Year: Month:
News image: Advice Firms Merge to Form National Financial Services Powerhouse 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
News image: MUFG and WrKr Secure AustralianSuper Mandate for Payday Superannuation 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
News image: RBA to Continue Interest Rate Cuts Amid High Unemployment 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
News image: ICA Advocates for Strata Law Reform in the ACT to Enhance Building Management 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
News image: Betashares Acquires Influential Financial Education Podcast 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
News image: Lawsuit Targets AMP over Allegedly Excessive Superannuation Premiums 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
News image: RBA Poised for Cash Rate Cut Amid Inflationary Trends 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
News image: Tasmanian Government Insurance Proposal Faces Industry Backlash 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
News image: Asbestos Scare Leaves Hospitality Business Uninsured 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
News image: Australian Financial Advisers Navigate Legislative Uncertainty 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
News image: ASIC Investigates Super Fund Trustees Over Investment Scandal 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
News image: Uncovering the Impact of Unsolicited Solar Sales on Consumers 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
News image: Sydney's Housing Imbalance Amid Migration Surge Sydney's Housing Imbalance Amid Migration Surge
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
News image: Australian Online Retail Sees Continued Growth in May Amidst Nationwide Spending Surge Australian Online Retail Sees Continued Growth in May Amidst Nationwide Spending Surge
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
News image: Super Funds at a Crossroads: Balancing Advice Expansion and Governance Challenges Super Funds at a Crossroads: Balancing Advice Expansion and Governance Challenges
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
News image: Jeff Bezos Offloads Amazon Shares Worth Over $1 Billion Jeff Bezos Offloads Amazon Shares Worth Over $1 Billion
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
News image: Landmark NSW Decision: Dog Walking Costs Covered in Car Crash Injury Claims Landmark NSW Decision: Dog Walking Costs Covered in Car Crash Injury Claims
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
News image: Pay Boosts and Policy Changes: A Closer Look at Financial Updates for Australian Workers Pay Boosts and Policy Changes: A Closer Look at Financial Updates for Australian Workers
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
News image: ASIC Warns Against High-Pressure Super Fund Switches ASIC Warns Against High-Pressure Super Fund Switches
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
News image: US Dollar Faces Historic Decline Amid Trump’s Tariff Policies US Dollar Faces Historic Decline Amid Trump’s Tariff Policies
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
News image: Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers Extreme Weather Drives $1.8 Billion in First Half Losses for Australian Insurers
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