notable rebound from the previous week's low of 58.1%. The recent performance also represents Sydney's first clearance rate above 70% in three weeks and only the second instance in the past thirteen weeks. - 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

Fri, 06 Jun: Australians continue to exhibit cautious spending behaviours, as evidenced by a modest uptick in expenditure during April, notwithstanding consecutive long weekends and favourable economic conditions. Recent data from the Australian Bureau of Statistics (ABS) illustrates a 0.1% increase in household spending, following declines and tepid growth in the preceding months. - read more

Fri, 06 Jun: The recent discussions surrounding Tranche 2 of the Delivering Better Financial Outcomes (DBFO) reforms in Australia have sparked debates about the role of super fund trustees offering financial advice. As these funds step into the advisory space, critics question whether this model will serve retirees well. However, considering the high regulation and fiduciary obligations inherent in super funds, the likelihood of delivering improved retirement outcomes is substantial. - read more

Fri, 06 Jun: The Star Casino is embroiled in legal difficulties after allegations emerged in a Federal Court involving their facilitation of risky financial transactions, including offering massive gambling credits to individuals known for money laundering. This follows financial watchdog AUSTRAC's pursuit of legal action against the casino. - read more

Fri, 06 Jun: Australia’s leading financial regulators, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA), have raised concerns regarding the practice of duration-based pricing in life insurance products. They have emphasised the need for insurers to improve transparency, ensuring that consumers are fully informed about the long-term costs associated with initial premium discounts. - read more

Thu, 05 Jun: The Australian Securities and Investments Commission (ASIC) is fast-tracking its oversight of the private credit market, focusing on retail distribution amidst potential risks in the asset class. ASIC Commissioner Simone Constant disclosed that the regulator is prioritising this initiative in response to anticipated failures within the sector, as outlined in a discussion paper released earlier this year. - read more

Thu, 05 Jun: A policyholder faces a denied claim after inadvertently excluding his newly licensed 21-year-old son from his car insurance policy, highlighting a common oversight in age-specific exclusions. Following a collision involving his son, who recently earned his licence, Hollard Insurance declined the claim based on policy terms that excluded drivers under 25, unless accompanied by a qualified adult. - read more

Thu, 05 Jun: The Australian Bureau of Statistics (ABS) recently highlighted the substantial contribution of international students to the economy, estimating education exports to be valued at $51 billion for the 2023-24 fiscal year. This figure underscores the economic significance of Australia's educational sector, as calculated by combining average spending estimates from Tourism Research Australia with students’ total course fee expenditures. - read more

Thu, 05 Jun: On May 26, the Financial Advice Association Australia (FAAA) unveiled a new guide developed with key accounting bodies such as Chartered Accountants Australia and New Zealand, CPA Australia, and the Institute of Public Accountants. This guide aligns with the Australian Taxation Office's September 2024 final determination, TD 2024/7, offering advisors and accountants updated instructions on tax-deductibility of financial advice fees. - read more

Thu, 05 Jun: In Canberra, Treasurer Jim Chalmers is determined to advance his proposal for an increased tax on substantial superannuation balances, despite prior rejections by Parliament. Acknowledging the challenging Senate dynamics, Chalmers shows willingness to negotiate with the Greens, who hold significant sway in this matter. - read more

Thu, 05 Jun: Virgin Australia is poised to make a significant return to the Australian Securities Exchange (ASX) through an initial public offering (IPO) aimed at raising $685 million. Bain Capital, the US private equity firm that currently owns a substantial portion of the airline, is set to sell 30% of its stake at $2.90 a share. This sale values Virgin Australia at just over $2.3 billion, compared to rival Qantas, whose shares were trading at $10.70. - read more

Thu, 05 Jun: Recently, New South Wales has been severely affected by major floods, with damages to around 10,000 homes and businesses. The Insurance Council of Australia has already received over 6,000 claims from the Mid North Coast and Hunter regions, while countless families face displacement as their homes become uninhabitable. - read more

Wed, 04 Jun: Amidst ongoing economic challenges, a recent report from Colonial First State (CFS) highlights the urgent call for accessible financial advice in Australia. Surveying 2,250 Australians, CFS discovered that 82% of respondents believe financial guidance should be available to everyone. - read more

