News Archives

Fri, 18 Jul: In a market swayed by trade tensions and geopolitical uncertainties, investors are encouraged to remain cautious of inflated valuations. The mid-year outlook from Schroders warns against ignoring these issues, despite the market's surprising resilience to economic pressures. - read more

Fri, 18 Jul: AustralianSuper, one of Australia's largest superannuation funds, is facing significant backlash from its members after reversing a previous decision to divest from coal mining. Despite previous commitments to achieve net zero emissions, AustralianSuper has invested approximately $395 million in Whitehaven Coal. This move comes after a 2020 decision to divest from the company, and has stirred considerable discontent among members who are committed to sustainable investments. - read more

Fri, 18 Jul: New Zealand has undergone a dramatic shift in its housing market. During the COVID-19 pandemic, the country experienced one of the globe's most significant housing price surges, with median home values hitting 11.2 times the median household income, as reported by Demographia. However, this boom has swiftly turned into one of the most substantial housing price declines worldwide, significantly enhancing housing affordability across New Zealand. - read more

Fri, 18 Jul: Amid shifting financial attitudes, Generation Z in Australia is increasingly abandoning credit cards in favour of buy now, pay later (BNPL) platforms like Afterpay, Klarna, and Zip. This demographic perceives credit cards as financially perilous, partly due to the high interest rates and potential for debt accumulation. A Queenslander, Nat, shared her story of accruing thousands in credit card debt to finance a university laptop, which led to anxiety over her financial future. - read more

Fri, 18 Jul: A recent ruling by the Australian Financial Complaints Authority (AFCA) has favoured a policyholder in a dispute with insurer Auto & General over storm damage. The case involved a collapsed ceiling, initially attributed to a storm by the insurer before an about-face led them to deny the claim. The AFCA decision marks a significant instance where consumer protection mechanisms have countered an insurer's attempt to deny coverage. - read more

Thu, 17 Jul: In light of substantial criticism and penalties faced by some industry superannuation funds regarding delays in processing death benefits, a major representative group is advocating for legislative reform to digitalise binding death benefit nominations. The Super Members Council (SMC) has formally requested the government expedite changes to streamline this process. - read more

Thu, 17 Jul: The Australian Securities and Investments Commission (ASIC) has taken enforcement action against two financial planning licensees for permitting unregistered advisers to provide personal financial advice. This regulatory action involved Sky Money Pty Ltd and Smart Financial Capital Pty Ltd, who were each required to pay infringement notice penalties amounting to $31,300 in early July 2025. - read more

Thu, 17 Jul: In an impressive financial year milestone, Industry Fund Services (IFS) reported recovering over $226 million in unpaid superannuation for the 2024-25 fiscal period. This achievement contributes to their accumulated recovery total surpassing $2 billion. This development runs parallel with the proposed legislation of the Payday Super scheme set to commence on 1 July 2026, highlighting ongoing efforts to enhance superannuation compliance across the nation. - read more

Thu, 17 Jul: Australia's strong labour market showed signs of cooling in June, with the latest figures from the Australian Bureau of Statistics revealing an increase in the unemployment rate to 4.3 per cent, up from 4.1 per cent in May. This slowdown in employment growth, with only a modest increase of 2000 jobs, adds to the pressure on the Reserve Bank to consider future interest rate cuts. - read more

Thu, 17 Jul: The landscape of home insurance policies in Australia stands on the brink of transformation as an increasing number of homes, apartment complexes, and small businesses are projected to integrate solar panels and battery systems by 2050. According to a report from the actuarial consultancy Finity, these homes will evolve into independent power stations, generating and storing their own electricity, marking a pivotal shift in home energy management. - read more

Wed, 16 Jul: In a notable shift, the financial advising sector reported an increase of 120 advisers for the financial year 2025-2026, signaling a significant end-of-financial-year (EOFY) development. This comes after a challenging period of five weeks marked by a net decline of 359 advisers. The recent gain, though modest at 17 advisers for the week, marks a positive turn following these consecutive losses. - read more

Wed, 16 Jul: The Super Members Council (SMC) has called on the Federal Government to formalize a 1 July 2026 commencement date for the proposed payday superannuation legislation. This call comes amid alarming new data from the Australian Taxation Office (ATO) revealing that overdue superannuation bills have surged to $5.7 billion. - read more

Wed, 16 Jul: In the Australian superannuation sector, recent analyses have highlighted ongoing deficiencies in meeting obligations under the Retirement Income Covenant (RIC). The CoreData/Conexus Financial Best Possible Retirement report indicates a modest rise in retirees' satisfaction levels since last year, yet overall levels remain below those reported two years ago. Industry funds lag behind, with retail funds showing slightly better performance. Regulatory authorities have intensified scrutiny over super funds, urging them to significantly enhance their strategies and support for retirees. - read more

