News Archives

Fri, 08 Aug: The recently published 2025 UBS Global Wealth Report reveals that Australians maintain a high standing on the global wealth scale. According to the report, Australia ranks second worldwide when it comes to median wealth, boasting a typical median net worth of US$268,424. This indicates a relative affluence among Australians compared to other countries. - read more

Fri, 08 Aug: The Australian financial sector is poised to be a critical driver of national productivity, according to the new Assistant Treasurer and Minister for Financial Services, Daniel Mulino. With inflation beginning to ease and wages on the rise, Mulino highlights the significance of maintaining focus on not just inflation, but also on bolstering productivity to enhance long-term living standards. - read more

Fri, 08 Aug: Australia's housing market is grappling with stark increases in land costs, which are driving home prices to unprecedented heights. Recent data from the Australian Bureau of Statistics indicates that residential land values surged by 8.8% between 2023 and 2024, reaching a staggering $7.7 trillion. Over the past 35 years, these values have ballooned from 1.1 to 2.9 times the nation's GDP. - read more

Fri, 08 Aug: A Victorian court has ratified a $34 million settlement in a class action involving add-on insurance products sold by Suncorp. This settlement culminates the legal proceedings surrounding alleged unlawful sales practices. - read more

Thu, 07 Aug: Australian financial technology leader Iress has launched a pioneering market intelligence platform named FundsFlow. This innovative tool provides an unprecedented, comprehensive view of investment flows and trends across the retail investment management landscape. The platform is designed to fill a critical gap with its ability to deliver detailed insights into investment product trajectories, fund competitiveness, and evolving investor behaviour. - read more

Thu, 07 Aug: A notable shift in Australia’s superannuation compliance environment is on the horizon with the federal government’s proposed Division 296 reforms. This new regulation will primarily impact superannuation funds exceeding $3 million in earnings, demanding increased transparency and evidence-based reporting. Even though the legislation is not yet enacted, there is a pressing need for Self-Managed Superannuation Funds (SMSFs) to prepare for stricter compliance mandates. - read more

Thu, 07 Aug: In a significant development for Australia's superannuation landscape, MySuper default-type funds have reported their highest annual return since the 2020/21 period. According to a recent analysis by Rainmaker, the MySuper index delivered a remarkable 10.6% return for the financial year 2024/25. This notable performance marks the third consecutive year of positive returns despite ongoing geopolitical uncertainties and market fluctuations. - read more

Thu, 07 Aug: The Australian Prudential Regulation Authority (APRA) has recently increased its oversight of KeyInvest, a financial services firm renowned for its funeral bond product, by imposing additional licence conditions and raising the capital requirement. This decision follows an APRA review identifying deficiencies in KeyInvest’s risk management framework and questioning the board's effectiveness in maintaining strategic oversight. - read more

Thu, 07 Aug: Recent research from Victoria University has provided new insights supporting the proposal to abolish insurance taxes in Australia. The study, conducted by Jason Nassios and James Giesecke, examined the effects of varying rates on four primary taxes: personal income tax, goods and services tax (GST), stamp duties, and insurance duties. Unlike previous studies, this research assessed the economic impacts of these taxes as their rates fluctuated, rather than analyzing them at static levels. - read more

Wed, 06 Aug: The Financial Services Council (FSC) has strategically expanded its influence in the Australian superannuation landscape by recruiting three former high-level employees from the Association of Superannuation Funds of Australia (ASFA). The move comes as both organisations contend to become the leading representative in Canberra for the burgeoning $4 trillion super industry. To facilitate this, FSC has inaugurated a Superannuation Practitioners Group, intending to provide comprehensive regulatory guidance to superannuation entities. - read more

Wed, 06 Aug: As property prices continue to soar across Australia, first-time homebuyers are facing an increasingly challenging market. High-end properties exhibit greater volatility, responding sharply to interest rate changes, as illustrated by CBA data comparing the price fluctuations of the most costly and least expensive homes. Recent interest rate cuts by the Reserve Bank of Australia (RBA) have fueled a rise in property prices, yet costlier homes have not seen as much growth as more affordable ones. - read more

Wed, 06 Aug: A recent decision in an Australian Financial Complaints Authority (AFCA) case has ruled in favour of a business seeking coverage for damage to machinery, despite the hiring company not adhering to all prescribed safety guidelines. The matter involved a Winlet 575 Glass Robot that sustained damage when its stabiliser failed during operation. - read more