Wed, 04 Jun: New research by CFS Superannuation highlights a crucial aspect of Australia's financial landscape: the potential for superannuation fund members to utilize their super accounts for advice fees. This insight was emphasized by CFS Superannuation Chief Executive Kelly Power, alongside findings that one in ten Australians are unaware of this option. - read more

Wed, 04 Jun: The upcoming Brisbane Olympics are becoming a major topic of interest as experts predict a significant impact on local property prices. With the confirmation of venues in March, there has been a noticeable increase in real estate activity, as properties are being marketed as part of the coveted 'Olympic precinct.' - read more

Wed, 04 Jun: The Reserve Bank of Australia (RBA) is under the spotlight as financial markets largely anticipate a 70% probability of a rate cut during its next meeting in July. This potential adjustment, coupled with further cuts expected later in 2025, could see the official cash rate (OCR) drop to 3.10% by year-end. - read more

Wed, 04 Jun: A ride-share driver recently won a significant claim dispute against an insurer that initially denied his claim following a traffic accident. The Australian Financial Complaints Authority (AFCA) sided with the driver, determining that Auto & General could not prove he misrepresented his vehicle use when purchasing his insurance policy. - read more

Wed, 04 Jun: In a groundbreaking development for the Australian life insurance sector, a new digital initiative promises to simplify the process of providing medical information for life insurance applications. The collaboration between Acenda, formerly known as MLC Life, and EQ Pathology introduces “smart” digital questionnaires to streamline data collection. - read more

Tue, 03 Jun: The Fair Work Commission is set to announce a pay increase for Australia's lowest-paid workers. This annual wage review calls for potentially significant pay bumps as the Albanese government and the Australian Council of Trade Unions (ACTU) urge decisive action. The Commission's expert panel will deliver the decision in Sydney at 10 am, aligning with requests for increases that outpace inflation. - read more

Tue, 03 Jun: In the wake of mounting trade tensions between China and the United States, the American agricultural presence in Chinese markets is steadily declining. As tariffs drive up import costs, American products are losing their foothold. This has led Chinese eateries to seek alternative import sources to maintain their menus while controlling costs. - read more

Tue, 03 Jun: A recent survey commissioned by Colonial First State highlights a significant demand among Australians for government-led reforms to make financial advice more accessible. According to the 2025 CFS Empowered Australian Report, a striking 82% of the 2250 Australians surveyed believe financial advice should be available to everyone. The sentiment is particularly strong among women, with 67%, and those aged 40 to 49, with 71% expressing the need for governmental action. - read more

Tue, 03 Jun: A significant settlement has been reached in a class action lawsuit against QSuper, which has agreed to pay $67 million over allegations of excessive life insurance premiums charged to its members. This agreement has been finalised without any admission of liability on the part of the superannuation fund. - read more

Tue, 03 Jun: The Super Members Council (SMC) has initiated a new social media drive aimed at increasing awareness and engagement with superannuation among younger Australians. This campaign precedes the scheduled rise in the mandatory superannuation guarantee, which will see contributions increase to 12% from 1 July. - read more

Tue, 03 Jun: Investors in Australian Real Estate Investment Trusts (A-REITs) could witness a favourable shift in stock performance this year, thanks to declining inflation and interest rates rejuvenating the property market. This is according to Amy Pham, a portfolio manager with Pengana’s High Conviction Property Securities Fund, who anticipates A-REIT earnings to rise between 3% and 5% throughout the current calendar year. - read more

Tue, 03 Jun: As Australians increasingly form new relationships in their later years, it is becoming crucial for these couples to engage in candid financial conversations. Many bring considerable assets into these relationships, including property and superannuation savings, which can be at risk without transparent discussions. Financial planner Trudy Jenkin from NGS Super emphasises that while these talks may not be romantic, they are vital for building a strong foundation and avoiding future financial disputes. - read more

Tue, 03 Jun: The landscape of pet insurance in the UK has marked another milestone, with payouts reaching an unprecedented £1.23 billion ($2.36 billion) last year. This 4% increase over the previous year is attributed to soaring veterinary fees, reflecting broader inflation trends in the industry. - read more

Tue, 03 Jun: As floods wreak havoc across New South Wales, the stark reality of inadequate insurance coverage emerges as a pressing issue for farmers, homeowners, and businesses. In localities like Taree, the lack of flood coverage is a cause for concern as the region grapples with the aftermath of record-breaking rains and destruction. - read more