Wed, 16 Jul: Recent admissions from the Treasury reveal Australia's precarious financial situation, with significant implications for the nation’s economic stability. A report from credit ratings firm S&P last month highlighted that the combined budget deficits of Australia’s state and federal governments total $52 billion. Furthermore, the country's net debt has already surpassed 60% of GDP, showcasing a challenging fiscal scenario. - read more

Wed, 16 Jul: In a growing industry concern, the Council of Australian Life Insurers has highlighted an alarming increase in mental health-related claims, which are now the leading cause of total and permanent disability (TPD) claims. The rise has driven insurers to reconsider their current practices and strategies to address this trend. - read more

Tue, 15 Jul: The Reserve Bank of Australia (RBA) has proposed eliminating surcharges on debit and credit card transactions, a move that impacts all major card providers such as Mastercard, Visa, and eftpos. As revealed in a newly released consultation paper, the RBA cites the $1.2 billion annual cost to consumers, highlighting inefficiencies and advocating for a unified approach to card payments. - read more

Tue, 15 Jul: Landlords in Australia have been advised by QBE Insurance Group to reassess their insurance coverage, following survey findings that indicate many could encounter financial hardships if their rental operations are interrupted. According to QBE's data, 38% of landlords might face financial challenges should their properties become uninhabitable or rental payments cease for a duration of two to six weeks. - read more

Tue, 15 Jul: The Future2 Foundation has opened nominations for its annual Make the Difference Grants, providing financial support to initiatives that enhance financial wellbeing across Australia. Financial services professionals have until August 21 to nominate local projects aimed at improving financial literacy, assisting those in poverty, supporting disadvantaged women, and benefiting regional and remote communities. - read more

Tue, 15 Jul: In a strategic move to bolster its influence in the financial advice sector, Padua Solutions has acquired the Wealth Data business owned by Colin Williams. This acquisition follows a successful round of capital raising, prominently supported by Acorn Capital, which has backed Padua as a cornerstone investor. - read more

Tue, 15 Jul: The Association of Superannuation Funds of Australia (ASFA) has voiced strong support for the swift enactment of the Delivering Better Financial Outcomes (DBFO) reforms. Four months subsequent to their introduction by the former financial services minister, ASFA's recent submission to the draft bill underscored the urgency for implementing these reforms. The association emphasized their commitment to the package's objectives while advocating for the proposed legislation to pass expediently. - read more

Tue, 15 Jul: Brisbane is currently at the forefront of a significant property price increase, with Cotality's daily dwelling values index reporting a 0.8% growth in just the last 28 days. Complementing this data, PropTrack's index reveals a staggering 89% rise in Brisbane's dwelling values since the onset of the Covid-19 pandemic in March 2020. - read more

Mon, 14 Jul: The latest report on professional services underscores the importance of five growth strategies for advice firms: people, acquisitions, succession planning, diversification, and leveraging technology and systems. One striking revelation is that a significant 58 per cent of these firms lack a formal succession plan, whether it be written or otherwise. - read more

Mon, 14 Jul: In a significant advancement for digital finance tools, AMP has reported a remarkable '13-fold increase' in member engagement driven by its digital advice offering. This surge aligns with AMP's latest updates, extending digital advice services to its new Lifetime feature, part of its strategy to streamline retirement planning for members. - read more

Mon, 14 Jul: The growing reliance on Buy Now, Pay Later (BNPL) services by younger Australians is drawing both concern and attention. According to P&N Bank, around 10% of their customers now utilize these post-pay services, with Gen Z being prominent users. This mirrors a broader trend highlighted by Finder, which reports that 57% of Gen Z and millennials used BNPL services in 2024—a notable 20% increase among Gen Z since 2020. - read more

Mon, 14 Jul: An Australian court recently ruled in favour of the City of Joondalup, rejecting a negligence claim lodged by an injured e-scooter rider. The Western Australia District Court found the city not liable for an accident involving insurance broker Kirstin Leibbrandt, who collided with a fence post while riding an e-scooter in the Perth suburb of Hillarys. - read more

Mon, 14 Jul: Recent findings from the Council of Australian Life Insurers (CALI) reveal that mental health issues have become the primary cause of Total and Permanent Disability (TPD) claims. Insurers disbursed nearly twice the amount for such claims in 2024 compared to five years prior. This data originates from the CALI and KPMG's Cause of Claims Results Report, highlighting a significant shift in the nature of insurance claims. - read more

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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