Tue, 05 Aug: As the cost of living continues to rise in Australia, young people find it increasingly difficult to save money. A recent survey by Finder reveals half of all Australians live paycheck to paycheck. Particularly hard hit are young Australians, with 43% of respondents having less than $1,000 in savings, highlighting the challenging financial landscape. For many young individuals, such as a Sydney bar worker, exorbitant living expenses have made saving nearly impossible. - read more

Tue, 05 Aug: TelstraSuper's announcement of potential merger talks with Aware Super has raised eyebrows among members, given the recent abrupt breakdown of a similar merger with Equip Super. This new collaboration is being highly scrutinised by both parties, as Aware seeks to bolster its position in the competitive superannuation landscape. - read more

Tue, 05 Aug: Global financial markets displayed varied performances overnight, with Wall Street experiencing a minor rebound that failed to recover from Friday night's losses. The US dollar remained under pressure, gaining some ground only against the Swiss Franc, as the Federal Reserve's potential early rate cut looms larger. Concurrently, US Treasury yields continued their downward trajectory across all maturities, whereas the Australian dollar held steady just below 65 cents. - read more

Tue, 05 Aug: In a notable victory, Brisbane-based IVAA Claims emerged as the winner of the esteemed Beyond the Buzzwords pitch contest. The company, which specializes in jewellery validation assessments and settlement guidance for contents claims, impressed the judges with its innovative approach to tackling insurance fraud. - read more

Mon, 04 Aug: The Council of Australian Life Insurers (CALI) has highlighted a significant gap in access to affordable, professional life insurance advice among young Australians. A recent study conducted by CALI reveals that only 11% of 18-to-34-year-olds obtain formal financial guidance, with the majority relying instead on advice from informal and often inaccurate sources such as friends, family, social media, and online forums. - read more

Mon, 04 Aug: New modelling by superannuation fund HESTA has revealed that the rise in the superannuation guarantee to 12% is expected to significantly increase the retirement savings of future generations of Australian women. Specifically, women starting their careers today could see a retirement fund of approximately $712,000—an impressive $411,000 boost compared to women who began work in 1976. - read more

Mon, 04 Aug: Australia is gearing up for a shift in the real estate landscape, with industry insiders identifying an emerging seller's market. Sydney's real estate agent and auctioneer, Tom Panos, highlighted this trend after observing a string of exceptionally strong auction results. - read more

Mon, 04 Aug: The process of obtaining Personal Medical Attendant Reports (PMARs) has been a significant administrative issue for Australian life insurers. General Practitioners (GPs) often face an overwhelming amount of paperwork, dedicating nearly a full workday each week to administrative tasks. PMARs, essential for assessing applicants’ health for life insurance, have traditionally been cumbersome and time-consuming, with many GPs delaying their completion. However, the development of digital solutions is set to transform this process and improve efficiency drastically. - read more

Fri, 01 Aug: As the financial sector moved into 2025, there was cautious optimism that the number of financial advisers in Australia might exceed 15,500. However, recent analysis of the Financial Adviser Register (FAR) paints a different picture, indicating that these hopes may have been misplaced. - read more

Fri, 01 Aug: Wilson Asset Management (WAM) has put forward a new proposal, the Progressive Super Surcharge and Tax Offset, in response to ongoing critiques of Labor's current superannuation tax changes encapsulated in Division 296. This move comes amid concerns about the implications of taxing unrealised gains, prompting WAM to suggest an alternative that applies to realised gains for super balances exceeding $3 million, intending to generate $2.433 billion in revenue. - read more

Fri, 01 Aug: Many older Australians are increasingly struggling to understand the reverse mortgage market, according to recent research and inquiry records from the national brokerage, Seniors First. This complexity is evidenced by a threefold rise in inquiries from Australians over 60 during the past two years, largely driven by concerns over living costs, misconceptions about the products, and inadequate access to information. - read more

Fri, 01 Aug: Starting on October 1, a comprehensive review of the voluntary Life Insurance Code of Practice will commence, with a focus on assessing the effectiveness of revisions made to its regulations and standards in 2023. The Council of Australian Life Insurers (CALI) has appointed Peter Kell to lead this independent review and deliver the final report by June 30 next year. - read more